Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'First Financial Northwest, Inc. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001401564 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 16,552,079 |
Entity Filer Category | 'Accelerated Filer | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
FIRST_FINANCIAL_NORTHWEST_INC_
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash on hand and in banks | $5,440 | $6,074 |
Interest-earning deposits | 28,073 | 49,501 |
Investments available-for-sale, at fair value | 139,868 | 144,364 |
Loans receivable, net of allowance of $12,093 and $12,994 | 671,848 | 663,153 |
Premises and equipment, net | 17,139 | 17,291 |
Federal Home Loan Bank (FHLB) stock, at cost | 6,952 | 7,017 |
Accrued interest receivable | 3,509 | 3,698 |
Deferred tax assets, net | 13,124 | 14,835 |
Other real estate owned (OREO) | 11,609 | 11,465 |
Prepaid expenses and other assets | 3,917 | 3,581 |
Total assets | 901,479 | 920,979 |
Liabilities and Stockholders' Equity | ' | ' |
Interest-bearing deposits | 578,237 | 601,446 |
Noninterest-bearing deposits | 8,810 | 10,619 |
Advances from the FHLB | 119,000 | 119,000 |
Advance payments from borrowers for taxes and insurance | 3,722 | 1,846 |
Accrued interest payable | 91 | 88 |
Other liabilities | 3,791 | 3,625 |
Total liabilities | 713,651 | 736,624 |
Commitments and contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 18,805,168 shares at March 31, 2013 and December 31, 2012 respectively | 165 | 164 |
Retained earnings, substantially restricted | 167,568 | 166,866 |
Accumulated other comprehensive loss, net of tax | 31,098 | 29,220 |
Unearned Employee Stock Ownership Plan (ESOP) shares | -1,410 | -2,020 |
Total stockholders' equity | -9,593 | -9,875 |
Total liabilities and stockholders' equity | 187,828 | 184,355 |
Total liabilities and stockholders' equity | $901,479 | $920,979 |
FIRST_FINANCIAL_NORTHWEST_INC_1
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Loans receivable allowance for loan losses | $12,093 | $12,994 |
Stockholders' Equity | ' | ' |
Preferred stock par value per share (in usd per share) | $0.01 | $0.01 |
Preferred stock shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Common stock par value per share (in usd per share) | $0.01 | $0.01 |
Common stock shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock shares issued (in shares) | 16,454,139 | 16,392,139 |
Common stock shares outstanding (in shares) | 16,454,139 | 16,392,139 |
FIRST_FINANCIAL_NORTHWEST_INC_2
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income | ' | ' |
Loans, including fees | $9,026 | $9,044 |
Investments available-for-sale | 604 | 473 |
Interest-earning deposits | 20 | 21 |
Total interest income | 9,652 | 9,538 |
Interest expense | ' | ' |
Deposits | 1,347 | 1,893 |
FHLB advances | 251 | 256 |
Total interest expense | 1,598 | 2,149 |
Net interest income | 8,054 | 7,389 |
Recapture of loan loss provision | -500 | 0 |
Net interest income after recapture for loan loss provision | 8,554 | 7,389 |
Noninterest income | ' | ' |
Other | 68 | 104 |
Total noninterest income | 68 | 104 |
Noninterest expense | ' | ' |
Salaries and employee benefits | 2,900 | 3,614 |
Occupancy and equipment | 351 | 354 |
Professional fees | 357 | 356 |
Data processing | 173 | 162 |
Loss (gain) on sale of OREO property, net | 71 | -632 |
OREO market value adjustments | 196 | 145 |
OREO-related expenses, net | 61 | 334 |
Regulatory assessments | 78 | 283 |
Insurance and bond premiums | 88 | 114 |
Marketing | 25 | 18 |
Prepayment Fees on Advances, Net | 0 | 679 |
Prepayment penalty on FHLB advances | 224 | 451 |
Other general and administrative | 4,524 | 5,878 |
Total noninterest expense | 4,098 | 1,615 |
Income before provision for federal income tax | 1,453 | 59 |
Federal income tax provision | $2,645 | $1,556 |
Basic earnings (loss) per share (usd per share) | $0.17 | $0.09 |
Diluted earnings (loss) per share (usd per share) | $0.17 | $0.09 |
FIRST_FINANCIAL_NORTHWEST_INC_3
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income (loss) | $2,645 | $1,556 |
Other comprehensive income (loss), before tax | ' | ' |
Unrealized holding gains (loss) on available-for-sale securities | 939 | -636 |
Other comprehensive income (loss), before tax | 939 | -636 |
Income tax provision related to items of other comprehensive income | 329 | 0 |
Other comprehensive income (loss), net of tax | 610 | -636 |
Total comprehensive income | $3,255 | $920 |
FIRST_FINANCIAL_NORTHWEST_INC_4
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income, net of tax | Unearned ESOP Shares | Total Stockholders' Equity |
Balances at beginning of period - amount at Dec. 31, 2013 | $184,355,000 | $164,000 | $166,866,000 | $29,220,000 | ($2,020,000) | ($9,875,000) | $184,355,000 |
Balances at beginning of period - shares at Dec. 31, 2013 | 16,392,139 | 16,392,139 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income (loss) | 3,255,000 | 0 | 0 | 2,645,000 | 610,000 | 0 | 3,255,000 |
Dividends, Common Stock, Cash | ' | ' | ' | -767,000 | ' | ' | -767,000 |
Exercised, Shares | 62,000 | ' | ' | ' | ' | ' | ' |
Exercised, Shares | 62,000 | 1,000 | 605,000 | ' | ' | ' | 606,000 |
Compensation related to stock options and restricted stock awards | 85,000 | 0 | 85,000 | 0 | 0 | 0 | 85,000 |
Allocation of 28,213 ESOP shares | ' | 0 | 12,000 | 0 | 0 | 282,000 | 294,000 |
Balances at end of period - amount at Mar. 31, 2014 | $187,828,000 | $165,000 | $167,568,000 | $31,098,000 | ($1,410,000) | ($9,593,000) | $187,828,000 |
Balances at end of period - shares at Mar. 31, 2014 | 16,454,139 | 16,454,139 | ' | ' | ' | ' | ' |
FIRST_FINANCIAL_NORTHWEST_INC_5
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMETNS OF STOCKHOLDERS' EQUITY (PARENTHETICALS) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.05 |
Allocated shares | 28,213 |
FIRST_FINANCIAL_NORTHWEST_INC_6
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $2,645 | $1,556 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Recapture of loan loss provision | -500 | 0 |
OREO market value adjustments | 196 | 145 |
Loss (gain) on sale of OREO property, net | 71 | -632 |
Depreciation of premises and equipment | 191 | 207 |
Net amortization of premiums and discounts on investments | 394 | 419 |
Increase (Decrease) in Deferred Income Taxes | 1,382 | 0 |
ESOP expense | 294 | 227 |
Compensation expense related to stock options and restricted stock awards | 85 | 481 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other assets | -336 | 24 |
Increase (Decrease) in Customer Advances and Deposits | 1,876 | 1,360 |
Accrued interest receivable | 189 | -39 |
Accrued interest payable | 3 | -162 |
Other liabilities | 166 | -356 |
Net cash provided (used) by operating activities | 6,656 | 3,230 |
Cash flows from investing activities | ' | ' |
Cash flows from investing activities: | 0 | -33 |
Proceeds from sales of investments | 780 | 4,933 |
Capitalized improvements in OREO | 5,041 | 5,735 |
Proceeds from sales of OREO properties | 0 | -8,974 |
Principal repayments on investments | -9,386 | -2,277 |
Purchases of investments | 65 | 66 |
Proceeds from Sale of Property, Plant, and Equipment | 11 | 0 |
Net increase in loans receivable | -50 | -1 |
Net cash provided (used) in investing activities | -3,539 | -551 |
Cash flows from financing activities | ' | ' |
Net decrease in deposits | -25,018 | -15,663 |
Advances from the FHLB | 0 | 34,000 |
Repayments of advances from the FHLB | 0 | -83,066 |
Proceeds from Stock Options Exercised | 606 | 0 |
Payments of Ordinary Dividends, Common Stock | -767 | 0 |
Net cash used by financing activities | -25,179 | -64,729 |
Net decrease in cash | -22,062 | -62,050 |
Cash and cash equivalents: | ' | ' |
Net decrease in cash | 55,575 | 87,741 |
Cash and cash equivalents: | 33,513 | 25,691 |
Cash paid during the period for: | ' | ' |
Interest | 1,595 | 2,311 |
Federal income taxes | 112 | 0 |
Noncash transactions: | ' | ' |
Loans, net of deferred loan fees and allowance for loan and lease losses (ALLL), | 1,191 | 3,376 |
Increase (decrease) in valuation allowance for investments available for sale | 939 | -636 |
Investment transactions Payable | $0 | $6,324 |
Description_of_Business
Description of Business | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Description of Business | |
First Financial Northwest, Inc. (“First Financial Northwest”), a Washington corporation, was formed on June 1, 2007 for the purpose of becoming the holding company for First Savings Bank Northwest (“First Savings Bank” or “the Bank”) in connection with the conversion from a mutual holding company structure to a stock holding company structure completed on October 9, 2007. First Financial Northwest's business activities generally are limited to passive investment activities and oversight of its investment in First Savings Bank. Accordingly, the information presented in the consolidated financial statements and related data, relates primarily to First Savings Bank. First Financial Northwest is a savings and loan holding company and is subject to regulation by the Board of Governors of the Federal Reserve Bank of San Francisco (“FRB”). First Savings Bank is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Washington State Department of Financial Institutions (“DFI”). | |
First Savings Bank is a community-based savings bank primarily serving King and, to a lesser extent, Pierce, Snohomish and Kitsap counties, Washington through one full-service banking office located in Renton, Washington. First Savings Bank's business consists of attracting deposits from the public and utilizing these deposits to originate one-to-four family residential, multifamily, commercial real estate, business, consumer loans and construction/land development. The Bank's current business strategy emphasizes one-to-four family residential, multifamily and commercial real estate lending. | |
As used throughout this report, the terms "we," "our," "us," or the "Company" refer to First Financial Northwest, Inc. and its consolidated subsidiary First Savings Bank Northwest, unless the context otherwise requires. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. All significant intercompany balances and transactions between the Company and its subsidiaries have been eliminated in consolidation. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. In preparing the unaudited consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the ALLL, the valuation of OREO and the underlying collateral of loans in the process of foreclosure, deferred tax assets and the fair value of financial instruments. | |
Certain amounts in the unaudited consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on income or stockholders' equity. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. No new recurring disclosures are required. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2013 and are to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of ASU No. 2013-11 did not have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. ASU 2014-01 permits an entity to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortized the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and should be applied prospectively. The Company is currently reviewing the requirements of ASU No. 2014-01, but does not expect the ASU to have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon foreclosure. ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The ASU is effective for annual and interim reporting periods beginning on or after December 15, 2014 and can be applied with a modified retrospective transition method or prospectively. The Company is currently reviewing the requirements of ASU No. 2014-04, but does not expect the ASU to have a material impact on the Company's consolidated financial statements. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Investment securities available-for-sale are summarized as follows: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||||||
Fannie Mae | $ | 44,321 | $ | 645 | $ | (337 | ) | $ | 44,629 | |||||||||||||||
Freddie Mac | 24,736 | 379 | (234 | ) | 24,881 | |||||||||||||||||||
Ginnie Mae | 32,517 | 95 | (348 | ) | 32,264 | |||||||||||||||||||
Municipal bonds | 2,042 | 1 | (110 | ) | 1,933 | |||||||||||||||||||
U.S. Government agencies | 22,562 | 101 | (467 | ) | 22,196 | |||||||||||||||||||
Corporate bonds | 14,075 | 21 | (131 | ) | 13,965 | |||||||||||||||||||
Total | $ | 140,253 | $ | 1,242 | $ | (1,627 | ) | $ | 139,868 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||||||
Fannie Mae | $ | 46,234 | $ | 623 | $ | (625 | ) | $ | 46,232 | |||||||||||||||
Freddie Mac | 25,707 | 343 | (194 | ) | 25,856 | |||||||||||||||||||
Ginnie Mae | 34,403 | 63 | (593 | ) | 33,873 | |||||||||||||||||||
Municipal bonds | 2,043 | 6 | (199 | ) | 1,850 | |||||||||||||||||||
U.S. Government agencies | 23,222 | 123 | (641 | ) | 22,704 | |||||||||||||||||||
Corporate bonds | 14,079 | 36 | (266 | ) | 13,849 | |||||||||||||||||||
Total | $ | 145,688 | $ | 1,194 | $ | (2,518 | ) | $ | 144,364 | |||||||||||||||
The following table summarizes the aggregate fair value and gross unrealized loss by length of time those investments have been continuously in an unrealized loss position: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||||||
Fannie Mae | $ | 23,616 | $ | (320 | ) | $ | 3,137 | $ | (17 | ) | $ | 26,753 | $ | (337 | ) | |||||||||
Freddie Mac | 6,851 | (215 | ) | 2,287 | (19 | ) | 9,138 | (234 | ) | |||||||||||||||
Ginnie Mae | 7,093 | (193 | ) | 12,096 | (155 | ) | 19,189 | (348 | ) | |||||||||||||||
Municipal bonds | 495 | (5 | ) | 1,295 | (105 | ) | 1,790 | (110 | ) | |||||||||||||||
U.S. Government agencies | 3,557 | (162 | ) | 9,481 | (305 | ) | 13,038 | (467 | ) | |||||||||||||||
Corporate bonds | 7,961 | (97 | ) | 2,466 | (34 | ) | 10,427 | (131 | ) | |||||||||||||||
Total | $ | 49,573 | $ | (992 | ) | $ | 30,762 | $ | (635 | ) | $ | 80,335 | $ | (1,627 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||||||
Fannie Mae | $ | 27,429 | $ | (625 | ) | $ | — | $ | — | $ | 27,429 | $ | (625 | ) | ||||||||||
Freddie Mac | 8,704 | (155 | ) | 2,483 | (39 | ) | 11,187 | (194 | ) | |||||||||||||||
Ginnie Mae | 16,617 | (278 | ) | 12,730 | (315 | ) | 29,347 | (593 | ) | |||||||||||||||
Municipal bonds | — | — | 1,201 | (199 | ) | 1,201 | (199 | ) | ||||||||||||||||
U.S. Government agencies | 7,702 | (596 | ) | 4,955 | (45 | ) | 12,657 | (641 | ) | |||||||||||||||
Corporate bonds | 8,796 | (266 | ) | — | — | 8,796 | (266 | ) | ||||||||||||||||
Total | $ | 69,248 | $ | (1,920 | ) | $ | 21,369 | $ | (598 | ) | $ | 90,617 | $ | (2,518 | ) | |||||||||
At March 31, 2014, the Company had 18 securities with a gross unrealized loss of $635,000 with a fair value of $30.8 million that had an unrealized loss for greater than one year. At December 31, 2013, there were 11 securities with a gross unrealized loss of $598,000 and a fair value of $21.4 million that had an unrealized loss for greater than one year. Management reviewed the financial condition of the entities issuing these securities at March 31, 2014 and December 31, 2013, and determined that due to changes in interest rates an other-than-temporary impairment ("OTTI") was not warranted. The Company does not intend to sell the securities and will likely not be required to do so. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investments available-for-sale at March 31, 2014, 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. Investments not due at a single maturity date, primarily mortgage-backed investments are shown separately. | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due within one year | $ | 50 | $ | 50 | ||||||||||||||||||||
Due after one year through five years | 14,832 | 14,750 | ||||||||||||||||||||||
Due after five years through ten years | 16,609 | 16,381 | ||||||||||||||||||||||
Due after ten years | 7,188 | 6,913 | ||||||||||||||||||||||
38,679 | 38,094 | |||||||||||||||||||||||
Mortgage-backed investments | 101,574 | 101,774 | ||||||||||||||||||||||
Total | $ | 140,253 | $ | 139,868 | ||||||||||||||||||||
Under Washington state law, in order to participate in the public funds program the Company is required to pledge as collateral an amount equal to 100% of the public deposits held in the form of eligible securities. Investments with a market value of $20.5 million and $21.3 million were pledged as collateral for public deposits at March 31, 2014 and December 31, 2013, respectively, both of which exceeded the collateral requirements established by the Washington Public Deposit Protection Commission. | ||||||||||||||||||||||||
There were no sales of investment securities during the quarters ended March 31, 2014 and March 31, 2013. |
Loans_Receivable
Loans Receivable | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Loans Receivable | ' | |||||||||||||||||||||||||||
Loans Receivable | ||||||||||||||||||||||||||||
Loans receivable are summarized as follows: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
One-to-four family residential: (1) | ||||||||||||||||||||||||||||
Permanent | $ | 279,244 | $ | 280,674 | ||||||||||||||||||||||||
279,244 | 280,674 | |||||||||||||||||||||||||||
Multifamily: | ||||||||||||||||||||||||||||
Permanent | 114,551 | 106,152 | ||||||||||||||||||||||||||
Construction | 7,445 | 12,360 | ||||||||||||||||||||||||||
121,996 | 118,512 | |||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Permanent | 247,019 | 227,016 | ||||||||||||||||||||||||||
Construction | 6,100 | 19,905 | ||||||||||||||||||||||||||
Land | 1,607 | 1,831 | ||||||||||||||||||||||||||
254,726 | 248,752 | |||||||||||||||||||||||||||
Construction/land development: (2) | ||||||||||||||||||||||||||||
One-to-four family residential | 5,226 | 3,977 | ||||||||||||||||||||||||||
Multifamily | 15,718 | 12,491 | ||||||||||||||||||||||||||
Commercial | 4,656 | 6,726 | ||||||||||||||||||||||||||
Land development | 7,141 | 7,461 | ||||||||||||||||||||||||||
32,741 | 30,655 | |||||||||||||||||||||||||||
Business | 614 | 1,142 | ||||||||||||||||||||||||||
Consumer | 8,583 | 9,201 | ||||||||||||||||||||||||||
Total loans | 697,904 | 688,936 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Loans in process ("LIP") | 11,339 | 10,209 | ||||||||||||||||||||||||||
Deferred loan fees, net | 2,624 | 2,580 | ||||||||||||||||||||||||||
ALLL | 12,093 | 12,994 | ||||||||||||||||||||||||||
Loans receivable, net | $ | 671,848 | $ | 663,153 | ||||||||||||||||||||||||
___________ | ||||||||||||||||||||||||||||
(1) | Includes $120.1 million and $121.9 million of non-owner occupied loans at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||
(2) | Excludes construction loans that will convert to permanent loans. The Company considers these loans to be "rollovers" in that one loan is originated for both the construction loan and permanent financing. These loans are classified according to the underlying collateral. At March 31, 2014, the Company had $6.1 million, or 2.4% of the total commercial real estate portfolio and $7.4 million, or 6.1% of its total multifamily portfolio in these "rollover" type of loans. At December 31, 2013, the Company had $19.9 million, or 8.0% of the total commercial real estate portfolio and $12.4 million, or 10.4% of the total multifamily portfolio in these "rollover" type of loans. At March 31, 2014 and December 31, 2013, $1.6 million and $1.8 million, respectively, of commercial real estate loans were not included in the construction/land development category because the Company classifies raw land or buildable lots when it does not intend to finance the construction as commercial real estate land loans. | |||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013 there were no loans classified as held for sale. | ||||||||||||||||||||||||||||
The following tables summarize changes in the ALLL and loan portfolio by loan type and impairment method: | ||||||||||||||||||||||||||||
At or For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction/ | Business | Consumer | Total | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
ALLL: | ||||||||||||||||||||||||||||
Beginning balance | $ | 5,141 | $ | 1,377 | $ | 5,881 | $ | 399 | $ | 14 | $ | 182 | $ | 12,994 | ||||||||||||||
Charge-offs | (18 | ) | — | (311 | ) | (223 | ) | — | (1 | ) | (553 | ) | ||||||||||||||||
Recoveries | — | — | 151 | — | — | 1 | 152 | |||||||||||||||||||||
Provision (recapture) | (548 | ) | 29 | (185 | ) | 212 | (7 | ) | (1 | ) | (500 | ) | ||||||||||||||||
Ending balance | $ | 4,575 | $ | 1,406 | $ | 5,536 | $ | 388 | $ | 7 | $ | 181 | $ | 12,093 | ||||||||||||||
General reserve | $ | 3,056 | $ | 1,326 | $ | 4,970 | $ | 388 | $ | 7 | $ | 181 | $ | 9,928 | ||||||||||||||
Specific reserve | $ | 1,519 | $ | 80 | $ | 566 | $ | — | $ | — | $ | — | $ | 2,165 | ||||||||||||||
Loans: (1) | ||||||||||||||||||||||||||||
Total Loans | $ | 279,244 | $ | 121,639 | $ | 253,420 | $ | 23,065 | $ | 614 | $ | 8,583 | $ | 686,565 | ||||||||||||||
General reserve (2) | $ | 231,882 | $ | 119,210 | $ | 240,648 | $ | 23,065 | $ | 614 | $ | 8,540 | $ | 623,959 | ||||||||||||||
Specific reserve (3) | $ | 47,362 | $ | 2,429 | $ | 12,772 | $ | — | $ | — | $ | 43 | $ | 62,606 | ||||||||||||||
____________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
(2) Loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||
(3) Loans individually evaluated for impairment. | ||||||||||||||||||||||||||||
At or For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction/ | Business | Consumer | Total | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
ALLL: | ||||||||||||||||||||||||||||
Beginning balance | $ | 5,562 | $ | 1,139 | $ | 5,207 | $ | 437 | $ | 30 | $ | 167 | $ | 12,542 | ||||||||||||||
Charge-offs | (159 | ) | (346 | ) | (98 | ) | — | — | (16 | ) | (619 | ) | ||||||||||||||||
Recoveries | — | — | 1 | 70 | — | 8 | 79 | |||||||||||||||||||||
Provision (recapture) | 41 | 405 | (329 | ) | (121 | ) | 2 | 2 | — | |||||||||||||||||||
Ending balance | $ | 5,444 | $ | 1,198 | $ | 4,781 | $ | 386 | $ | 32 | $ | 161 | $ | 12,002 | ||||||||||||||
General reserve | $ | 4,105 | $ | 1,198 | $ | 4,440 | $ | 386 | $ | 32 | $ | 161 | $ | 10,322 | ||||||||||||||
Specific reserve | $ | 1,339 | $ | — | $ | 341 | $ | — | $ | — | $ | — | $ | 1,680 | ||||||||||||||
Loans: (1) | ||||||||||||||||||||||||||||
Total Loans | $ | 300,892 | $ | 108,820 | $ | 226,567 | $ | 13,984 | $ | 3,104 | $ | 10,132 | $ | 663,499 | ||||||||||||||
General reserve (2) | $ | 242,642 | $ | 104,963 | $ | 209,433 | $ | 9,237 | $ | 3,104 | $ | 9,400 | $ | 578,779 | ||||||||||||||
Specific reserve (3) | $ | 58,250 | $ | 3,857 | $ | 17,134 | $ | 4,747 | $ | — | $ | 732 | $ | 84,720 | ||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
(2) Loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||
(3) Loans individually evaluated for impairment. | ||||||||||||||||||||||||||||
Nonperforming loans, net of LIP, were $2.5 million and $4.0 million at March 31, 2014 and December 31, 2013, respectively. Foregone interest on nonperforming loans for the quarter ended March 31, 2014 was $44,000, compared to $290,000 for the same quarter in 2013. | ||||||||||||||||||||||||||||
There were no funds committed to be advanced in connection with impaired loans at either March 31, 2014 or December 31, 2013. | ||||||||||||||||||||||||||||
We continually monitor our loan portfolio for delinquent loans and changes in the financial condition of each borrower. When an issue is identified with one of our borrowers and it is determined that the loan needs to be classified as nonperforming and/or impaired, an evaluation of the collateral is performed prior to the end of the financial reporting period and, if necessary, an appraisal is ordered in accordance with our appraisal policy guidelines. Based on this evaluation, any additional provision for loan loss or charge-offs that may be needed is recorded prior to the end of the financial reporting period. | ||||||||||||||||||||||||||||
A loan is considered impaired when we have determined that we may be unable to collect payments of principal or interest when due under the terms of the original loan document. When identifying loans as impaired, management takes into consideration factors which include payment history and status, collateral value, financial condition of the borrower and the probability of collecting scheduled payments in the future. Minor payment delays and insignificant payment shortfalls typically do not result in a loan being classified as impaired. The significance of payment delays and shortfalls is considered by management on a case-by-case basis, after taking into consideration the circumstances surrounding the loan and the borrower, including payment history and the amounts of any payment shortfall, length and reason for delay and the likelihood of a return to stable performance. Impairment is measured on a loan-by-loan basis for all loans in the portfolio. We obtain annual updated appraisals for impaired collateral dependent loans that exceed $1.0 million and loans that have been transferred to OREO. In addition, we may order appraisals on collateral not included within these guidelines when there are extenuating circumstances where we are not otherwise able to determine the fair value of the property. | ||||||||||||||||||||||||||||
The following tables present a summary of loans individually evaluated for impairment by loan type: | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance (2) | Related Allowance | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Loans with no related allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 3,388 | $ | 3,723 | $ | — | ||||||||||||||||||||||
Non-owner occupied | 29,230 | 29,277 | — | |||||||||||||||||||||||||
Multifamily | 228 | 263 | — | |||||||||||||||||||||||||
Commercial real estate | 5,705 | 6,010 | — | |||||||||||||||||||||||||
Consumer | 43 | 70 | — | |||||||||||||||||||||||||
Total | 38,594 | 39,343 | — | |||||||||||||||||||||||||
Loans with an allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 3,398 | 3,468 | 236 | |||||||||||||||||||||||||
Non-owner occupied | 11,346 | 11,402 | 1,283 | |||||||||||||||||||||||||
Multifamily | 2,201 | 2,201 | 80 | |||||||||||||||||||||||||
Commercial real estate | 7,067 | 7,067 | 566 | |||||||||||||||||||||||||
Total | 24,012 | 24,138 | 2,165 | |||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 6,786 | 7,191 | 236 | |||||||||||||||||||||||||
Non-owner occupied | 40,576 | 40,679 | 1,283 | |||||||||||||||||||||||||
Multifamily | 2,429 | 2,464 | 80 | |||||||||||||||||||||||||
Commercial real estate | 12,772 | 13,077 | 566 | |||||||||||||||||||||||||
Consumer | 43 | 70 | — | |||||||||||||||||||||||||
Total | $ | 62,606 | $ | 63,481 | $ | 2,165 | ||||||||||||||||||||||
_________________ | ||||||||||||||||||||||||||||
(1) Represents the loan balance less charge-offs. | ||||||||||||||||||||||||||||
(2) Contractual loan principal balance. | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance (2) | Related Allowance | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Loans with no related allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 3,878 | $ | 4,281 | $ | — | ||||||||||||||||||||||
Non-owner occupied | 28,782 | 28,854 | — | |||||||||||||||||||||||||
Multifamily | 233 | 264 | — | |||||||||||||||||||||||||
Commercial real estate | 6,224 | 6,511 | — | |||||||||||||||||||||||||
Construction/land development | 223 | 4,812 | — | |||||||||||||||||||||||||
Consumer | 44 | 70 | — | |||||||||||||||||||||||||
Total | 39,384 | 44,792 | — | |||||||||||||||||||||||||
Loans with an allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 3,191 | 3,238 | 263 | |||||||||||||||||||||||||
Non-owner occupied | 12,297 | 12,352 | 1,277 | |||||||||||||||||||||||||
Multifamily | 2,208 | 2,208 | 85 | |||||||||||||||||||||||||
Commercial real estate | 7,085 | 7,085 | 555 | |||||||||||||||||||||||||
Total | 24,781 | 24,883 | 2,180 | |||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 7,069 | 7,519 | 263 | |||||||||||||||||||||||||
Non-owner occupied | 41,079 | 41,206 | 1,277 | |||||||||||||||||||||||||
Multifamily | 2,441 | 2,472 | 85 | |||||||||||||||||||||||||
Commercial real estate | 13,309 | 13,596 | 555 | |||||||||||||||||||||||||
Construction/land development | 223 | 4,812 | — | |||||||||||||||||||||||||
Consumer | 44 | 70 | — | |||||||||||||||||||||||||
Total | $ | 64,165 | $ | 69,675 | $ | 2,180 | ||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) Represents the loan balance less charge-offs. | ||||||||||||||||||||||||||||
(2) Contractual loan principal balance. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Loans with no related allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 3,633 | $ | 38 | $ | 5,070 | $ | 30 | ||||||||||||||||||||
Non-owner occupied | 29,006 | 432 | 31,951 | 430 | ||||||||||||||||||||||||
Multifamily | 231 | — | 4,904 | 20 | ||||||||||||||||||||||||
Commercial real estate | 5,964 | 82 | 9,587 | 66 | ||||||||||||||||||||||||
Construction/land development | 112 | — | 4,757 | — | ||||||||||||||||||||||||
Consumer | 43 | — | 745 | — | ||||||||||||||||||||||||
Total | 38,989 | 552 | 57,014 | 546 | ||||||||||||||||||||||||
Loans with an allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 3,295 | 39 | 5,557 | 58 | ||||||||||||||||||||||||
Non-owner occupied | 11,822 | 157 | 15,993 | 226 | ||||||||||||||||||||||||
Multifamily | 2,204 | 34 | — | — | ||||||||||||||||||||||||
Commercial real estate | 7,076 | 87 | 8,100 | 117 | ||||||||||||||||||||||||
Total | 24,397 | 317 | 29,650 | 401 | ||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 6,928 | 77 | 10,627 | 88 | ||||||||||||||||||||||||
Non-owner occupied | 40,828 | 589 | 47,944 | 656 | ||||||||||||||||||||||||
Multifamily | 2,435 | 34 | 4,904 | 20 | ||||||||||||||||||||||||
Commercial real estate | 13,040 | 169 | 17,687 | 183 | ||||||||||||||||||||||||
Construction/land development | 112 | — | 4,757 | — | ||||||||||||||||||||||||
Consumer | 43 | — | 745 | — | ||||||||||||||||||||||||
Total | $ | 63,386 | $ | 869 | $ | 86,664 | $ | 947 | ||||||||||||||||||||
Certain loan modifications or restructurings are accounted for as troubled debt restructured loans ("TDRs"). In general, the modification or restructuring of a debt is considered a TDR if, for economic or legal reasons related to the borrower's financial difficulties, a concession is granted to the borrower that the Company would not otherwise consider. Once the loan is restructured, a current, well-documented credit evaluation of the borrower's financial condition and prospects for repayment are performed to assess the likelihood that all principal and interest payments required under the terms of the modified agreement will be collected in full. A loan that is determined to be classified as a TDR is generally reported as a TDR until the loan is paid in full or otherwise settled, sold or charged-off. The following is a summary of information pertaining to nonperforming assets and TDRs: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Nonperforming assets: (1) | ||||||||||||||||||||||||||||
Nonaccrual loans | $ | 2,065 | $ | 3,027 | ||||||||||||||||||||||||
Nonaccrual TDRs | 469 | 968 | ||||||||||||||||||||||||||
Total nonperforming loans | 2,534 | 3,995 | ||||||||||||||||||||||||||
OREO | 11,609 | 11,465 | ||||||||||||||||||||||||||
Total nonperforming assets | $ | 14,143 | $ | 15,460 | ||||||||||||||||||||||||
Performing TDRs | $ | 60,072 | $ | 60,170 | ||||||||||||||||||||||||
Nonaccrual TDRs | 469 | 968 | ||||||||||||||||||||||||||
Total TDRs | $ | 60,541 | $ | 61,138 | ||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) There were no loans 90 days or more past due and still accruing interest at March 31, 2014 and December 31, 2013. All loans are reported net of LIP. | ||||||||||||||||||||||||||||
The accrual status of a loan may change after it has been classified as a TDR. Management considers the following in determining the accrual status of restructured loans: (1) if the loan was on accrual status prior to the restructuring, the borrower has demonstrated performance under the previous terms, and a credit evaluation shows the borrower's capacity to continue to perform under the restructured terms (both principal and interest payments), the loan will remain on accrual at the time of the restructuring; (2) if the loan was on nonaccrual status before the restructuring, and the Company's credit evaluation shows the borrower's capacity to meet the restructured terms, the loan would remain as nonaccrual for a minimum of six months after restructuring until the borrower has demonstrated a reasonable period of sustained repayment performance (thereby providing reasonable assurance as to the ultimate collection of principal and interest in full under the modified terms). | ||||||||||||||||||||||||||||
Nonaccrual and Past Due Loans. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual when they are 90 days delinquent or when, in management's opinion, the borrower is unable to meet scheduled payment obligations. | ||||||||||||||||||||||||||||
In order to return a nonaccrual loan to accrual status, each loan is evaluated on a case-by-case basis. The Company evaluates the borrower's financial condition to ensure that future loan payments are reasonably assured. The Company also takes into consideration the borrower's willingness and ability to make the loan payments and historical repayment performance. The Company requires the borrower to make loan payments consistently for a period of at least six months as agreed to under the terms of the loan agreement before the Company will consider reclassifying the loan to accrual status. | ||||||||||||||||||||||||||||
The following table is a summary of nonaccrual loans by loan type: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
One-to-four family residential | $ | 1,600 | $ | 2,297 | ||||||||||||||||||||||||
Multifamily | 228 | 233 | ||||||||||||||||||||||||||
Commercial real estate | 706 | 1,198 | ||||||||||||||||||||||||||
Construction/land development | — | 223 | ||||||||||||||||||||||||||
Consumer | — | 44 | ||||||||||||||||||||||||||
Total nonaccrual loans | $ | 2,534 | $ | 3,995 | ||||||||||||||||||||||||
The following tables represent a summary of the aging of loans by type: | ||||||||||||||||||||||||||||
Loans Past Due as of March 31, 2014 | ||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Over 90 Days | Total | Current | Total Loans (1) (2) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 826 | $ | — | $ | 531 | $ | 1,357 | $ | 157,755 | $ | 159,112 | ||||||||||||||||
Non-owner occupied | 167 | — | 477 | 644 | 119,488 | 120,132 | ||||||||||||||||||||||
Multifamily | — | — | — | — | 121,639 | 121,639 | ||||||||||||||||||||||
Commercial real estate | 329 | — | 601 | 930 | 252,490 | 253,420 | ||||||||||||||||||||||
Construction/land development | — | — | — | — | 23,065 | 23,065 | ||||||||||||||||||||||
Total real estate | 1,322 | — | 1,609 | 2,931 | 674,437 | 677,368 | ||||||||||||||||||||||
Business | — | — | — | — | 614 | 614 | ||||||||||||||||||||||
Consumer | — | 34 | — | 34 | 8,549 | 8,583 | ||||||||||||||||||||||
Total | $ | 1,322 | $ | 34 | $ | 1,609 | $ | 2,965 | $ | 683,600 | $ | 686,565 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||
(1) There were no loans 90 days past due and still accruing interest at March 31, 2014. | ||||||||||||||||||||||||||||
(2) Net of LIP. | ||||||||||||||||||||||||||||
Loans Past Due as of December 31, 2013 | ||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Over 90 Days | Total | Current | Total Loans (1) (2) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 923 | $ | 337 | $ | 575 | $ | 1,835 | $ | 156,962 | $ | 158,797 | ||||||||||||||||
Non-owner occupied | — | — | 692 | 692 | 121,185 | 121,877 | ||||||||||||||||||||||
Multifamily | — | — | — | — | 117,181 | 117,181 | ||||||||||||||||||||||
Commercial real estate | 331 | — | 1,089 | 1,420 | 245,982 | 247,402 | ||||||||||||||||||||||
Construction/land development | — | — | 223 | 223 | 22,904 | 23,127 | ||||||||||||||||||||||
Total real estate | 1,254 | 337 | 2,579 | 4,170 | 664,214 | 668,384 | ||||||||||||||||||||||
Business | — | — | — | — | 1,142 | 1,142 | ||||||||||||||||||||||
Consumer | 103 | 34 | — | 137 | 9,064 | 9,201 | ||||||||||||||||||||||
Total | $ | 1,357 | $ | 371 | $ | 2,579 | $ | 4,307 | $ | 674,420 | $ | 678,727 | ||||||||||||||||
_________________ | ||||||||||||||||||||||||||||
(1) There were no loans 90 days past due and still accruing interest at December 31, 2013. | ||||||||||||||||||||||||||||
(2) Net of LIP. | ||||||||||||||||||||||||||||
Credit Quality Indicators. The Company utilizes a nine-point risk rating system and assigns a risk rating for all credit exposures. The risk rating system is designed to define the basic characteristics and identify risk elements of each credit extension. Credits risk rated 1 through 5 are considered to be “pass” credits. Pass credits include assets, such as cash secured loans with funds on deposit with the Bank, where there is virtually no credit risk. Pass credits also include credits that are on the Company's watch list, where the borrower exhibits potential weaknesses, which may, if not checked or corrected, negatively affect the borrower’s financial capacity and threaten their ability to fulfill debt obligations in the future. Credits classified as special mention are risk rated 6 and possess weaknesses that deserve management’s close attention. Special mention assets do not expose the Company to sufficient risk to warrant adverse classification in the substandard, doubtful or loss categories. Substandard credits are risk rated 7. An asset is considered substandard if it is inadequately protected by the current net worth and payment capacity of the borrower or of any collateral pledged. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful are risk rated 8 and have all the weaknesses inherent in those credits classified as substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets classified as loss are risk rated 9 and are considered uncollectible and cannot be justified as a viable asset for the Company. There were no loans classified as doubtful or loss as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
The following tables represent a summary of loans by type and risk category: | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction/ | Business | Consumer | Total (1) | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||
Pass | $ | 265,112 | $ | 118,998 | $ | 236,888 | $ | 23,065 | $ | 614 | $ | 8,361 | $ | 653,038 | ||||||||||||||
Special mention | 5,642 | 1,198 | 14,467 | — | — | — | 21,307 | |||||||||||||||||||||
Substandard | 8,490 | 1,443 | 2,065 | — | — | 222 | 12,220 | |||||||||||||||||||||
Total | $ | 279,244 | $ | 121,639 | $ | 253,420 | $ | 23,065 | $ | 614 | $ | 8,583 | $ | 686,565 | ||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction / | Business | Consumer | Total (1) | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||
Pass | $ | 265,511 | $ | 114,525 | $ | 229,149 | $ | 22,904 | $ | 1,142 | $ | 8,934 | $ | 642,165 | ||||||||||||||
Special mention | 5,825 | 1,203 | 15,134 | — | — | 1 | 22,163 | |||||||||||||||||||||
Substandard | 9,338 | 1,453 | 3,119 | 223 | — | 266 | 14,399 | |||||||||||||||||||||
Total | $ | 280,674 | $ | 117,181 | $ | 247,402 | $ | 23,127 | $ | 1,142 | $ | 9,201 | $ | 678,727 | ||||||||||||||
______________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
The following tables summarize the loan portfolio by type and payment activity: | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction / | Business | Consumer | Total (1) | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Performing (2) | $ | 277,644 | $ | 121,411 | $ | 252,714 | $ | 23,065 | $ | 614 | $ | 8,583 | $ | 684,031 | ||||||||||||||
Nonperforming (3) | 1,600 | 228 | 706 | — | — | — | 2,534 | |||||||||||||||||||||
Total | $ | 279,244 | $ | 121,639 | $ | 253,420 | $ | 23,065 | $ | 614 | $ | 8,583 | $ | 686,565 | ||||||||||||||
____________ | ||||||||||||||||||||||||||||
(1) | Net of LIP. | |||||||||||||||||||||||||||
(2) | There were $158.1 million of owner-occupied one-to-four family residential loans and $119.5 million of non-owner occupied one-to-four family residential loans classified as performing. | |||||||||||||||||||||||||||
(3) | There were $1.0 million of owner-occupied one-to-four family residential loans and $600,000 of non-owner occupied one-to-four family residential loans classified as nonperforming. | |||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction/ | Business | Consumer | Total (1) | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Performing (2) | $ | 278,377 | $ | 116,948 | $ | 246,204 | $ | 22,904 | $ | 1,142 | $ | 9,157 | $ | 674,732 | ||||||||||||||
Nonperforming (3) | 2,297 | 233 | 1,198 | 223 | — | 44 | 3,995 | |||||||||||||||||||||
Total | $ | 280,674 | $ | 117,181 | $ | 247,402 | $ | 23,127 | $ | 1,142 | $ | 9,201 | $ | 678,727 | ||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
(2) There were $157.3 million of owner-occupied one-to-four family residential loans and $121.1 million of non-owner occupied one-to-four family residential loans classified as performing. | ||||||||||||||||||||||||||||
(3) There were $1.5 million of owner-occupied one-to-four family residential loans and $817,000 of non-owner occupied one-to-four family residential loans classified as nonperforming. | ||||||||||||||||||||||||||||
The following table presents TDRs and their recorded investment prior to the modification and after the modification: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Number | Pre-Modification Outstanding | Post-Modification Outstanding | Number | Pre-Modification Outstanding | Post-Modification Outstanding | |||||||||||||||||||||||
of Loans | Recorded | Recorded | of Loans | Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
TDRs that Occurred During the Period: | ||||||||||||||||||||||||||||
One-to-four family | ||||||||||||||||||||||||||||
residential: | ||||||||||||||||||||||||||||
Principal and interest with | 1 | 221 | 221 | — | — | — | ||||||||||||||||||||||
interest rate concession | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Principal and interest | — | $ | — | $ | — | 1 | 335 | 334 | ||||||||||||||||||||
reamortized with no interest | ||||||||||||||||||||||||||||
rate concession | ||||||||||||||||||||||||||||
Total | 1 | $ | 221 | $ | 221 | 1 | $ | 335 | $ | 334 | ||||||||||||||||||
At March 31, 2014 and 2013, the Company had no commitments to extend additional credit to borrowers whose loan terms have been modified in TDRs. All TDRs are also classified as impaired loans and are included in the loans individually evaluated for impairment in the calculation of the ALLL. | ||||||||||||||||||||||||||||
The TDR that occurred during the quarter ended March 31, 2014 was primarily a result of granting the borrower an interest rate concession for a period of 3.25 years. The impaired portion of the loan with an interest rate concession for a specific period of time is calculated based on the present value of expected future cash flows discounted at the loan’s effective interest rate. The effective interest rate is the rate of return implicit on the original loan. This impaired amount increases the ALLL as a valuation allowance is established. As loan payments are received in future periods, the ALLL entry is reversed and the valuation allowance is reduced utilizing the level yield method over the modification period. TDRs resulted in no charge-offs to the ALLL for the three months ended March 31, 2014. TDRs resulted in charge-offs to the ALLL of $4,000 for the three months ended March 31, 2013. | ||||||||||||||||||||||||||||
The following is a summary of loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Types of Modifications | Types of Modifications | |||||||||||||||||||||||||||
Number of | No Interest Rate Concession with Modified Principal and Interest Payment | Advancement of Maturity Date | Number of | Interest Only Payments | Interest Rate Concession | |||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
TDRs that Subsequently Defaulted: | ||||||||||||||||||||||||||||
One-to-four family residential | — | $ | — | $ | — | 1 | $ | — | $ | 71 | ||||||||||||||||||
Commercial real estate | 1 | — | 430 | 2 | 2,324 | — | ||||||||||||||||||||||
Total | 1 | $ | — | $ | 430 | 3 | $ | 2,324 | $ | 71 | ||||||||||||||||||
TDRs that default after they have been modified are typically evaluated individually on a collateral basis. Any additional impairment further reduces the ALLL. |
Other_Real_Estate_Owned
Other Real Estate Owned | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Real Estate [Abstract] | ' | |||||||
Other Real Estate Owned | ' | |||||||
Other Real Estate Owned | ||||||||
The following table is a summary of OREO: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 11,465 | $ | 17,347 | ||||
Loans transferred to OREO | 1,191 | 3,376 | ||||||
Capitalized improvements | — | 33 | ||||||
Dispositions of OREO | (851 | ) | (4,301 | ) | ||||
Market value adjustments | (196 | ) | (145 | ) | ||||
Balance at end of period | $ | 11,609 | $ | 16,310 | ||||
OREO includes properties acquired by the Company through foreclosure and deed in lieu of foreclosure. OREO at March 31, 2014 consisted of $1.2 million in one-to-four family residential homes, $9.8 million in commercial real estate properties and $556,000 in construction/land development projects. |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value | ' | |||||||||||||||||||
Fair Value | ||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||||||||||||||||||
The Company determines the fair values of its financial instruments based on the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair values. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect its estimate for market assumptions. | ||||||||||||||||||||
Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions that market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from an independent source. Unobservable inputs are assumptions based on the Company's own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. | ||||||||||||||||||||
All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy: | ||||||||||||||||||||
• | Level 1 - Quoted prices for identical instruments in active markets. | |||||||||||||||||||
• | Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable. | |||||||||||||||||||
• | Level 3 - Instruments whose significant value drivers are unobservable. | |||||||||||||||||||
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements): | ||||||||||||||||||||
Fair Value Measurements at March 31, 2014 | ||||||||||||||||||||
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||
Fannie Mae | $ | 44,629 | $ | — | $ | 44,629 | $ | — | ||||||||||||
Freddie Mac | 24,881 | — | 24,881 | — | ||||||||||||||||
Ginnie Mae | 32,264 | — | 32,264 | — | ||||||||||||||||
Municipal bonds | 1,933 | — | 1,933 | — | ||||||||||||||||
U.S. Government agencies | 22,196 | — | 22,196 | — | ||||||||||||||||
Corporate bonds | 13,965 | — | 13,965 | — | ||||||||||||||||
$ | 139,868 | $ | — | $ | 139,868 | $ | — | |||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||
Fannie Mae | $ | 46,232 | $ | — | $ | 46,232 | $ | — | ||||||||||||
Freddie Mac | 25,856 | — | 25,856 | — | ||||||||||||||||
Ginnie Mae | 33,873 | — | 33,873 | — | ||||||||||||||||
Municipal bonds | 1,850 | — | 1,850 | — | ||||||||||||||||
U.S. Government agencies | 22,704 | — | 22,704 | — | ||||||||||||||||
Corporate bonds | 13,849 | — | 13,849 | — | ||||||||||||||||
$ | 144,364 | $ | — | $ | 144,364 | $ | — | |||||||||||||
The estimated fair value of Level 2 investments is based on quoted prices for similar investments in active markets, identical or similar investments in markets that are not active and model-derived valuations whose inputs are observable. | ||||||||||||||||||||
The tables below present the balances of assets and liabilities measured at fair value on a nonrecurring basis. | ||||||||||||||||||||
Fair Value Measurements at March 31, 2014 | ||||||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | Total Losses | ||||||||||||||||
Measurements | Active Markets | Other | Unobservable | |||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Impaired loans (included in loans | ||||||||||||||||||||
receivable, net) (1) | $ | 60,441 | $ | — | $ | — | $ | 60,441 | $ | 2,165 | ||||||||||
OREO (2) | 11,609 | — | — | 11,609 | 196 | |||||||||||||||
Total | $ | 72,050 | $ | — | $ | — | $ | 72,050 | $ | 2,361 | ||||||||||
_______________ | ||||||||||||||||||||
(1) The loss represents the specific reserve against loans that were considered impaired at March 31, 2014. | ||||||||||||||||||||
(2) The loss represents OREO market value adjustments for the quarter ended March 31, 2014. | ||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | Total Losses | ||||||||||||||||
Measurements | Active Markets | Other | Unobservable | |||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Impaired loans (included in loans | ||||||||||||||||||||
receivable, net) (1) | $ | 61,985 | $ | — | $ | — | $ | 61,985 | $ | 2,180 | ||||||||||
OREO (2) | 11,465 | — | — | 11,465 | 403 | |||||||||||||||
Total | $ | 73,450 | $ | — | $ | — | $ | 73,450 | $ | 2,583 | ||||||||||
________________ | ||||||||||||||||||||
(1) The loss represents the specific reserve against loans that were considered impaired at December 31, 2013. | ||||||||||||||||||||
(2) The loss represents OREO market value adjustments for the year ended December 31, 2013. | ||||||||||||||||||||
The fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. Inputs used in the collateral value method include appraised values, estimates of certain completion costs and closing and selling costs. Some of these inputs may not be observable in the marketplace. Appraised values may be discounted based on management's historical knowledge, changes in market conditions from the time of valuation and/or management's expertise and knowledge of the borrower. | ||||||||||||||||||||
OREO properties are measured at the lower of their carrying amount or fair value, less costs to sell. Fair values are generally based on third party appraisals of the property, resulting in a Level 3 classification. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. | ||||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis. | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range (Weighted Average) | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Impaired Loans | $ | 60,441 | Market approach | Adjusted for differences between comparable sales | 0% - 9% | |||||||||||||||
-0.44% | ||||||||||||||||||||
OREO | $ | 11,609 | Market approach | Adjusted for differences between comparable sales | (16%) - 9.72% (1.85%) | |||||||||||||||
The carrying amounts and estimated fair values of financial instruments were as follows: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Estimated | Fair Value Measurements Using: | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash on hand and in banks | $ | 5,440 | $ | 5,440 | $ | 5,440 | $ | — | $ | — | ||||||||||
Interest-earning deposits | 28,073 | 28,073 | 28,073 | — | — | |||||||||||||||
Investments available-for-sale | 139,868 | 139,868 | — | 139,868 | — | |||||||||||||||
Loans receivable, net | 671,848 | 690,026 | — | — | 690,026 | |||||||||||||||
FHLB stock | 6,952 | 6,952 | — | 6,952 | — | |||||||||||||||
Accrued interest receivable | 3,509 | 3,509 | — | 3,509 | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits | 189,083 | 189,083 | 189,083 | — | — | |||||||||||||||
Certificates of deposit | 397,964 | 400,301 | — | 400,301 | — | |||||||||||||||
Advances from the FHLB | 119,000 | 118,653 | — | 118,653 | — | |||||||||||||||
Accrued interest payable | 91 | 91 | — | 91 | — | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Estimated | Fair Value Measurements Using: | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash on hand and in banks | $ | 6,074 | $ | 6,074 | $ | 6,074 | $ | — | $ | — | ||||||||||
Interest-earning deposits | 49,501 | 49,501 | 49,501 | — | — | |||||||||||||||
Investments available-for-sale | 144,364 | 144,364 | — | 144,364 | — | |||||||||||||||
Loans receivable, net | 663,153 | 680,622 | — | — | 680,622 | |||||||||||||||
FHLB stock | 7,017 | 7,017 | — | 7,017 | — | |||||||||||||||
Accrued interest receivable | 3,698 | 3,698 | — | 3,698 | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits | 201,658 | 201,658 | 201,658 | — | — | |||||||||||||||
Certificates of deposit | 410,407 | 413,417 | — | 413,417 | — | |||||||||||||||
Advances from the FHLB | 119,000 | 118,610 | — | 118,610 | — | |||||||||||||||
Accrued interest payable | 88 | 88 | — | 88 | — | |||||||||||||||
Fair value estimates, methods, and assumptions are set forth below for the Company's financial instruments: | ||||||||||||||||||||
• | Financial instruments with book value equal to fair value: The fair value of financial instruments that are short-term or reprice frequently and that have little or no risk are considered to have a fair value equal to book value. These instruments include cash on hand and in banks, interest-bearing deposits, FHLB stock, accrued interest receivable, accrued interest payable and investment transactions payable. FHLB stock is not publicly-traded, however it may be redeemed on a dollar-for-dollar basis, for any amount the Bank is not required to hold, subject to the FHLB’s discretion. The fair value is therefore equal to the book value. | |||||||||||||||||||
• | Investments available-for-sale: The fair value of all investments excluding FHLB stock was based upon quoted market prices for similar investments in active markets, identical or similar investments in markets that are not active and model-derived valuations whose inputs are observable. | |||||||||||||||||||
• | Loans receivable: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair value of fixed-rate loans is estimated using discounted cash flow analysis, utilizing interest rates that would be offered for loans with similar terms to borrowers of similar credit quality. As a result of current market conditions, cash flow estimates have been further discounted to include a credit factor. The fair value of nonperforming loans is estimated using the fair value of the underlying collateral. | |||||||||||||||||||
• | Liabilities: The fair value of deposits with no stated maturity, such as statement savings, NOW and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows using current interest rates for certificates of deposit with similar remaining maturities. The fair value of FHLB advances is estimated based on discounting the future cash flows using current interest rates for debt with similar remaining maturities. | |||||||||||||||||||
• | Off balance sheet commitments: No fair value adjustment is necessary for commitments made to extend credit, which represents commitments for loan originations or for outstanding commitments to purchase loans. These commitments are at variable rates, are for loans with terms of less than one year and have interest rates which approximate prevailing market rates, or are set at the time of loan closing. | |||||||||||||||||||
Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business. The fair value has not been estimated for assets and liabilities that are not considered financial instruments. |
Federal_Home_Loan_Bank_Stock
Federal Home Loan Bank Stock | 3 Months Ended |
Mar. 31, 2014 | |
Federal Home Loan Banks [Abstract] | ' |
Federal Home Loan Bank Stock | ' |
Federal Home Loan Bank Stock | |
At March 31, 2014, the Bank held $7.0 million of FHLB stock. FHLB stock is carried at par value ($100 per share) and does not have a readily determinable fair value. Ownership of FHLB stock is restricted to the FHLB and member institutions and can only be purchased and redeemed at par. | |
Management evaluates FHLB stock for impairment. The determination of whether this investment is impaired is based on the Bank's assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as: (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB and (4) the liquidity position of the FHLB. | |
Prior to 2014, the FHLB announced that the Federal Housing Finance Agency had granted them the authority to repurchase up to $25 million in excess capital stock per quarter and pay quarterly dividends, provided that their financial condition - measured primarily by the ratio of market value of equity-to-par value of capital stock - does not deteriorate. As a result, the FHLB repurchased shares on a pro-rata basis from its shareholders, including 656 shares from the Bank, at par value during the first quarter of 2014. Also, the Bank received $1,767 in dividends from the FHLB in the quarter ended March 31, 2014. During the first quarter of 2013, the Bank received no dividends on FHLB stock and 659 shares of FHLB stock were repurchased. The Bank has determined there was no OTTI on the FHLB stock investment as of March 31, 2014. |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
In June 2008, First Financial Northwest's shareholders approved the First Financial Northwest, Inc. 2008 Equity Incentive Plan (“Plan”). The Plan provides for the grant of stock options, restricted stock and stock appreciation rights. | |||||||||||||||||||
Total compensation expense for the Plan was $84,800 and $481,000 for the three months ended March 31, 2014 and 2013, respectively, and the related income tax benefit was $29,700 and $168,000 for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||
Stock Options | |||||||||||||||||||
The Plan authorizes the grant of stock options totaling 2,285,280 shares to Company directors, advisory directors, officers and employees. Option awards are granted with an exercise price equal to the market price of First Financial Northwest's common stock at the grant date. These option awards have a vesting period of five years, with 20% vesting on the anniversary date of each grant date, and a contractual life of 10 years. Any unexercised stock options will expire ten years after the grant date or sooner in the event of the award recipient’s death, disability or termination of service with the Company or the Bank. First Financial Northwest has a policy of issuing new shares from authorized but unissued common stock upon the exercise of stock options. At March 31, 2014, remaining options for 766,756 shares of common stock were available for grant under the Plan. | |||||||||||||||||||
The fair value of each option award is estimated on the grant date using a Black-Scholes model that uses the following assumptions. The dividend yield is based on the current quarterly dividend in effect at the time of the grant. Historical employment data is used to estimate the forfeiture rate. The historical volatility of the Company's stock price over a specified period of time is used for the expected volatility assumption. First Financial Northwest bases the risk-free interest rate on the U.S. Treasury Constant Maturity Indices in effect on the date of the grant. First Financial Northwest elected to use the “Share-Based Payments” method permitted by the Securities and Exchange Commission to calculate the expected term. This method uses the vesting term of an option along with the contractual term, setting the expected life at the midpoint. | |||||||||||||||||||
A summary of the Company’s stock option plan awards for the three months ended March 31, 2014, follows: | |||||||||||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term in Years | Aggregate Intrinsic Value | Weighted-Average Grant Date Fair Value | |||||||||||||||
Outstanding at January 1, 2014 | 1,203,535 | $ | 9.49 | — | $ | 1,103,186 | $ | 2.11 | |||||||||||
Granted | — | — | — | — | — | ||||||||||||||
Exercised | (62,000 | ) | 9.78 | — | — | — | |||||||||||||
Forfeited or expired | — | — | — | — | — | ||||||||||||||
Outstanding at March 31, 2014 | 1,141,535 | 9.48 | 5.21 | 839,668 | 2.13 | ||||||||||||||
Expected to vest assuming a 3% forfeiture rate | |||||||||||||||||||
over the vesting term | 1,135,235 | 9.48 | 5.19 | 831,016 | |||||||||||||||
Exercisable at March 31, 2014 | 931,535 | 9.56 | 4.41 | 551,268 | |||||||||||||||
As of March 31, 2014, there was $545,935 of total unrecognized compensation cost related to nonvested stock options granted under the Plan. The cost is expected to be recognized over the remaining weighted-average vesting period of 4.0 years. | |||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||
The Plan authorizes the grant of restricted stock awards amounting to 914,112 shares to directors, advisory directors, officers and employees. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at the grant date. The restricted stock awards’ fair value is equal to the value on the grant date. Shares awarded as restricted stock vest ratably over a five-year period beginning at the grant date with 20% vesting on the anniversary date of each grant date. At March 31, 2014, remaining restricted stock awards for 74,478 shares were available to be awarded and are held in trust until they are issued in connection with the agreement. There are 103,400 shares of restricted stock awards previously granted that have not vested as of March 31, 2014. | |||||||||||||||||||
A summary of changes in nonvested restricted stock awards for the three months ended March 31, 2014, follows: | |||||||||||||||||||
Nonvested Shares | Shares | Weighted-Average Grant Date Fair Value | |||||||||||||||||
Nonvested at January 1, 2014 | 103,400 | $ | 8.24 | ||||||||||||||||
Granted | — | — | |||||||||||||||||
Vested | — | — | |||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Nonvested at March 31, 2014 | 103,400 | 8.24 | |||||||||||||||||
Expected to vest assuming a 3% forfeiture rate over the vesting term | 100,298 | ||||||||||||||||||
As of March 31, 2014, there was $705,890 of total unrecognized compensation costs related to nonvested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of 3.7 years. There were no shares of restricted stock vested during the quarter ended March 31, 2014 compared to 6,400 shares of restricted stock vested with a fair value of $53,000 during the quarter ended March 31, 2013. |
Federal_Income_Taxes
Federal Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Federal Income Taxes | ' |
Federal Income Taxes | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. | |
Our primary deferred tax assets relate to our net operating loss carryforward, our ALLL and our employee benefit plans. | |
Under GAAP, a valuation allowance is required to be recognized if it is “more likely than not” that a portion of the deferred tax asset will not be realized. Our policy is to evaluate our deferred tax assets on a quarterly basis and record a valuation allowance for our deferred tax asset if we do not have sufficient positive evidence indicating that it is more likely than not that some or all of the deferred tax asset will be realized. Each quarter, we considered positive and negative evidence, which includes cumulative losses in the most recent three year period and uncertainty regarding short-term future earnings. We further considered that GAAP places heavy emphasis on prior earnings in determining the realizable deferred tax asset. After reviewing and weighing these various factors, in 2010 we recorded a valuation allowance for the balance of the deferred tax asset in excess of the tax carryback refund potential. During 2013, management determined that a full valuation allowance was no longer appropriate and reversed all but $431,000 of the deferred tax asset valuation allowance as of December 31, 2013. In reaching this determination, management considered the scheduled reversal of deferred tax assets and liabilities, taxes paid in carryback years, available tax planning strategies and projected taxable income. | |
As of March 31, 2014, the consolidated balance sheet includes gross deferred tax assets of $16.0 million and a deferred tax asset valuation allowance of $431,000 due to a prior period capital loss on investment. Deferred tax liabilities totaled $2.4 million, resulting in a net deferred tax asset of $13.1 million at March 31, 2014. | |
The Company's federal net operating loss carryforward was $17.7 million at March 31, 2014 and will begin to expire in 2030. The Company had an alternative minimum tax credit carryforward totaling $1.8 million, with no expiration date. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
Per the provisions of FASB ASC 260, Earnings Per Share, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. ESOP shares are considered outstanding for basic and diluted earnings per share when the shares are committed to be released. Certain of the Company's nonvested restricted stock awards qualify as participating securities. | |||||||||
Net income is allocated between the common stock and participating securities pursuant to the two-class method, based on their rights to receive dividends, participate in earnings or absorb losses. Basic earnings per common shares is computed by dividing net earnings allocated to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares. | |||||||||
The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods indicated. | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands, except share data) | |||||||||
Net income | $ | 2,645 | $ | 1,556 | |||||
Earnings allocated to participating securities | (16 | ) | (18 | ) | |||||
Earnings allocated to common shareholders | 2,629 | 1,538 | |||||||
Basic weighted-average common shares outstanding | 15,252,445 | 17,380,640 | |||||||
Dilutive stock options | 81,331 | 21,210 | |||||||
Dilutive restricted stock grants | 23,344 | — | |||||||
Diluted weighted-average common shares outstanding | 15,357,120 | 17,401,850 | |||||||
Basic earnings per share | $ | 0.17 | $ | 0.09 | |||||
Diluted earnings per share | $ | 0.17 | $ | 0.09 | |||||
Potential dilutive shares are excluded from the computation of earnings per share if their effect is anti-dilutive. Options to purchase an additional 210,000 and 1,382,524 shares of common stock at March 31, 2014 and 2013, respectively, were not included in the computation of diluted earnings per share because their exercise price resulted in them being antidilutive. |
Segment_Information
Segment Information | 3 Months Ended |
Mar. 31, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Information | ' |
Segment Information | |
The Company's activities are considered to be a single industry segment for financial reporting purposes. The Company is engaged in the business of attracting deposits from the general public and originating loans for our portfolio in our primary market area. Substantially all income is derived from a diverse base of commercial and residential real estate loans, consumer lending activities and investments. |
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||||||||||
Investment securities available-for-sale are summarized as follows: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||||||
Fannie Mae | $ | 44,321 | $ | 645 | $ | (337 | ) | $ | 44,629 | |||||||||||||||
Freddie Mac | 24,736 | 379 | (234 | ) | 24,881 | |||||||||||||||||||
Ginnie Mae | 32,517 | 95 | (348 | ) | 32,264 | |||||||||||||||||||
Municipal bonds | 2,042 | 1 | (110 | ) | 1,933 | |||||||||||||||||||
U.S. Government agencies | 22,562 | 101 | (467 | ) | 22,196 | |||||||||||||||||||
Corporate bonds | 14,075 | 21 | (131 | ) | 13,965 | |||||||||||||||||||
Total | $ | 140,253 | $ | 1,242 | $ | (1,627 | ) | $ | 139,868 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||||||
Fannie Mae | $ | 46,234 | $ | 623 | $ | (625 | ) | $ | 46,232 | |||||||||||||||
Freddie Mac | 25,707 | 343 | (194 | ) | 25,856 | |||||||||||||||||||
Ginnie Mae | 34,403 | 63 | (593 | ) | 33,873 | |||||||||||||||||||
Municipal bonds | 2,043 | 6 | (199 | ) | 1,850 | |||||||||||||||||||
U.S. Government agencies | 23,222 | 123 | (641 | ) | 22,704 | |||||||||||||||||||
Corporate bonds | 14,079 | 36 | (266 | ) | 13,849 | |||||||||||||||||||
Total | $ | 145,688 | $ | 1,194 | $ | (2,518 | ) | $ | 144,364 | |||||||||||||||
Schedule of Available for sale Securities in Continuous Unrealized Loss positions | ' | |||||||||||||||||||||||
The following table summarizes the aggregate fair value and gross unrealized loss by length of time those investments have been continuously in an unrealized loss position: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||||||
Fannie Mae | $ | 23,616 | $ | (320 | ) | $ | 3,137 | $ | (17 | ) | $ | 26,753 | $ | (337 | ) | |||||||||
Freddie Mac | 6,851 | (215 | ) | 2,287 | (19 | ) | 9,138 | (234 | ) | |||||||||||||||
Ginnie Mae | 7,093 | (193 | ) | 12,096 | (155 | ) | 19,189 | (348 | ) | |||||||||||||||
Municipal bonds | 495 | (5 | ) | 1,295 | (105 | ) | 1,790 | (110 | ) | |||||||||||||||
U.S. Government agencies | 3,557 | (162 | ) | 9,481 | (305 | ) | 13,038 | (467 | ) | |||||||||||||||
Corporate bonds | 7,961 | (97 | ) | 2,466 | (34 | ) | 10,427 | (131 | ) | |||||||||||||||
Total | $ | 49,573 | $ | (992 | ) | $ | 30,762 | $ | (635 | ) | $ | 80,335 | $ | (1,627 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||||||
Fannie Mae | $ | 27,429 | $ | (625 | ) | $ | — | $ | — | $ | 27,429 | $ | (625 | ) | ||||||||||
Freddie Mac | 8,704 | (155 | ) | 2,483 | (39 | ) | 11,187 | (194 | ) | |||||||||||||||
Ginnie Mae | 16,617 | (278 | ) | 12,730 | (315 | ) | 29,347 | (593 | ) | |||||||||||||||
Municipal bonds | — | — | 1,201 | (199 | ) | 1,201 | (199 | ) | ||||||||||||||||
U.S. Government agencies | 7,702 | (596 | ) | 4,955 | (45 | ) | 12,657 | (641 | ) | |||||||||||||||
Corporate bonds | 8,796 | (266 | ) | — | — | 8,796 | (266 | ) | ||||||||||||||||
Total | $ | 69,248 | $ | (1,920 | ) | $ | 21,369 | $ | (598 | ) | $ | 90,617 | $ | (2,518 | ) | |||||||||
Schedule of Available for sale Securities, Debt Maturities | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of investments available-for-sale at March 31, 2014, 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. Investments not due at a single maturity date, primarily mortgage-backed investments are shown separately. | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due within one year | $ | 50 | $ | 50 | ||||||||||||||||||||
Due after one year through five years | 14,832 | 14,750 | ||||||||||||||||||||||
Due after five years through ten years | 16,609 | 16,381 | ||||||||||||||||||||||
Due after ten years | 7,188 | 6,913 | ||||||||||||||||||||||
38,679 | 38,094 | |||||||||||||||||||||||
Mortgage-backed investments | 101,574 | 101,774 | ||||||||||||||||||||||
Total | $ | 140,253 | $ | 139,868 | ||||||||||||||||||||
Loans_Receivable_Schedule_of_A
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||||||||||||||||||||
Loans receivable are summarized as follows: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
One-to-four family residential: (1) | ||||||||||||||||||||||||||||
Permanent | $ | 279,244 | $ | 280,674 | ||||||||||||||||||||||||
279,244 | 280,674 | |||||||||||||||||||||||||||
Multifamily: | ||||||||||||||||||||||||||||
Permanent | 114,551 | 106,152 | ||||||||||||||||||||||||||
Construction | 7,445 | 12,360 | ||||||||||||||||||||||||||
121,996 | 118,512 | |||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Permanent | 247,019 | 227,016 | ||||||||||||||||||||||||||
Construction | 6,100 | 19,905 | ||||||||||||||||||||||||||
Land | 1,607 | 1,831 | ||||||||||||||||||||||||||
254,726 | 248,752 | |||||||||||||||||||||||||||
Construction/land development: (2) | ||||||||||||||||||||||||||||
One-to-four family residential | 5,226 | 3,977 | ||||||||||||||||||||||||||
Multifamily | 15,718 | 12,491 | ||||||||||||||||||||||||||
Commercial | 4,656 | 6,726 | ||||||||||||||||||||||||||
Land development | 7,141 | 7,461 | ||||||||||||||||||||||||||
32,741 | 30,655 | |||||||||||||||||||||||||||
Business | 614 | 1,142 | ||||||||||||||||||||||||||
Consumer | 8,583 | 9,201 | ||||||||||||||||||||||||||
Total loans | 697,904 | 688,936 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Loans in process ("LIP") | 11,339 | 10,209 | ||||||||||||||||||||||||||
Deferred loan fees, net | 2,624 | 2,580 | ||||||||||||||||||||||||||
ALLL | 12,093 | 12,994 | ||||||||||||||||||||||||||
Loans receivable, net | $ | 671,848 | $ | 663,153 | ||||||||||||||||||||||||
___________ | ||||||||||||||||||||||||||||
(1) | Includes $120.1 million and $121.9 million of non-owner occupied loans at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||
(2) | Excludes construction loans that will convert to permanent loans. The Company considers these loans to be "rollovers" in that one loan is originated for both the construction loan and permanent financing. These loans are classified according to the underlying collateral. At March 31, 2014, the Company had $6.1 million, or 2.4% of the total commercial real estate portfolio and $7.4 million, or 6.1% of its total multifamily portfolio in these "rollover" type of loans. At December 31, 2013, the Company had $19.9 million, or 8.0% of the total commercial real estate portfolio and $12.4 million, or 10.4% of the total multifamily portfolio in these "rollover" type of loans. At March 31, 2014 and December 31, 2013, $1.6 million and $1.8 million, respectively, of commercial real estate loans were not included in the construction/land development category because the Company classifies raw land or buildable lots when it does not intend to finance the construction as commercial real estate land loans. | |||||||||||||||||||||||||||
Schedule of Allowance for Loan and Lease Losses, Roll Forward | ' | |||||||||||||||||||||||||||
The following tables summarize changes in the ALLL and loan portfolio by loan type and impairment method: | ||||||||||||||||||||||||||||
At or For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction/ | Business | Consumer | Total | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
ALLL: | ||||||||||||||||||||||||||||
Beginning balance | $ | 5,141 | $ | 1,377 | $ | 5,881 | $ | 399 | $ | 14 | $ | 182 | $ | 12,994 | ||||||||||||||
Charge-offs | (18 | ) | — | (311 | ) | (223 | ) | — | (1 | ) | (553 | ) | ||||||||||||||||
Recoveries | — | — | 151 | — | — | 1 | 152 | |||||||||||||||||||||
Provision (recapture) | (548 | ) | 29 | (185 | ) | 212 | (7 | ) | (1 | ) | (500 | ) | ||||||||||||||||
Ending balance | $ | 4,575 | $ | 1,406 | $ | 5,536 | $ | 388 | $ | 7 | $ | 181 | $ | 12,093 | ||||||||||||||
General reserve | $ | 3,056 | $ | 1,326 | $ | 4,970 | $ | 388 | $ | 7 | $ | 181 | $ | 9,928 | ||||||||||||||
Specific reserve | $ | 1,519 | $ | 80 | $ | 566 | $ | — | $ | — | $ | — | $ | 2,165 | ||||||||||||||
Loans: (1) | ||||||||||||||||||||||||||||
Total Loans | $ | 279,244 | $ | 121,639 | $ | 253,420 | $ | 23,065 | $ | 614 | $ | 8,583 | $ | 686,565 | ||||||||||||||
General reserve (2) | $ | 231,882 | $ | 119,210 | $ | 240,648 | $ | 23,065 | $ | 614 | $ | 8,540 | $ | 623,959 | ||||||||||||||
Specific reserve (3) | $ | 47,362 | $ | 2,429 | $ | 12,772 | $ | — | $ | — | $ | 43 | $ | 62,606 | ||||||||||||||
____________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
(2) Loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||
(3) Loans individually evaluated for impairment. | ||||||||||||||||||||||||||||
At or For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction/ | Business | Consumer | Total | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
ALLL: | ||||||||||||||||||||||||||||
Beginning balance | $ | 5,562 | $ | 1,139 | $ | 5,207 | $ | 437 | $ | 30 | $ | 167 | $ | 12,542 | ||||||||||||||
Charge-offs | (159 | ) | (346 | ) | (98 | ) | — | — | (16 | ) | (619 | ) | ||||||||||||||||
Recoveries | — | — | 1 | 70 | — | 8 | 79 | |||||||||||||||||||||
Provision (recapture) | 41 | 405 | (329 | ) | (121 | ) | 2 | 2 | — | |||||||||||||||||||
Ending balance | $ | 5,444 | $ | 1,198 | $ | 4,781 | $ | 386 | $ | 32 | $ | 161 | $ | 12,002 | ||||||||||||||
General reserve | $ | 4,105 | $ | 1,198 | $ | 4,440 | $ | 386 | $ | 32 | $ | 161 | $ | 10,322 | ||||||||||||||
Specific reserve | $ | 1,339 | $ | — | $ | 341 | $ | — | $ | — | $ | — | $ | 1,680 | ||||||||||||||
Loans: (1) | ||||||||||||||||||||||||||||
Total Loans | $ | 300,892 | $ | 108,820 | $ | 226,567 | $ | 13,984 | $ | 3,104 | $ | 10,132 | $ | 663,499 | ||||||||||||||
General reserve (2) | $ | 242,642 | $ | 104,963 | $ | 209,433 | $ | 9,237 | $ | 3,104 | $ | 9,400 | $ | 578,779 | ||||||||||||||
Specific reserve (3) | $ | 58,250 | $ | 3,857 | $ | 17,134 | $ | 4,747 | $ | — | $ | 732 | $ | 84,720 | ||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
(2) Loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||
(3) Loans individually evaluated for impairment. | ||||||||||||||||||||||||||||
Schedule O fImpaired Financing Receivables | ' | |||||||||||||||||||||||||||
The following tables present a summary of loans individually evaluated for impairment by loan type: | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance (2) | Related Allowance | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Loans with no related allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 3,388 | $ | 3,723 | $ | — | ||||||||||||||||||||||
Non-owner occupied | 29,230 | 29,277 | — | |||||||||||||||||||||||||
Multifamily | 228 | 263 | — | |||||||||||||||||||||||||
Commercial real estate | 5,705 | 6,010 | — | |||||||||||||||||||||||||
Consumer | 43 | 70 | — | |||||||||||||||||||||||||
Total | 38,594 | 39,343 | — | |||||||||||||||||||||||||
Loans with an allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 3,398 | 3,468 | 236 | |||||||||||||||||||||||||
Non-owner occupied | 11,346 | 11,402 | 1,283 | |||||||||||||||||||||||||
Multifamily | 2,201 | 2,201 | 80 | |||||||||||||||||||||||||
Commercial real estate | 7,067 | 7,067 | 566 | |||||||||||||||||||||||||
Total | 24,012 | 24,138 | 2,165 | |||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 6,786 | 7,191 | 236 | |||||||||||||||||||||||||
Non-owner occupied | 40,576 | 40,679 | 1,283 | |||||||||||||||||||||||||
Multifamily | 2,429 | 2,464 | 80 | |||||||||||||||||||||||||
Commercial real estate | 12,772 | 13,077 | 566 | |||||||||||||||||||||||||
Consumer | 43 | 70 | — | |||||||||||||||||||||||||
Total | $ | 62,606 | $ | 63,481 | $ | 2,165 | ||||||||||||||||||||||
_________________ | ||||||||||||||||||||||||||||
(1) Represents the loan balance less charge-offs. | ||||||||||||||||||||||||||||
(2) Contractual loan principal balance. | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance (2) | Related Allowance | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Loans with no related allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 3,878 | $ | 4,281 | $ | — | ||||||||||||||||||||||
Non-owner occupied | 28,782 | 28,854 | — | |||||||||||||||||||||||||
Multifamily | 233 | 264 | — | |||||||||||||||||||||||||
Commercial real estate | 6,224 | 6,511 | — | |||||||||||||||||||||||||
Construction/land development | 223 | 4,812 | — | |||||||||||||||||||||||||
Consumer | 44 | 70 | — | |||||||||||||||||||||||||
Total | 39,384 | 44,792 | — | |||||||||||||||||||||||||
Loans with an allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 3,191 | 3,238 | 263 | |||||||||||||||||||||||||
Non-owner occupied | 12,297 | 12,352 | 1,277 | |||||||||||||||||||||||||
Multifamily | 2,208 | 2,208 | 85 | |||||||||||||||||||||||||
Commercial real estate | 7,085 | 7,085 | 555 | |||||||||||||||||||||||||
Total | 24,781 | 24,883 | 2,180 | |||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 7,069 | 7,519 | 263 | |||||||||||||||||||||||||
Non-owner occupied | 41,079 | 41,206 | 1,277 | |||||||||||||||||||||||||
Multifamily | 2,441 | 2,472 | 85 | |||||||||||||||||||||||||
Commercial real estate | 13,309 | 13,596 | 555 | |||||||||||||||||||||||||
Construction/land development | 223 | 4,812 | — | |||||||||||||||||||||||||
Consumer | 44 | 70 | — | |||||||||||||||||||||||||
Total | $ | 64,165 | $ | 69,675 | $ | 2,180 | ||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) Represents the loan balance less charge-offs. | ||||||||||||||||||||||||||||
(2) Contractual loan principal balance. | ||||||||||||||||||||||||||||
Schedule of Impaired Financing Receivables, Average Recorded Investment and Interest Income | ' | |||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Loans with no related allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 3,633 | $ | 38 | $ | 5,070 | $ | 30 | ||||||||||||||||||||
Non-owner occupied | 29,006 | 432 | 31,951 | 430 | ||||||||||||||||||||||||
Multifamily | 231 | — | 4,904 | 20 | ||||||||||||||||||||||||
Commercial real estate | 5,964 | 82 | 9,587 | 66 | ||||||||||||||||||||||||
Construction/land development | 112 | — | 4,757 | — | ||||||||||||||||||||||||
Consumer | 43 | — | 745 | — | ||||||||||||||||||||||||
Total | 38,989 | 552 | 57,014 | 546 | ||||||||||||||||||||||||
Loans with an allowance: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 3,295 | 39 | 5,557 | 58 | ||||||||||||||||||||||||
Non-owner occupied | 11,822 | 157 | 15,993 | 226 | ||||||||||||||||||||||||
Multifamily | 2,204 | 34 | — | — | ||||||||||||||||||||||||
Commercial real estate | 7,076 | 87 | 8,100 | 117 | ||||||||||||||||||||||||
Total | 24,397 | 317 | 29,650 | 401 | ||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | 6,928 | 77 | 10,627 | 88 | ||||||||||||||||||||||||
Non-owner occupied | 40,828 | 589 | 47,944 | 656 | ||||||||||||||||||||||||
Multifamily | 2,435 | 34 | 4,904 | 20 | ||||||||||||||||||||||||
Commercial real estate | 13,040 | 169 | 17,687 | 183 | ||||||||||||||||||||||||
Construction/land development | 112 | — | 4,757 | — | ||||||||||||||||||||||||
Consumer | 43 | — | 745 | — | ||||||||||||||||||||||||
Total | $ | 63,386 | $ | 869 | $ | 86,664 | $ | 947 | ||||||||||||||||||||
Schedule of Non-performing assets and troubled debt restructured loans | ' | |||||||||||||||||||||||||||
The following is a summary of information pertaining to nonperforming assets and TDRs: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Nonperforming assets: (1) | ||||||||||||||||||||||||||||
Nonaccrual loans | $ | 2,065 | $ | 3,027 | ||||||||||||||||||||||||
Nonaccrual TDRs | 469 | 968 | ||||||||||||||||||||||||||
Total nonperforming loans | 2,534 | 3,995 | ||||||||||||||||||||||||||
OREO | 11,609 | 11,465 | ||||||||||||||||||||||||||
Total nonperforming assets | $ | 14,143 | $ | 15,460 | ||||||||||||||||||||||||
Performing TDRs | $ | 60,072 | $ | 60,170 | ||||||||||||||||||||||||
Nonaccrual TDRs | 469 | 968 | ||||||||||||||||||||||||||
Total TDRs | $ | 60,541 | $ | 61,138 | ||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) There were no loans 90 days or more past due and still accruing interest at March 31, 2014 and December 31, 2013. All loans are reported net of LIP. | ||||||||||||||||||||||||||||
Schedule of non-accrual loans | ' | |||||||||||||||||||||||||||
The following table is a summary of nonaccrual loans by loan type: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
One-to-four family residential | $ | 1,600 | $ | 2,297 | ||||||||||||||||||||||||
Multifamily | 228 | 233 | ||||||||||||||||||||||||||
Commercial real estate | 706 | 1,198 | ||||||||||||||||||||||||||
Construction/land development | — | 223 | ||||||||||||||||||||||||||
Consumer | — | 44 | ||||||||||||||||||||||||||
Total nonaccrual loans | $ | 2,534 | $ | 3,995 | ||||||||||||||||||||||||
Financing Receivables, Aging of loans | ' | |||||||||||||||||||||||||||
The following tables represent a summary of the aging of loans by type: | ||||||||||||||||||||||||||||
Loans Past Due as of March 31, 2014 | ||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Over 90 Days | Total | Current | Total Loans (1) (2) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 826 | $ | — | $ | 531 | $ | 1,357 | $ | 157,755 | $ | 159,112 | ||||||||||||||||
Non-owner occupied | 167 | — | 477 | 644 | 119,488 | 120,132 | ||||||||||||||||||||||
Multifamily | — | — | — | — | 121,639 | 121,639 | ||||||||||||||||||||||
Commercial real estate | 329 | — | 601 | 930 | 252,490 | 253,420 | ||||||||||||||||||||||
Construction/land development | — | — | — | — | 23,065 | 23,065 | ||||||||||||||||||||||
Total real estate | 1,322 | — | 1,609 | 2,931 | 674,437 | 677,368 | ||||||||||||||||||||||
Business | — | — | — | — | 614 | 614 | ||||||||||||||||||||||
Consumer | — | 34 | — | 34 | 8,549 | 8,583 | ||||||||||||||||||||||
Total | $ | 1,322 | $ | 34 | $ | 1,609 | $ | 2,965 | $ | 683,600 | $ | 686,565 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||
(1) There were no loans 90 days past due and still accruing interest at March 31, 2014. | ||||||||||||||||||||||||||||
(2) Net of LIP. | ||||||||||||||||||||||||||||
Loans Past Due as of December 31, 2013 | ||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Over 90 Days | Total | Current | Total Loans (1) (2) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Owner occupied | $ | 923 | $ | 337 | $ | 575 | $ | 1,835 | $ | 156,962 | $ | 158,797 | ||||||||||||||||
Non-owner occupied | — | — | 692 | 692 | 121,185 | 121,877 | ||||||||||||||||||||||
Multifamily | — | — | — | — | 117,181 | 117,181 | ||||||||||||||||||||||
Commercial real estate | 331 | — | 1,089 | 1,420 | 245,982 | 247,402 | ||||||||||||||||||||||
Construction/land development | — | — | 223 | 223 | 22,904 | 23,127 | ||||||||||||||||||||||
Total real estate | 1,254 | 337 | 2,579 | 4,170 | 664,214 | 668,384 | ||||||||||||||||||||||
Business | — | — | — | — | 1,142 | 1,142 | ||||||||||||||||||||||
Consumer | 103 | 34 | — | 137 | 9,064 | 9,201 | ||||||||||||||||||||||
Total | $ | 1,357 | $ | 371 | $ | 2,579 | $ | 4,307 | $ | 674,420 | $ | 678,727 | ||||||||||||||||
_________________ | ||||||||||||||||||||||||||||
(1) There were no loans 90 days past due and still accruing interest at December 31, 2013. | ||||||||||||||||||||||||||||
(2) Net of LIP. | ||||||||||||||||||||||||||||
Financing Receivables, Summary of loans by type and risk category | ' | |||||||||||||||||||||||||||
The following tables represent a summary of loans by type and risk category: | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction/ | Business | Consumer | Total (1) | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||
Pass | $ | 265,112 | $ | 118,998 | $ | 236,888 | $ | 23,065 | $ | 614 | $ | 8,361 | $ | 653,038 | ||||||||||||||
Special mention | 5,642 | 1,198 | 14,467 | — | — | — | 21,307 | |||||||||||||||||||||
Substandard | 8,490 | 1,443 | 2,065 | — | — | 222 | 12,220 | |||||||||||||||||||||
Total | $ | 279,244 | $ | 121,639 | $ | 253,420 | $ | 23,065 | $ | 614 | $ | 8,583 | $ | 686,565 | ||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction / | Business | Consumer | Total (1) | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||
Pass | $ | 265,511 | $ | 114,525 | $ | 229,149 | $ | 22,904 | $ | 1,142 | $ | 8,934 | $ | 642,165 | ||||||||||||||
Special mention | 5,825 | 1,203 | 15,134 | — | — | 1 | 22,163 | |||||||||||||||||||||
Substandard | 9,338 | 1,453 | 3,119 | 223 | — | 266 | 14,399 | |||||||||||||||||||||
Total | $ | 280,674 | $ | 117,181 | $ | 247,402 | $ | 23,127 | $ | 1,142 | $ | 9,201 | $ | 678,727 | ||||||||||||||
______________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
Financing Receivables, Summary of loans by type and payment activity | ' | |||||||||||||||||||||||||||
The following tables summarize the loan portfolio by type and payment activity: | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction / | Business | Consumer | Total (1) | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Performing (2) | $ | 277,644 | $ | 121,411 | $ | 252,714 | $ | 23,065 | $ | 614 | $ | 8,583 | $ | 684,031 | ||||||||||||||
Nonperforming (3) | 1,600 | 228 | 706 | — | — | — | 2,534 | |||||||||||||||||||||
Total | $ | 279,244 | $ | 121,639 | $ | 253,420 | $ | 23,065 | $ | 614 | $ | 8,583 | $ | 686,565 | ||||||||||||||
____________ | ||||||||||||||||||||||||||||
(1) | Net of LIP. | |||||||||||||||||||||||||||
(2) | There were $158.1 million of owner-occupied one-to-four family residential loans and $119.5 million of non-owner occupied one-to-four family residential loans classified as performing. | |||||||||||||||||||||||||||
(3) | There were $1.0 million of owner-occupied one-to-four family residential loans and $600,000 of non-owner occupied one-to-four family residential loans classified as nonperforming. | |||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
One-to-Four | Multifamily | Commercial | Construction/ | Business | Consumer | Total (1) | ||||||||||||||||||||||
Family | Real Estate | Land | ||||||||||||||||||||||||||
Residential | Development | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Performing (2) | $ | 278,377 | $ | 116,948 | $ | 246,204 | $ | 22,904 | $ | 1,142 | $ | 9,157 | $ | 674,732 | ||||||||||||||
Nonperforming (3) | 2,297 | 233 | 1,198 | 223 | — | 44 | 3,995 | |||||||||||||||||||||
Total | $ | 280,674 | $ | 117,181 | $ | 247,402 | $ | 23,127 | $ | 1,142 | $ | 9,201 | $ | 678,727 | ||||||||||||||
_____________ | ||||||||||||||||||||||||||||
(1) Net of LIP. | ||||||||||||||||||||||||||||
(2) There were $157.3 million of owner-occupied one-to-four family residential loans and $121.1 million of non-owner occupied one-to-four family residential loans classified as performing. | ||||||||||||||||||||||||||||
(3) There were $1.5 million of owner-occupied one-to-four family residential loans and $817,000 of non-owner occupied one-to-four family residential loans classified as nonperforming. | ||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | |||||||||||||||||||||||||||
The following table presents TDRs and their recorded investment prior to the modification and after the modification: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Number | Pre-Modification Outstanding | Post-Modification Outstanding | Number | Pre-Modification Outstanding | Post-Modification Outstanding | |||||||||||||||||||||||
of Loans | Recorded | Recorded | of Loans | Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
TDRs that Occurred During the Period: | ||||||||||||||||||||||||||||
One-to-four family | ||||||||||||||||||||||||||||
residential: | ||||||||||||||||||||||||||||
Principal and interest with | 1 | 221 | 221 | — | — | — | ||||||||||||||||||||||
interest rate concession | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Principal and interest | — | $ | — | $ | — | 1 | 335 | 334 | ||||||||||||||||||||
reamortized with no interest | ||||||||||||||||||||||||||||
rate concession | ||||||||||||||||||||||||||||
Total | 1 | $ | 221 | $ | 221 | 1 | $ | 335 | $ | 334 | ||||||||||||||||||
Trouble Debt Restructurings on Financing Receivables, TDRs that subsequently defaulted | ' | |||||||||||||||||||||||||||
The following is a summary of loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Types of Modifications | Types of Modifications | |||||||||||||||||||||||||||
Number of | No Interest Rate Concession with Modified Principal and Interest Payment | Advancement of Maturity Date | Number of | Interest Only Payments | Interest Rate Concession | |||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
TDRs that Subsequently Defaulted: | ||||||||||||||||||||||||||||
One-to-four family residential | — | $ | — | $ | — | 1 | $ | — | $ | 71 | ||||||||||||||||||
Commercial real estate | 1 | — | 430 | 2 | 2,324 | — | ||||||||||||||||||||||
Total | 1 | $ | — | $ | 430 | 3 | $ | 2,324 | $ | 71 | ||||||||||||||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Real Estate [Abstract] | ' | |||||||
Other Real Estate, Roll Forward | ' | |||||||
The following table is a summary of OREO: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 11,465 | $ | 17,347 | ||||
Loans transferred to OREO | 1,191 | 3,376 | ||||||
Capitalized improvements | — | 33 | ||||||
Dispositions of OREO | (851 | ) | (4,301 | ) | ||||
Market value adjustments | (196 | ) | (145 | ) | ||||
Balance at end of period | $ | 11,609 | $ | 16,310 | ||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis (there were no transfers between Level 1, Level 2 and Level 3 recurring measurements): | ||||||||||||||||||||
Fair Value Measurements at March 31, 2014 | ||||||||||||||||||||
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||
Fannie Mae | $ | 44,629 | $ | — | $ | 44,629 | $ | — | ||||||||||||
Freddie Mac | 24,881 | — | 24,881 | — | ||||||||||||||||
Ginnie Mae | 32,264 | — | 32,264 | — | ||||||||||||||||
Municipal bonds | 1,933 | — | 1,933 | — | ||||||||||||||||
U.S. Government agencies | 22,196 | — | 22,196 | — | ||||||||||||||||
Corporate bonds | 13,965 | — | 13,965 | — | ||||||||||||||||
$ | 139,868 | $ | — | $ | 139,868 | $ | — | |||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Mortgage-backed investments: | ||||||||||||||||||||
Fannie Mae | $ | 46,232 | $ | — | $ | 46,232 | $ | — | ||||||||||||
Freddie Mac | 25,856 | — | 25,856 | — | ||||||||||||||||
Ginnie Mae | 33,873 | — | 33,873 | — | ||||||||||||||||
Municipal bonds | 1,850 | — | 1,850 | — | ||||||||||||||||
U.S. Government agencies | 22,704 | — | 22,704 | — | ||||||||||||||||
Corporate bonds | 13,849 | — | 13,849 | — | ||||||||||||||||
$ | 144,364 | $ | — | $ | 144,364 | $ | — | |||||||||||||
Schedule of balances of assets and liabilities, measured at fair value on a non-recurring basis | ' | |||||||||||||||||||
The tables below present the balances of assets and liabilities measured at fair value on a nonrecurring basis. | ||||||||||||||||||||
Fair Value Measurements at March 31, 2014 | ||||||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | Total Losses | ||||||||||||||||
Measurements | Active Markets | Other | Unobservable | |||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Impaired loans (included in loans | ||||||||||||||||||||
receivable, net) (1) | $ | 60,441 | $ | — | $ | — | $ | 60,441 | $ | 2,165 | ||||||||||
OREO (2) | 11,609 | — | — | 11,609 | 196 | |||||||||||||||
Total | $ | 72,050 | $ | — | $ | — | $ | 72,050 | $ | 2,361 | ||||||||||
_______________ | ||||||||||||||||||||
(1) The loss represents the specific reserve against loans that were considered impaired at March 31, 2014. | ||||||||||||||||||||
(2) The loss represents OREO market value adjustments for the quarter ended March 31, 2014. | ||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | Total Losses | ||||||||||||||||
Measurements | Active Markets | Other | Unobservable | |||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Impaired loans (included in loans | ||||||||||||||||||||
receivable, net) (1) | $ | 61,985 | $ | — | $ | — | $ | 61,985 | $ | 2,180 | ||||||||||
OREO (2) | 11,465 | — | — | 11,465 | 403 | |||||||||||||||
Total | $ | 73,450 | $ | — | $ | — | $ | 73,450 | $ | 2,583 | ||||||||||
________________ | ||||||||||||||||||||
(1) The loss represents the specific reserve against loans that were considered impaired at December 31, 2013. | ||||||||||||||||||||
(2) The loss represents OREO market value adjustments for the year ended December 31, 2013. | ||||||||||||||||||||
Schedule of quantitative information about Level 3 Fair Value Measurements on a nonrecurring basis | ' | |||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis. | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range (Weighted Average) | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Impaired Loans | $ | 60,441 | Market approach | Adjusted for differences between comparable sales | 0% - 9% | |||||||||||||||
-0.44% | ||||||||||||||||||||
OREO | $ | 11,609 | Market approach | Adjusted for differences between comparable sales | (16%) - 9.72% (1.85%) | |||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments were as follows: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Estimated | Fair Value Measurements Using: | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash on hand and in banks | $ | 5,440 | $ | 5,440 | $ | 5,440 | $ | — | $ | — | ||||||||||
Interest-earning deposits | 28,073 | 28,073 | 28,073 | — | — | |||||||||||||||
Investments available-for-sale | 139,868 | 139,868 | — | 139,868 | — | |||||||||||||||
Loans receivable, net | 671,848 | 690,026 | — | — | 690,026 | |||||||||||||||
FHLB stock | 6,952 | 6,952 | — | 6,952 | — | |||||||||||||||
Accrued interest receivable | 3,509 | 3,509 | — | 3,509 | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits | 189,083 | 189,083 | 189,083 | — | — | |||||||||||||||
Certificates of deposit | 397,964 | 400,301 | — | 400,301 | — | |||||||||||||||
Advances from the FHLB | 119,000 | 118,653 | — | 118,653 | — | |||||||||||||||
Accrued interest payable | 91 | 91 | — | 91 | — | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Estimated | Fair Value Measurements Using: | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash on hand and in banks | $ | 6,074 | $ | 6,074 | $ | 6,074 | $ | — | $ | — | ||||||||||
Interest-earning deposits | 49,501 | 49,501 | 49,501 | — | — | |||||||||||||||
Investments available-for-sale | 144,364 | 144,364 | — | 144,364 | — | |||||||||||||||
Loans receivable, net | 663,153 | 680,622 | — | — | 680,622 | |||||||||||||||
FHLB stock | 7,017 | 7,017 | — | 7,017 | — | |||||||||||||||
Accrued interest receivable | 3,698 | 3,698 | — | 3,698 | — | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits | 201,658 | 201,658 | 201,658 | — | — | |||||||||||||||
Certificates of deposit | 410,407 | 413,417 | — | 413,417 | — | |||||||||||||||
Advances from the FHLB | 119,000 | 118,610 | — | 118,610 | — | |||||||||||||||
Accrued interest payable | 88 | 88 | — | 88 | — | |||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | ||||||||||||||||||
A summary of the Company’s stock option plan awards for the three months ended March 31, 2014, follows: | |||||||||||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term in Years | Aggregate Intrinsic Value | Weighted-Average Grant Date Fair Value | |||||||||||||||
Outstanding at January 1, 2014 | 1,203,535 | $ | 9.49 | — | $ | 1,103,186 | $ | 2.11 | |||||||||||
Granted | — | — | — | — | — | ||||||||||||||
Exercised | (62,000 | ) | 9.78 | — | — | — | |||||||||||||
Forfeited or expired | — | — | — | — | — | ||||||||||||||
Outstanding at March 31, 2014 | 1,141,535 | 9.48 | 5.21 | 839,668 | 2.13 | ||||||||||||||
Expected to vest assuming a 3% forfeiture rate | |||||||||||||||||||
over the vesting term | 1,135,235 | 9.48 | 5.19 | 831,016 | |||||||||||||||
Exercisable at March 31, 2014 | 931,535 | 9.56 | 4.41 | 551,268 | |||||||||||||||
A summary of changes in nonvested restricted stock awards for the three months ended March 31, 2014, follows: | |||||||||||||||||||
Nonvested Shares | Shares | Weighted-Average Grant Date Fair Value | |||||||||||||||||
Nonvested at January 1, 2014 | 103,400 | $ | 8.24 | ||||||||||||||||
Granted | — | — | |||||||||||||||||
Vested | — | — | |||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Nonvested at March 31, 2014 | 103,400 | 8.24 | |||||||||||||||||
Expected to vest assuming a 3% forfeiture rate over the vesting term | 100,298 | ||||||||||||||||||
Earnings_Per_Share_Schedule_of
Earnings Per Share: Schedule of Earnings Per Share Reconciliation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share Reconciliation | ' | ||||||||
The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods indicated. | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands, except share data) | |||||||||
Net income | $ | 2,645 | $ | 1,556 | |||||
Earnings allocated to participating securities | (16 | ) | (18 | ) | |||||
Earnings allocated to common shareholders | 2,629 | 1,538 | |||||||
Basic weighted-average common shares outstanding | 15,252,445 | 17,380,640 | |||||||
Dilutive stock options | 81,331 | 21,210 | |||||||
Dilutive restricted stock grants | 23,344 | — | |||||||
Diluted weighted-average common shares outstanding | 15,357,120 | 17,401,850 | |||||||
Basic earnings per share | $ | 0.17 | $ | 0.09 | |||||
Diluted earnings per share | $ | 0.17 | $ | 0.09 | |||||
Investments_Narrative_Details
Investments: Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
securities | securities | |||
Schedule of Available-for-sale Securities | ' | ' | ' | ' |
Number of Securities with a Gross Unrealized Loss | 18 | ' | ' | 11 |
Investments pledged as collateral for public deposits | $20,500,000 | ' | $21,300,000 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 | ' | ' |
Investments pledged as collateral for FHLB advances | 100.00% | ' | 100.00% | ' |
Unrealized loss | 635,000 | ' | 598,000 | ' |
Fair value | 30,762,000 | 30,762,000 | 21,369,000 | 21,400,000 |
Other than Temporary Impairment Losses, Investments | 0 | 0 | ' | ' |
Municipal Bonds | ' | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' | ' |
Unrealized loss | 105,000 | ' | 199,000 | ' |
Fair value | $1,295,000 | ' | $1,201,000 | ' |
Investments_Availableforsale_S
Investments: Available-for-sale Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Amortized Cost | $140,253 | $145,688 |
Gross Unrealized Gains | 1,242 | 1,194 |
Gross Unrealized Losses | -1,627 | -2,518 |
Fair Value | 139,868 | 144,364 |
Mortgage-backed investments, Fannie Mae | ' | ' |
Amortized Cost | 44,321 | 46,234 |
Gross Unrealized Gains | 645 | 623 |
Gross Unrealized Losses | -337 | -625 |
Fair Value | 44,629 | 46,232 |
Mortgage-backed investments, Freddie Mac | ' | ' |
Amortized Cost | 24,736 | 25,707 |
Gross Unrealized Gains | 379 | 343 |
Gross Unrealized Losses | -234 | -194 |
Fair Value | 24,881 | 25,856 |
Mortgage-backed investments, Ginnie Mae | ' | ' |
Amortized Cost | 32,517 | 34,403 |
Gross Unrealized Gains | 95 | 63 |
Gross Unrealized Losses | -348 | -593 |
Fair Value | 32,264 | 33,873 |
Municipal Bonds | ' | ' |
Amortized Cost | 2,042 | 2,043 |
Gross Unrealized Gains | 1 | 6 |
Gross Unrealized Losses | -110 | -199 |
Fair Value | 1,933 | 1,850 |
US Government agencies | ' | ' |
Amortized Cost | 22,562 | 23,222 |
Gross Unrealized Gains | 101 | 123 |
Gross Unrealized Losses | -467 | -641 |
Fair Value | 22,196 | 22,704 |
Corporate Bonds | ' | ' |
Amortized Cost | 14,075 | 14,079 |
Gross Unrealized Gains | 21 | 36 |
Gross Unrealized Losses | -131 | -266 |
Fair Value | $13,965 | $13,849 |
Investments_Schedule_of_Availa
Investments: Schedule of Available for sale Securities in Continuous Unrealized Loss positions (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Fair Value | $49,573 | $69,248 | ' | ' |
Unrealized Loss | -992 | -1,920 | ' | ' |
Fair Value | 30,762 | 21,369 | 30,762 | 21,400 |
Unrealized Loss | -635 | -598 | ' | ' |
Fair Value | 80,335 | 90,617 | ' | ' |
Unrealized Loss | -1,627 | -2,518 | ' | ' |
Mortgage-backed investments, Fannie Mae | ' | ' | ' | ' |
Fair Value | 23,616 | 27,429 | ' | ' |
Unrealized Loss | -320 | -625 | ' | ' |
Fair Value | 3,137 | 0 | ' | ' |
Unrealized Loss | -17 | 0 | ' | ' |
Fair Value | 26,753 | 27,429 | ' | ' |
Unrealized Loss | -337 | -625 | ' | ' |
Mortgage-backed investments, Freddie Mac | ' | ' | ' | ' |
Fair Value | 6,851 | 8,704 | ' | ' |
Unrealized Loss | -215 | -155 | ' | ' |
Fair Value | 2,287 | 2,483 | ' | ' |
Unrealized Loss | -19 | -39 | ' | ' |
Fair Value | 9,138 | 11,187 | ' | ' |
Unrealized Loss | -234 | -194 | ' | ' |
Mortgage backed investments Ginnie Mae | ' | ' | ' | ' |
Fair Value | 7,093 | 16,617 | ' | ' |
Unrealized Loss | -193 | -278 | ' | ' |
Fair Value | 12,096 | 12,730 | ' | ' |
Unrealized Loss | -155 | -315 | ' | ' |
Fair Value | 19,189 | 29,347 | ' | ' |
Unrealized Loss | -348 | -593 | ' | ' |
Municipal Bonds | ' | ' | ' | ' |
Fair Value | 495 | 0 | ' | ' |
Unrealized Loss | -5 | 0 | ' | ' |
Fair Value | 1,295 | 1,201 | ' | ' |
Unrealized Loss | -105 | -199 | ' | ' |
Fair Value | 1,790 | 1,201 | ' | ' |
Unrealized Loss | -110 | -199 | ' | ' |
US Government agencies | ' | ' | ' | ' |
Fair Value | 3,557 | 7,702 | ' | ' |
Unrealized Loss | -162 | -596 | ' | ' |
Fair Value | 9,481 | 4,955 | ' | ' |
Unrealized Loss | -305 | -45 | ' | ' |
Fair Value | 13,038 | 12,657 | ' | ' |
Unrealized Loss | -467 | -641 | ' | ' |
Corporate Bonds | ' | ' | ' | ' |
Fair Value | 7,961 | 8,796 | ' | ' |
Unrealized Loss | -97 | -266 | ' | ' |
Fair Value | 2,466 | 0 | ' | ' |
Unrealized Loss | -34 | 0 | ' | ' |
Fair Value | 10,427 | 8,796 | ' | ' |
Unrealized Loss | ($131) | ($266) | ' | ' |
Investments_Schedule_of_Availa1
Investments: Schedule of Available for sale Securities, Debt Maturities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $50 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 50 | ' |
Due after one year through five years, Amortized Cost | 14,832 | ' |
Due after five years through ten years, Amortized Cost | 16,609 | ' |
Due after ten years, Amortized Cost | 7,188 | ' |
Debt maturities, Amortized Cost | 38,679 | ' |
Mortgage-backed investments, Amortized Cost | 101,574 | ' |
Amortized Cost | 140,253 | 145,688 |
Due after one year through five years, Fair Value | 14,750 | ' |
Due after five years through ten years, Fair Value | 16,381 | ' |
Due after ten years, Fair Value | 6,913 | ' |
Debt maturities, Fair Value | 38,094 | ' |
Mortgage-backed investments, Fair Value | 101,774 | ' |
Fair Value | $139,868 | ' |
Loans_Receivable_Schedule_of_A1
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
Loans in process (LIP) | $11,339,000 | $10,209,000 | ' | ' | ||
Deferred loan fees, net | 2,624,000 | 2,580,000 | ' | ' | ||
ALLL | 12,093,000 | 12,994,000 | ' | ' | ||
Loans receivable, net | 671,848,000 | 663,153,000 | ' | ' | ||
Loans Receivable Held-for-sale, Net | 0 | 0 | ' | ' | ||
One to Four Family Permanent [Member] | ' | ' | ' | ' | ||
Loans receivable | 279,244,000 | [1] | 280,674,000 | [1] | ' | ' |
One to Four Family [Member] | ' | ' | ' | ' | ||
Loans receivable | 279,244,000 | [1] | 280,674,000 | [1] | ' | ' |
Multifamily Permanent | ' | ' | ' | ' | ||
Loans receivable | 114,551,000 | [2] | 106,152,000 | [2] | ' | ' |
Multifamily Construction | ' | ' | ' | ' | ||
Loans receivable | 7,445,000 | [2] | 12,360,000 | [2] | ' | ' |
Loans and Notes receivable, category as percent of total | 6.10% | ' | ' | 10.40% | ||
Loans excluded from category | 7,400,000 | 12,400,000 | ' | ' | ||
Multifamily | ' | ' | ' | ' | ||
Loans receivable | 121,996,000 | [2] | 118,512,000 | [2] | ' | ' |
ALLL | 1,406,000 | 1,377,000 | 1,198,000 | 1,139,000 | ||
Commercial Real Estate Permanent | ' | ' | ' | ' | ||
Loans receivable | 247,019,000 | [2] | 227,016,000 | [2] | ' | ' |
Commercial Real Estate Construction | ' | ' | ' | ' | ||
Loans receivable | 6,100,000 | [2] | 19,905,000 | [2] | ' | ' |
Loans and Notes receivable, category as percent of total | 2.40% | 8.00% | ' | ' | ||
Loans excluded from category | 6,100,000 | 19,900,000 | ' | ' | ||
Commercial Real Estate Land | ' | ' | ' | ' | ||
Loans receivable | 1,607,000 | [2] | 1,831,000 | [2] | ' | ' |
Commercial Real Estate | ' | ' | ' | ' | ||
Loans receivable | 254,726,000 | [2] | 248,752,000 | [2] | ' | ' |
Construction/Land Development One-to-four family residential | ' | ' | ' | ' | ||
Loans receivable | 5,226,000 | [2] | 3,977,000 | [2] | ' | ' |
Construction Land Development Multifamily | ' | ' | ' | ' | ||
Loans receivable | 15,718,000 | [2] | 12,491,000 | [2] | ' | ' |
Construction Land Development Commercial | ' | ' | ' | ' | ||
Loans receivable | 7,141,000 | [2] | 7,461,000 | [2] | ' | ' |
Loans excluded from category | 1,600,000 | 1,800,000 | ' | ' | ||
Construction Land Development Land Development | ' | ' | ' | ' | ||
Loans receivable | 32,741,000 | [2] | 30,655,000 | [2] | ' | ' |
Construction Land Development | ' | ' | ' | ' | ||
ALLL | 388,000 | 399,000 | 386,000 | 437,000 | ||
Business | ' | ' | ' | ' | ||
Loans receivable | 614,000 | 1,142,000 | ' | ' | ||
ALLL | 7,000 | 14,000 | 32,000 | 30,000 | ||
Consumer | ' | ' | ' | ' | ||
Loans receivable | 8,583,000 | 9,201,000 | ' | ' | ||
ALLL | 181,000 | 182,000 | 161,000 | 167,000 | ||
Property total | ' | ' | ' | ' | ||
Loans receivable | 697,904,000 | 688,936,000 | ' | ' | ||
ALLL | 12,093,000 | 12,994,000 | 12,002,000 | 12,542,000 | ||
One-to-four family residential non-owner occupied | ' | ' | ' | ' | ||
Loans receivable | $120,100,000 | $121,900,000 | ' | ' | ||
[1] | Includes $120.1 million and $121.9 million of non-owner occupied loans at MarchB 31, 2014 and December 31, 2013, respectively. | |||||
[2] | Excludes construction loans that will convert to permanent loans. The Company considers these loans to be "rollovers" in that one loan is originated for both the construction loan and permanent financing. These loans are classified according to the underlying collateral. At March 31, 2014, the Company had $6.1 million, or 2.4% of the total commercial real estate portfolio and $7.4 million, or 6.1% of its total multifamily portfolio in these "rollover" type of loans. At December 31, 2013, the Company had $19.9 million, or 8.0% of the total commercial real estate portfolio and $12.4 million, or 10.4% of the total multifamily portfolio in these "rollover" type of loans. At MarchB 31, 2014 and DecemberB 31, 2013, $1.6 million and $1.8 million, respectively, of commercial real estate loans were not included in the construction/land development category because the Company classifies raw land or buildable lots when it does not intend to finance the construction as commercial real estate land loans. |
Loans_Receivable_Schedule_of_A2
Loans Receivable: Schedule of Allowance for Loan and Lease Losses, Roll Forward (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | $12,994 | ' | ' | ||
Charge-offs | 500 | 0 | ' | ||
Recapture of loan loss provision | -500 | 0 | ' | ||
Loans and Leases Receivable, Allowance, Ending Balance | 12,093 | ' | ' | ||
Loans receivable allowance for loan losses | 12,093 | ' | ' | ||
One-to-four family residential | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Write-offs | 18 | 159 | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 5,141 | 5,562 | ' | ||
Charge-offs | 548 | -41 | ' | ||
Recoveries | 0 | 0 | ' | ||
Recapture of loan loss provision | -548 | 41 | ' | ||
Loans and Leases Receivable, Allowance, Ending Balance | 4,575 | 5,444 | ' | ||
Loans receivable allowance for loan losses | 4,575 | 5,444 | ' | ||
Total Loans | 279,244 | [1] | ' | 300,892 | [1] |
One-to-four family residential | General Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 4,105 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 3,056 | ' | 4,105 | ||
Loans receivable allowance for loan losses | 3,056 | ' | 4,105 | ||
Total Loans | 231,882 | [1],[2] | ' | 242,642 | [1],[2] |
One-to-four family residential | Specific Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 1,339 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 1,519 | ' | 1,339 | ||
Loans receivable allowance for loan losses | 1,519 | ' | 1,339 | ||
Total Loans | 47,362 | [1],[3] | ' | 58,250 | [1],[3] |
Multifamily | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Write-offs | 0 | 346 | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,377 | 1,139 | ' | ||
Charge-offs | -29 | -405 | ' | ||
Recoveries | 0 | 0 | ' | ||
Recapture of loan loss provision | 29 | 405 | ' | ||
Loans and Leases Receivable, Allowance, Ending Balance | 1,406 | 1,198 | ' | ||
Loans receivable allowance for loan losses | 1,406 | 1,198 | ' | ||
Total Loans | 121,639 | [1] | ' | 108,820 | [1] |
Multifamily | General Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 1,198 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 1,326 | ' | 1,198 | ||
Loans receivable allowance for loan losses | 1,326 | ' | 1,198 | ||
Total Loans | 119,210 | [1],[2] | ' | 104,963 | [1],[2] |
Multifamily | Specific Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 0 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 80 | ' | 0 | ||
Loans receivable allowance for loan losses | 80 | ' | 0 | ||
Total Loans | 2,429 | [1],[3] | ' | 3,857 | [1],[3] |
Commercial Real Estate | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Write-offs | 311 | 98 | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 5,881 | 5,207 | ' | ||
Charge-offs | 185 | 329 | ' | ||
Recoveries | 151 | 1 | ' | ||
Recapture of loan loss provision | -185 | -329 | ' | ||
Loans and Leases Receivable, Allowance, Ending Balance | 5,536 | 4,781 | ' | ||
Loans receivable allowance for loan losses | 5,536 | 4,781 | ' | ||
Total Loans | 253,420 | [1] | ' | 226,567 | [1] |
Commercial Real Estate | General Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 4,440 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 4,970 | ' | 4,440 | ||
Loans receivable allowance for loan losses | 4,970 | ' | 4,440 | ||
Total Loans | 240,648 | [1],[2] | ' | 209,433 | [1],[2] |
Commercial Real Estate | Specific Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 341 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 566 | ' | 341 | ||
Loans receivable allowance for loan losses | 566 | ' | 341 | ||
Total Loans | 12,772 | [1],[3] | ' | 17,134 | [1],[3] |
Construction Land Development | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Write-offs | 223 | 0 | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 399 | 437 | ' | ||
Charge-offs | -212 | 121 | ' | ||
Recoveries | 0 | 70 | ' | ||
Recapture of loan loss provision | 212 | -121 | ' | ||
Loans and Leases Receivable, Allowance, Ending Balance | 388 | 386 | ' | ||
Loans receivable allowance for loan losses | 388 | 386 | ' | ||
Total Loans | 23,065 | [1] | ' | 13,984 | [1] |
Construction Land Development | General Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 386 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 388 | ' | 386 | ||
Loans receivable allowance for loan losses | 388 | ' | 386 | ||
Total Loans | 23,065 | [1],[2] | ' | 9,237 | [1],[2] |
Construction Land Development | Specific Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 0 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 0 | ' | 0 | ||
Loans receivable allowance for loan losses | 0 | ' | 0 | ||
Total Loans | 0 | [1],[3] | ' | 4,747 | [1],[3] |
Business | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 14 | 30 | ' | ||
Charge-offs | 7 | -2 | ' | ||
Recoveries | 0 | 0 | ' | ||
Recapture of loan loss provision | -7 | 2 | ' | ||
Loans and Leases Receivable, Allowance, Ending Balance | 7 | 32 | ' | ||
Loans receivable allowance for loan losses | 7 | 32 | ' | ||
Total Loans | 614 | [1] | ' | 3,104 | [1] |
Business | General Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 32 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 7 | ' | 32 | ||
Loans receivable allowance for loan losses | 7 | ' | 32 | ||
Total Loans | 614 | [1],[2] | ' | 3,104 | [1],[2] |
Business | Specific Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 0 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 0 | ' | 0 | ||
Loans receivable allowance for loan losses | 0 | ' | 0 | ||
Total Loans | 0 | [1],[3] | ' | 0 | [1],[3] |
Consumer | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Write-offs | 1 | 16 | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 182 | 167 | ' | ||
Charge-offs | 1 | -2 | ' | ||
Recoveries | 1 | 8 | ' | ||
Recapture of loan loss provision | -1 | 2 | ' | ||
Loans and Leases Receivable, Allowance, Ending Balance | 181 | 161 | ' | ||
Loans receivable allowance for loan losses | 181 | 161 | ' | ||
Total Loans | 8,583 | [1] | ' | 10,132 | [1] |
Consumer | General Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 161 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 181 | ' | 161 | ||
Loans receivable allowance for loan losses | 181 | ' | 161 | ||
Total Loans | 8,540 | [1],[2] | ' | 9,400 | [1],[2] |
Consumer | Specific Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 0 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 0 | ' | 0 | ||
Loans receivable allowance for loan losses | 0 | ' | 0 | ||
Total Loans | 43 | [1],[3] | ' | 732 | [1],[3] |
Property total | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Write-offs | 553 | 619 | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 12,994 | 12,542 | ' | ||
Charge-offs | 500 | 0 | ' | ||
Recoveries | 152 | 79 | ' | ||
Recapture of loan loss provision | -500 | 0 | ' | ||
Loans and Leases Receivable, Allowance, Ending Balance | 12,093 | 12,002 | ' | ||
Loans receivable allowance for loan losses | 12,093 | 12,002 | ' | ||
Total Loans | 686,565 | [1] | ' | 663,499 | [1] |
Property total | General Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 10,322 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 9,928 | ' | 10,322 | ||
Loans receivable allowance for loan losses | 9,928 | ' | 10,322 | ||
Total Loans | 623,959 | [1],[2] | ' | 578,779 | [1],[2] |
Property total | Specific Reserve | ' | ' | ' | ||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Allowance, Beginning Balance | ' | ' | 1,680 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 2,165 | ' | 1,680 | ||
Loans receivable allowance for loan losses | 2,165 | ' | 1,680 | ||
Total Loans | $62,606 | [1],[3] | ' | $84,720 | [1],[3] |
[1] | Net of LIP. | ||||
[2] | Loans collectively evaluated for impairment. | ||||
[3] | Loans individually evaluated for impairment. |
Loans_Receivable_Nonperforming
Loans Receivable: Non-performing Loans, Foregone interest, and loans committed (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Loans Receivable, non-performing | $2,500,000 | ' | $4,000,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 44,000 | 290,000 | ' |
Loans and Leases Receivable, Impaired, Commitment to Lend | $0 | ' | $0 |
Loans_Receivable_Schedule_of_I
Loans Receivable: Schedule of Impaired Financing Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Impaired Financing Receivable, Recorded Investment | $60,441 | [1] | $61,985 | [1] | ' | |
One-to-four family, residential, owner occupied | ' | ' | ' | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,388 | 3,878 | ' | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,723 | [2] | 4,281 | [2] | ' | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,398 | 3,191 | ' | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,468 | [2] | 3,238 | [2] | ' | |
Impaired Financing Receivable, Related Allowance | 236 | 263 | ' | |||
Impaired Financing Receivable, Recorded Investment | 6,786 | 7,069 | ' | |||
Impaired Financing Receivable, Unpaid Principal Balance | 7,191 | [2] | 7,519 | [2] | ' | |
One-to-four family residential non-owner occupied | ' | ' | ' | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 29,230 | 28,782 | ' | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 29,277 | [2] | 28,854 | [2] | ' | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,346 | 12,297 | ' | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,402 | [2] | 12,352 | [2] | ' | |
Impaired Financing Receivable, Related Allowance | 1,283 | 1,277 | ' | |||
Impaired Financing Receivable, Recorded Investment | 40,576 | 41,079 | ' | |||
Impaired Financing Receivable, Unpaid Principal Balance | 40,679 | [2] | 41,206 | [2] | ' | |
Multifamily | ' | ' | ' | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 228 | 233 | ' | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 263 | [2] | 264 | [2] | ' | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,201 | 2,208 | ' | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,201 | [2] | 2,208 | [2] | ' | |
Impaired Financing Receivable, Related Allowance | 80 | 85 | ' | |||
Impaired Financing Receivable, Recorded Investment | 2,429 | 2,441 | ' | |||
Impaired Financing Receivable, Unpaid Principal Balance | 2,464 | [2] | 2,472 | [2] | ' | |
Commercial Real Estate | ' | ' | ' | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,705 | 6,224 | ' | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,010 | [2] | 6,511 | [2] | ' | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,067 | 7,085 | ' | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,067 | [2] | 7,085 | [2] | ' | |
Impaired Financing Receivable, Related Allowance | 566 | 555 | ' | |||
Impaired Financing Receivable, Recorded Investment | 12,772 | 13,309 | ' | |||
Impaired Financing Receivable, Unpaid Principal Balance | 13,077 | [2] | 13,596 | [2] | ' | |
Construction Land Development | ' | ' | ' | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | ' | 223 | ' | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | ' | 4,812 | [2] | ' | ||
Impaired Financing Receivable, Related Allowance | ' | 0 | ' | |||
Impaired Financing Receivable, Recorded Investment | ' | 223 | ' | |||
Impaired Financing Receivable, Unpaid Principal Balance | ' | 4,812 | [2] | ' | ||
Consumer | ' | ' | ' | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 43 | 44 | ' | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 70 | [2] | 70 | [2] | ' | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivable, Recorded Investment | 43 | 44 | ' | |||
Impaired Financing Receivable, Unpaid Principal Balance | 70 | [2] | 70 | [2] | ' | |
Property total | ' | ' | ' | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 38,594 | 39,384 | ' | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 39,343 | [2] | 44,792 | [2] | ' | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | ' | 24,781 | 24,012 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ' | 24,883 | [2] | 24,138 | [2] | |
Impaired Financing Receivable, Related Allowance | 2,165 | 2,180 | 2,165 | |||
Impaired Financing Receivable, Recorded Investment | 62,606 | 64,165 | ' | |||
Impaired Financing Receivable, Unpaid Principal Balance | $63,481 | [2] | $69,675 | [2] | ' | |
[1] | The loss represents the specific reserve against loans that were considered impaired at MarchB 31, 2014. | |||||
[2] | Contractual loan principal balance. |
Loans_Receivable_Loans_Receiva
Loans Receivable Loans Receivable: Average Recorded Investment and Interest Income Recognized (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $38,989 | $57,014 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 552 | 546 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 24,397 | 29,650 |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 317 | 401 |
Impaired Financing Receivable, Average Recorded Investment | 63,386 | 86,664 |
Impaired Financing Receivable, Interest Income, Accrual Method | 869 | 947 |
One to four family residential owner occupied [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,633 | 5,070 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 38 | 30 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,295 | 5,557 |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 39 | 58 |
Impaired Financing Receivable, Average Recorded Investment | 6,928 | 10,627 |
Impaired Financing Receivable, Interest Income, Accrual Method | 77 | 88 |
One-to-four family residential non-owner occupied | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 29,006 | 31,951 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 432 | 430 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 11,822 | 15,993 |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 157 | 226 |
Impaired Financing Receivable, Average Recorded Investment | 40,828 | 47,944 |
Impaired Financing Receivable, Interest Income, Accrual Method | 589 | 656 |
Multifamily [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 231 | 4,904 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 20 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,204 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 34 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 2,435 | 4,904 |
Impaired Financing Receivable, Interest Income, Accrual Method | 34 | 20 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,964 | 9,587 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 82 | 66 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,076 | 8,100 |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 87 | 117 |
Impaired Financing Receivable, Average Recorded Investment | 13,040 | 17,687 |
Impaired Financing Receivable, Interest Income, Accrual Method | 169 | 183 |
Construction Land Development | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 112 | 4,757 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 112 | 4,757 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 43 | 745 |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 43 | 745 |
Impaired Financing Receivable, Interest Income, Accrual Method | $0 | $0 |
Loans_Receivable_Schedule_of_N
Loans Receivable: Schedule of Non-performing assets and troubled debt restructured loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Receivables [Abstract] | ' | ' | ' | ' | ||
Nonaccrual loans | $2,065 | [1] | $3,027 | [1] | ' | ' |
Nonaccrual TDRs | 469 | [1] | 968 | [1] | ' | ' |
Total nonperforming loans | 2,534 | [1] | 3,995 | [1] | ' | ' |
OREO | 11,609 | [1],[2] | 11,465 | [1],[2] | 16,310 | 17,347 |
Total nonperforming assets | 14,143 | [1] | 15,460 | [1] | ' | ' |
Performing TDRs | 60,072 | 60,170 | ' | ' | ||
Nonaccrual TDRs | 469 | 968 | ' | ' | ||
Total TDRs | $60,541 | $61,138 | ' | ' | ||
[1] | There were no loans 90 days or more past due and still accruing interest at March 31, 2014 and December 31, 2013. All loans are reported net of LIP. | |||||
[2] | The loss represents OREO market value adjustments for the quarter ended MarchB 31, 2014. |
Recovered_Sheet1
Loans Receivable: Schedule of non-accrual loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Nonaccrual Loans, total | $2,534 | [1] | $3,995 | [1] |
One-to-four family residential | ' | ' | ||
Nonaccrual Loans, total | 1,600 | 2,297 | ||
Multifamily | ' | ' | ||
Nonaccrual Loans, total | 228 | 233 | ||
Commercial Real Estate | ' | ' | ||
Nonaccrual Loans, total | 706 | 1,198 | ||
Construction Land Development | ' | ' | ||
Nonaccrual Loans, total | 0 | 223 | ||
Consumer | ' | ' | ||
Nonaccrual Loans, total | $0 | $44 | ||
[1] | There were no loans 90 days or more past due and still accruing interest at March 31, 2014 and December 31, 2013. All loans are reported net of LIP. |
Loans_Receivable_Financing_Rec
Loans Receivable: Financing Receivables, Aging of loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
One-to-four family, residential, owner occupied | ' | ' | ||
30-59 Days | $826 | $923 | ||
60-89 Days | 0 | 337 | ||
90 Days and Greater | 531 | 575 | ||
Total | 1,357 | 1,835 | ||
Current | 157,755 | 156,962 | ||
Total Loans | 159,112 | [1],[2] | 158,797 | [1],[3] |
One-to-four family residential non-owner occupied | ' | ' | ||
30-59 Days | 167 | 0 | ||
60-89 Days | 0 | 0 | ||
90 Days and Greater | 477 | 692 | ||
Total | 644 | 692 | ||
Current | 119,488 | 121,185 | ||
Total Loans | 120,132 | [1],[2] | 121,877 | [1],[3] |
Multifamily | ' | ' | ||
30-59 Days | 0 | 0 | ||
60-89 Days | 0 | 0 | ||
90 Days and Greater | 0 | 0 | ||
Total | 0 | 0 | ||
Current | 121,639 | 117,181 | ||
Total Loans | 121,639 | [1],[2] | 117,181 | [1],[3] |
Commercial Real Estate | ' | ' | ||
30-59 Days | 329 | 331 | ||
60-89 Days | 0 | 0 | ||
90 Days and Greater | 601 | 1,089 | ||
Total | 930 | 1,420 | ||
Current | 252,490 | 245,982 | ||
Total Loans | 253,420 | [1],[2] | 247,402 | [1],[3] |
Construction Land Development | ' | ' | ||
30-59 Days | 0 | 0 | ||
60-89 Days | 0 | 0 | ||
90 Days and Greater | 0 | 223 | ||
Total | 0 | 223 | ||
Current | 23,065 | 22,904 | ||
Total Loans | 23,065 | [1],[2] | 23,127 | [1],[3] |
Real Estate, Total | ' | ' | ||
30-59 Days | 1,322 | 1,254 | ||
60-89 Days | 0 | 337 | ||
90 Days and Greater | 1,609 | 2,579 | ||
Total | 2,931 | 4,170 | ||
Current | 674,437 | 664,214 | ||
Total Loans | 677,368 | [1],[2] | 668,384 | [1],[3] |
Business | ' | ' | ||
30-59 Days | 0 | 0 | ||
60-89 Days | 0 | 0 | ||
90 Days and Greater | 0 | 0 | ||
Total | 0 | 0 | ||
Current | 614 | 1,142 | ||
Total Loans | 614 | [1],[2] | 1,142 | [1],[3] |
Consumer | ' | ' | ||
30-59 Days | 0 | 103 | ||
60-89 Days | 34 | 34 | ||
90 Days and Greater | 0 | 0 | ||
Total | 34 | 137 | ||
Current | 8,549 | 9,064 | ||
Total Loans | 8,583 | [1],[2] | 9,201 | [1],[3] |
Property total | ' | ' | ||
30-59 Days | 1,322 | 1,357 | ||
60-89 Days | 34 | 371 | ||
90 Days and Greater | 1,609 | 2,579 | ||
Total | 2,965 | 4,307 | ||
Current | 683,600 | 674,420 | ||
Total Loans | $686,565 | [1],[2] | $678,727 | [1],[3] |
[1] | Net of LIP. | |||
[2] | There were no loans 90 days past due and still accruing interest at MarchB 31, 2014. | |||
[3] | There were no loans 90 days past due and still accruing interest at December 31, 2013. |
Loans_Receivable_Financing_Rec1
Loans Receivable: Financing Receivables, Summary of loans by type and risk category (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2012 | ||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | One-to-four family residential | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Construction Land Development | Business | Business | Business | Business | Business | Business | Business | Business | Business | Business | Business | Business | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Property total | Property total | Property total | Property total | Property total | Property total | Property total | Property total | Property total | Property total | Property total | Property total | One to four family residential owner occupied [Member] | One to four family residential owner occupied [Member] | One to four family residential owner occupied [Member] | One to four family residential owner occupied [Member] | One to four family residential owner occupied [Member] | One to four family residential owner occupied [Member] | One to four family residential non owner occupied [Member] | One to four family residential non owner occupied [Member] | One to four family residential non owner occupied [Member] | One to four family residential non owner occupied [Member] | One to four family residential non owner occupied [Member] | One to four family residential non owner occupied [Member] | ||||||||||||||||||||||||||||||||||||||
Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Pass | Pass | Special Mention | Special Mention | Substandard | Substandard | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Pass | Pass | Special Mention | Special Mention | Substandard | Substandard | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Pass | Pass | Special Mention | Special Mention | Substandard | Substandard | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Pass | Pass | Special Mention | Special Mention | Substandard | Substandard | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Pass | Pass | Special Mention | Special Mention | Substandard | Substandard | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Pass | Pass | Special Mention | Special Mention | Substandard | Substandard | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Pass | Pass | Special Mention | Special Mention | Substandard | Substandard | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Net | $279,244 | $280,674 | $277,644 | $278,377 | $1,600 | [1] | $2,297 | [2] | $265,112 | $265,511 | $5,642 | $5,825 | $8,490 | $9,338 | $121,639 | [3],[4] | $117,181 | [3],[5] | $121,411 | $116,948 | $228 | [1] | $233 | [2] | $118,998 | $114,525 | $1,198 | $1,203 | $1,443 | $1,453 | $253,420 | [3],[4] | $247,402 | [3],[5] | $252,714 | $246,204 | $706 | [1] | $1,198 | [2] | $236,888 | $229,149 | $14,467 | $15,134 | $2,065 | $3,119 | $23,065 | [3],[4] | $23,127 | [3],[5] | $23,065 | $22,904 | $0 | [1] | $223 | [2] | $23,065 | $22,904 | $0 | $0 | $0 | $223 | $614 | [3],[4] | $1,142 | [3],[5] | $614 | $1,142 | $0 | [1] | $0 | [2] | $614 | $1,142 | $0 | $0 | $0 | $0 | $8,583 | [3],[4] | $9,201 | [3],[5] | $8,583 | $9,157 | $0 | [1] | $44 | [2] | $8,361 | $8,934 | $0 | $1 | $222 | $266 | $686,565 | [3],[4] | $678,727 | [3],[5] | $684,031 | [3] | $674,732 | [3] | $2,534 | [1],[3] | $3,995 | [2],[3] | $653,038 | [3] | $642,165 | [3] | $21,307 | [3] | $22,163 | [3] | $12,220 | [3] | $14,399 | [3] | $159,112 | [3],[4] | $158,797 | [3],[5] | $158,100 | $157,300 | $1,000 | $1,500 | $120,132 | [3],[4] | $121,877 | [3],[5] | $119,500 | $121,100 | $600,000 | $817,000 |
[1] | There were $1.0 million of owner-occupied one-to-four family residential loans and $600,000 of non-owner occupied one-to-four family residential loans classified as nonperforming. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | There were $1.5 million of owner-occupied one-to-four family residential loans and $817,000 of non-owner occupied one-to-four family residential loans classified as nonperforming. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Net of LIP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | There were no loans 90 days past due and still accruing interest at MarchB 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | There were no loans 90 days past due and still accruing interest at December 31, 2013. |
Loans_Receivable_Troubled_Debt
Loans Receivable: Troubled Debt Restructurings on Financing Receivables (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
loan | loan | |
One to Four Family Permanent [Member] | Principal and Interest with Interest Rate Concession | ' | ' |
Number of Loans | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $221 | $0 |
Post-Modification Outstanding Recorded Investment | 221 | 0 |
Commercial Real Estate | ' | ' |
Number of Loans | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | 221 | 335 |
Post-Modification Outstanding Recorded Investment | 221 | 334 |
Commercial Real Estate | Principal and Interest Reamortized With No Interest Rate Concession | ' | ' |
Number of Loans | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | 0 | 335 |
Post-Modification Outstanding Recorded Investment | $0 | $334 |
Loans_Receivable_Trouble_Debt_
Loans Receivable: Trouble Debt Restructurings on Financing Receivables, TDRs that subsequently defaulted (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
loan | loan | |
Number of Loans | 1 | 3 |
One-to-four family residential | ' | ' |
Number of Loans | 0 | 1 |
Commercial Real Estate | ' | ' |
Number of Loans | 1 | 2 |
No Interest Rate Concession with Modified Principal and Interest Payment | ' | ' |
Total | 0 | ' |
No Interest Rate Concession with Modified Principal and Interest Payment | One-to-four family residential | ' | ' |
Total | 0 | ' |
No Interest Rate Concession with Modified Principal and Interest Payment | Commercial Real Estate | ' | ' |
Total | 0 | ' |
Interest only payments, with Interest Rate Concession | ' | ' |
Total | ' | 2,324 |
Interest only payments, with Interest Rate Concession | One-to-four family residential | ' | ' |
Total | ' | 0 |
Interest only payments, with Interest Rate Concession | Commercial Real Estate | ' | ' |
Total | ' | 2,324 |
Advancement of Maturity Date [Member] | ' | ' |
Total | 430 | ' |
Advancement of Maturity Date [Member] | One-to-four family residential | ' | ' |
Total | 0 | ' |
Advancement of Maturity Date [Member] | Commercial Real Estate | ' | ' |
Total | 430 | ' |
Interest rate concession | ' | ' |
Total | ' | 71 |
Interest rate concession | One-to-four family residential | ' | ' |
Total | ' | 71 |
Interest rate concession | Commercial Real Estate | ' | ' |
Total | ' | 0 |
Loans_Receivable_Narratives_De
Loans Receivable: Narratives (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Troubled Debt Restructuring Commitment To Extend Additional Credit | $0 | $0 | ' |
Troubled Debt Restructuring, Interest Rate Concession Period | '3 years 3 months | ' | ' |
Troubled debt restructuring, charge to Allowance for Loan and Lease Losses | 0 | 4,000 | ' |
Loans and Leases Receivable, Net Amount | 671,848,000 | ' | 663,153,000 |
Loans and Leases Receivable, Impaired, Commitment to Lend | 0 | ' | 0 |
Loans Receivable Held-for-sale, Net | 0 | ' | 0 |
Construction Land Development Commercial [Member] | ' | ' | ' |
Loans excluded from category | $1,600,000 | ' | $1,800,000 |
Other_Real_Estate_Owned_Other_
Other Real Estate Owned - Other Real Estate, Roll Forward (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Other Real Estate | ' | ' | |
Balance at beginning of period | $11,465 | [1],[2] | $17,347 |
Loans transferred to OREO | 1,191 | 3,376 | |
Capitalized improvements | 0 | 33 | |
Dispositions of OREO | -851 | -4,301 | |
Market value adjustments | -196 | -145 | |
Balance at end of period | $11,609 | [1],[2] | $16,310 |
[1] | There were no loans 90 days or more past due and still accruing interest at March 31, 2014 and December 31, 2013. All loans are reported net of LIP. | ||
[2] | The loss represents OREO market value adjustments for the quarter ended MarchB 31, 2014. |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Other Real Estate | $11,609 | [1],[2] | $11,465 | [1],[2] | $16,310 | $17,347 |
One-to-four family residential | ' | ' | ' | ' | ||
Other Real Estate | 1,200 | ' | ' | ' | ||
Construction Land Development | ' | ' | ' | ' | ||
Other Real Estate | 556,000 | ' | ' | ' | ||
Commercial Real Estate | ' | ' | ' | ' | ||
Other Real Estate | $9,800 | ' | ' | ' | ||
[1] | There were no loans 90 days or more past due and still accruing interest at March 31, 2014 and December 31, 2013. All loans are reported net of LIP. | |||||
[2] | The loss represents OREO market value adjustments for the quarter ended MarchB 31, 2014. |
Fair_Value_Details
Fair Value (Details) (Loans Receivable) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Loans Receivable | ' | ' |
Fair value, option, methodology and assumptions | 'The fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. Inputs used in the collateral value method include appraised values, estimates of certain completion costs and closing and selling costs. Some of these inputs may not be observable in the marketplace. | 'The fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. Inputs used in the collateral value method include appraised values, estimates of certain completion costs and closing and selling costs. Some of these inputs may not be observable in the marketplace. |
Fair_Value_Schedule_of_Fair_Va
Fair Value: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, fair value disclosure | $139,868 | $144,364 |
Mortgage-backed investments, Fannie Mae | ' | ' |
Investments, fair value disclosure | 44,629 | 46,232 |
Mortgage-backed investments, Freddie Mac | ' | ' |
Investments, fair value disclosure | 24,881 | 25,856 |
Mortgage-backed investments, Ginnie Mae | ' | ' |
Investments, fair value disclosure | 32,264 | 33,873 |
Municipal Bonds | ' | ' |
Investments, fair value disclosure | 1,933 | 1,850 |
Corporate Bonds | ' | ' |
Investments, fair value disclosure | 22,196 | 22,704 |
Corporate Debt Securities [Member] | ' | ' |
Investments, fair value disclosure | 13,965 | 13,849 |
Level 2 | ' | ' |
Investments, fair value disclosure | 139,868 | 144,364 |
Level 2 | Mortgage-backed investments, Fannie Mae | ' | ' |
Investments, fair value disclosure | 44,629 | 46,232 |
Level 2 | Mortgage-backed investments, Freddie Mac | ' | ' |
Investments, fair value disclosure | 24,881 | 25,856 |
Level 2 | Mortgage-backed investments, Ginnie Mae | ' | ' |
Investments, fair value disclosure | 32,264 | 33,873 |
Level 2 | Municipal Bonds | ' | ' |
Investments, fair value disclosure | 1,933 | 1,850 |
Level 2 | Corporate Bonds | ' | ' |
Investments, fair value disclosure | 22,196 | 22,704 |
Level 2 | Corporate Debt Securities [Member] | ' | ' |
Investments, fair value disclosure | 13,965 | 13,849 |
Level 3 | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 3 | Mortgage-backed investments, Fannie Mae | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 3 | Mortgage-backed investments, Freddie Mac | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 3 | Mortgage-backed investments, Ginnie Mae | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 3 | Municipal Bonds | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 3 | Corporate Bonds | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 3 | Corporate Debt Securities [Member] | ' | ' |
Investments, fair value disclosure | 0 | ' |
Level 1 | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 1 | Mortgage-backed investments, Fannie Mae | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 1 | Mortgage-backed investments, Freddie Mac | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 1 | Mortgage-backed investments, Ginnie Mae | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 1 | Municipal Bonds | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 1 | Corporate Bonds | ' | ' |
Investments, fair value disclosure | 0 | 0 |
Level 1 | Corporate Debt Securities [Member] | ' | ' |
Investments, fair value disclosure | $0 | $0 |
Fair_Value_Schedule_of_balance
Fair Value: Schedule of balances of assets and liabilities, measured at fair value on a non-recurring basis (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
Impaired loans (included in loans receivable, net), Fair Value | $60,441 | [1] | $61,985 | [1] | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 2,165 | [1] | 2,180 | [1] | ' | ' |
OREO, Fair Value | 11,609 | [2],[3] | 11,465 | [2],[3] | 16,310 | 17,347 |
Total Losses | 196 | [3] | 403 | [3] | ' | ' |
Total, Fair Value | ' | 73,450 | 72,050 | ' | ||
Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' | ||
Impaired loans (included in loans receivable, net), Fair Value | 60,441 | [1] | 61,985 | [1] | ' | ' |
OREO, Fair Value | 11,609 | [3] | 11,465 | [3] | ' | ' |
Total, Fair Value | ' | 73,450 | 72,050 | ' | ||
Level 1 | ' | ' | ' | ' | ||
Impaired loans (included in loans receivable, net), Fair Value | 0 | [1] | 0 | [1] | ' | ' |
OREO, Fair Value | 0 | [3] | 0 | [3] | ' | ' |
Total, Fair Value | 0 | [3] | 0 | [3] | ' | ' |
Level 2 | ' | ' | ' | ' | ||
Impaired loans (included in loans receivable, net), Fair Value | 0 | [1] | 0 | [1] | ' | ' |
OREO, Fair Value | 0 | [3] | 0 | [3] | ' | ' |
Total, Fair Value | $0 | [3] | $0 | [3] | ' | ' |
[1] | The loss represents the specific reserve against loans that were considered impaired at MarchB 31, 2014. | |||||
[2] | There were no loans 90 days or more past due and still accruing interest at March 31, 2014 and December 31, 2013. All loans are reported net of LIP. | |||||
[3] | The loss represents OREO market value adjustments for the quarter ended MarchB 31, 2014. |
Fair_Value_Schedule_of_quantit
Fair Value: Schedule of quantitative information about Level 3 Fair Value Measurements on a nonrecurring basis (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Loans Receivable [Member] | Loans Receivable [Member] | ||
Market Approach Valuation Technique | Market Approach Valuation Technique | Market Approach Valuation Technique | Market Approach Valuation Technique | Market Approach Valuation Technique | Market Approach Valuation Technique | Market Approach Valuation Technique | Market Approach Valuation Technique | |||||
Loans Receivable | Loans Receivable | Loans Receivable | Loans Receivable | Other Real Estate Owned | Other Real Estate Owned | Other Real Estate Owned | Other Real Estate Owned | |||||
Minimum | Maximum | Weighted Average | Minimum | Maximum | Weighted Average | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
AccruedLossesonImpairedLoansandOtherRealEstateOwned | $2,583 | $2,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | ' | ' | $60,441 | ' | ' | ' | $11,609 | ' | ' | ' | ' | ' |
Unobservable Input(s) | ' | ' | 'Adjusted for differences between comparable sales | ' | ' | ' | 'Adjusted for differences between comparable sales | ' | ' | ' | ' | ' |
Fair value of financial instruments, range | ' | ' | ' | 0.00% | 9.00% | 0.40% | ' | -16.00% | 10.00% | 1.90% | ' | ' |
Fair Value, Option, Methodology and Assumptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. Inputs used in the collateral value method include appraised values, estimates of certain completion costs and closing and selling costs. Some of these inputs may not be observable in the marketplace. | 'The fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. Inputs used in the collateral value method include appraised values, estimates of certain completion costs and closing and selling costs. Some of these inputs may not be observable in the marketplace. |
Fair_Value_Fair_Value_by_Balan
Fair Value: Fair Value, by Balance Sheet Grouping (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments available-for-sale | $139,868 | $144,364 |
FHLB stock | 6,952 | 7,017 |
Level 1 | ' | ' |
Cash on hand and in banks | 5,440 | 6,074 |
Interest-earning deposits | 28,073 | 49,501 |
Investments available-for-sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 189,083 | 201,658 |
Certificates of deposit | 0 | 0 |
Advances from the FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 2 | ' | ' |
Cash on hand and in banks | 0 | 0 |
Interest-earning deposits | 0 | 0 |
Investments available-for-sale | 139,868 | 144,364 |
Loans receivable, net | 0 | 0 |
FHLB stock | 6,952 | 7,017 |
Accrued interest receivable | 3,509 | 3,698 |
Deposits | 0 | 0 |
Certificates of deposit | 400,301 | 413,417 |
Advances from the FHLB | 118,653 | 118,610 |
Accrued interest payable | 91 | 88 |
Level 3 | ' | ' |
Cash on hand and in banks | 0 | 0 |
Interest-earning deposits | 0 | 0 |
Investments available-for-sale | 0 | 0 |
Loans receivable, net | 690,026 | 680,622 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
Advances from the FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value | ' | ' |
Cash on hand and in banks | 5,440 | 6,074 |
Interest-earning deposits | 28,073 | 49,501 |
Investments available-for-sale | 139,868 | 144,364 |
Loans receivable, net | 671,848 | 663,153 |
FHLB stock | 6,952 | 7,017 |
Accrued interest receivable | 3,509 | 3,698 |
Deposits | 189,083 | 201,658 |
Certificates of deposit | 397,964 | 410,407 |
Advances from the FHLB | 119,000 | 119,000 |
Accrued interest payable | 91 | 88 |
Fair Value | ' | ' |
Cash on hand and in banks | 5,440 | 6,074 |
Interest-earning deposits | 28,073 | 49,501 |
Investments available-for-sale | 139,868 | 144,364 |
Loans receivable, net | 690,026 | 680,622 |
FHLB stock | 6,952 | 7,017 |
Accrued interest receivable | 3,509 | 3,698 |
Deposits | 189,083 | 201,658 |
Certificates of deposit | 400,301 | 413,417 |
Advances from the FHLB | 118,653 | 118,610 |
Accrued interest payable | $91 | $88 |
Federal_Home_Loan_Bank_Stock_D
Federal Home Loan Bank Stock (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Maximum [Member] | ||||
Federal Home Loan Bank [Line Items] | ' | ' | ' | ' |
FHLB stock | $6,952,000 | ' | $7,017,000 | ' |
FHLB stock, par value (in usd per share) | $100 | ' | ' | ' |
Federal Home Loan Back stock that may be repurchased per quarter, value | ' | ' | ' | 25,000,000 |
Federal Home Loan Bank shares repurchased, shares | 656 | 659 | ' | ' |
Investment Income, Dividends from FHLB | 1,767 | 0 | ' | ' |
Other than Temporary Impairment Losses, Investments | $0 | $0 | ' | ' |
Stock_Based_Compensation_Stock
Stock Based Compensation Stock-Based Compensation - Narrative (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
First Financial Northwest, Inc. 2008 Equity Incentive Plan | First Financial Northwest, Inc. 2008 Equity Incentive Plan | First Financial Northwest, Inc. 2008 Equity Incentive Plan | |||
Stock Options | Restricted Stock | Restricted Stock | |||
Total compensation expense | $85,000 | $481,000 | ' | ' | ' |
Compensation expense, related tax benefit | -30,000 | -168,000 | ' | ' | ' |
Stock options granted (shares) | ' | ' | 2,285,280 | 914,112 | ' |
Award vesting period | ' | ' | '5 years | '5 years | ' |
Percentage vesting per annum | ' | ' | 20.00% | 20.00% | ' |
Contractual life | ' | ' | '10 years | ' | ' |
Number of shares remaining for grant | 766,756 | ' | ' | 74,478 | ' |
Fair value, option, methodology and assumptions | ' | ' | 'Black-Scholes model | ' | ' |
Unrecognized compensation cost | ' | ' | 546,000 | 700,000 | ' |
Unrecognized compensation cost recognition period | ' | ' | '4 years 0 months 6 days | '3 years 8 months 15 days | ' |
Fair value of shares vested | ' | $53,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | 103,400 | 103,400 |
Stock_Based_Compensation_Discl
Stock Based Compensation Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding at January 1, 2013, Shares | 1,203,535 | ' | ' |
Granted, Shares | 0 | ' | ' |
Exercised, Shares | ($62,000) | ' | ' |
Forfeited or expired, Shares | 0 | ' | ' |
Outstanding at March 31, 2013, Shares | 1,141,535 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Outstanding at January 1, 2013, Weighted Average Exercise Price | $9.49 | ' | ' |
Granted, Weighted Average Exercise Price | $0 | ' | ' |
Exercised, Weighted Average Exercise Price | $9.78 | ' | ' |
Forfeited or expired, Weighted Average Exercise Price | $0 | ' | ' |
Outstanding at March 31, 2013, Weighted Average Exercise Price | $9.48 | ' | ' |
Share-based Compensations Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Remaining Contractual Term [Roll Forward] | ' | ' | ' |
Outstanding at January 1, 2013, Weighted Average Remaining Contractual Term | '5 years 2 months 15 days | ' | ' |
Outstanding at March 31, 2013, Weighted Average Remaining Contractual Term | '5 years 2 months 15 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding at January 1, 2013, Weighted Average Grant Date Fair Value | $2.11 | ' | ' |
Forfeited or expired, Weighted Average Grant Date Fair Value | ' | $0 | ' |
Outstanding at March 31, 2013, Weighted Average Grant Date Fair Value | $2.13 | ' | ' |
Agregate Intrinsic Value | 839,668 | ' | 1,103,186 |
Share Based Compensation, Stock Option Plan, Additional Disclosures [Abstract] | ' | ' | ' |
Expected to Vest, Shares | 1,135,235 | ' | ' |
Expected to Vest, Weighted Average Exercise Price | $9.48 | ' | ' |
Expected to Vest, Weighted Average Remaining Contracutal Term in Years | '5 years 2 months 10 days | ' | ' |
Expected to Vest, Aggregate Intrinsic Value | 831,016 | ' | ' |
Exercisable at March 31, 2013, Shares | 931,535 | ' | ' |
Exercisable at March 31, 2013, Weighted Average Exercise Price | $9.56 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '4 years 4 months 27 days | ' | ' |
Exercisable at March 31, 2013, Aggregate Intrinsic Value | 551,268 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Estimated Forfeiture Rate | 3.00% | ' | ' |
Fair value of shares vested | ' | $53,000 | ' |
First Financial Northwest, Inc. 2008 Equity Incentive Plan | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Nonvested at January 1, 2014 | 103,400 | ' | ' |
Granted, Shares | 0 | ' | ' |
Vested, Shares | 0 | -6,400 | ' |
Forfeited, Shares | 0 | ' | ' |
Nonvested at March 31, 2014 | 103,400 | ' | ' |
Expected to vest assuming a 3% forfeiture rate over the vesting term, Shares | 100,298 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested at January 1, 2013, Weighted-Average Grant Date Fair Value | $8.24 | ' | ' |
Granted, Weighted-Average Grant Date Fair Value | $0 | ' | ' |
Vested, Weighted-Average Grant Date Fair Value | $0 | ' | ' |
Forfeited, Weighted-Average Grant Date Fair Value | $0 | ' | ' |
Nonvested at March 31, 2013, Weighted-Average Grant Date Fair Value | $8.24 | ' | ' |
Federal_Income_Taxes_Details
Federal Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | ' | ' |
Period for which company has realized cumulative losses | '3 years | ' |
Deferred Tax Assets, Gross | $16,000,000 | ' |
Deferred Tax Assets, Valuation Allowance | 400,000 | ' |
Deferred Tax Liabilities, Gross | 2,400,000 | ' |
Deferred tax assets, net | 13,124,000 | 14,835,000 |
Net operating loss carryforward | 17,700,000 | ' |
Alternative Minimum Tax Credit Carryforward [Member] | ' | ' |
Income Tax Examination [Line Items] | ' | ' |
Tax credit carryforward | $1,800,000 | ' |
Earnings_Per_Share_Schedule_of1
Earnings Per Share: Schedule of Earnings Per Share Reconciliation (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $2,645 | $1,556 |
Undistributed Earnings Allocated to Participating Securities | -16 | -18 |
Net Income (Loss) Available to Common Stockholders, Diluted | $2,629 | $1,538 |
Basic weighted-average common shares outstanding (in shares) | 15,252,445 | 17,380,640 |
Dilutive stock options | 81,331 | 21,210 |
Dilutive Stock Awards | 23,344 | 0 |
Diluted weighted-average common shares outstanding (in share) | 15,357,120 | 17,401,850 |
Basic earnings (loss) per share (usd per share) | $0.17 | $0.09 |
Diluted earnings (loss) per share (usd per share) | $0.17 | $0.09 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 210,000 | 1,382,524 |