Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'Ocean Shore Holding Co. | ' |
Entity Central Index Key | '0001444397 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Trading Symbol | 'OSHC | ' |
Entity Common Stock, Shares Outstanding | ' | 6,420,843 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and amounts due from depository institutions | $7,979 | $9,509 |
Interest-earning bank balances | 85,137 | 78,110 |
Cash and cash equivalents | 93,116 | 87,619 |
Investment securities held to maturity (estimated fair value—$1,310 at September 30, 2014; $3,402 at December 31, 2013) | 1,232 | 3,312 |
Investment securities available for sale (amortized cost—$116,373 at September 30, 2014; $129,776 at December 31, 2013) | 113,695 | 125,389 |
Loans—net of allowance for loan losses of $4,029 at September 30, 2014 and $4,199 at December 31, 2013 | 773,796 | 744,802 |
Accrued interest receivable: | ' | ' |
Loans | 2,392 | 2,391 |
Investment securities | 116 | 142 |
Federal Home Loan Bank stock—at cost | 6,039 | 6,320 |
Office properties and equipment—net | 12,902 | 13,143 |
Prepaid expenses and other assets | 3,256 | 3,062 |
Real estate owned | 387 | 498 |
Cash surrender value of life insurance | 23,669 | 23,196 |
Net deferred tax asset | 4,232 | 4,919 |
Goodwill | 4,630 | 4,630 |
Other intangible assets | 567 | 625 |
TOTAL ASSETS | 1,040,029 | 1,020,048 |
LIABILITIES: | ' | ' |
Non-interest bearing deposits | 100,306 | 96,750 |
Interest bearing deposits | 704,246 | 683,897 |
Advances from Federal Home Loan Bank | 110,000 | 110,000 |
Junior subordinated debenture | 7,217 | 10,309 |
Advances from borrowers for taxes and insurance | 3,859 | 3,702 |
Accrued interest payable | 746 | 1,024 |
Other liabilities | 8,506 | 8,143 |
Total liabilities | 934,880 | 913,825 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $.01 par value, 5,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $.01 par value, 25,000,000 shares authorized, 7,307,590 shares issued; 6,469,943 shares outstanding at September 30, 2014; 6,903,352 shares outstanding at December 31, 2013 | 73 | 73 |
Additional paid-in capital | 65,877 | 65,401 |
Retained earnings - partially restricted | 55,764 | 52,287 |
Treasury stock—at cost: 837,647 shares at September 30, 2014; 404,238 shares at December 31, 2013 | -11,590 | -5,304 |
Common stock acquired by employee benefits plans | -2,725 | -2,981 |
Deferred compensation plans trust | -606 | -586 |
Accumulated other comprehensive loss | -1,644 | -2,667 |
Total stockholders' equity | 105,149 | 106,223 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,040,029 | $1,020,048 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investment securities held to maturity, estimated fair value (in dollars) | $1,310 | $3,402 |
Investment securities available for sale, amortized cost (in dollars) | 116,373 | 129,776 |
Allowance for loan losses (in dollars) | $4,029 | $4,199 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 7,307,590 | 7,307,590 |
Common stock, shares outstanding | 6,469,943 | 6,903,352 |
Treasury stock, shares | 837,647 | 404,238 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
INTEREST AND DIVIDEND INCOME: | ' | ' | ' | ' |
Taxable interest and fees on loans | $8,243 | $7,964 | $24,569 | $23,968 |
Taxable interest on mortgage-backed securities | 333 | 360 | 1,032 | 1,016 |
Non-taxable interest on municipal securities | 1 | 18 | 6 | 55 |
Taxable interest and dividends on other investment securities | 278 | 341 | 913 | 1,073 |
Total interest and dividend income | 8,855 | 8,683 | 26,520 | 26,112 |
INTEREST EXPENSE: | ' | ' | ' | ' |
Interest on deposits | 625 | 737 | 1,898 | 2,353 |
Interest on borrowings | 1,272 | 1,365 | 3,818 | 4,169 |
Total interest expense | 1,897 | 2,102 | 5,716 | 6,522 |
NET INTEREST INCOME | 6,958 | 6,581 | 20,804 | 19,590 |
PROVISION FOR LOAN LOSSES | 125 | 186 | 263 | 580 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,833 | 6,395 | 20,541 | 19,010 |
OTHER INCOME: | ' | ' | ' | ' |
Service charges | 417 | 520 | 1,308 | 1,580 |
Cash surrender value of life insurance | 159 | 169 | 473 | 501 |
Gain on call of securities | 86 | 3 | 86 | 3 |
Other | 440 | 436 | 1,328 | 1,270 |
Total other income | 1,102 | 1,128 | 3,195 | 3,354 |
OTHER EXPENSE: | ' | ' | ' | ' |
Salaries and employee benefits | 3,177 | 3,084 | 9,567 | 9,384 |
Occupancy and equipment | 1,282 | 1,287 | 3,844 | 3,812 |
Federal insurance premiums | 130 | 140 | 400 | 405 |
Advertising | 125 | 86 | 313 | 306 |
Professional services | 245 | 334 | 794 | 1,005 |
Real estate owned (income)expense | -41 | 20 | 51 | 55 |
Charitable contributions | 38 | 38 | 113 | 113 |
Other operating expenses | 495 | 514 | 1,345 | 1,342 |
Total other expenses | 5,451 | 5,503 | 16,427 | 16,422 |
INCOME BEFORE INCOME TAXES | 2,484 | 2,020 | 7,309 | 5,942 |
INCOME TAX EXPENSE | 904 | 696 | 2,609 | 2,079 |
NET INCOME | 1,580 | 1,324 | 4,700 | 3,863 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Unrealized (loss)gain on available for sale securities | -202 | -220 | 1,021 | -2,146 |
Unrealized gain(loss) on post retirement life benefit | 1 | 8 | 2 | -31 |
COMPREHENSIVE INCOME | $1,379 | $1,112 | $5,723 | $1,686 |
Earnings per share, basic: (in dollars per share) | $0.25 | $0.20 | $0.74 | $0.59 |
Earnings per share, diluted: (in dollars per share) | $0.25 | $0.20 | $0.73 | $0.58 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $4,700 | $3,863 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 878 | 428 |
Provision for loan losses | 263 | 580 |
Stock based compensation expense | 830 | 643 |
Gain on sale/ call of AFS securities | -86 | -3 |
Premium paid on partial retirement of junior subordinated debt | 54 | 112 |
Cash surrender value of life insurance | -473 | -501 |
Changes in assets and liabilities which provided (used) cash: | ' | ' |
Accrued interest receivable | 25 | 66 |
Prepaid expenses and other assets | -194 | 2,913 |
Accrued interest payable | -278 | -452 |
Other liabilities | 363 | -15 |
Net cash provided by operating activities | 6,082 | 7,634 |
Principal collected on: | ' | ' |
Investment securities available for sale | 6,993 | 5,497 |
Investment securities held to maturity | 246 | 342 |
Loans originated, net of repayments | -29,638 | -25,317 |
Purchases of: | ' | ' |
Federal Home Loan Bank stock | -82 | 0 |
Investment securities held to maturity | -494 | -2,328 |
Investment securities available for sale | -14,958 | -45,878 |
Office properties and equipment | -469 | -315 |
Proceeds from sale of: | ' | ' |
Investment securities available for sale | 1,290 | 0 |
Federal Home Loan Bank stock | 363 | 70 |
Proceeds from maturities and calls of: | ' | ' |
Investment securities held to maturity | 2,328 | 5,393 |
Investment securities available for sale | 20,000 | 20,032 |
Real estate owned | 571 | 962 |
Net cash used in investing activities | -13,850 | -41,542 |
FINANCING ACTIVITIES: | ' | ' |
Increase in deposits | 23,880 | 2,285 |
Dividends paid | -1,222 | -1,249 |
Partial retirement of junior subordinated debt | -3,146 | -5,264 |
Exercise of incentive stock options | 99 | 424 |
Purchase of treasury stock | -6,483 | -86 |
Purchase of shares by deferred compensation plans trust | -20 | -21 |
Increase in advances from borrowers for taxes and insurance | 157 | -79 |
Net cash provided by (used in ) financing activities | 13,265 | -3,990 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,497 | -37,898 |
CASH AND CASH EQUIVALENTS—Beginning of period | 87,619 | 163,422 |
CASH AND CASH EQUIVALENTS—End of period | 93,116 | 125,524 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION—Cash paid during the period for: | ' | ' |
Interest | 5,960 | 6,965 |
Income Taxes | 2,684 | 2,152 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ITEMS | ' | ' |
Transfers of loans to real estate owned | $460 | $966 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Financial Statement Presentation - The unaudited condensed consolidated financial statements include the accounts of Ocean Shore Holding Co. (the “Company”) and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements were prepared in accordance with instructions to Form 10-Q, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC) for interim information, and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the condensed consolidated financial statements have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2013. The results for the nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014 or any other period. The Company has evaluated subsequent events through the date of the issuance of its financial statements. | |
Use of Estimates in the Preparation of Financial Statements - The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. The most significant estimates and assumptions relate to the allowance for loan losses, other-than-temporary impairment on investment securities, goodwill and intangible impairment, deferred income taxes and the fair value measurements of financial instruments. Actual results could differ from those estimates under different assumptions and conditions, and the differences may be material to the consolidated financial statements. | |
New Accounting Pronouncements –In July 2013, the FASB issued ASU 2013-11, an update to ASC 740, Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: a consensus of the FASB Emerging Issues Task Force. This ASU provides explicit guidance on the presentation of unrecognized tax benefits, particularly the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The provisions of this update are effective January 1, 2014 for the Company and should be applied prospectively; however retrospective application is also permissible. Early adoption of the guidance is permitted. The adoption of this accounting guidance did not have a material impact on the Company’s consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure — a consensus of the FASB Emerging Issues Task Force, on January 17, 2014. This ASU clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amended guidance 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. In addition, the amended guidance requires interim and annual disclosures 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 amended guidance may be applied prospectively or through a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The adoption of the amended guidance is currently being evaluated by the Company, but is not expected to have a significant impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, which created ASC 606 "Revenue from Contracts with Customers," superseding the revenue recognition requirements in ASC 605. This ASU requires an entity to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendment includes a five-step process to assist an entity in achieving the main principle(s) of revenue recognition under ASC 605. The amendment will be effective for the Company for the first annual period ending after December 15, 2016, including interim periods within that reporting period, and should be applied on a prospective basis. Early adoption of the guidance is not permitted. The Company is currently evaluating the impact of this ASU on its financial position, results of operations and disclosures. | |
In June 2014, the FASB issued ASU 2014-11, an amendment to ASC 860 “Transfers and Servicing.” This ASU requires accounting changes for repurchase to maturity and repurchase financing transactions, respectively, which will be accounted for as a secured borrowing agreement on a prospective basis. The ASU also adds additional disclosure requirements related to these transactions. The amendment will be effective for the Company for the first annual period ending after December 15, 2014. The accounting changes for all transactions affected by this amendment will have the impact recorded as a cumulative-effect adjustment to retained earnings on the date of adoption. The Company has completed its evaluation and concluded that there is no current impact of this ASU on its financial position, results of operations and disclosures. | |
Also in June 2014, the FASB issued ASU 2014-12, an amendment to ASC 718 “Compensation-Stock Compensation.” This ASU requires that a performance target that affects vesting, and could be achieved after the requisite service period, be treated as a performance condition. Application of existing guidance in ASC 718, as it relates to awards with performance conditions that affect vesting, should continue to be used to account for such awards. The amendment will be effective for the Company for the first reporting period ending after December 15, 2014. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial position, results of operations and disclosures. | |
In August 2014, the FASB issued ASU 2014-14, an amendment to ASC 310-40 “Receivables - Troubled Debt Restructurings by Creditors.” This ASU requires that a government-guaranteed mortgage loan be de-recognized, and that a separate other receivable be recognized, upon foreclosure if the three criteria identified in the ASU are met. Upon foreclosure and meeting the three criteria, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) that is expected to be recovered from the guarantor. The amendment will be effective for the Company for the first reporting period ending after December 15, 2014. Adoption of the amendment by the Company can be either on a prospective or modified retrospective basis. For the prospective basis, the amendment would be applied to foreclosures occurring after the effective date of the amendment. For the modified retrospective basis, the Company would book a cumulative-effect adjustment (reclassification to other receivables as stated in the amendment) as of the beginning of the annual period of adoption. Prior periods should not be adjusted. The Company is currently evaluating the impact of this ASU on its financial position, results of operations and disclosures. | |
In August 2014, the FASB also issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU requires management to perform an assessment of going concern and provides specific guidance on when and how to assess or disclose going concern uncertainties. The new standard also defines terms used in the evaluation of going concern, such as "substantial doubt." Following application, the Company will be required to perform assessments at each annual and interim period, provide an assessment period of one year from the issuance date, and make disclosures in certain circumstances in which substantial doubt is identified. The amendment will be effective for the Company for the first reporting period ending after December 15, 2016. Earlier application is permitted. The Company does not expect this ASU to have an impact on its financial position, result of operations, or disclosures. | |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | |||||||||||||||||||
2. INVESTMENT SECURITIES | ||||||||||||||||||||
Investment securities are summarized as follows: | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Debt Securities - Municipal | $ | 494 | $ | - | $ | - | $ | 494 | ||||||||||||
U.S. Treasury and government sponsored entity mortgage-backed securities | 738 | 78 | - | 816 | ||||||||||||||||
Totals | $ | 1,232 | $ | 78 | $ | - | $ | 1,310 | ||||||||||||
Available for Sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Corporate | $ | 21,034 | $ | 5 | $ | -530 | $ | 20,509 | ||||||||||||
U.S. Treasury and federal agencies | 10,586 | 127 | -705 | 10,008 | ||||||||||||||||
Equity securities | 3 | 25 | - | 28 | ||||||||||||||||
U.S. treasury and government sponsored entity mortgage-backed securities | 84,750 | 270 | -1,870 | 83,150 | ||||||||||||||||
Totals | $ | 116,373 | $ | 427 | $ | -3,105 | $ | 113,695 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Debt Securities - Municipal | $ | 2,328 | $ | - | $ | - | $ | 2,328 | ||||||||||||
U.S. Treasury and government sponsored entity mortgage-backed securities | 984 | 90 | - | 1,074 | ||||||||||||||||
Totals | $ | 3,312 | $ | 90 | $ | - | $ | 3,402 | ||||||||||||
Available for Sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Corporate | $ | 11,551 | $ | 155 | $ | -909 | $ | 10,797 | ||||||||||||
U.S. Treasury and federal agencies | 35,035 | - | -2,132 | 32,903 | ||||||||||||||||
Equity securities | 3 | 27 | - | 30 | ||||||||||||||||
U.S. Treasury and government sponsored entity mortgage-backed securities | 83,187 | 392 | -1,920 | 81,659 | ||||||||||||||||
Totals | $ | 129,776 | $ | 574 | $ | -4,961 | $ | 125,389 | ||||||||||||
As of September 30, 2014 and December 31, 2013, the Company had investment securities available for sale with an estimated fair value of $77.5 million and $98.8 million, respectively, pledged as collateral to secure public fund deposits. | ||||||||||||||||||||
The following table provides the gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||
Fair Value | Loss | Fair Value | Loss | Fair Value | Loss | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Debt securities - | ||||||||||||||||||||
U.S. Agencies | $ | 34 | $ | - | $ | 15,471 | $ | -530 | $ | 15,505 | $ | -530 | ||||||||
Corporate | - | - | 3,983 | -705 | 3,983 | -705 | ||||||||||||||
U.S. treasury and government sponsored entity mortgage- backed securities | 14,996 | -51 | 64,147 | -1,819 | 79,143 | -1,870 | ||||||||||||||
Totals | $ | 15,030 | $ | -51 | $ | 83,601 | $ | -3,054 | $ | 98,631 | $ | -3,105 | ||||||||
December 31, 2013 | ||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||
Fair Value | Loss | Fair Value | Loss | Fair Value | Loss | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Debt securities - | ||||||||||||||||||||
U.S. Treasury | $ | 27,221 | $ | -1,814 | $ | 5,682 | $ | -318 | $ | 32,903 | $ | -2,132 | ||||||||
Corporate | - | - | 3,796 | -909 | 3,796 | -909 | ||||||||||||||
U.S. treasury and government sponsored entity mortgage- backed securities | 74,803 | -1,917 | 474 | -3 | 75,277 | -1,920 | ||||||||||||||
Totals | $ | 102,024 | $ | -3,731 | $ | 9,952 | $ | -1,230 | $ | 111,976 | $ | -4,961 | ||||||||
Management has reviewed its investment securities as of September 30, 2014 and has determined that all declines in fair value below amortized cost are temporary. | ||||||||||||||||||||
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The OTTI assessment is a subjective process requiring the use of judgments and assumptions. During the securities-level assessments, consideration is given to (1) the intent not to sell and probability that the Company will not be required to sell the security before recovery of its cost basis to allow for any anticipated recovery in fair value, (2) the financial condition and near-term prospects of the issuer, as well as company news and current events, and (3) the ability to collect the future expected cash flows. Key assumptions utilized to forecast expected cash flows may include loss severity, expected cumulative loss percentage, cumulative loss percentage to date, weighted average FICO and weighted average loan-to-value (“LTV”), rating or scoring, credit ratings and market spreads, as applicable. | ||||||||||||||||||||
The Company assesses and recognizes OTTI in accordance with applicable accounting standards. Under these standards, if the Company determines that a security in the unrealized loss position is designated to be sold or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, the impairment of such security is concluded to be other than temporary and the entire amount of the unrealized loss will be recorded in earnings. If the Company has not made a decision to sell the security and it does not expect that it will be required to sell the security prior to the recovery of the amortized cost basis but the Company concludes that the entire amortized cost basis of the security will not be recovered, while the OTTI is concluded to exists, the Company only recognizes currently in earnings the amount of decline in value attributable to credit deterioration, with the remaining component of OTTI presented in other comprehensive income. | ||||||||||||||||||||
Two pooled trust preferred collateralized debt obligations (“CDOs”) backed by bank trust capital securities had been determined to be other-than-temporarily impaired in 2009 and 2008, due solely to credit related factors and the Company has written the securities to zero. The Company continues to own these investments at September 30, 2014. These securities had Fitch credit ratings below investment grade at September 30, 2014. The underlying collateral consists of the bank trust capital securities of over 50 institutions. Each of the securities is in the mezzanine levels of credit subordination and defaults experienced in the pool for each security has significantly exceeded thresholds contemplated in the structure at the time of purchase. | ||||||||||||||||||||
Corporate Debt Securities - The Company’s investments in the preceding table in corporate debt securities consist of corporate debt securities issued by large financial institutions and single issuer and pooled trust preferred/collateralized debt obligations backed by bank trust preferred capital securities. | ||||||||||||||||||||
At September 30, 2014, one debt security and two single issuer trust preferred securities have been in a continuous unrealized loss position for 12 months or longer. Those securities have aggregate depreciation of 15.0% from the Company’s amortized cost basis. The decline is primarily attributable to depressed pricing of two issuers of trust preferred securities. The unrealized loss on these debt securities relates principally to the rising interest rate environment in the financial markets for these types of investments. These securities were performing in accordance with their contractual terms as of September 30, 2014, and had paid all contractual cash flows since the Company’s initial investment. Management believes these unrealized losses are not other-than-temporary based upon the Company’s analysis that the securities will perform in accordance with their terms and the Company’s intent not to sell these investments for a period of time sufficient to allow for the anticipated recovery of fair value, which may be maturity. The Company expects recovery of fair value when market conditions have stabilized and that the Company will receive all contractual principal and interest payments related to those investments. | ||||||||||||||||||||
United States Treasury, US Federal Agencies and Government Sponsored Enterprise Mortgage-backed Securities - The Company’s investments in the preceding table in United States government sponsored enterprise notes consist of debt obligations of the Federal Home Loan Bank (“FHLB”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Federal National Mortgage Association (“FNMA”). At September 30, 2014 the Company had fifteen agency mortgage-backed securities with unrealized losses for 12 months or longer. Those securities had aggregate depreciation of 3.0% from the Company’s amortized cost basis. These securities were performing in accordance with their contractual terms as of September 30, 2014, and had paid all contractual cash flows since the Company’s initial investment and that the Company expects to receive all contractual principal and interest payments related to those investments. Management believes these unrealized losses are not other-than-temporary based upon the Company’s analysis that the securities will perform in accordance with their terms and the Company’s intent not to sell these investments for a period of time sufficient to allow for the anticipated recovery of fair value, which may be maturity. | ||||||||||||||||||||
The amortized cost and estimated fair value of debt securities available for sale and held to maturity at September 30, 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. | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Held to Maturity | Available for Sale Securities | |||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Due within 1 year | $ | 494 | $ | 494 | $ | - | $ | - | ||||||||||||
Due after 1 year through 5 years | - | - | 5,933 | 6,060 | ||||||||||||||||
Due after 5 years through 10 years | - | - | 5,000 | 5,004 | ||||||||||||||||
Due after 10 years | - | - | 20,688 | 19,453 | ||||||||||||||||
Total | $ | 494 | $ | 494 | $ | 31,621 | $ | 30,517 | ||||||||||||
Not reflected in the table above, are equity securities and mortgage-backed securities. Equity securities do not have stated contractual maturities while mortgage-backed securities may have expected maturities different than those contractually stated. 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. Equity securities had a cost of $3 thousand and a fair value of $28 thousand as of September 30, 2014. Mortgage-backed securities had a cost of $85.5 million and a fair value of $84.0 million as of September 30, 2014. | ||||||||||||||||||||
Gains (Losses) and Proceeds on Sales of Securities | ||||||||||||||||||||
Proceeds from sales of investment securities and the realized gross gains and losses from those sales are as follows: | ||||||||||||||||||||
Three-Month Period | Nine-Month Period | |||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Proceeds from the sales of available-for-sale securities | $ | 1,290 | $ | — | $ | 1,290 | $ | — | ||||||||||||
Gross realized gains | 86 | — | 86 | — | ||||||||||||||||
Total realized gains | $ | 86 | $ | — | $ | 86 | $ | — | ||||||||||||
The Company uses the specific identification method to determine the cost of the securities sold and the gain or loss recognized. | ||||||||||||||||||||
The gain realized for the three and nine month period ended September 30, 2014 was due to the sale of mortgage backed securities with a book value of $1.2 million for a gain of $84 thousand during the third quarter of 2014. | ||||||||||||||||||||
LOANS_RECEIVABLENET
LOANS RECEIVABLE-NET | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||
3. LOANS RECEIVABLE – NET | ||||||||||||||||||||||||||||||||
Loans receivable consist of the following: | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 582,390 | $ | 545,812 | ||||||||||||||||||||||||||||
Commercial and multi-family | 91,287 | 90,855 | ||||||||||||||||||||||||||||||
Total real estate-mortgage | 673,677 | 636,667 | ||||||||||||||||||||||||||||||
Real estate - construction: | ||||||||||||||||||||||||||||||||
Residential | 20,406 | 25,113 | ||||||||||||||||||||||||||||||
Commercial | 2,542 | 2,510 | ||||||||||||||||||||||||||||||
Total real estate - construction | 22,948 | 27,623 | ||||||||||||||||||||||||||||||
Commercial | 20,641 | 23,445 | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Home equity | 56,671 | 57,367 | ||||||||||||||||||||||||||||||
Other consumer loans | 386 | 628 | ||||||||||||||||||||||||||||||
Total consumer loans | 57,057 | 57,995 | ||||||||||||||||||||||||||||||
Total loans | 774,323 | 745,730 | ||||||||||||||||||||||||||||||
Net deferred loan cost | 3,502 | 3,271 | ||||||||||||||||||||||||||||||
Allowance for loan losses | -4,029 | -4,199 | ||||||||||||||||||||||||||||||
Net total loans | $ | 773,796 | $ | 744,802 | ||||||||||||||||||||||||||||
Changes in the allowance for loan losses are as follows: | ||||||||||||||||||||||||||||||||
Nine months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,199 | $ | 3,997 | ||||||||||||||||||||||||||||
Provision for loan loss | 263 | 580 | ||||||||||||||||||||||||||||||
Charge-offs | -509 | -379 | ||||||||||||||||||||||||||||||
Recoveries | 76 | 13 | ||||||||||||||||||||||||||||||
Balance, end of period | $ | 4,029 | $ | 4,211 | ||||||||||||||||||||||||||||
The provision for loan losses charged to expense is based upon past loan loss experiences and an evaluation of losses in the current loan portfolio, including the evaluation of impaired loans. The Company established a provision for loan losses of $263 thousand for the nine months ended September 30, 2014 as compared to $580 thousand for the comparable period in 2013. | ||||||||||||||||||||||||||||||||
Non-performing assets segregated by classification are as follows: | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 4,089 | $ | 3,618 | ||||||||||||||||||||||||||||
Commercial and multi-family | 1,336 | 463 | ||||||||||||||||||||||||||||||
Commercial | 501 | - | ||||||||||||||||||||||||||||||
Consumer | 944 | 674 | ||||||||||||||||||||||||||||||
Non-accrual loans | 6,870 | 4,755 | ||||||||||||||||||||||||||||||
Troubled debt restructuring, non-accrual | 630 | 316 | ||||||||||||||||||||||||||||||
Total non-performing loans | 7,500 | 5,071 | ||||||||||||||||||||||||||||||
Real estate owned | 387 | 498 | ||||||||||||||||||||||||||||||
Total non-performing assets | $ | 7,887 | $ | 5,569 | ||||||||||||||||||||||||||||
A rollforward of the Company’s nonaccretable and accretable yield on loans accounted for under ASU 310-30, Loans and Debts Securities Acquired with Deteriorated Credit Quality, is shown below for the nine month period ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Contractual | Nonaccretable | Accretable | Carrying | |||||||||||||||||||||||||||||
Receivable | (Yield)/Premium | (Yield)/Premium | Amount | |||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 50,837 | $ | -3,099 | $ | 746 | $ | 48,484 | ||||||||||||||||||||||||
Principal reductions | -4,675 | — | — | -4,675 | ||||||||||||||||||||||||||||
Charge-offs, net | -439 | 439 | — | — | ||||||||||||||||||||||||||||
Amortization of loan premium | — | — | -153 | -153 | ||||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 45,723 | $ | -2,660 | $ | 593 | $ | 43,656 | ||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 63,690 | $ | -3,423 | $ | 983 | $ | 61,250 | ||||||||||||||||||||||||
Principal reductions | -9,591 | — | — | -9,591 | ||||||||||||||||||||||||||||
Charge-offs, net | -229 | 229 | — | — | ||||||||||||||||||||||||||||
Amortization of loan premium | — | — | -179 | -179 | ||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 53,870 | $ | -3,194 | $ | 804 | $ | 51,480 | ||||||||||||||||||||||||
An age analysis of past due loans, segregated by class of loans, as of September 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Than 90 | Due | Receivable | ||||||||||||||||||||||||||||
Days | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | $ | 1,603 | $ | - | $ | 4,720 | $ | 6,323 | $ | 576,067 | $ | 582,390 | ||||||||||||||||||||
Commercial and Multi-Family | - | - | 1,335 | 1,335 | 89,952 | 91,287 | ||||||||||||||||||||||||||
Construction | - | - | - | - | 22,948 | 22,948 | ||||||||||||||||||||||||||
Commercial | - | - | 501 | 501 | 20,140 | 20,641 | ||||||||||||||||||||||||||
Consumer | 412 | 102 | 944 | 1,458 | 55,599 | 57,057 | ||||||||||||||||||||||||||
Total | $ | 2,015 | $ | 102 | $ | 7,500 | $ | 9,617 | $ | 764,706 | $ | 774,323 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | $ | 1,271 | $ | - | $ | 3,427 | $ | 4,698 | $ | 541,114 | $ | 545,812 | ||||||||||||||||||||
Commercial and Multi-Family | - | - | 763 | 763 | 90,092 | 90,855 | ||||||||||||||||||||||||||
Construction | - | - | - | - | 27,623 | 27,623 | ||||||||||||||||||||||||||
Commercial | - | - | - | - | 23,445 | 23,445 | ||||||||||||||||||||||||||
Consumer | 266 | 50 | 647 | 963 | 57,032 | 57,995 | ||||||||||||||||||||||||||
Total | $ | 1,537 | $ | 50 | $ | 4,837 | $ | 6,424 | $ | 739,306 | $ | 745,730 | ||||||||||||||||||||
Impaired loans are set forth in the following table. No interest income was recognized on impaired loans subsequent to their classification as impaired. | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | |||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | |||||||||||||||||||||||||||||
Balance | Investment | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | $ | 4,722 | $ | 4,759 | $ | - | $ | 163 | ||||||||||||||||||||||||
Commercial and Multi-Family | 1,335 | 1,335 | - | 267 | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 945 | 945 | - | 67 | ||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | 5,121 | 5,510 | 487 | 366 | ||||||||||||||||||||||||||||
Commercial and Multi-Family | - | - | - | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | 707 | 707 | 64 | 353 | ||||||||||||||||||||||||||||
Consumer | 530 | 542 | 199 | 106 | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | 9,843 | 10,269 | 487 | 229 | ||||||||||||||||||||||||||||
Commercial and Multi-Family | 1,335 | 1,335 | - | 267 | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | 707 | 707 | 64 | 353 | ||||||||||||||||||||||||||||
Consumer | 1,425 | 1,487 | 199 | 78 | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | $ | 2,707 | $ | 2,744 | $ | - | $ | 193 | ||||||||||||||||||||||||
Commercial and Multi-Family | 465 | 463 | - | 463 | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 674 | 674 | - | 61 | ||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | 3,127 | 3,166 | 396 | 284 | ||||||||||||||||||||||||||||
Commercial and Multi-Family | - | - | - | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 121 | 121 | 21 | 121 | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | 5,834 | 5,910 | 396 | 233 | ||||||||||||||||||||||||||||
Commercial and Multi-Family | 465 | 463 | - | 463 | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 795 | 795 | 21 | 66 | ||||||||||||||||||||||||||||
Included in the Company’s loan portfolio are modified commercial loans. Per FASB ASC 310-40, Troubled Debt Restructuring (“TDR”), a modification is one in which the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider, such as providing for a below market interest rate and/or forgiving principal or previously accrued interest; this modification may stem from an agreement or be imposed by law or a court, and may involve a multiple note structure. Generally, prior to the modification, the loans which are modified as a TDR are already classified as non-performing. These loans may only be returned to performing (i.e. accrual status) after considering the borrower’s sustained repayment performance for a reasonable amount of time, generally six months; this sustained repayment performance may include the period of time just prior to the restructuring. As of September 30, 2014, the Company had entered into 12 TDR agreements, modifying the interest rate, with a total carrying value of $3.5 million, of which two were not performing totaling $630 thousand included in impaired loans at September 30, 2014. These loans had a specific reserve of $403 thousand. The following table presents an analysis of the Company’s TDR agreements existing as of September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Outstanding Recorded Investment | Outstanding Recorded Investment | |||||||||||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||||
Contracts | Modification | Modification | Contracts | Modification | Modification | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
1-4 Family Residential | 7 | $ | 3,003 | $ | 3,003 | 6 | $ | 2,216 | $ | 2,216 | ||||||||||||||||||||||
Consumer | 4 | 290 | 290 | 1 | 121 | 121 | ||||||||||||||||||||||||||
Commercial | 1 | 206 | 206 | – | – | – | ||||||||||||||||||||||||||
Total | 12 | $ | 3,499 | $ | 3,499 | 7 | $ | 2,337 | $ | 2,337 | ||||||||||||||||||||||
Federal regulations require us to review and classify our assets on a regular basis. In addition, federal banking regulators have the authority to identify problem assets and, if appropriate, require them to be classified. There are three classifications for problem assets: substandard, doubtful and loss. “Substandard assets” must have one or more defined weaknesses and are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. “Doubtful assets” have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. An asset classified as “loss” is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted. The regulations also provide for a “special mention” category, described as assets which do not currently expose us to a sufficient degree of risk to warrant classification but do possess credit deficiencies or potential weaknesses deserving our close attention. When we classify an asset as substandard or doubtful we establish a specific allowance for loan losses. If we classify an asset as loss, we charge off an amount equal to 100% of the portion of the asset classified loss. | ||||||||||||||||||||||||||||||||
The following table presents classified loans by class of loans as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Construction | Commercial | Consumer | ||||||||||||||||||||||||||||
Residential | and Multi-Family | |||||||||||||||||||||||||||||||
9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||
Special Mention | $ | 3,971 | $ | 3,692 | $ | - | $ | 629 | $ | - | $ | - | $ | 1,031 | $ | 90 | $ | 954 | $ | 1,040 | ||||||||||||
Substandard | 9,367 | 7,612 | 781 | 3,645 | - | - | 3,677 | 665 | 1,649 | 900 | ||||||||||||||||||||||
Doubtful and Loss | - | - | - | - | - | - | - | - | 14 | - | ||||||||||||||||||||||
Total | $ | 13,338 | $ | 11,304 | $ | 781 | $ | 4,274 | $ | - | $ | - | $ | 4,708 | $ | 755 | $ | 2,617 | $ | 1,940 | ||||||||||||
The following table presents the credit risk profile of loans based on payment activity as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Construction | Commercial | Consumer | ||||||||||||||||||||||||||||
Residential | and Multi-Family | |||||||||||||||||||||||||||||||
9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Performing | $ | 577,671 | $ | 541,878 | $ | 89,951 | $ | 90,392 | $ | 22,948 | $ | 27,623 | $ | 20,140 | $ | 23,445 | $ | 56,113 | $ | 57,321 | ||||||||||||
Non-Performing | 4,719 | 3,934 | 1,336 | 463 | - | - | 501 | - | 944 | 674 | ||||||||||||||||||||||
Total | $ | 582,390 | $ | 545,812 | $ | 91,287 | $ | 90,855 | $ | 22,948 | $ | 27,623 | $ | 20,641 | $ | 23,445 | $ | 57,057 | $ | 57,995 | ||||||||||||
The following table details activity in the allowance for possible loan losses by portfolio segment for the periods ended September 30, 2014 and December 31, 2013. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories. | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||
Residential | and | |||||||||||||||||||||||||||||||
Multi-Family | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,981 | $ | 551 | $ | 85 | $ | 230 | $ | 352 | $ | 4,199 | ||||||||||||||||||||
Charge-offs | -463 | - | - | - | -46 | -509 | ||||||||||||||||||||||||||
Recoveries | 1 | - | - | 75 | - | 76 | ||||||||||||||||||||||||||
Provision for loan losses | 118 | 80 | -34 | -91 | 190 | 263 | ||||||||||||||||||||||||||
Ending balance | $ | 2,637 | $ | 631 | $ | 51 | $ | 214 | $ | 496 | 4,029 | |||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 487 | $ | - | $ | - | $ | 64 | $ | 199 | 750 | |||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,150 | $ | 631 | $ | 51 | $ | 150 | $ | 297 | 3,279 | |||||||||||||||||||||
Loan Receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 582,390 | $ | 91,287 | $ | 22,948 | $ | 20,641 | $ | 57,057 | $ | 774,323 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 9,843 | $ | 1,335 | $ | - | $ | 707 | $ | 1,475 | $ | 13,360 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 572,547 | $ | 89,952 | $ | 22,948 | $ | 19,934 | $ | 55,582 | $ | 760,963 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,585 | $ | 509 | $ | 187 | $ | 286 | $ | 430 | $ | 3,997 | ||||||||||||||||||||
Charge-offs | -393 | -79 | - | -75 | -20 | -567 | ||||||||||||||||||||||||||
Recoveries | - | - | - | - | 12 | 12 | ||||||||||||||||||||||||||
Provision for loan losses | 789 | 121 | -102 | 19 | -70 | 757 | ||||||||||||||||||||||||||
Ending balance | $ | 2,981 | $ | 551 | $ | 85 | $ | 230 | $ | 352 | 4,199 | |||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 396 | $ | - | $ | - | $ | - | $ | 21 | 417 | |||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,585 | $ | 551 | $ | 85 | $ | 230 | $ | 331 | 3,782 | |||||||||||||||||||||
Loan Receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 545,812 | $ | 90,855 | $ | 27,623 | $ | 23,445 | $ | 57,995 | $ | 745,730 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 5,559 | $ | - | $ | - | $ | 463 | $ | 795 | $ | 6,817 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 540,253 | $ | 90,855 | $ | 27,623 | $ | 22,982 | $ | 57,200 | $ | 738,913 | ||||||||||||||||||||
DEPOSITS
DEPOSITS | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||
Deposit Liabilities Disclosures [Text Block] | ' | ||||||||||||||
4 | DEPOSITS | ||||||||||||||
Deposits consist of the following major classifications: | |||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | ||||||||||||
(Dollars in thousands) | |||||||||||||||
NOW and other demand deposit accounts | $ | 455,292 | 0.13 | % | $ | 419,608 | 0.12 | % | |||||||
Passbook savings and club accounts | 170,203 | 0.2 | % | 170,660 | 0.2 | % | |||||||||
Subtotal | 625,495 | 590,268 | |||||||||||||
Certificates with original maturities: | |||||||||||||||
Within one year | 48,412 | 0.31 | % | 68,941 | 0.41 | % | |||||||||
One to three years | 107,603 | 0.9 | % | 95,397 | 1.39 | % | |||||||||
Three years and beyond | 23,042 | 1.83 | % | 26,041 | 2.56 | % | |||||||||
Total certificates | 179,057 | 190,379 | |||||||||||||
Total | $ | 804,552 | $ | 780,647 | |||||||||||
The aggregate amount of certificate accounts in denominations of $100 thousand or more at September 30, 2014 and December 31, 2013 amounted to $62.6 million and $68.8 million, respectively. Currently, deposits in excess of $250 thousand are generally not federally insured. | |||||||||||||||
Municipal demand deposit accounts in denominations of $100 thousand or more at September 30, 2014 and December 31, 2013 amounted to $186.1 million and $164.2 million, respectively. | |||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
5. EARNINGS PER SHARE | ||||||||||||||
Basic net income per share is based upon the weighted average number of common shares outstanding, net of any treasury shares, while diluted net income per share is based upon the weighted average number of common shares outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents, based upon the treasury stock method using an average market price for the period, and impact of unallocated Employee Stock Ownership Plan (“ESOP”) shares. | ||||||||||||||
The calculated basic and dilutive EPS are as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||
Numerator – Net Income | $ | 1,580 | $ | 1,324 | $ | 4,700 | $ | 3,863 | ||||||
Denominators: | ||||||||||||||
Basic average shares outstanding | 6,226,913 | 6,533,760 | 6,333,123 | 6,514,699 | ||||||||||
Effect of dilutive common stock equivalents | 134,943 | 111,658 | 136,334 | 119,055 | ||||||||||
Diluted average shares outstanding | 6,361,856 | 6,645,418 | 6,469,457 | 6,633,754 | ||||||||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.25 | $ | 0.2 | $ | 0.74 | $ | 0.59 | ||||||
Diluted | $ | 0.25 | $ | 0.2 | $ | 0.73 | $ | 0.58 | ||||||
At September 30, 2014 and 2013, there were 598,328 and 541,112 outstanding anti-dilutive options, respectively, 63,490 and 40,590 outstanding dilutive non-vested shares, respectively. | ||||||||||||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||
6 | STOCK-BASED COMPENSATION | |||||||||||||
Stock-based compensation is accounted for in accordance with FASB ASC 718, Compensation – Stock Compensation. The Company establishes fair value for its equity awards to determine their cost. The Company recognizes the related expense for employees over the appropriate vesting period, or when applicable, service period. However, consistent with the stock compensation topic of the FASB Accounting Standards Codification, the amount of stock-based compensation recognized at any date must at least equal the portion of the grant date value of the award that is vested at that date and as a result it may be necessary to recognize the expense using a ratable method. In accordance with FASB ASC 505-50, Equity-Based Payments to Non-Employees, the compensation expense for non-employees is recognized on the grant date, or when applicable, the service period. | ||||||||||||||
The Company’s 2005 and 2010 Equity-Based Incentive Plans (the “Equity Plans”) authorizes the issuance of shares of common stock pursuant to awards that may be granted in the form of stock options to purchase common stock (“options”) and awards of shares of common stock (“stock awards”). The purpose of the Equity Plans is to attract and retain personnel for positions of substantial responsibility and to provide additional incentive to certain officers, directors, advisory directors, employees and other persons to promote the success of the Company. Under the Equity Plan, options expire ten years after the date of grant, unless terminated earlier under the option terms. A committee of non-employee directors has the authority to determine the conditions upon which the options granted will vest. Options are granted at the then fair market value of the Company’s stock. | ||||||||||||||
A summary of the status of the Company’s stock options under the Equity Plans as of September 30, 2014 and 2013 and changes during the nine months ended September 30, 2014 and 2013 are presented below: | ||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||
Number | Weighted | Number | Weighted | |||||||||||
of shares | average | of shares | average | |||||||||||
exercise price | exercise price | |||||||||||||
Outstanding at the beginning of the period | 680,200 | $ | 12.14 | 649,313 | $ | 11.9 | ||||||||
Granted | — | — | — | — | ||||||||||
Exercised | 5,809 | $ | 11.49 | 34,013 | $ | 12.38 | ||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding at the end of the period | 674,391 | $ | 12.15 | 615,300 | $ | 11.92 | ||||||||
Exercisable at the end of the period | 524,462 | $ | 12.06 | 468,986 | $ | 12.23 | ||||||||
Stock options vested or expected to vest (1) | 606,952 | $ | 12.15 | 553,770 | $ | 11.92 | ||||||||
(1) Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. | ||||||||||||||
The following table summarizes all stock options outstanding under the Equity Plan as of September 30, 2014: | ||||||||||||||
Options Outstanding | ||||||||||||||
Date Issued | Number of | Weighted Average | Weighted Average | |||||||||||
Shares | Exercise Price | Remaining | ||||||||||||
Contractual Life | ||||||||||||||
10-Aug-05 | 269,511 | $ | 13.19 | 0.9 years | ||||||||||
21-Nov-06 | 17,586 | $ | 14.78 | 2.2 years | ||||||||||
20-Nov-07 | 18,448 | $ | 11.32 | 3.2 years | ||||||||||
18-Aug-10 | 221,948 | $ | 10.21 | 5.9 years | ||||||||||
15-Mar-11 | 13,600 | $ | 12.06 | 6.5 years | ||||||||||
17-Aug-11 | 49,498 | $ | 11.53 | 6.9 years | ||||||||||
19-Nov-12 | 17,500 | $ | 13.1 | 8.2 years | ||||||||||
19-Nov-13 | 66,300 | $ | 14.14 | 9.1 years | ||||||||||
Total | 674,391 | $ | 12.15 | 4.2 years | ||||||||||
The compensation expense on options recognized for the three and nine months ended September 30, 2014 was $46 thousand and $138 thousand, respectively, as compared to $38 thousand and $114 thousand for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||
At September 30, 2014, there was $469 thousand of total unrecognized compensation cost related to options granted under the stock option plans. That cost is expected to be recognized over a weighted average period of 3.7 years. | ||||||||||||||
Summary of Non-vested Stock Award Activity: | ||||||||||||||
Nine Months ended | Nine Months ended | |||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||
Number of | Weighted avg | Number of | Weighted avg | |||||||||||
shares | grant date fair | shares | grant date fair | |||||||||||
value | value | |||||||||||||
Beginning of period | 83,290 | $ | 10.99 | 60,390 | $ | 10.33 | ||||||||
Issued | — | — | — | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Vested | 19,800 | $ | 10.3 | 19,800 | $ | 10.3 | ||||||||
Outstanding at September 30, 2014 | 63,490 | $ | 12.91 | 40,590 | $ | 10.35 | ||||||||
The compensation expense on non-vested stock awards recognized for the three and nine months ended September 30, 2014 was $81 thousand and $244 thousand, respectively, as compared to $51 thousand and $153 thousand for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||
As of September 30, 2014, there was $672 thousand of total unrecognized compensation costs related to non-vested stock awards. That cost is expected to be recognized over a weighted average period of 3.7 years. | ||||||||||||||
INCOME_TAXES
INCOME TAXES | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
7 | INCOME TAXES | |
Income tax expense was $2.6 million for an effective tax rate of 35.7% for the nine months ended September 30, 2014 compared to $2.1 million for an effective tax rate of 35.0% for the same period in 2013. | ||
Periodic reviews of the carrying amount of deferred tax assets are made to determine if the establishment of a valuation allowance is necessary. If based on the available evidence in future periods, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized, a deferred tax valuation allowance would be established. Consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. Items considered in this evaluation include historical financial performance, expectation of future earnings, the ability to carry back losses to recoup taxes previously paid, length of statutory carryforward periods, experience with operating loss and tax credit carryforwards not expiring unused, tax planning strategies and timing of reversals of temporary differences. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. The evaluation is based on current tax laws as well as expectations of future performance. At September 30, 2014 and December 31, 2013, no valuation allowance has been recorded for any portfolio of the outstanding deferred tax asset. | ||
The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated income statement. As of September 30, 2014, the tax years ended December 31, 2011 through 2013 were subject to examination by the Internal Revenue Service, while the tax years ended December 31, 2010 through 2013 were subject to New Jersey examination. | ||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Stockholders Equity Note Disclosure [Text Block] | ' | |||||||||||||||||||
8 | STOCKHOLDERS’ EQUITY | |||||||||||||||||||
During the third quarter of 2014, the Board of Directors of the Company declared a cash dividend of $0.06 per share, which was paid on August 22, 2014 to stockholders of record as of the close of business on August 1, 2014. | ||||||||||||||||||||
On August 5, 2014, the Company announced that its Board of Directors authorized a stock repurchase program under which the Company will repurchase up to 135,000 shares of the Company’s outstanding common stock, or approximately 2% of outstanding shares. | ||||||||||||||||||||
The Company repurchased a total of 292,218 and 439,218 shares at a weighted average cost of $14.83 and $14.54 per share for the three and nine months ended September 30, 2014, respectively. | ||||||||||||||||||||
No reclassification adjustments were recognized in Accumulated Other Comprehensive Income during the three and nine months ended September 30, 3013. Reclassification adjustments recognized in Accumulated Other Comprehensive Income during the three and nine months ended September 30, 2014 are as follows: | ||||||||||||||||||||
For the Three and Nine Months Ended September 30, 2014 | ||||||||||||||||||||
Three months change | Nine months change | |||||||||||||||||||
Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Unrealized holding loss on securities available for sale during the period | $ | -2,764 | $ | 1,072 | $ | -1,692 | $ | -2,764 | $ | 1,072 | $ | -1,692 | ||||||||
Reclassification adjustment for net gains included in net income(1) | 86 | -30 | 56 | 86 | -30 | 56 | ||||||||||||||
Net unrealized loss on securities available for sale | $ | -2,678 | $ | 1,042 | $ | -1,636 | $ | -2,678 | $ | 1,042 | $ | -1,636 | ||||||||
(1) All amounts are included in non-interest income in the unaudited condensed consolidated statements of operations. | ||||||||||||||||||||
A summary of the changes in components of Accumulated Other Comprehensive Income for the three and nine months ended September 30, 2014 and 2013 are presented below: | ||||||||||||||||||||
Unrealized | Loss on Post | Accumulated | ||||||||||||||||||
(Loss) on | Retirement | Other | ||||||||||||||||||
Available for | Life Benefit | Comprehensive | ||||||||||||||||||
Sale Securities | Loss | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three month period comparison | ||||||||||||||||||||
Beginning balance - 07/01/2014 | $ | -1,434 | $ | -9 | $ | -1,443 | ||||||||||||||
Current period change | -326 | 1 | -325 | |||||||||||||||||
Tax benefit | 124 | — | 124 | |||||||||||||||||
Ending balance – 09/30/2014 | $ | -1,636 | $ | -8 | $ | -1,644 | ||||||||||||||
Beginning balance – 07/01/2013 | $ | -1,822 | $ | -186 | $ | -2,008 | ||||||||||||||
Current period change | -411 | 8 | -403 | |||||||||||||||||
Tax benefit | 191 | — | 191 | |||||||||||||||||
Ending balance – 09/30/2013 | $ | -2,042 | $ | -178 | $ | -2,220 | ||||||||||||||
Nine month period comparison | ||||||||||||||||||||
Beginning balance - 01/01/2014 | $ | -2,657 | $ | -10 | $ | -2,667 | ||||||||||||||
Current period change | 1,709 | 2 | 1,711 | |||||||||||||||||
Tax benefit | -688 | — | -688 | |||||||||||||||||
Ending balance – 09/30/2014 | $ | -1,636 | $ | -8 | $ | -1,644 | ||||||||||||||
Beginning balance – 01/01/2013 | $ | 104 | $ | -148 | $ | -44 | ||||||||||||||
Current period change | -3,586 | -31 | -3,617 | |||||||||||||||||
Tax benefit | 1,440 | — | 1,440 | |||||||||||||||||
Ending balance – 09/30/2013 | $ | -2,042 | $ | -178 | $ | -2,220 | ||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
9 | FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company accounts for fair value measurement in accordance with FASB ASC 820, Fair Value Measurements and Disclosures. FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820 does not require any new fair value measurements. The definition of fair value retains the exchange price notion in earlier definitions of fair value. FASB ASC 820 clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability. The definition focuses on the price that would be received to sell the asset or paid to transfer the liability (an exit price), not the price that would be paid to acquire the asset or received to assume the liability (an entry price). FASB ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. FASB ASC 820 also clarifies the application of fair value measurement in a market that is not active. | |||||||||||||||||
FASB ASC 820 describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||
The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | |||||||||||||||||
In addition, the Company is to disclose the fair value measurements for financial assets on both a recurring and non-recurring basis. | |||||||||||||||||
The following tables presents assets that are measured at fair value on a recurring basis by major product category and fair value hierarchy as of September 30, 2014 and December 31, 2013: | |||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||
September 30, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U.S. government sponsored entity mortgage-backed securities | $ | - | $ | 83,150 | $ | - | |||||||||||
U.S. Treasury and federal agencies | |||||||||||||||||
State and municipal obligations | - | 20,509 | - | ||||||||||||||
Corporate securities | - | 10,008 | - | ||||||||||||||
Equity securities | 28 | - | - | ||||||||||||||
Totals | $ | 28 | $ | 113,667 | $ | - | |||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U.S. government sponsored entity mortgage-backed securities | $ | - | $ | 81,659 | $ | - | |||||||||||
U.S. Treasury and federal agencies | |||||||||||||||||
State and municipal obligations | - | 32,903 | - | ||||||||||||||
Corporate securities | - | 10,797 | - | ||||||||||||||
Equity securities | 30 | - | - | ||||||||||||||
Totals | $ | 30 | $ | 125,359 | $ | - | |||||||||||
In accordance with the fair value measurement and disclosures topic of the FASB Accounting Standards Codification management assessed whether the volume and level of activity for certain assets have significantly decreased when compared with normal market conditions. The Company concluded that there was not a significant decrease in the volume and level of activity with respect to certain investments included in the corporate debt securities and classified as level 2 in accordance with the framework for fair value measurements. Fair value for such securities is obtained from third party broker quotes. The Company evaluated these values to determine that the quoted price is based on current information that reflects orderly transactions or a valuation technique that reflects market participant assumptions by benchmarking the valuation results and assumptions used against similar securities that are more actively traded in order to assess the reasonableness of the estimated fair values. The fair market value estimates we assign to these securities assume liquidation in an orderly fashion and not under distressed circumstances. | |||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The Company measures impaired loans, FHLB stock and loans or bank properties transferred into other real estate owned at fair value on a non-recurring basis. | |||||||||||||||||
Summary of Non-Recurring Fair Value Measurements | |||||||||||||||||
Category Used for Fair Value | |||||||||||||||||
Measurement | |||||||||||||||||
Nine Month | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Period Ended | Losses | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
30-Sep-14 | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 5,609 | $ | — | $ | 2,459 | $ | 3,150 | $ | -441 | |||||||
Real estate owned | 248 | — | 248 | — | -55 | ||||||||||||
30-Sep-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 3,111 | $ | — | $ | 2,958 | $ | 153 | $ | -97 | |||||||
Real estate owned | 525 | — | 525 | — | -143 | ||||||||||||
Impaired Loans | |||||||||||||||||
The Company considers a loan to be impaired when it becomes probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan agreement. Under FASB ASC 310, collateral dependent impaired loans are valued based on the fair value of the collateral, which is based on appraisals, less cost to sell. These adjustments are based upon observable inputs, and therefore, the fair value measurement has been categorized as a level 2 measurement. In some cases, adjustments are made to the appraised values for various factors, including age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. Total loans remeasured at fair value for the nine months ended September 30, 2014 were $5.6 million. Such loans were carried at the value of $6.1 million immediately prior to remeasurement, resulting in the recognition of impairment through earnings in the amount of $441 thousand. Total loans remeasured at fair value for the nine months ended September 30, 2013 were $3.1 million. Such loans were carried at the value of $3.2 million immediately prior to remeasurement, resulting in the recognition of impairment through earnings in the amount of $97 thousand. | |||||||||||||||||
Real Estate Owned | |||||||||||||||||
Once an asset is determined to be uncollectible, the underlying collateral is repossessed and reclassified to foreclosed real estate and repossessed assets. These assets are carried at lower of cost or fair value of the collateral, less cost to sell. These adjustments are based upon observable inputs, and therefore, the fair value measurement has been categorized as a Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors, including age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. Total real estate owned remeasured at fair value for the nine months ended September 30, 2014 was $248 thousand. These properties were carried at a value of $303 thousand immediately prior to remeasurement, resulting in $55 thousand of impairment through earnings. Total real estate owned remeasured at fair value for the nine months ended September 30, 2013 was $525 thousand. These properties were carried at a value of $688 thousand immediately prior to remeasurement, resulting in $143 thousand of impairment through earnings. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
In accordance with FASB ASC 825-10-50-10, the Company is required to disclose the fair value of financial instruments. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a distressed sale. Fair value is best determined using observable market prices; however, for many of the Company’s financial instruments, no quoted market prices are readily available. In instances where quoted market prices are not readily available, fair value is determined using present value or other techniques appropriate for the particular instrument. These techniques involve some degree of judgment and, as a result, are not necessarily indicative of the amounts the Company would realize in a current market exchange. Different assumptions or estimation techniques may have a material effect on the estimated fair value. The following table summarizes these results: | |||||||||||||||||
Category Used For Fair Value | |||||||||||||||||
September 30, 2014 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 93,116 | $ | 93,116 | $ | - | $ | - | |||||||||
Investment securities: | |||||||||||||||||
Held to maturity | 1,232 | - | 1,310 | - | |||||||||||||
Available for sale | 113,695 | 28 | 113,667 | - | |||||||||||||
Loans receivable, net | 773,796 | - | 780,721 | - | |||||||||||||
Federal Home Loan Bank stock | 6,039 | - | 6,039 | - | |||||||||||||
Liabilities: | |||||||||||||||||
NOW and other demand deposit accounts | 455,292 | - | 470,754 | - | |||||||||||||
Passbook savings and club accounts | 170,203 | - | 178,456 | - | |||||||||||||
Certificates | 179,057 | - | 179,350 | - | |||||||||||||
Advances from Federal Home Loan Bank | 110,000 | - | 118,251 | - | |||||||||||||
Junior subordinated debenture | 7,217 | - | 7,217 | - | |||||||||||||
Category Used For Fair Value | |||||||||||||||||
December 31, 2013 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 87,619 | $ | 87,619 | $ | - | $ | - | |||||||||
Investment securities: | |||||||||||||||||
Held to maturity | 3,312 | - | 3,402 | - | |||||||||||||
Available for sale | 125,389 | 30 | 125,359 | - | |||||||||||||
Loans receivable, net | 744,802 | - | 744,333 | - | |||||||||||||
Federal Home Loan Bank stock | 6,320 | - | 6,320 | - | |||||||||||||
Liabilities: | |||||||||||||||||
NOW and other demand deposit accounts | 419,608 | - | 436,163 | - | |||||||||||||
Passbook savings and club accounts | 170,661 | - | 178,939 | - | |||||||||||||
Certificates | 190,379 | - | 189,821 | - | |||||||||||||
Advances from Federal Home Loan Bank | 110,000 | - | 118,787 | - | |||||||||||||
Junior subordinated debenture | 10,309 | - | 9,278 | - | |||||||||||||
Cash and Cash Equivalents—For cash and cash equivalents, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||
Investment and Mortgage-Backed Securities—For investment securities, fair values are based on a combination of quoted prices for identical assets in active markets, quoted prices for similar assets in markets that are either actively or not actively traded and pricing models, discounted cash flow methodologies, or similar techniques that may contain unobservable inputs that are supported by little or no market activity and require significant judgment. For investment securities that do not actively trade in the marketplace, (primarily our investment in trust preferred securities of non-publicly traded companies) fair value is obtained from third party broker quotes. The Company evaluates prices from a third party pricing service, third party broker quotes, and from another independent third party valuation source to determine their estimated fair value. These quotes are benchmarked against similar securities that are more actively traded in order to assess the reasonableness of the estimated fair values. The fair market value estimates we assign to these securities assume liquidation in an orderly fashion and not under distressed circumstances. For securities classified as available for sale, the changes in fair value are reflected in the carrying value of the asset and are shown as a separate component of stockholders’ equity. | |||||||||||||||||
Loans Receivable - Net—The fair value of loans receivable is estimated based on the present value using discounted cash flows based on estimated market discount rates at which similar loans would be made to borrowers and reflect similar credit ratings and interest rate risk for the same remaining maturities. | |||||||||||||||||
FHLB Stock—Although FHLB stock is an equity interest in an FHLB, it is carried at cost because it does not have a readily determinable fair value as its ownership is restricted and it lacks a market. While certain conditions are noted that required management to evaluate the stock for impairment, it is currently probable that the Company will realize its cost basis. Management concluded that no impairment existed as of September 30, 2014. The estimated fair value approximates the carrying amount. | |||||||||||||||||
NOW and Other Demand Deposit, Passbook Savings and Club, and Certificates Accounts—The fair value of NOW and other demand deposit accounts and passbook savings and club accounts is the amount payable on demand at the reporting date. The fair value of certificates is estimated by discounting future cash flows using interest rates currently offered on certificates with similar remaining maturities. | |||||||||||||||||
Advances from FHLB—The fair value was estimated by determining the cost or benefit for early termination of each individual borrowing. | |||||||||||||||||
Junior Subordinated Debenture—The fair value was estimated by discounting approximate cash flows of the borrowings by yields estimating the fair value of similar issues. | |||||||||||||||||
Commitments to Extend Credit and Letters of Credit—The majority of the Bank’s commitments to extend credit and letters of credit carry current market interest rates if converted to loans. Because commitments to extend credit and letters of credit are generally unassignable by either the Bank or the borrower, they only have value to the Bank and the borrower. The estimated fair value approximates the recorded deferred fee amounts, which are not significant. | |||||||||||||||||
The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2014 and December 31, 2013. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since September 30, 2014 and December 31, 2013, and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | |||||||||||||||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended | |
Sep. 30, 2014 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |
10 | GOODWILL AND INTANGIBLE ASSETS | |
Goodwill totaled $4.6 million at September 30, 2014 as compared to $4.6 million at December 31, 2013. The Company completed its annual goodwill impairment test as of August 1, 2014 and concluded that goodwill was not impaired. At September 30, 2014, no triggering events have occurred from the date of the impairment test that would have impaired goodwill. | ||
The core deposit intangible totaled $567 thousand at September 30, 2014 as compared to $625 thousand at December 31, 2013. The core deposit intangible is being amortized over its estimated useful life of approximately 15 years from August 1, 2011. | ||
REAL_ESTATE_OWNED
REAL ESTATE OWNED | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||||||
Real Estate Disclosure [Text Block] | ' | |||||||||||||||||||
11 | REAL ESTATE OWNED | |||||||||||||||||||
Summary of Real Estate Owned (“REO”): | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Residential | Commercial | Residential | Commercial | |||||||||||||||||
Property | Property | Total | Property | Property | Total | |||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||
Balance, January 1, | $ | 295 | $ | 203 | $ | 498 | $ | 412 | $ | 494 | $ | 906 | ||||||||
Transfers into Real Estate Owned | 460 | – | 460 | 438 | 528 | 966 | ||||||||||||||
Sales of Real Estate Owned | -410 | -161 | -571 | -610 | -353 | -963 | ||||||||||||||
Balance, September 30, | $ | 345 | $ | 42 | $ | 387 | $ | 240 | $ | 669 | $ | 909 | ||||||||
JUNIOR_SUBORDINATED_DEBENTURES
JUNIOR SUBORDINATED DEBENTURES | 9 Months Ended | |
Sep. 30, 2014 | ||
Subordinated Borrowings [Abstract] | ' | |
Subordinated Borrowings Disclosure [Text Block] | ' | |
12 | JUNIOR SUBORDINATED DEBENTURES | |
On September 5, 2014, the Company redeemed $3.1 million principal amount of its 8.67% Capital Securities issued by Ocean Shore Capital Trust I, a wholly-owned subsidiary of the Company. The Company paid a redemption premium of $54 thousand. As a result, other borrowings decreased $3.1 million to $7.2 million at September 30, 2014 from $10.3 million at December 31, 2013. | ||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Financial Statement Presentation - The unaudited condensed consolidated financial statements include the accounts of Ocean Shore Holding Co. (the “Company”) and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements were prepared in accordance with instructions to Form 10-Q, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC) for interim information, and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the condensed consolidated financial statements have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2013. The results for the nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014 or any other period. The Company has evaluated subsequent events through the date of the issuance of its financial statements. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates in the Preparation of Financial Statements - The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. The most significant estimates and assumptions relate to the allowance for loan losses, other-than-temporary impairment on investment securities, goodwill and intangible impairment, deferred income taxes and the fair value measurements of financial instruments. Actual results could differ from those estimates under different assumptions and conditions, and the differences may be material to the consolidated financial statements. | |
New Accounting Pronouncements Policy [Policy Text Block] | ' |
New Accounting Pronouncements –In July 2013, the FASB issued ASU 2013-11, an update to ASC 740, Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: a consensus of the FASB Emerging Issues Task Force. This ASU provides explicit guidance on the presentation of unrecognized tax benefits, particularly the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The provisions of this update are effective January 1, 2014 for the Company and should be applied prospectively; however retrospective application is also permissible. Early adoption of the guidance is permitted. The adoption of this accounting guidance did not have a material impact on the Company’s consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure — a consensus of the FASB Emerging Issues Task Force, on January 17, 2014. This ASU clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amended guidance 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. In addition, the amended guidance requires interim and annual disclosures 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 amended guidance may be applied prospectively or through a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The adoption of the amended guidance is currently being evaluated by the Company, but is not expected to have a significant impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, which created ASC 606 "Revenue from Contracts with Customers," superseding the revenue recognition requirements in ASC 605. This ASU requires an entity to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendment includes a five-step process to assist an entity in achieving the main principle(s) of revenue recognition under ASC 605. The amendment will be effective for the Company for the first annual period ending after December 15, 2016, including interim periods within that reporting period, and should be applied on a prospective basis. Early adoption of the guidance is not permitted. The Company is currently evaluating the impact of this ASU on its financial position, results of operations and disclosures. | |
In June 2014, the FASB issued ASU 2014-11, an amendment to ASC 860 “Transfers and Servicing.” This ASU requires accounting changes for repurchase to maturity and repurchase financing transactions, respectively, which will be accounted for as a secured borrowing agreement on a prospective basis. The ASU also adds additional disclosure requirements related to these transactions. The amendment will be effective for the Company for the first annual period ending after December 15, 2014. The accounting changes for all transactions affected by this amendment will have the impact recorded as a cumulative-effect adjustment to retained earnings on the date of adoption. The Company has completed its evaluation and concluded that there is no current impact of this ASU on its financial position, results of operations and disclosures. | |
Also in June 2014, the FASB issued ASU 2014-12, an amendment to ASC 718 “Compensation-Stock Compensation.” This ASU requires that a performance target that affects vesting, and could be achieved after the requisite service period, be treated as a performance condition. Application of existing guidance in ASC 718, as it relates to awards with performance conditions that affect vesting, should continue to be used to account for such awards. The amendment will be effective for the Company for the first reporting period ending after December 15, 2014. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial position, results of operations and disclosures. | |
In August 2014, the FASB issued ASU 2014-14, an amendment to ASC 310-40 “Receivables - Troubled Debt Restructurings by Creditors.” This ASU requires that a government-guaranteed mortgage loan be de-recognized, and that a separate other receivable be recognized, upon foreclosure if the three criteria identified in the ASU are met. Upon foreclosure and meeting the three criteria, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) that is expected to be recovered from the guarantor. The amendment will be effective for the Company for the first reporting period ending after December 15, 2014. Adoption of the amendment by the Company can be either on a prospective or modified retrospective basis. For the prospective basis, the amendment would be applied to foreclosures occurring after the effective date of the amendment. For the modified retrospective basis, the Company would book a cumulative-effect adjustment (reclassification to other receivables as stated in the amendment) as of the beginning of the annual period of adoption. Prior periods should not be adjusted. The Company is currently evaluating the impact of this ASU on its financial position, results of operations and disclosures. | |
In August 2014, the FASB also issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU requires management to perform an assessment of going concern and provides specific guidance on when and how to assess or disclose going concern uncertainties. The new standard also defines terms used in the evaluation of going concern, such as "substantial doubt." Following application, the Company will be required to perform assessments at each annual and interim period, provide an assessment period of one year from the issuance date, and make disclosures in certain circumstances in which substantial doubt is identified. The amendment will be effective for the Company for the first reporting period ending after December 15, 2016. Earlier application is permitted. The Company does not expect this ASU to have an impact on its financial position, result of operations, or disclosures. | |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Schedule of Held-to-maturity and Available-for-sale Securities Reconciliation [Table Text Block] | ' | |||||||||||||||||||
Investment securities are summarized as follows: | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Debt Securities - Municipal | $ | 494 | $ | - | $ | - | $ | 494 | ||||||||||||
U.S. Treasury and government sponsored entity mortgage-backed securities | 738 | 78 | - | 816 | ||||||||||||||||
Totals | $ | 1,232 | $ | 78 | $ | - | $ | 1,310 | ||||||||||||
Available for Sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Corporate | $ | 21,034 | $ | 5 | $ | -530 | $ | 20,509 | ||||||||||||
U.S. Treasury and federal agencies | 10,586 | 127 | -705 | 10,008 | ||||||||||||||||
Equity securities | 3 | 25 | - | 28 | ||||||||||||||||
U.S. treasury and government sponsored entity mortgage-backed securities | 84,750 | 270 | -1,870 | 83,150 | ||||||||||||||||
Totals | $ | 116,373 | $ | 427 | $ | -3,105 | $ | 113,695 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Debt Securities - Municipal | $ | 2,328 | $ | - | $ | - | $ | 2,328 | ||||||||||||
U.S. Treasury and government sponsored entity mortgage-backed securities | 984 | 90 | - | 1,074 | ||||||||||||||||
Totals | $ | 3,312 | $ | 90 | $ | - | $ | 3,402 | ||||||||||||
Available for Sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Corporate | $ | 11,551 | $ | 155 | $ | -909 | $ | 10,797 | ||||||||||||
U.S. Treasury and federal agencies | 35,035 | - | -2,132 | 32,903 | ||||||||||||||||
Equity securities | 3 | 27 | - | 30 | ||||||||||||||||
U.S. Treasury and government sponsored entity mortgage-backed securities | 83,187 | 392 | -1,920 | 81,659 | ||||||||||||||||
Totals | $ | 129,776 | $ | 574 | $ | -4,961 | $ | 125,389 | ||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | |||||||||||||||||||
The following table provides the gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||
Fair Value | Loss | Fair Value | Loss | Fair Value | Loss | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Debt securities - | ||||||||||||||||||||
U.S. Agencies | $ | 34 | $ | - | $ | 15,471 | $ | -530 | $ | 15,505 | $ | -530 | ||||||||
Corporate | - | - | 3,983 | -705 | 3,983 | -705 | ||||||||||||||
U.S. treasury and government sponsored entity mortgage- backed securities | 14,996 | -51 | 64,147 | -1,819 | 79,143 | -1,870 | ||||||||||||||
Totals | $ | 15,030 | $ | -51 | $ | 83,601 | $ | -3,054 | $ | 98,631 | $ | -3,105 | ||||||||
December 31, 2013 | ||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||
Fair Value | Loss | Fair Value | Loss | Fair Value | Loss | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Debt securities - | ||||||||||||||||||||
U.S. Treasury | $ | 27,221 | $ | -1,814 | $ | 5,682 | $ | -318 | $ | 32,903 | $ | -2,132 | ||||||||
Corporate | - | - | 3,796 | -909 | 3,796 | -909 | ||||||||||||||
U.S. treasury and government sponsored entity mortgage- backed securities | 74,803 | -1,917 | 474 | -3 | 75,277 | -1,920 | ||||||||||||||
Totals | $ | 102,024 | $ | -3,731 | $ | 9,952 | $ | -1,230 | $ | 111,976 | $ | -4,961 | ||||||||
Schedule of Contractual Maturities of Available-for-sale Debt Securities [Table Text Block] | ' | |||||||||||||||||||
The amortized cost and estimated fair value of debt securities available for sale and held to maturity at September 30, 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. | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Held to Maturity | Available for Sale Securities | |||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Due within 1 year | $ | 494 | $ | 494 | $ | - | $ | - | ||||||||||||
Due after 1 year through 5 years | - | - | 5,933 | 6,060 | ||||||||||||||||
Due after 5 years through 10 years | - | - | 5,000 | 5,004 | ||||||||||||||||
Due after 10 years | - | - | 20,688 | 19,453 | ||||||||||||||||
Total | $ | 494 | $ | 494 | $ | 31,621 | $ | 30,517 | ||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | ' | |||||||||||||||||||
Proceeds from sales of investment securities and the realized gross gains and losses from those sales are as follows: | ||||||||||||||||||||
Three-Month Period | Nine-Month Period | |||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Proceeds from the sales of available-for-sale securities | $ | 1,290 | $ | — | $ | 1,290 | $ | — | ||||||||||||
Gross realized gains | 86 | — | 86 | — | ||||||||||||||||
Total realized gains | $ | 86 | $ | — | $ | 86 | $ | — | ||||||||||||
LOANS_RECEIVABLE_NET_Tables
LOANS RECEIVABLE- NET (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Loans Receivable [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Loans receivable consist of the following: | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 582,390 | $ | 545,812 | ||||||||||||||||||||||||||||
Commercial and multi-family | 91,287 | 90,855 | ||||||||||||||||||||||||||||||
Total real estate-mortgage | 673,677 | 636,667 | ||||||||||||||||||||||||||||||
Real estate - construction: | ||||||||||||||||||||||||||||||||
Residential | 20,406 | 25,113 | ||||||||||||||||||||||||||||||
Commercial | 2,542 | 2,510 | ||||||||||||||||||||||||||||||
Total real estate - construction | 22,948 | 27,623 | ||||||||||||||||||||||||||||||
Commercial | 20,641 | 23,445 | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Home equity | 56,671 | 57,367 | ||||||||||||||||||||||||||||||
Other consumer loans | 386 | 628 | ||||||||||||||||||||||||||||||
Total consumer loans | 57,057 | 57,995 | ||||||||||||||||||||||||||||||
Total loans | 774,323 | 745,730 | ||||||||||||||||||||||||||||||
Net deferred loan cost | 3,502 | 3,271 | ||||||||||||||||||||||||||||||
Allowance for loan losses | -4,029 | -4,199 | ||||||||||||||||||||||||||||||
Net total loans | $ | 773,796 | $ | 744,802 | ||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Changes in the allowance for loan losses are as follows: | ||||||||||||||||||||||||||||||||
Nine months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,199 | $ | 3,997 | ||||||||||||||||||||||||||||
Provision for loan loss | 263 | 580 | ||||||||||||||||||||||||||||||
Charge-offs | -509 | -379 | ||||||||||||||||||||||||||||||
Recoveries | 76 | 13 | ||||||||||||||||||||||||||||||
Balance, end of period | $ | 4,029 | $ | 4,211 | ||||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Non-performing assets segregated by classification are as follows: | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 4,089 | $ | 3,618 | ||||||||||||||||||||||||||||
Commercial and multi-family | 1,336 | 463 | ||||||||||||||||||||||||||||||
Commercial | 501 | - | ||||||||||||||||||||||||||||||
Consumer | 944 | 674 | ||||||||||||||||||||||||||||||
Non-accrual loans | 6,870 | 4,755 | ||||||||||||||||||||||||||||||
Troubled debt restructuring, non-accrual | 630 | 316 | ||||||||||||||||||||||||||||||
Total non-performing loans | 7,500 | 5,071 | ||||||||||||||||||||||||||||||
Real estate owned | 387 | 498 | ||||||||||||||||||||||||||||||
Total non-performing assets | $ | 7,887 | $ | 5,569 | ||||||||||||||||||||||||||||
Schedule of Nonaccretable and Accretable Yield on Loans and Debts Securities [Table Text Block] | ' | |||||||||||||||||||||||||||||||
A rollforward of the Company’s nonaccretable and accretable yield on loans accounted for under ASU 310-30, Loans and Debts Securities Acquired with Deteriorated Credit Quality, is shown below for the nine month period ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Contractual | Nonaccretable | Accretable | Carrying | |||||||||||||||||||||||||||||
Receivable | (Yield)/Premium | (Yield)/Premium | Amount | |||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 50,837 | $ | -3,099 | $ | 746 | $ | 48,484 | ||||||||||||||||||||||||
Principal reductions | -4,675 | — | — | -4,675 | ||||||||||||||||||||||||||||
Charge-offs, net | -439 | 439 | — | — | ||||||||||||||||||||||||||||
Amortization of loan premium | — | — | -153 | -153 | ||||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 45,723 | $ | -2,660 | $ | 593 | $ | 43,656 | ||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 63,690 | $ | -3,423 | $ | 983 | $ | 61,250 | ||||||||||||||||||||||||
Principal reductions | -9,591 | — | — | -9,591 | ||||||||||||||||||||||||||||
Charge-offs, net | -229 | 229 | — | — | ||||||||||||||||||||||||||||
Amortization of loan premium | — | — | -179 | -179 | ||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 53,870 | $ | -3,194 | $ | 804 | $ | 51,480 | ||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||||||||||
An age analysis of past due loans, segregated by class of loans, as of September 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Than 90 | Due | Receivable | ||||||||||||||||||||||||||||
Days | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | $ | 1,603 | $ | - | $ | 4,720 | $ | 6,323 | $ | 576,067 | $ | 582,390 | ||||||||||||||||||||
Commercial and Multi-Family | - | - | 1,335 | 1,335 | 89,952 | 91,287 | ||||||||||||||||||||||||||
Construction | - | - | - | - | 22,948 | 22,948 | ||||||||||||||||||||||||||
Commercial | - | - | 501 | 501 | 20,140 | 20,641 | ||||||||||||||||||||||||||
Consumer | 412 | 102 | 944 | 1,458 | 55,599 | 57,057 | ||||||||||||||||||||||||||
Total | $ | 2,015 | $ | 102 | $ | 7,500 | $ | 9,617 | $ | 764,706 | $ | 774,323 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | $ | 1,271 | $ | - | $ | 3,427 | $ | 4,698 | $ | 541,114 | $ | 545,812 | ||||||||||||||||||||
Commercial and Multi-Family | - | - | 763 | 763 | 90,092 | 90,855 | ||||||||||||||||||||||||||
Construction | - | - | - | - | 27,623 | 27,623 | ||||||||||||||||||||||||||
Commercial | - | - | - | - | 23,445 | 23,445 | ||||||||||||||||||||||||||
Consumer | 266 | 50 | 647 | 963 | 57,032 | 57,995 | ||||||||||||||||||||||||||
Total | $ | 1,537 | $ | 50 | $ | 4,837 | $ | 6,424 | $ | 739,306 | $ | 745,730 | ||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Impaired loans are set forth in the following table. No interest income was recognized on impaired loans subsequent to their classification as impaired. | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | |||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | |||||||||||||||||||||||||||||
Balance | Investment | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | $ | 4,722 | $ | 4,759 | $ | - | $ | 163 | ||||||||||||||||||||||||
Commercial and Multi-Family | 1,335 | 1,335 | - | 267 | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 945 | 945 | - | 67 | ||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | 5,121 | 5,510 | 487 | 366 | ||||||||||||||||||||||||||||
Commercial and Multi-Family | - | - | - | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | 707 | 707 | 64 | 353 | ||||||||||||||||||||||||||||
Consumer | 530 | 542 | 199 | 106 | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | 9,843 | 10,269 | 487 | 229 | ||||||||||||||||||||||||||||
Commercial and Multi-Family | 1,335 | 1,335 | - | 267 | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | 707 | 707 | 64 | 353 | ||||||||||||||||||||||||||||
Consumer | 1,425 | 1,487 | 199 | 78 | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | $ | 2,707 | $ | 2,744 | $ | - | $ | 193 | ||||||||||||||||||||||||
Commercial and Multi-Family | 465 | 463 | - | 463 | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 674 | 674 | - | 61 | ||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | 3,127 | 3,166 | 396 | 284 | ||||||||||||||||||||||||||||
Commercial and Multi-Family | - | - | - | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 121 | 121 | 21 | 121 | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family Residential | 5,834 | 5,910 | 396 | 233 | ||||||||||||||||||||||||||||
Commercial and Multi-Family | 465 | 463 | - | 463 | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 795 | 795 | 21 | 66 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table presents an analysis of the Company’s TDR agreements existing as of September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Outstanding Recorded Investment | Outstanding Recorded Investment | |||||||||||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||||
Contracts | Modification | Modification | Contracts | Modification | Modification | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
1-4 Family Residential | 7 | $ | 3,003 | $ | 3,003 | 6 | $ | 2,216 | $ | 2,216 | ||||||||||||||||||||||
Consumer | 4 | 290 | 290 | 1 | 121 | 121 | ||||||||||||||||||||||||||
Commercial | 1 | 206 | 206 | – | – | – | ||||||||||||||||||||||||||
Total | 12 | $ | 3,499 | $ | 3,499 | 7 | $ | 2,337 | $ | 2,337 | ||||||||||||||||||||||
Schedule of Financial Receivable, Reported Amounts, by Category [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table presents classified loans by class of loans as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Construction | Commercial | Consumer | ||||||||||||||||||||||||||||
Residential | and Multi-Family | |||||||||||||||||||||||||||||||
9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||
Special Mention | $ | 3,971 | $ | 3,692 | $ | - | $ | 629 | $ | - | $ | - | $ | 1,031 | $ | 90 | $ | 954 | $ | 1,040 | ||||||||||||
Substandard | 9,367 | 7,612 | 781 | 3,645 | - | - | 3,677 | 665 | 1,649 | 900 | ||||||||||||||||||||||
Doubtful and Loss | - | - | - | - | - | - | - | - | 14 | - | ||||||||||||||||||||||
Total | $ | 13,338 | $ | 11,304 | $ | 781 | $ | 4,274 | $ | - | $ | - | $ | 4,708 | $ | 755 | $ | 2,617 | $ | 1,940 | ||||||||||||
Schedule of Performing and Non-Performing Financial Receivable [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table presents the credit risk profile of loans based on payment activity as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Construction | Commercial | Consumer | ||||||||||||||||||||||||||||
Residential | and Multi-Family | |||||||||||||||||||||||||||||||
9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | 9/30/14 | 12/31/13 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Performing | $ | 577,671 | $ | 541,878 | $ | 89,951 | $ | 90,392 | $ | 22,948 | $ | 27,623 | $ | 20,140 | $ | 23,445 | $ | 56,113 | $ | 57,321 | ||||||||||||
Non-Performing | 4,719 | 3,934 | 1,336 | 463 | - | - | 501 | - | 944 | 674 | ||||||||||||||||||||||
Total | $ | 582,390 | $ | 545,812 | $ | 91,287 | $ | 90,855 | $ | 22,948 | $ | 27,623 | $ | 20,641 | $ | 23,445 | $ | 57,057 | $ | 57,995 | ||||||||||||
Schedule of Allowance for Possible Loan Losses by Portfolio Segment [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table details activity in the allowance for possible loan losses by portfolio segment for the periods ended September 30, 2014 and December 31, 2013. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories. | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||
Residential | and | |||||||||||||||||||||||||||||||
Multi-Family | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,981 | $ | 551 | $ | 85 | $ | 230 | $ | 352 | $ | 4,199 | ||||||||||||||||||||
Charge-offs | -463 | - | - | - | -46 | -509 | ||||||||||||||||||||||||||
Recoveries | 1 | - | - | 75 | - | 76 | ||||||||||||||||||||||||||
Provision for loan losses | 118 | 80 | -34 | -91 | 190 | 263 | ||||||||||||||||||||||||||
Ending balance | $ | 2,637 | $ | 631 | $ | 51 | $ | 214 | $ | 496 | 4,029 | |||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 487 | $ | - | $ | - | $ | 64 | $ | 199 | 750 | |||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,150 | $ | 631 | $ | 51 | $ | 150 | $ | 297 | 3,279 | |||||||||||||||||||||
Loan Receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 582,390 | $ | 91,287 | $ | 22,948 | $ | 20,641 | $ | 57,057 | $ | 774,323 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 9,843 | $ | 1,335 | $ | - | $ | 707 | $ | 1,475 | $ | 13,360 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 572,547 | $ | 89,952 | $ | 22,948 | $ | 19,934 | $ | 55,582 | $ | 760,963 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,585 | $ | 509 | $ | 187 | $ | 286 | $ | 430 | $ | 3,997 | ||||||||||||||||||||
Charge-offs | -393 | -79 | - | -75 | -20 | -567 | ||||||||||||||||||||||||||
Recoveries | - | - | - | - | 12 | 12 | ||||||||||||||||||||||||||
Provision for loan losses | 789 | 121 | -102 | 19 | -70 | 757 | ||||||||||||||||||||||||||
Ending balance | $ | 2,981 | $ | 551 | $ | 85 | $ | 230 | $ | 352 | 4,199 | |||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 396 | $ | - | $ | - | $ | - | $ | 21 | 417 | |||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,585 | $ | 551 | $ | 85 | $ | 230 | $ | 331 | 3,782 | |||||||||||||||||||||
Loan Receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 545,812 | $ | 90,855 | $ | 27,623 | $ | 23,445 | $ | 57,995 | $ | 745,730 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 5,559 | $ | - | $ | - | $ | 463 | $ | 795 | $ | 6,817 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 540,253 | $ | 90,855 | $ | 27,623 | $ | 22,982 | $ | 57,200 | $ | 738,913 | ||||||||||||||||||||
DEPOSITS_Tables
DEPOSITS (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||
Deposit Liabilities Disclosure [Table Text Block] | ' | ||||||||||||||
Deposits consist of the following major classifications: | |||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | ||||||||||||
(Dollars in thousands) | |||||||||||||||
NOW and other demand deposit accounts | $ | 455,292 | 0.13 | % | $ | 419,608 | 0.12 | % | |||||||
Passbook savings and club accounts | 170,203 | 0.2 | % | 170,660 | 0.2 | % | |||||||||
Subtotal | 625,495 | 590,268 | |||||||||||||
Certificates with original maturities: | |||||||||||||||
Within one year | 48,412 | 0.31 | % | 68,941 | 0.41 | % | |||||||||
One to three years | 107,603 | 0.9 | % | 95,397 | 1.39 | % | |||||||||
Three years and beyond | 23,042 | 1.83 | % | 26,041 | 2.56 | % | |||||||||
Total certificates | 179,057 | 190,379 | |||||||||||||
Total | $ | 804,552 | $ | 780,647 | |||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The calculated basic and dilutive EPS are as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||
Numerator – Net Income | $ | 1,580 | $ | 1,324 | $ | 4,700 | $ | 3,863 | ||||||
Denominators: | ||||||||||||||
Basic average shares outstanding | 6,226,913 | 6,533,760 | 6,333,123 | 6,514,699 | ||||||||||
Effect of dilutive common stock equivalents | 134,943 | 111,658 | 136,334 | 119,055 | ||||||||||
Diluted average shares outstanding | 6,361,856 | 6,645,418 | 6,469,457 | 6,633,754 | ||||||||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.25 | $ | 0.2 | $ | 0.74 | $ | 0.59 | ||||||
Diluted | $ | 0.25 | $ | 0.2 | $ | 0.73 | $ | 0.58 | ||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | ' | |||||||||||||
A summary of the status of the Company’s stock options under the Equity Plans as of September 30, 2014 and 2013 and changes during the nine months ended September 30, 2014 and 2013 are presented below: | ||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||
Number | Weighted | Number | Weighted | |||||||||||
of shares | average | of shares | average | |||||||||||
exercise price | exercise price | |||||||||||||
Outstanding at the beginning of the period | 680,200 | $ | 12.14 | 649,313 | $ | 11.9 | ||||||||
Granted | — | — | — | — | ||||||||||
Exercised | 5,809 | $ | 11.49 | 34,013 | $ | 12.38 | ||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding at the end of the period | 674,391 | $ | 12.15 | 615,300 | $ | 11.92 | ||||||||
Exercisable at the end of the period | 524,462 | $ | 12.06 | 468,986 | $ | 12.23 | ||||||||
Stock options vested or expected to vest (1) | 606,952 | $ | 12.15 | 553,770 | $ | 11.92 | ||||||||
(1) Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. | ||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | ' | |||||||||||||
The following table summarizes all stock options outstanding under the Equity Plan as of September 30, 2014: | ||||||||||||||
Options Outstanding | ||||||||||||||
Date Issued | Number of | Weighted Average | Weighted Average | |||||||||||
Shares | Exercise Price | Remaining | ||||||||||||
Contractual Life | ||||||||||||||
10-Aug-05 | 269,511 | $ | 13.19 | 0.9 years | ||||||||||
21-Nov-06 | 17,586 | $ | 14.78 | 2.2 years | ||||||||||
20-Nov-07 | 18,448 | $ | 11.32 | 3.2 years | ||||||||||
18-Aug-10 | 221,948 | $ | 10.21 | 5.9 years | ||||||||||
15-Mar-11 | 13,600 | $ | 12.06 | 6.5 years | ||||||||||
17-Aug-11 | 49,498 | $ | 11.53 | 6.9 years | ||||||||||
19-Nov-12 | 17,500 | $ | 13.1 | 8.2 years | ||||||||||
19-Nov-13 | 66,300 | $ | 14.14 | 9.1 years | ||||||||||
Total | 674,391 | $ | 12.15 | 4.2 years | ||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | |||||||||||||
Summary of Non-vested Stock Award Activity: | ||||||||||||||
Nine Months ended | Nine Months ended | |||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||
Number of | Weighted avg | Number of | Weighted avg | |||||||||||
shares | grant date fair | shares | grant date fair | |||||||||||
value | value | |||||||||||||
Beginning of period | 83,290 | $ | 10.99 | 60,390 | $ | 10.33 | ||||||||
Issued | — | — | — | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Vested | 19,800 | $ | 10.3 | 19,800 | $ | 10.3 | ||||||||
Outstanding at September 30, 2014 | 63,490 | $ | 12.91 | 40,590 | $ | 10.35 | ||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Schedule Of Reclassification Adjustments Recognized In Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||
Reclassification adjustments recognized in Accumulated Other Comprehensive Income during the three and nine months ended September 30, 2014 are as follows: | ||||||||||||||||||||
For the Three and Nine Months Ended September 30, 2014 | ||||||||||||||||||||
Three months change | Nine months change | |||||||||||||||||||
Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Unrealized holding loss on securities available for sale during the period | $ | -2,764 | $ | 1,072 | $ | -1,692 | $ | -2,764 | $ | 1,072 | $ | -1,692 | ||||||||
Reclassification adjustment for net gains included in net income(1) | 86 | -30 | 56 | 86 | -30 | 56 | ||||||||||||||
Net unrealized loss on securities available for sale | $ | -2,678 | $ | 1,042 | $ | -1,636 | $ | -2,678 | $ | 1,042 | $ | -1,636 | ||||||||
(1) All amounts are included in non-interest income in the unaudited condensed consolidated statements of operations. | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
A summary of the changes in components of Accumulated Other Comprehensive Income for the three and nine months ended September 30, 2014 and 2013 are presented below: | ||||||||||||||||||||
Unrealized | Loss on Post | Accumulated | ||||||||||||||||||
(Loss) on | Retirement | Other | ||||||||||||||||||
Available for | Life Benefit | Comprehensive | ||||||||||||||||||
Sale Securities | Loss | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three month period comparison | ||||||||||||||||||||
Beginning balance - 07/01/2014 | $ | -1,434 | $ | -9 | $ | -1,443 | ||||||||||||||
Current period change | -326 | 1 | -325 | |||||||||||||||||
Tax benefit | 124 | — | 124 | |||||||||||||||||
Ending balance – 09/30/2014 | $ | -1,636 | $ | -8 | $ | -1,644 | ||||||||||||||
Beginning balance – 07/01/2013 | $ | -1,822 | $ | -186 | $ | -2,008 | ||||||||||||||
Current period change | -411 | 8 | -403 | |||||||||||||||||
Tax benefit | 191 | — | 191 | |||||||||||||||||
Ending balance – 09/30/2013 | $ | -2,042 | $ | -178 | $ | -2,220 | ||||||||||||||
Nine month period comparison | ||||||||||||||||||||
Beginning balance - 01/01/2014 | $ | -2,657 | $ | -10 | $ | -2,667 | ||||||||||||||
Current period change | 1,709 | 2 | 1,711 | |||||||||||||||||
Tax benefit | -688 | — | -688 | |||||||||||||||||
Ending balance – 09/30/2014 | $ | -1,636 | $ | -8 | $ | -1,644 | ||||||||||||||
Beginning balance – 01/01/2013 | $ | 104 | $ | -148 | $ | -44 | ||||||||||||||
Current period change | -3,586 | -31 | -3,617 | |||||||||||||||||
Tax benefit | 1,440 | — | 1,440 | |||||||||||||||||
Ending balance – 09/30/2013 | $ | -2,042 | $ | -178 | $ | -2,220 | ||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The following tables presents assets that are measured at fair value on a recurring basis by major product category and fair value hierarchy as of September 30, 2014 and December 31, 2013: | |||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||
September 30, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U.S. government sponsored entity mortgage-backed securities | $ | - | $ | 83,150 | $ | - | |||||||||||
U.S. Treasury and federal agencies | |||||||||||||||||
State and municipal obligations | - | 20,509 | - | ||||||||||||||
Corporate securities | - | 10,008 | - | ||||||||||||||
Equity securities | 28 | - | - | ||||||||||||||
Totals | $ | 28 | $ | 113,667 | $ | - | |||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U.S. government sponsored entity mortgage-backed securities | $ | - | $ | 81,659 | $ | - | |||||||||||
U.S. Treasury and federal agencies | |||||||||||||||||
State and municipal obligations | - | 32,903 | - | ||||||||||||||
Corporate securities | - | 10,797 | - | ||||||||||||||
Equity securities | 30 | - | - | ||||||||||||||
Totals | $ | 30 | $ | 125,359 | $ | - | |||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | ' | ||||||||||||||||
Summary of Non-Recurring Fair Value Measurements | |||||||||||||||||
Category Used for Fair Value | |||||||||||||||||
Measurement | |||||||||||||||||
Nine Month | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Period Ended | Losses | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
30-Sep-14 | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 5,609 | $ | — | $ | 2,459 | $ | 3,150 | $ | -441 | |||||||
Real estate owned | 248 | — | 248 | — | -55 | ||||||||||||
30-Sep-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 3,111 | $ | — | $ | 2,958 | $ | 153 | $ | -97 | |||||||
Real estate owned | 525 | — | 525 | — | -143 | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
Different assumptions or estimation techniques may have a material effect on the estimated fair value. The following table summarizes these results: | |||||||||||||||||
Category Used For Fair Value | |||||||||||||||||
September 30, 2014 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 93,116 | $ | 93,116 | $ | - | $ | - | |||||||||
Investment securities: | |||||||||||||||||
Held to maturity | 1,232 | - | 1,310 | - | |||||||||||||
Available for sale | 113,695 | 28 | 113,667 | - | |||||||||||||
Loans receivable, net | 773,796 | - | 780,721 | - | |||||||||||||
Federal Home Loan Bank stock | 6,039 | - | 6,039 | - | |||||||||||||
Liabilities: | |||||||||||||||||
NOW and other demand deposit accounts | 455,292 | - | 470,754 | - | |||||||||||||
Passbook savings and club accounts | 170,203 | - | 178,456 | - | |||||||||||||
Certificates | 179,057 | - | 179,350 | - | |||||||||||||
Advances from Federal Home Loan Bank | 110,000 | - | 118,251 | - | |||||||||||||
Junior subordinated debenture | 7,217 | - | 7,217 | - | |||||||||||||
Category Used For Fair Value | |||||||||||||||||
December 31, 2013 | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 87,619 | $ | 87,619 | $ | - | $ | - | |||||||||
Investment securities: | |||||||||||||||||
Held to maturity | 3,312 | - | 3,402 | - | |||||||||||||
Available for sale | 125,389 | 30 | 125,359 | - | |||||||||||||
Loans receivable, net | 744,802 | - | 744,333 | - | |||||||||||||
Federal Home Loan Bank stock | 6,320 | - | 6,320 | - | |||||||||||||
Liabilities: | |||||||||||||||||
NOW and other demand deposit accounts | 419,608 | - | 436,163 | - | |||||||||||||
Passbook savings and club accounts | 170,661 | - | 178,939 | - | |||||||||||||
Certificates | 190,379 | - | 189,821 | - | |||||||||||||
Advances from Federal Home Loan Bank | 110,000 | - | 118,787 | - | |||||||||||||
Junior subordinated debenture | 10,309 | - | 9,278 | - | |||||||||||||
REAL_ESTATE_OWNED_Tables
REAL ESTATE OWNED (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | ' | |||||||||||||||||||
Summary of Real Estate Owned (“REO”): | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Residential | Commercial | Residential | Commercial | |||||||||||||||||
Property | Property | Total | Property | Property | Total | |||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||
Balance, January 1, | $ | 295 | $ | 203 | $ | 498 | $ | 412 | $ | 494 | $ | 906 | ||||||||
Transfers into Real Estate Owned | 460 | – | 460 | 438 | 528 | 966 | ||||||||||||||
Sales of Real Estate Owned | -410 | -161 | -571 | -610 | -353 | -963 | ||||||||||||||
Balance, September 30, | $ | 345 | $ | 42 | $ | 387 | $ | 240 | $ | 669 | $ | 909 | ||||||||
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Held to Maturity | ' | ' |
Held to Maturity, Amortized Cost | $1,232 | $3,312 |
Held to Maturity, Gross Unrealized Gain | 78 | 90 |
Held to Maturity, Gross Unrealized Loss | 0 | 0 |
Held to Maturity, Estimated Fair Value | 1,310 | 3,402 |
Available for Sale | ' | ' |
Available for Sale, Amortized Cost | 116,373 | 129,776 |
Available for Sale, Gross Unrealized Gain | 427 | 574 |
Available for Sale, Gross Unrealized Loss | -3,105 | -4,961 |
Available for Sale, Estimated Fair Value | 113,695 | 125,389 |
US Government Sponsored Entity Mortgage-backed Securities [Member] | ' | ' |
Held to Maturity | ' | ' |
Held to Maturity, Amortized Cost | 738 | 984 |
Held to Maturity, Gross Unrealized Gain | 78 | 90 |
Held to Maturity, Gross Unrealized Loss | 0 | 0 |
Held to Maturity, Estimated Fair Value | 816 | 1,074 |
Available for Sale | ' | ' |
Available for Sale, Amortized Cost | 84,750 | 83,187 |
Available for Sale, Gross Unrealized Gain | 270 | 392 |
Available for Sale, Gross Unrealized Loss | -1,870 | -1,920 |
Available for Sale, Estimated Fair Value | 83,150 | 81,659 |
Corporate Debt Securities [Member] | ' | ' |
Available for Sale | ' | ' |
Available for Sale, Amortized Cost | 21,034 | 11,551 |
Available for Sale, Gross Unrealized Gain | 5 | 155 |
Available for Sale, Gross Unrealized Loss | -530 | -909 |
Available for Sale, Estimated Fair Value | 20,509 | 10,797 |
U.S. Treasury and federal agencies [Member] | ' | ' |
Available for Sale | ' | ' |
Available for Sale, Amortized Cost | 10,586 | 35,035 |
Available for Sale, Gross Unrealized Gain | 127 | 0 |
Available for Sale, Gross Unrealized Loss | -705 | -2,132 |
Available for Sale, Estimated Fair Value | 10,008 | 32,903 |
Equity Securities [Member] | ' | ' |
Available for Sale | ' | ' |
Available for Sale, Amortized Cost | 3 | 3 |
Available for Sale, Gross Unrealized Gain | 25 | 27 |
Available for Sale, Gross Unrealized Loss | 0 | 0 |
Available for Sale, Estimated Fair Value | 28 | 30 |
Municipal Bonds [Member] | ' | ' |
Held to Maturity | ' | ' |
Held to Maturity, Amortized Cost | 494 | 2,328 |
Held to Maturity, Gross Unrealized Gain | 0 | 0 |
Held to Maturity, Gross Unrealized Loss | 0 | 0 |
Held to Maturity, Estimated Fair Value | $494 | $2,328 |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | $15,030 | $102,024 |
Less Than 12 Months, Gross Unrealized Loss | -51 | -3,731 |
12 Months or Longer, Estimated Fair Value | 83,601 | 9,952 |
12 Months or Longer, Gross Unrealized Loss | -3,054 | -1,230 |
Estimated Fair Value, Total | 98,631 | 111,976 |
Gross Unrealizd Loss, Total | -3,105 | -4,961 |
US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 34 | 27,221 |
Less Than 12 Months, Gross Unrealized Loss | 0 | -1,814 |
12 Months or Longer, Estimated Fair Value | 15,471 | 5,682 |
12 Months or Longer, Gross Unrealized Loss | -530 | -318 |
Estimated Fair Value, Total | 15,505 | 32,903 |
Gross Unrealizd Loss, Total | -530 | -2,132 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 0 | 0 |
Less Than 12 Months, Gross Unrealized Loss | 0 | 0 |
12 Months or Longer, Estimated Fair Value | 3,983 | 3,796 |
12 Months or Longer, Gross Unrealized Loss | -705 | -909 |
Estimated Fair Value, Total | 3,983 | 3,796 |
Gross Unrealizd Loss, Total | -705 | -909 |
US Government Sponsored Entity Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 14,996 | 74,803 |
Less Than 12 Months, Gross Unrealized Loss | -51 | -1,917 |
12 Months or Longer, Estimated Fair Value | 64,147 | 474 |
12 Months or Longer, Gross Unrealized Loss | -1,819 | -3 |
Estimated Fair Value, Total | 79,143 | 75,277 |
Gross Unrealizd Loss, Total | ($1,870) | ($1,920) |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity, Amortized Cost, Due within 1 year | $494 | ' |
Held to Maturity, Estimated Fair Value, Due within 1 year | 494 | ' |
Held to Maturity, Amortized Cost, Due after 1 year through 5 years | 0 | ' |
Held to Maturity, Estimated Fair Value, Due after 1 year through 5 years | 0 | ' |
Held to Maturity, Amortized Cost, Due after 5 years through 10 years | 0 | ' |
Held to Maturity, Estimated Fair Value, Due after 5 years through 10 years | 0 | ' |
Held to Maturity, Amortized Cost, Due after 10 years | 0 | ' |
Held to Maturity, Estimated Fair Value, Due after 10 years | 0 | ' |
Held to Maturity, Amortized Cost, Total | 1,232 | 3,312 |
Held to Maturity, Estimated Fair Value, Total | 1,310 | 3,402 |
Available for Sale Securities, Amortized Cost, Due within 1 year | 0 | ' |
Available for Sale Securities, Estimated Fair Value, Due within 1 year | 0 | ' |
Available for Sale Securities, Amortized Cost, Due after 1 year through 5 years | 5,933 | ' |
Available for Sale Securities, Estimated Fair Value, Due after 1 year through 5 years | 6,060 | ' |
Available for Sale Securities, Amortized Cost, Due after 5 years through 10 years | 5,000 | ' |
Available for Sale Securities, Estimated Fair Value, Due after 5 years through 10 years | 5,004 | ' |
Available for Sale Securities, Amortized Cost, Due after 10 years | 20,688 | ' |
Available for Sale Securities, Estimated Fair Value, Due after 10 years | 19,453 | ' |
Available for Sale Securities, Amortized Cost, Total | 31,621 | ' |
Available for Sale Securities, Estimated Fair Value, Total | $30,517 | ' |
INVESTMENT_SECURITIES_Details_2
INVESTMENT SECURITIES (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from the sales of available-for-sale securities | $1,290 | $0 | $1,290 | $0 |
Gross realized gains | 86 | 0 | 86 | 0 |
Total realized gains | $86 | $0 | $86 | $0 |
INVESTMENT_SECURITIES_Details_3
INVESTMENT SECURITIES (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Continuous Unrealized Loss, Percentage Amortized Cost | 15.00% | ' | 15.00% | ' | ' |
Available-for-sale Equity Securities, Amortized Cost Basis | $3,000 | ' | $3,000 | ' | ' |
Trading Securities, Fair Value Disclosure | 28,000 | ' | 28,000 | ' | ' |
Mortgage-backed Securities, Amortized Cost | 85,500,000 | ' | 85,500,000 | ' | ' |
Mortgage-backed Securities, Fair Value Disclosure | 84,000,000 | ' | 84,000,000 | ' | ' |
Proceeds from the sales of available-for-sale securities | 1,290,000 | 0 | 1,290,000 | 0 | ' |
Available-for-sale Securities Pledged as Collateral | 77,500,000 | ' | 77,500,000 | ' | 98,800,000 |
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | $84,000 | ' | $84,000 | ' | ' |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Continuous Unrealized Loss, Percentage Amortized Cost | 3.00% | ' | 3.00% | ' | ' |
LOANS_RECEIVABLENET_Details
LOANS RECEIVABLE-NET (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate - mortgage: | ' | ' |
Total real estate-mortgage | $673,677 | $636,667 |
Real estate - construction: | ' | ' |
Total real estate - construction | 22,948 | 27,623 |
Commercial | 20,641 | 23,445 |
Consumer: | ' | ' |
Total consumer loans | 57,057 | 57,995 |
Total loans | 774,323 | 745,730 |
Net deferred loan cost | 3,502 | 3,271 |
Allowance for loan losses | -4,029 | -4,199 |
Net total loans | 773,796 | 744,802 |
Home Equity [Member] | ' | ' |
Consumer: | ' | ' |
Total consumer loans | 56,671 | 57,367 |
One To Four Family Residential [Member] | ' | ' |
Real estate - mortgage: | ' | ' |
Total real estate-mortgage | 582,390 | 545,812 |
Consumer: | ' | ' |
Total loans | 582,390 | 545,812 |
Commercial and Multi Family [Member] | ' | ' |
Real estate - mortgage: | ' | ' |
Total real estate-mortgage | 91,287 | 90,855 |
Consumer: | ' | ' |
Total loans | 91,287 | 90,855 |
Residential [Member] | ' | ' |
Real estate - construction: | ' | ' |
Total real estate - construction | 20,406 | 25,113 |
Commercial Loan [Member] | ' | ' |
Real estate - construction: | ' | ' |
Total real estate - construction | 2,542 | 2,510 |
Consumer: | ' | ' |
Total loans | 20,641 | 23,445 |
Other Consumer Loans [Member] | ' | ' |
Consumer: | ' | ' |
Total consumer loans | $386 | $628 |
LOANS_RECEIVABLENET_Details_1
LOANS RECEIVABLE-NET (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $4,199 | $3,997 |
Provision for loan loss | 125 | 186 | 263 | 580 |
Charge-offs | ' | ' | -509 | -379 |
Recoveries | ' | ' | 76 | 13 |
Balance, end of period | $4,029 | $4,211 | $4,029 | $4,211 |
LOANS_RECEIVABLENET_Details_2
LOANS RECEIVABLE-NET (Details 2) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | $6,870 | $4,755 |
Troubled debt restructuring, non-accrual | 630 | 316 |
Total non-performing loans | 7,500 | 5,071 |
Real estate owned | 387 | 498 |
Total non-performing assets | 7,887 | 5,569 |
One To Four Family Residential [Member] | Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | 4,089 | 3,618 |
Commercial and Multi Family [Member] | Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | 1,336 | 463 |
Commercial Loan [Member] | Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | 501 | 0 |
Consumer Loan [Member] | Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | $944 | $674 |
LOANS_RECEIVABLENET_Details_3
LOANS RECEIVABLE-NET (Details 3) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Contractual Receivable Amount, Beginning Balance | $50,837 | $63,690 |
Contractual Receivable Amount, Principal reductions | -4,675 | -9,591 |
Contractual Receivable Amount, Charge-offs, net | -439 | -229 |
Contractual Receivable Amount, Amortization of loan premium | 0 | 0 |
Contractual Receivable Amount, Ending Balance | 45,723 | 53,870 |
Nonaccretable (Yield) / Premium, Beginning Balance | -3,099 | -3,423 |
Nonaccretable (Yield) / Premium, Principal reductions | 0 | 0 |
Nonaccretable (Yield) / Premium, Charge-offs, net | 439 | 229 |
Nonaccretable (Yield) / Premium, Amortization of loan premium | 0 | 0 |
Nonaccretable (Yield) / Premium, Ending Balance | -2,660 | -3,194 |
Accretable (Yield) / Premuim, Beginning Balance | 746 | 983 |
Accretable (Yield) / Premium, Principal reductions | 0 | 0 |
Accretable (Yield) / Premium, Charge-offs, net | 0 | 0 |
Accretable (Yield) / Premium, Amortization of loan premium | -153 | -179 |
Accretable (Yield) / Premuim, Ending Balance | 593 | 804 |
Carrying Amount, Beginning Balance | 48,484 | 61,250 |
Carrying Amount, Principal reductions | -4,675 | -9,591 |
Carrying Amount, Charge-offs, net | 0 | 0 |
Carrying Amount, Amortization of loan premium | -153 | -179 |
Carrying Amount, Ending Balance | $43,656 | $51,480 |
LOANS_RECEIVABLENET_Details_4
LOANS RECEIVABLE-NET (Details 4) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate | ' | ' |
30-59 Days Past Due | $2,015 | $1,537 |
60-89 Days Past Due | 102 | 50 |
Greater Than 90 Days | 7,500 | 4,837 |
Total Past Due | 9,617 | 6,424 |
Current | 764,706 | 739,306 |
Total Loans Receivables | 774,323 | 745,730 |
One To Four family residential [Member] | ' | ' |
Real estate | ' | ' |
30-59 Days Past Due | 1,603 | 1,271 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 4,720 | 3,427 |
Total Past Due | 6,323 | 4,698 |
Current | 576,067 | 541,114 |
Total Loans Receivables | 582,390 | 545,812 |
Commercial and multi-family [Member] | ' | ' |
Real estate | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 1,335 | 763 |
Total Past Due | 1,335 | 763 |
Current | 89,952 | 90,092 |
Total Loans Receivables | 91,287 | 90,855 |
Construction [Member] | ' | ' |
Real estate | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 22,948 | 27,623 |
Total Loans Receivables | 22,948 | 27,623 |
Commercial Loan [Member] | ' | ' |
Real estate | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 501 | 0 |
Total Past Due | 501 | 0 |
Current | 20,140 | 23,445 |
Total Loans Receivables | 20,641 | 23,445 |
Consumer Loan [Member] | ' | ' |
Real estate | ' | ' |
30-59 Days Past Due | 412 | 266 |
60-89 Days Past Due | 102 | 50 |
Greater Than 90 Days | 944 | 647 |
Total Past Due | 1,458 | 963 |
Current | 55,599 | 57,032 |
Total Loans Receivables | $57,057 | $57,995 |
LOANS_RECEIVABLENET_Details_5
LOANS RECEIVABLE-NET (Details 5) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
One To Four Family Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | $4,722 | $2,707 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 4,759 | 2,744 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 163 | 193 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 5,121 | 3,127 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 5,510 | 3,166 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 487 | 396 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 366 | 284 |
Recorded Investment | 9,843 | 5,834 |
Unpaid Principal Balance | 10,269 | 5,910 |
Related Allowance | 487 | 396 |
Average Recorded Investment | 229 | 233 |
Commercial and Multi Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 1,335 | 465 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 1,335 | 463 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 267 | 463 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 0 | 0 |
Recorded Investment | 1,335 | 465 |
Unpaid Principal Balance | 1,335 | 463 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 267 | 463 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 0 | 0 |
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Commercial Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 707 | 0 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 707 | 0 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 64 | 0 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 353 | 0 |
Recorded Investment | 707 | 0 |
Unpaid Principal Balance | 707 | 0 |
Related Allowance | 64 | 0 |
Average Recorded Investment | 353 | 0 |
Consumer Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 945 | 674 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 945 | 674 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 67 | 61 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 530 | 121 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 542 | 121 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 199 | 21 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 106 | 121 |
Recorded Investment | 1,425 | 795 |
Unpaid Principal Balance | 1,487 | 795 |
Related Allowance | 199 | 21 |
Average Recorded Investment | $78 | $66 |
LOANS_RECEIVABLENET_Details_6
LOANS RECEIVABLE-NET (Details 6) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Outstanding Recorded Investment, Number of Contracts | 12 | 7 |
Outstanding Recorded Investment, Pre-Modification | $3,499 | $2,337 |
Outstanding Recorded Investment, Post-Modification | 3,499 | 2,337 |
One To Four Family Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Outstanding Recorded Investment, Number of Contracts | 7 | 6 |
Outstanding Recorded Investment, Pre-Modification | 3,003 | 2,216 |
Outstanding Recorded Investment, Post-Modification | 3,003 | 2,216 |
Consumer Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Outstanding Recorded Investment, Number of Contracts | 4 | 1 |
Outstanding Recorded Investment, Pre-Modification | 290 | 121 |
Outstanding Recorded Investment, Post-Modification | 290 | 121 |
Commercial Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Outstanding Recorded Investment, Number of Contracts | 1 | 0 |
Outstanding Recorded Investment, Pre-Modification | 206 | 0 |
Outstanding Recorded Investment, Post-Modification | $206 | $0 |
LOANS_RECEIVABLENET_Details_7
LOANS RECEIVABLE-NET (Details 7) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
One To Four Family Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | $13,338 | $11,304 |
One To Four Family Residential [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 3,971 | 3,692 |
One To Four Family Residential [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 9,367 | 7,612 |
One To Four Family Residential [Member] | Doubtful and loss [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 0 | 0 |
Commercial and Multi Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 781 | 4,274 |
Commercial and Multi Family [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 0 | 629 |
Commercial and Multi Family [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 781 | 3,645 |
Commercial and Multi Family [Member] | Doubtful and loss [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 0 | 0 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 0 | 0 |
Construction [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 0 | 0 |
Construction [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 0 | 0 |
Construction [Member] | Doubtful and loss [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 0 | 0 |
Commercial Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 4,708 | 755 |
Commercial Loan [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 1,031 | 90 |
Commercial Loan [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 3,677 | 665 |
Commercial Loan [Member] | Doubtful and loss [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 0 | 0 |
Consumer Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 2,617 | 1,940 |
Consumer Loan [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 954 | 1,040 |
Consumer Loan [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | 1,649 | 900 |
Consumer Loan [Member] | Doubtful and loss [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Classified loans by class of loans | $14 | $0 |
LOANS_RECEIVABLENET_Details_8
LOANS RECEIVABLE-NET (Details 8) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | $774,323 | $745,730 |
One To Four Family Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 582,390 | 545,812 |
One To Four Family Residential [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 577,671 | 541,878 |
One To Four Family Residential [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 4,719 | 3,934 |
Commercial and Multi Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 91,287 | 90,855 |
Commercial and Multi Family [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 89,951 | 90,392 |
Commercial and Multi Family [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 1,336 | 463 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 22,948 | 27,623 |
Construction [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 22,948 | 27,623 |
Construction [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 0 | 0 |
Commercial Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 20,641 | 23,445 |
Commercial Loan [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 20,140 | 23,445 |
Commercial Loan [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 501 | 0 |
Consumer Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 57,057 | 57,995 |
Consumer Loan [Member] | Performing Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | 56,113 | 57,321 |
Consumer Loan [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Credit risk profile of loans | $944 | $674 |
LOANS_RECEIVABLENET_Details_9
LOANS RECEIVABLE-NET (Details 9) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Allowance for credit losses: | ' | ' | ' |
Balance, beginning of period | $4,199 | $3,997 | $4,211 |
Charge-offs | -509 | -567 | ' |
Recoveries | 76 | 12 | ' |
Provision for loan losses | 263 | 757 | ' |
Balance, end of period | 4,029 | 4,199 | 4,211 |
Ending balance: individually evaluated for impairment | 750 | 417 | ' |
Ending balance: collectively evaluated for impariment | 3,279 | 3,782 | ' |
Loan Receivables: | ' | ' | ' |
Ending balance | 774,323 | 745,730 | ' |
Ending balance: individually evaluated for impairment | 13,360 | 6,817 | ' |
Ending balance: collectively evaluated for impariment | 760,963 | 738,913 | ' |
One To Four Family Residential [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Balance, beginning of period | 2,981 | 2,585 | ' |
Charge-offs | -463 | -393 | ' |
Recoveries | 1 | 0 | ' |
Provision for loan losses | 118 | 789 | ' |
Balance, end of period | 2,637 | 2,981 | ' |
Ending balance: individually evaluated for impairment | 487 | 396 | ' |
Ending balance: collectively evaluated for impariment | 2,150 | 2,585 | ' |
Loan Receivables: | ' | ' | ' |
Ending balance | 582,390 | 545,812 | ' |
Ending balance: individually evaluated for impairment | 9,843 | 5,559 | ' |
Ending balance: collectively evaluated for impariment | 572,547 | 540,253 | ' |
Commercial and Multi Family [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Balance, beginning of period | 551 | 509 | ' |
Charge-offs | 0 | -79 | ' |
Recoveries | 0 | 0 | ' |
Provision for loan losses | 80 | 121 | ' |
Balance, end of period | 631 | 551 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impariment | 631 | 551 | ' |
Loan Receivables: | ' | ' | ' |
Ending balance | 91,287 | 90,855 | ' |
Ending balance: individually evaluated for impairment | 1,335 | 0 | ' |
Ending balance: collectively evaluated for impariment | 89,952 | 90,855 | ' |
Construction [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Balance, beginning of period | 85 | 187 | ' |
Charge-offs | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Provision for loan losses | -34 | -102 | ' |
Balance, end of period | 51 | 85 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impariment | 51 | 85 | ' |
Loan Receivables: | ' | ' | ' |
Ending balance | 22,948 | 27,623 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impariment | 22,948 | 27,623 | ' |
Commercial Loan [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Balance, beginning of period | 230 | 286 | ' |
Charge-offs | 0 | -75 | ' |
Recoveries | 75 | 0 | ' |
Provision for loan losses | -91 | 19 | ' |
Balance, end of period | 214 | 230 | ' |
Ending balance: individually evaluated for impairment | 64 | 0 | ' |
Ending balance: collectively evaluated for impariment | 150 | 230 | ' |
Loan Receivables: | ' | ' | ' |
Ending balance | 20,641 | 23,445 | ' |
Ending balance: individually evaluated for impairment | 707 | 463 | ' |
Ending balance: collectively evaluated for impariment | 19,934 | 22,982 | ' |
Consumer Loan [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Balance, beginning of period | 352 | 430 | ' |
Charge-offs | -46 | -20 | ' |
Recoveries | 0 | 12 | ' |
Provision for loan losses | 190 | -70 | ' |
Balance, end of period | 496 | 352 | ' |
Ending balance: individually evaluated for impairment | 199 | 21 | ' |
Ending balance: collectively evaluated for impariment | 297 | 331 | ' |
Loan Receivables: | ' | ' | ' |
Ending balance | 57,057 | 57,995 | ' |
Ending balance: individually evaluated for impairment | 1,475 | 795 | ' |
Ending balance: collectively evaluated for impariment | $55,582 | $57,200 | ' |
LOANS_RECEIVABLENET_Details_Te
LOANS RECEIVABLE-NET (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Provision for Loan Losses Expensed | $125,000 | $186,000 | $263,000 | $580,000 |
Loans and Leases Receivable, Impaired, Nonperforming, Nonaccrual of Interest | 630,000 | ' | 630,000 | ' |
Troubled Debt Restructuring, Carrying Value | 3,500,000 | ' | 3,500,000 | ' |
Troubled Debt Restructuring, Reserved | $403,000 | ' | $403,000 | ' |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ' | ' |
NOW and other demand deposit accounts | $455,292 | $419,608 |
Passbook savings and club accounts | 170,203 | 170,660 |
Subtotal | 625,495 | 590,268 |
Certificates with original maturities: | ' | ' |
Within one year | 48,412 | 68,941 |
One to three years | 107,603 | 95,397 |
Three years and beyond | 23,042 | 26,041 |
Total certificates | 179,057 | 190,379 |
Total | $804,552 | $780,647 |
Weighted Average Interest Rate, NOW and other demand deposit accounts | 0.13% | 0.12% |
Weighted Average Interest Rate, Passbook savings and club accounts | 0.20% | 0.20% |
Weighted Average Interest Rate, Certificates with original maturities: | ' | ' |
Weighted Average Interest Rate, Within one year | 0.31% | 0.41% |
Weighted Average Interest Rate, One to three years | 0.90% | 1.39% |
Weighted Average Interest Rate, Three years and beyond | 1.83% | 2.56% |
DEPOSITS_Details_Textual
DEPOSITS (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Deposits [Line Items] | ' | ' |
Time Deposits, $100,000 or More | $62,600,000 | $68,800,000 |
Cash, Uninsured Amount | 250,000 | ' |
Municipal Demand Deposits, $100000 or More | $186,100,000 | $164,200,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earning Per Share [Line Items] | ' | ' | ' | ' |
Numerator - Net Income | $1,580 | $1,324 | $4,700 | $3,863 |
Denominators: | ' | ' | ' | ' |
Basic average shares outstanding (in shares) | 6,226,913 | 6,533,760 | 6,333,123 | 6,514,699 |
Effect of dilutive common stock equivalents (in shares) | 134,943 | 111,658 | 136,334 | 119,055 |
Diluted average shares outstanding (in shares) | 6,361,856 | 6,645,418 | 6,469,457 | 6,633,754 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.25 | $0.20 | $0.74 | $0.59 |
Diluted (in dollars per share) | $0.25 | $0.20 | $0.73 | $0.58 |
EARNINGS_PER_SHARE_Details_Tex
EARNINGS PER SHARE (Details Textual) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 598,328 | 541,112 |
Weighted Average Number Of Non Vested Shares Outstanding Diluted | 63,490 | 40,590 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Number of shares, Outstanding at the beginning of the period (in shares) | 680,200 | 649,313 | ||
Number of shares, Granted (in shares) | 0 | 0 | ||
Number of shares, Exercised (in shares) | 5,809 | 34,013 | ||
Number of shares, Forfeited (in shares) | 0 | 0 | ||
Number of shares, Outstanding at the end of the period (in shares) | 674,391 | 615,300 | ||
Number of shares, Exercisable at the end of the period (in shares) | 524,462 | 468,986 | ||
Number of shares, Stock options vested or expected to vest (in shares) | 606,952 | [1] | 553,770 | [1] |
Weighted average exercise price, Outstanding at the beginning of the period (in dollars per share) | $12.14 | $11.90 | ||
Weighted average exercise price, Granted (in dollars per share) | $0 | $0 | ||
Weighted average exercise price, Exercised (in dollars per share) | $11.49 | $12.38 | ||
Weighted average exercise price, Forfeited (in dollars per share) | $0 | $0 | ||
Weighted average exercise price, Outstanding at the end of the period (in dollars per share) | $12.15 | $11.92 | ||
Weighted average exercise price, Exercisable at the end of the period (in dollars per share) | $12.06 | $12.23 | ||
Weighted average exercise price, Stock options vested or expected to vest (in dollars per share) | $12.15 | [1] | $11.92 | [1] |
[1] | Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. |
STOCKBASED_COMPENSATION_Detail1
STOCK-BASED COMPENSATION (Details 1) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 674,391 | 680,200 | 615,300 | 649,313 |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $12.15 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '4 years 2 months 12 days | ' | ' | ' |
Date Of Issued August 10 2005 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 269,511 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $13.19 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '10 months 24 days | ' | ' | ' |
Date Of Issued November 21 2006 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 17,586 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $14.78 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '2 years 2 months 12 days | ' | ' | ' |
Date Of Issued November 20 2007 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 18,448 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $11.32 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '3 years 2 months 12 days | ' | ' | ' |
Date Of Issued August 18 2010 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 221,948 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $10.21 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '5 years 10 months 24 days | ' | ' | ' |
Date Of Issued March 15 2011 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 13,600 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $12.06 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '6 years 6 months | ' | ' | ' |
Date Of Issued August 17 2011 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 49,498 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $11.53 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '6 years 10 months 24 days | ' | ' | ' |
Date Of Issued November 19 2012 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 17,500 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $13.10 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '8 years 2 months 12 days | ' | ' | ' |
Date of Issued November 19 2013 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares (in shares) | 66,300 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $14.14 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Life | '9 years 1 month 6 days | ' | ' | ' |
STOCKBASED_COMPENSATION_Detail2
STOCK-BASED COMPENSATION (Details 2) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares, Beginning of period (in shares) | 83,290 | 60,390 |
Number of shares, Issued (in shares) | 0 | 0 |
Number of shares, Forfeited (in shares) | 0 | 0 |
Number of shares, Vested (in shares) | 19,800 | 19,800 |
Number of shares, End of period (in shares) | 63,490 | 40,590 |
Weighted average grant date fair value, Beginning of period (in dollars per share) | $10.99 | $10.33 |
Weighted average grant date fair value, Issued (in doallrs per share) | $0 | $0 |
Weighted average grant date fair value, Forfeited (in dollars per share) | $0 | $0 |
Weighted average grant date fair value, Vested (in dollars per share) | $10.30 | $10.30 |
Weighted average grant date fair value, End of period (in dollars per share) | $12.91 | $10.35 |
STOCKBASED_COMPENSATION_Detail3
STOCK-BASED COMPENSATION (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | $46 | $38 | $138 | $114 |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Total Unrecognized Compensation Cost | ' | ' | 469 | ' |
Employee Service Share Based Compensation Total Compensation Cost Not Yet Recognized Period For Recognition | ' | ' | '3 years 8 months 12 days | ' |
Allocated Share-based Compensation Expense | 81 | 51 | 244 | 153 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $672 | ' | $672 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '3 years 8 months 12 days | ' |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $904 | $696 | $2,609 | $2,079 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | ' | ' | 35.70% | 35.00% |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Unrealized holding loss on securities available for sale during the period, Pre-tax | ($2,764) | ($2,764) | ||
Reclassification adjustment for net gains included in net income, Pre-tax | 86 | [1] | 86 | [1] |
Net unrealized loss on securities available for sale, Pre-tax | -2,678 | -2,678 | ||
Unrealized holding loss on securities available for sale during the period, Tax | 1,072 | 1,072 | ||
Reclassification adjustment for net gains included in net income, Tax | -30 | [1] | -30 | [1] |
Net unrealized loss on securities available for sale, Tax | 1,042 | 1,042 | ||
Unrealized holding loss on securities available for sale during the period, After-tax | -1,692 | -1,692 | ||
Reclassification adjustment for net gains included in net income, After-tax | 56 | [1] | 56 | [1] |
Net unrealized loss on securities available for sale, After-tax | ($1,636) | ($1,636) | ||
[1] | All amounts are included in non-interest income in the unaudited condensed consolidated statements of operations. |
STOCKHOLDERS_EQUITY_Details_1
STOCKHOLDERS' EQUITY (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Unrealized (Loss) on Available for Sale Securities, Beginning balance | ($1,434) | ($1,822) | ($2,657) | $104 |
Unrealized (Loss) on Available for Sale Securities, Current period change | -326 | -411 | 1,709 | -3,586 |
Unrealized (Loss) on Available for Sale Securities, Tax benefit | 124 | 191 | -688 | 1,440 |
Unrealized (Loss) on Available for Sale Securities, Ending Balance | -1,636 | -2,042 | -1,636 | -2,042 |
Loss on Post Retirement Life Benefit, Beginning balance | -9 | -186 | -10 | -148 |
Loss on Post Retirement Life Benefit, Current period change | 1 | 8 | 2 | -31 |
Loss on Post Retirement Life Benefit, Tax benefit | 0 | 0 | 0 | 0 |
Loss on Post Retirement Life Benefit, Ending Balance | -8 | -178 | -8 | -178 |
Accumulated Other Comprehensive Loss, Beginning balance | -1,443 | -2,008 | -2,667 | -44 |
Accumulated Other Comprehensive Loss, Current period change | -325 | -403 | 1,711 | -3,617 |
Accumulated Other Comprehensive Loss, Tax benefit | 124 | 191 | -688 | 1,440 |
Accumulated Other Comprehensive Loss, Ending Balance | ($1,644) | ($2,220) | ($1,644) | ($2,220) |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Aug. 05, 2014 | |
Stockholders Equity [Line Items] | ' | ' | ' |
Stock Repurchase Program Shares Authorized To Be Repurchased Percentage | ' | ' | 2.00% |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | 135,000 |
Treasury Stock Acquired, Average Cost Per Share | $14.83 | $14.54 | ' |
Stock Repurchased During Period, Shares | 292,218 | 439,218 | ' |
Board of Directors Chairman [Member] | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.06 | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | $113,695 | $125,389 |
US Government Sponsored Entity Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 83,150 | 81,659 |
Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 20,509 | 10,797 |
Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 28 | 30 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 28 | 30 |
Fair Value, Inputs, Level 1 [Member] | US Government Sponsored Entity Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Treasury and Federal Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | ' | ' |
Fair Value, Inputs, Level 1 [Member] | State and Municipal Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 28 | 30 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 113,667 | 125,359 |
Fair Value, Inputs, Level 2 [Member] | US Government Sponsored Entity Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 83,150 | 81,659 |
Fair Value, Inputs, Level 2 [Member] | US Treasury and Federal Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | ' | ' |
Fair Value, Inputs, Level 2 [Member] | State and Municipal Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 20,509 | 32,903 |
Fair Value, Inputs, Level 2 [Member] | Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 10,008 | 10,797 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Government Sponsored Entity Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Treasury and Federal Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | ' | ' |
Fair Value, Inputs, Level 3 [Member] | State and Municipal Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available For Sale Securities Fair Value | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 1) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Assets: | ' | ' |
Impaired loans | $5,609 | $3,111 |
Real estate owned | 248 | 525 |
Impaired loans, Total Losses | -441 | -97 |
Real estate owned, Total Losses | -55 | -143 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Impaired loans | 0 | 0 |
Real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Impaired loans | 2,459 | 2,958 |
Real estate owned | 248 | 525 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Impaired loans | 3,150 | 153 |
Real estate owned | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Detail2
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets, Carrying Amount | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $93,116 | $87,619 | $125,524 | $163,422 |
Investment securities, Carrying Amount | ' | ' | ' | ' |
Held to maturity, Carrying Amount | 1,232 | 3,312 | ' | ' |
Available for sale, Carrying Amount | 113,695 | 125,389 | ' | ' |
Loans receivable, net, Carrying Amount | 773,796 | 744,802 | ' | ' |
Federal Home Loan Bank stock, Carrying Amount | 6,039 | 6,320 | ' | ' |
Liabilities, Carrying Amount | ' | ' | ' | ' |
NOW and other demand deposit accounts, Carrying Amount | 455,292 | 419,608 | ' | ' |
Passbook savings and club accounts, Carrying Amount | 170,203 | 170,660 | ' | ' |
Certificates, Carrying Amount | 179,057 | 190,379 | ' | ' |
Advances from Federal Home Loan Bank, Carrying Amount | 110,000 | 110,000 | ' | ' |
Junior subordinated debenture, Carrying Amount | 7,217 | 10,309 | ' | ' |
Investment securities, Estimated Fair Value | ' | ' | ' | ' |
Held to maturity, Fair Value | 1,310 | 3,402 | ' | ' |
Available for sale, Fair Value | 113,695 | 125,389 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Investment securities, Carrying Amount | ' | ' | ' | ' |
Available for sale, Carrying Amount | 28 | 30 | ' | ' |
Assets, Estimated Fair Value | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 93,116 | 87,619 | ' | ' |
Investment securities, Estimated Fair Value | ' | ' | ' | ' |
Held to maturity, Fair Value | 0 | 0 | ' | ' |
Available for sale, Fair Value | 28 | 30 | ' | ' |
Loans receivable, net, Fair Value | 0 | 0 | ' | ' |
Federal Home Loan Bank stock, Fair Value | 0 | 0 | ' | ' |
Liabilities, Estimated Fair Value | ' | ' | ' | ' |
NOW and other demand deposit accounts, Fair Value | 0 | 0 | ' | ' |
Passbook savings and club accounts, Fair Value | 0 | 0 | ' | ' |
Certificates, Fair Value | 0 | 0 | ' | ' |
Advances from Federal Home Loan Bank, Fair Value | 0 | 0 | ' | ' |
Junior subordinated debenture, Fair Value | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Investment securities, Carrying Amount | ' | ' | ' | ' |
Available for sale, Carrying Amount | 113,667 | 125,359 | ' | ' |
Assets, Estimated Fair Value | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | 0 | ' | ' |
Investment securities, Estimated Fair Value | ' | ' | ' | ' |
Held to maturity, Fair Value | 1,310 | 3,402 | ' | ' |
Available for sale, Fair Value | 113,667 | 125,359 | ' | ' |
Loans receivable, net, Fair Value | 780,721 | 744,333 | ' | ' |
Federal Home Loan Bank stock, Fair Value | 6,039 | 6,320 | ' | ' |
Liabilities, Estimated Fair Value | ' | ' | ' | ' |
NOW and other demand deposit accounts, Fair Value | 470,754 | 436,163 | ' | ' |
Passbook savings and club accounts, Fair Value | 178,456 | 178,939 | ' | ' |
Certificates, Fair Value | 179,350 | 189,821 | ' | ' |
Advances from Federal Home Loan Bank, Fair Value | 118,251 | 118,787 | ' | ' |
Junior subordinated debenture, Fair Value | 7,217 | 9,278 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Investment securities, Carrying Amount | ' | ' | ' | ' |
Available for sale, Carrying Amount | 0 | 0 | ' | ' |
Assets, Estimated Fair Value | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | 0 | ' | ' |
Investment securities, Estimated Fair Value | ' | ' | ' | ' |
Held to maturity, Fair Value | 0 | 0 | ' | ' |
Available for sale, Fair Value | 0 | 0 | ' | ' |
Loans receivable, net, Fair Value | 0 | 0 | ' | ' |
Federal Home Loan Bank stock, Fair Value | 0 | 0 | ' | ' |
Liabilities, Estimated Fair Value | ' | ' | ' | ' |
NOW and other demand deposit accounts, Fair Value | 0 | 0 | ' | ' |
Passbook savings and club accounts, Fair Value | 0 | 0 | ' | ' |
Certificates, Fair Value | 0 | 0 | ' | ' |
Advances from Federal Home Loan Bank, Fair Value | 0 | 0 | ' | ' |
Junior subordinated debenture, Fair Value | $0 | $0 | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail3
FAIR VALUE MEASUREMENTS (Details Textual) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Loans Remeasured | $5,600,000 | $3,100,000 |
Prior to Remeasurement of Loans | 6,100,000 | 3,200,000 |
Properties Prior to Remeasurement of Loans | 303,000 | 688,000 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Real Estate Owned | 248,000 | 525,000 |
Fair Value Remeasurement Gain Loss On Impaired Loan | 441,000 | 97,000 |
Fair Value Remeasurement Gain Loss On Real Estate Owned | $55,000 | $143,000 |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Details Textual) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | $4,630 | $4,630 |
Intangible Assets, Net (Excluding Goodwill) | $567 | $625 |
Finite-Lived Intangible Assets, Remaining Amortization Period | '15 years | ' |
REAL_ESTATE_OWNED_Details
REAL ESTATE OWNED (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Real Estate Properties [Line Items] | ' | ' |
Balance, January 1, | $498 | $906 |
Transfers into Real Estate Owned | 460 | 966 |
Sales of Real Estate Owned | -571 | -963 |
Balance, September 30, | 387 | 909 |
Residential Real Estate [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Balance, January 1, | 295 | 412 |
Transfers into Real Estate Owned | 460 | 438 |
Sales of Real Estate Owned | -410 | -610 |
Balance, September 30, | 345 | 240 |
Commercial Real Estate [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Balance, January 1, | 203 | 494 |
Transfers into Real Estate Owned | 0 | 528 |
Sales of Real Estate Owned | -161 | -353 |
Balance, September 30, | $42 | $669 |
JUNIOR_SUBORDINATED_DEBENTURES1
JUNIOR SUBORDINATED DEBENTURES (Details Textual) (USD $) | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 05, 2014 | |
Ocean Shore Capital Trust I [Member] | ||||
Subordinated Borrowing [Line Items] | ' | ' | ' | ' |
Repayments of Subordinated Debt | ' | ' | ' | $3,100,000 |
Premium paid on partial retirement of junior subordinated debt | 54,000 | 112,000 | ' | ' |
Subordinated Debt | $7,217,000 | ' | $10,309,000 | ' |
Capital Securities Percentage | ' | ' | ' | 8.67% |