Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 01, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Ocean Shore Holding Co. | |
Entity Central Index Key | 1,444,397 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | OSHC | |
Entity Common Stock, Shares Outstanding | 6,403,391 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 8,855 | $ 9,023 |
Interest-earning bank balances | 106,659 | 71,284 |
Cash and cash equivalents | 115,514 | 80,307 |
Investment securities held to maturity (estimated fair value-$989 at September 30, 2015; $1,278 at December 31, 2014) | 932 | 1,201 |
Investment securities available for sale (amortized cost-$108,271 at September 30, 2015; $112,205 at December 31, 2014) | 107,219 | 110,116 |
Loans-net of allowance for loan losses of $3,116 at September 30, 2015 and $3,760 at December 31, 2014 | 785,549 | 774,017 |
Accrued interest receivable: | ||
Loans | 2,398 | 2,304 |
Investment securities | 96 | 33 |
Federal Home Loan Bank stock - at cost | 6,089 | 6,039 |
Office properties and equipment - net | 12,496 | 12,870 |
Prepaid expenses and other assets | 1,227 | 3,161 |
Real estate owned | 1,904 | 650 |
Cash surrender value of life insurance | 24,297 | 23,828 |
Net deferred tax asset | 4,643 | 5,062 |
Goodwill | 4,630 | 4,630 |
Other intangible assets | 464 | 536 |
TOTAL ASSETS | 1,067,458 | 1,024,754 |
LIABILITIES: | ||
Non-interest bearing deposits | 193,384 | 98,417 |
Interest bearing deposits | 638,626 | 688,661 |
Advances from Federal Home Loan Bank | 110,000 | 110,000 |
Junior subordinated debenture | 0 | 7,217 |
Advances from borrowers for taxes and insurance | 4,424 | 4,026 |
Accrued interest payable | 597 | 879 |
Other liabilities | 9,726 | 9,743 |
Total liabilities | $ 956,757 | $ 918,943 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value, 5,000,000 shares authorized, none issued | $ 0 | $ 0 |
Common stock, $.01 par value, 25,000,000 shares authorized, 7,307,590 shares issued; 6,403,191 shares outstanding at September 30, 2015; 6,393,344 shares outstanding at December 31, 2014 | 73 | 73 |
Additional paid-in capital | 68,575 | 66,059 |
Retained earnings - partially restricted | 61,030 | 57,055 |
Treasury stock - at cost: 904,399 shares at September 30, 2015; 914,246 shares at December 31, 2014 | (15,035) | (12,678) |
Common stock acquired by employee benefits plans | (2,383) | (2,639) |
Deferred compensation plans trust | (742) | (608) |
Accumulated other comprehensive loss | (817) | (1,451) |
Total stockholders' equity | 110,701 | 105,811 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,067,458 | $ 1,024,754 |
UNAUDITED CONDENSED CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment securities held to maturity, estimated fair value (in dollars) | $ 989 | $ 1,278 |
Investment securities available for sale, amortized cost (in dollars) | 108,271 | 112,205 |
Allowance for loan losses (in dollars) | $ 3,116 | $ 3,760 |
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 | 6,403,191 | 6,393,344 |
Treasury stock, shares | 904,399 | 914,246 |
UNAUDITED CONDENSED CONSOLIDAT4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST AND DIVIDEND INCOME: | ||||
Taxable interest and fees on loans | $ 8,168 | $ 8,243 | $ 24,517 | $ 24,569 |
Taxable interest on mortgage-backed securities | 346 | 333 | 1,041 | 1,032 |
Non-taxable interest on municipal securities | 1 | 1 | 3 | 6 |
Taxable interest and dividends on other investment securities | 262 | 278 | 767 | 913 |
Total interest and dividend income | 8,777 | 8,855 | 26,328 | 26,520 |
INTEREST EXPENSE: | ||||
Interest on deposits | 642 | 625 | 1,872 | 1,898 |
Interest on borrowings | 1,043 | 1,272 | 3,216 | 3,818 |
Total interest expense | 1,685 | 1,897 | 5,088 | 5,716 |
NET INTEREST INCOME | 7,092 | 6,958 | 21,240 | 20,804 |
PROVISION FOR LOAN LOSSES | 165 | 125 | 496 | 263 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,927 | 6,833 | 20,744 | 20,541 |
OTHER INCOME: | ||||
Service charges | 487 | 417 | 1,498 | 1,308 |
Cash surrender value of life insurance | 159 | 159 | 469 | 473 |
Gain on call of securities | 3 | 86 | 3 | 86 |
Other | 473 | 440 | 1,334 | 1,328 |
Total other income | 1,122 | 1,102 | 3,304 | 3,195 |
OTHER EXPENSE: | ||||
Salaries and employee benefits | 3,173 | 3,177 | 9,640 | 9,567 |
Occupancy and equipment | 1,282 | 1,282 | 3,779 | 3,844 |
Federal insurance premiums | 136 | 130 | 415 | 400 |
Advertising | 97 | 125 | 323 | 313 |
Professional services | 273 | 245 | 821 | 794 |
Real estate owned (income)expense | 84 | (41) | 38 | 51 |
Charitable contributions | 38 | 38 | 113 | 113 |
Other operating expenses | 453 | 495 | 1,221 | 1,345 |
Total other expenses | 5,536 | 5,451 | 16,350 | 16,427 |
INCOME BEFORE INCOME TAXES | 2,513 | 2,484 | 7,698 | 7,309 |
INCOME TAX EXPENSE | 844 | 904 | 2,577 | 2,609 |
NET INCOME | 1,669 | 1,580 | 5,121 | 4,700 |
Other comprehensive income, net of tax: | ||||
Unrealized (loss)gain on available for sale securities | 485 | (202) | 618 | 1,021 |
Unrealized gain (loss) on post retirement life benefit | 5 | 1 | 16 | 2 |
COMPREHENSIVE INCOME | $ 2,159 | $ 1,379 | $ 5,755 | $ 5,723 |
Earnings per share, basic: (in dollars per share) | $ 0.28 | $ 0.25 | $ 0.86 | $ 0.74 |
Earnings per share, diluted: (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.84 | $ 0.73 |
UNAUDITED CONDENSED CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net income | $ 5,121 | $ 4,700 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 662 | 878 |
Provision for loan losses | 496 | 263 |
Stock based compensation expense | 727 | 830 |
Gain on sale/ call of AFS securities | (3) | (86) |
Premium paid on retirement of junior subordinated debt | 94 | 54 |
Cash surrender value of life insurance | (469) | (473) |
Loss on disposal of office property and equipment | 1 | 0 |
Changes in assets and liabilities which provided (used) cash: | ||
Accrued interest receivable | (157) | 25 |
Prepaid expenses and other assets | 1,934 | (194) |
Accrued interest payable | (282) | (278) |
Other liabilities | (1) | 363 |
Net cash provided by operating activities | 8,123 | 6,082 |
Principal collected on: | ||
Investment securities available for sale | 8,906 | 6,993 |
Investment securities held to maturity | 175 | 246 |
Loans originated, net of repayments | (13,841) | (29,638) |
Purchases of: | ||
Federal Home Loan Bank stock | (50) | (82) |
Investment securities held to maturity | (402) | (494) |
Investment securities available for sale | (10,111) | (14,958) |
Office properties and equipment | (289) | (469) |
Proceeds from sale of: | ||
Investment securities available for sale | 0 | 1,290 |
Real estate owned | 779 | 571 |
Federal Home Loan Bank stock | 0 | 363 |
Proceeds from maturities and calls of: | ||
Investment securities held to maturity | 494 | 2,328 |
Investment securities available for sale | 4,996 | 20,000 |
Net cash used in investing activities | (9,343) | (13,850) |
FINANCING ACTIVITIES: | ||
Increase in deposits | 44,932 | 23,880 |
Dividends paid | (1,145) | (1,222) |
Retirement of junior subordinated debt | (7,311) | (3,146) |
Exercise of incentive stock options | 3,244 | 99 |
Purchase of treasury stock | (3,557) | (6,483) |
Purchase of shares by deferred compensation plans trust | (134) | (20) |
Increase in advances from borrowers for taxes and insurance | 398 | 157 |
Net cash provided by financing activities | 36,427 | 13,265 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 35,207 | 5,497 |
CASH AND CASH EQUIVALENTS - Beginning of period | 80,307 | 87,619 |
CASH AND CASH EQUIVALENTS - End of period | 115,514 | 93,116 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Cash paid during the period for: | ||
Interest | 5,300 | 5,960 |
Income Taxes | 3,580 | 2,684 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ITEMS | ||
Transfers of loans to real estate owned | $ 2,033 | $ 460 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Financial Statement Presentation - The unaudited condensed consolidated financial statements include the accounts of Ocean Shore Holding Co. (the “Company”) and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements were prepared in accordance with instructions to Form 10-Q, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC) for interim information, and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the condensed consolidated financial statements have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2014. The results for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015 or any other period. The Company has evaluated subsequent events through the date of the issuance of its financial statements. Use of Estimates in the Preparation of Financial Statements New Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (“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. In May 2014, the FASB issued ASU 2014-09, which created Accounting Standard Codification (“ASC”) ASC 606 "Revenue from Contracts with Customers," In June 2014, the FASB issued ASU 2014-11, an amendment to ASC 860 “Transfers and Servicing.” Also in June 2014, the FASB issued ASU 2014-12, an amendment to ASC 718 “Compensation-Stock Compensation.” In August 2014, the FASB issued ASU 2014-14, an amendment to ASC 310-40 “Receivables - Troubled Debt Restructurings by Creditors.” In August 2014, the FASB also issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. INVESTMENT SECURITIES September 30, 2015 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gain Loss Value (Dollars in thousands) Held to Maturity Debt Securities - Municipal $ 402 $ $ $ 402 U.S. Treasury and government sponsored entity mortgage-backed securities 530 57 587 Totals $ 932 $ 57 $ $ 989 Available for Sale Debt securities: Corporate $ 9,644 $ 42 $ (656) $ 9,030 U.S. Treasury and federal agencies 16,229 (22) 16,207 Equity securities 3 40 43 U.S. treasury and government sponsored entity mortgage-backed securities 82,395 346 (802) 81,939 Totals $ 108,271 $ 428 $ (1,480) $ 107,219 December 31, 2014 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gain Loss Value (Dollars in thousands) Held to Maturity Debt Securities - Municipal $ 494 $ $ $ 494 U.S. Treasury and government sponsored entity mortgage-backed securities 707 77 784 Totals $ 1,201 $ 77 $ $ 1,278 Available for Sale Debt securities: Corporate $ 9,596 $ 99 $ (856) $ 8,839 U.S. Treasury and federal agencies 21,223 6 (238) 20,991 Equity securities 3 25 28 U.S. Treasury and government sponsored entity mortgage-backed securities 81,383 278 (1,403) 80,258 Totals $ 112,205 $ 408 $ (2,497) $ 110,116 As of September 30, 2015 and December 31, 2014, the Company had investment securities available for sale with an estimated fair value of $ 102.3 105.1 September 30, 2015 Less Than 12 Months 12 Months or Longer Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss (Dollars in thousands) Debt securities - Corporate $ $ $ 3,029 $ (656) $ 3,029 $ (656) U.S. Agencies 6,189 (8) 9,986 (14) 16,175 (22) U.S. treasury and government sponsored entity mortgage-backed securities 5,013 (32) 54,658 (770) 59,671 (802) Totals $ 11,202 $ (40) $ 67,673 $ (1,440) $ 78,875 $ (1,480) 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 (Dollars in thousands) Debt securities - Corporate $ $ $ 2,826 $ (856) $ 2,826 $ (856) U.S. Treasury 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) Management has reviewed its investment securities as of September 30, 2015 and has determined that all declines in fair value below amortized cost are temporary. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The OTTI assessment is a subjective process requiring the use of judgments and assumptions. During the securities-level assessments, consideration is given to (1) the intent not to sell and probability that the Company will not be required to sell the security before recovery of its cost basis to allow for any anticipated recovery in fair value, (2) the financial condition and near-term prospects of the issuer, as well as company news and current events, and (3) the ability to collect the future expected cash flows. Key assumptions utilized to forecast expected cash flows may include loss severity, expected cumulative loss percentage, cumulative loss percentage to date, weighted average FICO and weighted average loan-to-value (“LTV”), rating or scoring, credit ratings and market spreads, as applicable. The Company assesses and recognizes OTTI in accordance with applicable accounting standards. Under these standards, if the Company determines that a security in the unrealized loss position is designated to be sold or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, the impairment of such security is concluded to be other than temporary and the entire amount of the unrealized loss will be recorded in earnings. If the Company has not made a decision to sell the security and it does not expect that it will be required to sell the security prior to the recovery of the amortized cost basis but the Company concludes that the entire amortized cost basis of the security will not be recovered, while the OTTI is concluded to exists, the Company only recognizes currently in earnings the amount of decline in value attributable to credit deterioration, with the remaining component of OTTI presented in other comprehensive income. Corporate Debt Securities - The Company’s investments in the preceding table in corporate debt securities consist of corporate debt securities issued by large financial institutions and single issuer and pooled trust preferred/collateralized debt obligations backed by bank trust preferred capital securities. At September 30, 2015, two single issuer trust preferred securities were in a continuous unrealized loss position for 12 months or longer with an aggregate depreciation of 17.8 United States Treasury, US Federal Agencies and Government Sponsored Enterprise Mortgage-backed Securities - The Company’s investments in the preceding table in United States government sponsored enterprise notes consist of debt obligations of the Federal Home Loan Bank (“FHLB”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Federal National Mortgage Association (“FNMA”). At September 30, 2015 the Company had 14 agency mortgage-backed securities with unrealized losses for 12 months or longer. Those securities had aggregate depreciation of 1.2 The amortized cost and estimated fair value of debt securities available for sale and held to maturity at September 30, 2015 by contractual maturity are shown below. September 30, 2015 Held to Maturity Available for Sale Securities Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (Dollars in thousands) Due within 1 year $ 402 $ 402 $ 3,987 $ 4,004 Due after 1 year through 5 years 2,005 2,030 Due after 5 years through 10 years 6,196 6,188 Due after 10 years 13,685 13,015 Total $ 402 $ 402 $ 25,873 $ 25,237 Not reflected in the table above, are equity securities and mortgage-backed securities. Equity securities do not have stated contractual maturities while mortgage-backed securities may have expected maturities different than those contractually stated. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Equity securities had a cost of $ 3 43 82,395 81,939 Gains (Losses) and Proceeds on Sales of Securities Three-Month Period Nine-Month Period Ended September 30, Ended September 30, 2015 2014 2015 2014 (Dollars in thousands) Proceeds from the sales of available-for-sale securities $ $ 1,290 $ $ 1,290 Gross realized gains 86 86 Total realized gains $ $ 86 $ $ 86 The Company uses the specific identification method to determine the cost of the securities sold and the gain or loss recognized. The gain realized for the three and nine month period ended September 30, 2014 was due to the sale of mortgage backed securities with a book value of $ 1.2 84 |
LOANS RECEIVABLE - NET
LOANS RECEIVABLE - NET | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. LOANS RECEIVABLE NET September 30, 2015 December 31, 2014 (Dollars in thousands) Real estate - mortgage: One-to-four family residential $ 602,022 $ 587,399 Commercial and multi-family 87,150 89,778 Total real estate-mortgage 689,172 677,177 Real estate - construction: Residential 18,482 16,030 Commercial 4,743 4,141 Total real estate - construction 23,225 20,171 Commercial 20,624 22,277 Consumer: Home equity 51,493 54,279 Other consumer loans 346 377 Total consumer loans 51,839 54,656 Total loans 784,860 774,281 Net deferred loan cost 3,805 3,496 Allowance for loan losses (3,116) (3,760) Net total loans $ 785,549 $ 774,017 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. Nine months Ended September 30, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 3,760 $ 4,199 Provision for loan loss 496 263 Charge-offs (1,140) (509) Recoveries 76 Balance, end of period $ 3,116 $ 4,029 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 passrated loans (general pooled allowance) and the criticized and classified loans that continue to perform. September 30, 2015 December 31, 2014 (Dollars in thousands) Real estate One-to-four family residential $ 2,798 $ 3,626 Commercial and multi-family 1,580 803 Real estate construction 144 143 Commercial 501 Consumer 568 502 Non-accrual loans 5,090 5,575 Troubled debt restructuring, non-accrual 660 694 Total non-performing loans 5,750 6,269 Real estate owned 1,904 650 Total non-performing assets $ 7,654 $ 6,919 Loans and Debts Securities Acquired with Deteriorated Credit Quality Contractual Receivable Nonaccretable Accretable Carrying Amount (Yield)/Premium (Yield)/Premium Amount (Dollars in thousands) Balance at January 1, 2015 $ 44,216 $ (2,540) $ 542 $ 42,218 Principal reductions (4,211) (4,211) Charge-offs, net (64) 64 Amortization of loan premium (87) (87) Balance at September 30, 2015 $ 39,941 $ (2,476) $ 455 $ 37,920 Balance at January 1, 2014 $ 50,837 $ (3,099) $ 746 $ 48,484 Principal reductions (4,675) (4,675) Charge-offs, net (439) 439 Amortization of loan premium (153) (153) Balance at September 30, 2014 $ 45,723 $ (2,660) $ 593 $ 43,656 30-59 60-89 Greater Total Days Past Days Than Total Past Loans Due Past Due 90 Days Due Current Receivable (Dollars in thousands) September 30, 2015 Real estate 1-4 family residential $ 1,484 $ $ 2,917 $ 4,401 $ 597,621 $ 602,022 Commercial and multi-family 1,580 1,580 85,570 87,150 Construction 144 144 23,081 23,225 Commercial 20,624 20,624 Consumer 190 138 568 896 50,943 51,839 Total $ 1,674 $ 138 $ 5,209 $ 7,021 $ 777,839 $ 784,860 December 31, 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 Impaired loans are set forth 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 (Dollars in thousands) September 30, 2015 With no related allowance recorded Real Estate 1-4 Family Residential $ 5,683 $ 5,860 $ $ 150 Commercial and Multi-Family 1,545 1,545 257 Construction 144 144 144 Commercial Consumer 1,232 1,232 65 With an allowance recorded Real Estate 1-4 Family Residential 4,016 4,286 592 287 Commercial and Multi-Family 285 310 23 285 Construction Commercial 187 187 4 187 Consumer 69 115 64 35 Total Real Estate 1-4 Family Residential $ 9,699 $ 10,146 $ 592 $ 187 Commercial and Multi-Family 1,830 1,855 23 261 Construction 144 144 144 Commercial 187 187 4 187 Consumer 1,301 1,347 64 62 December 31, 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 Commercial Consumer 702 702 254 351 Total 181 181 55 90 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 Included in the Company’s loan portfolio are modified commercial loans. Per FASB ASC 310-40, Troubled Debt Restructuring (“TDR”), 4.2 660 515 As of September 30, 2015 As of December 31, 2014 Outstanding Recorded Investment Outstanding Recorded Investment Number of Pre- Post- Number of Pre- Post- Contracts Modification Modification Contracts Modification Modification (Dollars in thousands) (Dollars in thousands) 1-4 Family Residential 10 $ 3,401 $ 3,401 8 $ 3,335 $ 3,335 Commercial Mortgage 2 250 250 Consumer 5 368 368 4 287 287 Commercial 1 187 187 1 201 201 Total 18 $ 4,206 $ 4,206 13 $ 3,823 $ 3,823 Federal regulations require us to review and classify our assets on a regular basis. In addition, federal banking regulators have the authority to identify problem assets and, if appropriate, require them to be classified. There are three classifications for problem assets: substandard, doubtful and loss. “Substandard assets” must have one or more defined weaknesses and are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. “Doubtful assets” have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. An asset classified as “loss” is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted. The regulations also provide for a “special mention” category, described as assets which do not currently expose us to a sufficient degree of risk to warrant classification but do possess credit deficiencies or potential weaknesses deserving our close attention. When we classify an asset as substandard or doubtful we establish a specific allowance for loan losses. If we classify an asset as loss, we charge off an amount equal to 100% of the portion of the asset classified loss. Real Estate 1-4 Family Commercial Residential and Multi-Family Construction Commercial Consumer 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 (Dollars in thousands) Grade: Special Mention $ 3,559 $ 3,948 $ 547 $ 572 $ $ $ 48 $ 444 $ 701 $ 915 Substandard 6,472 9,370 4,406 4,010 144 143 569 659 1,117 1,189 Doubtful and Loss 14 Total $ 10,031 $ 13,318 $ 4,953 $ 4,582 $ 144 $ 143 $ 617 $ 1,103 $ 1,818 $ 2,118 Real Estate 1-4 Family Commercial Residential and Multi-Family Construction Commercial Consumer 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 (Dollars in thousands Performing $ 598,734 $ 583,773 $ 85,570 $ 88,975 $ 23,081 $ 20,028 $ 20,624 $ 21,776 $ 51,102 $ 54,154 Non-Performing (1) 3,288 3,626 1,580 803 144 143 501 737 502 Total $ 602,022 $ 587,399 $ 87,150 $ 89,778 $ 23,225 $ 20,171 $ 20624 $ 22,277 $ 51,839 $ 54,656 (1) 9/30/2015 data includes non-performing TDR loans Real Estate Commercial 1-4 Family and Residential Multi-Family Construction Commercial Consumer Total (Dollars in thousands) September 30, 2015 Allowance for credit losses: Beginning Balance $ 2,318 $ 625 $ 33 $ 380 $ 404 $ 3,760 Charge-offs (565) (25) (306) (244) (1,140) Recoveries Provision for loan losses 204 (329) (2) 250 373 496 Ending balance $ 1,957 $ 271 $ 31 $ 324 $ 533 $ 3,116 Ending balance: individually evaluated for impairment $ 592 $ 23 $ $ 4 $ 64 $ 683 Ending balance: collectively evaluated for impairment $ 1,365 $ 248 $ 31 $ 320 $ 469 $ 2,433 Loan Receivables: Ending balance $ 602,022 $ 87,150 $ 23,225 $ 20,624 $ 51,839 $ 784,860 Ending balance: individually evaluated for impairment $ 9,699 $ 1,830 $ 144 $ 187 $ 1,301 $ 13,161 Ending balance: collectively evaluated for impairment $ 592,323 $ 85,320 $ 23,081 $ 20,437 $ 50,538 $ 771,699 December 31, 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 impairment $ 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 impairment $ 577,027 $ 88,454 $ 20,028 $ 21,575 $ 53,505 $ 760,589 |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | 4. DEPOSITS September 30, 2015 December 31, 2014 Weighted Weighted Average Average Amount Interest Rate Amount Interest Rate (Dollars in thousands) NOW and other demand deposit accounts $ 482,000 0.12 % $ 439,623 0.13 % Passbook savings and club accounts 171,474 0.20 % 168,686 0.20 % Subtotal 653,474 608,309 Certificates with original maturities: Within one year 31,767 0.30 % 42,821 0.29 % One to three years 123,470 0.95 % 113,927 0.92 % Three years and beyond 23,299 1.59 % 22,021 1.73 % Total certificates 178,536 178,769 Total $ 832,010 $ 787,078 The aggregate amount of certificate accounts in denominations of $100 thousand or more at September 30, 2015 and December 31, 2014 amounted to $ 67.1 68.8 250 Municipal demand deposit accounts in denominations of $100 thousand or more at September 30, 2015 and December 31, 2014 amounted to $ 208.2 181.0 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 5. EARNINGS PER SHARE Basic net income per share is based upon the weighted average number of common shares outstanding, net of any treasury shares, while diluted net income per share is based upon the weighted average number of common shares outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents, based upon the treasury stock method using an average market price for the period, and impact of unallocated Employee Stock Ownership Plan (“ESOP”) shares. The calculated basic and dilutive EPS are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in thousands, except per share data) Numerator Net Income $ 1,669 $ 1,580 $ 5,121 $ 4,700 Denominators: Basic average shares outstanding 6,043,604 6,226,913 5,983,355 6,333,123 Effect of dilutive common stock equivalents 101,532 134,943 105,272 136,334 Diluted average shares outstanding 6,145,136 6,361,856 6,088,627 6,469,457 Earnings per share: Basic $ 0.28 $ 0.25 $ 0.86 $ 0.74 Diluted $ 0.27 $ 0.25 $ 0.84 $ 0.73 At September 30, 2015 and 2014, there were 318,265 598,328 35,150 63,490 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. STOCK-BASED COMPENSATION Stock-based compensation is accounted for in accordance with FASB ASC 718, Compensation Stock Compensation Equity-Based Payments to Non-Employees, The Company’s 2005 and 2010 Equity-Based Incentive Plans (the “Equity Plans”) authorizes the issuance of shares of common stock pursuant to awards that may be granted in the form of stock options to purchase common stock (“options”) and awards of shares of common stock (“stock awards”). The purpose of the Equity Plans is to attract and retain personnel for positions of substantial responsibility and to provide additional incentive to certain officers, directors, advisory directors, employees and other persons to promote the success of the Company. Under the Equity Plan, options expire ten years after the date of grant, unless terminated earlier under the option terms. A committee of non-employee directors has the authority to determine the conditions upon which the options granted will vest. Options are granted at the then fair market value of the Company’s stock. A Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 Weighted Weighted Number average Number average of shares exercise price of shares exercise price Outstanding at the beginning of the period 674,391 $ 12.15 680,200 $ 12.14 Granted Exercised 287,130 $ 13.08 5,809 $ 11.49 Forfeited 3,894 $ 11.69 Outstanding at the end of the period 383,367 $ 11.45 674,391 $ 12.15 Exercisable at the end of the period 309,367 $ 10.94 524,462 $ 12.06 Stock options vested or expected to vest (1) 345,030 $ 11.45 606,952 $ 12.15 (1) Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. Options Outstanding Weighted Average Number of Weighted Average Remaining Date Issued Shares Exercise Price Contractual Life November 21, 2006 14,506 $ 14.78 1.1 years November 20, 2007 17,274 $ 11.32 2.1 years August 18, 2010 210,159 $ 10.21 4.9 years March 15, 2011 13,600 $ 12.06 5.5 years August 17, 2011 45,938 $ 11.53 5.9 years November 19, 2012 17,100 $ 13.10 7.1 years November 19, 2013 64,790 $ 14.14 8.1 years Total 383,367 $ 11.45 5.4 years The compensation expense recognized for the three and nine months ended September 30, 2015 was $ 46 138 46 138 At September 30, 2015, there was $ 290 1.9 Nine Months ended Nine Months ended September 30, 2015 September 30, 2014 Weighted avg Weighted avg Number of grant date fair Number of grant date fair shares value shares value Beginning of period 54,950 $ 10.74 83,290 $ 10.99 Issued Forfeited Vested 19,800 $ 10.30 19,800 $ 10.30 Outstanding at September 30, 2014 35,150 $ 14.08 63,490 $ 12.91 The compensation expense recognized for the three and nine months ended September 30, 2015 was $ 45 208 81 244 As of September 30, 2015, there was $ 383 2.9 . |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES Income tax expense was $ 2.6 33.5 2.6 35.7 Periodic reviews of the carrying amount of deferred tax assets are made to determine if the establishment of a valuation allowance is necessary. If based on the available evidence in future periods, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized, a deferred tax valuation allowance would be established. Consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. Items considered in this evaluation include historical financial performance, expectation of future earnings, the ability to carry back losses to recoup taxes previously paid, length of statutory carryforward periods, experience with operating loss and tax credit carryforwards not expiring unused, tax planning strategies and timing of reversals of temporary differences. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. The evaluation is based on current tax laws as well as expectations of future performance. At September 30, 2015 and December 31, 2014, no valuation allowance has been recorded for any portfolio of the outstanding deferred tax asset. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated income statement. As of September 30, 2015, the tax years ended December 31, 2012 through 2014 were subject to examination by the Internal Revenue Service, while the tax years ended December 31, 2014 were subject to New Jersey examination. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | 8. STOCKHOLDERS’ EQUITY During the third quarter of 2015, the Board of Directors of the Company declared a cash dividend of $ 0.06 On March 3, 2015, the Company announced that its Board of Directors authorized a stock repurchase program under which the Company will repurchase up to 130,000 2 16,400 14.82 No reclassification adjustments were recognized in Accumulated Other Comprehensive Income during the three and nine months ended September 30, 2015. For the Three and Nine Months Ended September 30, 2014 Three months change Nine months change Pre-tax Tax After-tax Pre-tax Tax After-tax (Dollars in thousands) Unrealized holding loss on securities available for sale during the period $ (2,764) $ 1,072 $ (1,692) $ (2,764) $ 1,072 $ (1,692) Reclassification adjustment for net gains included in net income (1) 86 (30) 56 86 (30) 56 Net unrealized loss on securities available for sale $ (2,678) $ 1,042 $ (1,636) $ (2,678) $ 1,042 $ (1,636) (1) All amounts are included in non-interest income in the unaudited condensed consolidated statements of operations. Unrealized Accumulated Gain (Loss) on Loss on Post Other Available for Retirement Comprehensive Sale Securities Life Benefit Income (Dollars in thousands) Three month period comparison Beginning balance - 07/01/2015 $ (1,149) $ (158) $ (1,307) Current period change 815 5 820 Tax benefit (330) - (330) Ending balance 09/30/2015 $ (664) $ (153) $ (817) Beginning balance - 07/01/2014 $ (1,434) $ (9) $ (1,443) Current period change (326) 1 (325) Tax benefit 124 - 124 Ending balance 09/30/2014 $ (1,636) $ (8) $ (1,644) Nine month period comparison Beginning balance - 01/01/2015 $ (1,282) $ (169) $ (1,451) Current period change 1,037 16 1,053 Tax benefit (419) - (419) Ending balance 09/30/2015 $ (664) $ (153) $ (817) Beginning balance 01/01/2014 $ (2,657) $ (10) $ (2,667) Current period change 1,709 2 1,711 Tax benefit (688) - (688) Ending balance 09/30/2014 $ (1,636) $ (8) $ (1,644) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The Company accounts for fair value measurement in accordance with FASB ASC 820, Fair Value Measurements and Disclosures FASB ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. In addition, the Company is to disclose the fair value measurements for financial assets on both a recurring and non-recurring basis. Category Used for Fair Value Measurement September 30, 2015 Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Securities available for sale: U.S. government sponsored entity mortgage-backed securities $ $ 81,939 $ U.S. Treasury and federal agencies 16,207 State and municipal obligations Corporate securities 9,030 Equity securities 43 Totals $ 43 $ 107,176 $ Category Used for Fair Value Measurement December 31, 2014 Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Securities available for sale: U.S. government sponsored entity mortgage-backed securities $ $ 80,258 $ U.S. Treasury and federal agencies 20,991 State and municipal obligations Corporate securities 8,839 Equity securities 28 Totals $ 28 $ 110,088 $ 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. Category Used for Fair Value Measurement Nine Month Total Period Ended Total Level 1 Level 2 Level 3 Losses (Dollars in thousands) September 30, 2015 Assets: Impaired loans $ 3,875 $ - $ 1,718 $ 2,157 $ (123) Real estate owned 1,587 - 1,587 - (255) September 30, 2014 Assets: Impaired loans $ 5,609 $ - $ 2,459 $ 3,150 $ (441) Real estate owned 248 - 248 - (55) Impaired Loans The Company considers a loan to be impaired when it becomes probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan agreement. Under FASB ASC 310, collateral dependent impaired loans are valued based on the fair value of the collateral, which is based on appraisals, less cost to sell. These adjustments are based upon observable inputs, and therefore, the fair value measurement has been categorized as a level 2 measurement. In some cases, adjustments are made to the appraised values for various factors, including age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. Total loans remeasured at fair value for the nine months ended September 30, 2015 were $ 3.9 4.0 123 5.6 6.1 441 Real Estate Owned Once an asset is determined to be uncollectible, the underlying collateral is repossessed and reclassified to foreclosed real estate and repossessed assets. These assets are carried at lower of cost or fair value of the collateral, less cost to sell. These adjustments are based upon observable inputs, and therefore, the fair value measurement has been categorized as a Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors, including age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. Total real estate owned remeasured at fair value for the nine months ended September 30, 2015 was $ 1.6 1.8 255 248 303 55 Fair Value of Financial Instruments In accordance with FASB ASC 825-10-50-10, the Company is required to disclose the fair value of financial instruments. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a distressed sale. Fair value is best determined using observable market prices; however, for many of the Company’s financial instruments, no quoted market prices are readily available. In instances where quoted market prices are not readily available, fair value is determined using present value or other techniques appropriate for the particular instrument. These techniques involve some degree of judgment and, as a result, are not necessarily indicative of the amounts the Company would realize in a current market exchange. Different assumptions or estimation techniques may have a material effect on the estimated fair value. Category Used For Fair Value September 30, 2015 Carrying Amount Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 115,514 $ 115,514 $ $ Investment securities: Held to maturity 932 989 Available for sale 107,219 43 107,176 Loans receivable, net 785,549 797,564 Federal Home Loan Bank stock 6,089 6,089 Liabilities: NOW and other demand deposit accounts 482,000 495,162 Passbook savings and club accounts 171,474 179,658 Certificates 178,536 179,280 Advances from Federal Home Loan Bank 110,000 118,347 Junior subordinated debenture Category Used For Fair Value December 31, 2014 Carrying Amount Level 1 Level 2 Level 3 (Dollars in thousands) 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 Cash and Cash Equivalents For cash and cash equivalents, the carrying amount is a reasonable estimate of fair value. Investment and Mortgage-Backed Securities For investment securities, fair values are based on a combination of quoted prices for identical assets in active markets, quoted prices for similar assets in markets that are either actively or not actively traded and pricing models, discounted cash flow methodologies, or similar techniques that may contain unobservable inputs that are supported by little or no market activity and require significant judgment. For investment securities that do not actively trade in the marketplace, (primarily our investment in trust preferred securities of non-publicly traded companies) fair value is obtained from third party broker quotes. The Company evaluates prices from a third party pricing service, third party broker quotes, and from another independent third party valuation source to determine their estimated fair value. These quotes are benchmarked against similar securities that are more actively traded in order to assess the reasonableness of the estimated fair values. The fair market value estimates we assign to these securities assume liquidation in an orderly fashion and not under distressed circumstances. For securities classified as available for sale, the changes in fair value are reflected in the carrying value of the asset and are shown as a separate component of stockholders’ equity. Loans Receivable - Net The fair value of loans receivable is estimated based on the present value using discounted cash flows based on estimated market discount rates at which similar loans would be made to borrowers and reflect similar credit ratings and interest rate risk for the same remaining maturities. FHLB Stock Although FHLB stock is an equity interest in an FHLB, it is carried at cost because it does not have a readily determinable fair value as its ownership is restricted and it lacks a market. While certain conditions are noted that required management to evaluate the stock for impairment, it is currently probable that the Company will realize its cost basis. Management concluded that no impairment existed as of September 30, 2015. The estimated fair value approximates the carrying amount. NOW and Other Demand Deposit, Passbook Savings and Club, and Certificates Accounts The fair value of NOW and other demand deposit accounts and passbook savings and club accounts is the amount payable on demand at the reporting date. The fair value of certificates is estimated by discounting future cash flows using interest rates currently offered on certificates with similar remaining maturities. Advances from FHLB The fair value was estimated by determining the cost or benefit for early termination of each individual borrowing. Junior Subordinated Debenture The fair value was estimated by discounting approximate cash flows of the borrowings by yields estimating the fair value of similar issues. Commitments to Extend Credit and Letters of Credit The majority of the Bank’s commitments to extend credit and letters of credit carry current market interest rates if converted to loans. Because commitments to extend credit and letters of credit are generally unassignable by either the Bank or the borrower, they only have value to the Bank and the borrower. The estimated fair value approximates the recorded deferred fee amounts, which are not significant. The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2015 and December 31, 2014. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since September 30, 2015 and December 31, 2014, and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 10. GOODWILL AND INTANGIBLE ASSETS Goodwill totaled $ 4.6 4.6 The core deposit intangible totaled $ 464 536 15 |
REAL ESTATE OWNED
REAL ESTATE OWNED | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 11. REAL ESTATE OWNED 2015 2014 Residential Commercial Residential Commercial Property Property Total Property Property Total (Dollars in thousands) (Dollars in thousands) Balance, January 1, $ 609 $ 41 $ 650 $ 295 $ 203 $ 498 Transfers into Real Estate Owned 1,839 195 2,034 460 460 Sales of Real Estate Owned (585) (195) (780) (410) (161) (571) Balance, September 30, $ 1,863 $ 41 $ 1,904 $ 345 $ 42 $ 387 |
JUNIOR SUBORDINATED DEBT
JUNIOR SUBORDINATED DEBT | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | JUNIOR SUBORDINATED DEBT On August 26, 2015, the Company redeemed the remaining $ 7.2 8.67 94 |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Statement Presentation - The unaudited condensed consolidated financial statements include the accounts of Ocean Shore Holding Co. (the “Company”) and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements were prepared in accordance with instructions to Form 10-Q, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC) for interim information, and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the condensed consolidated financial statements have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2014. The results for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015 or any other period. The Company has evaluated subsequent events through the date of the issuance of its financial statements. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements |
New Accounting Pronouncements Policy [Policy Text Block] | New Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (“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. In May 2014, the FASB issued ASU 2014-09, which created Accounting Standard Codification (“ASC”) ASC 606 "Revenue from Contracts with Customers," In June 2014, the FASB issued ASU 2014-11, an amendment to ASC 860 “Transfers and Servicing.” Also in June 2014, the FASB issued ASU 2014-12, an amendment to ASC 718 “Compensation-Stock Compensation.” In August 2014, the FASB issued ASU 2014-14, an amendment to ASC 310-40 “Receivables - Troubled Debt Restructurings by Creditors.” In August 2014, the FASB also issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Held-to-maturity and Available-for-sale Securities Reconciliation [Table Text Block] | Investment securities are summarized as follows: September 30, 2015 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gain Loss Value (Dollars in thousands) Held to Maturity Debt Securities - Municipal $ 402 $ $ $ 402 U.S. Treasury and government sponsored entity mortgage-backed securities 530 57 587 Totals $ 932 $ 57 $ $ 989 Available for Sale Debt securities: Corporate $ 9,644 $ 42 $ (656) $ 9,030 U.S. Treasury and federal agencies 16,229 (22) 16,207 Equity securities 3 40 43 U.S. treasury and government sponsored entity mortgage-backed securities 82,395 346 (802) 81,939 Totals $ 108,271 $ 428 $ (1,480) $ 107,219 December 31, 2014 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gain Loss Value (Dollars in thousands) Held to Maturity Debt Securities - Municipal $ 494 $ $ $ 494 U.S. Treasury and government sponsored entity mortgage-backed securities 707 77 784 Totals $ 1,201 $ 77 $ $ 1,278 Available for Sale Debt securities: Corporate $ 9,596 $ 99 $ (856) $ 8,839 U.S. Treasury and federal agencies 21,223 6 (238) 20,991 Equity securities 3 25 28 U.S. Treasury and government sponsored entity mortgage-backed securities 81,383 278 (1,403) 80,258 Totals $ 112,205 $ 408 $ (2,497) $ 110,116 |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following table provides the gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2015 and December 31, 2014: September 30, 2015 Less Than 12 Months 12 Months or Longer Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss (Dollars in thousands) Debt securities - Corporate $ $ $ 3,029 $ (656) $ 3,029 $ (656) U.S. Agencies 6,189 (8) 9,986 (14) 16,175 (22) U.S. treasury and government sponsored entity mortgage-backed securities 5,013 (32) 54,658 (770) 59,671 (802) Totals $ 11,202 $ (40) $ 67,673 $ (1,440) $ 78,875 $ (1,480) 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 (Dollars in thousands) Debt securities - Corporate $ $ $ 2,826 $ (856) $ 2,826 $ (856) U.S. Treasury 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) |
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. September 30, 2015 Held to Maturity Available for Sale Securities Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (Dollars in thousands) Due within 1 year $ 402 $ 402 $ 3,987 $ 4,004 Due after 1 year through 5 years 2,005 2,030 Due after 5 years through 10 years 6,196 6,188 Due after 10 years 13,685 13,015 Total $ 402 $ 402 $ 25,873 $ 25,237 |
Schedule of Realized Gain (Loss) [Table Text Block] | Proceeds from sales of investment securities and the realized gross gains and losses from those sales are as follows: Three-Month Period Nine-Month Period Ended September 30, Ended September 30, 2015 2014 2015 2014 (Dollars in thousands) Proceeds from the sales of available-for-sale securities $ $ 1,290 $ $ 1,290 Gross realized gains 86 86 Total realized gains $ $ 86 $ $ 86 |
LOANS RECEIVABLE - NET (Tables)
LOANS RECEIVABLE - NET (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans receivable consist of the following: September 30, 2015 December 31, 2014 (Dollars in thousands) Real estate - mortgage: One-to-four family residential $ 602,022 $ 587,399 Commercial and multi-family 87,150 89,778 Total real estate-mortgage 689,172 677,177 Real estate - construction: Residential 18,482 16,030 Commercial 4,743 4,141 Total real estate - construction 23,225 20,171 Commercial 20,624 22,277 Consumer: Home equity 51,493 54,279 Other consumer loans 346 377 Total consumer loans 51,839 54,656 Total loans 784,860 774,281 Net deferred loan cost 3,805 3,496 Allowance for loan losses (3,116) (3,760) Net total loans $ 785,549 $ 774,017 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Changes in the allowance for loan losses are as follows: Nine months Ended September 30, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 3,760 $ 4,199 Provision for loan loss 496 263 Charge-offs (1,140) (509) Recoveries 76 Balance, end of period $ 3,116 $ 4,029 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | Non-performing assets segregated by classification are as follows: September 30, 2015 December 31, 2014 (Dollars in thousands) Real estate One-to-four family residential $ 2,798 $ 3,626 Commercial and multi-family 1,580 803 Real estate construction 144 143 Commercial 501 Consumer 568 502 Non-accrual loans 5,090 5,575 Troubled debt restructuring, non-accrual 660 694 Total non-performing loans 5,750 6,269 Real estate owned 1,904 650 Total non-performing assets $ 7,654 $ 6,919 |
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 Contractual Receivable Nonaccretable Accretable Carrying Amount (Yield)/Premium (Yield)/Premium Amount (Dollars in thousands) Balance at January 1, 2015 $ 44,216 $ (2,540) $ 542 $ 42,218 Principal reductions (4,211) (4,211) Charge-offs, net (64) 64 Amortization of loan premium (87) (87) Balance at September 30, 2015 $ 39,941 $ (2,476) $ 455 $ 37,920 Balance at January 1, 2014 $ 50,837 $ (3,099) $ 746 $ 48,484 Principal reductions (4,675) (4,675) Charge-offs, net (439) 439 Amortization of loan premium (153) (153) Balance at September 30, 2014 $ 45,723 $ (2,660) $ 593 $ 43,656 |
Past Due Financing Receivables [Table Text Block] | An age analysis of past due loans, segregated by class of loans, as of September 30, 2015 and December 31, 2014 are as follows: 30-59 60-89 Greater Total Days Past Days Than Total Past Loans Due Past Due 90 Days Due Current Receivable (Dollars in thousands) September 30, 2015 Real estate 1-4 family residential $ 1,484 $ $ 2,917 $ 4,401 $ 597,621 $ 602,022 Commercial and multi-family 1,580 1,580 85,570 87,150 Construction 144 144 23,081 23,225 Commercial 20,624 20,624 Consumer 190 138 568 896 50,943 51,839 Total $ 1,674 $ 138 $ 5,209 $ 7,021 $ 777,839 $ 784,860 December 31, 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 |
Impaired Financing Receivables [Table Text Block] | Impaired loans are set forth in the following table. No interest income was recognized on impaired loans subsequent to their classification as impaired. Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (Dollars in thousands) September 30, 2015 With no related allowance recorded Real Estate 1-4 Family Residential $ 5,683 $ 5,860 $ $ 150 Commercial and Multi-Family 1,545 1,545 257 Construction 144 144 144 Commercial Consumer 1,232 1,232 65 With an allowance recorded Real Estate 1-4 Family Residential 4,016 4,286 592 287 Commercial and Multi-Family 285 310 23 285 Construction Commercial 187 187 4 187 Consumer 69 115 64 35 Total Real Estate 1-4 Family Residential $ 9,699 $ 10,146 $ 592 $ 187 Commercial and Multi-Family 1,830 1,855 23 261 Construction 144 144 144 Commercial 187 187 4 187 Consumer 1,301 1,347 64 62 December 31, 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 Commercial Consumer 702 702 254 351 Total 181 181 55 90 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 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table presents an analysis of the Company’s TDR agreements existing as of September 30, 2015 and December 31, 2014, respectively. As of September 30, 2015 As of December 31, 2014 Outstanding Recorded Investment Outstanding Recorded Investment Number of Pre- Post- Number of Pre- Post- Contracts Modification Modification Contracts Modification Modification (Dollars in thousands) (Dollars in thousands) 1-4 Family Residential 10 $ 3,401 $ 3,401 8 $ 3,335 $ 3,335 Commercial Mortgage 2 250 250 Consumer 5 368 368 4 287 287 Commercial 1 187 187 1 201 201 Total 18 $ 4,206 $ 4,206 13 $ 3,823 $ 3,823 |
Schedule of Financial Receivable, Reported Amounts, by Category [Table Text Block] | The following table presents classified loans by class of loans as of September 30, 2015 and December 31, 2014. Real Estate 1-4 Family Commercial Residential and Multi-Family Construction Commercial Consumer 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 (Dollars in thousands) Grade: Special Mention $ 3,559 $ 3,948 $ 547 $ 572 $ $ $ 48 $ 444 $ 701 $ 915 Substandard 6,472 9,370 4,406 4,010 144 143 569 659 1,117 1,189 Doubtful and Loss 14 Total $ 10,031 $ 13,318 $ 4,953 $ 4,582 $ 144 $ 143 $ 617 $ 1,103 $ 1,818 $ 2,118 |
Schedule of Performing and Non-Performing Financial Receivable [Table Text Block] | The following table presents the credit risk profile of loans based on payment activity as of September 30, 2015 and December 31, 2014. Real Estate 1-4 Family Commercial Residential and Multi-Family Construction Commercial Consumer 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 9/30/2015 12/31/2014 (Dollars in thousands Performing $ 598,734 $ 583,773 $ 85,570 $ 88,975 $ 23,081 $ 20,028 $ 20,624 $ 21,776 $ 51,102 $ 54,154 Non-Performing (1) 3,288 3,626 1,580 803 144 143 501 737 502 Total $ 602,022 $ 587,399 $ 87,150 $ 89,778 $ 23,225 $ 20,171 $ 20624 $ 22,277 $ 51,839 $ 54,656 (1) 9/30/2015 data includes non-performing TDR loans |
Schedule of Allowance for Possible Loan Losses by Portfolio Segment [Table Text Block] | The following table details activity in the allowance for possible loan losses by portfolio segment for the periods ended September 30, 2015 and December 31, 2014. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories. Real Estate Commercial 1-4 Family and Residential Multi-Family Construction Commercial Consumer Total (Dollars in thousands) September 30, 2015 Allowance for credit losses: Beginning Balance $ 2,318 $ 625 $ 33 $ 380 $ 404 $ 3,760 Charge-offs (565) (25) (306) (244) (1,140) Recoveries Provision for loan losses 204 (329) (2) 250 373 496 Ending balance $ 1,957 $ 271 $ 31 $ 324 $ 533 $ 3,116 Ending balance: individually evaluated for impairment $ 592 $ 23 $ $ 4 $ 64 $ 683 Ending balance: collectively evaluated for impairment $ 1,365 $ 248 $ 31 $ 320 $ 469 $ 2,433 Loan Receivables: Ending balance $ 602,022 $ 87,150 $ 23,225 $ 20,624 $ 51,839 $ 784,860 Ending balance: individually evaluated for impairment $ 9,699 $ 1,830 $ 144 $ 187 $ 1,301 $ 13,161 Ending balance: collectively evaluated for impairment $ 592,323 $ 85,320 $ 23,081 $ 20,437 $ 50,538 $ 771,699 December 31, 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 impairment $ 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 impairment $ 577,027 $ 88,454 $ 20,028 $ 21,575 $ 53,505 $ 760,589 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities Disclosure [Table Text Block] | Deposits consist of the following major classifications: September 30, 2015 December 31, 2014 Weighted Weighted Average Average Amount Interest Rate Amount Interest Rate (Dollars in thousands) NOW and other demand deposit accounts $ 482,000 0.12 % $ 439,623 0.13 % Passbook savings and club accounts 171,474 0.20 % 168,686 0.20 % Subtotal 653,474 608,309 Certificates with original maturities: Within one year 31,767 0.30 % 42,821 0.29 % One to three years 123,470 0.95 % 113,927 0.92 % Three years and beyond 23,299 1.59 % 22,021 1.73 % Total certificates 178,536 178,769 Total $ 832,010 $ 787,078 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculated basic and dilutive EPS are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in thousands, except per share data) Numerator Net Income $ 1,669 $ 1,580 $ 5,121 $ 4,700 Denominators: Basic average shares outstanding 6,043,604 6,226,913 5,983,355 6,333,123 Effect of dilutive common stock equivalents 101,532 134,943 105,272 136,334 Diluted average shares outstanding 6,145,136 6,361,856 6,088,627 6,469,457 Earnings per share: Basic $ 0.28 $ 0.25 $ 0.86 $ 0.74 Diluted $ 0.27 $ 0.25 $ 0.84 $ 0.73 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | A Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 Weighted Weighted Number average Number average of shares exercise price of shares exercise price Outstanding at the beginning of the period 674,391 $ 12.15 680,200 $ 12.14 Granted Exercised 287,130 $ 13.08 5,809 $ 11.49 Forfeited 3,894 $ 11.69 Outstanding at the end of the period 383,367 $ 11.45 674,391 $ 12.15 Exercisable at the end of the period 309,367 $ 10.94 524,462 $ 12.06 Stock options vested or expected to vest (1) 345,030 $ 11.45 606,952 $ 12.15 (1) Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | The following table summarizes all stock options outstanding under the Equity Plan as of September 30, 2015: Options Outstanding Weighted Average Number of Weighted Average Remaining Date Issued Shares Exercise Price Contractual Life November 21, 2006 14,506 $ 14.78 1.1 years November 20, 2007 17,274 $ 11.32 2.1 years August 18, 2010 210,159 $ 10.21 4.9 years March 15, 2011 13,600 $ 12.06 5.5 years August 17, 2011 45,938 $ 11.53 5.9 years November 19, 2012 17,100 $ 13.10 7.1 years November 19, 2013 64,790 $ 14.14 8.1 years Total 383,367 $ 11.45 5.4 years |
Schedule of Nonvested Share Activity [Table Text Block] | Summary of Non-vested Stock Award Activity: Nine Months ended Nine Months ended September 30, 2015 September 30, 2014 Weighted avg Weighted avg Number of grant date fair Number of grant date fair shares value shares value Beginning of period 54,950 $ 10.74 83,290 $ 10.99 Issued Forfeited Vested 19,800 $ 10.30 19,800 $ 10.30 Outstanding at September 30, 2014 35,150 $ 14.08 63,490 $ 12.91 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule Of Reclassification Adjustments Recognized In Accumulated Other Comprehensive Income [Table Text Block] | Reclassification adjustments recognized in Accumulated Other Comprehensive Income during the three and nine months ended September 30, 2014 are as follows: For the Three and Nine Months Ended September 30, 2014 Three months change Nine months change Pre-tax Tax After-tax Pre-tax Tax After-tax (Dollars in thousands) Unrealized holding loss on securities available for sale during the period $ (2,764) $ 1,072 $ (1,692) $ (2,764) $ 1,072 $ (1,692) Reclassification adjustment for net gains included in net income (1) 86 (30) 56 86 (30) 56 Net unrealized loss on securities available for sale $ (2,678) $ 1,042 $ (1,636) $ (2,678) $ 1,042 $ (1,636) (1) All amounts are included in non-interest income in the unaudited condensed consolidated statements of operations. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | A summary of the changes in components of Accumulated Other Comprehensive Income for the three and nine months ended September 30, 2015 and 2014 are presented below: Unrealized Accumulated Gain (Loss) on Loss on Post Other Available for Retirement Comprehensive Sale Securities Life Benefit Income (Dollars in thousands) Three month period comparison Beginning balance - 07/01/2015 $ (1,149) $ (158) $ (1,307) Current period change 815 5 820 Tax benefit (330) - (330) Ending balance 09/30/2015 $ (664) $ (153) $ (817) Beginning balance - 07/01/2014 $ (1,434) $ (9) $ (1,443) Current period change (326) 1 (325) Tax benefit 124 - 124 Ending balance 09/30/2014 $ (1,636) $ (8) $ (1,644) Nine month period comparison Beginning balance - 01/01/2015 $ (1,282) $ (169) $ (1,451) Current period change 1,037 16 1,053 Tax benefit (419) - (419) Ending balance 09/30/2015 $ (664) $ (153) $ (817) Beginning balance 01/01/2014 $ (2,657) $ (10) $ (2,667) Current period change 1,709 2 1,711 Tax benefit (688) - (688) Ending balance 09/30/2014 $ (1,636) $ (8) $ (1,644) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables presents assets that are measured at fair value on a recurring basis by major product category and fair value hierarchy as of September 30, 2015 and December 31, 2014: Category Used for Fair Value Measurement September 30, 2015 Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Securities available for sale: U.S. government sponsored entity mortgage-backed securities $ $ 81,939 $ U.S. Treasury and federal agencies 16,207 State and municipal obligations Corporate securities 9,030 Equity securities 43 Totals $ 43 $ 107,176 $ Category Used for Fair Value Measurement December 31, 2014 Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Securities available for sale: U.S. government sponsored entity mortgage-backed securities $ $ 80,258 $ U.S. Treasury and federal agencies 20,991 State and municipal obligations Corporate securities 8,839 Equity securities 28 Totals $ 28 $ 110,088 $ |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Summary of Non-Recurring Fair Value Measurements Category Used for Fair Value Measurement Nine Month Total Period Ended Total Level 1 Level 2 Level 3 Losses (Dollars in thousands) September 30, 2015 Assets: Impaired loans $ 3,875 $ - $ 1,718 $ 2,157 $ (123) Real estate owned 1,587 - 1,587 - (255) September 30, 2014 Assets: Impaired loans $ 5,609 $ - $ 2,459 $ 3,150 $ (441) Real estate owned 248 - 248 - (55) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table summarizes these results: Category Used For Fair Value September 30, 2015 Carrying Amount Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 115,514 $ 115,514 $ $ Investment securities: Held to maturity 932 989 Available for sale 107,219 43 107,176 Loans receivable, net 785,549 797,564 Federal Home Loan Bank stock 6,089 6,089 Liabilities: NOW and other demand deposit accounts 482,000 495,162 Passbook savings and club accounts 171,474 179,658 Certificates 178,536 179,280 Advances from Federal Home Loan Bank 110,000 118,347 Junior subordinated debenture Category Used For Fair Value December 31, 2014 Carrying Amount Level 1 Level 2 Level 3 (Dollars in thousands) 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 |
REAL ESTATE OWNED (Tables)
REAL ESTATE OWNED (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Summary of Real Estate Owned (“REO”): 2015 2014 Residential Commercial Residential Commercial Property Property Total Property Property Total (Dollars in thousands) (Dollars in thousands) Balance, January 1, $ 609 $ 41 $ 650 $ 295 $ 203 $ 498 Transfers into Real Estate Owned 1,839 195 2,034 460 460 Sales of Real Estate Owned (585) (195) (780) (410) (161) (571) Balance, September 30, $ 1,863 $ 41 $ 1,904 $ 345 $ 42 $ 387 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Held to Maturity | ||
Held to Maturity, Amortized Cost | $ 932 | $ 1,201 |
Held to Maturity, Gross Unrealized Gain | 57 | 77 |
Held to Maturity, Gross Unrealized Loss | 0 | 0 |
Held to Maturity, Estimated Fair Value | 989 | 1,278 |
Available for Sale | ||
Available for Sale, Amortized Cost | 108,271 | 112,205 |
Available for Sale, Gross Unrealized Gain | 428 | 408 |
Available for Sale, Gross Unrealized Loss | (1,480) | (2,497) |
Available for Sale, Estimated Fair Value | 107,219 | 110,116 |
US treasury and government sponsored entity mortgage-backed securities [Member] | ||
Held to Maturity | ||
Held to Maturity, Amortized Cost | 530 | 707 |
Held to Maturity, Gross Unrealized Gain | 57 | 77 |
Held to Maturity, Gross Unrealized Loss | 0 | 0 |
Held to Maturity, Estimated Fair Value | 587 | 784 |
Available for Sale | ||
Available for Sale, Amortized Cost | 82,395 | 81,383 |
Available for Sale, Gross Unrealized Gain | 346 | 278 |
Available for Sale, Gross Unrealized Loss | (802) | (1,403) |
Available for Sale, Estimated Fair Value | 81,939 | 80,258 |
Corporate [Member] | ||
Available for Sale | ||
Available for Sale, Amortized Cost | 9,644 | 9,596 |
Available for Sale, Gross Unrealized Gain | 42 | 99 |
Available for Sale, Gross Unrealized Loss | (656) | (856) |
Available for Sale, Estimated Fair Value | 9,030 | 8,839 |
U.S. Treasury and federal agencies [Member] | ||
Available for Sale | ||
Available for Sale, Amortized Cost | 16,229 | 21,223 |
Available for Sale, Gross Unrealized Gain | 0 | 6 |
Available for Sale, Gross Unrealized Loss | (22) | (238) |
Available for Sale, Estimated Fair Value | 16,207 | 20,991 |
Equity Securities [Member] | ||
Available for Sale | ||
Available for Sale, Amortized Cost | 3 | 3 |
Available for Sale, Gross Unrealized Gain | 40 | 25 |
Available for Sale, Gross Unrealized Loss | 0 | 0 |
Available for Sale, Estimated Fair Value | 43 | 28 |
Debt Securities - Municipal [Member] | ||
Held to Maturity | ||
Held to Maturity, Amortized Cost | 402 | 494 |
Held to Maturity, Gross Unrealized Gain | 0 | 0 |
Held to Maturity, Gross Unrealized Loss | 0 | 0 |
Held to Maturity, Estimated Fair Value | $ 402 | $ 494 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | $ 11,202 | $ 15,123 |
Less Than 12 Months, Gross Unrealized Loss | (40) | (22) |
12 Months or Longer, Estimated Fair Value | 67,673 | 78,613 |
12 Months or Longer, Gross Unrealized Loss | (1,440) | (2,475) |
Estimated Fair Value, Total | 78,875 | 93,736 |
Gross Unrealizd Loss, Total | (1,480) | (2,497) |
US Treasury and government sponsored entity mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 5,013 | 10,133 |
Less Than 12 Months, Gross Unrealized Loss | (32) | (17) |
12 Months or Longer, Estimated Fair Value | 54,658 | 66,020 |
12 Months or Longer, Gross Unrealized Loss | (770) | (1,386) |
Estimated Fair Value, Total | 59,671 | 76,153 |
Gross Unrealizd Loss, Total | (802) | (1,403) |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 0 | 0 |
Less Than 12 Months, Gross Unrealized Loss | 0 | 0 |
12 Months or Longer, Estimated Fair Value | 3,029 | 2,826 |
12 Months or Longer, Gross Unrealized Loss | (656) | (856) |
Estimated Fair Value, Total | 3,029 | 2,826 |
Gross Unrealizd Loss, Total | (656) | (856) |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 4,990 | |
Less Than 12 Months, Gross Unrealized Loss | (5) | |
12 Months or Longer, Estimated Fair Value | 9,767 | |
12 Months or Longer, Gross Unrealized Loss | (233) | |
Estimated Fair Value, Total | 14,757 | |
Gross Unrealizd Loss, Total | $ (238) | |
U.S. Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 6,189 | |
Less Than 12 Months, Gross Unrealized Loss | (8) | |
12 Months or Longer, Estimated Fair Value | 9,986 | |
12 Months or Longer, Gross Unrealized Loss | (14) | |
Estimated Fair Value, Total | 16,175 | |
Gross Unrealizd Loss, Total | $ (22) |
INVESTMENT SECURITIES (Detail29
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Due within 1 year | $ 402 | |
Held to Maturity, Estimated Fair Value, Due within 1 year | 402 | |
Held to Maturity, Amortized Cost, Due after 1 year through 5 years | 0 | |
Held to Maturity, Estimated Fair Value, Due after 1 year through 5 years | 0 | |
Held to Maturity, Amortized Cost, Due after 5 years through 10 years | 0 | |
Held to Maturity, Estimated Fair Value, Due after 5 years through 10 years | 0 | |
Held to Maturity, Amortized Cost, Due after 10 years | 0 | |
Held to Maturity, Estimated Fair Value, Due after 10 years | 0 | |
Held to Maturity, Amortized Cost, Total | 932 | $ 1,201 |
Held to Maturity, Estimated Fair Value, Total | 989 | $ 1,278 |
Available for Sale Securities, Amortized Cost, Due within 1 year | 3,987 | |
Available for Sale Securities, Estimated Fair Value, Due within 1 year | 4,004 | |
Available for Sale Securities, Amortized Cost, Due after 1 year through 5 years | 2,005 | |
Available for Sale Securities, Estimated Fair Value, Due after 1 year through 5 years | 2,030 | |
Available for Sale Securities, Amortized Cost, Due after 5 years through 10 years | 6,196 | |
Available for Sale Securities, Estimated Fair Value, Due after 5 years through 10 years | 6,188 | |
Available for Sale Securities, Amortized Cost, Due after 10 years | 13,685 | |
Available for Sale Securities, Estimated Fair Value, Due after 10 years | 13,015 | |
Available for Sale Securities, Amortized Cost, Total | 25,873 | |
Available for Sale Securities, Estimated Fair Value, Total | $ 25,237 |
INVESTMENT SECURITIES (Detail30
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from the sales of available-for-sale securities | $ 0 | $ 1,290 | $ 0 | $ 1,290 |
Gross realized gains | 0 | 86 | 0 | 86 |
Total realized gains | $ 0 | $ 86 | $ 0 | $ 86 |
INVESTMENT SECURITIES (Detail31
INVESTMENT SECURITIES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Continuous Unrealized Loss, Percentage Amortized Cost | 17.80% | |||
Available-for-sale Equity Securities, Amortized Cost Basis | $ 3,000 | |||
Trading Securities, Fair Value Disclosure | 43,000 | |||
Mortgage-backed Securities, Amortized Cost | 82,395,000,000 | |||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 81,939,000,000 | |||
Available-for-sale Securities Pledged as Collateral | $ 102,300,000 | $ 105,100,000 | ||
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | $ 84,000 | |||
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | $ 1.2 | $ 1,200,000 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Continuous Unrealized Loss, Percentage Amortized Cost | 1.20% |
LOANS RECEIVABLE - NET (Details
LOANS RECEIVABLE - NET (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Real estate - mortgage: | ||
Total real estate-mortgage | $ 689,172 | $ 677,177 |
Real estate - construction: | ||
Total real estate - construction | 23,225 | 20,171 |
Commercial | 20,624 | 22,277 |
Consumer: | ||
Total consumer loans | 51,839 | 54,656 |
Total loans | 784,860 | 774,281 |
Net deferred loan cost | 3,805 | 3,496 |
Allowance for loan losses | (3,116) | (3,760) |
Net total loans | 785,549 | 774,017 |
Home Equity [Member] | ||
Consumer: | ||
Total consumer loans | 51,493 | 54,279 |
One To Four Family Residential [Member] | ||
Real estate - mortgage: | ||
Total real estate-mortgage | 602,022 | 587,399 |
Consumer: | ||
Total loans | 602,022 | 587,399 |
Commercial and Multi Family [Member] | ||
Real estate - mortgage: | ||
Total real estate-mortgage | 87,150 | 89,778 |
Consumer: | ||
Total loans | 87,150 | 89,778 |
Residential [Member] | ||
Real estate - construction: | ||
Total real estate - construction | 18,482 | 16,030 |
Commercial Loan [Member] | ||
Real estate - construction: | ||
Total real estate - construction | 4,743 | 4,141 |
Consumer: | ||
Total loans | 20,624 | 22,277 |
Other Consumer Loans [Member] | ||
Consumer: | ||
Total consumer loans | $ 346 | $ 377 |
LOANS RECEIVABLE - NET (Detai33
LOANS RECEIVABLE - NET (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | $ 3,760 | $ 4,199 | ||
Provision for loan loss | $ 165 | $ 125 | 496 | 263 |
Charge-offs | (1,140) | (509) | ||
Recoveries | 0 | 76 | ||
Balance, end of period | $ 3,116 | $ 4,029 | $ 3,116 | $ 4,029 |
LOANS RECEIVABLE - NET (Detai34
LOANS RECEIVABLE - NET (Details 2) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 5,090 | $ 5,575 |
Troubled debt restructuring, non-accrual | 660 | 694 |
Total non-performing loans | 5,750 | 6,269 |
Real estate owned | 1,904 | 650 |
Total non-performing assets | 7,654 | 6,919 |
One To Four Family Residential [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 2,798 | 3,626 |
Commercial and Multi Family [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,580 | 803 |
Commercial Loan [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 501 |
Consumer Loan [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 568 | 502 |
Construction [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 144 | $ 143 |
LOANS RECEIVABLE - NET (Detai35
LOANS RECEIVABLE - NET (Details 3) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contractual Receivable Amount, Beginning Balance | $ 44,216 | $ 50,837 |
Contractual Receivable Amount, Principal Reductions | (4,211) | (4,675) |
Contractual Receivable Amount, Charge-offs, net | (64) | (439) |
Contractual Receivable Amount, Amortization of loan premium | 0 | 0 |
Contractual Receivable Amount, Ending Balance | 39,941 | 45,723 |
Nonaccretable (Yield) / Premium, Beginning Balance | (2,540) | (3,099) |
Nonaccretable (Yield) / Premium, Principal Reductions | 0 | 0 |
Nonaccretable (Yield) / Premium, Charge-offs, net | 64 | 439 |
Nonaccretable (Yield) / Premium, Amortization of loan premium | 0 | 0 |
Nonaccretable (Yield) / Premium, Ending Balance | (2,476) | (2,660) |
Accretable (Yield) / Premuim, Beginning Balance | 542 | 746 |
Accretable (Yield) / Premium, Principal Reductions | 0 | 0 |
Accretable (Yield) / Premium, Charge-offs, net | 0 | 0 |
Accretable (Yield) / Premium, Amortization of loan premium | (87) | (153) |
Accretable (Yield) / Premuim, Ending Balance | 455 | 593 |
Carrying Amount, Beginning Balance | 42,218 | 48,484 |
Carrying Amount, Principal Reductions | (4,211) | (4,675) |
Carrying Amount, Charge-offs, net | 0 | 0 |
Carrying Amount, Amortization of loan premium | (87) | (153) |
Carrying Amount, Ending Balance | $ 37,920 | $ 43,656 |
LOANS RECEIVABLE - NET (Detai36
LOANS RECEIVABLE - NET (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Real estate | ||
Total Past Due | $ 7,021 | $ 9,913 |
Current | 777,839 | 764,368 |
Total Loans Receivables | 784,860 | 774,281 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 1,674 | 3,639 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 138 | 5 |
Financing Receivables, Greater than 90 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 5,209 | 6,269 |
One To Four family residential [Member] | ||
Real estate | ||
Total Past Due | 4,401 | 6,578 |
Current | 597,621 | 580,821 |
Total Loans Receivables | 602,022 | 587,399 |
One To Four family residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 1,484 | 2,323 |
One To Four family residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 0 | 0 |
One To Four family residential [Member] | Financing Receivables, Greater than 90 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 2,917 | 4,255 |
Commercial and multi-family [Member] | ||
Real estate | ||
Total Past Due | 1,580 | 1,634 |
Current | 85,570 | 88,144 |
Total Loans Receivables | 87,150 | 89,778 |
Commercial and multi-family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 0 | 831 |
Commercial and multi-family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 0 | 0 |
Commercial and multi-family [Member] | Financing Receivables, Greater than 90 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 1,580 | 803 |
Construction [Member] | ||
Real estate | ||
Total Past Due | 144 | 143 |
Current | 23,081 | 20,028 |
Total Loans Receivables | 23,225 | 20,171 |
Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 0 | 0 |
Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 0 | 0 |
Construction [Member] | Financing Receivables, Greater than 90 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 144 | 143 |
Commercial Loan [Member] | ||
Real estate | ||
Total Past Due | 0 | 501 |
Current | 20,624 | 21,776 |
Total Loans Receivables | 20,624 | 22,277 |
Commercial Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 0 | 0 |
Commercial Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 0 | 0 |
Commercial Loan [Member] | Financing Receivables, Greater than 90 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 0 | 501 |
Consumer Loan [Member] | ||
Real estate | ||
Total Past Due | 896 | 1,057 |
Current | 50,943 | 53,599 |
Total Loans Receivables | 51,839 | 54,656 |
Consumer Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 190 | 485 |
Consumer Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | 138 | 5 |
Consumer Loan [Member] | Financing Receivables, Greater than 90 Days Past Due [Member] | ||
Real estate | ||
Total Past Due | $ 568 | $ 567 |
LOANS RECEIVABLE - NET (Detai37
LOANS RECEIVABLE - NET (Details 5) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | $ 90 | |
Recorded Investment | 181 | |
Unpaid Principal Balance | 181 | |
Related Allowance | 55 | |
One To Four Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | $ 5,683 | 4,585 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 5,860 | 4,622 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 150 | 139 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 4,016 | 5,787 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 4,286 | 6,138 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 592 | 721 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 287 | 340 |
Recorded Investment | 9,699 | 10,372 |
Unpaid Principal Balance | 10,146 | 10,760 |
Related Allowance | 592 | 721 |
Average Recorded Investment | 187 | 207 |
Commercial and Multi Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 1,545 | 1,324 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 1,545 | 1,324 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 257 | 265 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 285 | 0 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 310 | 0 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 23 | 0 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 285 | 0 |
Recorded Investment | 1,830 | 1,324 |
Unpaid Principal Balance | 1,855 | 1,324 |
Related Allowance | 23 | 0 |
Average Recorded Investment | 261 | 265 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 144 | 143 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 144 | 143 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 144 | 143 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 0 | |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 0 | |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 0 | |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 0 | |
Recorded Investment | 144 | 143 |
Unpaid Principal Balance | 144 | 143 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 144 | 143 |
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 | 187 | 0 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 187 | 0 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 4 | 0 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 187 | 0 |
Recorded Investment | 187 | 702 |
Unpaid Principal Balance | 187 | 702 |
Related Allowance | 4 | 254 |
Average Recorded Investment | 187 | 351 |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, With no related allowance recorded, Recorded Investment | 1,232 | 970 |
Impaired Financing Receivable, With no related allowance recorded, Unpaid Principal Balance | 1,232 | 970 |
Impaired Financing Receivable, With no related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, With no related allowance recorded, Average Recorded Investment | 65 | 57 |
Impaired Financing Receivable, With an allowance recorded, Recorded Investment | 69 | 702 |
Impaired Financing Receivable, With an allowance recorded, Unpaid Principal Balance | 115 | 702 |
Impaired Financing Receivable, With an allowance recorded, Related Allowance | 64 | 254 |
Impaired Financing Receivable, With an allowance recorded, Average Recorded Investment | 35 | 351 |
Recorded Investment | 1,301 | 1,151 |
Unpaid Principal Balance | 1,347 | 1,151 |
Related Allowance | 64 | 55 |
Average Recorded Investment | $ 62 | $ 61 |
LOANS RECEIVABLE - NET (Detai38
LOANS RECEIVABLE - NET (Details 6) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Recorded Investment, Number of Contracts | 18 | 13 |
Outstanding Recorded Investment, Pre-Modification | $ 4,206 | $ 3,823 |
Outstanding Recorded Investment, Post-Modification | $ 4,206 | $ 3,823 |
One To Four Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Recorded Investment, Number of Contracts | 10 | 8 |
Outstanding Recorded Investment, Pre-Modification | $ 3,401 | $ 3,335 |
Outstanding Recorded Investment, Post-Modification | $ 3,401 | $ 3,335 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Recorded Investment, Number of Contracts | 2 | 0 |
Outstanding Recorded Investment, Pre-Modification | $ 250 | $ 0 |
Outstanding Recorded Investment, Post-Modification | $ 250 | $ 0 |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Recorded Investment, Number of Contracts | 5 | 4 |
Outstanding Recorded Investment, Pre-Modification | $ 368 | $ 287 |
Outstanding Recorded Investment, Post-Modification | $ 368 | $ 287 |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Recorded Investment, Number of Contracts | 1 | 1 |
Outstanding Recorded Investment, Pre-Modification | $ 187 | $ 201 |
Outstanding Recorded Investment, Post-Modification | $ 187 | $ 201 |
LOANS RECEIVABLE - NET (Detai39
LOANS RECEIVABLE - NET (Details 7) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
One To Four Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | $ 10,031 | $ 13,318 |
One To Four Family Residential [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 3,559 | 3,948 |
One To Four Family Residential [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 6,472 | 9,370 |
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 | 4,953 | 4,582 |
Commercial and Multi Family [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 547 | 572 |
Commercial and Multi Family [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 4,406 | 4,010 |
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 | 144 | 143 |
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 | 144 | 143 |
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 | 617 | 1,103 |
Commercial Loan [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 48 | 444 |
Commercial Loan [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 569 | 659 |
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 | 1,818 | 2,118 |
Consumer Loan [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 701 | 915 |
Consumer Loan [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | 1,117 | 1,189 |
Consumer Loan [Member] | Doubtful and Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classified loans by class of loans | $ 0 | $ 14 |
LOANS RECEIVABLE - NET (Detai40
LOANS RECEIVABLE - NET (Details 8) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | $ 784,860 | $ 774,281 | |
One To Four Family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 602,022 | 587,399 | |
One To Four Family Residential [Member] | Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 598,734 | 583,773 | |
One To Four Family Residential [Member] | Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | [1] | 3,288 | 3,626 |
Commercial and Multi Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 87,150 | 89,778 | |
Commercial and Multi Family [Member] | Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 85,570 | 88,975 | |
Commercial and Multi Family [Member] | Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | [1] | 1,580 | 803 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 23,225 | 20,171 | |
Construction [Member] | Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 23,081 | 20,028 | |
Construction [Member] | Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | [1] | 144 | 143 |
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 20,624 | 22,277 | |
Commercial Loan [Member] | Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 20,624 | 21,776 | |
Commercial Loan [Member] | Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | [1] | 0 | 501 |
Consumer Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 51,839 | 54,656 | |
Consumer Loan [Member] | Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | 51,102 | 54,154 | |
Consumer Loan [Member] | Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit risk profile of loans | [1] | $ 737 | $ 502 |
[1] | 9/30/2015 data includes non-performing TDR loans |
LOANS RECEIVABLE - NET (Detai41
LOANS RECEIVABLE - NET (Details 9) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Allowance for credit losses: | ||
Balance, beginning of period | $ 3,760 | $ 4,199 |
Charge-offs | (1,140) | (977) |
Recoveries | 0 | 76 |
Provision for loan losses | 496 | 462 |
Balance, end of period | 3,116 | 3,760 |
Ending balance: individually evaluated for impairment | 683 | 1,030 |
Ending balance: collectively evaluated for impariment | 2,433 | 2,730 |
Loan Receivables: | ||
Ending balance | 784,860 | 774,281 |
Ending balance: individually evaluated for impairment | 13,161 | 13,692 |
Ending balance: collectively evaluated for impariment | 771,699 | 760,589 |
One To Four Family Residential [Member] | ||
Allowance for credit losses: | ||
Balance, beginning of period | 2,318 | 2,981 |
Charge-offs | (565) | (538) |
Recoveries | 0 | 1 |
Provision for loan losses | 204 | (126) |
Balance, end of period | 1,957 | 2,318 |
Ending balance: individually evaluated for impairment | 592 | 721 |
Ending balance: collectively evaluated for impariment | 1,365 | 1,597 |
Loan Receivables: | ||
Ending balance | 602,022 | 587,399 |
Ending balance: individually evaluated for impairment | 9,699 | 10,372 |
Ending balance: collectively evaluated for impariment | 592,323 | 577,027 |
Commercial and Multi Family [Member] | ||
Allowance for credit losses: | ||
Balance, beginning of period | 625 | 551 |
Charge-offs | (25) | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | (329) | 74 |
Balance, end of period | 271 | 625 |
Ending balance: individually evaluated for impairment | 23 | 0 |
Ending balance: collectively evaluated for impariment | 248 | 625 |
Loan Receivables: | ||
Ending balance | 87,150 | 89,778 |
Ending balance: individually evaluated for impairment | 1,830 | 1,324 |
Ending balance: collectively evaluated for impariment | 85,320 | 88,454 |
Construction [Member] | ||
Allowance for credit losses: | ||
Balance, beginning of period | 33 | 85 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | (2) | (52) |
Balance, end of period | 31 | 33 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impariment | 31 | 33 |
Loan Receivables: | ||
Ending balance | 23,225 | 20,171 |
Ending balance: individually evaluated for impairment | 144 | 143 |
Ending balance: collectively evaluated for impariment | 23,081 | 20,028 |
Commercial Loan [Member] | ||
Allowance for credit losses: | ||
Balance, beginning of period | 380 | 230 |
Charge-offs | (306) | 0 |
Recoveries | 0 | 75 |
Provision for loan losses | 250 | 75 |
Balance, end of period | 324 | 380 |
Ending balance: individually evaluated for impairment | 4 | 254 |
Ending balance: collectively evaluated for impariment | 320 | 126 |
Loan Receivables: | ||
Ending balance | 20,624 | 22,277 |
Ending balance: individually evaluated for impairment | 187 | 702 |
Ending balance: collectively evaluated for impariment | 20,437 | 21,575 |
Consumer Loan [Member] | ||
Allowance for credit losses: | ||
Balance, beginning of period | 404 | 352 |
Charge-offs | (244) | (439) |
Recoveries | 0 | 0 |
Provision for loan losses | 373 | 491 |
Balance, end of period | 533 | 404 |
Ending balance: individually evaluated for impairment | 64 | 55 |
Ending balance: collectively evaluated for impariment | 469 | 349 |
Loan Receivables: | ||
Ending balance | 51,839 | 54,656 |
Ending balance: individually evaluated for impairment | 1,301 | 1,151 |
Ending balance: collectively evaluated for impariment | $ 50,538 | $ 53,505 |
LOANS RECEIVABLE - NET (Detai42
LOANS RECEIVABLE - NET (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructuring, Carrying Value | $ 4,200 | |
Loans and Leases Receivable, Impaired, Nonperforming, Nonaccrual of Interest | 660 | |
Troubled Debt Restructuring, Reserved | $ 515 | $ 515 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deposits [Line Items] | ||
NOW and other demand deposit accounts | $ 482,000 | $ 439,623 |
Passbook savings and club accounts | 171,474 | 168,686 |
Subtotal | 653,474 | 608,309 |
Certificates with original maturities: | ||
Within one year | 31,767 | 42,821 |
One to three years | 123,470 | 113,927 |
Three years and beyond | 23,299 | 22,021 |
Total certificates | 178,536 | 178,769 |
Total | $ 832,010 | $ 787,078 |
Weighted Average Interest Rate, NOW and other demand deposit accounts | 0.12% | 0.13% |
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 | 0.30% | 0.29% |
Weighted Average Interest Rate, One to three years | 0.95% | 0.92% |
Weighted Average Interest Rate, Three years and beyond | 1.59% | 1.73% |
DEPOSITS (Details Textual)
DEPOSITS (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deposits [Line Items] | ||
Time Deposits, $100 thousand or more | $ 67,100 | $ 68,800 |
Cash, Uninsured Amount | 250 | |
Municipal Demand Deposits, $100 thousand or more | $ 208,200 | $ 181,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earning Per Share [Line Items] | ||||
Numerator - Net Income | $ 1,669 | $ 1,580 | $ 5,121 | $ 4,700 |
Denominators: | ||||
Basic average shares outstanding (in shares) | 6,043,604 | 6,226,913 | 5,983,355 | 6,333,123 |
Effect of dilutive common stock equivalents (in shares) | 101,532 | 134,943 | 105,272 | 136,334 |
Diluted average shares outstanding (in shares) | 6,145,136 | 6,361,856 | 6,088,627 | 6,469,457 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.25 | $ 0.86 | $ 0.74 |
Diluted (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.84 | $ 0.73 |
EARNINGS PER SHARE (Details Tex
EARNINGS PER SHARE (Details Textual) - shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 318,265 | 598,328 |
Weighted Average Number Of Non Vested Shares Outstanding Diluted | 35,150 | 63,490 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, Outstanding at the beginning of the period (in shares) | 674,391 | 680,200 | |
Number of shares, Granted (in shares) | 0 | 0 | |
Number of shares, Exercised (in shares) | 287,130 | 5,809 | |
Number of shares, Forfeited (in shares) | 3,894 | 0 | |
Number of shares, Outstanding at the end of the period (in shares) | 383,367 | 674,391 | |
Number of shares, Exercisable at the end of the period (in shares) | 309,367 | 524,462 | |
Number of shares, Stock options vested or expected to vest (in shares) | [1] | 345,030 | 606,952 |
Weighted average exercise price, Outstanding at the beginning of the period (in dollars per share) | $ 12.15 | $ 12.14 | |
Weighted average exercise price, Granted (in dollars per share) | 0 | 0 | |
Weighted average exercise price, Exercised (in dollars per share) | 13.08 | 11.49 | |
Weighted average exercise price, Forfeited (in dollars per share) | 11.69 | 0 | |
Weighted average exercise price, Outstanding at the end of the period (in dollars per share) | 11.45 | 12.15 | |
Weighted average exercise price, Exercisable at the end of the period (in dollars per share) | 10.94 | 12.06 | |
Weighted average exercise price, Stock options vested or expected to vest (in dollars per share) | [1] | $ 11.45 | $ 12.15 |
[1] | Includes vested shares and nonvested shares after a forfeiture rate, which is based upon historical data, is applied. |
STOCK-BASED COMPENSATION (Det48
STOCK-BASED COMPENSATION (Details 1) - $ / shares | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number of Shares (in shares) | 383,367 | 674,391 | 674,391 | 680,200 |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 11.45 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 4 months 24 days | |||
Date Of Issued November 21 2006 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number of Shares (in shares) | 14,506 | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 14.78 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 1 year 1 month 6 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) | 17,274 | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 11.32 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 1 month 6 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) | 210,159 | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 10.21 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 10 months 24 days | |||
Date Of Issued March 15 2011 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number of Shares (in shares) | 13,600 | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 12.06 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 6 months | |||
Date Of Issued August 17 2011 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number of Shares (in shares) | 45,938 | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 11.53 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 10 months 24 days | |||
Date Of Issued November 19 2012 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number of Shares (in shares) | 17,100 | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 13.10 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 1 month 6 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) | 64,790 | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 14.14 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 8 years 1 month 6 days |
STOCK-BASED COMPENSATION (Det49
STOCK-BASED COMPENSATION (Details 2) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Issued (in shares) | 0 | 0 |
Non vested Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Beginning of period (in shares) | 54,950 | 83,290 |
Number of shares, Issued (in shares) | 0 | 0 |
Number of shares, Forfeited (in shares) | 0 | 0 |
Number of shares, Vested (in shares) | 19,800 | 19,800 |
Number of shares, End of period (in shares) | 35,150 | 63,490 |
Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 10.74 | $ 10.99 |
Weighted average grant date fair value, Issued (in doallrs per share) | 0 | 0 |
Weighted average grant date fair value, Forfeited (in dollars per share) | 0 | 0 |
Weighted average grant date fair value, Vested (in dollars per share) | 10.30 | 10.30 |
Weighted average grant date fair value, End of period (in dollars per share) | $ 14.08 | $ 12.91 |
STOCK-BASED COMPENSATION (Det50
STOCK-BASED COMPENSATION (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | $ 46 | $ 46 | $ 138 | $ 138 |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Total Unrecognized Compensation Cost | 290 | |||
Allocated Share-based Compensation Expense | 45 | $ 81 | 208 | $ 244 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 383 | $ 383 | ||
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 Total Compensation Cost Not Yet Recognized Period For Recognition | 1 year 10 months 24 days |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Charitable Contributions, Percent | 33.50% | 35.70% |
Increase (Decrease) in Deferred Income Taxes | $ 2.6 | $ 2.6 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized holding loss on securities available for sale during the period, Pre-tax | $ (2,764) | $ (2,764) | |
Reclassification adjustment for net gains included in net income, Pre-tax | [1] | 86 | 86 |
Net unrealized loss on securities available for sale, Pre-tax | (2,678) | (2,678) | |
Unrealized holding loss on securities available for sale during the period, Tax | 1,072 | 1,072 | |
Reclassification adjustment for net gains included in net income, Tax | [1] | (30) | (30) |
Net unrealized loss on securities available for sale, Tax | 1,042 | 1,042 | |
Unrealized holding loss on securities available for sale during the period, After-tax | (1,692) | (1,692) | |
Reclassification adjustment for net gains included in net income, After-tax | [1] | 56 | 56 |
Net unrealized loss on securities available for sale, After-tax | $ (1,636) | $ (1,636) | |
[1] | All amounts are included in non-interest income in the unaudited condensed consolidated statements of operations. |
STOCKHOLDERS' EQUITY (Details 1
STOCKHOLDERS' EQUITY (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Unrealized Gain (Loss) on Available for Sale Securities, Beginning balance | $ (1,149) | $ (1,434) | $ (1,282) | $ (2,657) |
Unrealized Gain (Loss) on Available for Sale Securities, Current period change | 815 | (326) | 1,037 | 1,709 |
Unrealized Gain (Loss) on Available for Sale Securities, Tax benefit | (330) | 124 | (419) | (688) |
Unrealized Gain (Loss) on Available for Sale Securities, Ending Balance | (664) | (1,636) | (664) | (1,636) |
Loss on Post Retirement Life Benefit, Beginning balance | (158) | (9) | (169) | (10) |
Loss on Post Retirement Life Benefit, Current period change | 5 | 1 | 16 | 2 |
Loss on Post Retirement Life Benefit, Tax benefit | 0 | 0 | 0 | 0 |
Loss on Post Retirement Life Benefit, Ending Balance | (153) | (8) | (153) | (8) |
Accumulated Other Comprehensive Income, Beginning balance | (1,307) | (1,443) | (1,451) | (2,667) |
Accumulated Other Comprehensive Income, Current period change | 820 | (325) | 1,053 | 1,711 |
Accumulated Other Comprehensive Income, Tax benefit | (330) | 124 | (419) | (688) |
Accumulated Other Comprehensive Income, Ending Balance | $ (817) | $ (1,644) | $ (817) | $ (1,644) |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - $ / shares | 3 Months Ended | |
Sep. 30, 2015 | Mar. 03, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 130,000 | |
Stock Repurchase Program Shares Authorized To Be Repurchased Percentage | 2.00% | |
Stock Repurchased During Period, Shares | 16,400 | |
Treasury Stock Acquired, Average Cost Per Share | $ 14.82 | |
Board of Directors Chairman [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.06 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | $ 107,219 | $ 110,116 |
US Government Sponsored Entity Mortgage-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 81,939 | 80,258 |
Corporate securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 9,030 | 8,839 |
Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 43 | 28 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 43 | 28 |
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 | |
Fair Value, Inputs, Level 1 [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 43 | 28 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 107,176 | 110,088 |
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 | 81,939 | 80,258 |
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 | 16,207 | 20,991 |
Fair Value, Inputs, Level 2 [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 0 | 0 |
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 | 9,030 | 8,839 |
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] | State and Municipal Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Fair Value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Deta56
FAIR VALUE MEASUREMENTS (Details 1) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Assets: | ||
Impaired loans | $ 3,875 | $ 5,609 |
Real estate owned | 1,587 | 248 |
Impaired loans, (Losses) Gains | (123) | (441) |
Real estate owned, (Losses) Gains | (255) | (55) |
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 | 1,718 | 2,459 |
Real estate owned | 1,587 | 248 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Impaired loans | 2,157 | 3,150 |
Real estate owned | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Deta57
FAIR VALUE MEASUREMENTS (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents, Carrying Amount | $ 115,514 | $ 80,307 | $ 93,116 | $ 87,619 |
Investment securities, Carrying Amount | ||||
Held to maturity, Carrying Amount | 932 | 1,201 | ||
Available for sale, Carrying Amount | 107,219 | 110,116 | ||
Loans receivable, net, Carrying Amount | 785,549 | 774,017 | ||
Federal Home Loan Bank stock, Carrying Amount | 6,089 | 6,039 | ||
LIABILITIES: | ||||
NOW and other demand deposit accounts, Carrying Amount | 482,000 | 439,623 | ||
Passbook savings and club accounts, Carrying Amount | 171,474 | 168,686 | ||
Certificates, Carrying Amount | 178,536 | 178,769 | ||
Advances from Federal Home Loan Bank, Carrying Amount | 110,000 | 110,000 | ||
Junior subordinated debenture, Carrying Amount | 0 | 7,217 | ||
Investment securities, Estimated Fair Value | ||||
Held to maturity, Fair Value | 989 | 1,278 | ||
Loans receivable, net, Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities, Carrying Amount | ||||
Available for sale, Carrying Amount | 43 | 28 | ||
Assets, Estimated Fair Value | ||||
Cash and cash equivalents, Fair Value | 115,514 | 80,307 | ||
Investment securities, Estimated Fair Value | ||||
Held to maturity, Fair Value | 0 | 0 | ||
Available for sale, Fair Value | 43 | 28 | ||
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 | 107,176 | 110,088 | ||
Assets, Estimated Fair Value | ||||
Cash and cash equivalents, Fair Value | 0 | 0 | ||
Investment securities, Estimated Fair Value | ||||
Held to maturity, Fair Value | 989 | 1,278 | ||
Available for sale, Fair Value | 107,176 | 110,088 | ||
Loans receivable, net, Fair Value | 797,564 | 791,095 | ||
Federal Home Loan Bank stock, Fair Value | 6,089 | 6,039 | ||
Liabilities, Estimated Fair Value | ||||
NOW and other demand deposit accounts, Fair Value | 495,162 | 458,328 | ||
Passbook savings and club accounts, Fair Value | 179,658 | 168,893 | ||
Certificates, Fair Value | 179,280 | 179,224 | ||
Advances from Federal Home Loan Bank, Fair Value | 118,347 | 118,777 | ||
Junior subordinated debenture, Fair Value | 0 | 7,217 | ||
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 | ||
Federal Home Loan Bank stock, Fair Value | 0 | 0 | ||
Liabilities, Estimated Fair Value | ||||
NOW and other demand deposit accounts, Fair Value | 0 | 0 | ||
Passbook savings and club accounts, Fair Value | 0 | 0 | ||
Certificates, Fair Value | 0 | 0 | ||
Advances from Federal Home Loan Bank, Fair Value | 0 | 0 | ||
Junior subordinated debenture, Fair Value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Deta58
FAIR VALUE MEASUREMENTS (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value of Loans Remeasured | $ 3,900 | $ 5,600 |
Prior to Remeasurement of Loans | 4,000 | 6,100 |
Real Estate Owned | 1,587 | 248 |
Proceeds from Sale of Real Estate | 779 | 571 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Properties Prior to Remeasurement of Loans | 1,800 | 303 |
Real Estate Owned | 1,600 | |
Fair Value Remeasurement Gain Loss On Impaired Loan | 123 | 441 |
Fair Value Remeasurement Gain Loss On Real Estate Owned | $ 255 | 55 |
Proceeds from Sale of Real Estate | $ 248 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 4,630 | $ 4,630 |
Intangible Assets, Net (Excluding Goodwill) | 464 | 536 |
Core Deposits [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | $ 464 | $ 536 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 15 years |
REAL ESTATE OWNED (Details)
REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Real Estate Properties [Line Items] | ||
Balance, January 1, | $ 650 | $ 498 |
Transfers into Real Estate Owned | 2,034 | 460 |
Sales of Real Estate Owned | (780) | (571) |
Balance, September 30, | 1,904 | 387 |
Residential Property [Member] | ||
Real Estate Properties [Line Items] | ||
Balance, January 1, | 609 | 295 |
Transfers into Real Estate Owned | 1,839 | 460 |
Sales of Real Estate Owned | (585) | (410) |
Balance, September 30, | 1,863 | 345 |
Commercial Property [Member] | ||
Real Estate Properties [Line Items] | ||
Balance, January 1, | 41 | 203 |
Transfers into Real Estate Owned | 195 | 0 |
Sales of Real Estate Owned | (195) | (161) |
Balance, September 30, | $ 41 | $ 42 |
JUNIOR SUBORDINATED DEBT (Detai
JUNIOR SUBORDINATED DEBT (Details Textual) - Securities Subject to Mandatory Redemption [Member] - Ocean Shore Capital Trust I [Member] $ in Thousands | 1 Months Ended |
Aug. 26, 2015USD ($) | |
JUNIOR SUBORDINATED DEBT [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 8.67% |
Redemption Premium | $ 94 |
Redeemable Noncontrolling Interest, Equity, Other, Redemption Value | $ 7,200 |