Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | Ocean Shore Holding Co. | ||
Entity Central Index Key | 1444397 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | OSHC | ||
Entity Common Stock, Shares Outstanding | 6,306,390 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $88,182,686 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and amounts due from depository institutions | $9,023 | $9,509 |
Interest-earning bank balances | 71,284 | 78,110 |
Cash and cash equivalents | 80,307 | 87,619 |
Investment securities held to maturity (estimated fair value— $1,278 at December 31, 2014 and $3,402 at December 31, 2013) | 1,201 | 3,312 |
Investment securities available for sale (amortized cost— $112,205 at December 31, 2014 and $129,776 at December 31, 2013) | 110,116 | 125,389 |
Loans—net of allowance for loan losses of $3,760 and $4,199 at December 31, 2014 and 2013 | 774,017 | 744,802 |
Accrued interest receivable: | ||
Loans | 2,304 | 2,391 |
Investment securities | 33 | 142 |
Federal Home Loan Bank stock—at cost | 6,039 | 6,320 |
Office properties and equipment—net | 12,870 | 13,143 |
Prepaid expenses and other assets | 3,161 | 3,062 |
Real estate owned | 650 | 498 |
Cash surrender value of life insurance | 23,828 | 23,196 |
Deferred tax asset | 5,062 | 4,919 |
Goodwill | 4,630 | 4,630 |
Other intangible assets | 536 | 625 |
TOTAL ASSETS | 1,024,754 | 1,020,048 |
LIABILITIES: | ||
Non-interest bearing deposits | 98,417 | 96,750 |
Interest bearing deposits | 688,661 | 683,897 |
Advances from Federal Home Loan Bank | 110,000 | 110,000 |
Junior subordinated debentures | 7,217 | 10,309 |
Advances from borrowers for taxes and insurance | 4,026 | 3,702 |
Accrued interest payable | 879 | 1,024 |
Other liabilities | 9,743 | 8,143 |
Total liabilities | 918,943 | 913,825 |
COMMITMENTS AND CONTINGENCIES (Note 10) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value, 5,000,000 shares authorized, no shares issued | 0 | 0 |
Common stock, $.01 par value, 25,000,000 shares authorized, 7,307,590 issued, 6,393,344 and 6,903,352 outstanding shares at December 31, 2014 and 2013 | 73 | 73 |
Additional paid in capital | 66,059 | 65,401 |
Retained earnings - partially restricted | 57,055 | 52,287 |
Treasury stock - at cost: 914,246 and 404,238 at December 31, 2014 and 2013 | -12,678 | -5,304 |
Common stock acquired by employee benefit plans | -2,639 | -2,981 |
Deferred compensation plans trust | -608 | -586 |
Accumulated other comprehensive loss | -1,451 | -2,667 |
Total stockholders' equity | 105,811 | 106,223 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,024,754 | $1,020,048 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investment securities held to maturity, estimated fair value (in dollars) | $1,278 | $3,402 |
Investment securities available for sale, amortized cost (in dollars) | 112,205 | 129,776 |
Allowance for loan losses (in dollars) | $3,760 | $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 | 6,393,344 | 6,903,352 |
Treasury stock, shares | 914,246 | 404,238 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST AND DIVIDEND INCOME: | |||
Taxable interest and fees on loans | $32,785 | $32,094 | $34,286 |
Taxable interest on mortgage-backed securities | 1,368 | 1,393 | 987 |
Non-taxable interest on municipal securities | 7 | 69 | 36 |
Taxable interest and dividends on investments securities | 1,207 | 1,416 | 1,542 |
Total interest and dividend income | 35,367 | 34,972 | 36,851 |
INTEREST EXPENSE: | |||
Deposits | 2,546 | 3,053 | 4,217 |
Borrowings | 5,020 | 5,459 | 6,000 |
Total interest expense | 7,566 | 8,512 | 10,217 |
NET INTEREST INCOME | 27,801 | 26,460 | 26,634 |
PROVISION FOR LOAN LOSSES | 462 | 757 | 893 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 27,339 | 25,703 | 25,741 |
OTHER INCOME: | |||
Service charges | 1,753 | 2,098 | 1,792 |
Increase in cash surrender value of life insurance | 633 | 665 | 633 |
Gain on sale of securities | 95 | 3 | 65 |
Other | 1,765 | 1,697 | 1,513 |
Total other income | 4,246 | 4,463 | 4,003 |
OTHER EXPENSES: | |||
Salaries and employee benefits | 12,684 | 12,436 | 12,330 |
Occupancy and equipment | 5,095 | 5,100 | 5,027 |
Federal insurance premiums | 535 | 541 | 506 |
Advertising | 429 | 412 | 488 |
Professional services | 1,035 | 1,318 | 1,118 |
Real estate owned activity | 61 | 270 | 51 |
Charitable contributions | 141 | 147 | 151 |
Other operating expenses | 1,785 | 1,748 | 1,892 |
Total other expenses | 21,765 | 21,972 | 21,563 |
INCOME BEFORE INCOME TAXES | 9,820 | 8,194 | 8,181 |
INCOME TAXES: | |||
Current | 4,587 | 1,238 | 3,793 |
Deferred | -1,065 | 1,607 | -613 |
Total income taxes | 3,522 | 2,845 | 3,180 |
NET INCOME | 6,298 | 5,349 | 5,001 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | |||
Unrealized gain on available for sale securities | 1,375 | -2,761 | 675 |
Unrealized loss on post retirement life benefit | -159 | 138 | -148 |
Total other comprehensive income, net of tax | 1,216 | -2,623 | 527 |
TOTAL COMPREHENSIVE INCOME | $7,514 | $2,726 | $5,528 |
Earnings per share basic | $1 | $0.82 | $0.75 |
Earnings per share diluted | $0.98 | $0.81 | $0.74 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Common Stock Acquired For Employee Benefit Plans [Member] | Deferred Compensation Plans Trust [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, unless otherwise specified | ||||||||
BALANCE at Dec. 31, 2011 | $104,680 | $73 | $64,409 | $45,147 | ($174) | ($3,665) | ($539) | ($571) |
Comprehensive income: | ||||||||
Net income | 5,001 | 0 | 0 | 5,001 | 0 | 0 | 0 | 0 |
Other comprehensive income— | ||||||||
Unrealized holding loss arising from adjustment to Post Retirment Life Benefit | -148 | 0 | 0 | 0 | 0 | 0 | 0 | -148 |
Unrealized holding gain arising during the period | 675 | 0 | 0 | 0 | 0 | 0 | 0 | 675 |
Comprehensive income: | 5,528 | |||||||
Purchase of treasury stock | -4,798 | 0 | 0 | 0 | -4,798 | 0 | 0 | 0 |
Unallocated ESOP shares commited to employees | 342 | 0 | 0 | 0 | 0 | 342 | 0 | 0 |
Excess of fair value above cost of ESOP shares committed to be released | 81 | 0 | 81 | 0 | 0 | 0 | 0 | 0 |
Non-vested shares | 204 | 0 | 204 | 0 | 0 | 0 | 0 | 0 |
Stock options | 148 | 0 | 148 | 0 | 0 | 0 | 0 | 0 |
Stock options Exercised | 195 | 0 | 0 | 0 | 195 | 0 | 0 | 0 |
Purchase of shares by deferred compensation plans trust | -22 | 0 | 0 | 0 | 0 | 0 | -22 | 0 |
Current year dividends declared | -1,725 | 0 | 0 | -1,725 | 0 | 0 | 0 | 0 |
Unallocated ESOP dividends applied to ESOP loan payment | 95 | 0 | 0 | 95 | 0 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2012 | 104,728 | 73 | 64,842 | 48,518 | -4,777 | -3,323 | -561 | -44 |
Comprehensive income: | ||||||||
Net income | 5,349 | 0 | 0 | 5,349 | 0 | 0 | 0 | 0 |
Other comprehensive income— | ||||||||
Unrealized holding loss arising from adjustment to Post Retirment Life Benefit | 138 | 0 | 0 | 0 | 0 | 0 | 0 | 138 |
Unrealized holding gain arising during the period | -2,761 | 0 | 0 | 0 | 0 | 0 | 0 | -2,761 |
Comprehensive income: | 2,726 | |||||||
Purchase of treasury stock | -965 | 0 | 0 | 0 | -965 | 0 | 0 | 0 |
Unallocated ESOP shares commited to employees | 342 | 0 | 0 | 0 | 0 | 342 | 0 | 0 |
Excess of fair value above cost of ESOP shares committed to be released | 178 | 0 | 178 | 0 | 0 | 0 | 0 | 0 |
Non-vested shares | 218 | 0 | 218 | 0 | 0 | 0 | 0 | 0 |
Stock options | 163 | 0 | 163 | 0 | 0 | 0 | 0 | 0 |
Stock options Exercised | 438 | 0 | 0 | 0 | 438 | 0 | 0 | 0 |
Purchase of shares by deferred compensation plans trust | -25 | 0 | 0 | 0 | 0 | 0 | -25 | 0 |
Current year dividends declared | -1,667 | 0 | 0 | -1,667 | 0 | 0 | 0 | 0 |
Unallocated ESOP dividends applied to ESOP loan payment | 87 | 0 | 0 | 87 | 0 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2013 | 106,223 | 73 | 65,401 | 52,287 | -5,304 | -2,981 | -586 | -2,667 |
Comprehensive income: | ||||||||
Net income | 6,298 | 0 | 0 | 6,298 | 0 | 0 | 0 | 0 |
Other comprehensive income— | ||||||||
Unrealized holding loss arising from adjustment to Post Retirment Life Benefit | -159 | 0 | 0 | 0 | 0 | 0 | 0 | -159 |
Unrealized holding gain arising during the period | 1,375 | 0 | 0 | 0 | 0 | 0 | 0 | 1,375 |
Comprehensive income: | 7,514 | |||||||
Purchase of treasury stock | -7,473 | 0 | 0 | 0 | -7,473 | 0 | 0 | 0 |
Unallocated ESOP shares commited to employees | 342 | 0 | 0 | 0 | 0 | 342 | 0 | 0 |
Excess of fair value above cost of ESOP shares committed to be released | 145 | 0 | 145 | 0 | 0 | 0 | 0 | 0 |
Non-vested shares | 361 | 0 | 361 | 0 | 0 | 0 | 0 | 0 |
Stock options | 184 | 0 | 184 | 0 | 0 | 0 | 0 | 0 |
Stock options Exercised | 67 | 0 | -32 | 0 | 99 | 0 | 0 | 0 |
Purchase of shares by deferred compensation plans trust | -22 | 0 | 0 | 0 | 0 | 0 | -22 | 0 |
Current year dividends declared | -1,616 | 0 | 0 | -1,616 | 0 | 0 | 0 | 0 |
Unallocated ESOP dividends applied to ESOP loan payment | 86 | 0 | 0 | 86 | 0 | 0 | 0 | 0 |
BALANCE at Dec. 31, 2014 | $105,811 | $73 | $66,059 | $57,055 | ($12,678) | ($2,639) | ($608) | ($1,451) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ($923) | ($1,854) | $426 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net income | $6,298 | $5,349 | $5,001 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,280 | 600 | 1,338 |
Provision for loan losses | 462 | 757 | 893 |
Deferred income taxes | -1,065 | 1,607 | -613 |
Stock based compensation expense | 1,032 | 903 | 807 |
Gain on sale/call of AFS securities | -95 | -3 | -65 |
Premium paid on partial redemption of junior subordinated debt | 54 | 112 | 0 |
Cash surrender value of life insurance | -633 | -665 | -633 |
Changes in assets and liabilities which provided (used) cash: | |||
Accrued interest receivable | 196 | 48 | 264 |
Prepaid expenses and other assets | -99 | 2,512 | 1,194 |
Accrued interest payable | -145 | -233 | 111 |
Other liabilities | 1,439 | -287 | 1,431 |
Net cash provided by operating activities | 8,724 | 10,700 | 9,728 |
Principal collected on: | |||
Mortgage-backed securities available for sale | 10,290 | 6,541 | 4,372 |
Mortgage-backed securities held to maturity | 277 | 437 | 519 |
Collateralized mortgage obligations | 0 | 0 | 0 |
Agency securities available for sale | 0 | 0 | 3,750 |
Loans originated, net of repayments | -30,527 | -42,800 | 21,722 |
Purchases of: | |||
Loans receivable | 0 | 0 | -342 |
Investment securities held to maturity | -494 | -2,328 | -11,143 |
Investment securities available for sale | -32,158 | -50,013 | -106,256 |
Office properties and equipment | -661 | -643 | -590 |
Federal Home Loan Bank stock | -82 | 0 | 0 |
Life insurance contracts | 0 | 0 | -3,085 |
Proceeds from sales of: | |||
Investment securities available for sale | 1,290 | 0 | 0 |
Federal Home Loan Bank stock | 363 | 70 | 45 |
Premise owned | 0 | 0 | 177 |
Real estate owned | 720 | 1,573 | 241 |
Proceeds from maturities and calls of: | |||
Investment securities held to maturity | 2,328 | 9,143 | 6,020 |
Investment securities available for sale | 38,000 | 20,032 | 39,735 |
Mortgage-backed securities available for sale | 0 | 0 | 0 |
Cash used for acquistion, net of cash acquired | 0 | 0 | 0 |
Net cash used in investing activities | -10,654 | -57,988 | -44,835 |
FINANCING ACTIVITIES: | |||
Increase (decrease) in deposits | 6,398 | -21,112 | 49,452 |
Dividends paid | -1,616 | -1,667 | -1,725 |
Purchase of shares by deferred compensation plans trust | -22 | -24 | -22 |
Purchase of treasury stock | -7,473 | -966 | -4,798 |
Stock options exercised | 67 | 436 | 165 |
Decrease in advances from borrowers for taxes and insurance | 324 | -6 | -291 |
Unallocated ESOP dividends applied to ESOP loan | 86 | 87 | 95 |
Partial redemption of junior subordinated debt | -3,146 | -5,263 | 0 |
Net cash (used in) provided by financing activities | -5,382 | -28,515 | 42,876 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -7,312 | -75,803 | 7,769 |
CASH AND CASH EQUIVALENTS—Beginning of period | 87,619 | 163,422 | 155,653 |
CASH AND CASH EQUIVALENTS—End of period | 80,307 | 87,619 | 163,422 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION—Cash paid during the period for: | |||
Interest | 7,653 | 8,690 | 10,252 |
Income taxes | 2,684 | 2,572 | 2,921 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ITEMS | |||
Transfers of loans to real estate owned | $872 | $1,165 | $1,049 |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |||
Nature of Operations [Text Block] | 1 | NATURE OF OPERATIONS | |
Ocean Shore Holding Co. (“Company”) is the holding company for Ocean City Home Bank (“Bank”), a federally chartered savings bank. The Company is a unitary savings and loan holding company and conducts its operations primarily through the Bank. The Bank has three active subsidiaries, Seashore Financial Services, LLC, which receives commissions from referrals of insurance products, OCHB Preferred Corp, a New Jersey real estate investment trust and OCHB Investment Corp, a Delaware investment company. | |||
The Bank’s market area consists of Atlantic and Cape May counties, New Jersey. Through a eleven-branch network, the Bank operates as a retail banking concern in the communities of Ocean City and Marmora within Cape May County, and Linwood, Ventnor, Margate, Mays Landing, Egg Harbor Township and Galloway Township within Atlantic County. The Bank is engaged in the business of attracting time and demand deposits from the general public, small businesses and municipalities, and investing such deposits primarily in residential mortgage loans, consumer loans and small commercial loans. | |||
The Company’s outstanding common stock is traded on NASDAQ Global Select Market under the symbol “OSHC”. The Bank is subject to regulatory supervision and examination by the Office of the Comptroller of the Currency (the “OCC”), its primary regulator, and the Federal Deposit Insurance Corporation (the “FDIC”) which insures its deposits. The Bank is a member of and owns capital stock in the Federal Home Loan Bank (the “FHLB”) of New York, which is one of the twelve regional banks that comprise the FHLB System. | |||
BASIS_OF_PRESENTATION_AND_SUMM
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 2 | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Basis of Presentation—The consolidated financial statements of the Company include the accounts of the Bank and its subsidiaries Seashore Financial LLC, OCHB Preferred Corp and OCHB Investment Corp and are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
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 and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. The most significant estimates and assumptions in the Company’s consolidated financial statements 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. | |||||||||||
Subsequent Events—All material events that occurred after the date of the consolidated financial statements and before the consolidated financial statements were issued have been either recognized in the consolidated financial statements or disclosed in the Notes to the Consolidated Financial Statements. The Company evaluated events from the date of the consolidated financial statements on December 31, 2014 through the issuance of those consolidated financial statements included in this Annual Report on Form 10-K. | |||||||||||
Segment Information —In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) FASB ASC 280, Segment Reporting (FASB ASC 280), the Company has one reportable operating segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings, and manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment or unit. | |||||||||||
Business Combinations —The Company records the net assets of companies that are acquired at their estimated fair value at the date of acquisition, and includes the results of operations of the acquired companies in the Consolidated Income Statement from the date of acquisition. The Company recognizes, as goodwill, the excess of the acquisition price over the estimated fair value of the net assets acquired. | |||||||||||
Treasury Stock— From time to time the Company may choose to reacquire some of its outstanding stock from its shareholders for retirement or resale. Common stock reacquired by the Company is accounted for using the cost method, which treats stock held in treasury as a reduction to total stockholders’ equity equal to the cost of purchase. | |||||||||||
The Company held 914,246 shares in treasury stock at a cost of $12.7 million at December 31, 2014 and 404,238 shares at a cost of $5.3 million at December 31, 2013. | |||||||||||
During 2014, the Company repurchased 515,817 shares of the Company’s outstanding common stock for $7.5 million at a weighted average cost of $14.49 per share. Additionally, 5,809 shares were issued from treasury stock for exercised stock options totaling $67 thousand. | |||||||||||
Concentration of Credit Risk—The majority of the Company’s loans are secured by 1 to 4 family real estate or made to businesses in Atlantic or Cape May Counties, New Jersey. | |||||||||||
Investment Securities— The Company’s debt and equity securities include both those that are held to maturity and those that are available for sale. The purchase and sale of the Company’s debt securities are recorded as of the trade date. At December 31, 2014 and 2013, the Company had no unsettled purchases or sales of investment securities. The following provides further information on the Company’s accounting for debt securities: | |||||||||||
a. | Held to Maturity—Debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security. | ||||||||||
b. | Available for Sale—Debt and equity securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity and changes in the availability of and the yield of alternative investments, are classified as available for sale. These securities are carried at estimated fair value. Fair values are based on quoted prices for identical assets in active markets, quoted prices for similar assets in markets that are either actively or not actively traded, or, in some cases where there is limited activity or less transparency around inputs, internally developed discounted cash flow models. Unrealized gains and losses that are not concluded to be other than temporary, are excluded from earnings and are reported net of tax in other comprehensive income. Upon the sale of securities, any unamortized premium or unaccreted discount is considered in the determination of gain or loss from the sale. Realized gains and losses on the sale or call of investment securities are recorded as of the trade date, reported in the Consolidated Statements of Income and Comprehensive Income and determined using the adjusted cost of the specific security sold or called. The Company sold $1.3 million of available for sale securities realizing a gain on sale of $84 thousand for the year ended December 31, 2014 and had no sales in 2013. | ||||||||||
In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 325-40, Beneficial Interests in Securitized Financial Assets, and FASB ASC 320-10, Investments – Debt and Equity Securities, the Company evaluates its debt securities portfolio for other-than-temporary impairment (“OTTI”) throughout the year. Each investment that has a fair value less than the book value is reviewed on a quarterly basis by management. Management considers at a minimum the following factors that, both individually or in combination, could indicate that the decline is other-than-temporary: (a) the Company has the intent to sell the security; (b) it is more likely than not that it will be required to sell the security before recovery; and (c) the Company does not expect to recover the entire amortized cost basis of the security. An impairment charge is recorded if, based on the review described above, management concludes that the decline in value is other-than-temporary. Among the factors that are considered in determining intent is a review of capital adequacy, interest rate risk profile and liquidity at the Company. The guidance allows the Company to bifurcate the impact on securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors, when the security is not otherwise intended to be sold or is not required to be sold. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The portion of the fair value decline not attributable to credit loss is recognized through other comprehensive income. For securities accounted for under FASB ASC 320-10, the credit loss component is determined by comparing the present value of the cash flows expected to be collected, discounted at the effective interest rate implicit in the security at the date of acquisition, with the amortized cost basis of the debt security. For securities accounted for under FASB 325-40, if the present value of the original estimate at the initial transaction date (or the last date previously revised) of cash flows expected to be collected is greater than the present value of the current estimate of cash flows expected to be collected, the difference is considered to be the credit loss component. For all securities, the Company’s expected cash flow estimates include assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the bond indenture and other factors, The Company did not record any OTTI for the years ended December 31, 2014, 2013 and 2012. | |||||||||||
Other investments include the Company's investment in the stock of the Federal Home Loan Bank ("FHLB") of New York. Although FHLB stock is an equity interest in an FHLB, it does not have a readily determinable fair value, because its ownership is restricted and it is not readily marketable. FHLB stock can be sold back only at its par value of $100 per share and only to the FHLBs or to another member institution. Accordingly, FHLB stock is carried at cost. The Company evaluates this investment for impairment on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. | |||||||||||
Deferred Loan Fees—The Bank defers all loan origination fees, net of certain direct loan origination costs. The balance is accreted into income as a yield adjustment over the life of the loan using the level-yield method. Deferred loan fees are recorded as a component of “Loans – net” in the statement of financial condition. | |||||||||||
Unearned Discounts and Premiums—Unearned discounts and premiums on loans, investments and mortgage-backed securities purchased are accreted and amortized, respectively, over the estimated life of the related asset using the interest method. | |||||||||||
Office Properties and Equipment - Net—Office properties and equipment are recorded at cost. Depreciation is computed using the straight-line method over the expected useful lives of the related assets as follows: buildings and improvements, ten to thirty nine years or at the lesser of the life of improvement or the lease; furniture and equipment, three to seven years. The costs of maintenance and repairs are expensed as incurred, and renewals and betterments are capitalized. | |||||||||||
Real Estate Owned—Real estate owned is comprised of property acquired through foreclosure, in lieu of deed and bank property that is not in use. The property acquired through foreclosure is carried at the lower of the related loan balance or fair value of the property based on an appraisal less estimated cost to dispose. Losses arising from foreclosure transactions are charged against the allowance for loan losses. Bank property is carried at the lower of cost or fair value less estimated cost to dispose. Costs to maintain real estate owned and any subsequent gains or losses are included in the Company’s Consolidated Statements of Operations. | |||||||||||
Bank Owned Life Insurance—The Company has purchased life insurance policies on certain key employees. The Bank is the primary beneficiary of insurance policies on the lives of officers and employees of the Bank. These policies are recorded at their cash surrender value and the Bank has recognized any increase in cash surrender value of life insurance, net of insurance costs, in the consolidated statements of income. The cash surrender value of the insurance policies is recorded as an asset in the statements of financial condition. The Company accounts for split dollar life insurance in accordance with FASB ASC 715-60, Defined Benefit Plans – Other Post-Retirement. The guidance provides for determining a liability for the postretirement benefit obligation as well as recognition and measurement of the associated asset on the basis of the terms of the collateral assignment agreement. | |||||||||||
Loans held for investment— Loans are reported net of loan origination fees, direct origination costs and discounts and premiums associated with purchased loans and unearned income. Interest on loans is credited to income as it is earned. Loan origination fees and certain direct loan origination costs are deferred and recognized as adjustments to interest income in the Consolidated Statements of Operations over the contractual life of the loan utilizing the effective interest rate method. Premiums and discounts associated with loans purchased by the Bank are deferred and amortized as adjustments to interest income utilizing the effective interest rate method. | |||||||||||
Certain loans acquired that result in recognition of a discount attributable, at least in part, to credit quality, and are not subsequently accounted for at fair value, are accounted for under the receivable topic of the FASB Accounting Standards Codification Section 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” The excess of the estimated undiscounted principal, interest and other cash flows expected to be collected over the initial investment in the acquired loans is amortized to interest income over the expected life of the loans through the effective interest rate method. The amount amortized for the acquired loan pool is adjusted when there is an increase or decrease in the expected cash flows. Further, the Company assesses impairment on these acquired loan pools for which there has been a decrease in the expected cash flows. Impairment is measured based on the present value of the expected cash flows from the loan (including the estimated fair value of the underlying collateral), discounted using the loan's effective interest rate. | |||||||||||
Loans are considered past due 16 days or more past the due date. Loans are considered delinquent if 30 days or more past due. Loans over 90 days past due are placed on non-accrual status. Payments received on non-accrual loans are applied to principal, interest and escrow on mortgage loans and to accrued interest followed by principal on all other loans. Loans are returned to accrual status when no payment is over 90 days past due. Unsecured loans are charged off when becoming more than 90 days past due. Secured loans are charged off to the extent the loan amount exceeds the appraised value of the collateral when over 90 days past due and management believes the uncollectability of the loan balance is confirmed. | |||||||||||
A loan is determined to be impaired and non-accrual when, based upon current information and events, it is probable that scheduled payments of principal and interest will not be received when due according to the contractual terms of the loan agreement. An insignificant delay (e.g., less than 90 days) or insignificant shortfall in amount of payments does not necessarily result in the loan being identified as impaired. | |||||||||||
When a loan is placed on non-accrual status, all accrued yet uncollected interest is reversed from income. Payments received on non-accrual loans are generally applied to the outstanding principal balance. Interest income on impaired loans other than nonaccrual loans is recognized on an accrual basis. Interest income on nonaccrual loans is recognized only as collected. | |||||||||||
Troubled debt restructurings (“TDRs”) are loans that have been modified whereby the Company has agreed to make certain concessions to customers to both meet the needs of the customers and maximize the ultimate recovery of the loan. TDRs occur when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified involving a concession that would otherwise not be granted to the borrower. TDRs are generally placed on non-accrual status until the Company believes repayment under the revised terms is reasonably assured and a sustained period of repayment performance has been achieved (typically defined as six months for a monthly amortizing loan). All costs incurred by the Company in connection with a TDR are expensed as incurred. The TDR classification will remain on the loan until it is paid in full or liquidated. | |||||||||||
Impaired loans are defined as all TDRs plus non-accrual loans. In addition, the Company may perform a specific reserve analysis on loans where based on management’s judgment the nature of the collateral or business conditions warrant such an analysis. | |||||||||||
Allowance for Loan Losses— The allowance for loan losses is the amount estimated by management as necessary to cover losses inherent in the loan portfolio at the balance sheet date. The allowance is established through the provision for loan losses, which is charged to results of operations based on management’s evaluation of the estimated losses that have been incurred in the Company’s loan portfolio. Determining the amount of the allowance for loan losses necessarily involves a high degree of judgment. Among the material estimates required to establish the allowance are the following: loss exposure at default; the amount and timing of future cash flows on impacted loans; value of collateral; and determination of loss factors to be applied to the various elements of the portfolio. All of these estimates are susceptible to significant change. Although we believe that we use the best information available to establish the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. In addition, the OCC, as an integral part of its examination process, periodically reviews our allowance for loan losses. Such agency may require us to recognize adjustments to the allowance based on its judgments about information available to it at the time of its examination. The allowance for loan losses is maintained at a level that management considers adequate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio as of the balance sheet date | |||||||||||
Management monitors its allowance for loan losses monthly and makes adjustments to the allowance through the provision for loan losses as economic conditions and other pertinent factors indicate. The quarterly review and adjustment of the qualitative factors employed in the allowance methodology and the updating of historic loss experience allow for timely reaction to emerging conditions and trends. In this context, a series of qualitative factors such as historical loss experience, trends in delinquency and non-performing loans, changes in risk composition and underwriting standards, experience and ability of staff and regional and national economic conditions and trends are used in a methodology as a measurement of how current circumstances are affecting the loan portfolio. | |||||||||||
In determining the allowance for loan losses, management has established both general pooled and specific allowances. Values assigned to the qualitative factors and those developed from historic loss experience provide a dynamic basis for the calculation of reserve factors for performing loans (general pooled allowance). The amount of the specific allowance is determined through a loan-by-loan analysis of non-performing loans. Loans not individually reviewed are evaluated as a group using reserve factor percentages based on qualitative and quantitative factors described above. In determining the appropriate level of the general pooled allowance, management makes estimates based on internal risk ratings, which take into account such factors as debt service coverage, loan-to-value ratios, and external factors. If a loan is identified as impaired and is collateral dependent, an appraisal is obtained to provide a base line in determining whether the carrying amount of the loan exceeds the net realizable value. We recognize impairment through a provision estimate or a charge-off is recorded when management determines we will not collect 100% of a loan based on foreclosure of the collateral, less cost to sell the property, or the present value of expected cash flows. | |||||||||||
As changes in our operating environment occur and as recent loss experience fluctuates, the factors for each category of loan based on type and risk rating will change to reflect current circumstances and the quality of the loan portfolio. Given that the components of the allowance are based partially on historical losses and on risk rating changes in response to recent events, required reserves may trail the emergence of any unforeseen deterioration in credit quality. | |||||||||||
Goodwill and Core Deposit Intangibles—Goodwill is the excess of the purchase price over the fair value of the tangible and identifiable intangible assets and liabilities of companies acquired through business combinations accounted for under the purchase method. Core deposit intangibles are a measure of the value of checking, savings and other-low cost deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized over the estimated useful lives of the existing deposit relationships acquired, but not exceeding 15 years. The Company evaluates the identifiable intangibles for impairment when an indicator of impairment exists, but not less than annually. Separable intangible assets that are not deemed to have an indefinite life continue to be amortized over their useful lives. | |||||||||||
Goodwill is not amortized on a recurring basis, but rather is subject to periodic impairment testing. Management performs an annual goodwill impairment test and whenever events occur or circumstances change that indicates the fair value of a reporting unit may be below its carrying value. | |||||||||||
The Company performed goodwill impairment testing as of August 1, 2014 and 2013 and concluded that goodwill was not impaired. The Company did not have any indefinite-lived intangible assets as of December 31, 2014. | |||||||||||
Loans Held for Sale and Loans Sold—The Bank originates mortgage loans held for investment and for sale. At origination, the mortgage loan is identified as either held for sale or for investment. Mortgage loans held for sale are carried at the lower of cost or forward committed contracts (which approximates market), determined on a net aggregate basis. The Bank had no loans classified as held for sale at December 31, 2014 and 2013. The Bank did not sell any loans in 2014 or 2013. | |||||||||||
Income Taxes—The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes. FASB ASC 740 requires the recording of deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. If current available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income as well as judgments about availability of capital gains. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change. Any reduction in estimated future taxable income may require us to record an additional valuation allowance against our deferred tax assets. Further, an inability to employ a qualifying tax strategy to utilize our deferred tax asset arising from capital losses may give rise to an additional valuation allowance. An increase in the valuation allowance would result in additional income tax expense in the period, which would negatively affect earnings. FASB ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. When applicable, we recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statement of income. Assessment of uncertain tax positions under FASB ASC 740 requires careful consideration of the technical merits of a position based on management’s analysis of tax regulations and interpretations. Judgment may be involved in applying the requirements of FASB ASC 740. | |||||||||||
Our adherence to FASB ASC 740 may result in increased volatility in quarterly and annual effective income tax rates, as FASB ASC 740 requires that any change in judgment or change in measurement of a tax position taken in a prior period be recognized as a discrete event in the period in which it occurs. Factors that could impact management’s judgment include changes in income, tax laws and regulations, and tax planning strategies. | |||||||||||
Interest Rate Risk—The Bank is engaged principally in providing first mortgage loans to borrowers. At December 31, 2014 and 2013, approximately two-thirds of the Bank’s assets consisted of assets that earned interest at fixed interest rates. Those assets were funded with long-term fixed rate liabilities and with short-term liabilities that have interest rates that vary with market rates over time. The shorter duration of the interest-sensitive liabilities indicates that the Bank is exposed to interest rate risk because, in a rising rate environment, liabilities will be repricing faster at higher interest rates, thereby reducing the market value of long-term assets and net interest income. | |||||||||||
Earnings Per Share—Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, during the period. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock 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 of common shares sold during the period. | |||||||||||
Other Comprehensive Income (Loss)—The Company classifies items of other comprehensive income (loss) by their nature and displays the accumulated balance of other comprehensive income (loss) separately from retained earnings and additional paid-in capital in the equity section of the Consolidated Statements of Financial Condition. Amounts categorized as other comprehensive income (loss) represent net unrealized gains or losses on investment securities available for sale and post-retirement benefits, net of tax of $807 thousand. Reclassifications are made to avoid double counting in comprehensive income (loss) items which are displayed as part of net income for the period. There are no reclassifications during the period ending December 31, 2103. Reclassification adjustments recognized in Accumulated Other Comprehensive Income during the period ending December 31, 2014 are as follows: | |||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Pre-tax | Tax | After-tax | |||||||||
Unrealized holding loss on securities available for sale during the period | $ | -2,184 | $ | 841 | $ | -1,343 | |||||
Reclassification adjustment for net gains included in net income | 95 | -34 | 61 | ||||||||
Net unrealized loss on securities available for sale | $ | -2,089 | $ | 807 | $ | -1,282 | |||||
The following table presents the changes in Accumulated Other Comprehensive Income (Loss) by component as of December 31, 2014. | |||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Unrealized | Accumulated | ||||||||||
Unrealized | Loss on | Other | |||||||||
Gains(Loss) on | Post Retirement | Comprehensive | |||||||||
AFS Securities | Life | Income | |||||||||
Beginning balance | $ | -2,761 | $ | -10 | $ | -2,771 | |||||
Current-period change | 2,402 | -159 | 2,243 | ||||||||
Tax Benefit | -923 | - | -923 | ||||||||
Ending Balance | $ | -1,282 | $ | -169 | $ | -1,451 | |||||
Year Ended December 31, 2013 | |||||||||||
Unrealized | Accumulated | ||||||||||
Unrealized | Loss on | Other | |||||||||
Gains(Loss) on | Post Retirement | Comprehensive | |||||||||
AFS Securities | Life | Income | |||||||||
Beginning balance | $ | 104 | $ | -148 | $ | -44 | |||||
Current-period change | -4,719 | 138 | -4,581 | ||||||||
Tax Benefit | 1,854 | - | 1,854 | ||||||||
Ending Balance | $ | -2,761 | $ | -10 | $ | -2,771 | |||||
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”) authorize 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 Plans, 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. | |||||||||||
Determining the fair value of stock-based awards at measurement date requires judgment, including estimating the expected term of the stock options and the expected volatility of the Company’s stock. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. If actual results differ significantly from these estimates or different key assumptions were used, it could have a material effect on the Company’s consolidated financial statements. | |||||||||||
In accordance with FASB ASC 718, the fair value of the stock options granted is estimated on the date of the grant using the Black-Scholes option pricing model which uses the assumptions noted in the table below. Stock options have been historically granted a for a 10 year term. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected term of the option is the estimated time the option will be exercised. The expected volatility is based on the historical volatility of the Company’s stock price. | |||||||||||
The Equity Plans authorize the grant of stock options to officers, employees and directors of the Company to acquire shares of common stock with an exercise price equal to the fair market value of the common stock on the grant date. Options will generally become vested and exercisable at the rate of 20% per year over five years. A total of 674,391 shares of common stock have been approved for issuance pursuant to the grant of stock options under the Equity Plans. At December 31, 2014, 19,000 options issued in 2010, 3,516 options issued in 2007, 3,517 options issued in 2006 and 54,077 options issued in 2005 have been forfeited. At December 31, 2014, 56,415 shares have been issued upon the exercise of stock options. No options were granted in 2014. | |||||||||||
Weighted Average Assumptions Used in Balck-Scholes Option Pricing Model | |||||||||||
Years Ended December 31, | 2013 | 2012 | |||||||||
Fair value of options granted during the year | $ | 2.56 | $ | 2.9 | |||||||
Risk-free rate of return | 1 | % | 0.97 | % | |||||||
Expected term in months | 72 | 72 | |||||||||
Expected volatility | 29 | % | 35 | % | |||||||
Expected dividends | $ | 0.24 | $ | 0.24 | |||||||
Common Stock Acquired for Employee Benefit Plans—Unearned ESOP shares are not considered outstanding for calculating net income per common share and are shown as a reduction of stockholders’ equity and presented as Common Stock Acquired for Employee Benefit Plans. During the period the ESOP shares are committed to be released, the Company recognizes compensation cost equal to the fair value of the ESOP shares. When the shares are released, Common Stock Acquired for Employee Benefit Plans is reduced by the cost of the ESOP shares released and the differential between the fair value and the cost is charged/credited to additional paid-in capital. The loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP reported as a liability in the Company’s consolidated financial statements. At December 31, 2014 and 2013, unearned ESOP shares totaled 292,500 and 326,767 shares, respectively. | |||||||||||
Statement of Cash Flows—For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. | |||||||||||
New Accounting Pronouncements— In July 2013, the FASB issued Accounting Standards Update (“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 this accounting guidance did not have a material 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 adoption of this accounting guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||
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 adoption of this accounting guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||
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. The Company adopted this amendment in 2014 on a prospective basis. The adoption of this accounting guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||
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 | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3 | INVESTMENT SECURITIES | ||||||||||||||||||
Investment securities are summarized as follows: | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Debt Securities - Municipal | $ | 494 | $ | - | $ | - | $ | 494 | ||||||||||||
US treasury and government sponsored entity mortgage-backed securities | 707 | 77 | - | 784 | ||||||||||||||||
Totals | $ | 1,201 | $ | 77 | $ | - | $ | 1,278 | ||||||||||||
Available for Sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Corporate | $ | 9,596 | $ | 99 | $ | -856 | $ | 8,839 | ||||||||||||
US treasury and federal agencies | 21,223 | 6 | -238 | 20,991 | ||||||||||||||||
Equity securities | 3 | 25 | - | 28 | ||||||||||||||||
US treasury and government sponsored entity mortgage-backed securities | 81,383 | 278 | -1,403 | 80,258 | ||||||||||||||||
Totals | $ | 112,205 | $ | 408 | $ | -2,497 | $ | 110,116 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Debt Securities – Municipal | $ | 2,328 | $ | - | $ | - | $ | 2,328 | ||||||||||||
US 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 | ||||||||||||
US treasury and federal agencies | 35,035 | - | -2,132 | 32,903 | ||||||||||||||||
Equity securities | 3 | 27 | - | 30 | ||||||||||||||||
US 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 December 31, 2014 and 2013, the Company had investment securities available for sale with an estimated fair value of $105.1 million and $98.8 million, respectively, pledged as collateral to secure public fund deposits. The decrease in held to maturity investment in 2014 from 2013 resulted from municipal maturities and principal repayments received on mortgage-backed securities. | ||||||||||||||||||||
The Company's municipal bond portfolio consists of unrated general obligation bonds of local municipalities maturing in less than one year. | ||||||||||||||||||||
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 December 31, 2014 and 2013: | ||||||||||||||||||||
December 31, 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 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
Corporate | $ | - | $ | - | $ | 2,826 | $ | -856 | $ | 2,826 | $ | -856 | ||||||||
US treasuries and federal agencies | 4,990 | -5 | 9,767 | -233 | 14,757 | -238 | ||||||||||||||
US Treasury and government sponsored entity mortgage-backed securities | 10,133 | -17 | 66,020 | -1,386 | 76,153 | -1,403 | ||||||||||||||
Totals | $ | 15,123 | $ | -22 | $ | 78,613 | $ | -2,475 | $ | 93,736 | $ | -2,497 | ||||||||
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 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
Coporate | $ | - | $ | - | $ | 3,796 | $ | -909 | $ | 3,796 | $ | -909 | ||||||||
US treasury and federal agencies | 27,221 | -1,814 | 5,682 | -318 | 32,903 | -2,132 | ||||||||||||||
US 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 December 31, 2014 and 2013 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, OTTI is concluded to exists and the Company only recognizes currently in earnings the amount of decline in value attributable to credit deterioration, with the remaining component of OTTI is presented in other comprehensive income. | ||||||||||||||||||||
Corporate Debt Securities – The Company’s investments in corporate debt securities consist of corporate debt securities issued by large financial institutions and single issuer and CDOs backed by bank trust preferred capital securities. | ||||||||||||||||||||
At December 31, 2014 and 2013, 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 23.3% from the Company’s amortized cost basis. The initial decline of these securities was primarily attributable to depressed market pricing of non-rated issues of trust preferred securities observed during the financial downturn. The unrealized loss position continued to improve, and the current decline of these debt securities is principally attributable to the rising interest rate environment and depressed pricing on lower yielding investments with prolonged maturities, which had an impact for these types of investments. These securities were performing in accordance with their contractual terms as of December 31, 2014 and 2013, 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 contractual terms and the Company’s intent not to sell these investments for a period of time sufficient to allow for the anticipated recovery of amortized cost, which may be maturity. The Company expects recovery of amortized cost when market conditions have stabilized and that the Company will receive all contractual principal and interest payments related to those investments. | ||||||||||||||||||||
United States Treasury and Government Sponsored Enterprise Mortgage-backed Securities - The Company’s investments in United States government sponsored enterprise notes consist of debt obligations of the Federal Home Loan Bank (“FHLB”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), and Federal National Mortgage Association (“Fannie Mae”). At December 31, 2014, 15 agency and agency mortgage-backed securities had been in a continuous unrealized loss position for 12 months or longer. Those securities had aggregate depreciation of 2.1% from the Company’s amortized cost basis. These securities were performing in accordance with their contractual terms as of December 31, 2014, and had paid all contractual cash flows since the Company’s initial investment. Management concluded that the decline in value is attributable to rising interest rate environment and depressed pricing on lower yielding investments with prolonged maturities. Management concluded that these unrealized losses are not other-than-temporary. This is based upon the Company’s analysis that the securities will perform in accordance with their terms and the Company’s intent not to sell or lack of requirement to sell these investments for a period of time sufficient to allow for the anticipated recovery of amortized cost, which may be maturity. The Company expects recovery of amortized cost when market conditions have stabilized and that the Company will receive all contractual principal and interest payments related to those investments. | ||||||||||||||||||||
At December 31, 2013, one U.S Treasury security and five agency mortgage-backed securities had been in a continuous unrealized loss position for 12 months or longer. Those securities had aggregate depreciation of 5.0% from the Company’s amortized cost basis. These securities were performing in accordance with their contractual terms as of December 31, 2013, 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 or lack of requirement to sell these investments for a period of time sufficient to allow for the anticipated recovery of amortized cost, which may be maturity. The Company expects recovery of amortized cost when market conditions have stabilized and that the Company will receive all contractual principal and interest payments related to those investments. | ||||||||||||||||||||
The amortized cost and estimated fair value of debt securities available for sale at December 31, 2014 and 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Held to Maturity | Available for Sale Securities | |||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
Due within 1 year | $ | 494 | $ | 494 | $ | - | $ | - | ||||||||||||
Due after 1 year through 5 years | - | - | 5,948 | 6,047 | ||||||||||||||||
Due after 5 years through 10 years | - | - | 11,189 | 11,190 | ||||||||||||||||
Due after 10 years | - | - | 13,683 | 12,593 | ||||||||||||||||
Total | $ | 494 | $ | 494 | $ | 30,820 | $ | 29,830 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Held to Maturity | Available for Sale Securities | |||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
Due within 1 year | $ | 2,328 | $ | 2,328 | $ | 1,000 | $ | 1,001 | ||||||||||||
Due after 1 year through 5 years | - | - | 5,880 | 6,035 | ||||||||||||||||
Due after 5 years through 10 years | - | - | 15,000 | 14,423 | ||||||||||||||||
Due after 10 years | - | - | 24,705 | 22,241 | ||||||||||||||||
Total | $ | 2,328 | $ | 2,328 | $ | 46,585 | $ | 43,700 | ||||||||||||
Equity securities had a cost of $3 thousand and a fair value of $28 thousand as of December 31, 2014 and a cost of $3 thousand and a fair value of $30 thousand as of December 31, 2013. Mortgage-backed securities had a cost of $82.1 million and a fair value of $81.0 million as of December 31, 2014 and a cost of $84.2 million and a fair value of $82.7 million as of December 31, 2013. | ||||||||||||||||||||
LOANS_RECEIVABLENET
LOANS RECEIVABLE-NET | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4 | LOANS RECEIVABLE—NET | ||||||||||||||||||||||||||||||
Loans receivable consist of the following: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 587,399 | $ | 545,812 | ||||||||||||||||||||||||||||
Commercial and multi-family | 89,778 | 90,855 | ||||||||||||||||||||||||||||||
Total real - estate mortgage | 677,177 | 636,667 | ||||||||||||||||||||||||||||||
Real estate - construction: | ||||||||||||||||||||||||||||||||
Residential | 16,030 | 25,113 | ||||||||||||||||||||||||||||||
Commercial | 4,141 | 2,510 | ||||||||||||||||||||||||||||||
Total real estate - construction | 20,171 | 27,623 | ||||||||||||||||||||||||||||||
Commercial | 22,277 | 23,445 | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Home equity | 54,279 | 57,367 | ||||||||||||||||||||||||||||||
Other consumer loans | 377 | 628 | ||||||||||||||||||||||||||||||
Total consumer loans | 54,656 | 57,995 | ||||||||||||||||||||||||||||||
Total loans | 774,281 | 745,730 | ||||||||||||||||||||||||||||||
Net deferred loan cost | 3,496 | 3,271 | ||||||||||||||||||||||||||||||
Allowance for loan losses | -3,760 | -4,199 | ||||||||||||||||||||||||||||||
Net total loans | $ | 774,017 | $ | 744,802 | ||||||||||||||||||||||||||||
The Bank originates loans to customers primarily in its local market area. The ultimate repayment of these loans is dependent to a certain degree on the local economy and real estate market. The intent of management is to hold loans originated and purchased to maturity. | ||||||||||||||||||||||||||||||||
The Bank originates and purchases both fixed and adjustable interest rate loans. At December 31, 2014 and 2013, the composition of these loans was approximately $567.6 million and $549.6 million, respectively, of fixed rate loans and $206.7 million and $196.1 million, respectively, of adjustable rate loans. | ||||||||||||||||||||||||||||||||
Interest income on loans is accrued based on the contractual interest rate and the principal amount outstanding, except for those loans classified as non-accrual. At December 31, 2014 and December 31, 2013, accrued interest receivable on the Company's loans was $2.2 million and $2.3 million, respectively. | ||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses are as follows: | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,199 | $ | 3,997 | $ | 3,762 | ||||||||||||||||||||||||||
Provision for loan loss | 462 | 757 | 893 | |||||||||||||||||||||||||||||
Charge-offs | -977 | -568 | -691 | |||||||||||||||||||||||||||||
Recoveries | 76 | 13 | 33 | |||||||||||||||||||||||||||||
Balance, end of year | $ | 3,760 | $ | 4,199 | $ | 3,997 | ||||||||||||||||||||||||||
The provision for loan losses charged to expense is based upon past loan loss experiences, a series of qualitative factors, and an evaluation of losses in the current loan portfolio, including the specific evaluation of impaired loans. Values assigned to the qualitative factors and those developed from historic loss experience provide a dynamic basis for the calculation of reserve factors for both pass–rated loans (general pooled allowance) and the criticized and classified loans that continue to perform. | ||||||||||||||||||||||||||||||||
Non-performing assets at December 31, 2014 and 2013 consisted of non-accrual loans that amounted to $6.3 million and $5.1 million, respectively, non-accrual troubled debt restructurings of $694 thousand and $316, respectively and real estate owned of $650 thousand and $498 thousand, respectively. The reserve for delinquent interest on loans totaled $423 thousand and $262 thousand at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
Year-end non-performing assets segregated by class of loans are as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Real estate - mortgage | ||||||||||||||||||||||||||||||||
1-4 family residential | $ | 3,626 | $ | 3,618 | ||||||||||||||||||||||||||||
Commercial and multi-family | 803 | 463 | ||||||||||||||||||||||||||||||
Real estate - construction | 143 | - | ||||||||||||||||||||||||||||||
Commercial | 501 | - | ||||||||||||||||||||||||||||||
Consumer | 502 | 674 | ||||||||||||||||||||||||||||||
Non-accrual loans | 5,575 | 4,755 | ||||||||||||||||||||||||||||||
Troubled debt restructuring, non-accrual | 694 | 316 | ||||||||||||||||||||||||||||||
Total non-performing loans | 6,269 | 5,071 | ||||||||||||||||||||||||||||||
Real estate owned | 650 | 498 | ||||||||||||||||||||||||||||||
Total non-performing assets | $ | 6,919 | $ | 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 year-ended December 31, 2014: | ||||||||||||||||||||||||||||||||
Contractual | Nonaccretable | |||||||||||||||||||||||||||||||
Receivable | (Yield) / | Accretable | Carrying | |||||||||||||||||||||||||||||
Amount | Premium | (Yield)/ Premium | Amount | |||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 50,837 | $ | -3,099 | $ | 746 | $ | 48,484 | ||||||||||||||||||||||||
Principal Reductions | -6,062 | - | - | -6,062 | ||||||||||||||||||||||||||||
Charge-offs, net | -559 | 559 | - | - | ||||||||||||||||||||||||||||
Accretion of loan discount (premium) | - | - | -204 | -204 | ||||||||||||||||||||||||||||
Transfer between nonaccretable and accretable yield | - | - | - | - | ||||||||||||||||||||||||||||
Settlement Adjustments | - | - | - | - | ||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 44,216 | $ | -2,540 | $ | 542 | $ | 42,218 | ||||||||||||||||||||||||
Portfolio segments and classes of financing receivables | ||||||||||||||||||||||||||||||||
U.S. GAAP requires that entities disclose information about the credit quality of their financing receivables at disaggregated levels, specifically defined as “portfolio segments” and "classes of financing receivables" based on management’s systematic methodology for determining the allowance for credit losses. For this, compared to the financial statement categorization of loans, the Company utilizes an alternate categorization to model and calculate the allowance for credit losses and track the credit quality, delinquency and impairment status of the underlying commercial and consumer loan populations. | ||||||||||||||||||||||||||||||||
In disaggregating its financing receivables portfolio, the Company’s methodology begins with the commercial and consumer portfolio segments. The commercial portfolio segment is then disaggregated by line of business distinctions. “Real estate” includes 1-4 family residential portfolio, Commercial and Multi-Family Real estate, as well as construction loans. “Commercial” represents the portfolio of small business and commercial and industrial portfolio, and “Consumer” represents principally secured consumer lending. | ||||||||||||||||||||||||||||||||
An age analysis of past due loans, disaggregated by class of financing receivables, as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Total Loan | ||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Receivables | |||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
1-4 family residential | $ | 2,323 | $ | - | $ | 4,255 | $ | 6,578 | $ | 580,821 | $ | 587,399 | ||||||||||||||||||||
Commercial and multi-family | 831 | - | 803 | 1,634 | 88,144 | 89,778 | ||||||||||||||||||||||||||
Construction | - | - | 143 | 143 | 20,028 | 20,171 | ||||||||||||||||||||||||||
Commercial | - | - | 501 | 501 | 21,776 | 22,277 | ||||||||||||||||||||||||||
Consumer | 485 | 5 | 567 | 1,057 | 53,599 | 54,656 | ||||||||||||||||||||||||||
Total | $ | 3,639 | $ | 5 | $ | 6,269 | $ | 9,913 | $ | 764,368 | $ | 774,281 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Impaired loans are generally defined as all TDRs and loans on non-accrual status. | ||||||||||||||||||||||||||||||||
Impaired loans disaggregated by class of financing receivables, excluding purchased impaired loans, are set forth the in the following table. No interest income was recognized on impaired loans subsequent to their classification as impaired. | ||||||||||||||||||||||||||||||||
Unpaid | Average | |||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment (1) | |||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
1-4 family residential | $ | 4,585 | $ | 4,622 | $ | - | $ | 139 | ||||||||||||||||||||||||
Commercial and multi-family | 1,324 | 1,324 | - | 265 | ||||||||||||||||||||||||||||
Construction | 143 | 143 | - | 143 | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 970 | 970 | - | 57 | ||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
1-4 family residential | 5,787 | 6,138 | 721 | 340 | ||||||||||||||||||||||||||||
Commercial and multi-family | - | - | - | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | 702 | 702 | 254 | 351 | ||||||||||||||||||||||||||||
Consumer | 181 | 181 | 55 | 90 | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
1-4 family residential | $ | 10,372 | $ | 10,760 | $ | 721 | $ | 207 | ||||||||||||||||||||||||
Commercial and multi-family | 1,324 | 1,324 | - | 265 | ||||||||||||||||||||||||||||
Construction | 143 | 143 | - | 143 | ||||||||||||||||||||||||||||
Commercial | 702 | 702 | 254 | 351 | ||||||||||||||||||||||||||||
Consumer | 1,151 | 1,151 | 55 | 61 | ||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
-1 | Recorded investment includes deferred loan fees, net of deferred origination costs and unamortized purchase premiums, net of discounts as well as purchase accounting adjustments. | |||||||||||||||||||||||||||||||
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 that 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. The company had one modified commercial loan during the period ending December 31, 2014 as compared to none at December 31, 2013. | ||||||||||||||||||||||||||||||||
The primary modification program for the Company’s home mortgage and self-originated home equity portfolios is a proprietary program designed to keep customers in their homes and, when appropriate, prevent them from entering into foreclosure. The program is available to all customers facing a financial hardship regardless of their delinquency status. The main goal of the modification program is to review the customer’s entire financial condition to ensure that the proposed modified payment solution is affordable according to a specific debt-to-income ratio (“DTI”) range. The main modification benefits of the program allow for term extensions, interest rate reductions, or deferment of principal. The Company reviews each customer on a case-by-case basis to determine which benefit or combination of benefits will be offered to achieve the target DTI range. | ||||||||||||||||||||||||||||||||
For the Company’s other consumer portfolios, the terms of the modifications include one or a combination of the following: a reduction of the stated interest rate of the loan at a rate of interest lower than the current market rate for new debt with similar risk or an extension of the maturity date. | ||||||||||||||||||||||||||||||||
Consumer TDRs are generally placed on non-accrual status until the Company believes repayment under the revised terms is reasonably assured and a sustained period of repayment performance has been achieved (typically six months for a monthly amortizing loan). However, any loan that has remained current for the six months immediately prior to modification will remain on accrual status after the modification is enacted. The TDR classification will remain on the loan until it is paid in full or liquidated. | ||||||||||||||||||||||||||||||||
In addition to those identified as TDRs above, the guidance also requires loans discharged under Chapter 7 bankruptcy to be considered TDRs and collateral-dependent, regardless of delinquency status. Collateral-dependent loans must be written down to fair market value and classified as non-accrual/non-performing for the remaining life of the loan. | ||||||||||||||||||||||||||||||||
TDR Impact to Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
The allowance for loan losses is established to recognize losses inherent in funded loans intended to be held for investment that are probable and can be reasonably estimated. Prior to a TDR, the Company generally measures its allowance under a loss contingency methodology in which consumer loans with similar risk characteristics are pooled and loss experience information is monitored for credit risk and deterioration with statistical tools considering factors such as delinquency, LTVs, and credit scores. | ||||||||||||||||||||||||||||||||
Upon TDR modification, the Company generally measures impairment based on a present value of expected future cash flows methodology considering all available evidence using the effective interest rate or fair value of collateral. The amount of the required valuation allowance is equal to the difference between the loan’s impaired value and the recorded investment. | ||||||||||||||||||||||||||||||||
When a consumer TDR subsequently defaults, the Company generally measures impairment based on the fair value of the collateral, if applicable, less its estimated cost to sell. | ||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company entered into thirteen TDR agreements with a total carrying value of $3.8 million as compared to seven TDR agreements with a total carrying value of $2.3 million at December 31, 2013. | ||||||||||||||||||||||||||||||||
Included in impaired loans at December 31, 2014 were thirteen TDRs which had a specific reserve of $495 thousand as compared to seven TDRs which had a specific reserve of $224 thousand at December 31, 2013. The following table presents an analysis of the Company’s TDR agreement entered into during the years ending December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | Contracts | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||
1-4 family residential real estate | 8 | $ | 3,335 | $ | 3,335 | |||||||||||||||||||||||||||
Consumer loan | 4 | 287 | 287 | |||||||||||||||||||||||||||||
Commercial loan | 1 | 201 | 201 | |||||||||||||||||||||||||||||
Total | 13 | $ | 3,823 | $ | 3,823 | |||||||||||||||||||||||||||
Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | Contracts | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||
1-4 family residential real estate | 6 | $ | 2,216 | $ | 2,216 | |||||||||||||||||||||||||||
Consumer loan | 1 | 121 | 121 | |||||||||||||||||||||||||||||
Total | 7 | $ | 2,337 | $ | 2,337 | |||||||||||||||||||||||||||
Federal regulations require us to review and classify our assets on a regular basis. In addition, the Office of Comptroller of the Currency has 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 December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | |||||||||||||||||||||||||||||||
Residential | and Multi-Family | Construction | Commercial | Consumer | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||
Special mention | $ | 3,948 | $ | 3,692 | $ | 572 | $ | 629 | $ | - | $ | - | $ | 444 | $ | 90 | $ | 915 | $ | 1,040 | ||||||||||||
Substandard | 9,370 | 7,612 | 4,010 | 3,645 | 143 | - | 659 | 665 | 1,189 | 900 | ||||||||||||||||||||||
Doubtful and loss | - | - | - | - | - | - | - | - | 14 | - | ||||||||||||||||||||||
Total | $ | 13,318 | $ | 11,304 | $ | 4,582 | $ | 4,274 | $ | 143 | $ | - | $ | 1,103 | $ | 755 | $ | 2,118 | $ | 1,940 | ||||||||||||
The following table presents the credit risk profile of loans based on payment activity as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | |||||||||||||||||||||||||||||||
Residential | and Multi-Family | Construction | Commercial | Consumer | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Performing | $ | 583,773 | $ | 541,878 | $ | 88,975 | $ | 90,392 | $ | 20,028 | $ | 27,623 | $ | 21,776 | $ | 23,445 | $ | 54,154 | $ | 57,321 | ||||||||||||
Non-performing | 3,626 | 3,934 | 803 | 463 | 143 | - | 501 | - | 502 | 674 | ||||||||||||||||||||||
Total | $ | 587,399 | $ | 545,812 | $ | 89,778 | $ | 90,855 | $ | 20,171 | $ | 27,623 | $ | 22,277 | $ | 23,445 | $ | 54,656 | $ | 57,995 | ||||||||||||
The following table details activity in the allowance for possible loan losses by portfolio segment for the years ended December 31, 2014 and 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 | |||||||||||||||||||||||||||||||
Residential | and Multi-Family | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,981 | $ | 551 | $ | 85 | $ | 230 | $ | 352 | $ | 4,199 | ||||||||||||||||||||
Charge-offs | -538 | - | - | - | -439 | -977 | ||||||||||||||||||||||||||
Recoveries | 1 | - | - | 75 | - | 76 | ||||||||||||||||||||||||||
Provision for loan losses | -126 | 74 | -52 | 75 | 491 | 462 | ||||||||||||||||||||||||||
Ending balance | $ | 2,318 | $ | 625 | $ | 33 | $ | 380 | $ | 404 | $ | 3,760 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 721 | $ | - | $ | - | $ | 254 | $ | 55 | $ | 1,030 | ||||||||||||||||||||
Ending balance: collectively evaluated for impariment | $ | 1,597 | $ | 625 | $ | 33 | $ | 126 | $ | 349 | $ | 2,730 | ||||||||||||||||||||
Loan Receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 587,399 | $ | 89,778 | $ | 20,171 | $ | 22,277 | $ | 54,656 | $ | 774,281 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 10,372 | $ | 1,324 | $ | 143 | $ | 702 | $ | 1,151 | $ | 13,692 | ||||||||||||||||||||
Ending balance: collectively evaluated for impariment | $ | 577,027 | $ | 88,454 | $ | 20,028 | $ | 21,575 | $ | 53,505 | $ | 760,589 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
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 impariment | $ | 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 impariment | $ | 540,253 | $ | 90,855 | $ | 27,623 | $ | 22,982 | $ | 57,200 | $ | 738,913 | ||||||||||||||||||||
Certain directors and officers of the Company have loans with the Bank. Repayments and other includes loans for which there was a change in employee status which resulted in a change in loan classification. Total loan activity for directors and officers was as follows: | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,749 | $ | 4,626 | $ | 5,432 | ||||||||||||||||||||||||||
Additions | 295 | 672 | 260 | |||||||||||||||||||||||||||||
Repayments and other | -972 | -549 | -1,066 | |||||||||||||||||||||||||||||
Balance, end of year | $ | 4,072 | $ | 4,749 | $ | 4,626 | ||||||||||||||||||||||||||
OFFICE_PROPERTIES_AND_EQUIPMEN
OFFICE PROPERTIES AND EQUIPMENT-NET | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | 5 | OFFICE PROPERTIES AND EQUIPMENT—NET | ||||||
Office properties and equipment are summarized by major classification as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 3,465 | $ | 3,465 | ||||
Buildings and improvements | 13,986 | 13,746 | ||||||
Furniture and equipment | 7,211 | 7,541 | ||||||
Total | 24,662 | 24,752 | ||||||
Accumulated depreciation | -11,792 | -11,609 | ||||||
Net | $ | 12,870 | $ | 13,143 | ||||
For the years ended December 31, 2014, 2013 and 2012, depreciation expense amounted to $934 thousand, $935 thousand and $1.0 million, respectively. | ||||||||
DEPOSITS
DEPOSITS | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||
Deposit Liabilities Disclosures [Text Block] | 6 | DEPOSITS | ||||||||||||
Deposits consist of the following major classifications: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted | Weighted | |||||||||||||
Average | Average | |||||||||||||
Amount | Interest Rate | Amount | Interest Rate | |||||||||||
NOW and other demand deposit accounts | $ | 439,623 | 0.13 | % | $ | 419,608 | 0.12 | % | ||||||
Passbook savings and club accounts | 168,686 | 0.2 | % | 170,660 | 0.2 | % | ||||||||
Subtotal | 608,309 | 590,268 | ||||||||||||
Certificates with original maturities: | ||||||||||||||
Within one year | 42,821 | 0.29 | % | 68,941 | 0.41 | % | ||||||||
One to three years | 113,927 | 0.92 | % | 95,397 | 1.39 | % | ||||||||
Three years and beyond | 22,021 | 1.73 | % | 26,041 | 2.56 | % | ||||||||
Total certificates | 178,769 | 190,379 | ||||||||||||
Total | $ | 787,078 | $ | 780,647 | ||||||||||
The aggregate amount of certificate accounts in denominations of $100 thousand or more at December 31, 2014 and 2013 amounted to $62.8 million and $68.8 million, respectively. Currently, deposit amounts in excess of $250 thousand are generally not federally insured. | ||||||||||||||
Municipal demand deposit accounts in denominations of $100 thousand or more at December 31, 2014 and 2013 amounted to $181.0 million and $164.2 million, respectively. | ||||||||||||||
ADVANCES_FROM_FEDERAL_HOME_LOA
ADVANCES FROM FEDERAL HOME LOAN BANK OF NEW YORK | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Banking and Thrift [Abstract] | |||||||||||
Federal Home Loan Bank Advances, Disclosure [Text Block] | 7 | ADVANCES FROM FEDERAL HOME LOAN BANK OF NEW YORK | |||||||||
Advances from the FHLB of New York are as follows: | |||||||||||
Interest | December 31, | ||||||||||
Due | Rate | 2014 | 2013 | ||||||||
17-Dec-14 | 3.765 | % | $ | - | $ | 15,000 | |||||
17-Dec-15 | 0.61 | % | 15,000 | - | |||||||
21-Dec-15 | 4.54 | % | 5,000 | 5,000 | |||||||
11-Apr-16 | 4.795 | % | 10,000 | 10,000 | |||||||
16-Nov-17 | 3.875 | % | 20,000 | 20,000 | |||||||
14-Jan-22 | 3.69 | % | 10,000 | 10,000 | |||||||
22-Aug-22 | 3.497 | % | 10,000 | 10,000 | |||||||
24-Oct-22 | 3.77 | % | 20,000 | 20,000 | |||||||
27-Feb-23 | 3.408 | % | 10,000 | 10,000 | |||||||
3-Apr-23 | 3.16 | % | 10,000 | 10,000 | |||||||
$ | 110,000 | $ | 110,000 | ||||||||
The advances are collateralized by FHLB stock and substantially all first mortgage loans. The carrying value of assets pledged to the FHLB of New York was $415.7 million and $389.7 million at December 31, 2014 and 2013, respectively. | |||||||||||
During year-ended 2013 $30 million of FHLB advances were modified resulting in a reduction of the average interest rate from 4.15% to 3.42% and extending the maturity dates to 2022 and 2023. No costs were incurred from the modification. | |||||||||||
The following table sets forth information concerning balances and interest rates on our FHLB advances at the dates and for the periods indicated. | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Weighted average balance during the period | $ | 110,000 | $ | 110,000 | |||||||
Maximum month-end balance during the period | 110,000 | 110,000 | |||||||||
Balance outstanding at the end of the period | 110,000 | 110,000 | |||||||||
Weighted average interest rate during the period | 3.83 | % | 3.88 | % | |||||||
Weighted average interest rate at the end of the period | 3.37 | % | 3.8 | % | |||||||
Unused lines of credit and borrowing capacity available for short-term and long-term borrowings from the FHLB of New York at December 31, 2014 and 2013 were $295.7 million and $279.7 million, respectively. | |||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||
Income Tax Disclosure [Text Block] | 8 | INCOME TAXES | ||||||||||||||||||
The income tax provision consists of the following: | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Income taxes: | ||||||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 3,995 | $ | 1,221 | $ | 2,783 | ||||||||||||||
State | 592 | 17 | 1,010 | |||||||||||||||||
Total current tax provision | 4,587 | 1,238 | 3,793 | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | -835 | 1,324 | -396 | |||||||||||||||||
State | -230 | 283 | -217 | |||||||||||||||||
Total deferred tax provision (benefit) | -1,065 | 1,607 | -613 | |||||||||||||||||
Total income tax provision | $ | 3,522 | $ | 2,845 | $ | 3,180 | ||||||||||||||
The Company’s provision for income taxes differs from the amounts determined by applying the statutory federal income tax rate to income before income before taxes as follows: | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
Income tax expense at statutory rate | $ | 3,338 | 34 | % | $ | 2,783 | 34 | % | $ | 2,782 | 34 | % | ||||||||
State income taxes, net of federal benefit | 239 | 2.4 | 197 | 2.5 | 523 | 6.4 | ||||||||||||||
Changes in taxes resulting from: | ||||||||||||||||||||
Tax exempt income | -217 | -2.2 | -247 | -3.1 | -223 | -2.7 | ||||||||||||||
Non-deductible and other expenses | 162 | 1.7 | 112 | 1.3 | 98 | 1.2 | ||||||||||||||
Total | $ | 3,522 | 35.9 | % | $ | 2,845 | 34.7 | % | $ | 3,180 | 38.9 | % | ||||||||
Items that gave rise to significant portions of the deferred tax accounts are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||
Unrealized (gain) loss on available for sale securities | $ | 807 | $ | 1,730 | $ | -124 | ||||||||||||||
Allowance for loan losses | 1,502 | 1,677 | 1,597 | |||||||||||||||||
Nonperforming loans | - | - | - | |||||||||||||||||
Deferred compensation | 387 | 371 | 377 | |||||||||||||||||
Employee benefits | 2,257 | 2,023 | 1,777 | |||||||||||||||||
Other than temporary impairment | 1,020 | 1,020 | 1,020 | |||||||||||||||||
Property | 4 | -122 | -172 | |||||||||||||||||
Purchase accounting | 893 | 1,000 | 972 | |||||||||||||||||
Other | 47 | 81 | 85 | |||||||||||||||||
Total deferred tax assets | 6,917 | 7,780 | 5,532 | |||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||
Deferred loan fees | -1,203 | -1,257 | -1,172 | |||||||||||||||||
Servicing | -1 | -2 | -2 | |||||||||||||||||
IRC Section 475 mark-to-market | -651 | -1,602 | 314 | |||||||||||||||||
Total deferred tax liabilities | -1,855 | -2,861 | -860 | |||||||||||||||||
Net deferred tax asset | $ | 5,062 | $ | 4,919 | $ | 4,672 | ||||||||||||||
Pursuant to ASC-740, the Company is not required to provide deferred taxes on its tax loan loss reserve as of December 31, 1987. The amount of this reserve on which no deferred income taxes have been provided is approximately $2.4 million and is included in retained earnings at December 31, 2014 and 2013. This reserve could be recognized as taxable income and create a current and/or deferred tax liability using the income tax rates then in effect if one of the following occur: (1) the Company’s retained earnings represented by this reserve are used for distributions in liquidation or for any other purpose other than to absorb losses from bad debts; (2) the Company fails to qualify as a Bank, as provided by the Internal Revenue Code; or (3) there is a change in federal tax law. | ||||||||||||||||||||
The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statement of income and comprehensive income. As of December 31, 2014, 2013 and 2012, there were no uncertain tax positions and the Company does not anticipate any in the next twelve months. As of December 31, 2014, the tax years ended December 31, 2011 through 2014 were subject to examination by the Internal Revenue Service, while the tax years ended December 31, 2010 through 2014 were subject to New Jersey examination. | ||||||||||||||||||||
JUNIOR_SUBORDINATED_DEBENTURES
JUNIOR SUBORDINATED DEBENTURES | 12 Months Ended | ||
Dec. 31, 2014 | |||
Subordinated Borrowings [Abstract] | |||
Subordinated Borrowings Disclosure [Text Block] | 9 | JUNIOR SUBORDINATED DEBENTURES | |
In 1998, Ocean Shore Capital Trust I (the “Trust”), a trust created under Delaware law that is wholly owned by the Company, issued $15 million of 8.67% Capital Securities (the “Capital Securities”) with a liquidation amount of $1,000 per Capital Security unit and a scheduled maturity of July 15, 2028. The proceeds from the sale of the Capital Securities, together with a capital contribution from the Company, were utilized by the Trust to invest in $15.5 million of 8.67% Junior Subordinated Deferrable Interest Debentures (the “Debentures”) of the Company. The Debentures are unsecured and rank subordinate and junior in right of payment to all indebtedness, liabilities and obligations of the Company. The Debentures represent the sole assets of the Trust. Interest on the Capital Securities is cumulative and payable semi-annually in arrears. The Company has the option, subject to required regulatory approval, to prepay the Debentures in whole or in part, at various prepayment prices, plus accrued and unpaid interest thereon to the date of the prepayment. On August 30, 2013, the Company redeemed $5.2 million of this issue reducing the outstanding balance to $10.3 million. On September 5, 2014, the Company redeemed $3.1 million of this issue, paying a redemption premium of $54 thousand, reducing the outstanding balance to $7.2 million. | |||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 10 | COMMITMENTS AND CONTINGENCIES | |||
Loan Commitments— As of December 31, 2014, the Company had approximately $28.4 million in outstanding commitments to originate fixed and variable rate loans with market interest rates ranging from 3.00% to 6.00% and approximately $46.4 million in unused lines and letters of credit with interest rates ranging from 3.00% to 6.50% on outstanding balances. Commitments are issued in accordance with the same policies and underwriting procedures as settled loans. | |||||
Lease Commitment—The Company leases certain property and equipment under non-cancellable operating leases. Scheduled minimum lease payments are as follows as of December 31, 2014: | |||||
Year Ending December 31 | |||||
2015 | $ | 154 | |||
2016 | 160 | ||||
2017 | 165 | ||||
2018 | 172 | ||||
2019 | 178 | ||||
Thereafter | 460 | ||||
Total | $ | 1,289 | |||
Rent expense for all operating leases was approximately $217 thousand, $261 thousand and $252 thousand for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
Cash Reserve Requirement—The Bank is required to maintain average reserve balances under the Federal Reserve Act and Regulation D issued thereunder. Such reserves totaled approximately $100,000 at December 31, 2014 and 2013. | |||||
Restrictions on Funds Transferred—There are various restrictions which limit the ability of a bank subsidiary to transfer funds in the form of cash dividends, loans or advances to the parent company. Under federal law, the approval of the primary regulator is required if dividends declared by the Bank in any year exceed the net profits of that year, as defined, combined with the retained profits for the two preceding years. | |||||
Employment Contracts—The Bank has entered into employment contracts with several officers of the Bank whereby such officers would be entitled to a cash payment equal to 2 or 3 years annual compensation, depending on the officer, in the event of a change of control or other specified reasons. | |||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share [Text Block] | 11 | 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 shares of common stock 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 ESOP shares. | |||||||||||
The calculated basic and diluted earnings per share (“EPS”) are as follows: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator – Net Income | $ | 6,298 | $ | 5,349 | $ | 5,001 | |||||
Denominators: | |||||||||||
Basic average shares outstanding | 6,266,344 | 6,520,951 | 6,652,537 | ||||||||
Net effect of dilutive common stock equivalents | 134,460 | 86,158 | 62,867 | ||||||||
Diluted average shares outstanding | 6,400,804 | 6,607,109 | 6,715,404 | ||||||||
Earnings per share: | |||||||||||
Basic | $ | 1 | $ | 0.82 | $ | 0.75 | |||||
Diluted | $ | 0.98 | $ | 0.81 | $ | 0.74 | |||||
At December 31, 2014, 2013 and 2012 there were 612,406, 605,803 and 610,828 outstanding options that were anti-dilutive, respectively. | |||||||||||
REGULATORY_CAPITAL_REQUIREMENT
REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | 12 | REGULATORY CAPITAL REQUIREMENTS | |||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of tangible and core capital (as defined in the regulations) to total adjusted assets (as defined), and of risk-based capital (as defined) to risk-weighted assets (as defined). Management believes that, as of December 31, 2014 and 2013, the Bank met all capital adequacy requirements to which it is subject. | |||||||||||||||||||||
As of December 31, 2014 and 2013, the most recent notification from the OCC categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum tangible, core and risk-based ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. | |||||||||||||||||||||
The Bank’s actual capital amounts and ratios are also presented in the table. | |||||||||||||||||||||
Required | Considered Well | ||||||||||||||||||||
For Capital | Capitalized Under Prompt | ||||||||||||||||||||
Actual | Adequacy Purposes | Corrective Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Tangible capital | $ | 99,286 | 9.78 | % | $ | 15,226 | 1.5 | % | N/A | N/A | |||||||||||
Tier 1 leverage capital | 99,286 | 9.78 | 40,603 | 4 | $ | 60,905 | 6 | % | |||||||||||||
Tier 1 risk-based capital | 99,286 | 18.73 | 21,207 | 4 | 31,810 | 6 | |||||||||||||||
Total risk-based capital | 102,026 | 19.24 | 42,414 | 8 | 53,017 | 10 | |||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Tangible capital | $ | 100,396 | 9.96 | % | $ | 15,120 | 1.5 | % | N/A | N/A | |||||||||||
Tier 1 leverage capital | 100,396 | 9.96 | 40,320 | 4 | $ | 60,480 | 6 | % | |||||||||||||
Tier 1 risk-based capital | 100,396 | 19.05 | 21,081 | 4 | 31,621 | 6 | |||||||||||||||
Total risk-based capital | 104,187 | 19.77 | 42,160 | 8 | 52,700 | 10 | |||||||||||||||
Capital levels at December 31, 2014 and 2013 for the Bank represents only the capital maintained at the Bank level, which is less than the capital of the Company. | |||||||||||||||||||||
Federal banking regulations place certain restrictions on dividends paid by the Bank to the Company. The total dividends that may be paid at any date is generally limited to the earnings of the Bank for the year to date plus retained earnings for the prior two years, net of any prior capital distributions. In addition, dividends paid by the Bank to the Company would be prohibited if the distribution would cause the Bank’s capital to be reduced below the applicable minimum capital requirements. For the period ended December 31, 2014 the Bank paid $9.0 million in dividends to the Company as compared to $6.0 million for the period ended December 31, 2013. | |||||||||||||||||||||
BENEFIT_PLANS
BENEFIT PLANS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | 13 | BENEFIT PLANS | ||||||||||||||||||
401(k) Plan | ||||||||||||||||||||
The Company maintains an approved 401(k) Plan. All employees age 18 and over are eligible to participate in the plan at the beginning of the quarter after hire date. The employees may contribute up to 100% of their compensation, subject to IRS limitations, to the plan with the Company matching one-half of the first six percent contributed. Full vesting in the plan is prorated equally over a five-year period from the date of employment. The Company’s contributions to the 401(k) Plan for the years ended December 31, 2014, 2013 and 2012 were $202 thousand, $196 thousand, and $230 thousand, respectively, and were included as a component of “Salaries and employee benefits” expense. | ||||||||||||||||||||
Deferred Compensation Plans | ||||||||||||||||||||
The Bank maintains a deferred compensation plan whereby certain officers will be provided supplemental retirement benefits for a period of fifteen or twenty years following normal retirement. The benefits under the plan are fully vested for all officers. The Company makes annual contributions, based upon an accrued liability schedule, to a trust for each respective officer organized by the Company to administer the plan so that the amounts required will be provided at the normal retirement dates and thereafter. Assuming normal retirement, the benefits under the plan will be paid in varying amounts between 2015 and 2032. The agreements also provide for payment of benefits in the event of disability, early retirement, termination of employment, or death. The contributions to the plan for the years ended December 31, 2014, 2013 and 2012 were $523 thousand, $550 thousand and $536 thousand, respectively, and were included as a component of “Salaries and employee benefits” expense in the statement of income. The accrued liability included as a component of “Other liabilities” in the statement of financial condition was $4.4 million, $3.9 million and $3.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
The Bank maintains a directors’ deferred compensation plan whereby directors may defer into a retirement account a portion of their monthly director fees for a specified period to provide a specified amount of income for a period of five to ten years following normal retirement. The Company also accrues the interest cost on the deferred fee obligation so that the amounts required will be provided at the normal retirement dates and thereafter. Assuming normal retirement, the benefits under the plan will be paid in varying amounts between 2015 and 2032. Payments of $84 thousand were made from the plan in 2014. The agreements also provide for payment of benefits in the event of disability, early retirement, termination of service, or death. At December 31, 2014 and 2013, the accrued deferred compensation liability amounted to approximately $970 thousand and $929 thousand, respectively, and is included as a component of “Other Liabilities” in the statement of financial condition. The contributions to the plan for the years ended December 31, 2014, 2013 and 2012 were $104 thousand, $57 thousand and $76 thousand, respectively, and were included as a component of “Salaries and employee benefits” expense. | ||||||||||||||||||||
The Bank is the owner and primary beneficiary of insurance policies on the lives of participating officers and directors. Such policies were purchased to informally fund the benefit obligations and to allow the Company to honor its contractual obligations in the event of pre-retirement death of a covered officer or director. Certain of the insurance policies owned by the Bank are policies under which the employee’s designated beneficiary is entitled to part of the policy benefits upon the death of the employee. The aggregate cash surrender value of all policies owned by the Company amounted to $23.8 million and $23.2 million at December 31, 2014 and 2013. | ||||||||||||||||||||
During 2004, a Deferred Compensation Stock Plan was established creating a rabbi trust to fund benefit plans for certain officers and directors to acquire shares through deferred compensation plans. During the years ended December 31, 2014 and 2013, 1,082 and 1,126 shares of the Company’s stock were purchased for $16 thousand and $16 thousand, respectively, at various market prices. | ||||||||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||||||||
In December 2004, the Company established an Employee Stock Ownership Plan ("ESOP") covering all eligible employees as defined by the ESOP. The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock that provides employees with the opportunity to receive a funded retirement benefit based primarily on the value of the Company’s common stock. | ||||||||||||||||||||
To purchase the Company’s common stock in December 2004, the ESOP borrowed $3.4 million from the Company to purchase 343,499 shares of the Company’s common stock in the initial public offering. The ESOP loan is being repaid principally from the Bank's contributions to the ESOP over a period of up to 15 years. Dividends declared on common stock held by the ESOP and not allocated to the account of a participant can be used to repay the loan. The number of shares released annually is based upon the ratio that the current principal and interest payment bears to the current and all remaining scheduled future principal and interest payments. | ||||||||||||||||||||
In December 2009, the ESOP borrowed an additional $2.3 million from the Company to purchase 282,611 shares of the Company’s common stock in its second step offering. The ESOP loan is being repaid principally from the Bank's contributions to the ESOP over a period of up to 20 years. Dividends declared on common stock held by the ESOP and not allocated to the account of a participant can be used to repay the loan. The number of shares released annually is based upon the ratio that the current principal and interest payment bears to the current and all remaining scheduled future principal and interest payments. | ||||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company annually released 34,267 shares and recorded an expense related to this plan of approximately $487 thousand, $498 thousand and $426 thousand, respectively. | ||||||||||||||||||||
All shares that have not been released for allocation to participants are held in a suspense account by the ESOP for future allocation as the loans are repaid. Unallocated common stock purchased by the ESOP is recorded as a reduction of stockholders' equity at cost. At December 31, 2014, the ESOP had 292,500 unallocated shares remaining. | ||||||||||||||||||||
Stocks Options | ||||||||||||||||||||
A summary of the status of the Company’s stock options under the Equity Plans as of December 31, 2014, 2013 and 2012 and changes during the periods ended December 31, 2014, 2013 and 2012 are presented below. | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
average | average | average | ||||||||||||||||||
Number of | exercise | Number of | exercise | Number of | exercise | |||||||||||||||
shares | price | shares | price | shares | price | |||||||||||||||
Outstanding at the beginning of the period | 680,200 | $ | 12.14 | 649,313 | $ | 11.5 | 650,804 | $ | 11.9 | |||||||||||
Granted | - | - | 66,300 | 14.14 | 17,500 | 13.1 | ||||||||||||||
Exercised | -5,809 | 11.49 | -35,413 | 12.3 | -15,193 | 10.87 | ||||||||||||||
Forfeited | - | - | - | - | -3,798 | 12.86 | ||||||||||||||
Outstanding at the end of the period | 674,391 | $ | 12.15 | 680,200 | $ | 12.14 | 649,313 | $ | 11.95 | |||||||||||
Exercisable at the end of the period | 541,222 | $ | 12.12 | 471,686 | $ | 12.24 | 441,206 | $ | 12.48 | |||||||||||
Stock options vested or expected to vest (1) | 606,952 | $ | 12.15 | |||||||||||||||||
(1) Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. | ||||||||||||||||||||
The weighted average grant date fair value of options granted for the years ended December 31, 2013 and 2012 was $2.56 and $2.90 per share. There were no options granted in 2014. Options exercised in 2014 totaled 5,809 at an average price of $11.49 as compared to 35,413 shares in 2013 at an average exercise price of $12.30 and 15,193 shares in 2012 at an average exercise price of $10.87. The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014, 2013 and 2012 was $1.2 million, $670 thousand and $1.0 million, respectively. | ||||||||||||||||||||
The following table summarizes all stock options outstanding under the Equity Plan as of December 31, 2014: | ||||||||||||||||||||
Options Outstanding | ||||||||||||||||||||
Weighted | Weighted Average | |||||||||||||||||||
Number of | Average | Remaining | ||||||||||||||||||
Date Issued | Shares | Exercise Price | Contractual Life | |||||||||||||||||
(in years) | ||||||||||||||||||||
10-Aug-05 | 269,511 | $ | 13.19 | 0.6 | ||||||||||||||||
21-Nov-06 | 17,586 | 14.78 | 1.9 | |||||||||||||||||
20-Nov-07 | 18,448 | 11.32 | 2.9 | |||||||||||||||||
18-Aug-10 | 221,948 | 10.21 | 5.6 | |||||||||||||||||
15-Mar-11 | 13,600 | 12.06 | 6.2 | |||||||||||||||||
17-Aug-11 | 49,498 | 11.53 | 6.6 | |||||||||||||||||
19-Nov-12 | 17,500 | 13.1 | 7.9 | |||||||||||||||||
19-Nov-13 | 66,300 | 14.14 | 8.9 | |||||||||||||||||
Total | 674,391 | $ | 12.15 | 3.9 | ||||||||||||||||
At December 31, 2014, there was $428 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 2.6 years. | ||||||||||||||||||||
The compensation expense recognized for the period ended December 31, 2014, 2013 and 2012 was $184 thousand, $155 thousand and $148 thousand, respectively. | ||||||||||||||||||||
Summary of Non-vested Stock Award activity: | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
average | average | average | ||||||||||||||||||
Number | exercise | Number | exercise | Number | exercise | |||||||||||||||
of Shares | price | of shares | price | of shares | price | |||||||||||||||
Outstanding at the beginning of the period | 83,290 | $ | 10.99 | 60,390 | $ | 10.33 | 80,190 | $ | 10.32 | |||||||||||
Issued | - | - | 42,700 | 14.14 | - | - | ||||||||||||||
Vested | 28,340 | 11.46 | 19,800 | 10.3 | 19,800 | 10.3 | ||||||||||||||
Forfeited | - | - | - | - | - | - | ||||||||||||||
Outstanding at the end of the period | 54,950 | $ | 10.74 | 83,290 | $ | 10.99 | 60,390 | $ | 10.33 | |||||||||||
As of December 31, 2014, there was $590 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 2.9 years. | ||||||||||||||||||||
The compensation expense recognized for the period ended December 31, 2014, 2013 and 2012 was $325 thousand, $218 thousand and $204 thousand, respectively. | ||||||||||||||||||||
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | 14 | FAIR VALUE MEASUREMENT | |||||||||||||||
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. | |||||||||||||||||
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. | |||||||||||||||||
Those assets as of December 31, 2014 which will continue to be measured at fair value on a recurring basis are as follows: | |||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U.S. Government sponsored entity mortgage-backed securities | $ | - | $ | 80,258 | $ | - | |||||||||||
U.S. Treasury and federal agencies | - | 20,991 | - | ||||||||||||||
Corporate securities | - | 8,839 | - | ||||||||||||||
Equity securities | 28 | - | - | ||||||||||||||
Totals | $ | 28 | $ | 110,088 | $ | - | |||||||||||
Those assets as of December 31, 2013 which will continue to be measured at fair value on a recurring basis are as follows: | |||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U.S. Government sponsored entity mortgage-backed securities | $ | - | $ | 81,659 | $ | - | |||||||||||
U.S. Treasury and federal agencies | - | 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 | |||||||||||||||||
Total | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | (Losses) | |||||||||||||
31-Dec-14 | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 5,640 | $ | - | $ | 3,294 | $ | 2,346 | $ | -735 | |||||||
Real estate owned | 510 | - | 510 | - | -122 | ||||||||||||
31-Dec-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 3,666 | $ | - | $ | 3,666 | $ | - | $ | -17 | |||||||
Real estate owned | 359 | - | 359 | - | -160 | ||||||||||||
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 twelve months ended December 31, 2014 were $5.6 million. Such loans were carried at the value of $6.4 million immediately prior to remeasurement, resulting in the recognition of impairment through earnings in the amount of $735 thousand. Total loans remeasured at fair value for the twelve months ended December 31, 2013 were $3.7 million. Such loans were carried at the value of $3.7 million immediately prior to remeasurement, resulting in the recognition of impairment through earnings in the amount of $17 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 would be categorized as a Level 3 measurement. Total real estate owned remeasured at fair value for the twelve months ended December 31, 2014 was $872 thousand, of which $362 thousand was sold. These properties were carried at the value of $632 thousand immediately prior to remeasurement, resulting in the recognition of impairment through earnings in the amount of $122 thousand. Total real estate owned remeasured at fair value for the twelve months ended December 31, 2013 was $1.2 million, of which $1.0 million was sold. These properties were carried at the value of $519 thousand immediately prior to remeasurement, resulting in the recognition of impairment through earnings in the amount of $160 thousand. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Carrying | Category Used for Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 80,307 | $ | 80,307 | $ | - | $ | - | |||||||||
Investment securities: | |||||||||||||||||
Held to maturity | 1,201 | - | 1,278 | - | |||||||||||||
Available for sale | 110,116 | 28 | 110,088 | - | |||||||||||||
Loans receivable, net | 774,017 | - | 791,095 | - | |||||||||||||
Federal Home Loan Bank stock | 6,039 | - | 6,039 | - | |||||||||||||
Liabilities: | |||||||||||||||||
NOW and other demand deposit accounts | 439,623 | - | 458,328 | - | |||||||||||||
Passbook savings and club accounts | 168,686 | - | 168,893 | - | |||||||||||||
Certificates | 178,769 | - | 179,224 | - | |||||||||||||
Advances from Federal Home Loan Bank | 110,000 | - | 118,777 | - | |||||||||||||
Junior subordinated debenture | 7,217 | - | 7,217 | - | |||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Category Used for Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||
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. | |||||||||||||||||
Federal Home Loan Bank (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 December 31, 2014 and 2013. 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 December 31, 2014 and 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 December 31, 2014 and 2013, and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | |||||||||||||||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill and Intangible Assets Disclosure [Text Block] | 15 | GOODWILL AND INTANGIBLE ASSETS | |
Goodwill totaled $4.6 million at December 31, 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 December 31, 2014, no triggering events have occurred from the date of impairment test that would have impaired goodwill. | |||
The core deposit intangible totaled $536 thousand at December 31, 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 | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||||
Real Estate Disclosure [Text Block] | 16 | REAL ESTATE OWNED | ||||||||||||||||||
Summary of Real Estate Owned Activity: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Residential | Commercial | Residential | Commercial | |||||||||||||||||
Property | Property | Total | Property | Property | Total | |||||||||||||||
Balance, January 1, | $ | 296 | $ | 202 | $ | 498 | $ | 412 | $ | 494 | $ | 906 | ||||||||
Transfers into Real Estate Owned | 872 | - | 872 | 781 | 384 | 1,165 | ||||||||||||||
Sales of Real Estate Owned | -559 | -161 | -720 | -897 | -676 | -1,573 | ||||||||||||||
Balance, December 31, | $ | 609 | $ | 41 | $ | 650 | $ | 296 | $ | 202 | $ | 498 | ||||||||
RELATED_PARTY_TRANSACTION
RELATED PARTY TRANSACTION | 12 Months Ended | ||
Dec. 31, 2014 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions Disclosure [Text Block] | 17 | RELATED PARTY TRANSACTION | |
The Company obtains legal services from McCrosson and Stanton, PC, a law firm located in Ocean City, NJ. Dorothy F. McCrosson, a Director of the Company since January 2011, is Managing Partner at McCrosson and Stanton, PC. Legal fees paid to McCrosson and Stanton, PC were $156 thousand, $172 thousand and $172 thousand during the years ended December 31, 2014, 2013 and 2012, respectively. | |||
PARENT_ONLY_FINANCIAL_INFORMAT
PARENT ONLY FINANCIAL INFORMATION | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 18 | PARENT ONLY FINANCIAL INFORMATION | |||||||||
The following are the condensed financial statements for Ocean Shore Holding Co. (Parent company): | |||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION - PARENT ONLY | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Assets: | |||||||||||
Cash and cash equivilents | $ | 2,380 | $ | 3,685 | |||||||
Investment securities | 1,451 | 4,064 | |||||||||
Investment in subsidiary | 103,518 | 103,541 | |||||||||
Other assets | 5,792 | 5,717 | |||||||||
Total assets | $ | 113,141 | $ | 117,007 | |||||||
Liabilities: | |||||||||||
Junior subordinated debenture | $ | 7,217 | $ | 10,309 | |||||||
Other liabilities | 113 | 475 | |||||||||
Total liabilities | 7,330 | 10,784 | |||||||||
Stockholders' equity | 105,811 | 106,223 | |||||||||
Total liabilities and stockholders' equity | $ | 113,141 | $ | 117,007 | |||||||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - PARENT ONLY | |||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Interest income | $ | 318 | $ | 419 | $ | 500 | |||||
Interest expense | 804 | 1,192 | 1,341 | ||||||||
Net interest loss | -486 | -773 | -841 | ||||||||
Other Income | 94 | 7 | 15 | ||||||||
Other expenses | 226 | 271 | 147 | ||||||||
Loss before income tax benefit and equity in undistributed earnings in subsidiary | -618 | -1,037 | -973 | ||||||||
Income tax | -210 | -351 | -331 | ||||||||
Loss before equity in undistributed earnings in subsidiary | -408 | -686 | -642 | ||||||||
Dividends distributed from subsidiary | 9,000 | 6,000 | 3,600 | ||||||||
Equity in undistributed earnings of subsidiary | -2,294 | 35 | 2,043 | ||||||||
Net income | $ | 6,298 | $ | 5,349 | $ | 5,001 | |||||
Other comprehensive income, net of tax | |||||||||||
Unrealized gain (loss) on available for sale securities | $ | 1,375 | $ | -2,761 | $ | 675 | |||||
Unrealized (loss) gain on post retirement life benefit | -159 | 138 | -148 | ||||||||
Total other comprehensive income, netof tax | 1,216 | -2,623 | 527 | ||||||||
Total comprehensive income | $ | 7,514 | $ | 2,726 | $ | 5,528 | |||||
CONDENSED STATEMENTS OF CASH FLOWS - PARENT ONLY | |||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 6,298 | $ | 5,349 | $ | 5,001 | |||||
Equity in undistributed earnings in subsidiary | -6,706 | -6,035 | -5,643 | ||||||||
Net amortization of investment premiums/discounts | 127 | 4 | 4 | ||||||||
Gain on sale/call of investment secruities available for sale | -95 | - | - | ||||||||
Dividends from subsidiary | 9,000 | 6,000 | 3,600 | ||||||||
Premium paid on partial redemption of junior subordinated debt | 54 | - | - | ||||||||
Changes in assets and liabilities which provided (used) cash: | |||||||||||
Accrued interest receivable | 40 | 10 | -1 | ||||||||
Prepaid expenses and other assets | -427 | 86 | 519 | ||||||||
Other liabilities | -127 | -204 | -21 | ||||||||
Intercompany payables | -235 | 413 | - | ||||||||
Net cash provided by operating activities | 7,929 | 5,623 | 3,459 | ||||||||
INVESTING ACTIVITIES: | |||||||||||
Principal repayment of mortgage backed securities held to maturity | 134 | 248 | 342 | ||||||||
Principal repayment of mortgage backed securities available for sale | 75 | 444 | 562 | ||||||||
Principal payments on ESOP loan | 342 | 326 | 311 | ||||||||
Proceeds from sale/call of investment secruities available for sale | 2,383 | 155 | - | ||||||||
Net cash provided by investing activities | 2,934 | 1,173 | 1,215 | ||||||||
FINANCING ACTIVITIES: | |||||||||||
Purchase of treasury stock | -7,473 | -966 | -4,798 | ||||||||
Proceeds from stock options exercised | 67 | 436 | 165 | ||||||||
Dividends paid | -1,616 | -1,667 | -1,725 | ||||||||
Cash used for acquisition, net of cash acquired | - | - | - | ||||||||
Partial redemption of junior subordinated debt | -3,146 | -5,155 | - | ||||||||
Net cash (used in) financing activities | -12,168 | -7,352 | -6,359 | ||||||||
Net increase (decrease) in cash & cash equivalents | -1,305 | -556 | -1,684 | ||||||||
Cash and cash equivalents - beginning | 3,685 | 4,241 | 5,925 | ||||||||
Cash and cash equivalents - ending | $ | 2,380 | $ | 3,685 | $ | 4,241 | |||||
QUARTERLY_FINANCIAL_DATA_unaud
QUARTERLY FINANCIAL DATA (unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Quarterly Financial Information [Text Block] | 19 | QUARTERLY FINANCIAL DATA (unaudited) | ||||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||
Total interest income | $ | 8,871 | $ | 8,793 | $ | 8,855 | $ | 8,847 | ||||||
Total interest expense | 1,911 | 1,908 | 1,897 | 1,850 | ||||||||||
Net interest income | 6,960 | 6,885 | 6,958 | 6,997 | ||||||||||
Provision for loan losses | 88 | 50 | 125 | 200 | ||||||||||
Net interest income after provision for loan losses | 6,872 | 6,835 | 6,833 | 6,797 | ||||||||||
Other income | 1,006 | 1,086 | 1,102 | 1,052 | ||||||||||
Other expense | 5,446 | 5,530 | 5,451 | 5,337 | ||||||||||
Income before income taxes | 2,432 | 2,391 | 2,484 | 2,512 | ||||||||||
Income taxes | 845 | 859 | 904 | 914 | ||||||||||
Net income | $ | 1,587 | $ | 1,532 | $ | 1,580 | $ | 1,598 | ||||||
Earnings per share basic (1) | $ | 0.25 | $ | 0.24 | $ | 0.25 | $ | 0.26 | ||||||
Earnings per share diluted (1) | $ | 0.24 | $ | 0.24 | $ | 0.25 | $ | 0.26 | ||||||
(1) Earnings per share are computed independently for each period presented. | ||||||||||||||
Consequently, the sum of the quarters may not equal the total earnings per share for the year. | ||||||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total interest income | $ | 8,730 | $ | 8,698 | $ | 8,683 | $ | 8,860 | ||||||
Total interest expense | 2,251 | 2,168 | 2,102 | 1,990 | ||||||||||
Net interest income | 6,479 | 6,530 | 6,581 | 6,870 | ||||||||||
Provision for loan losses | 202 | 192 | 186 | 177 | ||||||||||
Net interest income after provision for loan losses | 6,277 | 6,338 | 6,395 | 6,693 | ||||||||||
Other income | 1,102 | 1,125 | 1,128 | 1,108 | ||||||||||
Other expense | 5,470 | 5,449 | 5,503 | 5,550 | ||||||||||
Income before income taxes | 1,909 | 2,014 | 2,020 | 2,251 | ||||||||||
Income taxes | 729 | 655 | 696 | 765 | ||||||||||
Net income | $ | 1,180 | $ | 1,359 | $ | 1,324 | $ | 1,486 | ||||||
Earnings per share basic (1) | $ | 0.18 | $ | 0.21 | $ | 0.2 | $ | 0.23 | ||||||
Earnings per share diluted (1) | $ | 0.18 | $ | 0.21 | $ | 0.2 | $ | 0.22 | ||||||
(1) Earnings per share are computed independently for each period presented. | ||||||||||||||
Consequently, the sum of the quarters may not equal the total earnings per share for the year. | ||||||||||||||
BASIS_OF_PRESENTATION_AND_SUMM1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation—The consolidated financial statements of the Company include the accounts of the Bank and its subsidiaries Seashore Financial LLC, OCHB Preferred Corp and OCHB Investment Corp and are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||
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 and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. The most significant estimates and assumptions in the Company’s consolidated financial statements 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. | ||||||||||
Subsequent Events, Policy [Policy Text Block] | Subsequent Events—All material events that occurred after the date of the consolidated financial statements and before the consolidated financial statements were issued have been either recognized in the consolidated financial statements or disclosed in the Notes to the Consolidated Financial Statements. The Company evaluated events from the date of the consolidated financial statements on December 31, 2014 through the issuance of those consolidated financial statements included in this Annual Report on Form 10-K. | ||||||||||
Segment Reporting, Policy [Policy Text Block] | Segment Information —In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) FASB ASC 280, Segment Reporting (FASB ASC 280), the Company has one reportable operating segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings, and manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment or unit. | ||||||||||
Business Combinations Policy [Policy Text Block] | Business Combinations —The Company records the net assets of companies that are acquired at their estimated fair value at the date of acquisition, and includes the results of operations of the acquired companies in the Consolidated Income Statement from the date of acquisition. The Company recognizes, as goodwill, the excess of the acquisition price over the estimated fair value of the net assets acquired. | ||||||||||
Treasury Stock [Policy Text Block] | Treasury Stock— From time to time the Company may choose to reacquire some of its outstanding stock from its shareholders for retirement or resale. Common stock reacquired by the Company is accounted for using the cost method, which treats stock held in treasury as a reduction to total stockholders’ equity equal to the cost of purchase. | ||||||||||
The Company held 914,246 shares in treasury stock at a cost of $12.7 million at December 31, 2014 and 404,238 shares at a cost of $5.3 million at December 31, 2013. | |||||||||||
During 2014, the Company repurchased 515,817 shares of the Company’s outstanding common stock for $7.5 million at a weighted average cost of $14.49 per share. Additionally, 5,809 shares were issued from treasury stock for exercised stock options totaling $67 thousand. | |||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk—The majority of the Company’s loans are secured by 1 to 4 family real estate or made to businesses in Atlantic or Cape May Counties, New Jersey. | ||||||||||
Investment, Policy [Policy Text Block] | Investment Securities— The Company’s debt and equity securities include both those that are held to maturity and those that are available for sale. The purchase and sale of the Company’s debt securities are recorded as of the trade date. At December 31, 2014 and 2013, the Company had no unsettled purchases or sales of investment securities. The following provides further information on the Company’s accounting for debt securities: | ||||||||||
a. | Held to Maturity—Debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security. | ||||||||||
b. | Available for Sale—Debt and equity securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity and changes in the availability of and the yield of alternative investments, are classified as available for sale. These securities are carried at estimated fair value. Fair values are based on quoted prices for identical assets in active markets, quoted prices for similar assets in markets that are either actively or not actively traded, or, in some cases where there is limited activity or less transparency around inputs, internally developed discounted cash flow models. Unrealized gains and losses that are not concluded to be other than temporary, are excluded from earnings and are reported net of tax in other comprehensive income. Upon the sale of securities, any unamortized premium or unaccreted discount is considered in the determination of gain or loss from the sale. Realized gains and losses on the sale or call of investment securities are recorded as of the trade date, reported in the Consolidated Statements of Income and Comprehensive Income and determined using the adjusted cost of the specific security sold or called. The Company sold $1.3 million of available for sale securities realizing a gain on sale of $84 thousand for the year ended December 31, 2014 and had no sales in 2013. | ||||||||||
In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 325-40, Beneficial Interests in Securitized Financial Assets, and FASB ASC 320-10, Investments – Debt and Equity Securities, the Company evaluates its debt securities portfolio for other-than-temporary impairment (“OTTI”) throughout the year. Each investment that has a fair value less than the book value is reviewed on a quarterly basis by management. Management considers at a minimum the following factors that, both individually or in combination, could indicate that the decline is other-than-temporary: (a) the Company has the intent to sell the security; (b) it is more likely than not that it will be required to sell the security before recovery; and (c) the Company does not expect to recover the entire amortized cost basis of the security. An impairment charge is recorded if, based on the review described above, management concludes that the decline in value is other-than-temporary. Among the factors that are considered in determining intent is a review of capital adequacy, interest rate risk profile and liquidity at the Company. The guidance allows the Company to bifurcate the impact on securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors, when the security is not otherwise intended to be sold or is not required to be sold. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The portion of the fair value decline not attributable to credit loss is recognized through other comprehensive income. For securities accounted for under FASB ASC 320-10, the credit loss component is determined by comparing the present value of the cash flows expected to be collected, discounted at the effective interest rate implicit in the security at the date of acquisition, with the amortized cost basis of the debt security. For securities accounted for under FASB 325-40, if the present value of the original estimate at the initial transaction date (or the last date previously revised) of cash flows expected to be collected is greater than the present value of the current estimate of cash flows expected to be collected, the difference is considered to be the credit loss component. For all securities, the Company’s expected cash flow estimates include assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the bond indenture and other factors, The Company did not record any OTTI for the years ended December 31, 2014, 2013 and 2012. | |||||||||||
Other investments include the Company's investment in the stock of the Federal Home Loan Bank ("FHLB") of New York. Although FHLB stock is an equity interest in an FHLB, it does not have a readily determinable fair value, because its ownership is restricted and it is not readily marketable. FHLB stock can be sold back only at its par value of $100 per share and only to the FHLBs or to another member institution. Accordingly, FHLB stock is carried at cost. The Company evaluates this investment for impairment on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. | |||||||||||
Deferred Charges, Policy [Policy Text Block] | Deferred Loan Fees—The Bank defers all loan origination fees, net of certain direct loan origination costs. The balance is accreted into income as a yield adjustment over the life of the loan using the level-yield method. Deferred loan fees are recorded as a component of “Loans – net” in the statement of financial condition. | ||||||||||
Unearned Discounts And Premiums [Policy Text Block] | Unearned Discounts and Premiums—Unearned discounts and premiums on loans, investments and mortgage-backed securities purchased are accreted and amortized, respectively, over the estimated life of the related asset using the interest method. | ||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Office Properties and Equipment - Net—Office properties and equipment are recorded at cost. Depreciation is computed using the straight-line method over the expected useful lives of the related assets as follows: buildings and improvements, ten to thirty nine years or at the lesser of the life of improvement or the lease; furniture and equipment, three to seven years. The costs of maintenance and repairs are expensed as incurred, and renewals and betterments are capitalized. | ||||||||||
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Real Estate Owned—Real estate owned is comprised of property acquired through foreclosure, in lieu of deed and bank property that is not in use. The property acquired through foreclosure is carried at the lower of the related loan balance or fair value of the property based on an appraisal less estimated cost to dispose. Losses arising from foreclosure transactions are charged against the allowance for loan losses. Bank property is carried at the lower of cost or fair value less estimated cost to dispose. Costs to maintain real estate owned and any subsequent gains or losses are included in the Company’s Consolidated Statements of Operations. | ||||||||||
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance—The Company has purchased life insurance policies on certain key employees. The Bank is the primary beneficiary of insurance policies on the lives of officers and employees of the Bank. These policies are recorded at their cash surrender value and the Bank has recognized any increase in cash surrender value of life insurance, net of insurance costs, in the consolidated statements of income. The cash surrender value of the insurance policies is recorded as an asset in the statements of financial condition. The Company accounts for split dollar life insurance in accordance with FASB ASC 715-60, Defined Benefit Plans – Other Post-Retirement. The guidance provides for determining a liability for the postretirement benefit obligation as well as recognition and measurement of the associated asset on the basis of the terms of the collateral assignment agreement. | ||||||||||
Loans Held For Investment [Policy Text Block] | Loans held for investment— Loans are reported net of loan origination fees, direct origination costs and discounts and premiums associated with purchased loans and unearned income. Interest on loans is credited to income as it is earned. Loan origination fees and certain direct loan origination costs are deferred and recognized as adjustments to interest income in the Consolidated Statements of Operations over the contractual life of the loan utilizing the effective interest rate method. Premiums and discounts associated with loans purchased by the Bank are deferred and amortized as adjustments to interest income utilizing the effective interest rate method. | ||||||||||
Certain loans acquired that result in recognition of a discount attributable, at least in part, to credit quality, and are not subsequently accounted for at fair value, are accounted for under the receivable topic of the FASB Accounting Standards Codification Section 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” The excess of the estimated undiscounted principal, interest and other cash flows expected to be collected over the initial investment in the acquired loans is amortized to interest income over the expected life of the loans through the effective interest rate method. The amount amortized for the acquired loan pool is adjusted when there is an increase or decrease in the expected cash flows. Further, the Company assesses impairment on these acquired loan pools for which there has been a decrease in the expected cash flows. Impairment is measured based on the present value of the expected cash flows from the loan (including the estimated fair value of the underlying collateral), discounted using the loan's effective interest rate. | |||||||||||
Loans are considered past due 16 days or more past the due date. Loans are considered delinquent if 30 days or more past due. Loans over 90 days past due are placed on non-accrual status. Payments received on non-accrual loans are applied to principal, interest and escrow on mortgage loans and to accrued interest followed by principal on all other loans. Loans are returned to accrual status when no payment is over 90 days past due. Unsecured loans are charged off when becoming more than 90 days past due. Secured loans are charged off to the extent the loan amount exceeds the appraised value of the collateral when over 90 days past due and management believes the uncollectability of the loan balance is confirmed. | |||||||||||
A loan is determined to be impaired and non-accrual when, based upon current information and events, it is probable that scheduled payments of principal and interest will not be received when due according to the contractual terms of the loan agreement. An insignificant delay (e.g., less than 90 days) or insignificant shortfall in amount of payments does not necessarily result in the loan being identified as impaired. | |||||||||||
When a loan is placed on non-accrual status, all accrued yet uncollected interest is reversed from income. Payments received on non-accrual loans are generally applied to the outstanding principal balance. Interest income on impaired loans other than nonaccrual loans is recognized on an accrual basis. Interest income on nonaccrual loans is recognized only as collected. | |||||||||||
Troubled debt restructurings (“TDRs”) are loans that have been modified whereby the Company has agreed to make certain concessions to customers to both meet the needs of the customers and maximize the ultimate recovery of the loan. TDRs occur when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified involving a concession that would otherwise not be granted to the borrower. TDRs are generally placed on non-accrual status until the Company believes repayment under the revised terms is reasonably assured and a sustained period of repayment performance has been achieved (typically defined as six months for a monthly amortizing loan). All costs incurred by the Company in connection with a TDR are expensed as incurred. The TDR classification will remain on the loan until it is paid in full or liquidated. | |||||||||||
Impaired loans are defined as all TDRs plus non-accrual loans. In addition, the Company may perform a specific reserve analysis on loans where based on management’s judgment the nature of the collateral or business conditions warrant such an analysis. | |||||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses— The allowance for loan losses is the amount estimated by management as necessary to cover losses inherent in the loan portfolio at the balance sheet date. The allowance is established through the provision for loan losses, which is charged to results of operations based on management’s evaluation of the estimated losses that have been incurred in the Company’s loan portfolio. Determining the amount of the allowance for loan losses necessarily involves a high degree of judgment. Among the material estimates required to establish the allowance are the following: loss exposure at default; the amount and timing of future cash flows on impacted loans; value of collateral; and determination of loss factors to be applied to the various elements of the portfolio. All of these estimates are susceptible to significant change. Although we believe that we use the best information available to establish the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. In addition, the OCC, as an integral part of its examination process, periodically reviews our allowance for loan losses. Such agency may require us to recognize adjustments to the allowance based on its judgments about information available to it at the time of its examination. The allowance for loan losses is maintained at a level that management considers adequate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio as of the balance sheet date | ||||||||||
Management monitors its allowance for loan losses monthly and makes adjustments to the allowance through the provision for loan losses as economic conditions and other pertinent factors indicate. The quarterly review and adjustment of the qualitative factors employed in the allowance methodology and the updating of historic loss experience allow for timely reaction to emerging conditions and trends. In this context, a series of qualitative factors such as historical loss experience, trends in delinquency and non-performing loans, changes in risk composition and underwriting standards, experience and ability of staff and regional and national economic conditions and trends are used in a methodology as a measurement of how current circumstances are affecting the loan portfolio. | |||||||||||
In determining the allowance for loan losses, management has established both general pooled and specific allowances. Values assigned to the qualitative factors and those developed from historic loss experience provide a dynamic basis for the calculation of reserve factors for performing loans (general pooled allowance). The amount of the specific allowance is determined through a loan-by-loan analysis of non-performing loans. Loans not individually reviewed are evaluated as a group using reserve factor percentages based on qualitative and quantitative factors described above. In determining the appropriate level of the general pooled allowance, management makes estimates based on internal risk ratings, which take into account such factors as debt service coverage, loan-to-value ratios, and external factors. If a loan is identified as impaired and is collateral dependent, an appraisal is obtained to provide a base line in determining whether the carrying amount of the loan exceeds the net realizable value. We recognize impairment through a provision estimate or a charge-off is recorded when management determines we will not collect 100% of a loan based on foreclosure of the collateral, less cost to sell the property, or the present value of expected cash flows. | |||||||||||
As changes in our operating environment occur and as recent loss experience fluctuates, the factors for each category of loan based on type and risk rating will change to reflect current circumstances and the quality of the loan portfolio. Given that the components of the allowance are based partially on historical losses and on risk rating changes in response to recent events, required reserves may trail the emergence of any unforeseen deterioration in credit quality. | |||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Core Deposit Intangibles—Goodwill is the excess of the purchase price over the fair value of the tangible and identifiable intangible assets and liabilities of companies acquired through business combinations accounted for under the purchase method. Core deposit intangibles are a measure of the value of checking, savings and other-low cost deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized over the estimated useful lives of the existing deposit relationships acquired, but not exceeding 15 years. The Company evaluates the identifiable intangibles for impairment when an indicator of impairment exists, but not less than annually. Separable intangible assets that are not deemed to have an indefinite life continue to be amortized over their useful lives. | ||||||||||
Goodwill is not amortized on a recurring basis, but rather is subject to periodic impairment testing. Management performs an annual goodwill impairment test and whenever events occur or circumstances change that indicates the fair value of a reporting unit may be below its carrying value. | |||||||||||
The Company performed goodwill impairment testing as of August 1, 2014 and 2013 and concluded that goodwill was not impaired. The Company did not have any indefinite-lived intangible assets as of December 31, 2014. | |||||||||||
Loans Held For Sale And Loans Sold [Policy Text Block] | Loans Held for Sale and Loans Sold—The Bank originates mortgage loans held for investment and for sale. At origination, the mortgage loan is identified as either held for sale or for investment. Mortgage loans held for sale are carried at the lower of cost or forward committed contracts (which approximates market), determined on a net aggregate basis. The Bank had no loans classified as held for sale at December 31, 2014 and 2013. The Bank did not sell any loans in 2014 or 2013. | ||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes—The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes. FASB ASC 740 requires the recording of deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. If current available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income as well as judgments about availability of capital gains. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change. Any reduction in estimated future taxable income may require us to record an additional valuation allowance against our deferred tax assets. Further, an inability to employ a qualifying tax strategy to utilize our deferred tax asset arising from capital losses may give rise to an additional valuation allowance. An increase in the valuation allowance would result in additional income tax expense in the period, which would negatively affect earnings. FASB ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. When applicable, we recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statement of income. Assessment of uncertain tax positions under FASB ASC 740 requires careful consideration of the technical merits of a position based on management’s analysis of tax regulations and interpretations. Judgment may be involved in applying the requirements of FASB ASC 740. | ||||||||||
Our adherence to FASB ASC 740 may result in increased volatility in quarterly and annual effective income tax rates, as FASB ASC 740 requires that any change in judgment or change in measurement of a tax position taken in a prior period be recognized as a discrete event in the period in which it occurs. Factors that could impact management’s judgment include changes in income, tax laws and regulations, and tax planning strategies. | |||||||||||
Interest Rate Risk [Policy Text Block] | Interest Rate Risk—The Bank is engaged principally in providing first mortgage loans to borrowers. At December 31, 2014 and 2013, approximately two-thirds of the Bank’s assets consisted of assets that earned interest at fixed interest rates. Those assets were funded with long-term fixed rate liabilities and with short-term liabilities that have interest rates that vary with market rates over time. The shorter duration of the interest-sensitive liabilities indicates that the Bank is exposed to interest rate risk because, in a rising rate environment, liabilities will be repricing faster at higher interest rates, thereby reducing the market value of long-term assets and net interest income. | ||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share—Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, during the period. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock 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 of common shares sold during the period. | ||||||||||
Other Comprehensive Income Loss [Policy Text Block] | Other Comprehensive Income (Loss)—The Company classifies items of other comprehensive income (loss) by their nature and displays the accumulated balance of other comprehensive income (loss) separately from retained earnings and additional paid-in capital in the equity section of the Consolidated Statements of Financial Condition. Amounts categorized as other comprehensive income (loss) represent net unrealized gains or losses on investment securities available for sale and post-retirement benefits, net of tax of $807 thousand. Reclassifications are made to avoid double counting in comprehensive income (loss) items which are displayed as part of net income for the period. There are no reclassifications during the period ending December 31, 2103. Reclassification adjustments recognized in Accumulated Other Comprehensive Income during the period ending December 31, 2014 are as follows: | ||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Pre-tax | Tax | After-tax | |||||||||
Unrealized holding loss on securities available for sale during the period | $ | -2,184 | $ | 841 | $ | -1,343 | |||||
Reclassification adjustment for net gains included in net income | 95 | -34 | 61 | ||||||||
Net unrealized loss on securities available for sale | $ | -2,089 | $ | 807 | $ | -1,282 | |||||
The following table presents the changes in Accumulated Other Comprehensive Income (Loss) by component as of December 31, 2014. | |||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Unrealized | Accumulated | ||||||||||
Unrealized | Loss on | Other | |||||||||
Gains(Loss) on | Post Retirement | Comprehensive | |||||||||
AFS Securities | Life | Income | |||||||||
Beginning balance | $ | -2,761 | $ | -10 | $ | -2,771 | |||||
Current-period change | 2,402 | -159 | 2,243 | ||||||||
Tax Benefit | -923 | - | -923 | ||||||||
Ending Balance | $ | -1,282 | $ | -169 | $ | -1,451 | |||||
Year Ended December 31, 2013 | |||||||||||
Unrealized | Accumulated | ||||||||||
Unrealized | Loss on | Other | |||||||||
Gains(Loss) on | Post Retirement | Comprehensive | |||||||||
AFS Securities | Life | Income | |||||||||
Beginning balance | $ | 104 | $ | -148 | $ | -44 | |||||
Current-period change | -4,719 | 138 | -4,581 | ||||||||
Tax Benefit | 1,854 | - | 1,854 | ||||||||
Ending Balance | $ | -2,761 | $ | -10 | $ | -2,771 | |||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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”) authorize 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 Plans, 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. | |||||||||||
Determining the fair value of stock-based awards at measurement date requires judgment, including estimating the expected term of the stock options and the expected volatility of the Company’s stock. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. If actual results differ significantly from these estimates or different key assumptions were used, it could have a material effect on the Company’s consolidated financial statements. | |||||||||||
In accordance with FASB ASC 718, the fair value of the stock options granted is estimated on the date of the grant using the Black-Scholes option pricing model which uses the assumptions noted in the table below. Stock options have been historically granted a for a 10 year term. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected term of the option is the estimated time the option will be exercised. The expected volatility is based on the historical volatility of the Company’s stock price. | |||||||||||
The Equity Plans authorize the grant of stock options to officers, employees and directors of the Company to acquire shares of common stock with an exercise price equal to the fair market value of the common stock on the grant date. Options will generally become vested and exercisable at the rate of 20% per year over five years. A total of 674,391 shares of common stock have been approved for issuance pursuant to the grant of stock options under the Equity Plans. At December 31, 2014, 19,000 options issued in 2010, 3,516 options issued in 2007, 3,517 options issued in 2006 and 54,077 options issued in 2005 have been forfeited. At December 31, 2014, 56,415 shares have been issued upon the exercise of stock options. No options were granted in 2014. | |||||||||||
Weighted Average Assumptions Used in Balck-Scholes Option Pricing Model | |||||||||||
Years Ended December 31, | 2013 | 2012 | |||||||||
Fair value of options granted during the year | $ | 2.56 | $ | 2.9 | |||||||
Risk-free rate of return | 1 | % | 0.97 | % | |||||||
Expected term in months | 72 | 72 | |||||||||
Expected volatility | 29 | % | 35 | % | |||||||
Expected dividends | $ | 0.24 | $ | 0.24 | |||||||
Common Stock Acquired For Employee Benefit Plans [Policy Text Block] | Common Stock Acquired for Employee Benefit Plans—Unearned ESOP shares are not considered outstanding for calculating net income per common share and are shown as a reduction of stockholders’ equity and presented as Common Stock Acquired for Employee Benefit Plans. During the period the ESOP shares are committed to be released, the Company recognizes compensation cost equal to the fair value of the ESOP shares. When the shares are released, Common Stock Acquired for Employee Benefit Plans is reduced by the cost of the ESOP shares released and the differential between the fair value and the cost is charged/credited to additional paid-in capital. The loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP reported as a liability in the Company’s consolidated financial statements. At December 31, 2014 and 2013, unearned ESOP shares totaled 292,500 and 326,767 shares, respectively. | ||||||||||
Statement Of Cash Flows [Policy Text Block] | Statement of Cash Flows—For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. | ||||||||||
New Accounting Pronouncements Policy [Policy Text Block] | New Accounting Pronouncements— In July 2013, the FASB issued Accounting Standards Update (“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 this accounting guidance did not have a material 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 adoption of this accounting guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||
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 adoption of this accounting guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||
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. The Company adopted this amendment in 2014 on a prospective basis. The adoption of this accounting guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||
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. | |||||||||||
BASIS_OF_PRESENTATION_AND_SUMM2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassification adjustments recognized in Accumulated Other Comprehensive Income during the period ending December 31, 2014 are as follows: | ||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Pre-tax | Tax | After-tax | |||||||||
Unrealized holding loss on securities available for sale during the period | $ | -2,184 | $ | 841 | $ | -1,343 | |||||
Reclassification adjustment for net gains included in net income | 95 | -34 | 61 | ||||||||
Net unrealized loss on securities available for sale | $ | -2,089 | $ | 807 | $ | -1,282 | |||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in Accumulated Other Comprehensive Income (Loss) by component as of December 31, 2014. | ||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Unrealized | Accumulated | ||||||||||
Unrealized | Loss on | Other | |||||||||
Gains(Loss) on | Post Retirement | Comprehensive | |||||||||
AFS Securities | Life | Income | |||||||||
Beginning balance | $ | -2,761 | $ | -10 | $ | -2,771 | |||||
Current-period change | 2,402 | -159 | 2,243 | ||||||||
Tax Benefit | -923 | - | -923 | ||||||||
Ending Balance | $ | -1,282 | $ | -169 | $ | -1,451 | |||||
Year Ended December 31, 2013 | |||||||||||
Unrealized | Accumulated | ||||||||||
Unrealized | Loss on | Other | |||||||||
Gains(Loss) on | Post Retirement | Comprehensive | |||||||||
AFS Securities | Life | Income | |||||||||
Beginning balance | $ | 104 | $ | -148 | $ | -44 | |||||
Current-period change | -4,719 | 138 | -4,581 | ||||||||
Tax Benefit | 1,854 | - | 1,854 | ||||||||
Ending Balance | $ | -2,761 | $ | -10 | $ | -2,771 | |||||
Schedule or Description of Weighted Average Discount Rate [Table Text Block] | Weighted Average Assumptions Used in Balck-Scholes Option Pricing Model | ||||||||||
Years Ended December 31, | 2013 | 2012 | |||||||||
Fair value of options granted during the year | $ | 2.56 | $ | 2.9 | |||||||
Risk-free rate of return | 1 | % | 0.97 | % | |||||||
Expected term in months | 72 | 72 | |||||||||
Expected volatility | 29 | % | 35 | % | |||||||
Expected dividends | $ | 0.24 | $ | 0.24 | |||||||
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Debt Securities - Municipal | $ | 494 | $ | - | $ | - | $ | 494 | ||||||||||||
US treasury and government sponsored entity mortgage-backed securities | 707 | 77 | - | 784 | ||||||||||||||||
Totals | $ | 1,201 | $ | 77 | $ | - | $ | 1,278 | ||||||||||||
Available for Sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Corporate | $ | 9,596 | $ | 99 | $ | -856 | $ | 8,839 | ||||||||||||
US treasury and federal agencies | 21,223 | 6 | -238 | 20,991 | ||||||||||||||||
Equity securities | 3 | 25 | - | 28 | ||||||||||||||||
US treasury and government sponsored entity mortgage-backed securities | 81,383 | 278 | -1,403 | 80,258 | ||||||||||||||||
Totals | $ | 112,205 | $ | 408 | $ | -2,497 | $ | 110,116 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gain | Loss | Value | |||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Debt Securities – Municipal | $ | 2,328 | $ | - | $ | - | $ | 2,328 | ||||||||||||
US 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 | ||||||||||||
US treasury and federal agencies | 35,035 | - | -2,132 | 32,903 | ||||||||||||||||
Equity securities | 3 | 27 | - | 30 | ||||||||||||||||
US 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 December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 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 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
Corporate | $ | - | $ | - | $ | 2,826 | $ | -856 | $ | 2,826 | $ | -856 | ||||||||
US treasuries and federal agencies | 4,990 | -5 | 9,767 | -233 | 14,757 | -238 | ||||||||||||||
US Treasury and government sponsored entity mortgage-backed securities | 10,133 | -17 | 66,020 | -1,386 | 76,153 | -1,403 | ||||||||||||||
Totals | $ | 15,123 | $ | -22 | $ | 78,613 | $ | -2,475 | $ | 93,736 | $ | -2,497 | ||||||||
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 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
Coporate | $ | - | $ | - | $ | 3,796 | $ | -909 | $ | 3,796 | $ | -909 | ||||||||
US treasury and federal agencies | 27,221 | -1,814 | 5,682 | -318 | 32,903 | -2,132 | ||||||||||||||
US 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] | 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. | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Held to Maturity | Available for Sale Securities | |||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
Due within 1 year | $ | 494 | $ | 494 | $ | - | $ | - | ||||||||||||
Due after 1 year through 5 years | - | - | 5,948 | 6,047 | ||||||||||||||||
Due after 5 years through 10 years | - | - | 11,189 | 11,190 | ||||||||||||||||
Due after 10 years | - | - | 13,683 | 12,593 | ||||||||||||||||
Total | $ | 494 | $ | 494 | $ | 30,820 | $ | 29,830 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Held to Maturity | Available for Sale Securities | |||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
Due within 1 year | $ | 2,328 | $ | 2,328 | $ | 1,000 | $ | 1,001 | ||||||||||||
Due after 1 year through 5 years | - | - | 5,880 | 6,035 | ||||||||||||||||
Due after 5 years through 10 years | - | - | 15,000 | 14,423 | ||||||||||||||||
Due after 10 years | - | - | 24,705 | 22,241 | ||||||||||||||||
Total | $ | 2,328 | $ | 2,328 | $ | 46,585 | $ | 43,700 | ||||||||||||
LOANS_RECEIVABLE_NET_Tables
LOANS RECEIVABLE- NET (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans receivable consist of the following: | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 587,399 | $ | 545,812 | ||||||||||||||||||||||||||||
Commercial and multi-family | 89,778 | 90,855 | ||||||||||||||||||||||||||||||
Total real - estate mortgage | 677,177 | 636,667 | ||||||||||||||||||||||||||||||
Real estate - construction: | ||||||||||||||||||||||||||||||||
Residential | 16,030 | 25,113 | ||||||||||||||||||||||||||||||
Commercial | 4,141 | 2,510 | ||||||||||||||||||||||||||||||
Total real estate - construction | 20,171 | 27,623 | ||||||||||||||||||||||||||||||
Commercial | 22,277 | 23,445 | ||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Home equity | 54,279 | 57,367 | ||||||||||||||||||||||||||||||
Other consumer loans | 377 | 628 | ||||||||||||||||||||||||||||||
Total consumer loans | 54,656 | 57,995 | ||||||||||||||||||||||||||||||
Total loans | 774,281 | 745,730 | ||||||||||||||||||||||||||||||
Net deferred loan cost | 3,496 | 3,271 | ||||||||||||||||||||||||||||||
Allowance for loan losses | -3,760 | -4,199 | ||||||||||||||||||||||||||||||
Net total loans | $ | 774,017 | $ | 744,802 | ||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Changes in the allowance for loan losses are as follows: | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,199 | $ | 3,997 | $ | 3,762 | ||||||||||||||||||||||||||
Provision for loan loss | 462 | 757 | 893 | |||||||||||||||||||||||||||||
Charge-offs | -977 | -568 | -691 | |||||||||||||||||||||||||||||
Recoveries | 76 | 13 | 33 | |||||||||||||||||||||||||||||
Balance, end of year | $ | 3,760 | $ | 4,199 | $ | 3,997 | ||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | Year-end non-performing assets segregated by class of loans are as follows: | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Real estate - mortgage | ||||||||||||||||||||||||||||||||
1-4 family residential | $ | 3,626 | $ | 3,618 | ||||||||||||||||||||||||||||
Commercial and multi-family | 803 | 463 | ||||||||||||||||||||||||||||||
Real estate - construction | 143 | - | ||||||||||||||||||||||||||||||
Commercial | 501 | - | ||||||||||||||||||||||||||||||
Consumer | 502 | 674 | ||||||||||||||||||||||||||||||
Non-accrual loans | 5,575 | 4,755 | ||||||||||||||||||||||||||||||
Troubled debt restructuring, non-accrual | 694 | 316 | ||||||||||||||||||||||||||||||
Total non-performing loans | 6,269 | 5,071 | ||||||||||||||||||||||||||||||
Real estate owned | 650 | 498 | ||||||||||||||||||||||||||||||
Total non-performing assets | $ | 6,919 | $ | 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 year-ended December 31, 2014: | |||||||||||||||||||||||||||||||
Contractual | Nonaccretable | |||||||||||||||||||||||||||||||
Receivable | (Yield) / | Accretable | Carrying | |||||||||||||||||||||||||||||
Amount | Premium | (Yield)/ Premium | Amount | |||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 50,837 | $ | -3,099 | $ | 746 | $ | 48,484 | ||||||||||||||||||||||||
Principal Reductions | -6,062 | - | - | -6,062 | ||||||||||||||||||||||||||||
Charge-offs, net | -559 | 559 | - | - | ||||||||||||||||||||||||||||
Accretion of loan discount (premium) | - | - | -204 | -204 | ||||||||||||||||||||||||||||
Transfer between nonaccretable and accretable yield | - | - | - | - | ||||||||||||||||||||||||||||
Settlement Adjustments | - | - | - | - | ||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 44,216 | $ | -2,540 | $ | 542 | $ | 42,218 | ||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | An age analysis of past due loans, disaggregated by class of financing receivables, as of December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Total Loan | ||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Receivables | |||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
1-4 family residential | $ | 2,323 | $ | - | $ | 4,255 | $ | 6,578 | $ | 580,821 | $ | 587,399 | ||||||||||||||||||||
Commercial and multi-family | 831 | - | 803 | 1,634 | 88,144 | 89,778 | ||||||||||||||||||||||||||
Construction | - | - | 143 | 143 | 20,028 | 20,171 | ||||||||||||||||||||||||||
Commercial | - | - | 501 | 501 | 21,776 | 22,277 | ||||||||||||||||||||||||||
Consumer | 485 | 5 | 567 | 1,057 | 53,599 | 54,656 | ||||||||||||||||||||||||||
Total | $ | 3,639 | $ | 5 | $ | 6,269 | $ | 9,913 | $ | 764,368 | $ | 774,281 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
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 disaggregated by class of financing receivables, excluding purchased impaired loans, are set forth the in the following table. No interest income was recognized on impaired loans subsequent to their classification as impaired. | |||||||||||||||||||||||||||||||
Unpaid | Average | |||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment (1) | |||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
1-4 family residential | $ | 4,585 | $ | 4,622 | $ | - | $ | 139 | ||||||||||||||||||||||||
Commercial and multi-family | 1,324 | 1,324 | - | 265 | ||||||||||||||||||||||||||||
Construction | 143 | 143 | - | 143 | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | ||||||||||||||||||||||||||||
Consumer | 970 | 970 | - | 57 | ||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
1-4 family residential | 5,787 | 6,138 | 721 | 340 | ||||||||||||||||||||||||||||
Commercial and multi-family | - | - | - | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | ||||||||||||||||||||||||||||
Commercial | 702 | 702 | 254 | 351 | ||||||||||||||||||||||||||||
Consumer | 181 | 181 | 55 | 90 | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
1-4 family residential | $ | 10,372 | $ | 10,760 | $ | 721 | $ | 207 | ||||||||||||||||||||||||
Commercial and multi-family | 1,324 | 1,324 | - | 265 | ||||||||||||||||||||||||||||
Construction | 143 | 143 | - | 143 | ||||||||||||||||||||||||||||
Commercial | 702 | 702 | 254 | 351 | ||||||||||||||||||||||||||||
Consumer | 1,151 | 1,151 | 55 | 61 | ||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
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 agreement entered into during the years ending December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | Contracts | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||
1-4 family residential real estate | 8 | $ | 3,335 | $ | 3,335 | |||||||||||||||||||||||||||
Consumer loan | 4 | 287 | 287 | |||||||||||||||||||||||||||||
Commercial loan | 1 | 201 | 201 | |||||||||||||||||||||||||||||
Total | 13 | $ | 3,823 | $ | 3,823 | |||||||||||||||||||||||||||
Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | Contracts | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||
1-4 family residential real estate | 6 | $ | 2,216 | $ | 2,216 | |||||||||||||||||||||||||||
Consumer loan | 1 | 121 | 121 | |||||||||||||||||||||||||||||
Total | 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 December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | |||||||||||||||||||||||||||||||
Residential | and Multi-Family | Construction | Commercial | Consumer | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||
Special mention | $ | 3,948 | $ | 3,692 | $ | 572 | $ | 629 | $ | - | $ | - | $ | 444 | $ | 90 | $ | 915 | $ | 1,040 | ||||||||||||
Substandard | 9,370 | 7,612 | 4,010 | 3,645 | 143 | - | 659 | 665 | 1,189 | 900 | ||||||||||||||||||||||
Doubtful and loss | - | - | - | - | - | - | - | - | 14 | - | ||||||||||||||||||||||
Total | $ | 13,318 | $ | 11,304 | $ | 4,582 | $ | 4,274 | $ | 143 | $ | - | $ | 1,103 | $ | 755 | $ | 2,118 | $ | 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 December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
1-4 Family | Commercial | |||||||||||||||||||||||||||||||
Residential | and Multi-Family | Construction | Commercial | Consumer | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Performing | $ | 583,773 | $ | 541,878 | $ | 88,975 | $ | 90,392 | $ | 20,028 | $ | 27,623 | $ | 21,776 | $ | 23,445 | $ | 54,154 | $ | 57,321 | ||||||||||||
Non-performing | 3,626 | 3,934 | 803 | 463 | 143 | - | 501 | - | 502 | 674 | ||||||||||||||||||||||
Total | $ | 587,399 | $ | 545,812 | $ | 89,778 | $ | 90,855 | $ | 20,171 | $ | 27,623 | $ | 22,277 | $ | 23,445 | $ | 54,656 | $ | 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 years ended December 31, 2014 and 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 | |||||||||||||||||||||||||||||||
Residential | and Multi-Family | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,981 | $ | 551 | $ | 85 | $ | 230 | $ | 352 | $ | 4,199 | ||||||||||||||||||||
Charge-offs | -538 | - | - | - | -439 | -977 | ||||||||||||||||||||||||||
Recoveries | 1 | - | - | 75 | - | 76 | ||||||||||||||||||||||||||
Provision for loan losses | -126 | 74 | -52 | 75 | 491 | 462 | ||||||||||||||||||||||||||
Ending balance | $ | 2,318 | $ | 625 | $ | 33 | $ | 380 | $ | 404 | $ | 3,760 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 721 | $ | - | $ | - | $ | 254 | $ | 55 | $ | 1,030 | ||||||||||||||||||||
Ending balance: collectively evaluated for impariment | $ | 1,597 | $ | 625 | $ | 33 | $ | 126 | $ | 349 | $ | 2,730 | ||||||||||||||||||||
Loan Receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 587,399 | $ | 89,778 | $ | 20,171 | $ | 22,277 | $ | 54,656 | $ | 774,281 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 10,372 | $ | 1,324 | $ | 143 | $ | 702 | $ | 1,151 | $ | 13,692 | ||||||||||||||||||||
Ending balance: collectively evaluated for impariment | $ | 577,027 | $ | 88,454 | $ | 20,028 | $ | 21,575 | $ | 53,505 | $ | 760,589 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
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 impariment | $ | 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 impariment | $ | 540,253 | $ | 90,855 | $ | 27,623 | $ | 22,982 | $ | 57,200 | $ | 738,913 | ||||||||||||||||||||
Schedule Of Loan Activity For Directors And Officers [Table Text Block] | Total loan activity for directors and officers was as follows: | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,749 | $ | 4,626 | $ | 5,432 | ||||||||||||||||||||||||||
Additions | 295 | 672 | 260 | |||||||||||||||||||||||||||||
Repayments and other | -972 | -549 | -1,066 | |||||||||||||||||||||||||||||
Balance, end of year | $ | 4,072 | $ | 4,749 | $ | 4,626 | ||||||||||||||||||||||||||
OFFICE_PROPERTIES_AND_EQUIPMEN1
OFFICE PROPERTIES AND EQUIPMENT-NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Office properties and equipment are summarized by major classification as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 3,465 | $ | 3,465 | ||||
Buildings and improvements | 13,986 | 13,746 | ||||||
Furniture and equipment | 7,211 | 7,541 | ||||||
Total | 24,662 | 24,752 | ||||||
Accumulated depreciation | -11,792 | -11,609 | ||||||
Net | $ | 12,870 | $ | 13,143 | ||||
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||
Deposit Liabilities Disclosure [Table Text Block] | Deposits consist of the following major classifications: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted | Weighted | |||||||||||||
Average | Average | |||||||||||||
Amount | Interest Rate | Amount | Interest Rate | |||||||||||
NOW and other demand deposit accounts | $ | 439,623 | 0.13 | % | $ | 419,608 | 0.12 | % | ||||||
Passbook savings and club accounts | 168,686 | 0.2 | % | 170,660 | 0.2 | % | ||||||||
Subtotal | 608,309 | 590,268 | ||||||||||||
Certificates with original maturities: | ||||||||||||||
Within one year | 42,821 | 0.29 | % | 68,941 | 0.41 | % | ||||||||
One to three years | 113,927 | 0.92 | % | 95,397 | 1.39 | % | ||||||||
Three years and beyond | 22,021 | 1.73 | % | 26,041 | 2.56 | % | ||||||||
Total certificates | 178,769 | 190,379 | ||||||||||||
Total | $ | 787,078 | $ | 780,647 | ||||||||||
ADVANCES_FROM_FEDERAL_HOME_LOA1
ADVANCES FROM FEDERAL HOME LOAN BANK OF NEW YORK (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Banking and Thrift [Abstract] | |||||||||||
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | Advances from the FHLB of New York are as follows: | ||||||||||
Interest | December 31, | ||||||||||
Due | Rate | 2014 | 2013 | ||||||||
17-Dec-14 | 3.765 | % | $ | - | $ | 15,000 | |||||
17-Dec-15 | 0.61 | % | 15,000 | - | |||||||
21-Dec-15 | 4.54 | % | 5,000 | 5,000 | |||||||
11-Apr-16 | 4.795 | % | 10,000 | 10,000 | |||||||
16-Nov-17 | 3.875 | % | 20,000 | 20,000 | |||||||
14-Jan-22 | 3.69 | % | 10,000 | 10,000 | |||||||
22-Aug-22 | 3.497 | % | 10,000 | 10,000 | |||||||
24-Oct-22 | 3.77 | % | 20,000 | 20,000 | |||||||
27-Feb-23 | 3.408 | % | 10,000 | 10,000 | |||||||
3-Apr-23 | 3.16 | % | 10,000 | 10,000 | |||||||
$ | 110,000 | $ | 110,000 | ||||||||
Schedule Of Federal Home Loan Bank Advances Concerning Balances And Interest Rates [Table Text Block] | The following table sets forth information concerning balances and interest rates on our FHLB advances at the dates and for the periods indicated. | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Weighted average balance during the period | $ | 110,000 | $ | 110,000 | |||||||
Maximum month-end balance during the period | 110,000 | 110,000 | |||||||||
Balance outstanding at the end of the period | 110,000 | 110,000 | |||||||||
Weighted average interest rate during the period | 3.83 | % | 3.88 | % | |||||||
Weighted average interest rate at the end of the period | 3.37 | % | 3.8 | % | |||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax provision consists of the following: | |||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Income taxes: | ||||||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 3,995 | $ | 1,221 | $ | 2,783 | ||||||||||||||
State | 592 | 17 | 1,010 | |||||||||||||||||
Total current tax provision | 4,587 | 1,238 | 3,793 | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | -835 | 1,324 | -396 | |||||||||||||||||
State | -230 | 283 | -217 | |||||||||||||||||
Total deferred tax provision (benefit) | -1,065 | 1,607 | -613 | |||||||||||||||||
Total income tax provision | $ | 3,522 | $ | 2,845 | $ | 3,180 | ||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s provision for income taxes differs from the amounts determined by applying the statutory federal income tax rate to income before income before taxes as follows: | |||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
Income tax expense at statutory rate | $ | 3,338 | 34 | % | $ | 2,783 | 34 | % | $ | 2,782 | 34 | % | ||||||||
State income taxes, net of federal benefit | 239 | 2.4 | 197 | 2.5 | 523 | 6.4 | ||||||||||||||
Changes in taxes resulting from: | ||||||||||||||||||||
Tax exempt income | -217 | -2.2 | -247 | -3.1 | -223 | -2.7 | ||||||||||||||
Non-deductible and other expenses | 162 | 1.7 | 112 | 1.3 | 98 | 1.2 | ||||||||||||||
Total | $ | 3,522 | 35.9 | % | $ | 2,845 | 34.7 | % | $ | 3,180 | 38.9 | % | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Items that gave rise to significant portions of the deferred tax accounts are as follows: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||
Unrealized (gain) loss on available for sale securities | $ | 807 | $ | 1,730 | $ | -124 | ||||||||||||||
Allowance for loan losses | 1,502 | 1,677 | 1,597 | |||||||||||||||||
Nonperforming loans | - | - | - | |||||||||||||||||
Deferred compensation | 387 | 371 | 377 | |||||||||||||||||
Employee benefits | 2,257 | 2,023 | 1,777 | |||||||||||||||||
Other than temporary impairment | 1,020 | 1,020 | 1,020 | |||||||||||||||||
Property | 4 | -122 | -172 | |||||||||||||||||
Purchase accounting | 893 | 1,000 | 972 | |||||||||||||||||
Other | 47 | 81 | 85 | |||||||||||||||||
Total deferred tax assets | 6,917 | 7,780 | 5,532 | |||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||
Deferred loan fees | -1,203 | -1,257 | -1,172 | |||||||||||||||||
Servicing | -1 | -2 | -2 | |||||||||||||||||
IRC Section 475 mark-to-market | -651 | -1,602 | 314 | |||||||||||||||||
Total deferred tax liabilities | -1,855 | -2,861 | -860 | |||||||||||||||||
Net deferred tax asset | $ | 5,062 | $ | 4,919 | $ | 4,672 | ||||||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Scheduled minimum lease payments are as follows as of December 31, 2014: | ||||
Year Ending December 31 | |||||
2015 | $ | 154 | |||
2016 | 160 | ||||
2017 | 165 | ||||
2018 | 172 | ||||
2019 | 178 | ||||
Thereafter | 460 | ||||
Total | $ | 1,289 | |||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculated basic and diluted earnings per share (“EPS”) are as follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator – Net Income | $ | 6,298 | $ | 5,349 | $ | 5,001 | |||||
Denominators: | |||||||||||
Basic average shares outstanding | 6,266,344 | 6,520,951 | 6,652,537 | ||||||||
Net effect of dilutive common stock equivalents | 134,460 | 86,158 | 62,867 | ||||||||
Diluted average shares outstanding | 6,400,804 | 6,607,109 | 6,715,404 | ||||||||
Earnings per share: | |||||||||||
Basic | $ | 1 | $ | 0.82 | $ | 0.75 | |||||
Diluted | $ | 0.98 | $ | 0.81 | $ | 0.74 | |||||
REGULATORY_CAPITAL_REQUIREMENT1
REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Bank’s actual capital amounts and ratios are also presented in the table. | ||||||||||||||||||||
Required | Considered Well | ||||||||||||||||||||
For Capital | Capitalized Under Prompt | ||||||||||||||||||||
Actual | Adequacy Purposes | Corrective Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Tangible capital | $ | 99,286 | 9.78 | % | $ | 15,226 | 1.5 | % | N/A | N/A | |||||||||||
Tier 1 leverage capital | 99,286 | 9.78 | 40,603 | 4 | $ | 60,905 | 6 | % | |||||||||||||
Tier 1 risk-based capital | 99,286 | 18.73 | 21,207 | 4 | 31,810 | 6 | |||||||||||||||
Total risk-based capital | 102,026 | 19.24 | 42,414 | 8 | 53,017 | 10 | |||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Tangible capital | $ | 100,396 | 9.96 | % | $ | 15,120 | 1.5 | % | N/A | N/A | |||||||||||
Tier 1 leverage capital | 100,396 | 9.96 | 40,320 | 4 | $ | 60,480 | 6 | % | |||||||||||||
Tier 1 risk-based capital | 100,396 | 19.05 | 21,081 | 4 | 31,621 | 6 | |||||||||||||||
Total risk-based capital | 104,187 | 19.77 | 42,160 | 8 | 52,700 | 10 | |||||||||||||||
BENEFIT_PLANS_Tables
BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the status of the Company’s stock options under the Equity Plans as of December 31, 2014, 2013 and 2012 and changes during the periods ended December 31, 2014, 2013 and 2012 are presented below. | |||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
average | average | average | ||||||||||||||||||
Number of | exercise | Number of | exercise | Number of | exercise | |||||||||||||||
shares | price | shares | price | shares | price | |||||||||||||||
Outstanding at the beginning of the period | 680,200 | $ | 12.14 | 649,313 | $ | 11.5 | 650,804 | $ | 11.9 | |||||||||||
Granted | - | - | 66,300 | 14.14 | 17,500 | 13.1 | ||||||||||||||
Exercised | -5,809 | 11.49 | -35,413 | 12.3 | -15,193 | 10.87 | ||||||||||||||
Forfeited | - | - | - | - | -3,798 | 12.86 | ||||||||||||||
Outstanding at the end of the period | 674,391 | $ | 12.15 | 680,200 | $ | 12.14 | 649,313 | $ | 11.95 | |||||||||||
Exercisable at the end of the period | 541,222 | $ | 12.12 | 471,686 | $ | 12.24 | 441,206 | $ | 12.48 | |||||||||||
Stock options vested or expected to vest (1) | 606,952 | $ | 12.15 | |||||||||||||||||
(1) Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. | ||||||||||||||||||||
Schedule of Stock Options Roll Forward [Table Text Block] | The following table summarizes all stock options outstanding under the Equity Plan as of December 31, 2014: | |||||||||||||||||||
Options Outstanding | ||||||||||||||||||||
Weighted | Weighted Average | |||||||||||||||||||
Number of | Average | Remaining | ||||||||||||||||||
Date Issued | Shares | Exercise Price | Contractual Life | |||||||||||||||||
(in years) | ||||||||||||||||||||
10-Aug-05 | 269,511 | $ | 13.19 | 0.6 | ||||||||||||||||
21-Nov-06 | 17,586 | 14.78 | 1.9 | |||||||||||||||||
20-Nov-07 | 18,448 | 11.32 | 2.9 | |||||||||||||||||
18-Aug-10 | 221,948 | 10.21 | 5.6 | |||||||||||||||||
15-Mar-11 | 13,600 | 12.06 | 6.2 | |||||||||||||||||
17-Aug-11 | 49,498 | 11.53 | 6.6 | |||||||||||||||||
19-Nov-12 | 17,500 | 13.1 | 7.9 | |||||||||||||||||
19-Nov-13 | 66,300 | 14.14 | 8.9 | |||||||||||||||||
Total | 674,391 | $ | 12.15 | 3.9 | ||||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | Summary of Non-vested Stock Award activity: | |||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
average | average | average | ||||||||||||||||||
Number | exercise | Number | exercise | Number | exercise | |||||||||||||||
of Shares | price | of shares | price | of shares | price | |||||||||||||||
Outstanding at the beginning of the period | 83,290 | $ | 10.99 | 60,390 | $ | 10.33 | 80,190 | $ | 10.32 | |||||||||||
Issued | - | - | 42,700 | 14.14 | - | - | ||||||||||||||
Vested | 28,340 | 11.46 | 19,800 | 10.3 | 19,800 | 10.3 | ||||||||||||||
Forfeited | - | - | - | - | - | - | ||||||||||||||
Outstanding at the end of the period | 54,950 | $ | 10.74 | 83,290 | $ | 10.99 | 60,390 | $ | 10.33 | |||||||||||
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Those assets as of December 31, 2014 which will continue to be measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U.S. Government sponsored entity mortgage-backed securities | $ | - | $ | 80,258 | $ | - | |||||||||||
U.S. Treasury and federal agencies | - | 20,991 | - | ||||||||||||||
Corporate securities | - | 8,839 | - | ||||||||||||||
Equity securities | 28 | - | - | ||||||||||||||
Totals | $ | 28 | $ | 110,088 | $ | - | |||||||||||
Those assets as of December 31, 2013 which will continue to be measured at fair value on a recurring basis are as follows: | |||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U.S. Government sponsored entity mortgage-backed securities | $ | - | $ | 81,659 | $ | - | |||||||||||
U.S. Treasury and federal agencies | - | 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 | |||||||||||||||||
Total | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | (Losses) | |||||||||||||
31-Dec-14 | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 5,640 | $ | - | $ | 3,294 | $ | 2,346 | $ | -735 | |||||||
Real estate owned | 510 | - | 510 | - | -122 | ||||||||||||
31-Dec-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 3,666 | $ | - | $ | 3,666 | $ | - | $ | -17 | |||||||
Real estate owned | 359 | - | 359 | - | -160 | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2014 | ||||||||||||||||
Carrying | Category Used for Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 80,307 | $ | 80,307 | $ | - | $ | - | |||||||||
Investment securities: | |||||||||||||||||
Held to maturity | 1,201 | - | 1,278 | - | |||||||||||||
Available for sale | 110,116 | 28 | 110,088 | - | |||||||||||||
Loans receivable, net | 774,017 | - | 791,095 | - | |||||||||||||
Federal Home Loan Bank stock | 6,039 | - | 6,039 | - | |||||||||||||
Liabilities: | |||||||||||||||||
NOW and other demand deposit accounts | 439,623 | - | 458,328 | - | |||||||||||||
Passbook savings and club accounts | 168,686 | - | 168,893 | - | |||||||||||||
Certificates | 178,769 | - | 179,224 | - | |||||||||||||
Advances from Federal Home Loan Bank | 110,000 | - | 118,777 | - | |||||||||||||
Junior subordinated debenture | 7,217 | - | 7,217 | - | |||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Category Used for Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||
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) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | Summary of Real Estate Owned Activity: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Residential | Commercial | Residential | Commercial | |||||||||||||||||
Property | Property | Total | Property | Property | Total | |||||||||||||||
Balance, January 1, | $ | 296 | $ | 202 | $ | 498 | $ | 412 | $ | 494 | $ | 906 | ||||||||
Transfers into Real Estate Owned | 872 | - | 872 | 781 | 384 | 1,165 | ||||||||||||||
Sales of Real Estate Owned | -559 | -161 | -720 | -897 | -676 | -1,573 | ||||||||||||||
Balance, December 31, | $ | 609 | $ | 41 | $ | 650 | $ | 296 | $ | 202 | $ | 498 | ||||||||
PARENT_ONLY_FINANCIAL_INFORMAT1
PARENT ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
Condensed Financial Statements [Table Text Block] | The following are the condensed financial statements for Ocean Shore Holding Co. (Parent company): | ||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION - PARENT ONLY | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Assets: | |||||||||||
Cash and cash equivilents | $ | 2,380 | $ | 3,685 | |||||||
Investment securities | 1,451 | 4,064 | |||||||||
Investment in subsidiary | 103,518 | 103,541 | |||||||||
Other assets | 5,792 | 5,717 | |||||||||
Total assets | $ | 113,141 | $ | 117,007 | |||||||
Liabilities: | |||||||||||
Junior subordinated debenture | $ | 7,217 | $ | 10,309 | |||||||
Other liabilities | 113 | 475 | |||||||||
Total liabilities | 7,330 | 10,784 | |||||||||
Stockholders' equity | 105,811 | 106,223 | |||||||||
Total liabilities and stockholders' equity | $ | 113,141 | $ | 117,007 | |||||||
Condensed Income Statement [Table Text Block] | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - PARENT ONLY | ||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Interest income | $ | 318 | $ | 419 | $ | 500 | |||||
Interest expense | 804 | 1,192 | 1,341 | ||||||||
Net interest loss | -486 | -773 | -841 | ||||||||
Other Income | 94 | 7 | 15 | ||||||||
Other expenses | 226 | 271 | 147 | ||||||||
Loss before income tax benefit and equity in undistributed earnings in subsidiary | -618 | -1,037 | -973 | ||||||||
Income tax | -210 | -351 | -331 | ||||||||
Loss before equity in undistributed earnings in subsidiary | -408 | -686 | -642 | ||||||||
Dividends distributed from subsidiary | 9,000 | 6,000 | 3,600 | ||||||||
Equity in undistributed earnings of subsidiary | -2,294 | 35 | 2,043 | ||||||||
Net income | $ | 6,298 | $ | 5,349 | $ | 5,001 | |||||
Other comprehensive income, net of tax | |||||||||||
Unrealized gain (loss) on available for sale securities | $ | 1,375 | $ | -2,761 | $ | 675 | |||||
Unrealized (loss) gain on post retirement life benefit | -159 | 138 | -148 | ||||||||
Total other comprehensive income, netof tax | 1,216 | -2,623 | 527 | ||||||||
Total comprehensive income | $ | 7,514 | $ | 2,726 | $ | 5,528 | |||||
Condensed Cash Flow Statement [Table Text Block] | CONDENSED STATEMENTS OF CASH FLOWS - PARENT ONLY | ||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 6,298 | $ | 5,349 | $ | 5,001 | |||||
Equity in undistributed earnings in subsidiary | -6,706 | -6,035 | -5,643 | ||||||||
Net amortization of investment premiums/discounts | 127 | 4 | 4 | ||||||||
Gain on sale/call of investment secruities available for sale | -95 | - | - | ||||||||
Dividends from subsidiary | 9,000 | 6,000 | 3,600 | ||||||||
Premium paid on partial redemption of junior subordinated debt | 54 | - | - | ||||||||
Changes in assets and liabilities which provided (used) cash: | |||||||||||
Accrued interest receivable | 40 | 10 | -1 | ||||||||
Prepaid expenses and other assets | -427 | 86 | 519 | ||||||||
Other liabilities | -127 | -204 | -21 | ||||||||
Intercompany payables | -235 | 413 | - | ||||||||
Net cash provided by operating activities | 7,929 | 5,623 | 3,459 | ||||||||
INVESTING ACTIVITIES: | |||||||||||
Principal repayment of mortgage backed securities held to maturity | 134 | 248 | 342 | ||||||||
Principal repayment of mortgage backed securities available for sale | 75 | 444 | 562 | ||||||||
Principal payments on ESOP loan | 342 | 326 | 311 | ||||||||
Proceeds from sale/call of investment secruities available for sale | 2,383 | 155 | - | ||||||||
Net cash provided by investing activities | 2,934 | 1,173 | 1,215 | ||||||||
FINANCING ACTIVITIES: | |||||||||||
Purchase of treasury stock | -7,473 | -966 | -4,798 | ||||||||
Proceeds from stock options exercised | 67 | 436 | 165 | ||||||||
Dividends paid | -1,616 | -1,667 | -1,725 | ||||||||
Cash used for acquisition, net of cash acquired | - | - | - | ||||||||
Partial redemption of junior subordinated debt | -3,146 | -5,155 | - | ||||||||
Net cash (used in) financing activities | -12,168 | -7,352 | -6,359 | ||||||||
Net increase (decrease) in cash & cash equivalents | -1,305 | -556 | -1,684 | ||||||||
Cash and cash equivalents - beginning | 3,685 | 4,241 | 5,925 | ||||||||
Cash and cash equivalents - ending | $ | 2,380 | $ | 3,685 | $ | 4,241 | |||||
QUARTERLY_FINANCIAL_DATA_unaud1
QUARTERLY FINANCIAL DATA (unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Quarter Ended | |||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||
Total interest income | $ | 8,871 | $ | 8,793 | $ | 8,855 | $ | 8,847 | ||||||
Total interest expense | 1,911 | 1,908 | 1,897 | 1,850 | ||||||||||
Net interest income | 6,960 | 6,885 | 6,958 | 6,997 | ||||||||||
Provision for loan losses | 88 | 50 | 125 | 200 | ||||||||||
Net interest income after provision for loan losses | 6,872 | 6,835 | 6,833 | 6,797 | ||||||||||
Other income | 1,006 | 1,086 | 1,102 | 1,052 | ||||||||||
Other expense | 5,446 | 5,530 | 5,451 | 5,337 | ||||||||||
Income before income taxes | 2,432 | 2,391 | 2,484 | 2,512 | ||||||||||
Income taxes | 845 | 859 | 904 | 914 | ||||||||||
Net income | $ | 1,587 | $ | 1,532 | $ | 1,580 | $ | 1,598 | ||||||
Earnings per share basic (1) | $ | 0.25 | $ | 0.24 | $ | 0.25 | $ | 0.26 | ||||||
Earnings per share diluted (1) | $ | 0.24 | $ | 0.24 | $ | 0.25 | $ | 0.26 | ||||||
(1) Earnings per share are computed independently for each period presented. | ||||||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total interest income | $ | 8,730 | $ | 8,698 | $ | 8,683 | $ | 8,860 | ||||||
Total interest expense | 2,251 | 2,168 | 2,102 | 1,990 | ||||||||||
Net interest income | 6,479 | 6,530 | 6,581 | 6,870 | ||||||||||
Provision for loan losses | 202 | 192 | 186 | 177 | ||||||||||
Net interest income after provision for loan losses | 6,277 | 6,338 | 6,395 | 6,693 | ||||||||||
Other income | 1,102 | 1,125 | 1,128 | 1,108 | ||||||||||
Other expense | 5,470 | 5,449 | 5,503 | 5,550 | ||||||||||
Income before income taxes | 1,909 | 2,014 | 2,020 | 2,251 | ||||||||||
Income taxes | 729 | 655 | 696 | 765 | ||||||||||
Net income | $ | 1,180 | $ | 1,359 | $ | 1,324 | $ | 1,486 | ||||||
Earnings per share basic (1) | $ | 0.18 | $ | 0.21 | $ | 0.2 | $ | 0.23 | ||||||
Earnings per share diluted (1) | $ | 0.18 | $ | 0.21 | $ | 0.2 | $ | 0.22 | ||||||
(1) Earnings per share are computed independently for each period presented. | ||||||||||||||
BASIS_OF_PRESENTATION_AND_SUMM3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized holding loss on securities available for sale during the period, Pre-tax | ($2,184) | ||
Reclassification adjustment for net gains included in net income, Pre-tax | 95 | ||
Net unrealized loss on securities available for sale, Pre-tax | -2,089 | ||
Unrealized holding loss on securities available for sale during the period, Tax | -923 | -1,854 | 426 |
Reclassification adjustment for net gains included in net income, Tax | 923 | -1,854 | |
Net unrealized loss on securities available for sale, Tax | 807 | ||
Unrealized holding loss on securities available for sale during the period, After-tax | 1,375 | -2,761 | 675 |
Reclassification adjustment for net gains included in net income, After-tax | 61 | ||
Net unrealized loss on securities available for sale, After-tax | ($1,282) |
BASIS_OF_PRESENTATION_AND_SUMM4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Unrealized (Loss) on Available for Sale Securities, Beginning balance | ($2,761) | $104 | |
Unrealized Gains (Loss) on AFS Securities - Current-period change | 1,375 | -2,761 | 675 |
Unrealized Gains(Loss) on AFS Securities - Tax Benefit | -923 | -1,854 | 426 |
Unrealized (Loss) on Available for Sale Securities, Ending Balance | -1,282 | -2,761 | 104 |
Loss on Post Retirement Life Benefit, Beginning balance | -10 | -148 | |
Unrealized Loss on Post Retirement Life - Current-period change | -159 | 138 | |
Unrealized Loss on Post Retirement Life -Tax Benefit | 0 | 0 | |
Loss on Post Retirement Life Benefit, Ending Balance | -169 | -10 | -148 |
Accumulated Other Comprehensive Income - Beginning balance | -2,667 | -44 | |
Accumulated Other Comprehensive Income - Current-period change | 2,243 | -4,581 | |
Accumulated Other Comprehensive Income - Tax Benefit | -923 | 1,854 | |
Accumulated Other Comprehensive Loss, Ending Balance | ($1,451) | ($2,667) | ($44) |
BASIS_OF_PRESENTATION_AND_SUMM5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Fair value of options granted during the year (in doallrs per share) | $2.56 | $2.90 |
Risk-free rate of return | 1.00% | 0.97% |
Expected term in months | 72 months | 72 months |
Expected volatility | 29.00% | 35.00% |
Expected dividends | $0.24 | $0.24 |
BASIS_OF_PRESENTATION_AND_SUMM6
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2011 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Treasury Stock, Shares | 914,246 | 404,238 | ||||||
Treasury Stock, Value | $12,678,000 | $5,304,000 | ||||||
Available-For-Sale Securities | 110,116,000 | 125,389,000 | ||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | 84,000,000 | |||||||
Stock Repurchased During Period, Shares | 515,817 | |||||||
Par Value Of Stock Repurchased | $14.49 | |||||||
Stock Repurchased During Period, Value | 7,500,000 | |||||||
Shares Paid for Tax Withholding for Share Based Compensation | 5,809 | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | 67,000 | |||||||
Par Value Of Federal Home Loans Stock Sold | $100 | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 10 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 674,391 | 680,200 | 649,313 | 650,804 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | 0 | -3,798 | |||||
Number of shares, Exercised (in shares) | -5,809 | -35,413 | -15,193 | |||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 292,500 | 326,767 | ||||||
Interest Rate Option Description | 20% per year over five years | |||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ($923,000) | ($1,854,000) | $426,000 | |||||
Equity Plan 2010 [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 19,000 | 3,516 | 3,517 | 54,077 | ||||
Number of shares, Exercised (in shares) | 56,415 |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Held to Maturity | ||
Held to Maturity, Amortized Cost | $1,201 | $3,312 |
Held to Maturity, Gross Unrealized Gain | 77 | 90 |
Held to Maturity, Gross Unrealized Loss | 0 | 0 |
Held to Maturity, Estimated Fair Value | 1,278 | 3,402 |
Available for Sale | ||
Available for Sale, Amortized Cost | 112,205 | 129,776 |
Available for Sale, Gross Unrealized Gain | 408 | 574 |
Available for Sale, Gross Unrealized Loss | -2,497 | -4,961 |
Available for Sale, Estimated Fair Value | 110,116 | 125,389 |
US treasury and government sponsored entity mortgage-backed securities | ||
Held to Maturity | ||
Held to Maturity, Amortized Cost | 707 | 984 |
Held to Maturity, Gross Unrealized Gain | 77 | 90 |
Held to Maturity, Gross Unrealized Loss | 0 | 0 |
Held to Maturity, Estimated Fair Value | 784 | 1,074 |
Available for Sale | ||
Available for Sale, Amortized Cost | 81,383 | 83,187 |
Available for Sale, Gross Unrealized Gain | 278 | 392 |
Available for Sale, Gross Unrealized Loss | -1,403 | -1,920 |
Available for Sale, Estimated Fair Value | 80,258 | 81,659 |
Corporate Debt Securities [Member] | ||
Available for Sale | ||
Available for Sale, Amortized Cost | 9,596 | 11,551 |
Available for Sale, Gross Unrealized Gain | 99 | 155 |
Available for Sale, Gross Unrealized Loss | -856 | -909 |
Available for Sale, Estimated Fair Value | 8,839 | 10,797 |
U.S. Treasury and federal agencies [Member] | ||
Available for Sale | ||
Available for Sale, Amortized Cost | 21,223 | 35,035 |
Available for Sale, Gross Unrealized Gain | 6 | 0 |
Available for Sale, Gross Unrealized Loss | -238 | -2,132 |
Available for Sale, Estimated Fair Value | 20,991 | 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 |
Debt Securities - Municipal | ||
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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | $15,123 | $102,024 |
Less Than 12 Months, Gross Unrealized Loss | -22 | -3,731 |
12 Months or Longer, Estimated Fair Value | 78,613 | 9,952 |
12 Months or Longer, Gross Unrealized Loss | -2,475 | -1,230 |
Estimated Fair Value, Total | 93,736 | 111,976 |
Gross Unrealizd Loss, Total | -2,497 | -4,961 |
US Treasury and government sponsored entity mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 10,133 | 74,803 |
Less Than 12 Months, Gross Unrealized Loss | -17 | -1,917 |
12 Months or Longer, Estimated Fair Value | 66,020 | 474 |
12 Months or Longer, Gross Unrealized Loss | -1,386 | -3 |
Estimated Fair Value, Total | 76,153 | 75,277 |
Gross Unrealizd Loss, Total | -1,403 | -1,920 |
Corporate | ||
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 | 2,826 | 3,796 |
12 Months or Longer, Gross Unrealized Loss | -856 | -909 |
Estimated Fair Value, Total | 2,826 | 3,796 |
Gross Unrealizd Loss, Total | -856 | -909 |
US treasuries and federal agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 4,990 | 27,221 |
Less Than 12 Months, Gross Unrealized Loss | -5 | -1,814 |
12 Months or Longer, Estimated Fair Value | 9,767 | 5,682 |
12 Months or Longer, Gross Unrealized Loss | -233 | -318 |
Estimated Fair Value, Total | 14,757 | 32,903 |
Gross Unrealizd Loss, Total | ($238) | ($2,132) |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details 2) (USD $) | Dec. 31, 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 | $2,328 |
Held to Maturity, Estimated Fair Value, Due within 1 year | 494 | 2,328 |
Held to Maturity, Amortized Cost, Due after 1 year through 5 years | 0 | 0 |
Held to Maturity, Estimated Fair Value, Due after 1 year through 5 years | 0 | 0 |
Held to Maturity, Amortized Cost, Due after 5 years through 10 years | 0 | 0 |
Held to Maturity, Estimated Fair Value, Due after 5 years through 10 years | 0 | 0 |
Held to Maturity, Amortized Cost, Due after 10 years | 0 | 0 |
Held to Maturity, Estimated Fair Value, Due after 10 years | 0 | 0 |
Held to Maturity, Amortized Cost, Total | 1,201 | 3,312 |
Held to Maturity, Estimated Fair Value, Total | 1,278 | 3,402 |
Available for Sale Securities, Amortized Cost, Due within 1 year | 0 | 1,000 |
Available for Sale Securities, Estimated Fair Value, Due within 1 year | 0 | 1,001 |
Available for Sale Securities, Amortized Cost, Due after 1 year through 5 years | 5,948 | 5,880 |
Available for Sale Securities, Estimated Fair Value, Due after 1 year through 5 years | 6,047 | 6,035 |
Available for Sale Securities, Amortized Cost, Due after 5 years through 10 years | 11,189 | 15,000 |
Available for Sale Securities, Estimated Fair Value, Due after 5 years through 10 years | 11,190 | 14,423 |
Available for Sale Securities, Amortized Cost, Due after 10 years | 13,683 | 24,705 |
Available for Sale Securities, Estimated Fair Value, Due after 10 years | 12,593 | 22,241 |
Available for Sale Securities, Amortized Cost, Total | 30,820 | 46,585 |
Available for Sale Securities, Estimated Fair Value, Total | $29,830 | $43,700 |
INVESTMENT_SECURITIES_Details_2
INVESTMENT SECURITIES (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Loss, Percentage Amortized Cost | 23.30% | 23.30% |
Available-for-sale Equity Securities, Amortized Cost Basis | $3,000 | $3,000 |
Trading Securities, Fair Value Disclosure | 28,000 | 30,000 |
Mortgage-backed Securities, Amortized Cost | 82,100,000 | 84,200,000 |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 81,000,000 | 82,700,000 |
Available-For-Sale Securities | $110,116,000 | $125,389,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Loss, Percentage Amortized Cost | 2.10% | 5.00% |
LOANS_RECEIVABLENET_Details
LOANS RECEIVABLE-NET (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate - mortgage: | ||
Total real estate-mortgage | $677,177 | $636,667 |
Real estate - construction: | ||
Total real estate - construction | 20,171 | 27,623 |
Commercial | 22,277 | 23,445 |
Consumer: | ||
Total consumer loans | 54,656 | 57,995 |
Total loans | 774,281 | 745,730 |
Net deferred loan cost | 3,496 | 3,271 |
Allowance for loan losses | -3,760 | -4,199 |
Net total loans | 774,017 | 744,802 |
Home Equity [Member] | ||
Consumer: | ||
Total consumer loans | 54,279 | 57,367 |
One To Four Family Residential [Member] | ||
Real estate - mortgage: | ||
Total real estate-mortgage | 587,399 | 545,812 |
Consumer: | ||
Total loans | 587,399 | 545,812 |
Commercial and Multi Family [Member] | ||
Real estate - mortgage: | ||
Total real estate-mortgage | 89,778 | 90,855 |
Consumer: | ||
Total loans | 89,778 | 90,855 |
Residential [Member] | ||
Real estate - construction: | ||
Total real estate - construction | 16,030 | 25,113 |
Commercial Loan [Member] | ||
Real estate - construction: | ||
Total real estate - construction | 4,141 | 2,510 |
Consumer: | ||
Total loans | 22,277 | 23,445 |
Other Consumer Loans [Member] | ||
Consumer: | ||
Total consumer loans | $377 | $628 |
LOANS_RECEIVABLENET_Details_1
LOANS RECEIVABLE-NET (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance, beginning of period | $4,199 | $3,997 | $3,762 |
Provision for loan loss | 462 | 757 | 893 |
Charge-offs | -977 | -568 | -691 |
Recoveries | 76 | 13 | 33 |
Balance, end of period | $3,760 | $4,199 | $3,997 |
LOANS_RECEIVABLENET_Details_2
LOANS RECEIVABLE-NET (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $5,575 | $4,755 |
Troubled debt restructuring, non-accrual | 694 | 316 |
Total non-performing loans | 6,269 | 5,071 |
Real estate owned | 650 | 498 |
Total non-performing assets | 6,919 | 5,569 |
One To Four Family Residential [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 3,626 | 3,618 |
Commercial and Multi Family [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 803 | 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 | 502 | 674 |
Construction [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $143 | $0 |
LOANS_RECEIVABLENET_Details_3
LOANS RECEIVABLE-NET (Details 3) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractual Receivable Amount, Beginning Balance | $50,837 |
Contractual Receivable Amount, Principal Reductions | -6,062 |
Contractual Receivable Amount, Charge-offs, net | -559 |
Contractual Receivable Amount, Accretion of loan discount (premium) | 0 |
Contractual Receivable Amount, Transfer between nonaccretable and accretable yield | 0 |
Contractual Receivable Amount, Settlement Adjustments | 0 |
Contractual Receivable Amount, Ending Balance | 44,216 |
Nonaccretable (Yield) / Premium, Beginning Balance | -3,099 |
Nonaccretable (Yield) / Premium, Principal Reductions | 0 |
Nonaccretable (Yield) / Premium, Charge-offs, net | 559 |
Nonaccretable (Yield) / Premium, Accretion of loan discount (premium) | 0 |
Nonaccretable (Yield) / Transfer between nonaccretable and accretable yield | 0 |
Nonaccretable (Yield) / Settlement Adjustments | 0 |
Nonaccretable (Yield) / Premium, Ending Balance | -2,540 |
Accretable (Yield) / Premuim, Beginning Balance | 746 |
Accretable (Yield) / Premium, Principal Reductions | 0 |
Accretable (Yield) / Premium, Charge-offs, net | 0 |
Accretable (Yield) / Premium, Accretion of loan discount (premium) | -204 |
Accretable (Yield) / Transfer between nonaccretable and accretable yield | 0 |
Accretable (Yield) / Settlement Adjustments | 0 |
Accretable (Yield) / Premuim, Ending Balance | 542 |
Carrying Amount, Beginning Balance | 48,484 |
Carrying Amount, Principal Reductions | -6,062 |
Carrying Amount, Charge-offs, net | 0 |
Carrying Amount, Accretion of loan discount (premium) | -204 |
Carrying Amount, Transfer between nonaccretable and accretable yield | 0 |
Carrying Amount, Settlement Adjustments | 0 |
Carrying Amount, Ending Balance | $42,218 |
LOANS_RECEIVABLENET_Details_4
LOANS RECEIVABLE-NET (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate | ||
30-59 Days Past Due | $3,639 | $1,537 |
60-89 Days Past Due | 5 | 50 |
Greater Than 90 Days | 6,269 | 4,837 |
Total Past Due | 9,913 | 6,424 |
Current | 764,368 | 739,306 |
Total Loans Receivables | 774,281 | 745,730 |
One To Four family residential [Member] | ||
Real estate | ||
30-59 Days Past Due | 2,323 | 1,271 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 4,255 | 3,427 |
Total Past Due | 6,578 | 4,698 |
Current | 580,821 | 541,114 |
Total Loans Receivables | 587,399 | 545,812 |
Commercial and multi-family [Member] | ||
Real estate | ||
30-59 Days Past Due | 831 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 803 | 763 |
Total Past Due | 1,634 | 763 |
Current | 88,144 | 90,092 |
Total Loans Receivables | 89,778 | 90,855 |
Construction [Member] | ||
Real estate | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 143 | 0 |
Total Past Due | 143 | 0 |
Current | 20,028 | 27,623 |
Total Loans Receivables | 20,171 | 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 | 21,776 | 23,445 |
Total Loans Receivables | 22,277 | 23,445 |
Consumer Loan [Member] | ||
Real estate | ||
30-59 Days Past Due | 485 | 266 |
60-89 Days Past Due | 5 | 50 |
Greater Than 90 Days | 567 | 647 |
Total Past Due | 1,057 | 963 |
Current | 53,599 | 57,032 |
Total Loans Receivables | $54,656 | $57,995 |
LOANS_RECEIVABLENET_Details_5
LOANS RECEIVABLE-NET (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 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 | $4,585 | $2,707 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 4,622 | 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 | 139 | 193 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 5,787 | 3,127 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 6,138 | 3,166 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 721 | 396 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 340 | 284 |
Recorded Investment | 10,372 | 5,834 |
Unpaid Principal Balance | 10,760 | 5,910 |
Related Allowance | 721 | 396 |
Average Recorded Investment | 207 | 233 |
Commercial and Multi Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 1,324 | 465 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 1,324 | 463 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 265 | 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 | 1,324 | 465 |
Unpaid Principal Balance | 1,324 | 463 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 265 | 463 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 143 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 143 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 143 | 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 | 143 | 0 |
Unpaid Principal Balance | 143 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 143 | 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 | 702 | 0 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 702 | 0 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 254 | 0 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 351 | 0 |
Recorded Investment | 702 | 0 |
Unpaid Principal Balance | 702 | 0 |
Related Allowance | 254 | 0 |
Average Recorded Investment | 351 | 0 |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 970 | 674 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 970 | 674 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 57 | 61 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 181 | 121 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 181 | 121 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 55 | 21 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 90 | 121 |
Recorded Investment | 1,151 | 795 |
Unpaid Principal Balance | 1,151 | 795 |
Related Allowance | 55 | 21 |
Average Recorded Investment | $61 | $66 |
LOANS_RECEIVABLENET_Details_6
LOANS RECEIVABLE-NET (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Contracts | Contracts | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Recorded Investment, Number of Contracts | 13 | 7 |
Outstanding Recorded Investment, Pre-Modification | $3,823 | $2,337 |
Outstanding Recorded Investment, Post-Modification | 3,823 | 2,337 |
One To Four Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Recorded Investment, Number of Contracts | 8 | 6 |
Outstanding Recorded Investment, Pre-Modification | 3,335 | 2,216 |
Outstanding Recorded Investment, Post-Modification | 3,335 | 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 | 287 | 121 |
Outstanding Recorded Investment, Post-Modification | 287 | 121 |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Recorded Investment, Number of Contracts | 1 | |
Outstanding Recorded Investment, Pre-Modification | 201 | |
Outstanding Recorded Investment, Post-Modification | $201 |
LOANS_RECEIVABLENET_Details_7
LOANS RECEIVABLE-NET (Details 7) (USD $) | Dec. 31, 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 | $13,318 | $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 | 3,948 | 3,692 |
One To Four Family Residential [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 9,370 | 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 | 4,582 | 4,274 |
Commercial and Multi Family [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 572 | 629 |
Commercial and Multi Family [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 4,010 | 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 | 143 | 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 | 143 | 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 | 1,103 | 755 |
Commercial Loan [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 444 | 90 |
Commercial Loan [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 659 | 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 | 2,118 | 1,940 |
Consumer Loan [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 915 | 1,040 |
Consumer Loan [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 1,189 | 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | $774,281 | $745,730 |
One To Four Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 587,399 | 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 | 583,773 | 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 | 3,626 | 3,934 |
Commercial and Multi Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 89,778 | 90,855 |
Commercial and Multi Family [Member] | Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 88,975 | 90,392 |
Commercial and Multi Family [Member] | Nonperforming Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 803 | 463 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 20,171 | 27,623 |
Construction [Member] | Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 20,028 | 27,623 |
Construction [Member] | Nonperforming Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 143 | 0 |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 22,277 | 23,445 |
Commercial Loan [Member] | Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 21,776 | 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 | 54,656 | 57,995 |
Consumer Loan [Member] | Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | 54,154 | 57,321 |
Consumer Loan [Member] | Nonperforming Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit risk profile of loans | $502 | $674 |
LOANS_RECEIVABLENET_Details_9
LOANS RECEIVABLE-NET (Details 9) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
Allowance for credit losses: | |||
Balance, beginning of period | $4,199 | $3,997 | $3,762 |
Charge-offs | -977 | -567 | |
Recoveries | 76 | 12 | |
Provision for loan losses | 462 | 757 | |
Balance, end of period | 3,760 | 4,199 | 3,762 |
Ending balance: individually evaluated for impairment | 1,030 | 417 | |
Ending balance: collectively evaluated for impariment | 2,730 | 3,782 | |
Loan Receivables: | |||
Ending balance | 774,281 | 745,730 | |
Ending balance: individually evaluated for impairment | 13,692 | 6,817 | |
Ending balance: collectively evaluated for impariment | 760,589 | 738,913 | |
One To Four Family Residential [Member] | |||
Allowance for credit losses: | |||
Balance, beginning of period | 2,981 | 2,585 | |
Charge-offs | -538 | -393 | |
Recoveries | 1 | 0 | |
Provision for loan losses | -126 | 789 | |
Balance, end of period | 2,318 | 2,981 | |
Ending balance: individually evaluated for impairment | 721 | 396 | |
Ending balance: collectively evaluated for impariment | 1,597 | 2,585 | |
Loan Receivables: | |||
Ending balance | 587,399 | 545,812 | |
Ending balance: individually evaluated for impairment | 10,372 | 5,559 | |
Ending balance: collectively evaluated for impariment | 577,027 | 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 | 74 | 121 | |
Balance, end of period | 625 | 551 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impariment | 625 | 551 | |
Loan Receivables: | |||
Ending balance | 89,778 | 90,855 | |
Ending balance: individually evaluated for impairment | 1,324 | 0 | |
Ending balance: collectively evaluated for impariment | 88,454 | 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 | -52 | -102 | |
Balance, end of period | 33 | 85 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impariment | 33 | 85 | |
Loan Receivables: | |||
Ending balance | 20,171 | 27,623 | |
Ending balance: individually evaluated for impairment | 143 | 0 | |
Ending balance: collectively evaluated for impariment | 20,028 | 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 | 75 | 19 | |
Balance, end of period | 380 | 230 | |
Ending balance: individually evaluated for impairment | 254 | 0 | |
Ending balance: collectively evaluated for impariment | 126 | 230 | |
Loan Receivables: | |||
Ending balance | 22,277 | 23,445 | |
Ending balance: individually evaluated for impairment | 702 | 463 | |
Ending balance: collectively evaluated for impariment | 21,575 | 22,982 | |
Consumer Loan [Member] | |||
Allowance for credit losses: | |||
Balance, beginning of period | 352 | 430 | |
Charge-offs | -439 | -20 | |
Recoveries | 0 | 12 | |
Provision for loan losses | 491 | -70 | |
Balance, end of period | 404 | 352 | |
Ending balance: individually evaluated for impairment | 55 | 21 | |
Ending balance: collectively evaluated for impariment | 349 | 331 | |
Loan Receivables: | |||
Ending balance | 54,656 | 57,995 | |
Ending balance: individually evaluated for impairment | 1,151 | 795 | |
Ending balance: collectively evaluated for impariment | $53,505 | $57,200 |
LOANS_RECEIVABLENET_Details_10
LOANS RECEIVABLE-NET (Details 10) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance, beginning of year | $4,749 | $4,626 | $5,432 |
Additions | 295 | 672 | 260 |
Repayments and other | -972 | -549 | -1,066 |
Balance, end of year | $4,072 | $4,749 | $4,626 |
LOANS_RECEIVABLENET_Details_Te
LOANS RECEIVABLE-NET (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructuring, Carrying Value | $3,800,000 | $2,300,000 | |
Troubled Debt Restructuring, Reserved | 495,000 | 224,000 | |
Loans Receivable with Fixed Rates of Interest | 567,600,000 | 549,600,000 | |
Loans Receivable with Variable Rates of Interest | 206,700,000 | 196,100,000 | |
Interest Receivable, Loans | 2,304,000 | 2,391,000 | |
Reserved For Interest Amount Of Delinquent Loans | 423,000 | 262,000 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 6,300,000 | 5,100,000 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 694,000 | 316,000 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $650,000 | $498,000 | $906,000 |
OFFICE_PROPERTIES_AND_EQUIPMEN2
OFFICE PROPERTIES AND EQUIPMENT-NET (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Land | $3,465 | $3,465 |
Buildings and improvements | 13,986 | 13,746 |
Furniture and equipment | 7,211 | 7,541 |
Total | 24,662 | 24,752 |
Accumulated depreciation | -11,792 | -11,609 |
Net | $12,870 | $13,143 |
OFFICE_PROPERTIES_AND_EQUIPMEN3
OFFICE PROPERTIES AND EQUIPMENT-NET (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Depletion and Amortization | $934 | $935 | $1,000 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ||
NOW and other demand deposit accounts | $439,623 | $419,608 |
Passbook savings and club accounts | 168,686 | 170,660 |
Subtotal | 608,309 | 590,268 |
Certificates with original maturities: | ||
Within one year | 42,821 | 68,941 |
One to three years | 113,927 | 95,397 |
Three years and beyond | 22,021 | 26,041 |
Total certificates | 178,769 | 190,379 |
Total | $787,078 | $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 | 0.29% | 0.41% |
Weighted Average Interest Rate, One to three years | 0.92% | 1.39% |
Weighted Average Interest Rate, Three years and beyond | 1.73% | 2.56% |
DEPOSITS_Details_Textual
DEPOSITS (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $62,800,000 | $68,800,000 |
Cash, Uninsured Amount | 250,000 | |
Municipal Demand Deposits, $100000 or More | $181,000,000 | $164,200,000 |
ADVANCES_FROM_FEDERAL_HOME_LOA2
ADVANCES FROM FEDERAL HOME LOAN BANK OF NEW YORK (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Advances from Federal Home Loan Banks | $110,000 | $110,000 |
December 17 2014 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.77% | |
Advances from Federal Home Loan Banks | 0 | 15,000 |
December 17 2015 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.61% | |
Advances from Federal Home Loan Banks | 15,000 | 0 |
December 21 2015 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 4.54% | |
Advances from Federal Home Loan Banks | 5,000 | 5,000 |
April 11 2016 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 4.80% | |
Advances from Federal Home Loan Banks | 10,000 | 10,000 |
November 16 2017 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.88% | |
Advances from Federal Home Loan Banks | 20,000 | 20,000 |
January 14 2022 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.69% | |
Advances from Federal Home Loan Banks | 10,000 | 10,000 |
August 22 2022 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.50% | |
Advances from Federal Home Loan Banks | 10,000 | 10,000 |
October 24 2022 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.77% | |
Advances from Federal Home Loan Banks | 20,000 | 20,000 |
February 27 2023 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.41% | |
Advances from Federal Home Loan Banks | 10,000 | 10,000 |
April 3 2023 [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.16% | |
Advances from Federal Home Loan Banks | $10,000 | $10,000 |
ADVANCES_FROM_FEDERAL_HOME_LOA3
ADVANCES FROM FEDERAL HOME LOAN BANK OF NEW YORK (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Weighted average balance during the period | $110,000 | $110,000 |
Maximum month-end balance during the period | 110,000 | 110,000 |
Balance outstanding at the end of the period | $110,000 | $110,000 |
Weighted average interest rate during the period | 3.83% | 3.88% |
Weighted average interest rate at the end of the period | 3.37% | 3.80% |
ADVANCES_FROM_FEDERAL_HOME_LOA4
ADVANCES FROM FEDERAL HOME LOAN BANK OF NEW YORK (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value | $415.70 | $389.70 |
Line of Credit Facility, Maximum Borrowing Capacity | 295.7 | 279.7 |
Federal Home Loan Bank Advances | $30 | |
Maximum [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 4.15% | |
Minimum [Member] | ||
Advances From Federal Home Loan Bank Of New York [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.42% |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Federal | $3,995 | $1,221 | $2,783 | ||||||||
State | 592 | 17 | 1,010 | ||||||||
Total current tax provision | 4,587 | 1,238 | 3,793 | ||||||||
Deferred: | |||||||||||
Federal | -835 | 1,324 | -396 | ||||||||
State | -230 | 283 | -217 | ||||||||
Total deferred tax provision (benefit) | -1,065 | 1,607 | -613 | ||||||||
Total income taxes | $914 | $904 | $859 | $845 | $765 | $696 | $655 | $729 | $3,522 | $2,845 | $3,180 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||||||||||
Income tax expense at statutory rate (in dollars) | $3,338 | $2,783 | $2,782 | ||||||||
State income taxes, net of federal benefit (in dollars) | 239 | 197 | 523 | ||||||||
Changes in taxes resulting from: | |||||||||||
Tax exempt income (in dollars) | -217 | -247 | -223 | ||||||||
Non-deductible expenses (in dollars) | 162 | 112 | 98 | ||||||||
Total income taxes | $914 | $904 | $859 | $845 | $765 | $696 | $655 | $729 | $3,522 | $2,845 | $3,180 |
Income tax expense at statutory rate | 34.00% | 34.00% | 34.00% | ||||||||
State income taxes, net of federal benefit | 2.40% | 2.50% | 6.40% | ||||||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent [Abstract] | |||||||||||
Tax exempt income | -2.20% | -3.10% | -2.70% | ||||||||
Non-deductible expenses | 1.70% | 1.30% | 1.20% | ||||||||
Total | 35.90% | 34.70% | 38.90% |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Unrealized (gain) loss on available for sale securities | $807 | $1,730 | ($124) |
Allowance for loan losses | 1,502 | 1,677 | 1,597 |
Nonperforming loans | 0 | 0 | 0 |
Deferred compensation | 387 | 371 | 377 |
Employee benefits | 2,257 | 2,023 | 1,777 |
Other than temporary impairment | 1,020 | 1,020 | 1,020 |
Property | 4 | -122 | -172 |
Purchase accounting | 893 | 1,000 | 972 |
Other | 47 | 81 | 85 |
Total deferred tax assets | 6,917 | 7,780 | 5,532 |
Deferred tax liabilities: | |||
Deferred loan fees | -1,203 | -1,257 | -1,172 |
Servicing | -1 | -2 | -2 |
IRC Section 475 mark-to-market | -651 | -1,602 | 314 |
Total deferred tax liabilities | -1,855 | -2,861 | -860 |
Net deferred tax asset | $5,062 | $4,919 | $4,672 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Line Items] | ||
Increase (Decrease) in Deferred Income Taxes | $2.40 | $2.40 |
JUNIOR_SUBORDINATED_DEBENTURES1
JUNIOR SUBORDINATED DEBENTURES (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Sep. 05, 2014 | Sep. 05, 2014 | Aug. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subordinated Borrowing [Line Items] | ||||||
Premium paid on partial redemption of junior subordinated debt | $54,000 | ($54,000) | ($112,000) | $0 | ||
Redeemable Capital Securities | 3,100,000 | 5,200,000 | ||||
Capital Securities Outstanding | 7,200,000 | 10,300,000 | ||||
Ocean Shore Capital Trust I [Member] | ||||||
Subordinated Borrowing [Line Items] | ||||||
Issuance Of Capital Securities Percentage | 8.67% | |||||
Proceeds From Sale Of Capital Securities | 15,500,000 | |||||
Junior Subordinated Deferrable Interest Debentures | 8.67% | |||||
Maturity Date Of Capital Securities | 15-Jul-28 | |||||
Proceeds from Issuance of Mandatory Redeemable Capital Securities | 15,000,000 | |||||
Auction Market Preferred Securities, Stock Series, Liquidation Value | $1,000 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Line Items] | |
2015 | $154 |
2016 | 160 |
2017 | 165 |
2018 | 172 |
2019 | 178 |
Thereafter | 460 |
Total | $1,289 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments And Contingencies [Line Items] | |||
Commitments Outstanding | $28,400,000 | ||
Proceeds from Lines of Credit | 46,400,000 | ||
Operating Leases, Rent Expense, Net | 217,000 | 261,000 | 252,000 |
Payments for Restructuring | $100,000 | $100,000 | |
Annual Compensation Description | 2 or 3 years | ||
Minimum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
Line of Credit Facility, Interest Rate During Period | 3.00% | ||
Maximum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Line of Credit Facility, Interest Rate During Period | 6.50% |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Earning Per Share [Line Items] | |||||||||||||||||||
Numerator - Net Income | $1,598 | $1,580 | $1,532 | $1,587 | $1,486 | $1,324 | $1,359 | $1,180 | $6,298 | $5,349 | $5,001 | ||||||||
Denominators: | |||||||||||||||||||
Basic average shares outstanding (in shares) | 6,266,344 | 6,520,951 | 6,652,537 | ||||||||||||||||
Net effect of dilutive common stock equivalents (in shares) | 134,460 | 86,158 | 62,867 | ||||||||||||||||
Diluted average shares outstanding (in shares) | 6,400,804 | 6,607,109 | 6,715,404 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||
Basic (in dollars per share) | $0.26 | [1] | $0.25 | [1] | $0.24 | [1] | $0.25 | [1] | $0.23 | [1] | $0.20 | [1] | $0.21 | [1] | $0.18 | [1] | $1 | $0.82 | $0.75 |
Diluted (in dollars per share) | $0.26 | [1] | $0.25 | [1] | $0.24 | [1] | $0.24 | [1] | $0.22 | [1] | $0.20 | [1] | $0.21 | [1] | $0.18 | [1] | $0.98 | $0.81 | $0.74 |
[1] | Earnings per share are computed independently for each period presented. Consequently, the sum of the quarters may not equal the total earnings per share for the year. |
EARNINGS_PER_SHARE_Details_Tex
EARNINGS PER SHARE (Details Textual) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 612,406 | 605,803 | 610,828 |
REGULATORY_CAPITAL_REQUIREMENT2
REGULATORY CAPITAL REQUIREMENTS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tangible Capital Actual (in dollars) | ||
Tangible Capital Actual (in dollars) | $99,286 | $100,396 |
Tier 1 leverage capital Actual (in dollars) | 99,286 | 100,396 |
Tier 1 risk-based capital Actual (in dollars) | 99,286 | 100,396 |
Total risk-based capital Actual (in dollars) | 102,026 | 104,187 |
Tangible capital Required For Capital Adequacy Purposes (in dollars) | 15,226 | 15,120 |
Tier 1 leverage capital Required For Capital Adequacy Purposes (in dollars) | 40,603 | 40,320 |
Tier 1 risk-based capital Required For Capital Adequacy Purposes (in dollars) | 21,207 | 21,081 |
Total risk-based capital Required For Capital Adequacy Purposes (in dollars) | 42,414 | 42,160 |
Tier 1 leverage capital Required, Considered Well Capitalized Under Prompt Corrective Action Provisions (in dollars) | 60,905 | 60,480 |
Tier 1 risk-based capital Required, Considered Well Capitalized Under Prompt Corrective Action Provisions (in dollars) | 31,810 | 31,621 |
Total risk-based capital Required, Considered Well Capitalized Under Prompt Corrective Action Provisions (in dollars) | $53,017 | $52,700 |
Tangible Capital Actual | 9.78% | 9.96% |
Tier 1 leverage capital Actual | 9.78% | 9.96% |
Tier 1 risk-based capital Actual | 18.73% | 19.05% |
Total risk-based capital Actual | 19.24% | 19.77% |
Tangible capital Required For Capital Adequacy Purposes | 1.50% | 1.50% |
Tier 1 leverage capital Required For Capital Adequacy Purposes | 4.00% | 4.00% |
Tier 1 risk-based capital Required For Capital Adequacy Purposes | 4.00% | 4.00% |
Total risk-based capital Required For Capital Adequacy Purposes | 8.00% | 8.00% |
Tier 1 leverage capital Required, Considered Well Capitalized Under Prompt Corrective Action Provisions | 6.00% | 6.00% |
Tier 1 risk-based capital Required, Considered Well Capitalized Under Prompt Corrective Action Provisions | 6.00% | 6.00% |
Total risk-based capital Required, Considered Well Capitalized Under Prompt Corrective Action Provisions | 10.00% | 10.00% |
REGULATORY_CAPITAL_REQUIREMENT3
REGULATORY CAPITAL REQUIREMENTS (Details Textual) (Parent Company [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Proceeds from Dividends Received | $9 | $6 |
BENEFIT_PLANS_Details
BENEFIT PLANS (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
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 | 650,804 | |
Number of shares, Granted (in shares) | 0 | 66,300 | 17,500 | |
Number of shares, Exercised (in shares) | -5,809 | -35,413 | -15,193 | |
Number of shares, Exercised (in shares) | 0 | 0 | -3,798 | |
Number of shares, Outstanding at the end of the period (in shares) | 674,391 | 680,200 | 649,313 | |
Number of shares, Exercisable at the end of the period (In Shares) | 541,222 | 471,686 | 441,206 | |
Number of shares, Stock options vested or expected to vest (in shares) | 606,952 | [1] | ||
Weighted average exercise price, Outstanding at the beginning of the period (in dollars per share) | $12.14 | $11.50 | $11.90 | |
Weighted average exercise price, Granted (in dollars per share) | $0 | $14.14 | $13.10 | |
Weighted average exercise price, Exercised (in dollars per share) | $11.49 | $12.30 | $10.87 | |
Weighted average exercise price, Forfeited (in dollars per share) | $0 | $0 | $12.86 | |
Weighted average exercise price, Outstanding at the end of the period (in dollars per share) | $12.15 | $12.14 | $11.50 | |
Weighted average exercise price, Exercisable at the end of the period (In Shares) | $12.12 | $12.24 | $12.48 | |
Weighted average exercise price, Stock options vested or expected to vest (in dollars per share) | $12.15 | [1] | ||
[1] | Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. |
BENEFIT_PLANS_Details_1
BENEFIT PLANS (Details 1) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number of Shares (in shares) | 674,391 | 680,200 | 649,313 | 650,804 |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $12.15 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 3 years 10 months 24 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 (in years) | 7 months 6 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 (in years) | 1 year 10 months 24 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 (in years) | 2 years 10 months 24 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 (in years) | 5 years 7 months 6 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 (in years) | 6 years 2 months 12 days | |||
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 (in years) | 6 years 7 months 6 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 (in years) | 7 years 10 months 24 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 (in years) | 8 years 10 months 24 days |
BENEFIT_PLANS_Details_2
BENEFIT PLANS (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, Issued (in shares) | 0 | 66,300 | 17,500 |
Weighted average grant date fair value, Issued (in doallrs per share) | $2.56 | $2.90 | |
Non vested Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, Beginning of period (in shares) | 83,290 | 60,390 | 80,190 |
Number of shares, Issued (in shares) | 0 | 42,700 | 0 |
Number of shares, Vested (in shares) | 28,340 | 19,800 | 19,800 |
Number of shares, Forfeited (in shares) | 0 | 0 | 0 |
Number of shares, End of period (in shares) | 54,950 | 83,290 | 60,390 |
Weighted average grant date fair value, Beginning of period (in dollars per share) | 10.99 | $10.33 | $10.32 |
Weighted average grant date fair value, Issued (in doallrs per share) | 0 | $14.14 | $0 |
Weighted average grant date fair value, Vested (in dollars per share) | 11.46 | $10.30 | $10.30 |
Weighted average grant date fair value, Forfeited (in dollars per share) | 0 | $0 | $0 |
Weighted average grant date fair value, End of period (in dollars per share) | 10.74 | $10.99 | $10.33 |
BENEFIT_PLANS_Details_Textual
BENEFIT PLANS (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Description of Defined Contribution Pension and Other Postretirement Plans | All employees age 18 and over are eligible to participate in the plan at the beginning of the quarter after hire date. The employees may contribute up to 100% of their compensation, subject to IRS limitations, to the plan with the Company matching one-half of the first six percent contributed. Full vesting in the plan is prorated equally over a five-year period from the date of employment. | |||
Stock Repurchased During Period, Value | $7,500,000 | |||
Stock Repurchased During Period, Shares | 515,817 | |||
Defined Benefit Plan, Administration Expenses | 487,000 | 498,000 | 426,000 | |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 292,500 | |||
Stock Issued During Period, Shares, Employee Benefit Plan | 34,267 | 34,267 | 34,267 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $2.56 | $2.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -5,809 | -35,413 | -15,193 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $11.49 | $12.30 | $10.87 | |
Stock Option Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1,200,000 | 670,000 | 1,000,000 | |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | 184,000 | 155,000 | 148,000 | |
Allocated Share-based Compensation Expense | 325,000 | 218,000 | 204,000 | |
Employee Service Share Based Compensation Total Compensation Cost Not Yet Recognized Period For Recognition | 2 years 7 months 6 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 10 months 24 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 428,000 | |||
Employee Stock Ownership Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Stock Repurchased During Period, Shares | 343,499 | 282,611 | ||
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | 3,400,000 | 2,300,000 | ||
Employee Stock Ownership Plan ESOP, Loan Repaid Period | 15 years | 20 years | ||
401 Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 202,000 | 196,000 | 230,000 | |
Deferred Compensation Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 523,000 | 550,000 | 536,000 | |
Accrued Liabilities | 4,400,000 | 3,900,000 | 3,300,000 | |
Payment of Defined Contribution Plan | 84,000 | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount One | 104,000 | 57,000 | 76,000 | |
Defined Contribution Plan, Cash Surrender Value of All Policies | 23,800,000 | 23,200,000 | ||
Deferred Compensation Liability, Current and Noncurrent | 970,000 | 929,000 | ||
Stock Repurchased During Period, Value | $16,000 | $16,000 | ||
Stock Repurchased During Period, Shares | 1,082 | 1,126 |
FAIR_VALUE_MEASUREMENT_Details
FAIR VALUE MEASUREMENT (Details) (USD $) | Dec. 31, 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 | $110,116 | $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 | 80,258 | 81,659 |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 8,839 | 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 | 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 | 110,088 | 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 | 80,258 | 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 | 20,991 | 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 | 8,839 | 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 | 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_MEASUREMENT_Details1
FAIR VALUE MEASUREMENT (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||
Impaired loans | $5,640 | $3,666 |
Real estate owned | 510 | 359 |
Impaired loans, Total Losses | -735 | -17 |
Real estate owned, Total Losses | -122 | -160 |
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 | 3,294 | 3,666 |
Real estate owned | 510 | 359 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Impaired loans | 2,346 | 0 |
Real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Real estate owned | $872 | $1,200 |
FAIR_VALUE_MEASUREMENT_Details2
FAIR VALUE MEASUREMENT (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents, Carrying Amount | $80,307 | $87,619 | $163,422 | $155,653 |
Investment securities, Carrying Amount | ||||
Held to maturity, Carrying Amount | 1,201 | 3,312 | ||
Available for sale, Carrying Amount | 110,116 | 125,389 | ||
Loans receivable, net, Carrying Amount | 774,017 | 744,802 | ||
Federal Home Loan Bank stock, Carrying Amount | 6,039 | 6,320 | ||
LIABILITIES: | ||||
NOW and other demand deposit accounts, Carrying Amount | 439,623 | 419,608 | ||
Passbook savings and club accounts, Carrying Amount | 168,686 | 170,660 | ||
Certificates, Carrying Amount | 178,769 | 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 | 1,278 | 3,402 | ||
Available for sale, Fair Value | 110,116 | 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 | 80,307 | 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 | 110,088 | 125,359 | ||
Assets, Estimated Fair Value | ||||
Cash and cash equivalents, Fair Value | 0 | 0 | ||
Investment securities, Estimated Fair Value | ||||
Held to maturity, Fair Value | 1,278 | 3,402 | ||
Available for sale, Fair Value | 110,088 | 125,359 | ||
Loans receivable, net, Fair Value | 791,095 | 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 | 458,328 | 436,163 | ||
Passbook savings and club accounts, Fair Value | 168,893 | 178,939 | ||
Certificates, Fair Value | 179,224 | 189,821 | ||
Advances from Federal Home Loan Bank, Fair Value | 118,777 | 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_MEASUREMENT_Details3
FAIR VALUE MEASUREMENT (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value of Loans Remeasured | $5,600,000 | $3,700,000 | |
Prior to Remeasurement of Loans | 6,400,000 | 3,700,000 | |
Real Estate Owned | 510,000 | 359,000 | |
Fair Value Remeasurement Gain Loss On Impaired Loan | 519,000 | ||
Proceeds from Sale of Real Estate | 720,000 | 1,573,000 | 241,000 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Properties Prior to Remeasurement of Loans | 632,000 | ||
Real Estate Owned | 872,000 | 1,200,000 | |
Fair Value Remeasurement Gain Loss On Impaired Loan | 735,000 | 17,000 | |
Fair Value Remeasurement Gain Loss On Real Estate Owned | 122,000 | 160,000 | |
Proceeds from Sale of Real Estate | $362,000 | $1,000,000 |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $4,630 | $4,630 |
Intangible Assets, Net (Excluding Goodwill) | $536 | $625 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 15 years |
REAL_ESTATE_OWNED_Details
REAL ESTATE OWNED (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Properties [Line Items] | ||
Balance, January 1, | $498 | $906 |
Transfers into Real Estate Owned | 872 | 1,165 |
Sales of Real Estate Owned | -720 | -1,573 |
Balance, December 31, | 650 | 498 |
Residential Real Estate [Member] | ||
Real Estate Properties [Line Items] | ||
Balance, January 1, | 296 | 412 |
Transfers into Real Estate Owned | 872 | 781 |
Sales of Real Estate Owned | -559 | -897 |
Balance, December 31, | 609 | 296 |
Commercial Real Estate [Member] | ||
Real Estate Properties [Line Items] | ||
Balance, January 1, | 202 | 494 |
Transfers into Real Estate Owned | 0 | 384 |
Sales of Real Estate Owned | -161 | -676 |
Balance, December 31, | $41 | $202 |
RELATED_PARTY_TRANSACTION_Deta
RELATED PARTY TRANSACTION (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Legal Fees | $156 | $172 | $172 |
PARENT_ONLY_FINANCIAL_INFORMAT2
PARENT ONLY FINANCIAL INFORMATION (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Cash and cash equivilents | $80,307 | $87,619 | $163,422 | $155,653 |
Investment securities | 33 | 142 | ||
TOTAL ASSETS | 1,024,754 | 1,020,048 | ||
Liabilities: | ||||
Junior subordinated debenture | 7,217 | 10,309 | ||
Other liabilities | 9,743 | 8,143 | ||
Total liabilities | 918,943 | 913,825 | ||
Stockholders' equity | 105,811 | 106,223 | 104,728 | 104,680 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 1,024,754 | 1,020,048 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash and cash equivilents | 2,380 | 3,685 | 4,241 | 5,925 |
Investment securities | 1,451 | 4,064 | ||
Investment in subsidiary | 103,518 | 103,541 | ||
Other Assets | 5,792 | 5,717 | ||
TOTAL ASSETS | 113,141 | 117,007 | ||
Liabilities: | ||||
Junior subordinated debenture | 7,217 | 10,309 | ||
Other liabilities | 113 | 475 | ||
Total liabilities | 7,330 | 10,784 | ||
Stockholders' equity | 105,811 | 106,223 | ||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $113,141 | $117,007 |
PARENT_ONLY_FINANCIAL_INFORMAT3
PARENT ONLY FINANCIAL INFORMATION (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $8,847 | $8,855 | $8,793 | $8,871 | $8,860 | $8,683 | $8,698 | $8,730 | |||
Interest Expense | 1,850 | 1,897 | 1,908 | 1,911 | 1,990 | 2,102 | 2,168 | 2,251 | 7,566 | 8,512 | 10,217 |
Net interest loss | 6,997 | 6,958 | 6,885 | 6,960 | 6,870 | 6,581 | 6,530 | 6,479 | 27,801 | 26,460 | 26,634 |
Other Income | 1,052 | 1,102 | 1,086 | 1,006 | 1,108 | 1,128 | 1,125 | 1,102 | |||
Other expense | 5,337 | 5,451 | 5,530 | 5,446 | 5,550 | 5,503 | 5,449 | 5,470 | |||
Loss before income tax benefit and equity in undistributed earnings in subsidiary | 2,512 | 2,484 | 2,391 | 2,432 | 2,251 | 2,020 | 2,014 | 1,909 | |||
Income tax | 914 | 904 | 859 | 845 | 765 | 696 | 655 | 729 | 3,522 | 2,845 | 3,180 |
Net income | 1,598 | 1,580 | 1,532 | 1,587 | 1,486 | 1,324 | 1,359 | 1,180 | 6,298 | 5,349 | 5,001 |
Other comprehensive income, net of tax | |||||||||||
Unrealized gain (loss) on available for sale securities | 1,375 | -2,761 | 675 | ||||||||
Unrealized (loss) gain on post retirement life benefit | -159 | 138 | |||||||||
Total other comprehensive income, netof tax | 1,216 | -2,623 | 527 | ||||||||
Total comprehensive income | 7,514 | 2,726 | 5,528 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | 318 | 419 | 500 | ||||||||
Interest Expense | 804 | 1,192 | 1,341 | ||||||||
Net interest loss | -486 | -773 | -841 | ||||||||
Other Income | 94 | 7 | 15 | ||||||||
Other expense | 226 | 271 | 147 | ||||||||
Loss before income tax benefit and equity in undistributed earnings in subsidiary | -618 | -1,037 | -973 | ||||||||
Income tax | -210 | -351 | -331 | ||||||||
Loss before equity in undistributed earnings in subsidiary | -408 | -686 | -642 | ||||||||
Dividends distributed from subsidiary | 9,000 | 6,000 | 3,600 | ||||||||
Equity in undistributed earnings of subsidiary | -2,294 | 35 | 2,043 | ||||||||
Net income | 6,298 | 5,349 | 5,001 | ||||||||
Other comprehensive income, net of tax | |||||||||||
Unrealized gain (loss) on available for sale securities | 1,375 | -2,761 | 675 | ||||||||
Unrealized (loss) gain on post retirement life benefit | -159 | 138 | -148 | ||||||||
Total other comprehensive income, netof tax | 1,216 | -2,623 | 527 | ||||||||
Total comprehensive income | $7,514 | $2,726 | $5,528 |
PARENT_ONLY_FINANCIAL_INFORMAT4
PARENT ONLY FINANCIAL INFORMATION (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 05, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | ||||||||||||
Net income | $1,598 | $1,580 | $1,532 | $1,587 | $1,486 | $1,324 | $1,359 | $1,180 | $6,298 | $5,349 | $5,001 | |
Gain on sale/call of investment secruities available for sale | -95 | -3 | -65 | |||||||||
Premium paid on partial redemption of junior subordinated debt | -54 | 54 | 112 | 0 | ||||||||
Changes in assets and liabilities which provided (used) cash: | ||||||||||||
Accrued interest receivable | 196 | 48 | 264 | |||||||||
Prepaid expenses and other assets | -99 | 2,512 | 1,194 | |||||||||
Other liabilities | 1,439 | -287 | 1,431 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||
Proceeds from sale/call of investment secruities available for sale | -32,158 | -50,013 | -106,256 | |||||||||
FINANCING ACTIVITIES: | ||||||||||||
Purchase of treasury stock | -7,473 | -966 | -4,798 | |||||||||
Proceeds from stock options exercised | 67 | 436 | 165 | |||||||||
Net increase (decrease) in cash & cash equivalents | -7,312 | -75,803 | 7,769 | |||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | 87,619 | 163,422 | 87,619 | 163,422 | 155,653 | |||||||
CASH AND CASH EQUIVALENTS—End of period | 80,307 | 87,619 | 80,307 | 87,619 | 163,422 | |||||||
Parent Company [Member] | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net income | 6,298 | 5,349 | 5,001 | |||||||||
Equity in undistributed earnings in subsidiary | -6,706 | -6,035 | -5,643 | |||||||||
Net amortization of investment premiums/discounts | 127 | 4 | 4 | |||||||||
Gain on sale/call of investment secruities available for sale | -95 | 0 | 0 | |||||||||
Dividends from subsidiary | 9,000 | 6,000 | 3,600 | |||||||||
Premium paid on partial redemption of junior subordinated debt | 54 | 0 | 0 | |||||||||
Changes in assets and liabilities which provided (used) cash: | ||||||||||||
Accrued interest receivable | 40 | 10 | -1 | |||||||||
Prepaid expenses and other assets | -427 | 86 | 519 | |||||||||
Other liabilities | -127 | -204 | -21 | |||||||||
Intercompany payables | -235 | 413 | 0 | |||||||||
Net cash provided by operating activities | 7,929 | 5,623 | 3,459 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||
Principal repayment of mortgage backed securities held to maturity | 134 | 248 | 342 | |||||||||
Principal repayment of mortgage backed securities available for sale | 75 | 444 | 562 | |||||||||
Principal payments on ESOP loan | 342 | 326 | 311 | |||||||||
Proceeds from sale/call of investment secruities available for sale | 2,383 | 155 | 0 | |||||||||
Net cash provided by investing activities | 2,934 | 1,173 | 1,215 | |||||||||
FINANCING ACTIVITIES: | ||||||||||||
Purchase of treasury stock | -7,473 | -966 | -4,798 | |||||||||
Proceeds from stock options exercised | 67 | 436 | 165 | |||||||||
Dividends paid | -1,616 | -1,667 | -1,725 | |||||||||
Cash used for acquisition, net of cash acquired | 0 | 0 | 0 | |||||||||
Partial redemption of junior subordinated debt | -3,146 | -5,155 | 0 | |||||||||
Net cash (used in) financing activities | -12,168 | -7,352 | -6,359 | |||||||||
Net increase (decrease) in cash & cash equivalents | -1,305 | -556 | -1,684 | |||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | 3,685 | 4,241 | 3,685 | 4,241 | 5,925 | |||||||
CASH AND CASH EQUIVALENTS—End of period | $2,380 | $3,685 | $2,380 | $3,685 | $4,241 |
QUARTERLY_FINANCIAL_DATA_unaud2
QUARTERLY FINANCIAL DATA (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Selected Quarterly Financial Information [Line Items] | |||||||||||||||||||
Total interest income | $8,847 | $8,855 | $8,793 | $8,871 | $8,860 | $8,683 | $8,698 | $8,730 | |||||||||||
Total interest expense | 1,850 | 1,897 | 1,908 | 1,911 | 1,990 | 2,102 | 2,168 | 2,251 | 7,566 | 8,512 | 10,217 | ||||||||
Net interest income | 6,997 | 6,958 | 6,885 | 6,960 | 6,870 | 6,581 | 6,530 | 6,479 | 27,801 | 26,460 | 26,634 | ||||||||
Provision for loan losses | 200 | 125 | 50 | 88 | 177 | 186 | 192 | 202 | |||||||||||
Net interest income after provision for loan losses | 6,797 | 6,833 | 6,835 | 6,872 | 6,693 | 6,395 | 6,338 | 6,277 | 27,339 | 25,703 | 25,741 | ||||||||
Other income | 1,052 | 1,102 | 1,086 | 1,006 | 1,108 | 1,128 | 1,125 | 1,102 | |||||||||||
Other expense | 5,337 | 5,451 | 5,530 | 5,446 | 5,550 | 5,503 | 5,449 | 5,470 | |||||||||||
Income before income taxes | 2,512 | 2,484 | 2,391 | 2,432 | 2,251 | 2,020 | 2,014 | 1,909 | |||||||||||
Income taxes | 914 | 904 | 859 | 845 | 765 | 696 | 655 | 729 | 3,522 | 2,845 | 3,180 | ||||||||
Net income | $1,598 | $1,580 | $1,532 | $1,587 | $1,486 | $1,324 | $1,359 | $1,180 | $6,298 | $5,349 | $5,001 | ||||||||
Earnings per share basic (1) (in dollars per share) | $0.26 | [1] | $0.25 | [1] | $0.24 | [1] | $0.25 | [1] | $0.23 | [1] | $0.20 | [1] | $0.21 | [1] | $0.18 | [1] | $1 | $0.82 | $0.75 |
Earnings per share diluted (1) (in dollars per share) | $0.26 | [1] | $0.25 | [1] | $0.24 | [1] | $0.24 | [1] | $0.22 | [1] | $0.20 | [1] | $0.21 | [1] | $0.18 | [1] | $0.98 | $0.81 | $0.74 |
[1] | Earnings per share are computed independently for each period presented. Consequently, the sum of the quarters may not equal the total earnings per share for the year. |