Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'OmniAmerican Bancorp, Inc. | ' |
Entity Central Index Key | '0001470795 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 11,591,047 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from financial institutions | $11,791 | $11,498 |
Short-term interest-earning deposits in other financial institutions | 1,913 | 4,382 |
Total cash and cash equivalents | 13,704 | 15,880 |
Investments: | ' | ' |
Securities available for sale (Amortized cost of $438,918 on September 30, 2014 and $433,580 on December 31, 2013) | 440,675 | 430,775 |
Other | 16,486 | 19,782 |
Loans held for sale | 2,014 | 1,509 |
Loans, net of deferred fees and discounts | 774,015 | 831,326 |
Less allowance for loan losses | -6,248 | -6,445 |
Loans, net | 767,767 | 824,881 |
Premises and equipment, net | 39,999 | 41,512 |
Bank-owned life insurance | 44,669 | 43,606 |
Other real estate owned | 931 | 177 |
Mortgage servicing rights | 1,559 | 1,473 |
Deferred tax asset, net | 2,434 | 4,066 |
Accrued interest receivable | 3,168 | 3,447 |
Other assets | 3,869 | 4,205 |
Total assets | 1,337,275 | 1,391,313 |
Deposits: | ' | ' |
Noninterest-bearing | 57,399 | 58,071 |
Interest-bearing | 741,392 | 755,503 |
Total deposits | 798,791 | 813,574 |
Federal Home Loan Bank advances | 302,833 | 362,000 |
Other borrowings | 7,000 | 2,000 |
Accrued expenses and other liabilities | 13,221 | 6,597 |
Total liabilities | 1,121,845 | 1,184,171 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 11,573,681 shares issued and outstanding at September 30, 2014 and 11,451,596 shares issued and outstanding at December 31, 2013 | 116 | 115 |
Additional paid-in capital | 111,819 | 109,250 |
Unallocated Employee Stock Ownership Plan (“ESOPâ€) shares; 771,282 shares at September 30, 2014 and 799,848 shares at December 31, 2013 | -7,713 | -7,999 |
Retained earnings | 110,725 | 108,304 |
Accumulated other comprehensive income (loss): | ' | ' |
Unrealized gain (loss) on securities available for sale, net of income taxes | 1,160 | -1,851 |
Unrealized loss on pension plan, net of income taxes | -677 | -677 |
Total accumulated other comprehensive income (loss) | 483 | -2,528 |
Total stockholders’ equity | 215,430 | 207,142 |
Total liabilities and stockholders’ equity | $1,337,275 | $1,391,313 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Amortized cost of available for sale securities | $438,918 | $433,580 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 11,573,681 | 11,451,596 |
Common stock, shares outstanding | 11,573,681 | 11,451,596 |
Unallocated Employee Stock Ownership Plan (ESOP) shares | 771,282 | 799,848 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Loans, including fees | $8,990 | $11,097 | $27,126 | $29,263 |
Securities - taxable | 2,561 | 2,335 | 7,796 | 6,613 |
Securities - nontaxable | 1 | 0 | 2 | 1 |
Total interest income | 11,552 | 13,432 | 34,924 | 35,877 |
Interest expense: | ' | ' | ' | ' |
Deposits | 1,012 | 1,181 | 3,048 | 4,028 |
Borrowed funds | 606 | 646 | 1,940 | 1,832 |
Total interest expense | 1,618 | 1,827 | 4,988 | 5,860 |
Net interest income | 9,934 | 11,605 | 29,936 | 30,017 |
Provision for loan losses | 550 | 200 | 1,925 | 1,800 |
Net interest income after provision for loan losses | 9,384 | 11,405 | 28,011 | 28,217 |
Noninterest income: | ' | ' | ' | ' |
Service charges and other fees | 2,141 | 2,349 | 6,301 | 6,795 |
Net gains on sales of loans | 453 | 405 | 1,031 | 1,427 |
Net gains on sales of securities available for sale (reclassified from unrealized gains (losses) on available-for-sale securities in accumulated other comprehensive income) | 0 | 0 | 607 | 1,701 |
Net (losses) gains on disposition of premises and equipment | 0 | 0 | -1 | 344 |
Net (losses) gains on sales of repossessed assets | -9 | 20 | 1 | 17 |
Commissions | 327 | 462 | 1,104 | 1,067 |
Increase in cash surrender value of bank-owned life insurance | 346 | 368 | 1,063 | 1,051 |
Other income | 223 | 193 | 747 | 640 |
Total noninterest income | 3,481 | 3,797 | 10,853 | 13,042 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and benefits | 6,156 | 6,645 | 18,780 | 19,442 |
Software and equipment maintenance | 573 | 719 | 1,668 | 2,025 |
Depreciation of furniture, software, and equipment | 259 | 394 | 852 | 1,222 |
FDIC insurance | 168 | 193 | 521 | 522 |
Net loss on write-down of other real estate owned | 7 | 205 | 29 | 227 |
Real estate owned expense (income) | 26 | -29 | 90 | -64 |
Service fees | 155 | 133 | 453 | 373 |
Communications costs | 195 | 258 | 652 | 731 |
Other operations expense | 734 | 775 | 2,316 | 2,341 |
Occupancy | 992 | 959 | 2,911 | 2,884 |
Professional and outside services | 1,440 | 1,145 | 4,431 | 3,185 |
Loan servicing | 27 | 281 | 271 | 513 |
Marketing | 97 | 212 | 290 | 520 |
Total noninterest expense | 10,829 | 11,890 | 33,264 | 33,921 |
Income before income tax expense | 2,036 | 3,312 | 5,600 | 7,338 |
Income tax expense (includes income tax expense from items reclassified from accumulated other comprehensive income of $0 for the three months ended September 30, 2014 and 2013, and $206 and $578 for the nine months ended September 30, 2014 and 2013, respectively) | 434 | 1,116 | 1,571 | 2,535 |
Net income | $1,602 | $2,196 | $4,029 | $4,803 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.15 | $0.21 | $0.37 | $0.46 |
Diluted | $0.15 | $0.21 | $0.37 | $0.46 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Reclassifications from unrealized gains (losses) on available for sale securities in accumulated other comprehensive income | $0 | $0 | $607 | $1,701 |
Income tax expense from items reclassified from accumulated other comprehensive income | $0 | $0 | $206 | $578 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $1,602 | $2,196 | $4,029 | $4,803 |
Change in unrealized gains (losses) on securities available for sale | -2,093 | 1,337 | 5,169 | -8,027 |
Reclassification of amount realized through sale of securities | 0 | 0 | -607 | -1,701 |
Income tax effect | 712 | -455 | -1,551 | 3,307 |
Other comprehensive (loss) income, net of income tax | -1,381 | 882 | 3,011 | -6,421 |
Comprehensive income (loss) | $221 | $3,078 | $7,040 | ($1,618) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-in Capital | Unallocated ESOP shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands | ||||||
Beginning balance at Dec. 31, 2013 | $207,142 | $115 | $109,250 | ($7,999) | $108,304 | ($2,528) |
ESOP shares allocated, 28,566 shares | 691 | 0 | 405 | 286 | 0 | 0 |
Stock purchased and retired at cost, 6,469 shares | -25 | 0 | -25 | 0 | 0 | 0 |
Share-based compensation expense | 1,612 | 0 | 1,612 | 0 | 0 | 0 |
Tax benefit from share-based compensation | 150 | 0 | 150 | 0 | 0 | 0 |
Stock options exercised, 37,476 shares | 428 | 0 | 428 | 0 | 0 | 0 |
Restricted stock issued, net of forfeitures, 91,078 shares | 0 | 1 | -1 | 0 | 0 | 0 |
Net income | 4,029 | 0 | 0 | 0 | 4,029 | 0 |
Dividends declared and paid | -1,608 | 0 | 0 | 0 | -1,608 | 0 |
Other comprehensive income | 3,011 | 0 | 0 | 0 | 0 | 3,011 |
Ending balance at Sep. 30, 2014 | $215,430 | $116 | $111,819 | ($7,713) | $110,725 | $483 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2014 | |
Statement of Stockholders' Equity Parenthetical [Abstract] | ' |
ESOP shares allocated | 28,566 |
Stock purchased and retired at cost | 6,469 |
Stock options exercised | 37,476 |
Restricted Stock Award, Net of Forfeitures | 91,078 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $4,029 | $4,803 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 2,260 | 2,534 |
Provision for loan losses | 1,925 | 1,800 |
Amortization of net premium on investments | 1,903 | 2,505 |
Amortization and impairment of mortgage servicing rights | 231 | -15 |
Net gains on sales of securities available for sale | -607 | -1,701 |
Net gains on sales of loans | -1,031 | -1,427 |
Proceeds from sales of loans held for sale | 42,256 | 54,174 |
Loans originated for sale | -42,034 | -45,557 |
Net loss on write-down of other real estate owned | 29 | 227 |
Net losses (gains) on disposition of premises and equipment | 1 | -344 |
Net gains on sales of repossessed assets | -1 | -17 |
Increase in cash surrender value of bank-owned life insurance | -1,063 | -1,051 |
Federal Home Loan Bank Stock Dividends | -46 | -31 |
ESOP compensation expense | 691 | 685 |
Share-based compensation | 1,612 | 1,459 |
Excess Tax Benefit from Share-based Compensation | -150 | -129 |
Changes in operating assets and liabilities: | ' | ' |
Accrued interest receivable | 279 | -162 |
Other assets | 151 | 4,881 |
Accrued interest payable and other liabilities | 6,624 | 4,593 |
Net cash provided by operating activities | 17,059 | 27,227 |
Securities available for sale: | ' | ' |
Purchases | -77,185 | -210,004 |
Proceeds from sales | 18,099 | 46,215 |
Proceeds from maturities, calls, and principal repayments | 52,452 | 84,665 |
Purchases of other investments | -197 | -8,649 |
Redemptions of other investments | 3,539 | 1,195 |
Purchase of bank-owned life insurance | 0 | -10,000 |
Net decrease (increase) in loans held for investment | 52,169 | -131,435 |
Purchases of premises and equipment | -748 | -1,471 |
Proceeds from sales of premises and equipment | 0 | 693 |
Proceeds from sales of foreclosed assets | 2,377 | 2,050 |
Proceeds from sales of other real estate owned | 264 | 3,807 |
Net cash provided by (used in) investing activities | 50,770 | -222,934 |
Cash flows from financing activities: | ' | ' |
Net increase in deposits | -14,783 | -14,285 |
Net (decrease) increase in Federal Home Loan Bank advances | -59,167 | 210,000 |
Net increase (decrease) in other borrowings | 5,000 | -10,000 |
Payment of Dividends | -1,608 | 0 |
Proceeds from stock options exercised | 428 | 92 |
Excess tax benefit from share-based compensation | 150 | 129 |
Purchase of common stock | -25 | -22 |
Net cash (used in) provided by financing activities | -70,005 | 185,914 |
Net decrease in cash and cash equivalents | -2,176 | -9,793 |
Cash and cash equivalents, beginning of period | 15,880 | 23,853 |
Cash and cash equivalents, end of period | 13,704 | 14,060 |
Supplemental cash flow information: | ' | ' |
Interest paid | 5,057 | 5,926 |
Income taxes paid, net of refunds | 1,805 | 1,400 |
Non-cash transactions: | ' | ' |
Loans transfered to other real estate owned | 1,011 | 184 |
Loans transferred to foreclosed assets | 2,009 | 2,068 |
Change in unrealized gains on securities available for sale | $4,562 | ($9,728) |
Basis_of_Financial_Statement_P
Basis of Financial Statement Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Financial Statement Presentation and Significant Accounting Policies | ' |
Basis of Financial Statement Presentation and Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of OmniAmerican Bancorp, Inc. (referred to herein as “the Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These interim consolidated financial statements and notes should be read in conjunction with the Company’s consolidated financial statements, and notes thereto, for the year ended December 31, 2013, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2014. In management’s opinion, the interim data as of September 30, 2014 and for the three- and nine-month periods ended September 30, 2014 and 2013, includes all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the results of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. References to the Company include, where appropriate, OmniAmerican Bank, the Company’s wholly-owned subsidiary. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses and the fair values of financial instruments are particularly subject to change. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” This update clarifies that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of the residential real estate property collateralizing a consumer mortgage loan, upon either: (i) the creditor obtaining legal title to the property upon completion of the foreclosure; or (ii) the borrower conveying all interest in the property to the creditor to satisfy the loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. ASU 2014-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results when any of the following occurs: (i) the component of an entity or group of components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale; (ii) the component of an entity or group of components of an entity is disposed of by sale; or (iii) the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). ASU 2014-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” This update states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update affects entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. ASU 2014-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” This update aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements by accounting for these transactions as secured borrowings. This update also requires a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return of the transferred financial assets throughout the term of the transaction. ASU 2014-11 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is not permitted. The adoption of this guidance is not expected to have a significant impact on the Company's financial statements. | |
In August 2014, the FASB issued ASU 2014-14, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” This update affects creditors that hold government-guaranteed mortgage loans, including those guaranteed by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD), and the U.S. Department of Veterans Affairs (VA). The update requires that, upon foreclosure, a guaranteed mortgage loan be derecognized and a separate other receivable be recognized when specific criteria are met. ASU 2014-14 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. The adoption of this guidance is not expected to have a significant impact on the Company's financial statements. |
Investment_Securities
Investment Securities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||
The amortized cost and estimated fair values of investment securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) as of September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
U. S. government sponsored mortgage-backed securities | $ | 278,912 | $ | 3,714 | $ | (2,544 | ) | $ | 280,082 | |||||||||||||||
U. S. government sponsored collateralized mortgage obligations | 148,825 | 1,801 | (968 | ) | 149,658 | |||||||||||||||||||
Agency bonds | 5,000 | — | (242 | ) | 4,758 | |||||||||||||||||||
Municipal obligations | 181 | — | (3 | ) | 178 | |||||||||||||||||||
Other equity securities | 6,000 | — | (1 | ) | 5,999 | |||||||||||||||||||
Total investment securities available for sale | $ | 438,918 | $ | 5,515 | $ | (3,758 | ) | $ | 440,675 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
U. S. government sponsored mortgage-backed securities | $ | 282,180 | $ | 2,616 | $ | (5,208 | ) | $ | 279,588 | |||||||||||||||
U. S. government sponsored collateralized mortgage obligations | 140,221 | 1,758 | (1,403 | ) | 140,576 | |||||||||||||||||||
Agency bonds | 5,000 | — | (462 | ) | 4,538 | |||||||||||||||||||
Municipal obligations | 179 | — | (9 | ) | 170 | |||||||||||||||||||
Other equity securities | 6,000 | — | (97 | ) | 5,903 | |||||||||||||||||||
Total investment securities available for sale | $ | 433,580 | $ | 4,374 | $ | (7,179 | ) | $ | 430,775 | |||||||||||||||
Investment securities available for sale with gross unrealized losses at September 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows: | ||||||||||||||||||||||||
Continuous Unrealized Losses Existing for | ||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
U. S. government sponsored mortgage-backed securities | $ | 44,139 | $ | (145 | ) | $ | 90,496 | $ | (2,399 | ) | $ | 134,635 | $ | (2,544 | ) | |||||||||
U. S. government sponsored collateralized mortgage obligations | 48,080 | (300 | ) | 16,430 | (668 | ) | 64,510 | (968 | ) | |||||||||||||||
Agency bonds | — | — | 4,758 | (242 | ) | 4,758 | (242 | ) | ||||||||||||||||
Municipal obligations | — | — | 178 | (3 | ) | 178 | (3 | ) | ||||||||||||||||
Other equity securities | 5,999 | (1 | ) | — | — | 5,999 | (1 | ) | ||||||||||||||||
$ | 98,218 | $ | (446 | ) | $ | 111,862 | $ | (3,312 | ) | $ | 210,080 | $ | (3,758 | ) | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||
U. S. government sponsored mortgage-backed securities | $ | 142,715 | $ | (5,088 | ) | $ | 2,248 | $ | (120 | ) | $ | 144,963 | $ | (5,208 | ) | |||||||||
U. S. government sponsored collateralized mortgage obligations | 50,066 | (1,403 | ) | — | — | 50,066 | (1,403 | ) | ||||||||||||||||
Agency bonds | 4,538 | (462 | ) | — | — | 4,538 | (462 | ) | ||||||||||||||||
Municipal obligations | 170 | (9 | ) | — | — | 170 | (9 | ) | ||||||||||||||||
Other equity securities | 5,903 | (97 | ) | — | — | 5,903 | (97 | ) | ||||||||||||||||
$ | 203,392 | $ | (7,059 | ) | $ | 2,248 | $ | (120 | ) | $ | 205,640 | $ | (7,179 | ) | ||||||||||
At September 30, 2014, the Company owned 192 investment securities of which 80 had unrealized losses. At December 31, 2013, the Company owned 202 investment securities of which 82 had unrealized losses. Unrealized losses generally result from interest rate levels differing from those existing at the time of purchase of the securities and, as to mortgage-backed securities, estimated prepayment speeds. These unrealized losses are considered to be temporary as they reflect fair values on September 30, 2014 and December 31, 2013, and are subject to change daily as interest rates fluctuate. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell prior to recovery. Management evaluates investment securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent of the Company to sell or whether it would be more likely than not required to sell its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | ||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale by contractual maturity at September 30, 2014 are summarized in the following table. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or earlier redemptions that may occur. | ||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||||
Due from one to five years | — | — | ||||||||||||||||||||||
Due from five to ten years | 31,606 | 31,072 | ||||||||||||||||||||||
Due after ten years | 401,312 | 403,604 | ||||||||||||||||||||||
Equity securities | 6,000 | 5,999 | ||||||||||||||||||||||
Total | $ | 438,918 | $ | 440,675 | ||||||||||||||||||||
Investment securities with a fair value of $91.4 million and $161.6 million at September 30, 2014 and December 31, 2013, respectively, were pledged to secure Federal Home Loan Bank advances. In addition, investment securities with a fair value of $2.5 million and $2.2 million at September 30, 2014 and December 31, 2013, respectively, were pledged to secure repurchase agreements which are included in other borrowings. | ||||||||||||||||||||||||
Sales activity of securities available for sale for the three and nine months ended September 30, 2014 and 2013 was as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Proceeds from sales of investment securities | $ | — | $ | 3 | $ | 18,099 | $ | 46,215 | ||||||||||||||||
Gross gains from sales of investment securities | — | — | 607 | 1,701 | ||||||||||||||||||||
Gains or losses on the sales of securities are recognized at the trade date utilizing the specific identification method. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||
Loans and Allowance for Loan Losses | ||||||||||||||||||||||||
The composition of the loan portfolio was as follows at the dates indicated: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Residential real estate loans: | ||||||||||||||||||||||||
One- to four-family | $ | 274,902 | $ | 262,723 | ||||||||||||||||||||
Home equity | 15,654 | 17,106 | ||||||||||||||||||||||
Total residential real estate loans | 290,556 | 279,829 | ||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Commercial real estate | 107,259 | 106,560 | ||||||||||||||||||||||
Real estate construction | 73,210 | 59,648 | ||||||||||||||||||||||
Commercial business | 76,083 | 69,320 | ||||||||||||||||||||||
Total commercial loans | 256,552 | 235,528 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Automobile, indirect | 177,213 | 264,671 | ||||||||||||||||||||||
Automobile, direct | 31,478 | 31,598 | ||||||||||||||||||||||
Other consumer | 16,074 | 15,330 | ||||||||||||||||||||||
Total consumer loans | 224,765 | 311,599 | ||||||||||||||||||||||
Total loans | 771,873 | 826,956 | ||||||||||||||||||||||
Plus (less): | ||||||||||||||||||||||||
Deferred fees and discounts | 2,142 | 4,370 | ||||||||||||||||||||||
Allowance for loan losses | (6,248 | ) | (6,445 | ) | ||||||||||||||||||||
Total loans receivable, net | $ | 767,767 | $ | 824,881 | ||||||||||||||||||||
The Company originates one- to four-family residential real estate loans which are sold in the secondary market. The Company retains the servicing for residential real estate loans that are sold to the Federal National Mortgage Association (“FNMA”). Residential real estate loans serviced for FNMA are not included as assets on the consolidated balance sheets. The following table presents loans sold and serviced as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Principal balances of the loans sold and serviced for FNMA | $ | 203,045 | $ | 189,084 | ||||||||||||||||||||
Mortgage servicing rights associated with the mortgage loans serviced for FNMA | 1,559 | 1,473 | ||||||||||||||||||||||
The following table presents loans identified as impaired by class of loans as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||
Balance | Principal | Allowance | Recorded | Income | ||||||||||||||||||||
Balance | Balance | Recognized | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
One- to four-family | $ | 6,334 | $ | 6,334 | $ | — | $ | 7,189 | $ | 169 | ||||||||||||||
Home equity | — | — | — | 28 | — | |||||||||||||||||||
Commercial real estate | 837 | 837 | — | 1,838 | 90 | |||||||||||||||||||
Real estate construction | — | — | — | — | — | |||||||||||||||||||
Commercial business | — | — | — | 267 | 1 | |||||||||||||||||||
Automobile, indirect | 684 | 684 | — | 640 | 11 | |||||||||||||||||||
Automobile, direct | 29 | 29 | — | 208 | — | |||||||||||||||||||
Other consumer | 26 | 26 | — | 12 | — | |||||||||||||||||||
Impaired loans with no related allowance recorded | 7,910 | 7,910 | — | 10,182 | 271 | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Home equity | — | — | — | — | — | |||||||||||||||||||
Commercial real estate | 500 | 500 | 153 | 531 | — | |||||||||||||||||||
Real estate construction | — | — | — | — | — | |||||||||||||||||||
Commercial business | 640 | 640 | 172 | 793 | 4 | |||||||||||||||||||
Automobile, indirect | — | — | — | — | — | |||||||||||||||||||
Automobile, direct | — | — | — | — | — | |||||||||||||||||||
Other consumer | — | — | — | — | — | |||||||||||||||||||
Impaired loans with an allowance recorded | 1,140 | 1,140 | 325 | 1,324 | 4 | |||||||||||||||||||
Total | $ | 9,050 | $ | 9,050 | $ | 325 | $ | 11,506 | $ | 275 | ||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
One- to four-family | $ | 7,531 | $ | 7,531 | $ | — | $ | 7,468 | $ | 305 | ||||||||||||||
Home equity | 42 | 42 | — | 14 | 1 | |||||||||||||||||||
Commercial real estate | 2,347 | 2,347 | — | 4,237 | 31 | |||||||||||||||||||
Real estate construction | — | — | — | 3,171 | 66 | |||||||||||||||||||
Commercial business | 591 | 591 | — | 700 | 21 | |||||||||||||||||||
Automobile, indirect | 824 | 824 | — | 738 | 26 | |||||||||||||||||||
Automobile, direct | 32 | 32 | — | 34 | 2 | |||||||||||||||||||
Other consumer | 15 | 15 | — | 4 | — | |||||||||||||||||||
Impaired loans with no related allowance recorded | 11,382 | 11,382 | — | 16,366 | 452 | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Home equity | — | — | — | — | — | |||||||||||||||||||
Commercial real estate | 551 | 551 | 321 | 46 | — | |||||||||||||||||||
Real estate construction | — | — | — | — | — | |||||||||||||||||||
Commercial business | 1,040 | 1,040 | 200 | 1,064 | 8 | |||||||||||||||||||
Automobile, indirect | — | — | — | — | — | |||||||||||||||||||
Automobile, direct | — | — | — | — | — | |||||||||||||||||||
Other consumer | — | — | — | — | — | |||||||||||||||||||
Impaired loans with an allowance recorded | 1,591 | 1,591 | 521 | 1,110 | 8 | |||||||||||||||||||
Total | $ | 12,973 | $ | 12,973 | $ | 521 | $ | 17,476 | $ | 460 | ||||||||||||||
For the nine months ended September 30, 2013, the average recorded investment in impaired loans and the related amount of interest income recognized during the time within the period that the loans were impaired were $18.5 million and $324,000, respectively. | ||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, no additional funds were committed to be advanced in connection with impaired loans. | ||||||||||||||||||||||||
The following table presents the recorded investment in non-accrual loans by class of loans as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Residential real estate loans: | ||||||||||||||||||||||||
One- to four-family | $ | 1,063 | $ | 2,050 | ||||||||||||||||||||
Home equity | — | 42 | ||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Commercial real estate | 618 | 800 | ||||||||||||||||||||||
Real estate construction | — | — | ||||||||||||||||||||||
Commercial business | 403 | 864 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Automobile, indirect | 427 | 558 | ||||||||||||||||||||||
Automobile, direct | 16 | 15 | ||||||||||||||||||||||
Other consumer | 26 | 15 | ||||||||||||||||||||||
Total | $ | 2,553 | $ | 4,344 | ||||||||||||||||||||
There were no loans greater than 90 days past due that continued to accrue interest at September 30, 2014 or December 31, 2013. | ||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of September 30, 2014 and December 31, 2013 by class of loans: | ||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | Loans Not | Total | |||||||||||||||||||
Days | Days | and | Past Due | Past Due | ||||||||||||||||||||
Past Due | Past Due | Greater | ||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Residential real estate loans: | ||||||||||||||||||||||||
One- to four-family | $ | — | $ | 625 | $ | 953 | $ | 1,578 | $ | 273,324 | $ | 274,902 | ||||||||||||
Home equity | — | — | — | — | 15,654 | 15,654 | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Commercial real estate | 65 | — | 118 | 183 | 107,076 | 107,259 | ||||||||||||||||||
Real estate construction | — | — | — | — | 73,210 | 73,210 | ||||||||||||||||||
Commercial business | 31 | — | 75 | 106 | 75,977 | 76,083 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Automobile, indirect | 1,990 | 446 | 427 | 2,863 | 174,350 | 177,213 | ||||||||||||||||||
Automobile, direct | 76 | — | 17 | 93 | 31,385 | 31,478 | ||||||||||||||||||
Other consumer | 87 | 21 | 26 | 134 | 15,940 | 16,074 | ||||||||||||||||||
Total loans | $ | 2,249 | $ | 1,092 | $ | 1,616 | $ | 4,957 | $ | 766,916 | $ | 771,873 | ||||||||||||
30-59 | 60-89 | 90 Days | Total | Loans Not | Total | |||||||||||||||||||
Days | Days | and | Past Due | Past Due | ||||||||||||||||||||
Past Due | Past Due | Greater | ||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Residential real estate loans: | ||||||||||||||||||||||||
One- to four-family | $ | 1,170 | $ | — | $ | 1,932 | $ | 3,102 | $ | 259,621 | $ | 262,723 | ||||||||||||
Home equity | 1 | — | 42 | 43 | 17,063 | 17,106 | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Commercial real estate | — | — | 120 | 120 | 106,440 | 106,560 | ||||||||||||||||||
Real estate construction | 876 | — | — | 876 | 58,772 | 59,648 | ||||||||||||||||||
Commercial business | — | — | — | — | 69,320 | 69,320 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Automobile, indirect | 2,217 | 615 | 558 | 3,390 | 261,281 | 264,671 | ||||||||||||||||||
Automobile, direct | 48 | 21 | 15 | 84 | 31,514 | 31,598 | ||||||||||||||||||
Other consumer | 72 | 33 | 15 | 120 | 15,210 | 15,330 | ||||||||||||||||||
Total loans | $ | 4,384 | $ | 669 | $ | 2,682 | $ | 7,735 | $ | 819,221 | $ | 826,956 | ||||||||||||
Our methodology for evaluating the adequacy of the allowance for loan losses consists of: | ||||||||||||||||||||||||
• | a specific loss component which is the allowance for impaired loans; and | |||||||||||||||||||||||
• | a general loss component for all other loans not individually evaluated for impairment but that, on a portfolio basis, are believed to have some inherent but unidentified loss. | |||||||||||||||||||||||
The specific component of the allowance for loan losses relates to loans that are considered impaired, which are generally classified as doubtful or substandard. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for non-homogeneous loans, including one- to four-family residential real estate loans with balances in excess of $1 million, commercial real estate, real estate construction, and commercial business loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, consumer and one- to four-family residential real estate loans with balances less than $1 million are not separately identified for impairment disclosures, unless such loans are the subject of a restructuring agreement. | ||||||||||||||||||||||||
The general component of the allowance for loan losses covers unimpaired loans and is based on the historical loss experience adjusted for other qualitative factors. The loan portfolio is stratified into homogeneous groups of loans that possess similar loss potential characteristics, and an appropriate loss ratio adjusted for other qualitative factors is applied to the homogeneous pools of loans to estimate the incurred losses in the loan portfolio. The other qualitative factors considered by management include, but are not limited to, the following: | ||||||||||||||||||||||||
• | changes in lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices; | |||||||||||||||||||||||
• | changes in national and local economic and business conditions and developments, including the condition of various market segments; | |||||||||||||||||||||||
• | changes in the nature and volume of the loan portfolio; | |||||||||||||||||||||||
• | changes in the experience, ability, and depth of knowledge of the lending staff; | |||||||||||||||||||||||
• | changes in the trend of the volume and severity of past due and classified loans; and trends in the volume of non-accrual loans, troubled debt restructurings, and other loan modifications; | |||||||||||||||||||||||
• | changes in the quality of our loan review system and the degree of oversight by the board of directors; | |||||||||||||||||||||||
• | the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and | |||||||||||||||||||||||
• | the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our current portfolio. | |||||||||||||||||||||||
Consumer loans generally have greater risk of loss or default than one- to four-family residential real estate loans, particularly in the case of loans that are secured by rapidly depreciable assets, such as automobiles, or loans that are unsecured. In these cases, a risk exists that the collateral, if any, for a defaulted loan may not provide an adequate source of repayment of the outstanding loan balance. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the ability to recover on consumer loans. | ||||||||||||||||||||||||
Commercial real estate loans generally have greater credit risks compared to one- to four-family residential real estate loans, as they typically involve larger loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related real estate project and thus may be subject to a greater extent to adverse conditions in the real estate market and in the general economy. | ||||||||||||||||||||||||
Commercial business loans involve a greater risk of default than residential real estate loans of like duration since their repayment generally depends on the successful operation of the borrower’s business and the sufficiency of collateral, if any. Loans secured by multi-family residential real estate generally involve a greater degree of credit risk than one- to four-family residential real estate loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family mortgages typically depends upon the successful operation of the related real estate property. If the cash flow from the project is reduced, the borrower’s ability to repay the loan may be impaired. | ||||||||||||||||||||||||
Real estate construction loans generally have greater credit risk than traditional one- to four-family residential real estate loans. The repayment of these loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. In the event a loan is made on property that is not yet approved for the planned development, there is the risk that approvals will not be granted or will be delayed. These events may adversely affect the borrower and the collateral value of the property. Real estate construction loans also expose the Company to the risk that improvements will not be completed on time in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. | ||||||||||||||||||||||||
When establishing the allowance for loan losses, management categorizes loans into risk categories based on the class of loans — residential real estate, commercial, or consumer — and relevant information about the ability of the borrowers to repay the loans, such as the current economic conditions, historical payment experience, the nature and volume of the loan portfolio, the financial strength of the borrower, and the estimated value of any underlying collateral, among other factors. Management classifies the loans individually analyzed for impairment as to credit risk. This analysis includes residential real estate loans with an outstanding balance in excess of $1 million and non-homogeneous loans, such as commercial real estate, real estate construction, and commercial business loans. The following definitions for the credit risk ratings are used for such loans: | ||||||||||||||||||||||||
Special mention. Special mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose the institution to sufficient risk to warrant adverse classification. | ||||||||||||||||||||||||
Substandard. Substandard loans have well defined weaknesses where a payment default and/or a loss is possible, but not yet probable. Loans so classified are inadequately protected by the current net worth and repayment capacity of the obligor or of the collateral pledged, if any. If deficiencies are not corrected quickly, there is a possibility of loss. | ||||||||||||||||||||||||
Doubtful. Doubtful loans have the weaknesses and characteristics of substandard loans, but the available information suggests that collection or liquidation in its entirety, on the basis of currently existing facts, conditions and values, is highly improbable. The possibility of a loss is exceptionally high, but certain identifiable contingencies could possibly arise (proposed merger, acquisition, capital injection, refinancing plans, and pledging of additional collateral) that may strengthen the loan, such that it is reasonable to defer its classification as a loss until a more exact status is determined. | ||||||||||||||||||||||||
Loans not meeting the criteria described above are considered to be pass-rated loans. The following table presents the risk category of loans by class for loans individually analyzed for impairment as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
Commercial Real Estate | Real Estate | Commercial | One- to Four- | Total | ||||||||||||||||||||
Construction | Business | Family | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Pass | $ | 102,992 | $ | 73,210 | $ | 72,336 | $ | 17,051 | $ | 265,589 | ||||||||||||||
Special Mention | 319 | — | 1,215 | — | 1,534 | |||||||||||||||||||
Substandard | 3,948 | — | 2,532 | 4,551 | 11,031 | |||||||||||||||||||
Doubtful | — | — | — | — | — | |||||||||||||||||||
$ | 107,259 | $ | 73,210 | $ | 76,083 | $ | 21,602 | $ | 278,154 | |||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Pass | $ | 101,134 | $ | 59,536 | $ | 64,155 | $ | 15,514 | $ | 240,339 | ||||||||||||||
Special Mention | 735 | — | 2,164 | — | 2,899 | |||||||||||||||||||
Substandard | 4,691 | 112 | 3,001 | 3,175 | 10,979 | |||||||||||||||||||
Doubtful | — | — | — | — | — | |||||||||||||||||||
$ | 106,560 | $ | 59,648 | $ | 69,320 | $ | 18,689 | $ | 254,217 | |||||||||||||||
The Company classifies residential real estate loans that are not analyzed individually for impairment (less than $1 million) as prime or subprime. The Company defines a subprime residential real estate loan as any loan to a borrower who has no credit score or a credit score of less than 661 along with at least one of the following at the time of funding: | ||||||||||||||||||||||||
• | Two or more 30 day delinquencies in the past 12 months; | |||||||||||||||||||||||
• | One or more 60 day delinquencies in the past 24 months; | |||||||||||||||||||||||
• | Bankruptcy filing within the past 60 months; | |||||||||||||||||||||||
• | Judgment or unpaid charge-off of $500 or more in the last 24 months; and | |||||||||||||||||||||||
• | Foreclosure or repossession in the past 24 months. | |||||||||||||||||||||||
All other residential real estate loans not individually analyzed for impairment are classified as prime. | ||||||||||||||||||||||||
The following table presents the prime and subprime residential real estate loans collectively evaluated for impairment as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
One- to | Home | Total | ||||||||||||||||||||||
Four- | Equity | |||||||||||||||||||||||
Family | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Prime | $ | 192,145 | $ | 15,166 | $ | 207,311 | ||||||||||||||||||
Subprime | 61,155 | 488 | 61,643 | |||||||||||||||||||||
$ | 253,300 | $ | 15,654 | $ | 268,954 | |||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Prime | $ | 195,919 | $ | 16,521 | $ | 212,440 | ||||||||||||||||||
Subprime | 48,115 | 585 | 48,700 | |||||||||||||||||||||
$ | 244,034 | $ | 17,106 | $ | 261,140 | |||||||||||||||||||
The Company evaluates consumer loans based on the credit score for each borrower when the loan is originated. The Company defines a subprime consumer loan as any loan to a borrower who has a credit score of less than 661 at the time of funding. The following table presents the credit score for each of the classes of consumer loans as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
Risk Tier | Credit Score | Automobile, indirect | Automobile, direct | Other consumer | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
A | 720+ | $ | 92,698 | $ | 22,752 | $ | 12,038 | $ | 127,488 | |||||||||||||||
B | 690–719 | 35,052 | 4,255 | 2,164 | 41,471 | |||||||||||||||||||
C | 661–689 | 29,608 | 2,486 | 1,475 | 33,569 | |||||||||||||||||||
D | 660 and under | 19,855 | 1,985 | 397 | 22,237 | |||||||||||||||||||
$ | 177,213 | $ | 31,478 | $ | 16,074 | $ | 224,765 | |||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
A | 720+ | $ | 135,583 | $ | 23,137 | $ | 11,453 | $ | 170,173 | |||||||||||||||
B | 690–719 | 53,678 | 4,311 | 2,228 | 60,217 | |||||||||||||||||||
C | 661–689 | 44,732 | 2,320 | 1,268 | 48,320 | |||||||||||||||||||
D | 660 and under | 30,678 | 1,830 | 381 | 32,889 | |||||||||||||||||||
$ | 264,671 | $ | 31,598 | $ | 15,330 | $ | 311,599 | |||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment based on impairment method for the three months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||
Residential | Commercial | Consumer | Total | |||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Allowance for loan losses for the three months ended: | ||||||||||||||||||||||||
Beginning balance | $ | 871 | $ | 2,853 | $ | 2,664 | $ | 6,388 | ||||||||||||||||
Charge-offs | (122 | ) | (37 | ) | (672 | ) | (831 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | 18 | 25 | 98 | 141 | ||||||||||||||||||||
Provision for loan losses | 131 | 9 | 410 | 550 | ||||||||||||||||||||
Ending balance | $ | 898 | $ | 2,850 | $ | 2,500 | $ | 6,248 | ||||||||||||||||
Allowance for loan losses for the nine months ended: | ||||||||||||||||||||||||
Beginning balance | $ | 851 | $ | 2,517 | $ | 3,077 | $ | 6,445 | ||||||||||||||||
Charge-offs | (224 | ) | (116 | ) | (2,166 | ) | (2,506 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | 41 | 59 | 284 | 384 | ||||||||||||||||||||
Provision for loan losses | 230 | 390 | 1,305 | 1,925 | ||||||||||||||||||||
Ending balance | $ | 898 | $ | 2,850 | $ | 2,500 | $ | 6,248 | ||||||||||||||||
Ending balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 325 | $ | — | $ | 325 | ||||||||||||||||
Collectively evaluated for impairment | 898 | 2,525 | 2,500 | 5,923 | ||||||||||||||||||||
Total ending balance | $ | 898 | $ | 2,850 | $ | 2,500 | $ | 6,248 | ||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||
Allowance for loan losses for the three months ended: | ||||||||||||||||||||||||
Beginning balance | $ | 794 | $ | 3,375 | $ | 2,913 | $ | 7,082 | ||||||||||||||||
Charge-offs | (86 | ) | — | (591 | ) | (677 | ) | |||||||||||||||||
Recoveries of loans previously charged-off | 6 | 18 | 61 | 85 | ||||||||||||||||||||
Provision for loan losses | 157 | (961 | ) | 1,004 | 200 | |||||||||||||||||||
Ending balance | $ | 871 | $ | 2,432 | $ | 3,387 | $ | 6,690 | ||||||||||||||||
Allowance for loan losses for the nine months ended: | ||||||||||||||||||||||||
Beginning balance | $ | 870 | $ | 3,133 | $ | 2,897 | $ | 6,900 | ||||||||||||||||
Charge-offs | (239 | ) | (202 | ) | (1,890 | ) | (2,331 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | 28 | 48 | 245 | 321 | ||||||||||||||||||||
Provision for loan losses | 212 | (547 | ) | 2,135 | 1,800 | |||||||||||||||||||
Ending balance | $ | 871 | $ | 2,432 | $ | 3,387 | $ | 6,690 | ||||||||||||||||
Ending balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 209 | $ | — | $ | 209 | ||||||||||||||||
Collectively evaluated for impairment | 871 | 2,223 | 3,387 | 6,481 | ||||||||||||||||||||
Total ending balance | $ | 871 | $ | 2,432 | $ | 3,387 | $ | 6,690 | ||||||||||||||||
The Company’s recorded investment in loans as of September 30, 2014, December 31, 2013, and September 30, 2013 related to each balance in the allowance for loan losses by portfolio segment and disaggregated on the basis of the Company’s impairment methodology is as follows: | ||||||||||||||||||||||||
Residential | Commercial | Consumer | Total | |||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 6,334 | $ | 1,977 | $ | 739 | $ | 9,050 | ||||||||||||||||
Loans collectively evaluated for impairment | 284,222 | 254,575 | 224,026 | 762,823 | ||||||||||||||||||||
Total ending balance | $ | 290,556 | $ | 256,552 | $ | 224,765 | $ | 771,873 | ||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 7,573 | $ | 4,529 | $ | 871 | $ | 12,973 | ||||||||||||||||
Loans collectively evaluated for impairment | 272,256 | 230,999 | 310,728 | 813,983 | ||||||||||||||||||||
Total ending balance | $ | 279,829 | $ | 235,528 | $ | 311,599 | $ | 826,956 | ||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 7,851 | $ | 6,698 | $ | 719 | $ | 15,268 | ||||||||||||||||
Loans collectively evaluated for impairment | 270,280 | 243,672 | 334,766 | 848,718 | ||||||||||||||||||||
Total ending balance | $ | 278,131 | $ | 250,370 | $ | 335,485 | $ | 863,986 | ||||||||||||||||
A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in the interest rate to less than a current market rate of interest or an extension of a loan’s stated maturity date. Loans classified as TDRs are designated as impaired. | ||||||||||||||||||||||||
A summary of the Company’s loans classified as TDRs at September 30, 2014 and December 31, 2013 is presented below: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
TDR | ||||||||||||||||||||||||
Residential Real Estate | $ | 5,380 | $ | 6,276 | ||||||||||||||||||||
Commercial | 1,047 | 2,581 | ||||||||||||||||||||||
Consumer | 308 | 382 | ||||||||||||||||||||||
Total TDR | 6,735 | 9,239 | ||||||||||||||||||||||
Less: TDR in non-accrual status | ||||||||||||||||||||||||
Residential Real Estate | 109 | 795 | ||||||||||||||||||||||
Commercial | 328 | 483 | ||||||||||||||||||||||
Consumer | 38 | 99 | ||||||||||||||||||||||
Total performing TDR | $ | 6,260 | $ | 7,862 | ||||||||||||||||||||
The Company may grant concessions through a number of different restructuring methods. The following table presents the outstanding principal balance of loans by class and by method of concession that were the subject of a TDR during the nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||
Residential | Commercial | Consumer | Total | |||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Nine Months Ended September 30, 2014: | ||||||||||||||||||||||||
Interest rate reduction | $ | 1,430 | $ | — | $ | 48 | $ | 1,478 | ||||||||||||||||
Loan maturity extension | — | — | — | — | ||||||||||||||||||||
Forbearance | — | — | — | — | ||||||||||||||||||||
Principal reduction | — | — | 35 | 35 | ||||||||||||||||||||
Total | $ | 1,430 | $ | — | $ | 83 | $ | 1,513 | ||||||||||||||||
Nine Months Ended September 30, 2013: | ||||||||||||||||||||||||
Interest rate reduction | $ | — | $ | 365 | $ | 24 | $ | 389 | ||||||||||||||||
Loan maturity extension | — | — | 28 | 28 | ||||||||||||||||||||
Forbearance | — | — | — | — | ||||||||||||||||||||
Principal reduction | — | — | — | — | ||||||||||||||||||||
Total | $ | — | $ | 365 | $ | 52 | $ | 417 | ||||||||||||||||
The following table presents the number of loans modified and the balances before and after modification for the nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||
Recorded Balance | Recorded Balance | |||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Nine Months Ended September 30, 2014: | ||||||||||||||||||||||||
Residential Real Estate | 1 | $ | 1,430 | $ | 1,430 | |||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||||||
Consumer | 7 | 98 | 84 | |||||||||||||||||||||
Total | 8 | $ | 1,528 | $ | 1,514 | |||||||||||||||||||
Nine Months Ended September 30, 2013: | ||||||||||||||||||||||||
Residential Real Estate | — | $ | — | $ | — | |||||||||||||||||||
Commercial | 1 | 371 | 371 | |||||||||||||||||||||
Consumer | 3 | 59 | 59 | |||||||||||||||||||||
Total | 4 | $ | 430 | $ | 430 | |||||||||||||||||||
Included in the impaired loans as of September 30, 2014 and December 31, 2013 were TDRs of $6.7 million and $9.2 million, respectively. The Company has allocated $62,000 and $72,000 of specific reserves to customers whose loan terms have been modified as TDRs at September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014 and December 31, 2013, no additional funds were committed to be advanced in connection with TDRs. | ||||||||||||||||||||||||
The Company’s other real estate owned and foreclosed assets represent properties and personal collateral acquired through customer loan defaults. The property is recorded at fair value less the estimated costs to sell at the date acquired. Any difference between the book value and estimated market value is recognized as a charge-off through the allowance for loan losses. Subsequently, should the fair market value of an asset less the estimated cost to sell decline to less than the carrying amount of the asset, the deficiency is recognized in the period in which it becomes known and is included in noninterest expense. | ||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had balances in non-performing assets consisting of the following: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Other real estate owned and foreclosed assets | ||||||||||||||||||||||||
Residential Real Estate | $ | 861 | $ | 107 | ||||||||||||||||||||
Commercial | 70 | 70 | ||||||||||||||||||||||
Consumer | 447 | 850 | ||||||||||||||||||||||
Total other real estate owned and foreclosed assets | 1,378 | 1,027 | ||||||||||||||||||||||
Total non-accrual loans | 2,553 | 4,344 | ||||||||||||||||||||||
Total non-performing assets | $ | 3,931 | $ | 5,371 | ||||||||||||||||||||
Non-accrual loans/Total loans | 0.33 | % | 0.53 | % | ||||||||||||||||||||
Non-performing assets/Total assets | 0.29 | % | 0.39 | % |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||
Derivative Financial Instruments | ||||||||||||
The Company has entered into commitments with prospective residential mortgage borrowers to originate loans whereby the interest rate on the loan is determined prior to funding and the borrowers have locked into that interest rate. The interest rate lock commitments on loans originated for sale are recorded at fair value in accordance with ASC 815, “Derivatives and Hedging,” and are recorded as an other asset or an accrued liability in the consolidated balance sheets. The estimated fair values of the interest rate lock commitments are based on quoted secondary market pricing, include the fair value of the servicing rights based on the discounted present value of expected future cash flows, and assume an approximate closure rate based on recent historical experience. Changes in the fair value of interest rate lock commitments are recorded in current earnings as a component of net gains on sales of loans. | ||||||||||||
To manage the interest rate risk associated with interest rate lock commitments and mortgage loans held for sale, the Company may enter into forward loan sales commitments to deliver mortgage loan inventory to investors. The estimated fair values of forward loan sales commitments are based on quoted secondary market pricing. The fair values of the forward loan sales commitments are recorded as an other asset or an accrued liability in the consolidated balance sheets. Changes in the fair values of forward loan sales commitments are recorded in current earnings as a component of net gains on sales of loans. | ||||||||||||
The outstanding notional value and fair values of outstanding positions as of September 30, 2014, and 2013, and December 31, 2013, and the recorded gains and losses during the nine months ended September 30, 2014 and 2013, and the year ended December 31, 2013 were as follows: | ||||||||||||
Outstanding Notional Balance | Fair Value | Recorded (Losses)/Gains | ||||||||||
(In thousands) | ||||||||||||
September 30, 2014: | ||||||||||||
Interest rate lock commitments | $ | 4,971 | $ | 43 | $ | (13 | ) | |||||
December 31, 2013: | ||||||||||||
Interest rate lock commitments | $ | 3,453 | $ | 56 | $ | (208 | ) | |||||
September 30, 2013: | ||||||||||||
Interest rate lock commitments | $ | 6,792 | $ | 202 | $ | (62 | ) | |||||
The Company had no forward loan sales commitments at September 30, 2014, December 31, 2013, or September 30, 2013. |
Other_Borrowings
Other Borrowings | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Other Borrowings [Text Block] | ' |
Other Borrowings | |
Beginning July 26, 2007, the Company entered into sales of securities under agreements to repurchase (“Repurchase Agreements”) with PNC Bank, N.A. (“PNC”). The Repurchase Agreements are structured as the sale of a specified amount of identified securities to PNC which the Company has agreed to repurchase five years after the initial sale. The Repurchase Agreements are treated as financings, and the obligations to repurchase securities sold are included in other borrowings in the consolidated balance sheets. The underlying securities continue to be carried as assets of the Company, and the Company is entitled to receive interest and principal payments on the underlying securities. The Company had $2.0 million in repurchase agreements outstanding at September 30, 2014 and December 31, 2013. These repurchase agreements were secured by investment securities with a fair value of $2.5 million and $2.2 million at September 30, 2014 and December 31, 2013, respectively. | |
Other borrowings included overnight borrowings from the Federal Home Loan Bank of Dallas of $5.0 million with an interest rate of 0.15% at September 30, 2014. There were no overnight borrowings on December 31, 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Employee Benefits and Share-based Compensation [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||||
OmniAmerican Bank adopted an Employee Stock Ownership Plan (“ESOP”) effective January 1, 2010. The ESOP enables all eligible employees of OmniAmerican Bank to share in the growth of the Company through the acquisition of Company common stock. Employees are generally eligible to participate in the ESOP after completion of one year of service and attaining age 21. | ||||||||||||||||
The ESOP purchased 8% of the shares sold in the initial public offering of the Company (952,200 shares). This purchase was facilitated by a note payable to the Company from the ESOP in the amount of $9.5 million. The note is secured by a pledge of the ESOP shares. The shares pledged as collateral are reported as unallocated ESOP shares in the accompanying consolidated balance sheets. The corresponding note is to be paid back in 25 approximately equal annual payments of $561,000 on the last day of each fiscal year, beginning December 31, 2010, including interest at an adjustable rate equal to the Wall Street Journal prime rate (3.25% as of September 30, 2014 and December 31, 2013). The note payable and the corresponding note receivable have been eliminated for consolidation purposes. | ||||||||||||||||
The Company may make discretionary contributions to the ESOP in the form of debt service. Dividends received on the unallocated ESOP shares, if any, are utilized to service the debt. Shares are released for allocation to plan participants based on principal and interest payments of the note. Compensation expense is recognized based on the number of shares allocated to plan participants each year at the average market price of the stock for the current year. Released ESOP shares become outstanding for earnings per share computations. | ||||||||||||||||
As compensation expense is incurred, the unallocated ESOP shares account is reduced based on the original cost of the stock. The difference between the cost and average market price of shares released for allocation is applied to additional paid-in capital. | ||||||||||||||||
The ESOP shares as of September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Allocated shares | 180,918 | 152,352 | ||||||||||||||
Unearned shares | 771,282 | 799,848 | ||||||||||||||
Total ESOP shares | 952,200 | 952,200 | ||||||||||||||
Fair value of unearned shares (in thousands) | $ | 20,046 | $ | 17,101 | ||||||||||||
Year-to-date compensation expense recognized from the release of shares from the ESOP (in thousands) | 691 | 893 | ||||||||||||||
Pension Plan | ||||||||||||||||
The Company has a noncontributory defined benefit pension plan (the “Pension Plan”) that provides for benefits to be paid to eligible employees at retirement based primarily upon years of service with the Company and compensation levels at retirement. Effective December 31, 2006, the Company froze benefits under the Pension Plan, so that no further benefits would be earned by employees after that date. In addition, no new participants may be added to the Pension Plan after December 31, 2006. | ||||||||||||||||
The net periodic pension cost for the three and nine months ended June 30, 2014 and 2013 includes the following components: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Interest cost on projected benefit obligation | $ | 55 | $ | 57 | $ | 165 | $ | 171 | ||||||||
Expected return on assets | (86 | ) | (74 | ) | (258 | ) | (222 | ) | ||||||||
Amortization of net loss | 11 | 48 | 33 | 144 | ||||||||||||
Net periodic pension cost | $ | (20 | ) | $ | 31 | $ | (60 | ) | $ | 93 | ||||||
Share-Based Compensation | ||||||||||||||||
At its annual meeting held May 24, 2011, the Company’s shareholders approved the OmniAmerican Bancorp, Inc. 2011 Equity Incentive Plan (the “Plan”) which provides for the grant of stock-based and other incentive awards to officers, employees, and directors of the Company. The Plan provides the board or a committee thereof with the flexibility to award no less than half the eligible awards, constituting 7% of the shares issued in the Company’s initial public offering, in the form of stock options and up to 7% of the shares issued in the initial public offering in the form of restricted stock. By resolution by the board of directors, the board confirmed that restricted stock awards will not exceed 4% of the common stock sold in the Company’s initial public offering. Pursuant to board resolution, 1,190,250 options to purchase shares of common stock and 476,100 restricted shares of common stock were made available. Share-based compensation expense for the three and nine months ended September 30, 2014 and 2013 was as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Share-based compensation expense | $ | 571 | $ | 565 | $ | 1,612 | $ | 1,459 | ||||||||
Restricted Stock | ||||||||||||||||
Compensation expense for restricted stock is recognized over the vesting period of the awards based on the fair value of the stock at grant date, which is determined using the last sale price as quoted on the NASDAQ Stock Market. Shares awarded to employees vest at a rate of 20% of the initially awarded amount per year, beginning on the first anniversary date of the award, and are contingent upon continuous service by the recipient through the vesting date. Shares awarded to directors vest at rates of 20% to 33% of the initially awarded amount per year, beginning on the first anniversary date of the award, and are contingent upon continuous service by the recipient through the vesting date. Under the terms of the Plan, awarded shares are restricted as to transferability and may not be sold, assigned, or transferred prior to vesting. The vesting period is subject to acceleration of vesting upon the involuntary termination of the award recipient’s service following a change in control of the Company or upon the termination of the award recipient’s service due to death or disability. Total restricted shares issuable pursuant to board resolution were 476,100 at September 30, 2014, of which 392,616 shares had been issued under the Plan through September 30, 2014. | ||||||||||||||||
A summary of changes in the Company’s non-vested restricted shares for the nine months ended September 30, 2014 follows: | ||||||||||||||||
Shares | Weighted- | |||||||||||||||
Average Grant | ||||||||||||||||
Date Fair Value | ||||||||||||||||
Per Share | ||||||||||||||||
Non-vested at January 1, 2014 | 179,583 | $ | 19.18 | |||||||||||||
Granted | 97,078 | 21.16 | ||||||||||||||
Vested | (57,470 | ) | (17.81 | ) | ||||||||||||
Forfeited | (6,000 | ) | (21.06 | ) | ||||||||||||
Non-vested at September 30, 2014 | 213,191 | $ | 20.39 | |||||||||||||
As of September 30, 2014, the Company had $3.2 million of unrecognized compensation expense related to non-vested shares of restricted stock awarded under the Plan. The unrecognized compensation expense is expected to be recognized over a weighted-average period of 3.47 years. The Company applied an estimated forfeiture rate of 12.19% to employees’ and 3.70% to directors’ shares based on the historical turnover rates. | ||||||||||||||||
Stock Options | ||||||||||||||||
Under the terms of the Plan, stock options may not be granted with an exercise price less than the fair market value of the Company’s common stock on the date the option is granted and may not be exercised later than 10 years after the grant date. The fair market value is the last sale price as quoted on the NASDAQ Stock Market on the date of grant. All stock options granted must vest over at least three years and not more than five years, subject to acceleration of vesting upon the involuntary termination of the award recipient’s service following a change in control of the Company or upon the termination of the award recipient’s service due to death or disability. | ||||||||||||||||
The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. The risk-free interest rate utilized in the model is the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term of the stock option in effect at the time of the grant. Although the contractual term of the stock options granted is 10 years, the expected term of the stock options is less because option restrictions do not permit recipients to sell or hedge their options. Management believes these restrictions encourage exercise of the option before the end of the contractual term. The Company does not have sufficient historical information about its own employees’ vesting behavior; therefore, the expected term of stock options is estimated using the average of the vesting period and contractual term. The expected volatility is based on historical information about the Company's stock volatility and the volatility of peer banks. | ||||||||||||||||
The weighted average fair value of each stock option granted during the nine months ended September 30, 2014 was $7.03. The fair value of options granted was determined using the following weighted-average assumptions as of grant date: | ||||||||||||||||
Risk-free interest rate | 2.12 | % | ||||||||||||||
Expected term of stock options (years) | 7.5 | |||||||||||||||
Expected stock price volatility | 30.64 | % | ||||||||||||||
Expected dividends | 0.9 | % | ||||||||||||||
Forfeiture rate — for officers and employees | 13.03 | % | ||||||||||||||
Forfeiture rate — for directors | — | % | ||||||||||||||
A summary of activity in the stock option portion of the Plan for the nine months ended September 30, 2014 follows: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||
Contractual Term | (In thousands) | |||||||||||||||
(years) | ||||||||||||||||
Outstanding at January 1, 2014 | 394,933 | $ | 16.13 | 7.54 | $ | 2,088 | ||||||||||
Granted | 428,788 | 21.11 | 9.68 | 2,092 | ||||||||||||
Exercised | (37,476 | ) | 14.7 | — | (385 | ) | ||||||||||
Forfeited | (22,400 | ) | 21.09 | — | (110 | ) | ||||||||||
Expired | (2,400 | ) | 22.24 | — | (9 | ) | ||||||||||
Outstanding at September 30, 2014 | 761,445 | $ | 18.84 | 8.23 | $ | 5,445 | ||||||||||
Fully vested and expected to vest | 659,368 | $ | 18.63 | 8.12 | $ | 4,851 | ||||||||||
Exercisable at September 30, 2014 | 191,632 | $ | 15.6 | 6.57 | $ | 1,991 | ||||||||||
As of September 30, 2014, the Company had $2.9 million of total unrecognized compensation expense related to non-vested stock options. That expense is expected to be recognized over a weighted-average period of 3.81 years. The intrinsic value for stock options is calculated based on the difference between the exercise price of the underlying awards and the market price of our common stock as of September 30, 2014. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per common share is computed by dividing net income adjusted for distributed and undistributed earnings to participating securities by the weighted-average number of common shares outstanding for the period, reduced for average unallocated ESOP shares and average unvested restricted stock awards. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock awards and options) were exercised or converted to common stock, or resulted in the issuance of common stock that then shared in the Company’s earnings. Diluted earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period increased for the dilutive effect of unexercised stock options and unvested restricted stock awards. The table below presents the information used to compute basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Earnings: | ||||||||||||||||
Net income | $ | 1,602 | $ | 2,196 | $ | 4,029 | $ | 4,803 | ||||||||
Distributed and undistributed earnings to participating securities | (32 | ) | — | (87 | ) | — | ||||||||||
Income available to common shareholders | 1,570 | 2,196 | 3,942 | 4,803 | ||||||||||||
Basic shares: | ||||||||||||||||
Weighted-average common shares outstanding | 11,553,578 | 11,458,923 | 11,530,095 | 11,449,808 | ||||||||||||
Less: Average unallocated ESOP shares | (774,456 | ) | (812,544 | ) | (783,978 | ) | (822,066 | ) | ||||||||
Average unvested restricted stock awards | (216,586 | ) | (199,377 | ) | (232,181 | ) | (233,265 | ) | ||||||||
Average shares for basic earnings per share | 10,562,536 | 10,447,002 | 10,513,936 | 10,394,477 | ||||||||||||
Net income per common share, basic | $ | 0.15 | $ | 0.21 | $ | 0.37 | $ | 0.46 | ||||||||
Diluted shares: | ||||||||||||||||
Weighted-average common shares outstanding for basic earnings per common share | 10,562,536 | 10,447,002 | 10,513,936 | 10,394,477 | ||||||||||||
Add: Dilutive effects of share-based compensation plan | 93,145 | 112,321 | 79,702 | 143,050 | ||||||||||||
Average shares for diluted earnings per share | 10,655,681 | 10,559,323 | 10,593,638 | 10,537,527 | ||||||||||||
Net income per common share, diluted | $ | 0.15 | $ | 0.21 | $ | 0.37 | $ | 0.46 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
ASC 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||
• | Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||||
• | Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.), or inputs that are derived principally from or corroborated by market data by correlation or other means. | |||||||||||||||
• | Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | |||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the fair value hierarchy, is set forth below. | ||||||||||||||||
Securities available for sale: Securities available for sale are valued at fair value on a recurring basis. The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). | ||||||||||||||||
Interest rate lock commitments: Interest rate locks on commitments to originate loans for the held for sale portfolio are reported at fair value in other assets on the consolidated balance sheets with changes in value recorded in current earnings. The estimated fair values of the interest rate lock commitments are based on quoted secondary market pricing, include the fair value of the servicing rights based on the discounted present value of expected future cash flows, and assume an approximate closure rate based on recent historical experience. At September 30, 2014, for loans with terms of 180 months, the fair value of the servicing rights was estimated as 0.91% of the loan balance if the loan had an interest rate of 3.50% or lower and 0.92% of the loan balance if the loan had an interest rate of higher than 3.50% and equal to or less than 4.00%. For loans with terms greater than 180 months, the fair value was estimated as 1.19% of the loan balance if the loan had an interest rate higher than 4.00% but equal to or less than 4.50% and 1.05% of the loan balance if the loan had an interest rate higher than 4.50% but less than 5.00%. At December 31, 2013, the fair value of the servicing rights was estimated as 1.00% of the loan balance for loans with terms of 180 months, and for loans with terms of greater than 180 month, the fair value was estimated as 1.31% of the loan balance if the loan had an interest rate of 4.50% or lower and 1.08% of the loan balance if the loan had an interest rate higher than 4.50%. A significant change in the closure rate may result in a significant change in the ending fair value measurement of these derivatives relative to their total fair value. At September 30, 2014 and December 31, 2013, the estimated closure rate based on historical experience over the preceding two-year period was 82.4% and 77.1%, respectively. Because the closure rate and fair value of servicing rights are significant unobservable assumptions, interest rate lock commitments are included in Level 3 of the hierarchy. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
Fair Value Measurements at September 30, 2014, Using | Total Fair Value at September 30, 2014 | |||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | ||||||||||||||
(In thousands) | ||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||
Assets: | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||
U.S. government sponsored mortgage-backed securities | $ | — | $ | 280,082 | $ | — | $ | 280,082 | ||||||||
U.S. government sponsored collateralized mortgage obligations | — | 149,658 | — | 149,658 | ||||||||||||
U.S. government agency securities | — | 4,758 | — | 4,758 | ||||||||||||
Municipal obligations | — | 178 | — | 178 | ||||||||||||
Other equity securities | — | 5,999 | — | 5,999 | ||||||||||||
Interest rate lock commitments | — | — | 43 | 43 | ||||||||||||
Fair Value Measurements at December 31, 2013 Using | Total Fair Value at | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | ||||||||||||||
(In thousands) | ||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||
Assets: | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||
U.S. government sponsored mortgage-backed securities | $ | — | $ | 279,588 | $ | — | $ | 279,588 | ||||||||
U.S. government sponsored collateralized mortgage obligations | — | 140,576 | — | 140,576 | ||||||||||||
U.S. government agency securities | — | 4,538 | — | 4,538 | ||||||||||||
Municipal obligations | — | 170 | — | 170 | ||||||||||||
Other equity securities | — | 5,903 | — | 5,903 | ||||||||||||
Interest rate lock commitments | — | — | 56 | 56 | ||||||||||||
A reconciliation and income statement classification of gains and losses for the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2014 and 2013 has not been provided since the amounts are not significant. | ||||||||||||||||
In accordance with ASC Topic 820, certain financial assets and financial liabilities 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). Financial assets or liabilities required to be measured at fair value on a nonrecurring basis include impaired loans and mortgage servicing rights. Nonfinancial assets or liabilities required to be measured at fair value on a nonrecurring basis include other real estate owned. | ||||||||||||||||
Impaired loans (loans which are not expected to repay all principal and interest amounts due in accordance with the original contractual terms) are measured at an observable market price (if available) or at the fair value of the loan’s collateral (if collateral dependent). Fair value of the loan’s collateral is determined by appraisals or independent valuation which is then adjusted for the estimated costs related to liquidation of the collateral. Management’s ongoing review of appraisal information may result in additional discounts or adjustments to valuation based upon more recent market sales activity or more current appraisal information derived from properties of similar type and/or locale. A significant portion of the Company’s impaired loans are measured using the estimated fair market value of the collateral less the estimated costs to sell. Therefore, the Company has categorized its impaired loans as Level 3. | ||||||||||||||||
The following table presents impaired loans that were remeasured and reported at fair value through a specific reserve of the allowance for loan losses based upon the fair value of the underlying collateral during the nine months ended June 30, 2014 and 2013: | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Carrying value of impaired loans | $ | 1,140 | $ | 1,124 | ||||||||||||
Specific reserve | (325 | ) | (209 | ) | ||||||||||||
Fair Value | $ | 815 | $ | 915 | ||||||||||||
Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. The estimated fair values of mortgage servicing rights are classified as Level 3 because they are obtained from independent third-party valuations through an analysis of cash flows and incorporating estimates of assumptions market participants would use in determining fair value, including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market-driven data, such as the market’s perception of future interest rate movements. The Company’s mortgage servicing rights were recorded at $1.6 million and $1.5 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
Non-financial assets measured at fair value on a non-recurring basis are limited to other real estate owned. Other real estate owned is carried at fair value less estimated selling costs (as determined by independent appraisal) within Level 3 of the fair value hierarchy. At the time of foreclosure, the value of the underlying loan is written down to the fair value of the real estate to be acquired by a charge to the allowance for loan losses, if necessary. The fair value is reviewed periodically and subsequent write-downs are recorded accordingly. The following table represents other real estate owned that was remeasured and reported at fair value as of September 30, 2014 and September 30, 2013: | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Carrying value of other real estate owned prior to remeasurement | $ | 1,214 | $ | 1,631 | ||||||||||||
Less: charge-offs recognized in the allowance for loan losses at initial acquisition | (96 | ) | (18 | ) | ||||||||||||
Add: fair value adjustments recognized in noninterest income at initial acquisition | — | 43 | ||||||||||||||
Less: subsequent write-downs included in net loss on write-down of other real estate owned | (29 | ) | (227 | ) | ||||||||||||
Less: sales of other real estate owned | (228 | ) | (502 | ) | ||||||||||||
Carrying value of remeasured other real estate owned at end of period | $ | 861 | $ | 927 | ||||||||||||
Significant unobservable inputs used in Level 3 fair value measurements for financial assets and nonfinancial assets measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013, are summarized below: | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | |||||||||||||
(In thousands) | (Average) | |||||||||||||||
September 30, 2014: | ||||||||||||||||
Impaired loans, net of allowance | $ | 468 | Discounted Cash Flow Analysis | Interest rate | 1.5% - 7.0% (3.9%) | |||||||||||
Loan term (in months) | 60 - 120 (95) | |||||||||||||||
$ | 347 | Third-Party Appraisal | Discount of market value | 0% (0%) | ||||||||||||
Estimated marketing costs | 6.0% (6.0%) | |||||||||||||||
Estimated property maintenance | 0% (0%) | |||||||||||||||
Mortgage servicing rights | $ | 1,559 | Discounted Cash Flow Analysis | Interest rate | 2.6% - 7.9% (4.2%) | |||||||||||
Loan term (in months) | 111 - 527 (312) | |||||||||||||||
Other real estate owned | $ | 931 | Third-Party Appraisal | Discount of market value | 0% - 0.3% (0.2%) | |||||||||||
Estimated marketing costs | 6.0% - 12.0% (8.4%) | |||||||||||||||
Estimated property maintenance | 0% (0%) | |||||||||||||||
December 31, 2013: | ||||||||||||||||
Impaired loans, net of allowance | $ | 840 | Discounted Cash Flow Analysis | Interest rate | 1.5% - 7.0% (4.9%) | |||||||||||
Loan term (in months) | 60 - 120 (91) | |||||||||||||||
$ | 230 | Third-Party Appraisal | Discount of market value | 0% (0%) | ||||||||||||
Estimated marketing costs | 6.0% (6.0%) | |||||||||||||||
Estimated property maintenance | 3.6% (3.6%) | |||||||||||||||
Mortgage servicing rights | $ | 1,473 | Discounted Cash Flow Analysis | Interest rate | 2.6% - 7.9% (4.3%) | |||||||||||
Loan term (in months) | 82 - 527 (312) | |||||||||||||||
Other real estate owned | $ | 177 | Third-Party Appraisal | Discount of market value | 0% (0%) | |||||||||||
Estimated marketing costs | 0.0% - 6.0% (2.4%) | |||||||||||||||
Estimated property maintenance | 0% (0%) | |||||||||||||||
There were no transfers between levels during the nine months ended September 30, 2014 or the year ended December 31, 2013. | ||||||||||||||||
ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. | ||||||||||||||||
The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies for the other financial assets and financial liabilities are discussed below: | ||||||||||||||||
Cash and cash equivalents: The carrying amounts for cash and cash equivalents approximate fair values. | ||||||||||||||||
Accrued interest receivable and payable: The carrying amounts for accrued interest receivable and payable approximate fair values. | ||||||||||||||||
Other investments: The carrying amount for other investments, which consists primarily of Federal Home Loan Bank stock, approximates fair values. | ||||||||||||||||
Loans held for sale: The fair value of loans held for sale is based on quoted market prices in the secondary market for loans with similar characteristics. | ||||||||||||||||
Loans: The estimated fair values for all fixed-rate loans are derived utilizing discounted cash flow analyses, the calculations of which are performed on groupings of loan receivables that are similar in terms of loan type and characteristics. The expected future cash flows of each grouping are discounted using the U.S. Treasury curve and current offering rates to calculate a discount spread to the curve. The estimated fair value for variable rate loans is the carrying amount. The impact of delinquent loans on the estimation of the fair values described above is not considered to have a material effect and, accordingly, delinquent loans have been disregarded in the valuation methodologies employed. Significant inputs to the fair value measurement of the loan portfolio are unobservable, and as such are classified as Level 3. | ||||||||||||||||
Deposits: The estimated fair value of demand deposit accounts is the carrying amount. The fair value of fixed-maturity certificates is estimated by discounting the estimated cash flows using the interest curve and current offering rates to calculate a discount spread to the curve. | ||||||||||||||||
Borrowed funds: The estimated fair value for borrowed funds is determined by discounting the estimated cash flows using the current rate at which similar borrowings would be made with similar ratings and maturities. | ||||||||||||||||
Off-balance sheet financial instruments: The fair values for the Company’s off-balance sheet commitments are estimated based on fees charged to others to enter into similar agreements taking into account the remaining terms of the agreements and credit standing of the members. The estimated fair value of these commitments is not significant. | ||||||||||||||||
The carrying amount and estimated fair value of the Company’s financial instruments at September 30, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(In thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Level 1 inputs: | ||||||||||||||||
Cash and cash equivalents | $ | 13,704 | $ | 13,704 | $ | 15,880 | $ | 15,880 | ||||||||
Level 2 inputs: | ||||||||||||||||
Securities available for sale | 440,675 | 440,675 | 430,775 | 430,775 | ||||||||||||
Other investments | 16,486 | 16,486 | 19,782 | 19,782 | ||||||||||||
Loans held for sale | 2,014 | 2,014 | 1,509 | 1,522 | ||||||||||||
Accrued interest receivable | 3,168 | 3,168 | 3,447 | 3,447 | ||||||||||||
Level 3 inputs: | ||||||||||||||||
Loans, net | 767,767 | 773,716 | 824,881 | 840,478 | ||||||||||||
Mortgage servicing rights | 1,559 | 1,559 | 1,473 | 1,473 | ||||||||||||
Interest rate lock commitments | 43 | 43 | 56 | 56 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Level 2 inputs: | ||||||||||||||||
Federal Home Loan Bank advances | $ | 302,833 | $ | 305,731 | $ | 362,000 | $ | 360,576 | ||||||||
Other borrowings | 5,000 | 5,000 | — | — | ||||||||||||
Accrued interest payable | 320 | 320 | 389 | 389 | ||||||||||||
Level 3 inputs: | ||||||||||||||||
Deposits | 798,791 | 801,065 | 813,574 | 824,856 | ||||||||||||
Repurchase agreements | 2,000 | 2,015 | 2,000 | 2,049 | ||||||||||||
Off-balance sheet financial instruments: | ||||||||||||||||
Loan commitments | $ | — | $ | — | $ | — | $ | — | ||||||||
Letters of credit | — | — | — | — | ||||||||||||
Business_Combination_Business_
Business Combination Business Combination | 9 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
Business Combination | |
On April 28, 2014, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Southside Bancshares, Inc. (“Southside”), and Omega Merger Sub, Inc., a wholly owned subsidiary of Southside (“Merger Sub”), whereby Merger Sub will merge with and into the Company with the Company as the surviving corporation (the “First Merger”). Immediately after the First Merger, the Company will be merged with and into Southside with Southside as the surviving corporation and, subsequently, OmniAmerican Bank will be merged into Southside’s wholly owned bank subsidiary, Southside Bank, with Southside Bank as the surviving bank. If the First Merger is completed, shareholders of the Company will receive 0.4459 of a share of Southside’s common stock plus $13.125 in cash for each outstanding share of OmniAmerican common stock. On October 14, 2014, OmniAmerican stockholders approved the First Merger. Also on October 14, 2014, Southside shareholders approved the issuance of Southside common stock to OmniAmerican stockholders in connection with the First Merger. Completion of the mergers is subject to the approval by the appropriate regulatory agencies and other customary terms and conditions as described in the Merger Agreement. The Merger Agreement was filed with the Securities and Exchange Commission as an exhibit to the Company’s Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
On June 25, 2014, a purported stockholder of OmniAmerican filed a lawsuit in the Circuit Court for Baltimore City, Maryland (the "Court") captioned McDougal v. OmniAmerican Bancorp, Inc., et al., Case No. 24-C-14-003920 (the "Litigation"), naming OmniAmerican, members of OmniAmerican’s board of directors, Southside and Merger Sub as defendants. The lawsuit is purportedly brought on behalf of a putative class of OmniAmerican’s public stockholders and seeks a declaration that it is properly maintainable as a class action and a certification of the plaintiff and her counsel as class representative and class counsel. The lawsuit asserts direct and derivative claims against OmniAmerican’s directors and alleges that they breached their fiduciary duties and that OmniAmerican, Southside and Merger Sub aided and abetted those alleged breaches by, among other things, (a) failing to take steps to maximize shareholder value for OmniAmerican public stockholders; (b) failing to properly value OmniAmerican; (c) failing to protect against conflicts of interest; (d) failing to disclose material information necessary for OmniAmerican stockholders to make an informed vote on the First Merger; and (e) agreeing to deal protection devices that preclude a fair sales process. Among other relief, the plaintiff seeks to enjoin the mergers. On July 9, 2014, the plaintiff filed a motion to transfer the case to Maryland's Business and Technology Case Management Program. | |
On July 29, 2014, OmniAmerican, OmniAmerican’s board of directors and Southside filed a motion to dismiss the case. On July 30, 2014, the plaintiff filed a motion to take expedited discovery. | |
After filing the Litigation and engaging in certain limited discovery, plaintiff's counsel indicated to defendants’ counsel that they believed additional disclosures should be made available to the stockholders of OmniAmerican. On September 12, 2014, the defendants and the plaintiff in the Litigation entered into a memorandum of understanding (the “MOU”) agreeing in principle to settle the Litigation in exchange for defendants’ agreement to make certain supplemental disclosures described below. The MOU contemplates that the parties will prepare a definitive stipulation of settlement, which will be subject to Court approval. If approved by the Court, it is anticipated that the settlement will result in a release of the defendants from any and all claims that were or could have been asserted challenging any aspect of or otherwise relating to the mergers, the merger agreement or the disclosures made in connection therewith, and that the Litigation will be dismissed with prejudice. | |
Pursuant to the terms of the MOU, OmniAmerican has agreed to make certain supplemental disclosures regarding the mergers in a supplement to the joint proxy statement/prospectus. The supplemental disclosures are contained in a proxy supplement filed with the Securities and Exchange Commission on September 16, 2014, which should be read in its entirety. In return, the plaintiff has agreed to the dismissal of the Litigation with prejudice and to withdraw and/or refrain from filing any and all motions seeking to enjoin the mergers. In addition, the MOU contemplates that the parties will negotiate in good faith to attempt to agree upon an amount of attorneys' fees and expenses and that plaintiff's counsel may petition the Court for an award of attorneys’ fees and expenses, which if granted by the Court, would be paid by OmniAmerican or its insurers or successors. Should the parties fail to reach an agreement on attorneys' fees and expenses, the defendants may oppose the petition for an award of attorneys’ fees and expenses. There can be no assurance that the parties will ultimately reach agreement on a definitive stipulation of settlement or that the Court will approve the proposed settlement, even if the parties were to enter into such stipulation of settlement. In such event, the proposed settlement as contemplated by the MOU may be terminated. The proposed settlement will not affect the consideration to be paid to stockholders of OmniAmerican in connection with the proposed first merger. | |
The defendants have vigorously denied, and continue to vigorously deny, any wrongdoing or liability with respect to the facts and claims asserted, or which could have been asserted, in the Litigation, including that they have committed any violations of law or breach of fiduciary duty, aided and abetted any violations of law or breaches of fiduciary duty, acted improperly in any way or have any liability or owe any damages of any kind to the plaintiff or to the purported class, and specifically deny that any further supplemental disclosure is required under any applicable rule, statute, regulation or law or that the OmniAmerican directors failed to maximize stockholder value by entering into the merger agreement with Southside and Merger Sub. The settlement contemplated by the MOU is not, and should not be construed as, an admission of wrongdoing or liability by any defendant. However, to avoid the risk of delaying the mergers, and to provide additional information to the stockholders of OmniAmerican at a time and in a manner that would not cause any delay of the mergers, the defendants agreed to the settlement described above. | |
The parties considered it desirable that the Litigation be settled to avoid the substantial burden, expense, risk, inconvenience and distraction of continued litigation and to fully and finally resolve the Litigation. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of OmniAmerican Bancorp, Inc. (referred to herein as “the Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These interim consolidated financial statements and notes should be read in conjunction with the Company’s consolidated financial statements, and notes thereto, for the year ended December 31, 2013, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2014. In management’s opinion, the interim data as of September 30, 2014 and for the three- and nine-month periods ended September 30, 2014 and 2013, includes all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the results of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. References to the Company include, where appropriate, OmniAmerican Bank, the Company’s wholly-owned subsidiary. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses and the fair values of financial instruments are particularly subject to change. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Amortized cost and estimated fair value | ' | |||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
U. S. government sponsored mortgage-backed securities | $ | 278,912 | $ | 3,714 | $ | (2,544 | ) | $ | 280,082 | |||||||||||||||
U. S. government sponsored collateralized mortgage obligations | 148,825 | 1,801 | (968 | ) | 149,658 | |||||||||||||||||||
Agency bonds | 5,000 | — | (242 | ) | 4,758 | |||||||||||||||||||
Municipal obligations | 181 | — | (3 | ) | 178 | |||||||||||||||||||
Other equity securities | 6,000 | — | (1 | ) | 5,999 | |||||||||||||||||||
Total investment securities available for sale | $ | 438,918 | $ | 5,515 | $ | (3,758 | ) | $ | 440,675 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
U. S. government sponsored mortgage-backed securities | $ | 282,180 | $ | 2,616 | $ | (5,208 | ) | $ | 279,588 | |||||||||||||||
U. S. government sponsored collateralized mortgage obligations | 140,221 | 1,758 | (1,403 | ) | 140,576 | |||||||||||||||||||
Agency bonds | 5,000 | — | (462 | ) | 4,538 | |||||||||||||||||||
Municipal obligations | 179 | — | (9 | ) | 170 | |||||||||||||||||||
Other equity securities | 6,000 | — | (97 | ) | 5,903 | |||||||||||||||||||
Total investment securities available for sale | $ | 433,580 | $ | 4,374 | $ | (7,179 | ) | $ | 430,775 | |||||||||||||||
Continuous unrealized losses | ' | |||||||||||||||||||||||
Continuous Unrealized Losses Existing for | ||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
U. S. government sponsored mortgage-backed securities | $ | 44,139 | $ | (145 | ) | $ | 90,496 | $ | (2,399 | ) | $ | 134,635 | $ | (2,544 | ) | |||||||||
U. S. government sponsored collateralized mortgage obligations | 48,080 | (300 | ) | 16,430 | (668 | ) | 64,510 | (968 | ) | |||||||||||||||
Agency bonds | — | — | 4,758 | (242 | ) | 4,758 | (242 | ) | ||||||||||||||||
Municipal obligations | — | — | 178 | (3 | ) | 178 | (3 | ) | ||||||||||||||||
Other equity securities | 5,999 | (1 | ) | — | — | 5,999 | (1 | ) | ||||||||||||||||
$ | 98,218 | $ | (446 | ) | $ | 111,862 | $ | (3,312 | ) | $ | 210,080 | $ | (3,758 | ) | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||
U. S. government sponsored mortgage-backed securities | $ | 142,715 | $ | (5,088 | ) | $ | 2,248 | $ | (120 | ) | $ | 144,963 | $ | (5,208 | ) | |||||||||
U. S. government sponsored collateralized mortgage obligations | 50,066 | (1,403 | ) | — | — | 50,066 | (1,403 | ) | ||||||||||||||||
Agency bonds | 4,538 | (462 | ) | — | — | 4,538 | (462 | ) | ||||||||||||||||
Municipal obligations | 170 | (9 | ) | — | — | 170 | (9 | ) | ||||||||||||||||
Other equity securities | 5,903 | (97 | ) | — | — | 5,903 | (97 | ) | ||||||||||||||||
$ | 203,392 | $ | (7,059 | ) | $ | 2,248 | $ | (120 | ) | $ | 205,640 | $ | (7,179 | ) | ||||||||||
Contractual maturity | ' | |||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||||
Due from one to five years | — | — | ||||||||||||||||||||||
Due from five to ten years | 31,606 | 31,072 | ||||||||||||||||||||||
Due after ten years | 401,312 | 403,604 | ||||||||||||||||||||||
Equity securities | 6,000 | 5,999 | ||||||||||||||||||||||
Total | $ | 438,918 | $ | 440,675 | ||||||||||||||||||||
Realized gains and losses | ' | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Proceeds from sales of investment securities | $ | — | $ | 3 | $ | 18,099 | $ | 46,215 | ||||||||||||||||
Gross gains from sales of investment securities | — | — | 607 | 1,701 | ||||||||||||||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Loan Composition | ' | |||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Residential real estate loans: | ||||||||||||||||||||||||
One- to four-family | $ | 274,902 | $ | 262,723 | ||||||||||||||||||||
Home equity | 15,654 | 17,106 | ||||||||||||||||||||||
Total residential real estate loans | 290,556 | 279,829 | ||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Commercial real estate | 107,259 | 106,560 | ||||||||||||||||||||||
Real estate construction | 73,210 | 59,648 | ||||||||||||||||||||||
Commercial business | 76,083 | 69,320 | ||||||||||||||||||||||
Total commercial loans | 256,552 | 235,528 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Automobile, indirect | 177,213 | 264,671 | ||||||||||||||||||||||
Automobile, direct | 31,478 | 31,598 | ||||||||||||||||||||||
Other consumer | 16,074 | 15,330 | ||||||||||||||||||||||
Total consumer loans | 224,765 | 311,599 | ||||||||||||||||||||||
Total loans | 771,873 | 826,956 | ||||||||||||||||||||||
Plus (less): | ||||||||||||||||||||||||
Deferred fees and discounts | 2,142 | 4,370 | ||||||||||||||||||||||
Allowance for loan losses | (6,248 | ) | (6,445 | ) | ||||||||||||||||||||
Total loans receivable, net | $ | 767,767 | $ | 824,881 | ||||||||||||||||||||
Mortgage servicing | ' | |||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Principal balances of the loans sold and serviced for FNMA | $ | 203,045 | $ | 189,084 | ||||||||||||||||||||
Mortgage servicing rights associated with the mortgage loans serviced for FNMA | 1,559 | 1,473 | ||||||||||||||||||||||
Impaired Loans | ' | |||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||
Balance | Principal | Allowance | Recorded | Income | ||||||||||||||||||||
Balance | Balance | Recognized | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
One- to four-family | $ | 6,334 | $ | 6,334 | $ | — | $ | 7,189 | $ | 169 | ||||||||||||||
Home equity | — | — | — | 28 | — | |||||||||||||||||||
Commercial real estate | 837 | 837 | — | 1,838 | 90 | |||||||||||||||||||
Real estate construction | — | — | — | — | — | |||||||||||||||||||
Commercial business | — | — | — | 267 | 1 | |||||||||||||||||||
Automobile, indirect | 684 | 684 | — | 640 | 11 | |||||||||||||||||||
Automobile, direct | 29 | 29 | — | 208 | — | |||||||||||||||||||
Other consumer | 26 | 26 | — | 12 | — | |||||||||||||||||||
Impaired loans with no related allowance recorded | 7,910 | 7,910 | — | 10,182 | 271 | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Home equity | — | — | — | — | — | |||||||||||||||||||
Commercial real estate | 500 | 500 | 153 | 531 | — | |||||||||||||||||||
Real estate construction | — | — | — | — | — | |||||||||||||||||||
Commercial business | 640 | 640 | 172 | 793 | 4 | |||||||||||||||||||
Automobile, indirect | — | — | — | — | — | |||||||||||||||||||
Automobile, direct | — | — | — | — | — | |||||||||||||||||||
Other consumer | — | — | — | — | — | |||||||||||||||||||
Impaired loans with an allowance recorded | 1,140 | 1,140 | 325 | 1,324 | 4 | |||||||||||||||||||
Total | $ | 9,050 | $ | 9,050 | $ | 325 | $ | 11,506 | $ | 275 | ||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
One- to four-family | $ | 7,531 | $ | 7,531 | $ | — | $ | 7,468 | $ | 305 | ||||||||||||||
Home equity | 42 | 42 | — | 14 | 1 | |||||||||||||||||||
Commercial real estate | 2,347 | 2,347 | — | 4,237 | 31 | |||||||||||||||||||
Real estate construction | — | — | — | 3,171 | 66 | |||||||||||||||||||
Commercial business | 591 | 591 | — | 700 | 21 | |||||||||||||||||||
Automobile, indirect | 824 | 824 | — | 738 | 26 | |||||||||||||||||||
Automobile, direct | 32 | 32 | — | 34 | 2 | |||||||||||||||||||
Other consumer | 15 | 15 | — | 4 | — | |||||||||||||||||||
Impaired loans with no related allowance recorded | 11,382 | 11,382 | — | 16,366 | 452 | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Home equity | — | — | — | — | — | |||||||||||||||||||
Commercial real estate | 551 | 551 | 321 | 46 | — | |||||||||||||||||||
Real estate construction | — | — | — | — | — | |||||||||||||||||||
Commercial business | 1,040 | 1,040 | 200 | 1,064 | 8 | |||||||||||||||||||
Automobile, indirect | — | — | — | — | — | |||||||||||||||||||
Automobile, direct | — | — | — | — | — | |||||||||||||||||||
Other consumer | — | — | — | — | — | |||||||||||||||||||
Impaired loans with an allowance recorded | 1,591 | 1,591 | 521 | 1,110 | 8 | |||||||||||||||||||
Total | $ | 12,973 | $ | 12,973 | $ | 521 | $ | 17,476 | $ | 460 | ||||||||||||||
Nonaccrual loans | ' | |||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Residential real estate loans: | ||||||||||||||||||||||||
One- to four-family | $ | 1,063 | $ | 2,050 | ||||||||||||||||||||
Home equity | — | 42 | ||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Commercial real estate | 618 | 800 | ||||||||||||||||||||||
Real estate construction | — | — | ||||||||||||||||||||||
Commercial business | 403 | 864 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Automobile, indirect | 427 | 558 | ||||||||||||||||||||||
Automobile, direct | 16 | 15 | ||||||||||||||||||||||
Other consumer | 26 | 15 | ||||||||||||||||||||||
Total | $ | 2,553 | $ | 4,344 | ||||||||||||||||||||
Past due loan aging | ' | |||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | Loans Not | Total | |||||||||||||||||||
Days | Days | and | Past Due | Past Due | ||||||||||||||||||||
Past Due | Past Due | Greater | ||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Residential real estate loans: | ||||||||||||||||||||||||
One- to four-family | $ | — | $ | 625 | $ | 953 | $ | 1,578 | $ | 273,324 | $ | 274,902 | ||||||||||||
Home equity | — | — | — | — | 15,654 | 15,654 | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Commercial real estate | 65 | — | 118 | 183 | 107,076 | 107,259 | ||||||||||||||||||
Real estate construction | — | — | — | — | 73,210 | 73,210 | ||||||||||||||||||
Commercial business | 31 | — | 75 | 106 | 75,977 | 76,083 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Automobile, indirect | 1,990 | 446 | 427 | 2,863 | 174,350 | 177,213 | ||||||||||||||||||
Automobile, direct | 76 | — | 17 | 93 | 31,385 | 31,478 | ||||||||||||||||||
Other consumer | 87 | 21 | 26 | 134 | 15,940 | 16,074 | ||||||||||||||||||
Total loans | $ | 2,249 | $ | 1,092 | $ | 1,616 | $ | 4,957 | $ | 766,916 | $ | 771,873 | ||||||||||||
30-59 | 60-89 | 90 Days | Total | Loans Not | Total | |||||||||||||||||||
Days | Days | and | Past Due | Past Due | ||||||||||||||||||||
Past Due | Past Due | Greater | ||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Residential real estate loans: | ||||||||||||||||||||||||
One- to four-family | $ | 1,170 | $ | — | $ | 1,932 | $ | 3,102 | $ | 259,621 | $ | 262,723 | ||||||||||||
Home equity | 1 | — | 42 | 43 | 17,063 | 17,106 | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Commercial real estate | — | — | 120 | 120 | 106,440 | 106,560 | ||||||||||||||||||
Real estate construction | 876 | — | — | 876 | 58,772 | 59,648 | ||||||||||||||||||
Commercial business | — | — | — | — | 69,320 | 69,320 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Automobile, indirect | 2,217 | 615 | 558 | 3,390 | 261,281 | 264,671 | ||||||||||||||||||
Automobile, direct | 48 | 21 | 15 | 84 | 31,514 | 31,598 | ||||||||||||||||||
Other consumer | 72 | 33 | 15 | 120 | 15,210 | 15,330 | ||||||||||||||||||
Total loans | $ | 4,384 | $ | 669 | $ | 2,682 | $ | 7,735 | $ | 819,221 | $ | 826,956 | ||||||||||||
Risk category of loans by class for loans individually analyzed for impairment | ' | |||||||||||||||||||||||
Commercial Real Estate | Real Estate | Commercial | One- to Four- | Total | ||||||||||||||||||||
Construction | Business | Family | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Pass | $ | 102,992 | $ | 73,210 | $ | 72,336 | $ | 17,051 | $ | 265,589 | ||||||||||||||
Special Mention | 319 | — | 1,215 | — | 1,534 | |||||||||||||||||||
Substandard | 3,948 | — | 2,532 | 4,551 | 11,031 | |||||||||||||||||||
Doubtful | — | — | — | — | — | |||||||||||||||||||
$ | 107,259 | $ | 73,210 | $ | 76,083 | $ | 21,602 | $ | 278,154 | |||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Pass | $ | 101,134 | $ | 59,536 | $ | 64,155 | $ | 15,514 | $ | 240,339 | ||||||||||||||
Special Mention | 735 | — | 2,164 | — | 2,899 | |||||||||||||||||||
Substandard | 4,691 | 112 | 3,001 | 3,175 | 10,979 | |||||||||||||||||||
Doubtful | — | — | — | — | — | |||||||||||||||||||
$ | 106,560 | $ | 59,648 | $ | 69,320 | $ | 18,689 | $ | 254,217 | |||||||||||||||
Real estate loans collectively evaluated for impairment | ' | |||||||||||||||||||||||
One- to | Home | Total | ||||||||||||||||||||||
Four- | Equity | |||||||||||||||||||||||
Family | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Prime | $ | 192,145 | $ | 15,166 | $ | 207,311 | ||||||||||||||||||
Subprime | 61,155 | 488 | 61,643 | |||||||||||||||||||||
$ | 253,300 | $ | 15,654 | $ | 268,954 | |||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Prime | $ | 195,919 | $ | 16,521 | $ | 212,440 | ||||||||||||||||||
Subprime | 48,115 | 585 | 48,700 | |||||||||||||||||||||
$ | 244,034 | $ | 17,106 | $ | 261,140 | |||||||||||||||||||
Consumer loans by credit score | ' | |||||||||||||||||||||||
Risk Tier | Credit Score | Automobile, indirect | Automobile, direct | Other consumer | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
A | 720+ | $ | 92,698 | $ | 22,752 | $ | 12,038 | $ | 127,488 | |||||||||||||||
B | 690–719 | 35,052 | 4,255 | 2,164 | 41,471 | |||||||||||||||||||
C | 661–689 | 29,608 | 2,486 | 1,475 | 33,569 | |||||||||||||||||||
D | 660 and under | 19,855 | 1,985 | 397 | 22,237 | |||||||||||||||||||
$ | 177,213 | $ | 31,478 | $ | 16,074 | $ | 224,765 | |||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
A | 720+ | $ | 135,583 | $ | 23,137 | $ | 11,453 | $ | 170,173 | |||||||||||||||
B | 690–719 | 53,678 | 4,311 | 2,228 | 60,217 | |||||||||||||||||||
C | 661–689 | 44,732 | 2,320 | 1,268 | 48,320 | |||||||||||||||||||
D | 660 and under | 30,678 | 1,830 | 381 | 32,889 | |||||||||||||||||||
$ | 264,671 | $ | 31,598 | $ | 15,330 | $ | 311,599 | |||||||||||||||||
Activity in the allowance for loan losses by portfolio segment | ' | |||||||||||||||||||||||
Residential | Commercial | Consumer | Total | |||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Allowance for loan losses for the three months ended: | ||||||||||||||||||||||||
Beginning balance | $ | 871 | $ | 2,853 | $ | 2,664 | $ | 6,388 | ||||||||||||||||
Charge-offs | (122 | ) | (37 | ) | (672 | ) | (831 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | 18 | 25 | 98 | 141 | ||||||||||||||||||||
Provision for loan losses | 131 | 9 | 410 | 550 | ||||||||||||||||||||
Ending balance | $ | 898 | $ | 2,850 | $ | 2,500 | $ | 6,248 | ||||||||||||||||
Allowance for loan losses for the nine months ended: | ||||||||||||||||||||||||
Beginning balance | $ | 851 | $ | 2,517 | $ | 3,077 | $ | 6,445 | ||||||||||||||||
Charge-offs | (224 | ) | (116 | ) | (2,166 | ) | (2,506 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | 41 | 59 | 284 | 384 | ||||||||||||||||||||
Provision for loan losses | 230 | 390 | 1,305 | 1,925 | ||||||||||||||||||||
Ending balance | $ | 898 | $ | 2,850 | $ | 2,500 | $ | 6,248 | ||||||||||||||||
Ending balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 325 | $ | — | $ | 325 | ||||||||||||||||
Collectively evaluated for impairment | 898 | 2,525 | 2,500 | 5,923 | ||||||||||||||||||||
Total ending balance | $ | 898 | $ | 2,850 | $ | 2,500 | $ | 6,248 | ||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||
Allowance for loan losses for the three months ended: | ||||||||||||||||||||||||
Beginning balance | $ | 794 | $ | 3,375 | $ | 2,913 | $ | 7,082 | ||||||||||||||||
Charge-offs | (86 | ) | — | (591 | ) | (677 | ) | |||||||||||||||||
Recoveries of loans previously charged-off | 6 | 18 | 61 | 85 | ||||||||||||||||||||
Provision for loan losses | 157 | (961 | ) | 1,004 | 200 | |||||||||||||||||||
Ending balance | $ | 871 | $ | 2,432 | $ | 3,387 | $ | 6,690 | ||||||||||||||||
Allowance for loan losses for the nine months ended: | ||||||||||||||||||||||||
Beginning balance | $ | 870 | $ | 3,133 | $ | 2,897 | $ | 6,900 | ||||||||||||||||
Charge-offs | (239 | ) | (202 | ) | (1,890 | ) | (2,331 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | 28 | 48 | 245 | 321 | ||||||||||||||||||||
Provision for loan losses | 212 | (547 | ) | 2,135 | 1,800 | |||||||||||||||||||
Ending balance | $ | 871 | $ | 2,432 | $ | 3,387 | $ | 6,690 | ||||||||||||||||
Ending balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 209 | $ | — | $ | 209 | ||||||||||||||||
Collectively evaluated for impairment | 871 | 2,223 | 3,387 | 6,481 | ||||||||||||||||||||
Total ending balance | $ | 871 | $ | 2,432 | $ | 3,387 | $ | 6,690 | ||||||||||||||||
Investment in loans disaggregated on the basis of impairment methodology | ' | |||||||||||||||||||||||
Residential | Commercial | Consumer | Total | |||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 6,334 | $ | 1,977 | $ | 739 | $ | 9,050 | ||||||||||||||||
Loans collectively evaluated for impairment | 284,222 | 254,575 | 224,026 | 762,823 | ||||||||||||||||||||
Total ending balance | $ | 290,556 | $ | 256,552 | $ | 224,765 | $ | 771,873 | ||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 7,573 | $ | 4,529 | $ | 871 | $ | 12,973 | ||||||||||||||||
Loans collectively evaluated for impairment | 272,256 | 230,999 | 310,728 | 813,983 | ||||||||||||||||||||
Total ending balance | $ | 279,829 | $ | 235,528 | $ | 311,599 | $ | 826,956 | ||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 7,851 | $ | 6,698 | $ | 719 | $ | 15,268 | ||||||||||||||||
Loans collectively evaluated for impairment | 270,280 | 243,672 | 334,766 | 848,718 | ||||||||||||||||||||
Total ending balance | $ | 278,131 | $ | 250,370 | $ | 335,485 | $ | 863,986 | ||||||||||||||||
Troubled debt restructuring summary | ' | |||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
TDR | ||||||||||||||||||||||||
Residential Real Estate | $ | 5,380 | $ | 6,276 | ||||||||||||||||||||
Commercial | 1,047 | 2,581 | ||||||||||||||||||||||
Consumer | 308 | 382 | ||||||||||||||||||||||
Total TDR | 6,735 | 9,239 | ||||||||||||||||||||||
Less: TDR in non-accrual status | ||||||||||||||||||||||||
Residential Real Estate | 109 | 795 | ||||||||||||||||||||||
Commercial | 328 | 483 | ||||||||||||||||||||||
Consumer | 38 | 99 | ||||||||||||||||||||||
Total performing TDR | $ | 6,260 | $ | 7,862 | ||||||||||||||||||||
Troubled debt restructurings by method of concession | ' | |||||||||||||||||||||||
Residential | Commercial | Consumer | Total | |||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Nine Months Ended September 30, 2014: | ||||||||||||||||||||||||
Interest rate reduction | $ | 1,430 | $ | — | $ | 48 | $ | 1,478 | ||||||||||||||||
Loan maturity extension | — | — | — | — | ||||||||||||||||||||
Forbearance | — | — | — | — | ||||||||||||||||||||
Principal reduction | — | — | 35 | 35 | ||||||||||||||||||||
Total | $ | 1,430 | $ | — | $ | 83 | $ | 1,513 | ||||||||||||||||
Nine Months Ended September 30, 2013: | ||||||||||||||||||||||||
Interest rate reduction | $ | — | $ | 365 | $ | 24 | $ | 389 | ||||||||||||||||
Loan maturity extension | — | — | 28 | 28 | ||||||||||||||||||||
Forbearance | — | — | — | — | ||||||||||||||||||||
Principal reduction | — | — | — | — | ||||||||||||||||||||
Total | $ | — | $ | 365 | $ | 52 | $ | 417 | ||||||||||||||||
TDR loans modified during the period | ' | |||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||
Recorded Balance | Recorded Balance | |||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Nine Months Ended September 30, 2014: | ||||||||||||||||||||||||
Residential Real Estate | 1 | $ | 1,430 | $ | 1,430 | |||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||||||
Consumer | 7 | 98 | 84 | |||||||||||||||||||||
Total | 8 | $ | 1,528 | $ | 1,514 | |||||||||||||||||||
Nine Months Ended September 30, 2013: | ||||||||||||||||||||||||
Residential Real Estate | — | $ | — | $ | — | |||||||||||||||||||
Commercial | 1 | 371 | 371 | |||||||||||||||||||||
Consumer | 3 | 59 | 59 | |||||||||||||||||||||
Total | 4 | $ | 430 | $ | 430 | |||||||||||||||||||
Non-performing assets | ' | |||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Other real estate owned and foreclosed assets | ||||||||||||||||||||||||
Residential Real Estate | $ | 861 | $ | 107 | ||||||||||||||||||||
Commercial | 70 | 70 | ||||||||||||||||||||||
Consumer | 447 | 850 | ||||||||||||||||||||||
Total other real estate owned and foreclosed assets | 1,378 | 1,027 | ||||||||||||||||||||||
Total non-accrual loans | 2,553 | 4,344 | ||||||||||||||||||||||
Total non-performing assets | $ | 3,931 | $ | 5,371 | ||||||||||||||||||||
Non-accrual loans/Total loans | 0.33 | % | 0.53 | % | ||||||||||||||||||||
Non-performing assets/Total assets | 0.29 | % | 0.39 | % |
Derivative_Financial_Instrumen1
Derivative Financial Instruments Derivatives Table (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Schedule of Derivative Instruments | ' | |||||||||||
Outstanding Notional Balance | Fair Value | Recorded (Losses)/Gains | ||||||||||
(In thousands) | ||||||||||||
September 30, 2014: | ||||||||||||
Interest rate lock commitments | $ | 4,971 | $ | 43 | $ | (13 | ) | |||||
December 31, 2013: | ||||||||||||
Interest rate lock commitments | $ | 3,453 | $ | 56 | $ | (208 | ) | |||||
September 30, 2013: | ||||||||||||
Interest rate lock commitments | $ | 6,792 | $ | 202 | $ | (62 | ) | |||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans - (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Employee Benefits and Share-based Compensation [Abstract] | ' | |||||||||||||||
Summary of Employee Stock Ownership Plan (ESOP) shares | ' | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Allocated shares | 180,918 | 152,352 | ||||||||||||||
Unearned shares | 771,282 | 799,848 | ||||||||||||||
Total ESOP shares | 952,200 | 952,200 | ||||||||||||||
Fair value of unearned shares (in thousands) | $ | 20,046 | $ | 17,101 | ||||||||||||
Year-to-date compensation expense recognized from the release of shares from the ESOP (in thousands) | 691 | 893 | ||||||||||||||
Summary of net periodic pension cost | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Interest cost on projected benefit obligation | $ | 55 | $ | 57 | $ | 165 | $ | 171 | ||||||||
Expected return on assets | (86 | ) | (74 | ) | (258 | ) | (222 | ) | ||||||||
Amortization of net loss | 11 | 48 | 33 | 144 | ||||||||||||
Net periodic pension cost | $ | (20 | ) | $ | 31 | $ | (60 | ) | $ | 93 | ||||||
Share-based compensation | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Share-based compensation expense | $ | 571 | $ | 565 | $ | 1,612 | $ | 1,459 | ||||||||
Restricted shares activity | ' | |||||||||||||||
Shares | Weighted- | |||||||||||||||
Average Grant | ||||||||||||||||
Date Fair Value | ||||||||||||||||
Per Share | ||||||||||||||||
Non-vested at January 1, 2014 | 179,583 | $ | 19.18 | |||||||||||||
Granted | 97,078 | 21.16 | ||||||||||||||
Vested | (57,470 | ) | (17.81 | ) | ||||||||||||
Forfeited | (6,000 | ) | (21.06 | ) | ||||||||||||
Non-vested at September 30, 2014 | 213,191 | $ | 20.39 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||
Risk-free interest rate | 2.12 | % | ||||||||||||||
Expected term of stock options (years) | 7.5 | |||||||||||||||
Expected stock price volatility | 30.64 | % | ||||||||||||||
Expected dividends | 0.9 | % | ||||||||||||||
Forfeiture rate — for officers and employees | 13.03 | % | ||||||||||||||
Forfeiture rate — for directors | — | % | ||||||||||||||
Stock options activity | ' | |||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||
Contractual Term | (In thousands) | |||||||||||||||
(years) | ||||||||||||||||
Outstanding at January 1, 2014 | 394,933 | $ | 16.13 | 7.54 | $ | 2,088 | ||||||||||
Granted | 428,788 | 21.11 | 9.68 | 2,092 | ||||||||||||
Exercised | (37,476 | ) | 14.7 | — | (385 | ) | ||||||||||
Forfeited | (22,400 | ) | 21.09 | — | (110 | ) | ||||||||||
Expired | (2,400 | ) | 22.24 | — | (9 | ) | ||||||||||
Outstanding at September 30, 2014 | 761,445 | $ | 18.84 | 8.23 | $ | 5,445 | ||||||||||
Fully vested and expected to vest | 659,368 | $ | 18.63 | 8.12 | $ | 4,851 | ||||||||||
Exercisable at September 30, 2014 | 191,632 | $ | 15.6 | 6.57 | $ | 1,991 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share - (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Earnings: | ||||||||||||||||
Net income | $ | 1,602 | $ | 2,196 | $ | 4,029 | $ | 4,803 | ||||||||
Distributed and undistributed earnings to participating securities | (32 | ) | — | (87 | ) | — | ||||||||||
Income available to common shareholders | 1,570 | 2,196 | 3,942 | 4,803 | ||||||||||||
Basic shares: | ||||||||||||||||
Weighted-average common shares outstanding | 11,553,578 | 11,458,923 | 11,530,095 | 11,449,808 | ||||||||||||
Less: Average unallocated ESOP shares | (774,456 | ) | (812,544 | ) | (783,978 | ) | (822,066 | ) | ||||||||
Average unvested restricted stock awards | (216,586 | ) | (199,377 | ) | (232,181 | ) | (233,265 | ) | ||||||||
Average shares for basic earnings per share | 10,562,536 | 10,447,002 | 10,513,936 | 10,394,477 | ||||||||||||
Net income per common share, basic | $ | 0.15 | $ | 0.21 | $ | 0.37 | $ | 0.46 | ||||||||
Diluted shares: | ||||||||||||||||
Weighted-average common shares outstanding for basic earnings per common share | 10,562,536 | 10,447,002 | 10,513,936 | 10,394,477 | ||||||||||||
Add: Dilutive effects of share-based compensation plan | 93,145 | 112,321 | 79,702 | 143,050 | ||||||||||||
Average shares for diluted earnings per share | 10,655,681 | 10,559,323 | 10,593,638 | 10,537,527 | ||||||||||||
Net income per common share, diluted | $ | 0.15 | $ | 0.21 | $ | 0.37 | $ | 0.46 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements - (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets and Liabilities Measured on a Recurring Basis | ' | |||||||||||||||
Fair Value Measurements at September 30, 2014, Using | Total Fair Value at September 30, 2014 | |||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | ||||||||||||||
(In thousands) | ||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||
Assets: | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||
U.S. government sponsored mortgage-backed securities | $ | — | $ | 280,082 | $ | — | $ | 280,082 | ||||||||
U.S. government sponsored collateralized mortgage obligations | — | 149,658 | — | 149,658 | ||||||||||||
U.S. government agency securities | — | 4,758 | — | 4,758 | ||||||||||||
Municipal obligations | — | 178 | — | 178 | ||||||||||||
Other equity securities | — | 5,999 | — | 5,999 | ||||||||||||
Interest rate lock commitments | — | — | 43 | 43 | ||||||||||||
Fair Value Measurements at December 31, 2013 Using | Total Fair Value at | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | ||||||||||||||
(In thousands) | ||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||
Assets: | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||
U.S. government sponsored mortgage-backed securities | $ | — | $ | 279,588 | $ | — | $ | 279,588 | ||||||||
U.S. government sponsored collateralized mortgage obligations | — | 140,576 | — | 140,576 | ||||||||||||
U.S. government agency securities | — | 4,538 | — | 4,538 | ||||||||||||
Municipal obligations | — | 170 | — | 170 | ||||||||||||
Other equity securities | — | 5,903 | — | 5,903 | ||||||||||||
Interest rate lock commitments | — | — | 56 | 56 | ||||||||||||
Fair value of impaired loans | ' | |||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Carrying value of impaired loans | $ | 1,140 | $ | 1,124 | ||||||||||||
Specific reserve | (325 | ) | (209 | ) | ||||||||||||
Fair Value | $ | 815 | $ | 915 | ||||||||||||
Foreclosed Assets Remeasured and Reported at Fair Value | ' | |||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Carrying value of other real estate owned prior to remeasurement | $ | 1,214 | $ | 1,631 | ||||||||||||
Less: charge-offs recognized in the allowance for loan losses at initial acquisition | (96 | ) | (18 | ) | ||||||||||||
Add: fair value adjustments recognized in noninterest income at initial acquisition | — | 43 | ||||||||||||||
Less: subsequent write-downs included in net loss on write-down of other real estate owned | (29 | ) | (227 | ) | ||||||||||||
Less: sales of other real estate owned | (228 | ) | (502 | ) | ||||||||||||
Carrying value of remeasured other real estate owned at end of period | $ | 861 | $ | 927 | ||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | |||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | |||||||||||||
(In thousands) | (Average) | |||||||||||||||
September 30, 2014: | ||||||||||||||||
Impaired loans, net of allowance | $ | 468 | Discounted Cash Flow Analysis | Interest rate | 1.5% - 7.0% (3.9%) | |||||||||||
Loan term (in months) | 60 - 120 (95) | |||||||||||||||
$ | 347 | Third-Party Appraisal | Discount of market value | 0% (0%) | ||||||||||||
Estimated marketing costs | 6.0% (6.0%) | |||||||||||||||
Estimated property maintenance | 0% (0%) | |||||||||||||||
Mortgage servicing rights | $ | 1,559 | Discounted Cash Flow Analysis | Interest rate | 2.6% - 7.9% (4.2%) | |||||||||||
Loan term (in months) | 111 - 527 (312) | |||||||||||||||
Other real estate owned | $ | 931 | Third-Party Appraisal | Discount of market value | 0% - 0.3% (0.2%) | |||||||||||
Estimated marketing costs | 6.0% - 12.0% (8.4%) | |||||||||||||||
Estimated property maintenance | 0% (0%) | |||||||||||||||
December 31, 2013: | ||||||||||||||||
Impaired loans, net of allowance | $ | 840 | Discounted Cash Flow Analysis | Interest rate | 1.5% - 7.0% (4.9%) | |||||||||||
Loan term (in months) | 60 - 120 (91) | |||||||||||||||
$ | 230 | Third-Party Appraisal | Discount of market value | 0% (0%) | ||||||||||||
Estimated marketing costs | 6.0% (6.0%) | |||||||||||||||
Estimated property maintenance | 3.6% (3.6%) | |||||||||||||||
Mortgage servicing rights | $ | 1,473 | Discounted Cash Flow Analysis | Interest rate | 2.6% - 7.9% (4.3%) | |||||||||||
Loan term (in months) | 82 - 527 (312) | |||||||||||||||
Other real estate owned | $ | 177 | Third-Party Appraisal | Discount of market value | 0% (0%) | |||||||||||
Estimated marketing costs | 0.0% - 6.0% (2.4%) | |||||||||||||||
Estimated property maintenance | 0% (0%) | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
The carrying amount and estimated fair value of the Company’s financial instruments at September 30, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(In thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Level 1 inputs: | ||||||||||||||||
Cash and cash equivalents | $ | 13,704 | $ | 13,704 | $ | 15,880 | $ | 15,880 | ||||||||
Level 2 inputs: | ||||||||||||||||
Securities available for sale | 440,675 | 440,675 | 430,775 | 430,775 | ||||||||||||
Other investments | 16,486 | 16,486 | 19,782 | 19,782 | ||||||||||||
Loans held for sale | 2,014 | 2,014 | 1,509 | 1,522 | ||||||||||||
Accrued interest receivable | 3,168 | 3,168 | 3,447 | 3,447 | ||||||||||||
Level 3 inputs: | ||||||||||||||||
Loans, net | 767,767 | 773,716 | 824,881 | 840,478 | ||||||||||||
Mortgage servicing rights | 1,559 | 1,559 | 1,473 | 1,473 | ||||||||||||
Interest rate lock commitments | 43 | 43 | 56 | 56 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Level 2 inputs: | ||||||||||||||||
Federal Home Loan Bank advances | $ | 302,833 | $ | 305,731 | $ | 362,000 | $ | 360,576 | ||||||||
Other borrowings | 5,000 | 5,000 | — | — | ||||||||||||
Accrued interest payable | 320 | 320 | 389 | 389 | ||||||||||||
Level 3 inputs: | ||||||||||||||||
Deposits | 798,791 | 801,065 | 813,574 | 824,856 | ||||||||||||
Repurchase agreements | 2,000 | 2,015 | 2,000 | 2,049 | ||||||||||||
Off-balance sheet financial instruments: | ||||||||||||||||
Loan commitments | $ | — | $ | — | $ | — | $ | — | ||||||||
Letters of credit | — | — | — | — | ||||||||||||
Investment_Securities_Amortize
Investment Securities - Amortized Cost and Estimated Fair Value (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Investment Securities | ' | ' |
Amortized Cost | $438,918 | $433,580 |
Gross Unrealized Gains | 5,515 | 4,374 |
Gross Unrealized Losses | -3,758 | -7,179 |
Fair Value | 440,675 | 430,775 |
U. S. government sponsored mortgage-backed securities | ' | ' |
Investment Securities | ' | ' |
Amortized Cost | 278,912 | 282,180 |
Gross Unrealized Gains | 3,714 | 2,616 |
Gross Unrealized Losses | -2,544 | -5,208 |
Fair Value | 280,082 | 279,588 |
U. S. government sponsored collateralized mortgage obligations | ' | ' |
Investment Securities | ' | ' |
Amortized Cost | 148,825 | 140,221 |
Gross Unrealized Gains | 1,801 | 1,758 |
Gross Unrealized Losses | -968 | -1,403 |
Fair Value | 149,658 | 140,576 |
Agency Bonds | ' | ' |
Investment Securities | ' | ' |
Amortized Cost | 5,000 | 5,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -242 | -462 |
Fair Value | 4,758 | 4,538 |
Municipal obligations | ' | ' |
Investment Securities | ' | ' |
Amortized Cost | 181 | 179 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -3 | -9 |
Fair Value | 178 | 170 |
Other equity securities | ' | ' |
Investment Securities | ' | ' |
Amortized Cost | 6,000 | 6,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -1 | -97 |
Fair Value | $5,999 | $5,903 |
Investment_Securities_Continuo
Investment Securities - Continuous Unrealized Losses (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Investment Securities | ' | ' |
Continuous Unrealized Losses Existing for, Less than 12 Months, Fair Value | $98,218 | $203,392 |
Continuous Unrealized Losses Existing for, Less than 12 Months, Unrealized Losses | -446 | -7,059 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Fair Value | 111,862 | 2,248 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Unrealized Losses | -3,312 | -120 |
Continuous Unrealized Losses, Total, Fair Value | 210,080 | 205,640 |
Continuous Unrealized Losses, Total, Unrealized Losses | -3,758 | -7,179 |
U. S. government sponsored mortgage-backed securities | ' | ' |
Investment Securities | ' | ' |
Continuous Unrealized Losses Existing for, Less than 12 Months, Fair Value | 44,139 | 142,715 |
Continuous Unrealized Losses Existing for, Less than 12 Months, Unrealized Losses | -145 | -5,088 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Fair Value | 90,496 | 2,248 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Unrealized Losses | -2,399 | -120 |
Continuous Unrealized Losses, Total, Fair Value | 134,635 | 144,963 |
Continuous Unrealized Losses, Total, Unrealized Losses | -2,544 | -5,208 |
U. S. government sponsored collateralized mortgage obligations | ' | ' |
Investment Securities | ' | ' |
Continuous Unrealized Losses Existing for, Less than 12 Months, Fair Value | 48,080 | 50,066 |
Continuous Unrealized Losses Existing for, Less than 12 Months, Unrealized Losses | -300 | -1,403 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Fair Value | 16,430 | 0 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Unrealized Losses | -668 | 0 |
Continuous Unrealized Losses, Total, Fair Value | 64,510 | 50,066 |
Continuous Unrealized Losses, Total, Unrealized Losses | -968 | -1,403 |
Agency Bonds | ' | ' |
Investment Securities | ' | ' |
Continuous Unrealized Losses Existing for, Less than 12 Months, Fair Value | 0 | 4,538 |
Continuous Unrealized Losses Existing for, Less than 12 Months, Unrealized Losses | 0 | -462 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Fair Value | 4,758 | 0 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Unrealized Losses | -242 | 0 |
Continuous Unrealized Losses, Total, Fair Value | 4,758 | 4,538 |
Continuous Unrealized Losses, Total, Unrealized Losses | -242 | -462 |
Municipal obligations | ' | ' |
Investment Securities | ' | ' |
Continuous Unrealized Losses Existing for, Less than 12 Months, Fair Value | 0 | 170 |
Continuous Unrealized Losses Existing for, Less than 12 Months, Unrealized Losses | 0 | -9 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Fair Value | 178 | 0 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Unrealized Losses | -3 | 0 |
Continuous Unrealized Losses, Total, Fair Value | 178 | 170 |
Continuous Unrealized Losses, Total, Unrealized Losses | -3 | -9 |
Other equity securities | ' | ' |
Investment Securities | ' | ' |
Continuous Unrealized Losses Existing for, Less than 12 Months, Fair Value | 5,999 | 5,903 |
Continuous Unrealized Losses Existing for, Less than 12 Months, Unrealized Losses | -1 | -97 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Fair Value | 0 | 0 |
Continuous Unrealized Losses Existing for, Greater Than 12 Months, Unrealized Losses | 0 | 0 |
Continuous Unrealized Losses, Total, Fair Value | 5,999 | 5,903 |
Continuous Unrealized Losses, Total, Unrealized Losses | ($1) | ($97) |
Investment_Securities_Unrealiz
Investment Securities - Unrealized Losses Narrative (Details) | Sep. 30, 2014 | Dec. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Available-for-sale, Number of investments | 192 | 202 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 80 | 82 |
Investment_Securities_Contract
Investment Securities - Contractual Maturity (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $0 | ' |
Due from one to five year, Amortized Cost | 0 | ' |
Due from five to ten years, Amortized Cost | 31,606 | ' |
Due after ten years, Amortized Cost | 401,312 | ' |
Equity securities, Amortized Cost | 6,000 | ' |
Amortized Cost | 438,918 | 433,580 |
Due in one year or less, Fair Value | 0 | ' |
Due from one to five years, Fair Value | 0 | ' |
Due from five to ten years, Fair Value | 31,072 | ' |
Due after ten years, Fair Value | 403,604 | ' |
Equity securities, Fair Value | 5,999 | ' |
Fair Value | $440,675 | $430,775 |
Investment_Securities_Pledged_
Investment Securities - Pledged Securities Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Federal Home Loan Bank Advances [Member] | ' | ' |
Investment Securities | ' | ' |
Securities Pledged as Collateral | $91.40 | $161.60 |
Borrowings [Member] | ' | ' |
Investment Securities | ' | ' |
Securities Pledged as Collateral | $2.50 | $2.20 |
Investment_Securities_Realized
Investment Securities - Realized Gains and Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Proceeds from sales of investment securities | $0 | $3 | $18,099 | $46,215 |
Gross gains from sales of investment securities | $0 | $0 | $607 | $1,701 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Loan Composition (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Residential Real Estate Loans: | ' | ' | ' |
One- to four-family | $274,902 | $262,723 | ' |
Home equity | 15,654 | 17,106 | ' |
Total residential real estate loans | 290,556 | 279,829 | 278,131 |
Commercial Loans: | ' | ' | ' |
Commercial real estate | 107,259 | 106,560 | ' |
Real estate construction | 73,210 | 59,648 | ' |
Commercial business | 76,083 | 69,320 | ' |
Total commercial loans | 256,552 | 235,528 | 250,370 |
Consumer Loans: | ' | ' | ' |
Automobile, indirect | 177,213 | 264,671 | ' |
Automobile, direct | 31,478 | 31,598 | ' |
Other consumer | 16,074 | 15,330 | ' |
Total consumer loans | 224,765 | 311,599 | 335,485 |
Total loans | 771,873 | 826,956 | 863,986 |
Plus (less): | ' | ' | ' |
Deferred fees and discounts | 2,142 | 4,370 | ' |
Allowance for loan losses | -6,248 | -6,445 | ' |
Loans, net | $767,767 | $824,881 | ' |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Mortgage Servicing (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Loans sold with servicing retained | $203,045 | $189,084 |
Mortgage servicing rights | $1,559 | $1,473 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Impaired Loans (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Impaired Loans | ' | ' | ' |
Recorded Balance | $9,050 | ' | $12,973 |
Unpaid Principal Balance | 9,050 | ' | 12,973 |
Related Allowance | 325 | ' | 521 |
Average Recorded Balance | 11,506 | 18,510 | 17,476 |
Interest Income Recognized | 275 | 324 | 460 |
Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 7,910 | ' | 11,382 |
Unpaid Principal Balance | 7,910 | ' | 11,382 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 10,182 | ' | 16,366 |
Interest Income Recognized | 271 | ' | 452 |
Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 1,140 | ' | 1,591 |
Unpaid Principal Balance | 1,140 | ' | 1,591 |
Related Allowance | 325 | ' | 521 |
Average Recorded Balance | 1,324 | ' | 1,110 |
Interest Income Recognized | 4 | ' | 8 |
One- to four-family | Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 6,334 | ' | 7,531 |
Unpaid Principal Balance | 6,334 | ' | 7,531 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 7,189 | ' | 7,468 |
Interest Income Recognized | 169 | ' | 305 |
One- to four-family | Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
Home equity | Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 42 |
Unpaid Principal Balance | 0 | ' | 42 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 28 | ' | 14 |
Interest Income Recognized | 0 | ' | 1 |
Home equity | Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
Commercial real estate | Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 837 | ' | 2,347 |
Unpaid Principal Balance | 837 | ' | 2,347 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 1,838 | ' | 4,237 |
Interest Income Recognized | 90 | ' | 31 |
Commercial real estate | Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 500 | ' | 551 |
Unpaid Principal Balance | 500 | ' | 551 |
Related Allowance | 153 | ' | 321 |
Average Recorded Balance | 531 | ' | 46 |
Interest Income Recognized | 0 | ' | 0 |
Real estate construction | Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 0 | ' | 3,171 |
Interest Income Recognized | 0 | ' | 66 |
Real estate construction | Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
Commercial business | Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 591 |
Unpaid Principal Balance | 0 | ' | 591 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 267 | ' | 700 |
Interest Income Recognized | 1 | ' | 21 |
Commercial business | Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 640 | ' | 1,040 |
Unpaid Principal Balance | 640 | ' | 1,040 |
Related Allowance | 172 | ' | 200 |
Average Recorded Balance | 793 | ' | 1,064 |
Interest Income Recognized | 4 | ' | 8 |
Automobile, indirect | Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 684 | ' | 824 |
Unpaid Principal Balance | 684 | ' | 824 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 640 | ' | 738 |
Interest Income Recognized | 11 | ' | 26 |
Automobile, indirect | Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
Automobile, direct | Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 29 | ' | 32 |
Unpaid Principal Balance | 29 | ' | 32 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 208 | ' | 34 |
Interest Income Recognized | 0 | ' | 2 |
Automobile, direct | Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
Other consumer | Impaired loan with no related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 26 | ' | 15 |
Unpaid Principal Balance | 26 | ' | 15 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 12 | ' | 4 |
Interest Income Recognized | 0 | ' | 0 |
Other consumer | Impaired loans with related allowance [Member] | ' | ' | ' |
Impaired Loans | ' | ' | ' |
Recorded Balance | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Balance | 0 | ' | 0 |
Interest Income Recognized | $0 | ' | $0 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Impaired Loans Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Impaired Loans Narrative [Abstract] | ' | ' |
Commitment to Lend on Impaired loans | $0 | $0 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans | ' | ' |
Non-Accrual loans | $2,553 | $4,344 |
Loans past due greater than 90 days and still accruing interest | 0 | 0 |
One- to four-family | ' | ' |
Loans | ' | ' |
Non-Accrual loans | 1,063 | 2,050 |
Home Equity Loans and Lines of Credit | ' | ' |
Loans | ' | ' |
Non-Accrual loans | 0 | 42 |
Commercial real estate | ' | ' |
Loans | ' | ' |
Non-Accrual loans | 618 | 800 |
Real estate construction | ' | ' |
Loans | ' | ' |
Non-Accrual loans | 0 | 0 |
Commercial business | ' | ' |
Loans | ' | ' |
Non-Accrual loans | 403 | 864 |
Automobile, indirect | ' | ' |
Loans | ' | ' |
Non-Accrual loans | 427 | 558 |
Automobile, direct | ' | ' |
Loans | ' | ' |
Non-Accrual loans | 16 | 15 |
Other consumer | ' | ' |
Loans | ' | ' |
Non-Accrual loans | $26 | $15 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Past due loan aging (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | $2,249 | $4,384 | ' |
60 - 89 Days Past Due | 1,092 | 669 | ' |
90 Days and Greater Past Due | 1,616 | 2,682 | ' |
Total Past Due | 4,957 | 7,735 | ' |
Loans Not Past Due | 766,916 | 819,221 | ' |
Total loans | 771,873 | 826,956 | 863,986 |
One- to four-family | ' | ' | ' |
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | 0 | 1,170 | ' |
60 - 89 Days Past Due | 625 | 0 | ' |
90 Days and Greater Past Due | 953 | 1,932 | ' |
Total Past Due | 1,578 | 3,102 | ' |
Loans Not Past Due | 273,324 | 259,621 | ' |
Total loans | 274,902 | 262,723 | ' |
Home Equity Loans and Lines of Credit [Member] | ' | ' | ' |
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | 0 | 1 | ' |
60 - 89 Days Past Due | 0 | 0 | ' |
90 Days and Greater Past Due | 0 | 42 | ' |
Total Past Due | 0 | 43 | ' |
Loans Not Past Due | 15,654 | 17,063 | ' |
Total loans | 15,654 | 17,106 | ' |
Commercial real estate | ' | ' | ' |
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | 65 | 0 | ' |
60 - 89 Days Past Due | 0 | 0 | ' |
90 Days and Greater Past Due | 118 | 120 | ' |
Total Past Due | 183 | 120 | ' |
Loans Not Past Due | 107,076 | 106,440 | ' |
Total loans | 107,259 | 106,560 | ' |
Real estate construction | ' | ' | ' |
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | 0 | 876 | ' |
60 - 89 Days Past Due | 0 | 0 | ' |
90 Days and Greater Past Due | 0 | 0 | ' |
Total Past Due | 0 | 876 | ' |
Loans Not Past Due | 73,210 | 58,772 | ' |
Total loans | 73,210 | 59,648 | ' |
Commercial business | ' | ' | ' |
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | 31 | 0 | ' |
60 - 89 Days Past Due | 0 | 0 | ' |
90 Days and Greater Past Due | 75 | 0 | ' |
Total Past Due | 106 | 0 | ' |
Loans Not Past Due | 75,977 | 69,320 | ' |
Total loans | 76,083 | 69,320 | ' |
Automobile, indirect | ' | ' | ' |
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | 1,990 | 2,217 | ' |
60 - 89 Days Past Due | 446 | 615 | ' |
90 Days and Greater Past Due | 427 | 558 | ' |
Total Past Due | 2,863 | 3,390 | ' |
Loans Not Past Due | 174,350 | 261,281 | ' |
Total loans | 177,213 | 264,671 | ' |
Automobile, direct | ' | ' | ' |
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | 76 | 48 | ' |
60 - 89 Days Past Due | 0 | 21 | ' |
90 Days and Greater Past Due | 17 | 15 | ' |
Total Past Due | 93 | 84 | ' |
Loans Not Past Due | 31,385 | 31,514 | ' |
Total loans | 31,478 | 31,598 | ' |
Other consumer | ' | ' | ' |
Analysis of the age of recorded investment in loans | ' | ' | ' |
30 - 59 Days Past Due | 87 | 72 | ' |
60 - 89 Days Past Due | 21 | 33 | ' |
90 Days and Greater Past Due | 26 | 15 | ' |
Total Past Due | 134 | 120 | ' |
Loans Not Past Due | 15,940 | 15,210 | ' |
Total loans | $16,074 | $15,330 | ' |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Risk category for loans by class for loans individually analyzed for impairment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans | ' | ' | ' |
Commercial real estate | $107,259 | $106,560 | ' |
Real estate construction | 73,210 | 59,648 | ' |
Commercial business | 76,083 | 69,320 | ' |
One- to four-family | 274,902 | 262,723 | ' |
Home equity | 15,654 | 17,106 | ' |
Total loans | 771,873 | 826,956 | 863,986 |
Individually evaluated for impairment | ' | ' | ' |
Loans | ' | ' | ' |
Commercial real estate | 107,259 | 106,560 | ' |
Real estate construction | 73,210 | 59,648 | ' |
Commercial business | 76,083 | 69,320 | ' |
One- to four-family | 21,602 | 18,689 | ' |
Total loans | 278,154 | 254,217 | ' |
Individually evaluated for impairment | Pass | ' | ' | ' |
Loans | ' | ' | ' |
Commercial real estate | 102,992 | 101,134 | ' |
Real estate construction | 73,210 | 59,536 | ' |
Commercial business | 72,336 | 64,155 | ' |
One- to four-family | 17,051 | 15,514 | ' |
Total loans | 265,589 | 240,339 | ' |
Individually evaluated for impairment | Special Mention | ' | ' | ' |
Loans | ' | ' | ' |
Commercial real estate | 319 | 735 | ' |
Real estate construction | 0 | 0 | ' |
Commercial business | 1,215 | 2,164 | ' |
One- to four-family | 0 | 0 | ' |
Total loans | 1,534 | 2,899 | ' |
Individually evaluated for impairment | Substandard | ' | ' | ' |
Loans | ' | ' | ' |
Commercial real estate | 3,948 | 4,691 | ' |
Real estate construction | 0 | 112 | ' |
Commercial business | 2,532 | 3,001 | ' |
One- to four-family | 4,551 | 3,175 | ' |
Total loans | 11,031 | 10,979 | ' |
Individually evaluated for impairment | Doubtful | ' | ' | ' |
Loans | ' | ' | ' |
Commercial real estate | 0 | 0 | ' |
Real estate construction | 0 | 0 | ' |
Commercial business | 0 | 0 | ' |
One- to four-family | 0 | 0 | ' |
Total loans | $0 | $0 | ' |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Residential real estate loans collectively evaluated for impairment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Real Estate credit risk | ' | ' | ' |
One- to four-family | $274,902 | $262,723 | ' |
Home equity | 15,654 | 17,106 | ' |
Total residential real estate loans | 290,556 | 279,829 | 278,131 |
Collectively evaluated for impairment | ' | ' | ' |
Real Estate credit risk | ' | ' | ' |
One- to four-family | 253,300 | 244,034 | ' |
Home equity | 15,654 | 17,106 | ' |
Total residential real estate loans | 268,954 | 261,140 | ' |
Prime | Collectively evaluated for impairment | ' | ' | ' |
Real Estate credit risk | ' | ' | ' |
One- to four-family | 192,145 | 195,919 | ' |
Home equity | 15,166 | 16,521 | ' |
Total residential real estate loans | 207,311 | 212,440 | ' |
Subprime | Collectively evaluated for impairment | ' | ' | ' |
Real Estate credit risk | ' | ' | ' |
One- to four-family | 61,155 | 48,115 | ' |
Home equity | 488 | 585 | ' |
Total residential real estate loans | $61,643 | $48,700 | ' |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Consumer loans by credit score (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans | ' | ' | ' |
Automobile, indirect | $177,213 | $264,671 | ' |
Automobile, direct | 31,478 | 31,598 | ' |
Other consumer | 16,074 | 15,330 | ' |
Total consumer loans | 224,765 | 311,599 | 335,485 |
Risk Tier A | Credit Score Greater than 720 | ' | ' | ' |
Loans | ' | ' | ' |
Automobile, indirect | 92,698 | 135,583 | ' |
Automobile, direct | 22,752 | 23,137 | ' |
Other consumer | 12,038 | 11,453 | ' |
Total consumer loans | 127,488 | 170,173 | ' |
Risk Tier B | Credit Score 690 to 719 | ' | ' | ' |
Loans | ' | ' | ' |
Automobile, indirect | 35,052 | 53,678 | ' |
Automobile, direct | 4,255 | 4,311 | ' |
Other consumer | 2,164 | 2,228 | ' |
Total consumer loans | 41,471 | 60,217 | ' |
Risk Tier C | Credit Score 661 to 689 | ' | ' | ' |
Loans | ' | ' | ' |
Automobile, indirect | 29,608 | 44,732 | ' |
Automobile, direct | 2,486 | 2,320 | ' |
Other consumer | 1,475 | 1,268 | ' |
Total consumer loans | 33,569 | 48,320 | ' |
Risk Tier D | Credit Score 660 and under | ' | ' | ' |
Loans | ' | ' | ' |
Automobile, indirect | 19,855 | 30,678 | ' |
Automobile, direct | 1,985 | 1,830 | ' |
Other consumer | 397 | 381 | ' |
Total consumer loans | $22,237 | $32,889 | ' |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Allowance rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses | ' | ' | ' | ' |
Beginning balance | $6,388 | $7,082 | $6,445 | $6,900 |
Charge-offs | -831 | -677 | -2,506 | -2,331 |
Recoveries of loans previously charged-off | 141 | 85 | 384 | 321 |
Provision for loan losses | 550 | 200 | 1,925 | 1,800 |
Ending balance | 6,248 | 6,690 | 6,248 | 6,690 |
Individually evaluated for impairment | 325 | 209 | 325 | 209 |
Collectively evaluated for impairment | 5,923 | 6,481 | 5,923 | 6,481 |
Residential Real Estate | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | ' | ' | ' | ' |
Beginning balance | 871 | 794 | 851 | 870 |
Charge-offs | -122 | -86 | -224 | -239 |
Recoveries of loans previously charged-off | 18 | 6 | 41 | 28 |
Provision for loan losses | 131 | 157 | 230 | 212 |
Ending balance | 898 | 871 | 898 | 871 |
Individually evaluated for impairment | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 898 | 871 | 898 | 871 |
Commercial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | ' | ' | ' | ' |
Beginning balance | 2,853 | 3,375 | 2,517 | 3,133 |
Charge-offs | -37 | 0 | -116 | -202 |
Recoveries of loans previously charged-off | 25 | 18 | 59 | 48 |
Provision for loan losses | 9 | -961 | 390 | -547 |
Ending balance | 2,850 | 2,432 | 2,850 | 2,432 |
Individually evaluated for impairment | 325 | 209 | 325 | 209 |
Collectively evaluated for impairment | 2,525 | 2,223 | 2,525 | 2,223 |
Consumer | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses | ' | ' | ' | ' |
Beginning balance | 2,664 | 2,913 | 3,077 | 2,897 |
Charge-offs | -672 | -591 | -2,166 | -1,890 |
Recoveries of loans previously charged-off | 98 | 61 | 284 | 245 |
Provision for loan losses | 410 | 1,004 | 1,305 | 2,135 |
Ending balance | 2,500 | 3,387 | 2,500 | 3,387 |
Individually evaluated for impairment | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | $2,500 | $3,387 | $2,500 | $3,387 |
Recovered_Sheet3
Loans and Allowance for Loan Losses - Recorded investment in loans by allowance category (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans | ' | ' | ' |
Loans individually evaluated for impairment | $9,050 | $12,973 | $15,268 |
Loans collectively evaluated for impairment | 762,823 | 813,983 | 848,718 |
Total residential real estate loans | 290,556 | 279,829 | 278,131 |
Total commercial loans | 256,552 | 235,528 | 250,370 |
Total consumer loans | 224,765 | 311,599 | 335,485 |
Total loans | 771,873 | 826,956 | 863,986 |
Residential Real Estate | ' | ' | ' |
Loans | ' | ' | ' |
Loans individually evaluated for impairment | 6,334 | 7,573 | 7,851 |
Loans collectively evaluated for impairment | 284,222 | 272,256 | 270,280 |
Commercial | ' | ' | ' |
Loans | ' | ' | ' |
Loans individually evaluated for impairment | 1,977 | 4,529 | 6,698 |
Loans collectively evaluated for impairment | 254,575 | 230,999 | 243,672 |
Consumer | ' | ' | ' |
Loans | ' | ' | ' |
Loans individually evaluated for impairment | 739 | 871 | 719 |
Loans collectively evaluated for impairment | $224,026 | $310,728 | $334,766 |
Recovered_Sheet4
Loans and Allowance for Loan Losses - Troubled debt restructuring summary (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans | $6,735 | $9,239 |
Total performing troubled debt restructuring | 6,260 | 7,862 |
Residential Real Estate | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans | 5,380 | 6,276 |
Troubled debt restructuring in non-accrual status | 109 | 795 |
Commercial | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans | 1,047 | 2,581 |
Troubled debt restructuring in non-accrual status | 328 | 483 |
Consumer | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans | 308 | 382 |
Troubled debt restructuring in non-accrual status | $38 | $99 |
Recovered_Sheet5
Loans and Allowance for Loan Losses - TDR method of concession (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | $1,513 | $417 |
Residential Real Estate | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 1,430 | 0 |
Commercial | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 365 |
Consumer | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 83 | 52 |
Interest rate reduction | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 1,478 | 389 |
Interest rate reduction | Residential Real Estate | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 1,430 | 0 |
Interest rate reduction | Commercial | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 365 |
Interest rate reduction | Consumer | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 48 | 24 |
Loan maturity extension | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 28 |
Loan maturity extension | Residential Real Estate | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 0 |
Loan maturity extension | Commercial | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 0 |
Loan maturity extension | Consumer | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 28 |
Forbearance | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 0 |
Forbearance | Residential Real Estate | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 0 |
Forbearance | Commercial | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 0 |
Forbearance | Consumer | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 0 |
Principal reduction | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 35 | 0 |
Principal reduction | Residential Real Estate | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 0 |
Principal reduction | Commercial | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | 0 | 0 |
Principal reduction | Consumer | ' | ' |
Troubled Debt Restructurings | ' | ' |
Troubled debt restructuring loans, restructured during the current period | $35 | $0 |
Recovered_Sheet6
Loans and Allowance for Loan Losses - TDR loans modified during the period (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Troubled Debt Restructurings | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 8 | 4 |
Pre-Modification Outstanding Recorded Balance | $1,528 | $430 |
Post-Modification Outstanding Recorded Balance | 1,514 | 430 |
Residential Real Estate | ' | ' |
Troubled Debt Restructurings | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 1 | 0 |
Pre-Modification Outstanding Recorded Balance | 1,430 | 0 |
Post-Modification Outstanding Recorded Balance | 1,430 | 0 |
Commercial | ' | ' |
Troubled Debt Restructurings | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 0 | 1 |
Pre-Modification Outstanding Recorded Balance | 0 | 371 |
Post-Modification Outstanding Recorded Balance | 0 | 371 |
Consumer | ' | ' |
Troubled Debt Restructurings | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 7 | 3 |
Pre-Modification Outstanding Recorded Balance | 98 | 59 |
Post-Modification Outstanding Recorded Balance | $84 | $59 |
Recovered_Sheet7
Loans and Allowance for Loan Losses - TDR Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Troubled Debt Restructurings | ' | ' |
Commitment to Lend on Impaired loans | $0 | $0 |
Recovered_Sheet8
Loans and Allowance for Loan Losses - Impaired TDR Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | $6,735 | $9,239 |
Specific Reserve for Troubled Debt Restructurings | 62 | 72 |
Loans and Leases Receivable, Troubled Debt Restructurings, Commitment to Lend | $0 | $0 |
Recovered_Sheet9
Loans and Allowance for Loan Losses - Non-performing assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Nonperforming assets | ' | ' |
Total other real estate owned and foreclosed assets | $1,378 | $1,027 |
Non-Accrual loans | 2,553 | 4,344 |
Nonperforming Assets | 3,931 | 5,371 |
Non-accrual loans/Total loans | 0.33% | 0.53% |
Non-performing assets/Total assets | 0.29% | 0.39% |
Residential Real Estate | ' | ' |
Nonperforming assets | ' | ' |
Other real estate owned | 861 | 107 |
Commercial | ' | ' |
Nonperforming assets | ' | ' |
Other real estate owned | 70 | 70 |
Consumer | ' | ' |
Nonperforming assets | ' | ' |
Foreclosed assets | $447 | $850 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Interest Rate Lock Commitments | ' | ' | ' |
Derivatives, Fair Value | ' | ' | ' |
Derivative, Notional Amount | $4,971 | $6,792 | $3,453 |
Interest Rate Lock Commitment Assets, at Fair Value | 43 | 202 | 56 |
(Loss) Gain on Interest Rate Lock Commitments | -13 | -62 | -208 |
Forward Loan Sales Commitments | ' | ' | ' |
Derivatives, Fair Value | ' | ' | ' |
Forward loan sales commitments, at Fair Value | $0 | $0 | $0 |
Repurchase_agreements_Details
Repurchase agreements (Details) (Repurchase Agreements, USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Repurchase Agreements | ' | ' |
Other borrowings | ' | ' |
Debt Instrument Maturity Date (years) | '5 years | ' |
Securities Sold under Agreements to Repurchase | $2,000,000 | $2,000,000 |
Securities Pledged as Collateral | $2,500,000 | $2,200,000 |
Fed_Funds_purchased_Details
Fed Funds purchased (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Federal Funds Purchased | $5 | $0 |
Debt Instrument, Interest Rate, Stated Percentage | 0.15% | ' |
Employee_Benefit_Plans_Employe
Employee Benefit Plans - Employee Stock Ownership Plan (ESOP) Narrative (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Employee Stock Ownership Plan (ESOP) | ' | ' |
ESOP plan effective date | 'January 1, 2010 | ' |
ESOP, minimum years of service of participant | 1 | ' |
ESOP, minimum participant age | 21 | ' |
Percentage of shares purchased by the bank for the ESOP plan | 8.00% | ' |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 952,200 | 952,200 |
Note payable to the Company from the ESOP | $9,500,000 | ' |
ESOP interest rate - Wall Street Journal Prime Rate | 3.25% | 3.25% |
Number of equal annual payments of ESOP loan | ' | ' |
Employee Stock Ownership Plan (ESOP) | ' | ' |
ESOP debt structure | '25 | ' |
Amount of equal annual payments of ESOP loan | ' | ' |
Employee Stock Ownership Plan (ESOP) | ' | ' |
Repayment of Employee Stock Ownership Plan Loan | $561,000 | ' |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans - Employee Stock Ownership Plan (ESOP) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Employee Benefits and Share-based Compensation [Abstract] | ' | ' | ' |
Allocated Shares | 180,918 | ' | 152,352 |
Unearned shares | 771,282 | ' | 799,848 |
Total ESOP shares | 952,200 | ' | 952,200 |
Fair Value of unearned ESOP shares | $20,046 | ' | $17,101 |
ESOP compensation expense | $691 | $685 | $893 |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Employee Benefits and Share-based Compensation [Abstract] | ' | ' | ' | ' |
Interest cost on projected benefit obligation | $55 | $57 | $165 | $171 |
Expected return on assets | -86 | -74 | -258 | -222 |
Amortization of net loss | 11 | 48 | 33 | 144 |
Net periodic pension cost | ($20) | $31 | ($60) | $93 |
Employee_Benefit_Plans_Share_b
Employee Benefit Plans - Share based compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation | ' | ' | ' | ' |
Equity Incentive Plan Approval Date | ' | ' | 'May 24, 2011 | ' |
IPO Shares Authorized for Stock Options | ' | ' | 7.00% | ' |
IPO Shares Authorized for Restricted Stock | ' | ' | 7.00% | ' |
Maximum Restricted Stock Awards | ' | ' | 4.00% | ' |
Share-based Compensation | $571 | $565 | $1,612 | $1,459 |
Stock Options | ' | ' | ' | ' |
Share-based Compensation | ' | ' | ' | ' |
Number of Shares Authorized | 1,190,250 | ' | 1,190,250 | ' |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation | ' | ' | ' | ' |
Number of Shares Authorized | 476,100 | ' | 476,100 | ' |
Employee_Benefit_Plans_Restric
Employee Benefit Plans - Restricted Shares Narrative (Details) (Restricted Stock, USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation | ' |
Number of Shares Authorized | 476,100 |
Total Shares Issued | 392,616 |
Unrecognized compensation expense related to non-vested shares of restricted stock | $3.20 |
Weighted-average period which expense is expected to be recognized | '3 years 5 months 20 days |
Officer | ' |
Share-based Compensation | ' |
Annual vesting percentage | 20.00% |
Forfeiture rate | 12.19% |
Director | ' |
Share-based Compensation | ' |
Minimum vesting period | 20.00% |
Maximum vesting period | 33.00% |
Forfeiture rate | 3.70% |
Employee_Benefit_Plans_Restric1
Employee Benefit Plans - Restricted Shares (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Employee Benefits and Share-based Compensation [Abstract] | ' |
Shares, Non-vested at Beginning of Period | 179,583 |
Shares, Granted | 97,078 |
Shares, Vested | -57,470 |
Shares, Forfeited | -6,000 |
Shares, Non-vested at End of Period | 213,191 |
Weighted Average Grant Date Fair Value, Non-vested at Beginning of Period | $19.18 |
Weighted Average Grant Date Fair Value, Granted | $21.16 |
Weighted Average Grant Date Fair Value, Vested | ($17.81) |
Weighted Average Grant Date Fair Value, Forfeited | ($21.06) |
Weighted Average Grant Date Fair Value, Non-vested at End of Period | $20.39 |
Employee_Benefit_Plans_Stock_O
Employee Benefit Plans - Stock Option Narrative (Details) (USD $) | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation | ' |
Minimum vesting period | '3 years |
Maximum vesting period | '5 years |
Weighted average fair value of each stock option granted | $7.03 |
Stock Options | ' |
Share-based Compensation | ' |
Contractual Term in years for stock options | '10 years |
Unrecognized compensation expense related to non-vested shares of stock options | $2.90 |
Weighted-average period which expense is expected to be recognized | '3 years 9 months 22 days |
Employee_Benefit_Plans_Employe2
Employee Benefit Plans Employee Benefit Plans - Stock Options Granted Valuation Assumptions (Details) (Stock Options) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation | ' |
Risk-free interest rate | 2.12% |
Expected term of stock options (years) | '7 years 6 months 0 days |
Expected stock price volatility | 30.64% |
Expected dividends | 0.90% |
Officer | ' |
Share-based Compensation | ' |
Forfeiture rate | 13.03% |
Director | ' |
Share-based Compensation | ' |
Forfeiture rate | 0.00% |
Employee_Benefit_Plans_Stock_O1
Employee Benefit Plans - Stock Options activity (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Employee Benefits and Share-based Compensation [Abstract] | ' | ' |
Shares, Outstanding at Beginning of Period | 394,933 | ' |
Shares, Granted | 428,788 | ' |
Shares, Exercised | -37,476 | ' |
Shares, Forfeited | -22,400 | ' |
Shares, Expired | -2,400 | ' |
Shares, Outstanding at End of Period | 761,445 | 394,933 |
Shares, Fully vested and expected to vest | 659,368 | ' |
Shares, Exercisable at End of Period | 191,632 | ' |
Weighted Average Exercise Price, Outstanding at Beginning of Period | $16.13 | ' |
Weighted Average Exercise Price, Granted | $21.11 | ' |
Weighted Average Exercise Price, Exercised | $14.70 | ' |
Weighted Average Exercise Price, Forfeited | $21.09 | ' |
Weighted Average Exercise Price, Expired | $22.24 | ' |
Weighted Average Exercise Price, Outstanding at End of Period | $18.84 | $16.13 |
Weighted Average Exercise Price, Fully vested and expected to vest | $18.63 | ' |
Weighted Average Exercise Price, Exercisable at End of Period | $15.60 | ' |
Weighted Average Remaining Contractual Term (years), Options Outstanding | '8 years 2 months 23 days | '7 years 6 months 16 days |
Weighted Average Remaining Contractual Term, Granted | '9 years 8 months 5 days | ' |
Weighted Average Remaining Contractual Term, Fully vested and expected to vest | '8 years 1 month 12 days | ' |
Weighted Average Remaining Contractual Term, Exercisable at End of Period | '6 years 6 months 24 days | ' |
Aggregate Intrinsic Value, Outstanding at Beginning of Period | $2,088 | ' |
Aggregate Intrinsic Value, Granted | 2,092 | ' |
Aggregate Intrinsic Value, Exercised | -385 | ' |
Aggregate Intrinsic Value, Forfeited | -110 | ' |
Aggregate Intrinsic Value, Expired | -9 | ' |
Aggregate Intrinsic Value, Outstanding at End of Period | 5,445 | 2,088 |
Aggregate Intrinsic Value, Fully vested and expected to vest | 4,851 | ' |
Aggregate Intrinsic Value, Exercisable at End of Period | $1,991 | ' |
Earnings_Per_Share_Details
Earnings Per Share - (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $1,602 | $2,196 | $4,029 | $4,803 |
Distributed and undistributed earnings to participating securities | -32 | 0 | -87 | 0 |
Income available to common shareholders | $1,570 | $2,196 | $3,942 | $4,803 |
Basic Shares | ' | ' | ' | ' |
Weighted average common shares outstanding, basic | 11,553,578 | 11,458,923 | 11,530,095 | 11,449,808 |
Less: Average unallocated ESOP shares | -774,456 | -812,544 | -783,978 | -822,066 |
Average unvested restricted stock awards | -216,586 | -199,377 | -232,181 | -233,265 |
Average shares for basic earnings per share | 10,562,536 | 10,447,002 | 10,513,936 | 10,394,477 |
Net income per common share, basic | $0.15 | $0.21 | $0.37 | $0.46 |
Diluted shares: | ' | ' | ' | ' |
Weighted average common shares outstanding for basic earnings per common share | 10,562,536 | 10,447,002 | 10,513,936 | 10,394,477 |
Add: Dilutive effects of share-based compensation plan | 93,145 | 112,321 | 79,702 | 143,050 |
Average shares for diluted earnings per share | 10,655,681 | 10,559,323 | 10,593,638 | 10,537,527 |
Net income per common share, diluted | $0.15 | $0.21 | $0.37 | $0.46 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements - Interest Rate Locks Narrative (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures - Interest Rate Locks Narrative [Abstract] | ' | ' |
Fair Value of Servicing Rights as a Percentage of Loans with a Term of 180 Months and an interest rate of 3.5% or lower | 0.91% | 1.00% |
Fair Value of Servicing Rights as a Percentage of Loans with a Term of 180 Months and an interest rate greater than 3.5% and equal to or less than 4.0% | 0.92% | 1.00% |
Fair Value of Servicing Rights as a Percentage of Loans with a Term of 180 Months and an interest rate greater than 4.0% | ' | 1.00% |
Fair Value of Servicing Rights as a Percentage of Loans with a Term greater than 180 Months and an interest rate greater than 4.0% and equal to or less than 4.5% | 1.19% | ' |
Fair Value of Servicing Rights as a Percentage of Loans with a Term greater than 180 Months and interest rate equal to or less than 4.5% | ' | 1.31% |
Fair Value of Servicing Rights as a Percentage of Loans with a Term greater than 180 Months and an interest rate greater than 4.5% and equal to or less than 5.0% | 1.05% | 1.08% |
Estimated Closure Rate of Interest Rate Lock Commitments | 82.40% | 77.10% |
Fair Value of Servicing Rights as a Percentage of Loans with a Term greater than 180 Months and an interest rate greater than 5.0% | ' | 1.08% |
Fair_Value_Measurements_Assets
Fair Value Measurements- Assets and Liabilities Measured on a Recurring basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | $440,675 | $430,775 |
U. S. government sponsored mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 280,082 | 279,588 |
U. S. government sponsored mortgage-backed securities | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 280,082 | 279,588 |
U. S. government sponsored mortgage-backed securities | Fair Value, Measurements, Recurring | Fair Value, Level 1 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
U. S. government sponsored mortgage-backed securities | Fair Value, Measurements, Recurring | Fair Value, Level 2 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 280,082 | 279,588 |
U. S. government sponsored mortgage-backed securities | Fair Value, Measurements, Recurring | Fair Value, Level 3 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
U. S. government sponsored collateralized mortgage obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 149,658 | 140,576 |
U. S. government sponsored collateralized mortgage obligations | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 149,658 | 140,576 |
U. S. government sponsored collateralized mortgage obligations | Fair Value, Measurements, Recurring | Fair Value, Level 1 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
U. S. government sponsored collateralized mortgage obligations | Fair Value, Measurements, Recurring | Fair Value, Level 2 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 149,658 | 140,576 |
U. S. government sponsored collateralized mortgage obligations | Fair Value, Measurements, Recurring | Fair Value, Level 3 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
Agency Bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 4,758 | 4,538 |
Agency Bonds | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 4,758 | 4,538 |
Agency Bonds | Fair Value, Measurements, Recurring | Fair Value, Level 1 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
Agency Bonds | Fair Value, Measurements, Recurring | Fair Value, Level 2 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 4,758 | 4,538 |
Agency Bonds | Fair Value, Measurements, Recurring | Fair Value, Level 3 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
Municipal obligations | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 178 | 170 |
Municipal obligations | Fair Value, Measurements, Recurring | Fair Value, Level 1 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
Municipal obligations | Fair Value, Measurements, Recurring | Fair Value, Level 2 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 178 | 170 |
Municipal obligations | Fair Value, Measurements, Recurring | Fair Value, Level 3 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
Other equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 5,999 | 5,903 |
Other equity securities | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 5,999 | 5,903 |
Other equity securities | Fair Value, Measurements, Recurring | Fair Value, Level 1 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
Other equity securities | Fair Value, Measurements, Recurring | Fair Value, Level 2 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 5,999 | 5,903 |
Other equity securities | Fair Value, Measurements, Recurring | Fair Value, Level 3 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
Interest rate lock commitments | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Interest Rate Lock Commitment Assets | 43 | 56 |
Interest rate lock commitments | Fair Value, Measurements, Recurring | Fair Value, Level 1 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Interest Rate Lock Commitment Assets | 0 | 0 |
Interest rate lock commitments | Fair Value, Measurements, Recurring | Fair Value, Level 2 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Interest Rate Lock Commitment Assets | 0 | 0 |
Interest rate lock commitments | Fair Value, Measurements, Recurring | Fair Value, Level 3 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Interest Rate Lock Commitment Assets | $43 | $56 |
Recovered_Sheet10
Fair Value Measurements - Fair value of Impaired loans (Details) (Fair Value, Measurements, Nonrecurring, Fair Value, Level 3 Inputs, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Level 3 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Carrying value of impaired loans | $1,140 | $1,124 |
Specific reserve | -325 | -209 |
Fair value | $815 | $915 |
Fair_Value_Measurements_Mortga
Fair Value Measurements - Mortgage Servicing Rights (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Mortgage servicing rights at fair value | $1,559 | $1,473 |
Fair_Value_Measurements_Other_
Fair Value Measurements - Other Real Estate Owned Remeasured and Reported at Fair Value (Details) (Foreclosed Assets Remeasured during the period [Member], Fair Value, Level 3 Inputs, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Foreclosed Assets Remeasured during the period [Member] | Fair Value, Level 3 Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Carrying value of other real estate owned prior to remeasurement | $1,214 | $1,631 |
Less: charge-offs recognized in the allowance for loan losses at initial acquistion | -96 | -18 |
Add: fair value adjustments recognized in noninterest income at initial acquisition | 0 | 43 |
Less: subsequent write-downs included in net loss on write-down of other real estate owned | -29 | -227 |
Less: sales of other real estate owned | -228 | -502 |
Other Real Estate Owned Remeasured, Fair Value | $861 | $927 |
Fair_Value_Measurements_Level_
Fair Value Measurements - Level 3 Asset Valuation Techniques and Unobservable Inputs (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Mortgage servicing rights | $1,559 | $1,473 |
Other real estate owned | 931 | 177 |
Discounted Cash Flow Valuation Technique | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Impaired Loans, Net of Allowance | 468 | 840 |
Mortgage servicing rights | 1,559 | 1,473 |
Third Party Appraisal Valuation Technique | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Impaired Loans, Net of Allowance | 347 | 230 |
Other real estate owned | $931 | $177 |
Impaired Loans, Net of Allowance | Discounted Cash Flow Valuation Technique | ' | ' |
Unobservable Inputs | ' | ' |
Interest Rate, Range Minimum | 1.50% | 1.50% |
Interest Rate, Range Maximum | 7.00% | 7.00% |
Interest Rate, Range Average | 3.90% | 4.90% |
Loan Term (in months), Range Minimum | 60 | 60 |
Loan Term (in months), Range Maximum | 120 | 120 |
Loan Term (in months), Range Average | 95 | 91 |
Impaired Loans, Net of Allowance | Third Party Appraisal Valuation Technique | ' | ' |
Unobservable Inputs | ' | ' |
Discount of Market Value, Range Minimum | 0.00% | 0.00% |
Discount of Market Value, Range Maximum | 0.00% | 0.00% |
Discount of Market Value, Range Average | 0.00% | 0.00% |
Estimated Marketing Costs, Range Minimum | 6.00% | 6.00% |
Estimated Marketing Costs, Range Maximum | 6.00% | 6.00% |
Estimated Marketing Costs, Range Average | 6.00% | 6.00% |
Estimated Property Maintenance, Range Minimum | 0.00% | 3.60% |
Estimated Property Maintenance, Range Maximum | 0.00% | 3.60% |
Estimated Property Maintenance, Range Average | 0.00% | 3.60% |
Mortgage Servicing Rights | Discounted Cash Flow Valuation Technique | ' | ' |
Unobservable Inputs | ' | ' |
Interest Rate, Range Minimum | 2.60% | 2.60% |
Interest Rate, Range Maximum | 7.90% | 7.90% |
Interest Rate, Range Average | 4.20% | 4.30% |
Loan Term (in months), Range Minimum | 111 | 82 |
Loan Term (in months), Range Maximum | 527 | 527 |
Loan Term (in months), Range Average | 312 | 312 |
Other Real Estate Owned | Third Party Appraisal Valuation Technique | ' | ' |
Unobservable Inputs | ' | ' |
Discount of Market Value, Range Minimum | 0.00% | 0.00% |
Discount of Market Value, Range Maximum | 0.30% | 0.00% |
Discount of Market Value, Range Average | 0.20% | 0.00% |
Estimated Marketing Costs, Range Minimum | 6.00% | 0.00% |
Estimated Marketing Costs, Range Maximum | 12.00% | 6.00% |
Estimated Marketing Costs, Range Average | 8.40% | 2.40% |
Estimated Property Maintenance, Range Minimum | 0.00% | 0.00% |
Estimated Property Maintenance, Range Maximum | 0.00% | 0.00% |
Estimated Property Maintenance, Range Average | 0.00% | 0.00% |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Cash and Cash Equivalents | $13,704 | $15,880 | $14,060 | $23,853 |
Available-for-sale Securities | 440,675 | 430,775 | ' | ' |
Other investments | 16,486 | 19,782 | ' | ' |
Loans held for sale | 2,014 | 1,509 | ' | ' |
Accrued interest receivable | 3,168 | 3,447 | ' | ' |
Loans, net | 767,767 | 824,881 | ' | ' |
Mortgage servicing rights | 1,559 | 1,473 | ' | ' |
Federal Home Loan Bank advances | 302,833 | 362,000 | ' | ' |
Deposits | 798,791 | 813,574 | ' | ' |
Fair Value, Level 1 Inputs | Carrying Amount | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Cash and Cash Equivalents | 13,704 | 15,880 | ' | ' |
Fair Value, Level 1 Inputs | Fair Value | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Cash and Cash Equivalents | 13,704 | 15,880 | ' | ' |
Fair Value, Level 2 Inputs | Carrying Amount | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Available-for-sale Securities | 440,675 | 430,775 | ' | ' |
Other investments | 16,486 | 19,782 | ' | ' |
Loans held for sale | 2,014 | 1,509 | ' | ' |
Accrued interest receivable | 3,168 | 3,447 | ' | ' |
Federal Home Loan Bank advances | 302,833 | 362,000 | ' | ' |
Federal Funds Purchased, Fair Value Disclosure | 5,000 | 0 | ' | ' |
Accrued interest payable | 320 | 389 | ' | ' |
Fair Value, Level 2 Inputs | Fair Value | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Available-for-sale Securities | 440,675 | 430,775 | ' | ' |
Other investments | 16,486 | 19,782 | ' | ' |
Loans held for sale | 2,014 | 1,522 | ' | ' |
Accrued interest receivable | 3,168 | 3,447 | ' | ' |
Federal Home Loan Bank advances | 305,731 | 360,576 | ' | ' |
Federal Funds Purchased, Fair Value Disclosure | 5,000 | 0 | ' | ' |
Accrued interest payable | 320 | 389 | ' | ' |
Fair Value, Level 3 Inputs | Carrying Amount | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Loans, net | 767,767 | 824,881 | ' | ' |
Mortgage servicing rights | 1,559 | 1,473 | ' | ' |
Interest Rate Lock Commitment Assets | 43 | 56 | ' | ' |
Deposits | 798,791 | 813,574 | ' | ' |
Repurchase Agreements | 2,000 | 2,000 | ' | ' |
Fair Value, Level 3 Inputs | Fair Value | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Loans, net | 773,716 | 840,478 | ' | ' |
Mortgage servicing rights | 1,559 | 1,473 | ' | ' |
Interest Rate Lock Commitment Assets | 43 | 56 | ' | ' |
Deposits | 801,065 | 824,856 | ' | ' |
Repurchase Agreements | 2,015 | 2,049 | ' | ' |
Off-balance Sheet Financial Instruments [Member] | Carrying Amount | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Commitments, Fair Value Disclosure | 0 | 0 | ' | ' |
Letters of Credit Outstanding, Amount | 0 | 0 | ' | ' |
Off-balance Sheet Financial Instruments [Member] | Fair Value | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Commitments, Fair Value Disclosure | 0 | 0 | ' | ' |
Letters of Credit Outstanding, Amount | $0 | $0 | ' | ' |
Business_Combination_Details
Business Combination (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | ' |
Date of Agreement and Plan of Merger with Southside Bancshares, Inc. | 28-Apr-14 |
Amount per share of Southside's common stock traded for each outstanding share of OmniAmerican common stock | 44.59% |
Cash traded for each outstanding share of OmniAmerican common stock | $13.13 |
Subsequent Event, Date | 14-Oct-14 |
Subsequent Event, Description | 'OmniAmerican stockholders approved the First Merger. Also on October 14, 2014, Southside shareholders approved the issuance of Southside common stock to OmniAmerican stockholders in connection with the First Merger |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Loss Contingency, Lawsuit Filing Date | 'June 25, 2014 |
Loss Contingency, Name of Plaintiff | 'McDougal |
Loss Contingency, Name of Defendant | 'OmniAmerican Bancorp, Inc. |