Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 12, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'QUAINT OAK BANCORP INC | ' |
Entity Central Index Key | '0001391933 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 962,849 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Due from banks, non-interest-bearing | $2,977 | $1,629 |
Due from banks, interest-bearing | 2,305 | 10,771 |
Cash and cash equivalents | 5,282 | 12,400 |
Investment in interest-earning time deposits | 7,633 | 8,132 |
Investment securities available for sale at fair value | 3,496 | 3,994 |
Loans held for sale | 2,410 | 4,875 |
Loans receivable, net of allowance for loan losses (2013 $878; 2012 $860 ) | 98,865 | 84,291 |
Accrued interest receivable | 663 | 657 |
Investment in Federal Home Loan Bank stock, at cost | 201 | 437 |
Premises and equipment, net | 1,657 | 1,608 |
Other real estate owned, net | 337 | 170 |
Prepaid expenses and other assets | 679 | 811 |
Total Assets | 121,223 | 117,375 |
Liabilities | ' | ' |
Deposits, interest-bearing | 103,168 | 97,038 |
Federal Home Loan Bank advances | 0 | 2,000 |
Accrued interest payable | 70 | 81 |
Advances from borrowers for taxes and insurance | 696 | 991 |
Accrued expenses and other liabilities | 256 | 428 |
Total Liabilities | 104,190 | 100,538 |
Stockholders' Equity | ' | ' |
Preferred stock - $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock - $0.01 par value; 9,000,000 shares authorized; 1,388,625 issued; 964,449 and 983,821 outstanding at September 30, 2013 and December 31, 2012, respectively | 14 | 14 |
Additional paid-in capital | 13,620 | 13,559 |
Treasury stock, at cost: 2013 424,176 shares; 2012 404,804 shares | -4,013 | -3,716 |
Unallocated common stock held by: | ' | ' |
Employee Stock Ownership Plan (ESOP) | -554 | -623 |
Recognition & Retention Plan Trust (RRP) | -120 | -200 |
Accumulated other comprehensive income | 35 | 60 |
Retained earnings | 8,051 | 7,743 |
Total Stockholders' Equity | 17,033 | 16,837 |
Total Liabilities and Stockholders' Equity | $121,223 | $117,375 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Loans receivable, net of allowance for loan losses | $878 | $860 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 1,388,625 | 1,388,625 |
Common stock, shares outstanding (in shares) | 964,449 | 983,821 |
Treasury stock, at cost (in shares) | 424,176 | 404,804 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income | ' | ' | ' | ' |
Interest on loans | $1,497 | $1,366 | $4,412 | $4,045 |
Interest and dividends on short-term investments and investment securities | 66 | 79 | 197 | 303 |
Total Interest Income | 1,563 | 1,445 | 4,609 | 4,348 |
Interest Expense | ' | ' | ' | ' |
Interest on deposits | 414 | 393 | 1,249 | 1,196 |
Interest on Federal Home Loan Bank advances | 6 | 26 | 41 | 98 |
Total Interest Expense | 420 | 419 | 1,290 | 1,294 |
Net Interest Income | 1,143 | 1,026 | 3,319 | 3,054 |
Provision for Loan Losses | 55 | 32 | 162 | 182 |
Net Interest Income after Provision for Loan Losses | 1,088 | 994 | 3,157 | 2,872 |
Non-Interest Income | ' | ' | ' | ' |
Mortgage banking and title abstract fees | 103 | 103 | 352 | 229 |
Other fees and services charges | 33 | 10 | 56 | 35 |
Net gain on sales of loans | 148 | 201 | 617 | 396 |
Gain on sale of SBA loan | 0 | 0 | 0 | 32 |
Gain on sale of investment securities | 0 | 0 | 0 | 331 |
Gain (loss) on sale of other real estate owned | -13 | 18 | -23 | 12 |
Other | 6 | 30 | 21 | 48 |
Total Non-Interest Income | 277 | 362 | 1,023 | 1,083 |
Non-Interest Expense | ' | ' | ' | ' |
Salaries and employee benefits | 743 | 580 | 2,197 | 1,596 |
Directors' fees and expenses | 63 | 52 | 178 | 162 |
Occupancy and equipment | 125 | 99 | 359 | 258 |
Professional fees | 86 | 99 | 293 | 268 |
FDIC deposit insurance assessment | 23 | 32 | 58 | 97 |
Other real estate owned expense | 12 | 25 | 41 | 35 |
Advertising | 23 | 14 | 61 | 43 |
Other | 70 | 81 | 274 | 224 |
Total Non-Interest Expense | 1,145 | 982 | 3,461 | 2,683 |
Income before Income Taxes | 220 | 374 | 719 | 1,272 |
Income Taxes | 89 | 132 | 275 | 481 |
Net Income | $131 | $242 | $444 | $791 |
Earnings per share - basic (in dollars per share) | $0.15 | $0.27 | $0.50 | $0.89 |
Average shares outstanding - basic (in shares) | 892,266 | 891,168 | 890,495 | 886,014 |
Earnings per share - diluted (in dollars per share) | $0.14 | $0.27 | $0.48 | $0.89 |
Average shares outstanding - diluted (in shares) | 933,809 | 894,975 | 927,987 | 890,648 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $131 | $242 | $444 | $791 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' |
Unrealized gains (losses) on investment securities available-for-sale | 3 | 77 | -38 | 128 |
Income tax effect | -1 | -26 | 13 | -43 |
Reclassification adjustment for transfer of investment securities from held-to-maturity to available-for-sale | 0 | 0 | 0 | 351 |
Income tax effect | 0 | 0 | 0 | -120 |
Reclassification adjustment for gains on sale of investment securities included in net income | 0 | 0 | 0 | -331 |
Income tax effect | 0 | 0 | 0 | 113 |
Net other comprehensive income (loss) | 2 | 51 | -25 | 98 |
Total Comprehensive Income | $133 | $293 | $419 | $889 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Unallocated Common Stock Held by Benefit Plans [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
BALANCE at Dec. 31, 2012 | $14 | $13,559 | ($3,716) | ($823) | $60 | $7,743 | $16,837 |
BALANCE (in shares) at Dec. 31, 2012 | 983,821 | ' | ' | ' | ' | ' | 983,821 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Common stock released by ESOP | ' | 46 | ' | 69 | ' | ' | 115 |
Treasury stock purchased (in shares) | -19,372 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased | ' | ' | -297 | ' | ' | ' | -297 |
Stock based compensation expense | ' | 95 | ' | ' | ' | ' | 95 |
Release of 8,544 vested RRP shares | ' | -80 | ' | 80 | ' | ' | 0 |
Cash dividends declared ($0.09 per share) | ' | ' | ' | ' | ' | -136 | -136 |
Net income | ' | ' | ' | ' | ' | 444 | 444 |
Other comprehensive loss | ' | ' | ' | ' | -25 | ' | -25 |
BALANCE at Sep. 30, 2013 | $14 | $13,620 | ($4,013) | ($674) | $35 | $8,051 | $17,033 |
BALANCE (in shares) at Sep. 30, 2013 | 964,449 | ' | ' | ' | ' | ' | 964,449 |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Consolidated Statement of Stockholders' Equity (Unaudited) [Abstract] | ' |
Release of vested RRP Shares (in shares) | 8,544 |
Cash dividends declared (in dollars per share) | $0.09 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income | $444 | $791 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Provision for loan losses | 162 | 182 |
Depreciation expense | 104 | 76 |
Net accretion of securities discounts | -4 | -82 |
Amortization of deferred loan fees and costs | 103 | 26 |
Stock-based compensation expense | 210 | 160 |
Gain on the sale of loans held for sale | -617 | -396 |
Gain on the sale of securities available for sale | 0 | -331 |
Gain on sale of SBA loan | 0 | -32 |
Loss (gain) on sale of other real estate owned | 23 | -12 |
Loans held for sale-originations | -35,393 | -20,570 |
Loans held for sale-proceeds | 38,475 | 17,063 |
Changes in assets and liabilities which provided (used ) cash: | ' | ' |
Accrued interest receivable | -6 | -107 |
Prepaid expenses and other assets | 145 | -92 |
Accrued interest payable | -11 | -15 |
Accrued expenses and other liabilities | -172 | -131 |
Net Cash Provided by (Used in) Operating Activities | 3,463 | -3,470 |
Cash Flows from Investing Activities | ' | ' |
Net decrease (increase) in investment in interest-earning time deposits | 499 | -42 |
Purchase of investment securities available for sale | -36 | -541 |
Proceeds from calls of investment securities available for sale | 500 | 3,087 |
Proceeds from the sale of securities available for sale | 0 | 3,911 |
Principal payments received on mortgage-backed securities held to maturity | 0 | 299 |
Net increase in loans receivable | -15,080 | -5,743 |
Proceeds from investment in Federal Home Loan Bank stock | 236 | 113 |
Proceeds from the sale of other real estate owned | 93 | 197 |
Capitalized expenditures on other real estate owned | -42 | 0 |
Purchase of premises and equipment | -153 | -503 |
Net Cash (Used in) Provided by Investing Activities | -13,983 | 778 |
Cash Flows from Financing Activities | ' | ' |
Net increase in deposits | 6,130 | 1,209 |
Decrease in advances from borrowers for taxes and insurance | -295 | -281 |
Decrease in Federal Homes Loan Bank advances | -2,000 | -1,800 |
Dividends paid | -136 | -113 |
Purchase of treasury stock | -297 | -33 |
Net Cash Provided by (Used in) Financing Activities | 3,402 | -1,018 |
Net Decrease in Cash and Cash Equivalents | -7,118 | -3,710 |
Cash and Cash Equivalents - Beginning of Year | 12,400 | 11,687 |
Cash and Cash Equivalents - End of Year | 5,282 | 7,977 |
Supplementary Disclosure of Cash Flow and Non-Cash Information: | ' | ' |
Cash payments for interest | 1,301 | 1,309 |
Cash payments for income taxes | 205 | 599 |
Transfer of loans to other real estate owned | 241 | 255 |
Transfer of mortgage-backed securities held to maturity to investment and mortgage-backed securities available for sale | $0 | $3,591 |
Financial_Statement_Presentati
Financial Statement Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Financial Statement Presentation and Significant Accounting Policies [Abstract] | ' |
Financial Statement Presentation and Significant Accounting Policies | ' |
Note 1 – Financial Statement Presentation and Significant Accounting Policies | |
Basis of Financial Presentation. The consolidated financial statements include the accounts of Quaint Oak Bancorp, Inc. (the “Company”) and its wholly-owned subsidiary, Quaint Oak Bank (the “Bank”) along with its wholly-owned subsidiaries. At September 30, 2013, the Bank has five wholly-owned subsidiaries, Quaint Oak Mortgage, LLC, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, and QOB Properties, LLC, each a Pennsylvania limited liability company. The mortgage, real estate and abstract companies offer mortgage banking, real estate sales and title abstract services, respectively, and began operation in July 2009. QOB Properties, LLC began operations in July 2012 and holds Bank properties acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure. Quaint Oak Insurance Agency, LLC is currently inactive. All significant intercompany balances and transactions have been eliminated. | |
The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10(l) of the Home Owners’ Loan Act, the Company is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The market area served by the Bank’s two branch offices includes Bucks and Montgomery Counties, Pennsylvania, northeast Philadelphia and the surrounding area and the Lehigh Valley area of Pennsylvania. The principal deposit products offered by the Bank are certificates of deposit, passbook savings accounts, statement savings accounts and eSavings accounts. Loan products offered are fixed and adjustable rate residential and commercial mortgages, construction loans, home equity loans, auto loans, and lines of credit. | |
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. | |
The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2012 have been derived from the audited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in Quaint Oak Bancorp’s 2012 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
Use of Estimates in the Preparation of Financial Statements.The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant estimates are the determination of the allowance for loan losses, the assessment of other-than-temporary impairment of investment securities, valuation of other real estate owned, and the valuation of deferred tax assets. | |
Loans Receivable. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. | |
The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans and consumer loans. The residential loan segment has two classes: one-to-four family residential owner occupied loans and one-to-four residential family non-owner occupied loans. The commercial real estate loan segment consists of the following classes: multi-family (five or more) residential, commercial real estate and commercial lines of credit. Construction loans are generally granted for the purpose of building a single residential home. The consumer loan segment consists of the following classes: home equity loans and consumer non-real estate loans. Included in the home equity class are home equity loans and home equity lines of credit. Included in the consumer non-real estate loans are loans secured by saving accounts and auto loans. | |
The accrual of interest is generally discontinued when principal or interest has become 90 days past due unless the loan is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, a loan is restored to accrual status when the obligation is brought current, it has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. | |
Allowance for Loan Losses. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans receivable. 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. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | |
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. | |
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are designated as impaired. For loans that are designated as impaired, an allowance is established 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. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are reevaluated quarterly to ensure their relevance in the current economic environment. Residential owner occupied mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company’s policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |
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 considered 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 record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. 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. | |
A loan is identified as a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan’s stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. | |
For loans secured by real estate, estimated fair values are determined primarily through 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 are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | |
The allowance 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 all loans (except one-to-four family residential owner-occupied loans) where the total amount outstanding to any borrower or group of borrowers exceeds $500,000, or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans designated 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. In addition, Federal 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 current level of the allowance for loan losses is adequate. | |
Loans Held for Sale. Loans originated by the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. | |
Federal Home Loan Bank Stock. Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the three and nine months ended September 30, 2013 and 2012. | |
Other Real Estate Owned. Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. | |
Share-Based Compensation. Compensation expense for share-based compensation awards is based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. | |
At September 30, 2013, the Company has three share-based plans: the 2008 Recognition and Retention Plan (“RRP”), the 2008 Stock Option Plan, and the 2013 Stock Incentive Plan. Awards under these plans were made in May 2008 and 2013. These plans are more fully described in Note 8. | |
The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 8. As ESOP shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market price of the shares over the period earned. | |
Comprehensive Income (Loss). Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the consolidated balance sheet and along with net income, are components of comprehensive income. | |
Earnings per Share. Amounts reported in earnings per share reflect earnings available to common stockholders’ for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the “treasury stock” method. | |
Recent Accounting Pronouncements. In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The objective of ASU 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments included in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. As the adoption of ASU 2013-02 amends only disclosure requirements, the adoption had no impact on the Company’s results of operations or financial position. | |
Reclassifications. Certain items in the 2012 consolidated financial statements have been reclassified to conform to the presentation in the 2013 consolidated financial statements. Such reclassifications did not have a material impact on the presentation of the overall financial statements. The reclassifications had no effect on net income. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 2 – Earnings Per Share | |||||||||||||||||
Earnings per share (“EPS”) consists of two separate components, basic EPS and diluted EPS. Basic EPS is computed based on the weighted average number of shares of common stock outstanding for each period presented. Diluted EPS is calculated based on the weighted average number of shares of common stock outstanding plus dilutive common stock equivalents (“CSEs”). CSEs consist of shares that are assumed to have been purchased with the proceeds from the exercise of stock options, as well as unvested restricted stock (RRP) shares. Common stock equivalents which are considered antidilutive are not included for the purposes of this calculation. For the three and nine months ended September 30, 2013, 107,570 outstanding stock options were dilutive. For the three months and nine months ended September 30, 2012 all outstanding stock options were antidilutive. | |||||||||||||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations. | |||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Income | $ | 131,000 | $ | 242,000 | $ | 444,000 | $ | 791,000 | |||||||||
Weighted average shares outstanding – basic | 892,266 | 891,168 | 890,495 | 886,014 | |||||||||||||
Effect of dilutive common stock equivalents | 41,543 | 3,807 | 37,492 | 4,634 | |||||||||||||
Adjusted weighted average shares outstanding – diluted | 933,809 | 894,975 | 927,987 | 890,648 | |||||||||||||
Basic earnings per share | $ | 0.15 | $ | 0.27 | $ | 0.5 | $ | 0.89 | |||||||||
Diluted earnings per share | $ | 0.14 | $ | 0.27 | $ | 0.48 | $ | 0.89 | |||||||||
Investment_in_InterestEarning_
Investment in Interest-Earning Time Deposits | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investment in Interest-Earning Time Deposits [Abstract] | ' | ||||||||
Investment in Interest-Earning Time Deposits | ' | ||||||||
Note 3 – Investment in Interest-Earning Time Deposits | |||||||||
The investment in interest-earning time deposits as of September 30, 2013 and December 31, 2012, by contractual maturity, are shown below: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Due in one year or less | $ | 3,043 | $ | 3,325 | |||||
Due after one year through five years | 4,590 | 4,807 | |||||||
$ | 7,633 | $ | 8,132 | ||||||
Investment_Securities_Availabl
Investment Securities Available for Sale | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||
Investment Securities Available for Sale [Abstract] | ' | |||||||||||||||||||||||||||||
Investment Securities Available for Sale | ' | |||||||||||||||||||||||||||||
Note 4 – Investment Securities Available for Sale | ||||||||||||||||||||||||||||||
The amortized cost and fair value of investment securities available for sale at September 30, 2013 and December 31, 2012 are summarized below (in thousands): | ||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | ||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||
Corporate securities | $ | 1,751 | $ | 75 | $ | - | $ | 1,826 | ||||||||||||||||||||||
Short-term bond fund | 1,159 | - | (8 | ) | 1,151 | |||||||||||||||||||||||||
Limited-term bond fund | 534 | - | (15 | ) | 519 | |||||||||||||||||||||||||
$ | 3,444 | $ | 75 | $ | (23 | ) | $ | 3,496 | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Amortized | Gross Unrealized Gains | Gross Unrealized Losses | ||||||||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||||||||
U.S. Government agency securities | $ | 500 | $ | 1 | $ | - | $ | 501 | ||||||||||||||||||||||
Corporate securities | 1,747 | 81 | (2 | ) | 1,826 | |||||||||||||||||||||||||
Short-term bond fund | 1,127 | 15 | - | 1,142 | ||||||||||||||||||||||||||
Limited-term bond fund | 528 | - | (3 | ) | 525 | |||||||||||||||||||||||||
$ | 3,902 | $ | 97 | $ | (5 | ) | $ | 3,994 | ||||||||||||||||||||||
The amortized cost and fair value of available for sale debt securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 250 | $ | 254 | ||||||||||||||||||||||||||
Due after one year through five years | 1,501 | 1,572 | ||||||||||||||||||||||||||||
$ | 1,751 | $ | 1,826 | |||||||||||||||||||||||||||
The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||||
Number of | Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||||||
Securities | Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||
Short-term bond fund | 1 | $ | 1,151 | $ | (8 | ) | $ | - | $ | - | $ | 1,151 | $ | (8 | ) | |||||||||||||||
Limited-term bond fund | 1 | - | - | 519 | (15 | ) | 519 | (15 | ) | |||||||||||||||||||||
Total | 2 | $ | 1,151 | $ | - | $ | 519 | $ | (15 | ) | $ | 1,670 | $ | (23 | ) | |||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||||
Number of | Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||||||
Securities | Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||
Corporate securities | 1 | $ | - | $ | - | $ | 248 | $ | (2 | ) | $ | 248 | $ | (2 | ) | |||||||||||||||
Limited-term bond fund | 1 | - | - | 525 | (3 | ) | 525 | (3 | ) | |||||||||||||||||||||
Total | 2 | $ | - | $ | - | $ | 773 | $ | (5 | ) | $ | 773 | $ | (5 | ) | |||||||||||||||
At September 30, 2013, there were two bond funds in an unrealized loss position that at such date had an aggregated depreciation of 1.35% from the Company’s amortized cost basis. Management believes that the estimated fair value of the securities disclosed above is primarily dependent on the movement of market interest rates. Management evaluated the length and time and the extent to which the fair value has been less than cost and the financial condition and near term prospects of the issuer, including any specific events which may influence the operations of the issuer. The Company has the ability and intent to hold the security until the anticipated recovery of fair value occurs. Management does not believe any individual unrealized loss as of September 30, 2013 represents an other-than-temporary impairment. There were no impairment charges recognized during the three and nine months ended September 30, 2013 or 2012. | ||||||||||||||||||||||||||||||
On March 30, 2012, the Company transferred all securities designated as held to maturity into the investment and mortgage-backed securities available for sale category. Management determined that it no longer had the positive intent to hold its investment in securities held to maturity for an indefinite period of time because of management’s desire to have more flexibility in managing the investment portfolio. The securities transferred had an amortized cost of $3.6 million and unrealized gross gains of $351,000 at the time of transfer. The net unrealized gain of $231,000 was recorded as other comprehensive income. In the second quarter of 2012, the Company sold these mortgage-backed securities and realized a gain of $331,000. | ||||||||||||||||||||||||||||||
Loans_Receivable_Net_and_Allow
Loans Receivable, Net and Allowance for Loan Losses | 9 Months Ended | |||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Loans Receivable, Net and Allowance for Loan Losses [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Loans Receivable, Net and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||||||||
Note 5 - Loans Receivable, Net and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||
The composition of net loans receivable is as follows: | ||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||||||||||||
Owner occupied | $ | 9,240 | $ | 10,272 | ||||||||||||||||||||||||||||||||||
Non-owner occupied | 40,631 | 35,118 | ||||||||||||||||||||||||||||||||||||
Total one-to-four family residential | 49,871 | 45,390 | ||||||||||||||||||||||||||||||||||||
Multi-family (five or more) residential | 4,293 | 3,315 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 22,451 | 18,694 | ||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 2,085 | 1,901 | ||||||||||||||||||||||||||||||||||||
Construction | 15,584 | 9,765 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 5,581 | 6,029 | ||||||||||||||||||||||||||||||||||||
Total real estate loans | 99,865 | 85,094 | ||||||||||||||||||||||||||||||||||||
Auto and equipment loans | 105 | 93 | ||||||||||||||||||||||||||||||||||||
Loans secured by deposits | 22 | 69 | ||||||||||||||||||||||||||||||||||||
Total Loans | 99,992 | 85,256 | ||||||||||||||||||||||||||||||||||||
Deferred loan fees and costs | (249 | ) | (105 | ) | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (878 | ) | (860 | ) | ||||||||||||||||||||||||||||||||||
Net Loans | $ | 98,865 | $ | 84,291 | ||||||||||||||||||||||||||||||||||
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, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 8,149 | $ | 721 | $ | 128 | $ | 242 | $ | 9,240 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 38,790 | 1,035 | 806 | - | 40,631 | |||||||||||||||||||||||||||||||||
Multi-family residential | 4,293 | - | - | - | 4,293 | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 23,566 | 423 | 547 | - | 24,536 | |||||||||||||||||||||||||||||||||
Construction | 15,584 | - | - | - | 15,584 | |||||||||||||||||||||||||||||||||
Home equity | 5,454 | - | 127 | - | 5,581 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | 127 | - | - | - | 127 | |||||||||||||||||||||||||||||||||
$ | 95,963 | $ | 2,179 | $ | 1,608 | $ | 242 | $ | 99,992 | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 9,641 | $ | 500 | $ | 72 | $ | 59 | $ | 10,272 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 34,328 | 95 | 504 | 191 | 35,118 | |||||||||||||||||||||||||||||||||
Multi-family residential | 3,315 | - | - | - | 3,315 | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 19,536 | 565 | 364 | 130 | 20,595 | |||||||||||||||||||||||||||||||||
Construction | 9,765 | - | - | - | 9,765 | |||||||||||||||||||||||||||||||||
Home equity | 5,295 | 428 | 268 | 38 | 6,029 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | 156 | - | 6 | - | 162 | |||||||||||||||||||||||||||||||||
$ | 82,036 | $ | 1,588 | $ | 1,214 | $ | 418 | $ | 85,256 | |||||||||||||||||||||||||||||
The following tables summarize information in regards to impaired loans by loan portfolio class as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-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 | $ | 128 | $ | 128 | $ | - | $ | 129 | $ | - | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 806 | 806 | - | 824 | 10 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 243 | 243 | - | 238 | 4 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 127 | 127 | - | 128 | 1 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 242 | $ | 242 | $ | 10 | $ | 242 | $ | 1 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 304 | 304 | 21 | 313 | 4 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 370 | $ | 370 | $ | 10 | $ | 371 | $ | 1 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 806 | 806 | - | 824 | 10 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 547 | 547 | 21 | 551 | 8 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 127 | 127 | - | 128 | 1 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 131 | $ | 131 | $ | - | $ | 131 | $ | 9 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 393 | 393 | - | 396 | 17 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 130 | 130 | - | 131 | 8 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 244 | 244 | - | 246 | 14 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | 6 | 6 | - | 9 | 1 | |||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 302 | 302 | 24 | 304 | 13 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 364 | 364 | 88 | 366 | 15 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 62 | 62 | 28 | 64 | 4 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 131 | $ | 131 | $ | - | $ | 131 | $ | 9 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 695 | 695 | 24 | 700 | 30 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 494 | 494 | 88 | 497 | 23 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 306 | 306 | 28 | 310 | 18 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | 6 | 6 | - | 9 | 1 | |||||||||||||||||||||||||||||||||
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, 2013, the Company had ten loans totaling $633,000 that were identified as troubled debt restructurings. Eight of these loans totaling $533,000 were performing in accordance with their modified terms and two loans totaling $100,000 were on non-accrual. 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 September 30, 2013 and December 31, 2012 (dollar amounts in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Non-Accrual | Accruing | Related Allowance | ||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | 2 | $ | 128 | $ | 66 | $ | 62 | $ | - | |||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 4 | 297 | - | 297 | - | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 1 | 112 | - | 112 | - | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 3 | 96 | 34 | 62 | - | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total | 10 | $ | 633 | $ | 100 | $ | 533 | $ | - | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Non-Accrual | Accruing | Related Allowance | ||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | 1 | $ | 71 | $ | 71 | $ | - | $ | - | |||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 4 | 302 | - | 302 | 10 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 3 | 245 | - | 245 | 1 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total | 8 | $ | 618 | $ | 71 | $ | 547 | $ | 11 | |||||||||||||||||||||||||||||
The contractual aging of the TDRs in the table above as of September 30, 2013 is as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
Current & Past Due Less than 30 Days | Past Due | Greater | Non- | Total | ||||||||||||||||||||||||||||||||||
30-89 Days | than 90 | Accrual | ||||||||||||||||||||||||||||||||||||
Days | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 62 | $ | - | $ | - | $ | 66 | $ | 128 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 297 | - | - | - | 297 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | - | 112 | - | - | 112 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 62 | - | - | 34 | 96 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 421 | $ | 112 | $ | - | $ | 100 | $ | 633 | ||||||||||||||||||||||||||||
During the three and nine months ended September 30, 2013 there were three new TDRs identified totaling $208,000.During the quarter ended June 30, 2013, one loan in the amount of $179,000 that was previously identified as a TDR was removed from TDR status as the borrower is current and making regular payments since April 2012. | ||||||||||||||||||||||||||||||||||||||
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, 2013 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, 2013 and December 31, 2012, the Company did not have any troubled debt restructurings that had defaulted within one year of modification. | ||||||||||||||||||||||||||||||||||||||
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 and recorded investment in loans receivable as of September 30, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Commercial | ||||||||||||||||||||||||||||||||||||
Residential | Residential | Multi- | Real Estate | Consumer | ||||||||||||||||||||||||||||||||||
Owner | Non-Owner | Family | and Lines of | Home | Non-Real | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Residential | Credit | Construction | Equity | Estate | Unallocated | Total | ||||||||||||||||||||||||||||||
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 | - | (1 | ) | 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 | ) | 31 | 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 | ||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 9,240 | $ | 40,631 | $ | 4,293 | $ | 24,536 | $ | 15,584 | $ | 5,581 | $ | 127 | $ | - | $ | 99,992 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||
Individually | $ | 370 | $ | 806 | $ | - | $ | 547 | $ | - | $ | 127 | $ | - | $ | - | $ | 1,850 | ||||||||||||||||||||
Collectively | $ | 8,870 | $ | 39,825 | $ | 4,293 | $ | 23,989 | $ | 15,584 | $ | 5,454 | $ | 127 | $ | - | $ | 98,142 | ||||||||||||||||||||
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, 2012 and recorded investment in loans receivable as of September 30, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Commercial | ||||||||||||||||||||||||||||||||||||
Residential | Residential | Multi- | Real Estate | Consumer | ||||||||||||||||||||||||||||||||||
Owner | Non-Owner | Family | and Lines of | Home | Non-Real | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Residential | Credit | Construction | Equity | Estate | Unallocated | Total | ||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 76 | $ | 409 | $ | 21 | $ | 248 | $ | 52 | $ | 76 | $ | 2 | $ | 67 | $ | 951 | ||||||||||||||||||||
Charge-offs | - | (10 | ) | - | - | - | - | - | - | (10 | ) | |||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Provision | (3 | ) | 10 | 1 | 5 | 7 | (10 | ) | (1 | ) | 23 | 32 | ||||||||||||||||||||||||||
Ending balance | $ | 73 | $ | 409 | $ | 22 | $ | 253 | $ | 59 | $ | 66 | $ | 1 | $ | 90 | $ | 973 | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 114 | $ | 351 | $ | 26 | $ | 148 | $ | 35 | $ | 83 | $ | 1 | $ | 47 | $ | 805 | ||||||||||||||||||||
Charge-offs | - | (10 | ) | - | - | - | (4 | ) | - | - | (14 | ) | ||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Provision | (41 | ) | 68 | (4 | ) | 105 | 24 | (13 | ) | - | 43 | 182 | ||||||||||||||||||||||||||
Ending balance | $ | 73 | $ | 409 | $ | 22 | $ | 253 | $ | 59 | $ | 66 | $ | 1 | $ | 90 | $ | 973 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 108 | $ | - | $ | 108 | $ | - | $ | 26 | $ | - | $ | - | $ | 242 | ||||||||||||||||||||
Collectively | $ | 73 | $ | 301 | $ | 22 | $ | 145 | $ | 59 | $ | 40 | $ | 1 | $ | 90 | $ | 731 | ||||||||||||||||||||
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2012 and recorded investment in loans receivable as of December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Commercial | ||||||||||||||||||||||||||||||||||||
Residential | Residential | Multi- | Real Estate | Consumer | ||||||||||||||||||||||||||||||||||
Owner | Non-Owner | Family | and Lines of | Home | Non-Real | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Residential | Credit | Construction | Equity | Estate | Unallocated | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 114 | $ | 351 | $ | 26 | $ | 148 | $ | 35 | $ | 83 | $ | 1 | $ | 47 | $ | 805 | ||||||||||||||||||||
Charge-offs | - | (103 | ) | - | - | - | (4 | ) | - | - | (107 | ) | ||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Provision | (37 | ) | 120 | (6 | ) | 71 | 28 | (11 | ) | - | (3 | ) | 162 | |||||||||||||||||||||||||
Ending balance | $ | 77 | $ | 368 | $ | 20 | $ | 219 | $ | 63 | $ | 68 | $ | 1 | $ | 44 | $ | 860 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 24 | $ | - | $ | 88 | $ | - | $ | 28 | $ | - | $ | - | $ | 140 | ||||||||||||||||||||
Collectively | $ | 77 | $ | 344 | $ | 20 | $ | 131 | $ | 63 | $ | 40 | $ | 1 | $ | 44 | $ | 720 | ||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 10,272 | $ | 35,118 | $ | 3,315 | $ | 20,595 | $ | 9,765 | $ | 6,029 | $ | 162 | $ | - | $ | 85,256 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||
Individually | $ | 131 | $ | 695 | $ | - | $ | 494 | $ | - | $ | 306 | $ | 6 | $ | - | $ | 1,632 | ||||||||||||||||||||
Collectively | $ | 10,141 | $ | 34,423 | $ | 3,315 | $ | 20,101 | $ | 9,765 | $ | 5,723 | $ | 156 | $ | - | $ | 83,624 | ||||||||||||||||||||
The following table presents nonaccrual loans by classes of the loan portfolio as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
September 30, | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 304 | $ | 131 | ||||||||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 509 | 488 | ||||||||||||||||||||||||||||||||||||
Multi-family residential | - | - | ||||||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 435 | 445 | ||||||||||||||||||||||||||||||||||||
Construction | - | - | ||||||||||||||||||||||||||||||||||||
Home equity | 65 | 256 | ||||||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | ||||||||||||||||||||||||||||||||||||
$ | 1,313 | $ | 1,320 | |||||||||||||||||||||||||||||||||||
Non-performing loans, which consist of non-accruing loans plus accruing loans 90 days or more past due, amounted to $2.1 million at September 30, 2013 and December 31, 2012. 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, 2013 and 2012, approximately $0 and $18,000 of interest income was recognized on non-accrual loans. Interest income foregone on non-accrual loans was approximately $15,000 and $18,000 for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, approximately $4,000 and $52,000 of interest income was recognized on non-accrual loans. Interest income foregone on non-accrual loans was approximately $63,000 and $35,000 for the nine months ended September 30, 2013 and 2012, 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, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
30-90 | Greater | Loans Receivable > | ||||||||||||||||||||||||||||||||||||
Days Past | than 90 | Total | Total Loans Receivable | 90 Days and Accruing | ||||||||||||||||||||||||||||||||||
Due | Days | Past Due | Current | |||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 714 | $ | 612 | $ | 1,326 | $ | 7,914 | $ | 9,240 | $ | 308 | ||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,440 | 970 | 2,410 | 38,221 | 40,631 | 461 | ||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | 4,293 | 4,293 | - | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 498 | 435 | 933 | 23,603 | 24,536 | - | ||||||||||||||||||||||||||||||||
Construction | 85 | - | 85 | 15,499 | 15,584 | - | ||||||||||||||||||||||||||||||||
Home equity | 168 | 65 | 233 | 5,348 | 5,581 | - | ||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | 127 | 127 | - | ||||||||||||||||||||||||||||||||
$ | 2,905 | $ | 2,082 | $ | 4,987 | $ | 95,005 | $ | 99,992 | $ | 769 | |||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||
30-90 | Greater | Loans Receivable > | ||||||||||||||||||||||||||||||||||||
Days Past | than 90 | Total | Total Loans Receivable | 90 Days and Accruing | ||||||||||||||||||||||||||||||||||
Due | Days | Past Due | Current | |||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 348 | $ | 373 | $ | 721 | $ | 9,551 | $ | 10,272 | $ | 242 | ||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,506 | 790 | 2,296 | 32,822 | 35,118 | 302 | ||||||||||||||||||||||||||||||||
Multi-family residential | 79 | - | 79 | 3,236 | 3,315 | - | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 756 | 657 | 1,413 | 19,182 | 20,595 | 212 | ||||||||||||||||||||||||||||||||
Construction | 382 | - | 382 | 9,383 | 9,765 | - | ||||||||||||||||||||||||||||||||
Home equity | 238 | 321 | 559 | 5,470 | 6,029 | 65 | ||||||||||||||||||||||||||||||||
Consumer non-real estate | 6 | - | 6 | 156 | 162 | - | ||||||||||||||||||||||||||||||||
$ | 3,315 | $ | 2,141 | $ | 5,456 | $ | 79,800 | $ | 85,256 | $ | 821 | |||||||||||||||||||||||||||
Deposits
Deposits | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Deposits [Abstract] | ' | |||||||||
Deposits | ' | |||||||||
Note 6 – Deposits | ||||||||||
Deposits consist of the following classifications (in thousands): | ||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Passbook savings accounts | $ | 2,738 | $ | 2,890 | ||||||
Statement savings accounts | 5,438 | 5,843 | ||||||||
eSavings accounts | 14,284 | 10,604 | ||||||||
Certificates of deposit | 80,708 | 77,701 | ||||||||
Total deposits | $ | 103,168 | $ | 97,038 | ||||||
Borrowings
Borrowings | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Borrowings [Abstract] | ' | |||||||||||||||||
Borrowings | ' | |||||||||||||||||
Note 7 – Borrowings | ||||||||||||||||||
Federal Home Loan Bank advances consist of the following at September, 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
Amount | Weighted | Amount | Weighted | |||||||||||||||
Interest Rate | Interest Rate | |||||||||||||||||
Maturity Period | ||||||||||||||||||
1 to 12 Months | $ | - | - | % | $ | 2,000 | 4.19 | % |
Stock_Compensation_Plans
Stock Compensation Plans | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stock Compensation Plans [Abstract] | ' | ||||||||||||||||||||
Stock Compensation Plans | ' | ||||||||||||||||||||
Note 8 – Stock Compensation Plans | |||||||||||||||||||||
Employee Stock Ownership Plan | |||||||||||||||||||||
The Company adopted an Employee Stock Ownership Plan (ESOP) during fiscal 2007 for the benefit of employees who meet the eligibility requirements of the plan. Using proceeds from a loan from the Company, the ESOP purchased 8%, or 111,090 shares of the Company’s then outstanding common stock in the open market at an average price of $9.35 for a total of $1.0 million. The Bank makes cash contributions to the ESOP on a quarterly basis sufficient to enable the ESOP to make the required loan payments to the Company. The loan bears an interest rate of 7.75% per annum, with principal and interest to be paid quarterly in equal installments over 15 years. The loan is secured by the unallocated shares of common stock held by the ESOP. | |||||||||||||||||||||
Shares of the Company’s common stock purchased by the ESOP are held in a suspense account and reported as unallocated common stock held by the ESOP in stockholders’ equity until released for allocation to participants. As the debt is repaid, shares are released from collateral and are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market value of the shares, and the shares become outstanding for earnings per share computations. During the three and nine months ended September 30, 2013, the Company recognized $30,000 and $115,000 of ESOP expense, respectively. During the three and nine months September 30, 2012, the Company recognized $18,000 and $71,000 of ESOP expense, respectively. | |||||||||||||||||||||
Recognition & Retention Plan | |||||||||||||||||||||
In May 2008, the shareholders of Quaint Oak Bancorp approved the adoption of the 2008 Recognition and Retention Plan (the “RRP”) and Trust Agreement. In order to fund the RRP, the 2008 Recognition and Retention Plan Trust acquired 55,545 shares of the Company’s stock in the open market at an average price of $9.36 totaling $520,000. In May 2013, the shareholders of Quaint Oak Bancorp approved the adoption of the 2013 Stock Incentive Plan (the “Stock Incentive Plan”). The Stock Incentive Plan provides that no more than 24,375, or 25%, of the shares may be granted as restricted stock awards. | |||||||||||||||||||||
As of September 30, 2013, a total of 26,500 awards of restricted stock were unvested under the RRP and Stock Incentive Plan and 10,684 restricted stock awards were available for future grant under the Stock Incentive Plan and none under the RRP. The RRP and Stock Incentive Plan share awards have vesting periods from five to seven years. | |||||||||||||||||||||
A summary of the status of the shares under the RRP and Stock Incentive Plan as of September 30, 2013 and 2012 and changes during the nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||||||
Shares | Average Grant Date Fair Value | Shares | Average Grant Date Fair Value | ||||||||||||||||||
Unvested at the beginning of the period | 8,894 | $ | 9.05 | 17,440 | $ | 9.05 | |||||||||||||||
Granted | 26,150 | 16.2 | - | - | |||||||||||||||||
Vested | (8,544 | ) | 9.05 | (8,546 | ) | 9.05 | |||||||||||||||
Forfeited | - | - | - | - | |||||||||||||||||
Unvested at the end of the period | 26,500 | $ | 16.11 | 8,894 | $ | 9.05 | |||||||||||||||
Compensation expense on the restricted stock awards is recognized ratably over the five to seven year vesting period in an amount which is equal to the fair value of the common stock at the date of grant. During the three and nine months ended September 30, 2013, approximately $23,000 and $62,000 in compensation expense was recognized, respectively. A tax benefit of approximately $8,000 and $21,000 was recognized during each of these periods. During the three and nine months ended September 30, 2012, approximately $19,000 and $58,000 in compensation expense was recognized, respectively. A tax benefit of approximately $6,000 and $20,000 was recognized during each of these periods. As of September 30, 2013, approximately $394,000 in additional compensation expense will be recognized over the remaining service period of approximately 4.3 years. | |||||||||||||||||||||
Stock Option Plan | |||||||||||||||||||||
In May 2008, the shareholders of Quaint Oak Bancorp approved the adoption of the 2008 Stock Option Plan (the “Option Plan”). The Option Plan authorizes the grant of stock options to officers, employees and directors of the Company to acquire 138,863 shares of common stock with an exercise price no less than the fair market value on the date of the grant. The Stock Incentive Plan approved by shareholders in May 2013 covered a total of 97,500 shares, of which 24,375 may be restricted stock awards, for a balance of 73,125 stock options assuming all the restricted shares are awarded. | |||||||||||||||||||||
For grants in May 2008, the Compensation Committee of the Board of Directors determined to grant the stock options at an exercise price equal to $10.00 per share which is higher than the fair market value of the common stock on the grant date. All incentive stock options issued under the Option Plan and the Stock Incentive Plan are intended to comply with the requirements of Section 422 of the Internal Revenue Code. | |||||||||||||||||||||
As of September 30, 2013, a total of 184,570 grants of stock options were outstanding under the Option Plan and Stock Incentive Plan and 27,418 stock options were available for future grant under the Stock Incentive Plan and none under the Option Plan. Options will become vested and exercisable over a five to seven year period and are generally exercisable for a period of ten years after the grant date. | |||||||||||||||||||||
A summary of option activity under the Company’s Option Plan as of September 30, 2013 and 2012 and changes during the nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||
of | Average Exercise | Average Remaining Contractual Life (in years) | of | Average Exercise Price | |||||||||||||||||
Shares | Price | Shares | |||||||||||||||||||
Outstanding at the beginning of the year | 107,570 | $ | 10 | 4.6 | 107,570 | $ | 10 | ||||||||||||||
Granted | 77,000 | 16.2 | 9.6 | - | - | ||||||||||||||||
Exercised | - | - | - | - | - | ||||||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||||||
Outstanding at the end of the period | 184,570 | $ | 12.59 | 6.7 | 107,570 | $ | 10 | ||||||||||||||
Exercisable at the end of the period | 106,665 | $ | 10 | 6.7 | 85,332 | $ | 10 | ||||||||||||||
During the three and nine months ended September 30, 2013 approximately $12,000 and $33,000 in compensation expense was recognized. A tax benefit of approximately $3,000 and $6,000, respectively, was recognized during each of these periods. As of September 30, 2013, approximately $210,000 in additional compensation expense will be recognized over the remaining service period of approximately 4.4 years. | |||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 9 – Fair Value Measurements | |||||||||||||||||||||
Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. | |||||||||||||||||||||
Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities and therefore, the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. | |||||||||||||||||||||
The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied: | |||||||||||||||||||||
Investment Securities Available-For-Sale: The fair value of securities available for sale (carried at fair value) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. | |||||||||||||||||||||
We may be required from time to time to measure certain assets at fair value on a nonrecurring basis in accordance with US GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. | |||||||||||||||||||||
Impaired Loans: Impaired loans are carried at the lower of cost or the fair value of the collateral for collateral-dependent loans. Collateral is primarily in the form of real estate. The use of independent appraisals, discounted cash flow models and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and impaired loans are therefore classified within level 3 of the fair value hierarchy. | |||||||||||||||||||||
Other Real Estate Owned: Other real estate owned is carried at the lower of the investment in the real estate or the fair value of the real estate less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and therefore other real estate owned is classified within level 3 of the fair value hierarchy. | |||||||||||||||||||||
The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of September 30, 2013 (in thousands): | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted | |||||||||||||||||||||
Prices in | |||||||||||||||||||||
Active | Significant Other Observable | ||||||||||||||||||||
Markets for Identical | Inputs | Unobservable Inputs | |||||||||||||||||||
Total Fair | Assets | (Level 2) | (Level 3) | ||||||||||||||||||
Value | (Level 1) | ||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Corporate securities | $ | 1,826 | $ | - | $ | 1,826 | $ | - | |||||||||||||
Short-term bond fund | 1,151 | 1,151 | - | - | |||||||||||||||||
Limited-term bond fund | 519 | 519 | - | - | |||||||||||||||||
Total investment securities available for sale | $ | 3,496 | $ | 1,670 | $ | 1,826 | $ | - | |||||||||||||
Total recurring fair value measurements | $ | 3,496 | $ | 1,670 | $ | 1,826 | $ | - | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 1,819 | $ | - | $ | - | $ | 1,819 | |||||||||||||
Other real estate owned | 337 | - | - | 337 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 2,156 | $ | - | $ | - | $ | 2,156 | |||||||||||||
The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2012 (in thousands): | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted | |||||||||||||||||||||
Prices in | |||||||||||||||||||||
Active | Significant Other Observable | ||||||||||||||||||||
Markets for Identical | Inputs | Unobservable Inputs | |||||||||||||||||||
Total Fair | Assets | (Level 2) | (Level 3) | ||||||||||||||||||
Value | (Level 1) | ||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
U.S. Government agency securities | $ | 501 | $ | - | $ | 501 | $ | - | |||||||||||||
Corporate securities | 1,826 | 1,826 | - | - | |||||||||||||||||
Short-term bond fund | 1,142 | 1,142 | - | - | |||||||||||||||||
Limited-term bond fund | 525 | 525 | - | - | |||||||||||||||||
Total investment securities available for sale | $ | 3,994 | $ | 3,493 | $ | 501 | $ | - | |||||||||||||
Total recurring fair value measurements | $ | 3,994 | $ | 3,493 | $ | 501 | $ | - | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 1,492 | $ | - | $ | - | $ | 1,492 | |||||||||||||
Other real estate owned | 170 | - | - | 170 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 1,662 | $ | - | $ | - | $ | 1,662 | |||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used level 3 inputs to determine fair value as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair | Valuation | Unobservable | Range (Weighted | ||||||||||||||||||
Value | Techniques | Input | Average) | ||||||||||||||||||
Impaired loans | $1,819 | Appraisal of | Appraisal | 8%-9% (8%) | |||||||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||||||
Other real estate owned | $337 | Appraisal of | Appraisal | 8%-33% (18%) | |||||||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair | Valuation | Unobservable | Range (Weighted | ||||||||||||||||||
Value | Techniques | Input | Average) | ||||||||||||||||||
Impaired loans | $1,492 | Appraisal of | Appraisal | 8%-58% (31%) | |||||||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||||||
Other real estate owned | $170 | Appraisal of | Appraisal | 8%-29% (17%) | |||||||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||||||
(1) | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. | ||||||||||||||||||||
(2) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. | ||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs | ||||||||||||||||||||
for Identical | (Level 2) | ||||||||||||||||||||
Assets | Unobservable Inputs | ||||||||||||||||||||
Carrying | Fair Value Estimate | (Level 1) | (Level 3) | ||||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 5,282 | $ | 5,282 | $ | 5,282 | $ | - | $ | - | |||||||||||
Investment in interest-earning time deposits | 7,633 | 7,752 | - | 7,752 | - | ||||||||||||||||
Investment securities available for sale | 3,496 | 3,496 | 1,670 | 1,826 | - | ||||||||||||||||
Loans held for sale | 2,410 | 2,501 | 2,501 | - | - | ||||||||||||||||
Loans receivable, net | 98,865 | 101,310 | - | - | 101,310 | ||||||||||||||||
Accrued interest receivable | 663 | 663 | 663 | - | - | ||||||||||||||||
Investment in FHLB stock | 201 | 201 | - | 201 | - | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 103,168 | 105,211 | 22,460 | - | 82,751 | ||||||||||||||||
Accrued interest payable | 70 | 70 | 70 | - | - | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs | ||||||||||||||||||||
for Identical | (Level 2) | ||||||||||||||||||||
Assets | Unobservable Inputs | ||||||||||||||||||||
Carrying Amount | Fair Value Estimate | (Level 1) | (Level 3) | ||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,400 | $ | 12,400 | $ | 12,400 | $ | - | $ | - | |||||||||||
Investment in interest-earning time deposits | 8,132 | 8,234 | - | 8,234 | - | ||||||||||||||||
Investment securities available for sale | 3,994 | 3,994 | 3,493 | 501 | - | ||||||||||||||||
Loans held for sale | 4,875 | 5,053 | - | 5,053 | - | ||||||||||||||||
Loans receivable, net | 84,291 | 86,503 | - | - | 86,503 | ||||||||||||||||
Accrued interest receivable | 657 | 657 | 657 | - | - | ||||||||||||||||
Investment in FHLB stock | 437 | 437 | - | 437 | - | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 97,038 | 98,279 | 19,337 | 78,942 | - | ||||||||||||||||
FHLB advances, short-term | 2,000 | 2,000 | - | 2,000 | - | ||||||||||||||||
Accrued interest payable | 81 | 81 | 81 | - | - | ||||||||||||||||
The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on the Company’s consolidated balance sheets: | |||||||||||||||||||||
Cash and Cash Equivalents. The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets’ fair values. | |||||||||||||||||||||
Interest-Earning Time Deposits. Fair values for interest-earning time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. The Company generally purchases amounts below the insured limit, limiting the amount of credit risk on these time deposits. | |||||||||||||||||||||
Loans Held for Sale. Fair values of loans held for sale are based on commitments on hand from investors at prevailing market rates. | |||||||||||||||||||||
Loans Receivable, Net. The fair values of loans are estimated using discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and market factors, including liquidity. The valuation of the loan portfolio reflects discounts that the Company believes are consistent with transactions occurring in the market place for both performing and distressed loan types. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified with level 3 of the fair value hierarchy. | |||||||||||||||||||||
Accrued Interest Receivable. The carrying amount of accrued interest receivable approximates its fair value. | |||||||||||||||||||||
Federal Home Loan Bank Stock. The carrying amount of restricted investment in Federal Home Loan Bank stock approximates fair value, and considers the limited marketability of such securities. | |||||||||||||||||||||
Deposits. The carrying amount is considered a reasonable estimate of fair value for demand savings deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using the rates currently offered for deposits of similar maturities. | |||||||||||||||||||||
Federal Home Loan Bank Borrowings. Fair values of FHLB advances are estimated based on rates currently available to the Company for similar terms and remaining maturities. | |||||||||||||||||||||
Accrued Interest Payable. The carrying amount of accrued interest payable approximates its fair value. | |||||||||||||||||||||
Off-Balance Sheet Financial Instruments. Off-balance sheet financial instruments consist of commitments to extend credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit are insignificant and therefore are not presented in the above table. | |||||||||||||||||||||
Financial_Statement_Presentati1
Financial Statement Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Financial Statement Presentation and Significant Accounting Policies [Abstract] | ' |
Basis of Financial Presentation | ' |
Basis of Financial Presentation. The consolidated financial statements include the accounts of Quaint Oak Bancorp, Inc. (the “Company”) and its wholly-owned subsidiary, Quaint Oak Bank (the “Bank”) along with its wholly-owned subsidiaries. At September 30, 2013, the Bank has five wholly-owned subsidiaries, Quaint Oak Mortgage, LLC, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, and QOB Properties, LLC, each a Pennsylvania limited liability company. The mortgage, real estate and abstract companies offer mortgage banking, real estate sales and title abstract services, respectively, and began operation in July 2009. QOB Properties, LLC began operations in July 2012 and holds Bank properties acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure. Quaint Oak Insurance Agency, LLC is currently inactive. All significant intercompany balances and transactions have been eliminated. | |
The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10(l) of the Home Owners’ Loan Act, the Company is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The market area served by the Bank’s two branch offices includes Bucks and Montgomery Counties, Pennsylvania, northeast Philadelphia and the surrounding area and the Lehigh Valley area of Pennsylvania. The principal deposit products offered by the Bank are certificates of deposit, passbook savings accounts, statement savings accounts and eSavings accounts. Loan products offered are fixed and adjustable rate residential and commercial mortgages, construction loans, home equity loans, auto loans, and lines of credit. | |
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. | |
The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2012 have been derived from the audited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in Quaint Oak Bancorp’s 2012 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Financial Statements.The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant estimates are the determination of the allowance for loan losses, the assessment of other-than-temporary impairment of investment securities, valuation of other real estate owned, and the valuation of deferred tax assets. | |
Loans Receivable | ' |
Loans Receivable. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. | |
The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans and consumer loans. The residential loan segment has two classes: one-to-four family residential owner occupied loans and one-to-four residential family non-owner occupied loans. The commercial real estate loan segment consists of the following classes: multi-family (five or more) residential, commercial real estate and commercial lines of credit. Construction loans are generally granted for the purpose of building a single residential home. The consumer loan segment consists of the following classes: home equity loans and consumer non-real estate loans. Included in the home equity class are home equity loans and home equity lines of credit. Included in the consumer non-real estate loans are loans secured by saving accounts and auto loans. | |
The accrual of interest is generally discontinued when principal or interest has become 90 days past due unless the loan is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, a loan is restored to accrual status when the obligation is brought current, it has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans receivable. 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. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | |
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. | |
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are designated as impaired. For loans that are designated as impaired, an allowance is established 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. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are reevaluated quarterly to ensure their relevance in the current economic environment. Residential owner occupied mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company’s policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |
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 considered 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 record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. 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. | |
A loan is identified as a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan’s stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. | |
For loans secured by real estate, estimated fair values are determined primarily through 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 are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | |
The allowance 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 all loans (except one-to-four family residential owner-occupied loans) where the total amount outstanding to any borrower or group of borrowers exceeds $500,000, or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans designated 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. In addition, Federal 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 current level of the allowance for loan losses is adequate. | |
Loans Held for Sale. | ' |
Loans Held for Sale. Loans originated by the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. | |
Federal Home Loan Bank Stock | ' |
Federal Home Loan Bank Stock. Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the three and nine months ended September 30, 2013 and 2012. | |
Other Real Estate Owned | ' |
Other Real Estate Owned. Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. | |
Share-Based Compensation | ' |
Share-Based Compensation. Compensation expense for share-based compensation awards is based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. | |
At September 30, 2013, the Company has three share-based plans: the 2008 Recognition and Retention Plan (“RRP”), the 2008 Stock Option Plan, and the 2013 Stock Incentive Plan. Awards under these plans were made in May 2008 and 2013. These plans are more fully described in Note 8. | |
The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 8. As ESOP shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market price of the shares over the period earned. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss). Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the consolidated balance sheet and along with net income, are components of comprehensive income. | |
Earnings per Share | ' |
Earnings per Share. Amounts reported in earnings per share reflect earnings available to common stockholders’ for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the “treasury stock” method. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements. In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The objective of ASU 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments included in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. As the adoption of ASU 2013-02 amends only disclosure requirements, the adoption had no impact on the Company’s results of operations or financial position. | |
Reclassifications | ' |
Reclassifications. Certain items in the 2012 consolidated financial statements have been reclassified to conform to the presentation in the 2013 consolidated financial statements. Such reclassifications did not have a material impact on the presentation of the overall financial statements. The reclassifications had no effect on net income. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Composition of the Weighted Average Shares Used in the Basic and Dilutive Earnings Per Share Computations | ' | ||||||||||||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations. | |||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Income | $ | 131,000 | $ | 242,000 | $ | 444,000 | $ | 791,000 | |||||||||
Weighted average shares outstanding – basic | 892,266 | 891,168 | 890,495 | 886,014 | |||||||||||||
Effect of dilutive common stock equivalents | 41,543 | 3,807 | 37,492 | 4,634 | |||||||||||||
Adjusted weighted average shares outstanding – diluted | 933,809 | 894,975 | 927,987 | 890,648 | |||||||||||||
Basic earnings per share | $ | 0.15 | $ | 0.27 | $ | 0.5 | $ | 0.89 | |||||||||
Diluted earnings per share | $ | 0.14 | $ | 0.27 | $ | 0.48 | $ | 0.89 | |||||||||
Investment_in_InterestEarning_1
Investment in Interest-Earning Time Deposits (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investment in Interest-Earning Time Deposits [Abstract] | ' | ||||||||
Investments in Interest-Earning Time Deposits by Contractual Maturity | ' | ||||||||
The investment in interest-earning time deposits as of September 30, 2013 and December 31, 2012, by contractual maturity, are shown below: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Due in one year or less | $ | 3,043 | $ | 3,325 | |||||
Due after one year through five years | 4,590 | 4,807 | |||||||
$ | 7,633 | $ | 8,132 | ||||||
Investment_Securities_Availabl1
Investment Securities Available for Sale (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||
Investment Securities Available for Sale [Abstract] | ' | |||||||||||||||||||||||||||||
Amortized Cost and Fair Value of Mortgage-Backed Securities Available for Sale | ' | |||||||||||||||||||||||||||||
The amortized cost and fair value of investment securities available for sale at September 30, 2013 and December 31, 2012 are summarized below (in thousands): | ||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | ||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||
Corporate securities | $ | 1,751 | $ | 75 | $ | - | $ | 1,826 | ||||||||||||||||||||||
Short-term bond fund | 1,159 | - | (8 | ) | 1,151 | |||||||||||||||||||||||||
Limited-term bond fund | 534 | - | (15 | ) | 519 | |||||||||||||||||||||||||
$ | 3,444 | $ | 75 | $ | (23 | ) | $ | 3,496 | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Amortized | Gross Unrealized Gains | Gross Unrealized Losses | ||||||||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||||||||
U.S. Government agency securities | $ | 500 | $ | 1 | $ | - | $ | 501 | ||||||||||||||||||||||
Corporate securities | 1,747 | 81 | (2 | ) | 1,826 | |||||||||||||||||||||||||
Short-term bond fund | 1,127 | 15 | - | 1,142 | ||||||||||||||||||||||||||
Limited-term bond fund | 528 | - | (3 | ) | 525 | |||||||||||||||||||||||||
$ | 3,902 | $ | 97 | $ | (5 | ) | $ | 3,994 | ||||||||||||||||||||||
Certificate of Deposit by Maturity | ' | |||||||||||||||||||||||||||||
The amortized cost and fair value of available for sale debt securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 250 | $ | 254 | ||||||||||||||||||||||||||
Due after one year through five years | 1,501 | 1,572 | ||||||||||||||||||||||||||||
$ | 1,751 | $ | 1,826 | |||||||||||||||||||||||||||
Securities in Continuous Unrealized Loss Position | ' | |||||||||||||||||||||||||||||
The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||||
Number of | Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||||||
Securities | Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||
Short-term bond fund | 1 | $ | 1,151 | $ | (8 | ) | $ | - | $ | - | $ | 1,151 | $ | (8 | ) | |||||||||||||||
Limited-term bond fund | 1 | - | - | 519 | (15 | ) | 519 | (15 | ) | |||||||||||||||||||||
Total | 2 | $ | 1,151 | $ | - | $ | 519 | $ | (15 | ) | $ | 1,670 | $ | (23 | ) | |||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||||
Number of | Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||||||
Securities | Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||
Corporate securities | 1 | $ | - | $ | - | $ | 248 | $ | (2 | ) | $ | 248 | $ | (2 | ) | |||||||||||||||
Limited-term bond fund | 1 | - | - | 525 | (3 | ) | 525 | (3 | ) | |||||||||||||||||||||
Total | 2 | $ | - | $ | - | $ | 773 | $ | (5 | ) | $ | 773 | $ | (5 | ) | |||||||||||||||
Loans_Receivable_Net_and_Allow1
Loans Receivable, Net and Allowance for Loan Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Loans Receivable, Net and Allowance for Loan Losses [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Composition of Net Loans Receivable | ' | |||||||||||||||||||||||||||||||||||||
The composition of net loans receivable is as follows: | ||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||||||||||||
Owner occupied | $ | 9,240 | $ | 10,272 | ||||||||||||||||||||||||||||||||||
Non-owner occupied | 40,631 | 35,118 | ||||||||||||||||||||||||||||||||||||
Total one-to-four family residential | 49,871 | 45,390 | ||||||||||||||||||||||||||||||||||||
Multi-family (five or more) residential | 4,293 | 3,315 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 22,451 | 18,694 | ||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 2,085 | 1,901 | ||||||||||||||||||||||||||||||||||||
Construction | 15,584 | 9,765 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 5,581 | 6,029 | ||||||||||||||||||||||||||||||||||||
Total real estate loans | 99,865 | 85,094 | ||||||||||||||||||||||||||||||||||||
Auto and equipment loans | 105 | 93 | ||||||||||||||||||||||||||||||||||||
Loans secured by deposits | 22 | 69 | ||||||||||||||||||||||||||||||||||||
Total Loans | 99,992 | 85,256 | ||||||||||||||||||||||||||||||||||||
Deferred loan fees and costs | (249 | ) | (105 | ) | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (878 | ) | (860 | ) | ||||||||||||||||||||||||||||||||||
Net Loans | $ | 98,865 | $ | 84,291 | ||||||||||||||||||||||||||||||||||
Schedule of Loan Portfolio by Internal Risk Rating | ' | |||||||||||||||||||||||||||||||||||||
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, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 8,149 | $ | 721 | $ | 128 | $ | 242 | $ | 9,240 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 38,790 | 1,035 | 806 | - | 40,631 | |||||||||||||||||||||||||||||||||
Multi-family residential | 4,293 | - | - | - | 4,293 | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 23,566 | 423 | 547 | - | 24,536 | |||||||||||||||||||||||||||||||||
Construction | 15,584 | - | - | - | 15,584 | |||||||||||||||||||||||||||||||||
Home equity | 5,454 | - | 127 | - | 5,581 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | 127 | - | - | - | 127 | |||||||||||||||||||||||||||||||||
$ | 95,963 | $ | 2,179 | $ | 1,608 | $ | 242 | $ | 99,992 | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 9,641 | $ | 500 | $ | 72 | $ | 59 | $ | 10,272 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 34,328 | 95 | 504 | 191 | 35,118 | |||||||||||||||||||||||||||||||||
Multi-family residential | 3,315 | - | - | - | 3,315 | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 19,536 | 565 | 364 | 130 | 20,595 | |||||||||||||||||||||||||||||||||
Construction | 9,765 | - | - | - | 9,765 | |||||||||||||||||||||||||||||||||
Home equity | 5,295 | 428 | 268 | 38 | 6,029 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | 156 | - | 6 | - | 162 | |||||||||||||||||||||||||||||||||
$ | 82,036 | $ | 1,588 | $ | 1,214 | $ | 418 | $ | 85,256 | |||||||||||||||||||||||||||||
Summary of Impaired Loans by Loan Portfolio Class | ' | |||||||||||||||||||||||||||||||||||||
The following tables summarize information in regards to impaired loans by loan portfolio class as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-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 | $ | 128 | $ | 128 | $ | - | $ | 129 | $ | - | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 806 | 806 | - | 824 | 10 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 243 | 243 | - | 238 | 4 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 127 | 127 | - | 128 | 1 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 242 | $ | 242 | $ | 10 | $ | 242 | $ | 1 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 304 | 304 | 21 | 313 | 4 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 370 | $ | 370 | $ | 10 | $ | 371 | $ | 1 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 806 | 806 | - | 824 | 10 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 547 | 547 | 21 | 551 | 8 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 127 | 127 | - | 128 | 1 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 131 | $ | 131 | $ | - | $ | 131 | $ | 9 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 393 | 393 | - | 396 | 17 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 130 | 130 | - | 131 | 8 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 244 | 244 | - | 246 | 14 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | 6 | 6 | - | 9 | 1 | |||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 302 | 302 | 24 | 304 | 13 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 364 | 364 | 88 | 366 | 15 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 62 | 62 | 28 | 64 | 4 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 131 | $ | 131 | $ | - | $ | 131 | $ | 9 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 695 | 695 | 24 | 700 | 30 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 494 | 494 | 88 | 497 | 23 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 306 | 306 | 28 | 310 | 18 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | 6 | 6 | - | 9 | 1 | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring Loans | ' | |||||||||||||||||||||||||||||||||||||
The following tables present the Company’s TDR loans as of September 30, 2013 and December 31, 2012 (dollar amounts in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Non-Accrual | Accruing | Related Allowance | ||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | 2 | $ | 128 | $ | 66 | $ | 62 | $ | - | |||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 4 | 297 | - | 297 | - | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 1 | 112 | - | 112 | - | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 3 | 96 | 34 | 62 | - | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total | 10 | $ | 633 | $ | 100 | $ | 533 | $ | - | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Non-Accrual | Accruing | Related Allowance | ||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | 1 | $ | 71 | $ | 71 | $ | - | $ | - | |||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 4 | 302 | - | 302 | 10 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 3 | 245 | - | 245 | 1 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total | 8 | $ | 618 | $ | 71 | $ | 547 | $ | 11 | |||||||||||||||||||||||||||||
The contractual aging of the TDRs in the table above as of September 30, 2013 is as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
Current & Past Due Less than 30 Days | Past Due | Greater | Non- | Total | ||||||||||||||||||||||||||||||||||
30-89 Days | than 90 | Accrual | ||||||||||||||||||||||||||||||||||||
Days | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 62 | $ | - | $ | - | $ | 66 | $ | 128 | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 297 | - | - | - | 297 | |||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | - | 112 | - | - | 112 | |||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity | 62 | - | - | 34 | 96 | |||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 421 | $ | 112 | $ | - | $ | 100 | $ | 633 | ||||||||||||||||||||||||||||
Changes in Allowance for Loan Losses and Recorded Investment in Loans Receivable | ' | |||||||||||||||||||||||||||||||||||||
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 and recorded investment in loans receivable as of September 30, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Commercial | ||||||||||||||||||||||||||||||||||||
Residential | Residential | Multi- | Real Estate | Consumer | ||||||||||||||||||||||||||||||||||
Owner | Non-Owner | Family | and Lines of | Home | Non-Real | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Residential | Credit | Construction | Equity | Estate | Unallocated | Total | ||||||||||||||||||||||||||||||
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 | - | (1 | ) | 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 | ) | 31 | 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 | ||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 9,240 | $ | 40,631 | $ | 4,293 | $ | 24,536 | $ | 15,584 | $ | 5,581 | $ | 127 | $ | - | $ | 99,992 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||
Individually | $ | 370 | $ | 806 | $ | - | $ | 547 | $ | - | $ | 127 | $ | - | $ | - | $ | 1,850 | ||||||||||||||||||||
Collectively | $ | 8,870 | $ | 39,825 | $ | 4,293 | $ | 23,989 | $ | 15,584 | $ | 5,454 | $ | 127 | $ | - | $ | 98,142 | ||||||||||||||||||||
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, 2012 and recorded investment in loans receivable as of September 30, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Commercial | ||||||||||||||||||||||||||||||||||||
Residential | Residential | Multi- | Real Estate | Consumer | ||||||||||||||||||||||||||||||||||
Owner | Non-Owner | Family | and Lines of | Home | Non-Real | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Residential | Credit | Construction | Equity | Estate | Unallocated | Total | ||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 76 | $ | 409 | $ | 21 | $ | 248 | $ | 52 | $ | 76 | $ | 2 | $ | 67 | $ | 951 | ||||||||||||||||||||
Charge-offs | - | (10 | ) | - | - | - | - | - | - | (10 | ) | |||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Provision | (3 | ) | 10 | 1 | 5 | 7 | (10 | ) | (1 | ) | 23 | 32 | ||||||||||||||||||||||||||
Ending balance | $ | 73 | $ | 409 | $ | 22 | $ | 253 | $ | 59 | $ | 66 | $ | 1 | $ | 90 | $ | 973 | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 114 | $ | 351 | $ | 26 | $ | 148 | $ | 35 | $ | 83 | $ | 1 | $ | 47 | $ | 805 | ||||||||||||||||||||
Charge-offs | - | (10 | ) | - | - | - | (4 | ) | - | - | (14 | ) | ||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Provision | (41 | ) | 68 | (4 | ) | 105 | 24 | (13 | ) | - | 43 | 182 | ||||||||||||||||||||||||||
Ending balance | $ | 73 | $ | 409 | $ | 22 | $ | 253 | $ | 59 | $ | 66 | $ | 1 | $ | 90 | $ | 973 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 108 | $ | - | $ | 108 | $ | - | $ | 26 | $ | - | $ | - | $ | 242 | ||||||||||||||||||||
Collectively | $ | 73 | $ | 301 | $ | 22 | $ | 145 | $ | 59 | $ | 40 | $ | 1 | $ | 90 | $ | 731 | ||||||||||||||||||||
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2012 and recorded investment in loans receivable as of December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Commercial | ||||||||||||||||||||||||||||||||||||
Residential | Residential | Multi- | Real Estate | Consumer | ||||||||||||||||||||||||||||||||||
Owner | Non-Owner | Family | and Lines of | Home | Non-Real | |||||||||||||||||||||||||||||||||
Occupied | Occupied | Residential | Credit | Construction | Equity | Estate | Unallocated | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 114 | $ | 351 | $ | 26 | $ | 148 | $ | 35 | $ | 83 | $ | 1 | $ | 47 | $ | 805 | ||||||||||||||||||||
Charge-offs | - | (103 | ) | - | - | - | (4 | ) | - | - | (107 | ) | ||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Provision | (37 | ) | 120 | (6 | ) | 71 | 28 | (11 | ) | - | (3 | ) | 162 | |||||||||||||||||||||||||
Ending balance | $ | 77 | $ | 368 | $ | 20 | $ | 219 | $ | 63 | $ | 68 | $ | 1 | $ | 44 | $ | 860 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||
Individually | $ | - | $ | 24 | $ | - | $ | 88 | $ | - | $ | 28 | $ | - | $ | - | $ | 140 | ||||||||||||||||||||
Collectively | $ | 77 | $ | 344 | $ | 20 | $ | 131 | $ | 63 | $ | 40 | $ | 1 | $ | 44 | $ | 720 | ||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 10,272 | $ | 35,118 | $ | 3,315 | $ | 20,595 | $ | 9,765 | $ | 6,029 | $ | 162 | $ | - | $ | 85,256 | ||||||||||||||||||||
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||||
for impairment: | ||||||||||||||||||||||||||||||||||||||
Individually | $ | 131 | $ | 695 | $ | - | $ | 494 | $ | - | $ | 306 | $ | 6 | $ | - | $ | 1,632 | ||||||||||||||||||||
Collectively | $ | 10,141 | $ | 34,423 | $ | 3,315 | $ | 20,101 | $ | 9,765 | $ | 5,723 | $ | 156 | $ | - | $ | 83,624 | ||||||||||||||||||||
Non-Accrual Loans by Class of Loans | ' | |||||||||||||||||||||||||||||||||||||
The following table presents nonaccrual loans by classes of the loan portfolio as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
September 30, | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 304 | $ | 131 | ||||||||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 509 | 488 | ||||||||||||||||||||||||||||||||||||
Multi-family residential | - | - | ||||||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 435 | 445 | ||||||||||||||||||||||||||||||||||||
Construction | - | - | ||||||||||||||||||||||||||||||||||||
Home equity | 65 | 256 | ||||||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | ||||||||||||||||||||||||||||||||||||
$ | 1,313 | $ | 1,320 | |||||||||||||||||||||||||||||||||||
Loan Portfolio by Past Due Status | ' | |||||||||||||||||||||||||||||||||||||
The following tables present the classes of the loan portfolio summarized by the past due status as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||
30-90 | Greater | Loans Receivable > | ||||||||||||||||||||||||||||||||||||
Days Past | than 90 | Total | Total Loans Receivable | 90 Days and Accruing | ||||||||||||||||||||||||||||||||||
Due | Days | Past Due | Current | |||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 714 | $ | 612 | $ | 1,326 | $ | 7,914 | $ | 9,240 | $ | 308 | ||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,440 | 970 | 2,410 | 38,221 | 40,631 | 461 | ||||||||||||||||||||||||||||||||
Multi-family residential | - | - | - | 4,293 | 4,293 | - | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 498 | 435 | 933 | 23,603 | 24,536 | - | ||||||||||||||||||||||||||||||||
Construction | 85 | - | 85 | 15,499 | 15,584 | - | ||||||||||||||||||||||||||||||||
Home equity | 168 | 65 | 233 | 5,348 | 5,581 | - | ||||||||||||||||||||||||||||||||
Consumer non-real estate | - | - | - | 127 | 127 | - | ||||||||||||||||||||||||||||||||
$ | 2,905 | $ | 2,082 | $ | 4,987 | $ | 95,005 | $ | 99,992 | $ | 769 | |||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||
30-90 | Greater | Loans Receivable > | ||||||||||||||||||||||||||||||||||||
Days Past | than 90 | Total | Total Loans Receivable | 90 Days and Accruing | ||||||||||||||||||||||||||||||||||
Due | Days | Past Due | Current | |||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 348 | $ | 373 | $ | 721 | $ | 9,551 | $ | 10,272 | $ | 242 | ||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,506 | 790 | 2,296 | 32,822 | 35,118 | 302 | ||||||||||||||||||||||||||||||||
Multi-family residential | 79 | - | 79 | 3,236 | 3,315 | - | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 756 | 657 | 1,413 | 19,182 | 20,595 | 212 | ||||||||||||||||||||||||||||||||
Construction | 382 | - | 382 | 9,383 | 9,765 | - | ||||||||||||||||||||||||||||||||
Home equity | 238 | 321 | 559 | 5,470 | 6,029 | 65 | ||||||||||||||||||||||||||||||||
Consumer non-real estate | 6 | - | 6 | 156 | 162 | - | ||||||||||||||||||||||||||||||||
$ | 3,315 | $ | 2,141 | $ | 5,456 | $ | 79,800 | $ | 85,256 | $ | 821 | |||||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Deposits [Abstract] | ' | |||||||||
Summary of Deposits | ' | |||||||||
Deposits consist of the following classifications (in thousands): | ||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Passbook savings accounts | $ | 2,738 | $ | 2,890 | ||||||
Statement savings accounts | 5,438 | 5,843 | ||||||||
eSavings accounts | 14,284 | 10,604 | ||||||||
Certificates of deposit | 80,708 | 77,701 | ||||||||
Total deposits | $ | 103,168 | $ | 97,038 | ||||||
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Borrowings [Abstract] | ' | |||||||||||||||||
Federal Home Loan Bank Advances | ' | |||||||||||||||||
Federal Home Loan Bank advances consist of the following at September, 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
Amount | Weighted | Amount | Weighted | |||||||||||||||
Interest Rate | Interest Rate | |||||||||||||||||
Maturity Period | ||||||||||||||||||
1 to 12 Months | $ | - | - | % | $ | 2,000 | 4.19 | % | ||||||||||
Stock_Compensation_Plans_Table
Stock Compensation Plans (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stock Compensation Plans [Abstract] | ' | ||||||||||||||||||||
Status of Shares Under the RRP | ' | ||||||||||||||||||||
A summary of the status of the shares under the RRP and Stock Incentive Plan as of September 30, 2013 and 2012 and changes during the nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||||||
Shares | Average Grant Date Fair Value | Shares | Average Grant Date Fair Value | ||||||||||||||||||
Unvested at the beginning of the period | 8,894 | $ | 9.05 | 17,440 | $ | 9.05 | |||||||||||||||
Granted | 26,150 | 16.2 | - | - | |||||||||||||||||
Vested | (8,544 | ) | 9.05 | (8,546 | ) | 9.05 | |||||||||||||||
Forfeited | - | - | - | - | |||||||||||||||||
Unvested at the end of the period | 26,500 | $ | 16.11 | 8,894 | $ | 9.05 | |||||||||||||||
Option Activity Under the Option Plan | ' | ||||||||||||||||||||
A summary of option activity under the Company’s Option Plan as of September 30, 2013 and 2012 and changes during the nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||
of | Average Exercise | Average Remaining Contractual Life (in years) | of | Average Exercise Price | |||||||||||||||||
Shares | Price | Shares | |||||||||||||||||||
Outstanding at the beginning of the year | 107,570 | $ | 10 | 4.6 | 107,570 | $ | 10 | ||||||||||||||
Granted | 77,000 | 16.2 | 9.6 | - | - | ||||||||||||||||
Exercised | - | - | - | - | - | ||||||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||||||
Outstanding at the end of the period | 184,570 | $ | 12.59 | 6.7 | 107,570 | $ | 10 | ||||||||||||||
Exercisable at the end of the period | 106,665 | $ | 10 | 6.7 | 85,332 | $ | 10 | ||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Assets Presented at Fair Value on a Recurring and Nonrecurring Basis | ' | ||||||||||||||||||||
The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of September 30, 2013 (in thousands): | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted | |||||||||||||||||||||
Prices in | |||||||||||||||||||||
Active | Significant Other Observable | ||||||||||||||||||||
Markets for Identical | Inputs | Unobservable Inputs | |||||||||||||||||||
Total Fair | Assets | (Level 2) | (Level 3) | ||||||||||||||||||
Value | (Level 1) | ||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Corporate securities | $ | 1,826 | $ | - | $ | 1,826 | $ | - | |||||||||||||
Short-term bond fund | 1,151 | 1,151 | - | - | |||||||||||||||||
Limited-term bond fund | 519 | 519 | - | - | |||||||||||||||||
Total investment securities available for sale | $ | 3,496 | $ | 1,670 | $ | 1,826 | $ | - | |||||||||||||
Total recurring fair value measurements | $ | 3,496 | $ | 1,670 | $ | 1,826 | $ | - | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 1,819 | $ | - | $ | - | $ | 1,819 | |||||||||||||
Other real estate owned | 337 | - | - | 337 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 2,156 | $ | - | $ | - | $ | 2,156 | |||||||||||||
The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2012 (in thousands): | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted | |||||||||||||||||||||
Prices in | |||||||||||||||||||||
Active | Significant Other Observable | ||||||||||||||||||||
Markets for Identical | Inputs | Unobservable Inputs | |||||||||||||||||||
Total Fair | Assets | (Level 2) | (Level 3) | ||||||||||||||||||
Value | (Level 1) | ||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
U.S. Government agency securities | $ | 501 | $ | - | $ | 501 | $ | - | |||||||||||||
Corporate securities | 1,826 | 1,826 | - | - | |||||||||||||||||
Short-term bond fund | 1,142 | 1,142 | - | - | |||||||||||||||||
Limited-term bond fund | 525 | 525 | - | - | |||||||||||||||||
Total investment securities available for sale | $ | 3,994 | $ | 3,493 | $ | 501 | $ | - | |||||||||||||
Total recurring fair value measurements | $ | 3,994 | $ | 3,493 | $ | 501 | $ | - | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 1,492 | $ | - | $ | - | $ | 1,492 | |||||||||||||
Other real estate owned | 170 | - | - | 170 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 1,662 | $ | - | $ | - | $ | 1,662 | |||||||||||||
Additional quantitative information about assets measured at fair value on a nonrecurring basis | ' | ||||||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used level 3 inputs to determine fair value as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair | Valuation | Unobservable | Range (Weighted | ||||||||||||||||||
Value | Techniques | Input | Average) | ||||||||||||||||||
Impaired loans | $1,819 | Appraisal of | Appraisal | 8%-9% (8%) | |||||||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||||||
Other real estate owned | $337 | Appraisal of | Appraisal | 8%-33% (18%) | |||||||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair | Valuation | Unobservable | Range (Weighted | ||||||||||||||||||
Value | Techniques | Input | Average) | ||||||||||||||||||
Impaired loans | $1,492 | Appraisal of | Appraisal | 8%-58% (31%) | |||||||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||||||
Other real estate owned | $170 | Appraisal of | Appraisal | 8%-29% (17%) | |||||||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||||||
(1) | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. | ||||||||||||||||||||
(2) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. | ||||||||||||||||||||
Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs | ||||||||||||||||||||
for Identical | (Level 2) | ||||||||||||||||||||
Assets | Unobservable Inputs | ||||||||||||||||||||
Carrying | Fair Value Estimate | (Level 1) | (Level 3) | ||||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 5,282 | $ | 5,282 | $ | 5,282 | $ | - | $ | - | |||||||||||
Investment in interest-earning time deposits | 7,633 | 7,752 | - | 7,752 | - | ||||||||||||||||
Investment securities available for sale | 3,496 | 3,496 | 1,670 | 1,826 | - | ||||||||||||||||
Loans held for sale | 2,410 | 2,501 | 2,501 | - | - | ||||||||||||||||
Loans receivable, net | 98,865 | 101,310 | - | - | 101,310 | ||||||||||||||||
Accrued interest receivable | 663 | 663 | 663 | - | - | ||||||||||||||||
Investment in FHLB stock | 201 | 201 | - | 201 | - | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 103,168 | 105,211 | 22,460 | - | 82,751 | ||||||||||||||||
Accrued interest payable | 70 | 70 | 70 | - | - | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs | ||||||||||||||||||||
for Identical | (Level 2) | ||||||||||||||||||||
Assets | Unobservable Inputs | ||||||||||||||||||||
Carrying Amount | Fair Value Estimate | (Level 1) | (Level 3) | ||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,400 | $ | 12,400 | $ | 12,400 | $ | - | $ | - | |||||||||||
Investment in interest-earning time deposits | 8,132 | 8,234 | - | 8,234 | - | ||||||||||||||||
Investment securities available for sale | 3,994 | 3,994 | 3,493 | 501 | - | ||||||||||||||||
Loans held for sale | 4,875 | 5,053 | - | 5,053 | - | ||||||||||||||||
Loans receivable, net | 84,291 | 86,503 | - | - | 86,503 | ||||||||||||||||
Accrued interest receivable | 657 | 657 | 657 | - | - | ||||||||||||||||
Investment in FHLB stock | 437 | 437 | - | 437 | - | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 97,038 | 98,279 | 19,337 | 78,942 | - | ||||||||||||||||
FHLB advances, short-term | 2,000 | 2,000 | - | 2,000 | - | ||||||||||||||||
Accrued interest payable | 81 | 81 | 81 | - | - | ||||||||||||||||
Financial_Statement_Presentati2
Financial Statement Presentation and Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Branch | Plan | |||
Subsidiary | ||||
Branch | ||||
Financial Statement Presentation and Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Number of wholly owned subsidiaries | ' | ' | 5 | ' |
Number of branch offices serve the areas | 2 | ' | 2 | ' |
Past due period of principal or interest payment | ' | ' | '90 days | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Threshold amount of loans to be evaluated annually, minimum | ' | ' | $500,000 | ' |
Federal Home Loan Bank Stock [Abstract] | ' | ' | ' | ' |
Impairment charges | $0 | $0 | $0 | $0 |
Share-Based Compensation [Abstract] | ' | ' | ' | ' |
Number of share based plans | ' | ' | 3 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Component | Component | |||
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Number of components in earnings per share | 2 | ' | 2 | ' |
Dilutive stock options (in shares) | 107,570 | ' | 107,570 | ' |
Antidilutive outstanding stock options (in shares) | ' | 107,570 | ' | 107,570 |
Net income | $131 | $242 | $444 | $791 |
Weighted average shares outstanding - basic (in shares) | 892,266 | 891,168 | 890,495 | 886,014 |
Effect of dilutive common stock equivalents (in shares) | 41,543 | 3,807 | 37,492 | 4,634 |
Adjusted weighted average shares outstanding - diluted (in shares) | 933,809 | 894,975 | 927,987 | 890,648 |
Basic earnings per share (in dollars per share) | $0.15 | $0.27 | $0.50 | $0.89 |
Diluted earnings per share (in dollars per share) | $0.14 | $0.27 | $0.48 | $0.89 |
Investment_in_InterestEarning_2
Investment in Interest-Earning Time Deposits (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in Interest-Earning Time Deposits [Abstract] | ' | ' |
Due in one year or less | $3,043 | $3,325 |
Due after one year through five years | 4,590 | 4,807 |
Total | $7,633 | $8,132 |
Investment_Securities_Availabl2
Investment Securities Available for Sale (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $3,444 | $3,902 |
Gross Unrealized Gains | 75 | 97 |
Gross Unrealized Losses | -23 | -5 |
Fair Value | 3,496 | 3,994 |
US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 500 |
Gross Unrealized Gains | ' | 1 |
Gross Unrealized Losses | ' | 0 |
Fair Value | ' | 501 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,751 | 1,747 |
Gross Unrealized Gains | 75 | 81 |
Gross Unrealized Losses | 0 | -2 |
Fair Value | 1,826 | 1,826 |
Short-term Bond Fund [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,159 | 1,127 |
Gross Unrealized Gains | 0 | 15 |
Gross Unrealized Losses | -8 | 0 |
Fair Value | 1,151 | 1,142 |
Limited-term Bond Fund [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 534 | 528 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -15 | -3 |
Fair Value | $519 | $525 |
Investment_Securities_Availabl3
Investment Securities Available for Sale, Gross Unrealized Loss and Fair Value (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Security | Security | Security | ||||
Available-for-sale Securities by Contractual Maturity | ' | ' | ' | ' | ' | ' |
Due in one year or less, amortized cost | $250,000 | ' | ' | $250,000 | ' | ' |
Due after one year through five years, amortized cost | 1,501,000 | ' | ' | 1,501,000 | ' | ' |
Total, amortized cost | 1,751,000 | ' | ' | 1,751,000 | ' | ' |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' |
Due in one year or less, fair value | 254,000 | ' | ' | 254,000 | ' | ' |
Due after one year through five years, fair value | 1,572,000 | ' | ' | 1,572,000 | ' | ' |
Total, fair value | 1,826,000 | ' | ' | 1,826,000 | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Number of securities | 2 | ' | ' | 2 | ' | 2 |
Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Less than Twelve Months, Fair Value | 1,151,000 | ' | ' | 1,151,000 | ' | 0 |
Twelve Months or Greater, Fair Value | 519,000 | ' | ' | 519,000 | ' | 773,000 |
Total Fair Value | 1,670,000 | ' | ' | 1,670,000 | ' | 773,000 |
Gross Unrealized Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Less than Twelve Months, Gross Unrealized Losses | 0 | ' | ' | 0 | ' | 0 |
Twelve Months or Greater, Gross Unrealized Losses | -15,000 | ' | ' | -15,000 | ' | -5,000 |
Total Gross Unrealized Losses | -23,000 | ' | ' | -23,000 | ' | -5,000 |
Impairment charges | 0 | 0 | ' | 0 | 0 | ' |
Transferred securities, amortized cost | 3,600,000 | ' | ' | 3,600,000 | ' | ' |
Transferred to available-for-sale securities, unrealized gain (loss) | ' | ' | ' | 351,000 | ' | ' |
Net unrealized gain recorded as other comprehensive income | ' | ' | ' | 231,000 | ' | ' |
Mortgage-backed securities sold, realized gain | ' | ' | 331,000 | ' | ' | ' |
Corporate Securities [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Number of securities | ' | ' | ' | ' | ' | 1 |
Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Less than Twelve Months, Fair Value | ' | ' | ' | ' | ' | 0 |
Twelve Months or Greater, Fair Value | ' | ' | ' | ' | ' | 248,000 |
Total Fair Value | ' | ' | ' | ' | ' | 248,000 |
Gross Unrealized Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Less than Twelve Months, Gross Unrealized Losses | ' | ' | ' | ' | ' | 0 |
Twelve Months or Greater, Gross Unrealized Losses | ' | ' | ' | ' | ' | -2,000 |
Total Gross Unrealized Losses | ' | ' | ' | ' | ' | -2,000 |
Short-term Bond Fund [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Number of securities | 1 | ' | ' | 1 | ' | ' |
Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Less than Twelve Months, Fair Value | 1,151,000 | ' | ' | 1,151,000 | ' | ' |
Twelve Months or Greater, Fair Value | 0 | ' | ' | 0 | ' | ' |
Total Fair Value | 1,151,000 | ' | ' | 1,151,000 | ' | ' |
Gross Unrealized Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Less than Twelve Months, Gross Unrealized Losses | -8,000 | ' | ' | -8,000 | ' | ' |
Twelve Months or Greater, Gross Unrealized Losses | 0 | ' | ' | 0 | ' | ' |
Total Gross Unrealized Losses | -8,000 | ' | ' | -8,000 | ' | ' |
Limited term Bond Fund [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Number of securities | 1 | ' | ' | 1 | ' | 1 |
Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Less than Twelve Months, Fair Value | 0 | ' | ' | 0 | ' | 0 |
Twelve Months or Greater, Fair Value | 519,000 | ' | ' | 519,000 | ' | 525,000 |
Total Fair Value | 519,000 | ' | ' | 519,000 | ' | 525,000 |
Gross Unrealized Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Less than Twelve Months, Gross Unrealized Losses | 0 | ' | ' | 0 | ' | 0 |
Twelve Months or Greater, Gross Unrealized Losses | -15,000 | ' | ' | -15,000 | ' | -3,000 |
Total Gross Unrealized Losses | ($15,000) | ' | ' | ($15,000) | ' | ($3,000) |
Bond Funds [Member] | ' | ' | ' | ' | ' | ' |
Gross Unrealized Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Aggregate depreciation from amortized cost basis (in hundredths) | 1.35% | ' | ' | 1.35% | ' | ' |
Loans_Receivable_Net_and_Allow2
Loans Receivable, Net and Allowance for Loan Losses (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | $99,992 | ' | $85,256 | ' | ' | ' |
Deferred loan fees and costs | -249 | ' | -105 | ' | ' | ' |
Allowance for loan losses | -878 | -952 | -860 | -973 | -951 | -805 |
Net Loans | 98,865 | ' | 84,291 | ' | ' | ' |
Auto and Equipment Loans [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 105 | ' | 93 | ' | ' | ' |
Loans Secured By Deposits [member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 22 | ' | 69 | ' | ' | ' |
Real Estate Loans [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 99,865 | ' | 85,094 | ' | ' | ' |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 49,871 | ' | 45,390 | ' | ' | ' |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | Owner Occupied [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 9,240 | ' | 10,272 | ' | ' | ' |
Allowance for loan losses | -72 | -67 | -77 | -73 | -76 | -114 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 40,631 | ' | 35,118 | ' | ' | ' |
Allowance for loan losses | -398 | -420 | -368 | -409 | -409 | -351 |
Real Estate Loans [Member] | Multi-family (Five or More) Residential [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 4,293 | ' | 3,315 | ' | ' | ' |
Allowance for loan losses | -26 | -23 | -20 | -22 | -21 | -26 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 22,451 | ' | 18,694 | ' | ' | ' |
Real Estate Loans [Member] | Commercial Lines of Credit [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 2,085 | ' | 1,901 | ' | ' | ' |
Real Estate Loans [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 15,584 | ' | 9,765 | ' | ' | ' |
Allowance for loan losses | -94 | -95 | -63 | -59 | -52 | -35 |
Real Estate Loans [Member] | Home Equity Loan [Member] | ' | ' | ' | ' | ' | ' |
Composition of loans receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total Loans | 5,581 | ' | 6,029 | ' | ' | ' |
Allowance for loan losses | ($49) | ($110) | ($68) | ($66) | ($76) | ($83) |
Loans_Receivable_Net_and_Allow3
Loans Receivable, Net and Allowance for Loan Losses, by Internal Risk Rating System (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | $99,992 | $85,256 |
Real Estate Loans [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 99,865 | 85,094 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 49,871 | 45,390 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | Owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 9,240 | 10,272 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 40,631 | 35,118 |
Real Estate Loans [Member] | Multi-family Residential [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 4,293 | 3,315 |
Real Estate Loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 24,536 | 20,595 |
Real Estate Loans [Member] | Construction [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 15,584 | 9,765 |
Real Estate Loans [Member] | Home Equity [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 5,581 | 6,029 |
Consumer Non-real Estate [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 127 | 162 |
Pass [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 95,963 | 82,036 |
Pass [Member] | Real Estate Loans [Member] | One-to-four Family Residential [Member] | Owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 8,149 | 9,641 |
Pass [Member] | Real Estate Loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 38,790 | 34,328 |
Pass [Member] | Real Estate Loans [Member] | Multi-family Residential [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 4,293 | 3,315 |
Pass [Member] | Real Estate Loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 23,566 | 19,536 |
Pass [Member] | Real Estate Loans [Member] | Construction [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 15,584 | 9,765 |
Pass [Member] | Real Estate Loans [Member] | Home Equity [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 5,454 | 5,295 |
Pass [Member] | Consumer Non-real Estate [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 127 | 156 |
Special Mention [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 2,179 | 1,588 |
Special Mention [Member] | Real Estate Loans [Member] | One-to-four Family Residential [Member] | Owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 721 | 500 |
Special Mention [Member] | Real Estate Loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 1,035 | 95 |
Special Mention [Member] | Real Estate Loans [Member] | Multi-family Residential [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Special Mention [Member] | Real Estate Loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 423 | 565 |
Special Mention [Member] | Real Estate Loans [Member] | Construction [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Special Mention [Member] | Real Estate Loans [Member] | Home Equity [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 428 |
Special Mention [Member] | Consumer Non-real Estate [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Substandard [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 1,608 | 1,214 |
Substandard [Member] | Real Estate Loans [Member] | One-to-four Family Residential [Member] | Owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 128 | 72 |
Substandard [Member] | Real Estate Loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 806 | 504 |
Substandard [Member] | Real Estate Loans [Member] | Multi-family Residential [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Substandard [Member] | Real Estate Loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 547 | 364 |
Substandard [Member] | Real Estate Loans [Member] | Construction [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Substandard [Member] | Real Estate Loans [Member] | Home Equity [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 127 | 268 |
Substandard [Member] | Consumer Non-real Estate [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 6 |
Doubtful [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 242 | 418 |
Doubtful [Member] | Real Estate Loans [Member] | One-to-four Family Residential [Member] | Owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 242 | 59 |
Doubtful [Member] | Real Estate Loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 191 |
Doubtful [Member] | Real Estate Loans [Member] | Multi-family Residential [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Doubtful [Member] | Real Estate Loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 130 |
Doubtful [Member] | Real Estate Loans [Member] | Construction [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 0 |
Doubtful [Member] | Real Estate Loans [Member] | Home Equity [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | 0 | 38 |
Doubtful [Member] | Consumer Non-real Estate [Member] | ' | ' |
Loans receivable by internal rating system [Line Items] | ' | ' |
Total Loans | $0 | $0 |
Loans_Receivable_Net_and_Allow4
Loans Receivable, Net and Allowance for Loan Losses, Impaired Loans by Loan Portfolio (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | Owner occupied [Member] | ' | ' |
Impaired loans with no related allowance [Abstract] | ' | ' |
Recorded Investment | $128 | $131 |
Unpaid Principal Balance | 128 | 131 |
Average Recorded Investment | 129 | 131 |
Interest Income Recognized | 0 | 9 |
Impaired loans with related allowance [Abstract] | ' | ' |
Recorded Investment | 242 | 0 |
Unpaid Principal Balance | 242 | 0 |
Related Allowance | 10 | 0 |
Average Recorded Investment | 242 | 0 |
Interest Income Recognized | 1 | 0 |
Impaired loans [Abstract] | ' | ' |
Recorded Investment | 370 | 131 |
Unpaid Principal Balance | 370 | 131 |
Related Allowance | 10 | 0 |
Average Recorded Investment | 371 | 131 |
Interest Income Recognized | 1 | 9 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' |
Impaired loans with no related allowance [Abstract] | ' | ' |
Recorded Investment | 806 | 393 |
Unpaid Principal Balance | 806 | 393 |
Average Recorded Investment | 824 | 396 |
Interest Income Recognized | 10 | 17 |
Impaired loans with related allowance [Abstract] | ' | ' |
Recorded Investment | 0 | 302 |
Unpaid Principal Balance | 0 | 302 |
Related Allowance | 0 | 24 |
Average Recorded Investment | 0 | 304 |
Interest Income Recognized | 0 | 13 |
Impaired loans [Abstract] | ' | ' |
Recorded Investment | 806 | 695 |
Unpaid Principal Balance | 806 | 695 |
Related Allowance | 0 | 24 |
Average Recorded Investment | 824 | 700 |
Interest Income Recognized | 10 | 30 |
Real Estate Loans [Member] | Multi-family Residential [Member] | ' | ' |
Impaired loans with no related allowance [Abstract] | ' | ' |
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired loans with related allowance [Abstract] | ' | ' |
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired loans [Abstract] | ' | ' |
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Real Estate Loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' |
Impaired loans with no related allowance [Abstract] | ' | ' |
Recorded Investment | 243 | 130 |
Unpaid Principal Balance | 243 | 130 |
Average Recorded Investment | 238 | 131 |
Interest Income Recognized | 4 | 8 |
Impaired loans with related allowance [Abstract] | ' | ' |
Recorded Investment | 304 | 364 |
Unpaid Principal Balance | 304 | 364 |
Related Allowance | 21 | 88 |
Average Recorded Investment | 313 | 366 |
Interest Income Recognized | 4 | 15 |
Impaired loans [Abstract] | ' | ' |
Recorded Investment | 547 | 494 |
Unpaid Principal Balance | 547 | 494 |
Related Allowance | 21 | 88 |
Average Recorded Investment | 551 | 497 |
Interest Income Recognized | 8 | 23 |
Real Estate Loans [Member] | Construction [Member] | ' | ' |
Impaired loans with no related allowance [Abstract] | ' | ' |
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired loans with related allowance [Abstract] | ' | ' |
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired loans [Abstract] | ' | ' |
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Real Estate Loans [Member] | Home Equity [Member] | ' | ' |
Impaired loans with no related allowance [Abstract] | ' | ' |
Recorded Investment | 127 | 244 |
Unpaid Principal Balance | 127 | 244 |
Average Recorded Investment | 128 | 246 |
Interest Income Recognized | 1 | 14 |
Impaired loans with related allowance [Abstract] | ' | ' |
Recorded Investment | 0 | 62 |
Unpaid Principal Balance | 0 | 62 |
Related Allowance | 0 | 28 |
Average Recorded Investment | 0 | 64 |
Interest Income Recognized | 0 | 4 |
Impaired loans [Abstract] | ' | ' |
Recorded Investment | 127 | 306 |
Unpaid Principal Balance | 127 | 306 |
Related Allowance | 0 | 28 |
Average Recorded Investment | 128 | 310 |
Interest Income Recognized | 1 | 18 |
Consumer Non-real Estate [Member] | ' | ' |
Impaired loans with no related allowance [Abstract] | ' | ' |
Recorded Investment | 0 | 6 |
Unpaid Principal Balance | 0 | 6 |
Average Recorded Investment | 0 | 9 |
Interest Income Recognized | 0 | 1 |
Impaired loans with related allowance [Abstract] | ' | ' |
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired loans [Abstract] | ' | ' |
Recorded Investment | 0 | 6 |
Unpaid Principal Balance | 0 | 6 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 9 |
Interest Income Recognized | $0 | $1 |
Loans_Receivable_Net_and_Allow5
Loans Receivable, Net and Allowance for Loan Losses, Troubled Debt Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Loan | Restructuring | Contract | |
Contract | Loan | ||
Contract | |||
TDR Loans [Abstract] | ' | ' | ' |
Number of Contracts | 10 | 10 | 8 |
Recorded Investment | $633,000 | $633,000 | $618,000 |
Non-Accrual | 100,000 | 100,000 | 71,000 |
Accruing | 533,000 | 533,000 | 547,000 |
Related Allowance | 0 | 0 | 11,000 |
Contractual aging of the TDRs [Abstract] | ' | ' | ' |
Current & Past Due Less than 30 Days | 421,000 | 421,000 | ' |
Past Due 30-89 Days | 112,000 | 112,000 | ' |
Greater than 90 Days | 0 | 0 | ' |
Non-Accrual | 100,000 | 100,000 | 71,000 |
Recorded Investment | 633,000 | 633,000 | 618,000 |
Number of months of timely payments before a TDR loan is placed back into an accrual status | ' | '6 months | ' |
Number of loans performing in accordance with modified terms | 8 | 8 | ' |
Number of non-accrual loans | 2 | 2 | ' |
Number of restructurings made under a government assistance program | ' | 0 | ' |
Commitments to lend additional funds to debtors whose terms have been modified as TDRs | 0 | 0 | ' |
TDRs identified | 3 | 3 | ' |
Amount of TDRs identified | 208,000 | 208,000 | ' |
Number of loan previously identified as TDR | ' | 1 | ' |
Previously identified as TDR loan amount | ' | 179,000 | ' |
Real Estate Loans [Member] | One to four family residential [Member] | Owner occupied [Member] | ' | ' | ' |
TDR Loans [Abstract] | ' | ' | ' |
Number of Contracts | 2 | 2 | 1 |
Recorded Investment | 128,000 | 128,000 | 71,000 |
Non-Accrual | 66,000 | 66,000 | 71,000 |
Accruing | 62,000 | 62,000 | 0 |
Related Allowance | 0 | 0 | 0 |
Contractual aging of the TDRs [Abstract] | ' | ' | ' |
Current & Past Due Less than 30 Days | 62,000 | 62,000 | ' |
Past Due 30-89 Days | 0 | 0 | ' |
Greater than 90 Days | 0 | 0 | ' |
Non-Accrual | 66,000 | 66,000 | 71,000 |
Recorded Investment | 128,000 | 128,000 | 71,000 |
Real Estate Loans [Member] | One to four family residential [Member] | Non-owner Occupied [Member] | ' | ' | ' |
TDR Loans [Abstract] | ' | ' | ' |
Number of Contracts | 4 | 4 | 4 |
Recorded Investment | 297,000 | 297,000 | 302,000 |
Non-Accrual | 0 | 0 | 0 |
Accruing | 297,000 | 297,000 | 302,000 |
Related Allowance | 0 | 0 | 10,000 |
Contractual aging of the TDRs [Abstract] | ' | ' | ' |
Current & Past Due Less than 30 Days | 297,000 | 297,000 | ' |
Past Due 30-89 Days | 0 | 0 | ' |
Greater than 90 Days | 0 | 0 | ' |
Non-Accrual | 0 | 0 | 0 |
Recorded Investment | 297,000 | 297,000 | 302,000 |
Real Estate Loans [Member] | Multi-family Residential [Member] | ' | ' | ' |
TDR Loans [Abstract] | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Non-Accrual | 0 | 0 | 0 |
Accruing | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Contractual aging of the TDRs [Abstract] | ' | ' | ' |
Current & Past Due Less than 30 Days | 0 | 0 | ' |
Past Due 30-89 Days | 0 | 0 | ' |
Greater than 90 Days | 0 | 0 | ' |
Non-Accrual | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Real Estate Loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' | ' |
TDR Loans [Abstract] | ' | ' | ' |
Number of Contracts | 1 | 1 | 0 |
Recorded Investment | 112,000 | 112,000 | 0 |
Non-Accrual | 0 | 0 | 0 |
Accruing | 112,000 | 112,000 | 0 |
Related Allowance | 0 | 0 | 0 |
Contractual aging of the TDRs [Abstract] | ' | ' | ' |
Current & Past Due Less than 30 Days | 0 | 0 | ' |
Past Due 30-89 Days | 112,000 | 112,000 | ' |
Greater than 90 Days | 0 | 0 | ' |
Non-Accrual | 0 | 0 | 0 |
Recorded Investment | 112,000 | 112,000 | 0 |
Real Estate Loans [Member] | Construction [Member] | ' | ' | ' |
TDR Loans [Abstract] | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Non-Accrual | 0 | 0 | 0 |
Accruing | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Contractual aging of the TDRs [Abstract] | ' | ' | ' |
Current & Past Due Less than 30 Days | 0 | 0 | ' |
Past Due 30-89 Days | 0 | 0 | ' |
Greater than 90 Days | 0 | 0 | ' |
Non-Accrual | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Real Estate Loans [Member] | Home Equity [Member] | ' | ' | ' |
TDR Loans [Abstract] | ' | ' | ' |
Number of Contracts | 3 | 3 | 3 |
Recorded Investment | 96,000 | 96,000 | 245,000 |
Non-Accrual | 34,000 | 34,000 | 0 |
Accruing | 62,000 | 62,000 | 245,000 |
Related Allowance | 0 | 0 | 1,000 |
Contractual aging of the TDRs [Abstract] | ' | ' | ' |
Current & Past Due Less than 30 Days | 62,000 | 62,000 | ' |
Past Due 30-89 Days | 0 | 0 | ' |
Greater than 90 Days | 0 | 0 | ' |
Non-Accrual | 34,000 | 34,000 | 0 |
Recorded Investment | 96,000 | 96,000 | 245,000 |
Consumer Non-real Estate [Member] | ' | ' | ' |
TDR Loans [Abstract] | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Non-Accrual | 0 | 0 | 0 |
Accruing | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Contractual aging of the TDRs [Abstract] | ' | ' | ' |
Current & Past Due Less than 30 Days | 0 | 0 | ' |
Past Due 30-89 Days | 0 | 0 | ' |
Greater than 90 Days | 0 | 0 | ' |
Non-Accrual | 0 | 0 | 0 |
Recorded Investment | $0 | $0 | $0 |
Loans_Receivable_Net_and_Allow6
Loans Receivable, Net and Allowance for Loan Losses, Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | $952,000 | $951,000 | $860,000 | $805,000 | $805,000 |
Charge-offs | -129,000 | 10,000 | -144,000 | -14,000 | -107,000 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 55,000 | 32,000 | 162,000 | 182,000 | 162,000 |
Allowance for loan losses, ending balance | 878,000 | 973,000 | 878,000 | 973,000 | 860,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 31,000 | 242,000 | 31,000 | 242,000 | 140,000 |
Collectively evaluated for impairment | 847,000 | 731,000 | 847,000 | 731,000 | 720,000 |
Loans receivable, ending balance | 99,992,000 | ' | 99,992,000 | ' | 85,256,000 |
Loans receivable, individually evaluated for impairment | 1,850,000 | ' | 1,850,000 | ' | 1,632,000 |
Loans receivable, collectively evaluated for impairment | 98,142,000 | ' | 98,142,000 | ' | 83,624,000 |
Nonaccrual loans by class of loan portfolio [Abstract] | ' | ' | ' | ' | ' |
Nonaccrual loans | 2,100,000 | ' | 2,100,000 | ' | 2,100,000 |
Interest income on non-accrual loans | 0 | 18,000 | 4,000 | 52,000 | ' |
Interest income forgone on non-accrual loans | 15,000 | 18,000 | 63,000 | 35,000 | ' |
Unallocated [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | 59,000 | 67,000 | 44,000 | 47,000 | 47,000 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 2,000 | 23,000 | 17,000 | 43,000 | -3,000 |
Allowance for loan losses, ending balance | 61,000 | 90,000 | 61,000 | 90,000 | 44,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 61,000 | 90,000 | 61,000 | 90,000 | 44,000 |
Loans receivable, ending balance | 0 | ' | 0 | ' | 0 |
Loans receivable, individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans receivable, collectively evaluated for impairment | 0 | ' | 0 | ' | 0 |
Real Estate Loans [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Loans receivable, ending balance | 99,865,000 | ' | 99,865,000 | ' | 85,094,000 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Loans receivable, ending balance | 49,871,000 | ' | 49,871,000 | ' | 45,390,000 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | Owner Occupied [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | 67,000 | 76,000 | 77,000 | 114,000 | 114,000 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 5,000 | -3,000 | -5,000 | -41,000 | -37,000 |
Allowance for loan losses, ending balance | 72,000 | 73,000 | 72,000 | 73,000 | 77,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 10,000 | 0 | 10,000 | 0 | 0 |
Collectively evaluated for impairment | 62,000 | 73,000 | 62,000 | 73,000 | 77,000 |
Loans receivable, ending balance | 9,240,000 | ' | 9,240,000 | ' | 10,272,000 |
Loans receivable, individually evaluated for impairment | 370,000 | ' | 370,000 | ' | 131,000 |
Loans receivable, collectively evaluated for impairment | 8,870,000 | ' | 8,870,000 | ' | 10,141,000 |
Real Estate Loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | 420,000 | 409,000 | 368,000 | 351,000 | 351,000 |
Charge-offs | -60,000 | -10,000 | -75,000 | -10,000 | -103,000 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 38,000 | 10,000 | 105,000 | 68,000 | 120,000 |
Allowance for loan losses, ending balance | 398,000 | 409,000 | 398,000 | 409,000 | 368,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 108,000 | 0 | 108,000 | 24,000 |
Collectively evaluated for impairment | 398,000 | 301,000 | 398,000 | 301,000 | 344,000 |
Loans receivable, ending balance | 40,631,000 | ' | 40,631,000 | ' | 35,118,000 |
Loans receivable, individually evaluated for impairment | 806,000 | ' | 806,000 | ' | 695,000 |
Loans receivable, collectively evaluated for impairment | 39,825,000 | ' | 39,825,000 | ' | 34,423,000 |
Real Estate Loans [Member] | Multi-family Residential [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | 23,000 | 21,000 | 20,000 | 26,000 | 26,000 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 3,000 | 1,000 | 6,000 | -4,000 | -6,000 |
Allowance for loan losses, ending balance | 26,000 | 22,000 | 26,000 | 22,000 | 20,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 26,000 | 22,000 | 26,000 | 22,000 | 20,000 |
Loans receivable, ending balance | 4,293,000 | ' | 4,293,000 | ' | 3,315,000 |
Loans receivable, individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans receivable, collectively evaluated for impairment | 4,293,000 | ' | 4,293,000 | ' | 3,315,000 |
Real Estate Loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | 177,000 | 248,000 | 219,000 | 148,000 | 148,000 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 0 | 5,000 | -42,000 | 105,000 | 71,000 |
Allowance for loan losses, ending balance | 177,000 | 253,000 | 177,000 | 253,000 | 219,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 21,000 | 108,000 | 21,000 | 108,000 | 88,000 |
Collectively evaluated for impairment | 156,000 | 145,000 | 156,000 | 145,000 | 131,000 |
Loans receivable, ending balance | 24,536,000 | ' | 24,536,000 | ' | 20,595,000 |
Loans receivable, individually evaluated for impairment | 547,000 | ' | 547,000 | ' | 494,000 |
Loans receivable, collectively evaluated for impairment | 23,989,000 | ' | 23,989,000 | ' | 20,101,000 |
Real Estate Loans [Member] | Construction [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | 95,000 | 52,000 | 63,000 | 35,000 | 35,000 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | -1,000 | 7,000 | 31,000 | 24,000 | 28,000 |
Allowance for loan losses, ending balance | 94,000 | 59,000 | 94,000 | 59,000 | 63,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 94,000 | 59,000 | 94,000 | 59,000 | 63,000 |
Loans receivable, ending balance | 15,584,000 | ' | 15,584,000 | ' | 9,765,000 |
Loans receivable, individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans receivable, collectively evaluated for impairment | 15,584,000 | ' | 15,584,000 | ' | 9,765,000 |
Real Estate Loans [Member] | Home Equity [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | 110,000 | 76,000 | 68,000 | 83,000 | 83,000 |
Charge-offs | -69,000 | 0 | -69,000 | -4,000 | -4,000 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 8,000 | -10,000 | 50,000 | -13,000 | -11,000 |
Allowance for loan losses, ending balance | 49,000 | 66,000 | 49,000 | 66,000 | 68,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 26,000 | 0 | 26,000 | 28,000 |
Collectively evaluated for impairment | 49,000 | 40,000 | 49,000 | 40,000 | 40,000 |
Loans receivable, ending balance | 5,581,000 | ' | 5,581,000 | ' | 6,029,000 |
Loans receivable, individually evaluated for impairment | 127,000 | ' | 127,000 | ' | 306,000 |
Loans receivable, collectively evaluated for impairment | 5,454,000 | ' | 5,454,000 | ' | 5,723,000 |
Consumer Non-real Estate [Member] | ' | ' | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning balance | 1,000 | 2,000 | 1,000 | 1,000 | 1,000 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 0 | -1,000 | 0 | 0 | 0 |
Allowance for loan losses, ending balance | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Allowance for loan losses, additional information [Abstract] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Loans receivable, ending balance | 127,000 | ' | 127,000 | ' | 162,000 |
Loans receivable, individually evaluated for impairment | 0 | ' | 0 | ' | 6,000 |
Loans receivable, collectively evaluated for impairment | $127,000 | ' | $127,000 | ' | $156,000 |
Loans_Receivable_Net_and_Allow7
Loans Receivable, Net and Allowance for Loan Losses, Receivables Past Due Status (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Nonaccrual Loans by Classes [Abstract] | ' | ' |
Balance of loans with a nonaccrual status | $1,313 | $1,320 |
Loan portfolio by past due status [Abstract] | ' | ' |
30-90 Days Past Due | 2,905 | 3,315 |
Greater than 90 Days | 2,082 | 2,141 |
Total Past Due | 4,987 | 5,456 |
Current | 95,005 | 79,800 |
Total Loans | 99,992 | 85,256 |
Loans Receivable > 90 Days and Accruing | 769 | 821 |
Real estate loans [Member] | One-to-four Family Residential [Member] | Owner occupied [Member] | ' | ' |
Nonaccrual Loans by Classes [Abstract] | ' | ' |
Balance of loans with a nonaccrual status | 304 | 131 |
Loan portfolio by past due status [Abstract] | ' | ' |
30-90 Days Past Due | 714 | 348 |
Greater than 90 Days | 612 | 373 |
Total Past Due | 1,326 | 721 |
Current | 7,914 | 9,551 |
Total Loans | 9,240 | 10,272 |
Loans Receivable > 90 Days and Accruing | 308 | 242 |
Real estate loans [Member] | One-to-four Family Residential [Member] | Non-owner Occupied [Member] | ' | ' |
Nonaccrual Loans by Classes [Abstract] | ' | ' |
Balance of loans with a nonaccrual status | 509 | 488 |
Loan portfolio by past due status [Abstract] | ' | ' |
30-90 Days Past Due | 1,440 | 1,506 |
Greater than 90 Days | 970 | 790 |
Total Past Due | 2,410 | 2,296 |
Current | 38,221 | 32,822 |
Total Loans | 40,631 | 35,118 |
Loans Receivable > 90 Days and Accruing | 461 | 302 |
Real estate loans [Member] | Multi-family Residential [Member] | ' | ' |
Nonaccrual Loans by Classes [Abstract] | ' | ' |
Balance of loans with a nonaccrual status | 0 | 0 |
Loan portfolio by past due status [Abstract] | ' | ' |
30-90 Days Past Due | 0 | 79 |
Greater than 90 Days | 0 | 0 |
Total Past Due | 0 | 79 |
Current | 4,293 | 3,236 |
Total Loans | 4,293 | 3,315 |
Loans Receivable > 90 Days and Accruing | 0 | 0 |
Real estate loans [Member] | Commercial Real Estate and Lines of Credit [Member] | ' | ' |
Nonaccrual Loans by Classes [Abstract] | ' | ' |
Balance of loans with a nonaccrual status | 435 | 445 |
Loan portfolio by past due status [Abstract] | ' | ' |
30-90 Days Past Due | 498 | 756 |
Greater than 90 Days | 435 | 657 |
Total Past Due | 933 | 1,413 |
Current | 23,603 | 19,182 |
Total Loans | 24,536 | 20,595 |
Loans Receivable > 90 Days and Accruing | 0 | 212 |
Real estate loans [Member] | Construction [Member] | ' | ' |
Nonaccrual Loans by Classes [Abstract] | ' | ' |
Balance of loans with a nonaccrual status | 0 | 0 |
Loan portfolio by past due status [Abstract] | ' | ' |
30-90 Days Past Due | 85 | 382 |
Greater than 90 Days | 0 | 0 |
Total Past Due | 85 | 382 |
Current | 15,499 | 9,383 |
Total Loans | 15,584 | 9,765 |
Loans Receivable > 90 Days and Accruing | 0 | 0 |
Real estate loans [Member] | Home Equity [Member] | ' | ' |
Nonaccrual Loans by Classes [Abstract] | ' | ' |
Balance of loans with a nonaccrual status | 65 | 256 |
Loan portfolio by past due status [Abstract] | ' | ' |
30-90 Days Past Due | 168 | 238 |
Greater than 90 Days | 65 | 321 |
Total Past Due | 233 | 559 |
Current | 5,348 | 5,470 |
Total Loans | 5,581 | 6,029 |
Loans Receivable > 90 Days and Accruing | 0 | 65 |
Consumer non-real estate [Member] | ' | ' |
Nonaccrual Loans by Classes [Abstract] | ' | ' |
Balance of loans with a nonaccrual status | 0 | 0 |
Loan portfolio by past due status [Abstract] | ' | ' |
30-90 Days Past Due | 0 | 6 |
Greater than 90 Days | 0 | 0 |
Total Past Due | 0 | 6 |
Current | 127 | 156 |
Total Loans | 127 | 162 |
Loans Receivable > 90 Days and Accruing | $0 | $0 |
Deposits_Details
Deposits (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Passbook savings accounts | $2,738 | $2,890 |
Statement savings accounts | 5,438 | 5,843 |
eSavings accounts | 14,284 | 10,604 |
Certificates of deposit | 80,708 | 77,701 |
Total deposits | $103,168 | $97,038 |
Borrowings_Details
Borrowings (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Borrowings [Abstract] | ' | ' |
1 - 12 Months | $0 | $2,000 |
1 -12 Months, Weighted Interest Rate (in hundredths) | 0.00% | 4.19% |
Stock_Compensation_Plans_Detai
Stock Compensation Plans (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2008 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2008 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
2008 Stock Option Plan [Member] | RRP Shares [Member] | RRP Shares [Member] | RRP Shares [Member] | RRP Shares [Member] | RRP Shares [Member] | RRP Shares [Member] | RRP Shares [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Restricted Stock [Member] | Employee Stock Ownership Plan [Member] | Employee Stock Ownership Plan [Member] | Employee Stock Ownership Plan [Member] | Employee Stock Ownership Plan [Member] | |
2008 Recognition and Retention Plan [Member] | 2008 Recognition and Retention Plan [Member] | 2008 Recognition and Retention Plan [Member] | 2008 Recognition and Retention Plan [Member] | 2008 Recognition and Retention Plan [Member] | 2008 Recognition and Retention Plan [Member] | 2008 Recognition and Retention Plan [Member] | 2008 Stock Option Plan [Member] | 2008 Stock Option Plan [Member] | 2008 Stock Option Plan [Member] | 2008 Stock Option Plan [Member] | 2008 Stock Option Plan [Member] | 2008 Stock Option Plan [Member] | 2008 Stock Option Plan [Member] | 2008 Stock Option Plan [Member] | ||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||
Employee Stock Ownership Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding company shares purchased (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' |
Total ESOP shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,090 | ' | 111,090 | ' |
Weighted average price of shares purchased (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.35 | ' |
Cost of shares purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' |
Interest rate on ESOP loan (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' |
Installment payment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' |
ESOP expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | 18,000 | 115,000 | 71,000 |
Recognition & Retention Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchased for award (in shares) | ' | ' | ' | ' | ' | 55,545 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average price (in dollars per share) | ' | ' | ' | ' | ' | $9.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of shares | ' | ' | ' | ' | ' | 520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares may be granted as restricted stock awards (in hundredths) | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for future grant (in shares) | ' | 10,684 | ' | 10,684 | ' | ' | ' | ' | ' | ' | 27,418 | 27,418 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | '5 years | '7 years | ' | ' | ' | '10 years | ' | ' | ' | '5 years | '7 years | ' | ' | ' | ' | ' |
Status of the shares under the RRP [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the beginning of the period (in shares) | ' | ' | ' | 8,894 | 17,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 26,150 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | -8,544 | -8,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the end of the period (in shares) | ' | 26,500 | 8,894 | 26,500 | 8,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the beginning of the period (in dollars per share) | ' | ' | ' | $9.05 | $9.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $16.20 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | $9.05 | $9.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the end of the period (in dollars per share) | ' | $16.11 | $9.05 | $16.11 | $9.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for recognition | ' | ' | ' | '4 years 3 months 18 days | ' | ' | '5 years | '7 years | ' | ' | ' | '4 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | 23,000 | 19,000 | 62,000 | 58,000 | ' | ' | ' | ' | ' | 12,000 | 33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from compensation expense | ' | 8,000 | 6,000 | 21,000 | 20,000 | ' | ' | ' | ' | ' | 3,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost not yet recognized | ' | $394,000 | ' | $394,000 | ' | ' | ' | ' | ' | ' | $210,000 | $210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Option [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,863 | 138,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | $10 | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | '5 years | '7 years | ' | ' | ' | '10 years | ' | ' | ' | '5 years | '7 years | ' | ' | ' | ' | ' |
Options granted (in shares) | 97,500 | ' | ' | ' | ' | ' | ' | ' | ' | 73,125 | ' | 77,000 | 0 | ' | ' | ' | ' | 24,375 | ' | ' | ' | ' |
Available for future grant (in shares) | ' | 10,684 | ' | 10,684 | ' | ' | ' | ' | ' | ' | 27,418 | 27,418 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 184,570 | ' | ' | 107,570 | 107,570 | 107,570 | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | 97,500 | ' | ' | ' | ' | ' | ' | ' | ' | 73,125 | ' | 77,000 | 0 | ' | ' | ' | ' | 24,375 | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 184,570 | ' | 184,570 | 184,570 | 107,570 | 107,570 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,665 | 106,665 | 85,332 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the year (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $10 | $10 | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.20 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | $10 | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.59 | $12.59 | $10 | $10 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $10 | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Weighted Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 8 months 12 days | ' | '4 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, Weighted Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, Weighted Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment securities available for sale [Abstract] | ' | ' |
Fair Value | $3,496 | $3,994 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Fair Value | 1,670 | 3,493 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Fair Value | 1,826 | 501 |
Significant Other Observable Inputs (Level 3) [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Fair Value | 0 | 0 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government agencies securities | ' | 0 |
Corporate securities | 0 | 1,826 |
Short-term bond fund | 1,151 | 1,142 |
Limited-term bond fund | 519 | 525 |
Fair Value | 1,670 | 3,493 |
Total recurring fair value measurements | 1,670 | 3,493 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government agencies securities | ' | 501 |
Corporate securities | 1,826 | 0 |
Short-term bond fund | 0 | 0 |
Limited-term bond fund | 0 | 0 |
Fair Value | 1,826 | 501 |
Total recurring fair value measurements | 1,826 | 501 |
Recurring [Member] | Significant Other Observable Inputs (Level 3) [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government agencies securities | ' | 0 |
Corporate securities | 0 | 0 |
Short-term bond fund | 0 | 0 |
Limited-term bond fund | 0 | 0 |
Fair Value | 0 | 0 |
Total recurring fair value measurements | 0 | 0 |
Recurring [Member] | Total Fair Value [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government agencies securities | ' | 501 |
Corporate securities | 1,826 | 1,826 |
Short-term bond fund | 1,151 | 1,142 |
Limited-term bond fund | 519 | 525 |
Fair Value | 3,496 | 3,994 |
Total recurring fair value measurements | 3,496 | 3,994 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets measured at fair value on a nonrecurring basis [Abstract] | ' | ' |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total nonrecurring fair value measurements | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets measured at fair value on a nonrecurring basis [Abstract] | ' | ' |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total nonrecurring fair value measurements | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 3) [Member] | ' | ' |
Assets measured at fair value on a nonrecurring basis [Abstract] | ' | ' |
Impaired loans | 1,819 | 1,492 |
Other real estate owned | 337 | 170 |
Total nonrecurring fair value measurements | 2,156 | 1,662 |
Nonrecurring [Member] | Total Fair Value [Member] | ' | ' |
Assets measured at fair value on a nonrecurring basis [Abstract] | ' | ' |
Impaired loans | 1,819 | 1,492 |
Other real estate owned | 337 | 170 |
Total nonrecurring fair value measurements | $2,156 | $1,662 |
Fair_Value_Measurements_Quanti
Fair Value Measurements, Quantitative Information (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Impaired loans [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets | 1,819 | 1,492 | ||
Impaired loans [Member] | Appraisal of collateral [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Unobservable Input | 'Appraisal adjustments | [1] | 'Appraisal adjustments | [1] |
Valuation Techniques | 'Appraisal of collateral | [2] | 'Appraisal of collateral | [2] |
Impaired loans [Member] | Minimum [Member] | Appraisal of collateral [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount Rate (in hundredths) | 8.00% | 8.00% | ||
Impaired loans [Member] | Maximum [Member] | Appraisal of collateral [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount Rate (in hundredths) | 9.00% | 58.00% | ||
Impaired loans [Member] | Weighted Average [Member] | Appraisal of collateral [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount Rate (in hundredths) | 8.00% | 31.00% | ||
Other real estate owned [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets | 337 | 170 | ||
Other real estate owned [Member] | Appraisal of collateral [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Unobservable Input | 'Appraisal adjustments | [1] | 'Appraisal adjustments | [1] |
Valuation Techniques | 'Appraisal of collateral | [2] | 'Appraisal of collateral | [2] |
Other real estate owned [Member] | Minimum [Member] | Appraisal of collateral [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount Rate (in hundredths) | 8.00% | 8.00% | ||
Other real estate owned [Member] | Maximum [Member] | Appraisal of collateral [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount Rate (in hundredths) | 33.00% | 29.00% | ||
Other real estate owned [Member] | Weighted Average [Member] | Appraisal of collateral [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Discount Rate (in hundredths) | 18.00% | 17.00% | ||
[1] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. | |||
[2] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. |
Fair_Value_Measurements_Estima
Fair Value Measurements, Estimated Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets [Abstract] | ' | ' |
Investment securities available for sale | $3,496 | $3,994 |
Accrued interest receivable | 663 | 657 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 5,282 | 12,400 |
Investment in interest-earning time deposits | 0 | 0 |
Investment securities available for sale | 1,670 | 3,493 |
Loans held for sale | 2,501 | 0 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 663 | 657 |
Investment in FHLB stock | 0 | 0 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 22,460 | 19,337 |
FHLB advances, short-term | ' | 0 |
Accrued interest payable | 70 | 81 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment in interest-earning time deposits | 7,752 | 8,234 |
Investment securities available for sale | 1,826 | 501 |
Loans held for sale | 0 | 5,053 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Investment in FHLB stock | 201 | 437 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 0 | 78,942 |
FHLB advances, short-term | ' | 2,000 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 3) [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment in interest-earning time deposits | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 101,310 | 86,503 |
Accrued interest receivable | 0 | 0 |
Investment in FHLB stock | 0 | 0 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 82,751 | 0 |
FHLB advances, short-term | ' | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 5,282 | 12,400 |
Investment in interest-earning time deposits | 7,633 | 8,132 |
Investment securities available for sale | 3,496 | 3,994 |
Loans held for sale | 2,410 | 4,875 |
Loans receivable, net | 98,865 | 84,291 |
Accrued interest receivable | 663 | 657 |
Investment in FHLB stock | 201 | 437 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 103,168 | 97,038 |
FHLB advances, short-term | ' | 2,000 |
Accrued interest payable | 70 | 81 |
Estimated Fair Value [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 5,282 | 12,400 |
Investment in interest-earning time deposits | 7,752 | 8,234 |
Investment securities available for sale | 3,496 | 3,994 |
Loans held for sale | 2,501 | 5,053 |
Loans receivable, net | 101,310 | 86,503 |
Accrued interest receivable | 663 | 657 |
Investment in FHLB stock | 201 | 437 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 105,211 | 98,279 |
FHLB advances, short-term | ' | 2,000 |
Accrued interest payable | $70 | $81 |