Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Fox Chase Bancorp Inc | ' |
Entity Central Index Key | '0001485176 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Common Stock, Shares Outstanding | ' | 12,129,430 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $257 | $149 |
Interest-earning demand deposits in other banks | 8,652 | 11,798 |
Total cash and cash equivalents | 8,909 | 11,947 |
Available-for-sale Securities, excluding Mortgage Backed Securities | 8,496 | 10,489 |
Investment securities available-for-sale | 249,953 | 256,557 |
Mortgage related securities available-for-sale | 241,457 | 246,068 |
Mortgage related securities held-to-maturity (fair value of $75,168 at March 31, 2014 and $67,491 at December 31, 2013) | 75,609 | 68,397 |
Loans, net of allowance for loan losses of $11,436 at March 31, 2014 and $11,529 at December 31, 2013 | 693,391 | 720,490 |
Federal Home Loan Bank stock, at cost | 9,721 | 9,813 |
Bank-owned life insurance | 14,664 | 14,547 |
Premises and equipment, net | 9,643 | 9,814 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 4,574 | 6,252 |
Real estate held for investment | 1,620 | 1,620 |
Accrued interest receivable | 3,242 | 3,308 |
Mortgage servicing rights, net | 138 | 152 |
Deferred tax asset, net | 6,339 | 8,906 |
Other assets | 5,381 | 4,819 |
Total Assets | 1,083,184 | 1,116,622 |
LIABILITIES | ' | ' |
Deposits | 693,493 | 673,715 |
Short-term borrowings | 27,100 | 80,500 |
Federal Home Loan Bank advances | 150,000 | 150,000 |
Other borrowed funds | 30,000 | 30,000 |
Advances from borrowers for taxes and insurance | 1,382 | 1,525 |
Accrued interest payable | 300 | 314 |
Accrued expenses and other liabilities | 6,157 | 7,101 |
Total Liabilities | 908,432 | 943,155 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at March 31, 2014 and December 31, 2013) | 0 | 0 |
Common stock ($.01 par value; 60,000,000 shares authorized, 12,148,430 shares outstanding at March 31, 2014 and 12,147,803 shares outstanding at December 31, 2013) | 146 | 146 |
Additional paid-in capital | 137,698 | 137,593 |
Treasury stock, at cost (2,468,172 shares at March 31, 2014 and December 31, 2013) | -33,436 | -33,436 |
Common stock acquired by benefit plans | -8,852 | -9,272 |
Retained earnings | 81,894 | 82,885 |
Accumulated other comprehensive loss, net | -2,698 | -4,449 |
Total Stockholders’ Equity | 174,752 | 173,467 |
Total Liabilities and Stockholders’ Equity | $1,083,184 | $1,116,622 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Mortgage related securities held-to-maturity, fair value (in dollars) | $75,168 | $67,491 |
Loans, allowance for loan losses (in dollars) | $11,436 | $11,529 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 12,147,803 | 12,356,564 |
Common stock, shares outstanding | 12,147,803 | 12,356,564 |
Treasury stock, shares | 2,468,172 | 2,249,600 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
INTEREST INCOME | ' | ' |
Interest and fees on loans | $8,110 | $8,062 |
Interest on mortgage related securities | 1,828 | 1,738 |
Interest on investment securities available-for-sale | ' | ' |
Interest on investment securities | 120 | 71 |
Other interest income | 0 | 1 |
Total Interest Income | 10,058 | 9,872 |
INTEREST EXPENSE | ' | ' |
Deposits | 898 | 1,177 |
Short-term borrowings | 25 | 32 |
Federal Home Loan Bank advances | 570 | 502 |
Other borrowed funds | 248 | 248 |
Total Interest Expense | 1,741 | 1,959 |
Net Interest Income | 8,317 | 7,913 |
Provision for loan losses | 0 | 640 |
Net Interest Income after Provision for Loan Losses | 8,317 | 7,273 |
NONINTEREST INCOME | ' | ' |
Service charges and other fee income | 352 | 361 |
Net loss on sale of assets acquired through foreclosure | 0 | -4 |
Income on bank-owned life insurance | 117 | 116 |
Equity in earnings of affiliate | -33 | 170 |
Net gain on sale of investment securities (includes $0 for the three months ended March 31, 2014 and $361 for the three months ended March 31, 2013 in accumulated other comprehensive income reclassifications for unrealized holdings gains) | 0 | 361 |
Other | 23 | 50 |
Total Noninterest Income | 459 | 1,054 |
NONINTEREST EXPENSE | ' | ' |
Salaries, benefits and other compensation | 3,641 | 3,505 |
Occupancy expense | 496 | 447 |
Furniture and equipment expense | 111 | 124 |
Data processing costs | 385 | 398 |
Professional fees | 478 | 288 |
Marketing expense | 41 | 30 |
FDIC premiums | 165 | 185 |
Assets acquired through foreclosure expense | 321 | 285 |
Other | 355 | 413 |
Total Noninterest Expense | 5,993 | 5,675 |
Income Before Income Taxes | 2,783 | 2,652 |
Income tax provision (includes $0 for the three months ended March 31, 2014 and $123 for the three months ended March 31, 2013 in income tax expense from reclassification items) | 827 | 825 |
Net Income | $1,956 | $1,827 |
Earnings per share: | ' | ' |
Basic (in dollars per share) | $0.17 | $0.16 |
Diluted (in dollars per share) | $0.17 | $0.16 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Accumulated other comprehensive income reclassification for unrealized holdings gains | $0 | $361 |
Income tax expense from reclassification items | $0 | $123 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $1,956 | $1,827 |
Other comprehensive income (loss): | ' | ' |
Unrealized holding gains (losses) on securities available-for-sale | 2,705 | -2,698 |
Tax Effect | -954 | 952 |
Net of Tax Amount | 1,751 | -1,746 |
Reclassification adjustments for net investment securities gains included in net income | 0 | -361 |
Tax Effect | 0 | 123 |
Net of Tax Amount | 0 | -238 |
Other comprehensive income (loss) | 1,751 | -1,984 |
Comprehensive income (loss) | $3,707 | ($157) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Stock | Additional Paid in Capital | Treasury Stock | Common Stock Acquired by Benefit Plans | Retained Earnings | Accumulated Other Comprehensive Income, net |
In Thousands, unless otherwise specified | |||||||
BALANCE at Dec. 31, 2012 | $181,465 | $146 | $136,132 | ($29,733) | ($10,228) | $80,608 | $4,540 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | -1,729 | 0 | 0 | -1,729 | 0 | 0 | 0 |
Stock based compensation expense | 203 | 0 | 203 | 0 | 0 | 0 | 0 |
Unallocated ESOP shares committed to employees | 273 | 0 | 118 | 0 | 155 | 0 | 0 |
Issuance of stock for vested equity awards | 0 | 0 | -68 | 0 | 75 | -7 | 0 |
Common stock issued for exercise of vested stock options | 51 | 0 | 51 | 0 | 0 | 0 | 0 |
Tax benefit from exercise of stock options and vesting of restricted stock | 17 | 0 | 17 | 0 | 0 | 0 | 0 |
Dividends paid | -704 | 0 | 0 | 0 | 0 | -704 | 0 |
Net income | 1,827 | 0 | 0 | 0 | 0 | 1,827 | 0 |
Other comprehensive loss | -1,984 | 0 | 0 | 0 | 0 | 0 | -1,984 |
BALANCE at Mar. 31, 2013 | 179,419 | 146 | 136,453 | -31,462 | -9,998 | 81,724 | 2,556 |
BALANCE at Dec. 31, 2013 | 173,467 | 146 | 137,593 | -33,436 | -9,272 | 82,885 | -4,449 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock based compensation expense | 297 | 0 | 297 | 0 | 0 | 0 | 0 |
Unallocated ESOP shares committed to employees | 280 | 0 | 123 | 0 | 157 | 0 | 0 |
Issuance of stock for vested equity awards | 0 | 0 | -331 | 0 | 263 | 68 | 0 |
Common stock issued for exercise of vested stock options | 6 | 0 | 6 | 0 | 0 | 0 | 0 |
Tax benefit from exercise of stock options and vesting of restricted stock | 10 | 0 | 10 | 0 | 0 | 0 | 0 |
Dividends paid | -3,015 | 0 | 0 | 0 | 0 | -3,015 | 0 |
Net income | 1,956 | 0 | 0 | 0 | 0 | 1,956 | 0 |
Other comprehensive loss | 1,751 | 0 | 0 | 0 | 0 | 0 | 1,751 |
BALANCE at Mar. 31, 2014 | $174,752 | $146 | $137,698 | ($33,436) | ($8,852) | $81,894 | ($2,698) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Dividends paid (in dollars per share) | $0.26 | $0.06 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows From Operating Activities | ' | ' |
Net income | $1,956 | $1,827 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 0 | 640 |
Valuation adjustment for assets acquired through foreclosure | 282 | 241 |
Depreciation | 189 | 201 |
Net amortization of securities premiums and discounts | 465 | 764 |
Provision for deferred income taxes | 1,613 | 61 |
Stock compensation from benefit plans | 577 | 476 |
Net gain on sale of assets acquired through foreclosure | 0 | 4 |
Net gain on sale of investment securities | 0 | -361 |
Income on bank-owned life insurance | -117 | -116 |
Excess tax benefit from exercise of stock options and vesting of restricted stock | -10 | -17 |
Decrease in mortgage servicing rights, net | 14 | 0 |
Decrease (increase) in accrued interest receivable and other assets | 144 | -501 |
(Decrease) increase in accrued interest payable, accrued expenses and other liabilities | -958 | 635 |
Net Cash Provided by Operating Activities | 4,155 | 3,854 |
Investment securities available-for-sale: | ' | ' |
Proceeds from maturities, calls and principal repayments | 2,000 | 0 |
Mortgage related securities available-for-sale: | ' | ' |
Purchases | -2,830 | -49,821 |
Proceeds from sales | 0 | 6,887 |
Proceeds from maturities, calls and principal repayments | 9,636 | 20,301 |
Mortgage related securities held-to-maturity: | ' | ' |
Purchases | -9,767 | 0 |
Proceeds from maturities, calls and principal repayments | 2,456 | 2,671 |
Net decrease in loans | 27,410 | 22,643 |
Purchases of loans and loan participations | -1,346 | -19,955 |
Net decrease (increase) in Federal Home Loan Bank stock | 92 | -1,610 |
Purchases of premises and equipment | -18 | -27 |
Additions to assets acquired through foreclosure | 0 | -331 |
Proceeds from sales and payments on assets acquired through foreclosure | 1,938 | 109 |
Net Cash Provided by (Used in) Investing Activities | 29,571 | -19,133 |
Cash Flows from Financing Activities | ' | ' |
Net increase in deposits | 19,778 | 9,527 |
Increase (Decrease) in Advance Payments by Borrowers for Taxes and Insurance | -143 | -300 |
Principal payments on other borrowed funds | 0 | 30,000 |
Net decrease in short-term borrowings | -53,400 | -40,800 |
Tax benefit from exercise of stock options and vesting of restricted stock | 10 | 17 |
Common stock issued for exercise of stock options | 6 | 51 |
Purchase of treasury stock | 0 | -1,729 |
Cash dividends paid | -3,015 | -704 |
Net Cash Provided by Financing Activities | -36,764 | -3,938 |
Net Decrease in Cash and Cash Equivalents | -3,038 | -19,217 |
Cash and Cash Equivalents – Beginning | 11,947 | 25,090 |
Cash and Cash Equivalents – Ending | 8,909 | 5,873 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Interest paid | 1,755 | 1,954 |
Income taxes paid | 360 | 0 |
Transfers of loans to assets acquired through foreclosure | 542 | 3,091 |
Net charge-offs | $93 | $207 |
PRINCIPLES_OF_CONSOLIDATION_AN
PRINCIPLES OF CONSOLIDATION AND PRESENTATION | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
PRINCIPLES OF CONSOLIDATION AND PRESENTATION | ' | |||||||||
PRINCIPLES OF CONSOLIDATION AND PRESENTATION | ||||||||||
Fox Chase Bancorp, Inc. (the “Bancorp”) is a Maryland corporation. The Bancorp’s primary business is holding the common stock of Fox Chase Bank (the "Bank") and making two loans to the Fox Chase Bank Employee Stock Ownership Plan (the "ESOP"). The Bancorp is authorized to pursue other business activities permissible by laws and regulations for bank holding companies. | ||||||||||
The Bancorp is a bank holding company and is regulated by the Board of Governors of the Federal Reserve System. The Bank is a Pennsylvania state-chartered savings bank and is regulated by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation (the "FDIC”). | ||||||||||
The Bancorp and the Bank (collectively referred to as the “Company”) provide a wide variety of financial products and services to individuals and businesses through the Bank’s ten branches in Philadelphia, Richboro, Willow Grove, Warminster, Lahaska, Hatboro, and West Chester, Pennsylvania, and Ocean City, Marmora and Egg Harbor Township, New Jersey. The operations of the Company are managed as a single business segment. The Bank also owns approximately 45% of Philadelphia Mortgage Advisors (“PMA”), a mortgage banker located in Plymouth Meeting, Pennsylvania and Ocean City, New Jersey. | ||||||||||
The Company is subject to the regulations of certain federal and state banking agencies. These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required loan loss allowances and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations. | ||||||||||
The consolidated financial statements include the accounts of the Bancorp and the Bank. The Bank’s operations include the accounts of its wholly owned subsidiaries, Fox Chase Financial, Inc., Fox Chase Service Corporation, 104 S. Oakland Ave., LLC and Davisville Associates, LLC. Fox Chase Financial, Inc. is a Delaware-chartered investment holding company and its sole purpose is to manage and hold investment securities. Fox Chase Service Corporation is a Pennsylvania-chartered company and its purpose is to facilitate the Bank’s investment in PMA. 104 S. Oakland Ave., LLC is a New Jersey-chartered limited liability company formed to secure, manage and hold foreclosed real estate. Davisville Associates, LLC is a Pennsylvania-chartered limited liability company formed to secure, manage and hold foreclosed real estate. All material inter-company transactions and balances have been eliminated in consolidation. Prior period amounts are reclassified, when necessary, to conform with the current year’s presentation. | ||||||||||
The Company follows accounting principles and reporting practices that are in compliance with U.S. generally accepted accounting principles (“GAAP”). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation and realizability of deferred tax assets, the evaluation of other-than-temporary impairment and the valuation of investment securities and assets acquired through foreclosure. | ||||||||||
These interim financial statements do not contain all necessary disclosures required by GAAP for complete financial statements and therefore should be read in conjunction with the audited financial statements and the notes thereto included in Fox Chase Bancorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission on March 7, 2014. These financial statements include all normal and recurring adjustments which management believes were necessary in order to conform to GAAP. The results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other period. | ||||||||||
NOTE 1 - PRINCIPLES OF CONSOLIDATION AND PRESENTATION (CONTINUED) | ||||||||||
Per Share Information | ||||||||||
Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Unallocated shares in the ESOP and shares purchased to fund the Bancorp’s equity incentive plans are not included in either basic or diluted earnings per share. | ||||||||||
The following table presents the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2014 | 2013 | |||||||||
(Unaudited) | ||||||||||
Net income | $ | 1,956,000 | $ | 1,827,000 | ||||||
Weighted-average common shares outstanding (1) | 12,147,959 | 12,325,321 | ||||||||
Average common stock acquired by stock benefit plans: | ||||||||||
ESOP shares unallocated | (545,904 | ) | (610,957 | ) | ||||||
Shares purchased by trust | (307,172 | ) | (338,310 | ) | ||||||
Weighted-average common shares used to calculate basic earnings per share | 11,294,883 | 11,376,054 | ||||||||
Dilutive effect of: | ||||||||||
Restricted stock awards | 54,057 | 38,371 | ||||||||
Stock option awards | 206,164 | 188,208 | ||||||||
Weighted-average common shares used to calculate diluted earnings per share | 11,555,104 | 11,602,633 | ||||||||
Earnings per share-basic | $ | 0.17 | $ | 0.16 | ||||||
Earnings per share-diluted | $ | 0.17 | $ | 0.16 | ||||||
Outstanding common stock equivalents having no dilutive effect | 1,109,246 | 1,147,912 | ||||||||
(1) Excludes treasury stock. |
INVESTMENT_AND_MORTGAGE_RELATE
INVESTMENT AND MORTGAGE RELATED SECURITIES | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | |||||||||||||||||||||||
INVESTMENT AND MORTGAGE RELATED SECURITIES | ||||||||||||||||||||||||
The amortized cost and fair value of securities available-for-sale and held-to-maturity as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | OTTI | Fair | ||||||||||||||||||||
Cost | Unrealized | Unrealized | in AOCI | Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 300 | $ | 7 | $ | — | $ | — | $ | 307 | ||||||||||||||
Corporate securities | 8,123 | 66 | — | — | 8,189 | |||||||||||||||||||
8,423 | 73 | — | — | 8,496 | ||||||||||||||||||||
Private label commercial mortgage related securities | 485 | — | — | — | 485 | |||||||||||||||||||
Agency residential mortgage related securities | 245,197 | 2,562 | (6,787 | ) | — | 240,972 | ||||||||||||||||||
Total mortgage related securities | 245,682 | 2,562 | (6,787 | ) | — | 241,457 | ||||||||||||||||||
Total available-for-sale securities | $ | 254,105 | $ | 2,635 | $ | (6,787 | ) | $ | — | $ | 249,953 | |||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 75,609 | $ | 654 | $ | (1,095 | ) | $ | — | $ | 75,168 | |||||||||||||
Total mortgage related securities | 75,609 | 654 | (1,095 | ) | — | 75,168 | ||||||||||||||||||
Total held-to-maturity securities | $ | 75,609 | $ | 654 | $ | (1,095 | ) | $ | — | $ | 75,168 | |||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | OTTI | Fair | ||||||||||||||||||||
Cost | Unrealized | Unrealized | in AOCI | Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 300 | $ | 8 | $ | — | $ | — | $ | 308 | ||||||||||||||
Corporate securities | 10,145 | 54 | (18 | ) | — | 10,181 | ||||||||||||||||||
10,445 | 62 | (18 | ) | — | 10,489 | |||||||||||||||||||
Private label commercial mortgage related securities | 2,118 | 2 | — | — | 2,120 | |||||||||||||||||||
Agency residential mortgage related securities | 250,851 | 2,655 | (9,558 | ) | — | 243,948 | ||||||||||||||||||
Total mortgage related securities | 252,969 | 2,657 | (9,558 | ) | — | 246,068 | ||||||||||||||||||
Total available-for-sale securities | $ | 263,414 | $ | 2,719 | $ | (9,576 | ) | $ | — | $ | 256,557 | |||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 68,397 | $ | 514 | $ | (1,420 | ) | $ | — | $ | 67,491 | |||||||||||||
Total mortgage related securities | 68,397 | 514 | (1,420 | ) | — | 67,491 | ||||||||||||||||||
Total held-to-maturity securities | $ | 68,397 | $ | 514 | $ | (1,420 | ) | $ | — | $ | 67,491 | |||||||||||||
Obligations of U.S. government agencies represents debt issued by the Federal Home Loan Bank (the "FHLB") and are not backed by the full faith and credit of the United States government. | ||||||||||||||||||||||||
NOTE 2 - INVESTMENT AND MORTGAGE RELATED SECURITIES (CONTINUED) | ||||||||||||||||||||||||
The following tables show gross unrealized losses and fair value of securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Corporate securities | — | — | — | — | — | — | ||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||
Agency residential mortgage related securities | 166,925 | (4,327 | ) | 36,631 | (2,460 | ) | 203,556 | (6,787 | ) | |||||||||||||||
Total mortgage related securities | 166,925 | (4,327 | ) | 36,631 | (2,460 | ) | 203,556 | (6,787 | ) | |||||||||||||||
Total available-for-sale securities | $ | 166,925 | $ | (4,327 | ) | $ | 36,631 | $ | (2,460 | ) | $ | 203,556 | $ | (6,787 | ) | |||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 42,150 | $ | (1,095 | ) | $ | — | $ | — | $ | 42,150 | $ | (1,095 | ) | ||||||||||
Total mortgage related securities | 42,150 | (1,095 | ) | — | — | 42,150 | (1,095 | ) | ||||||||||||||||
Total held-to-maturity securities | $ | 42,150 | $ | (1,095 | ) | $ | — | $ | — | $ | 42,150 | $ | (1,095 | ) | ||||||||||
Total temporarily impaired securities | $ | 209,075 | $ | (5,422 | ) | $ | 36,631 | $ | (2,460 | ) | $ | 245,706 | $ | (7,882 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Corporate securities | — | — | 2,982 | (18 | ) | 2,982 | (18 | ) | ||||||||||||||||
— | — | 2,982 | (18 | ) | 2,982 | (18 | ) | |||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||
Agency residential mortgage related securities | 180,448 | (7,251 | ) | 24,841 | (2,307 | ) | 205,289 | (9,558 | ) | |||||||||||||||
Total mortgage related securities | 180,448 | (7,251 | ) | 24,841 | (2,307 | ) | 205,289 | (9,558 | ) | |||||||||||||||
Total available-for-sale securities | $ | 180,448 | $ | (7,251 | ) | $ | 27,823 | $ | (2,325 | ) | $ | 208,271 | $ | (9,576 | ) | |||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 40,615 | $ | (1,420 | ) | $ | — | $ | — | $ | 40,615 | $ | (1,420 | ) | ||||||||||
Total mortgage related securities | 40,615 | (1,420 | ) | — | — | 40,615 | (1,420 | ) | ||||||||||||||||
Total held-to-maturity securities | $ | 40,615 | $ | (1,420 | ) | $ | — | $ | — | $ | 40,615 | $ | (1,420 | ) | ||||||||||
Total temporarily impaired securities | $ | 221,063 | $ | (8,671 | ) | $ | 27,823 | $ | (2,325 | ) | $ | 248,886 | $ | (10,996 | ) | |||||||||
NOTE 2 - INVESTMENT AND MORTGAGE RELATED SECURITIES (CONTINUED) | ||||||||||||||||||||||||
During the three months ended March 31, 2014, no securities were sold. | ||||||||||||||||||||||||
The Company evaluates a variety of factors when concluding whether a security is other-than-temporarily impaired. These factors include, but are not limited to, the type and purpose of the security, the underlying rating of the issuer, the presence of credit enhancements, the length of time a security has been in a loss position and the severity of the loss. | ||||||||||||||||||||||||
At March 31, 2014, gross unrealized losses totaled $7.9 million. Ten agency residential mortgages related securities, with a fair value of $36.6 million and an unrealized loss position of $2.5 million, had an unrealized loss position for twelve months or longer as of March 31, 2014. Additionally, 91 agency residential mortgage related securities, with a fair value of $209.1 million and an unrealized loss position of $5.4 million, had an unrealized loss position for less than twelve months as of March 31, 2014. The fair value of these 101 agency residential mortgage related securities primarily fluctuates with changes in market conditions for the underlying securities and changes in the interest rate environment. The Company does not intend to sell the securities in an unrealized loss position and it is not more likely than not that it will be required to sell these securities before a recovery of fair value, which may be maturity. Upon review of the attributes of the individual securities, the Company concluded these securities were not other-than-temporarily impaired. | ||||||||||||||||||||||||
As of March 31, 2014, the Company held one private label commercial mortgage related security ("CMBS") with an amortized cost of $485,000. This security did not have an unrealized gain or loss at March 31, 2014. As of December 31, 2013, the Company held two private label CMBS with an amortized cost of $2.1 million. These securities had a net unrealized gain of $2,000 at December 31, 2013 and all individual securities were held at an unrealized gain. | ||||||||||||||||||||||||
The Company evaluates the current characteristics of this private label security such as delinquency and foreclosure levels, credit enhancement, projected losses, coverage and actual and projected cash flows, on a quarterly basis. It is possible that the underlying collateral of this security will perform worse than current expectations, which may lead to adverse changes in cash flows and potential future other-than-temporary impairment losses. Events that may trigger material declines in fair values for this security in the future would include but are not limited to deterioration of credit metrics, significantly higher levels of default and severity of loss on the underlying collateral, deteriorating credit enhancement and loss coverage ratios, or further illiquidity. | ||||||||||||||||||||||||
NOTE 2 - INVESTMENT AND MORTGAGE RELATED SECURITIES (CONTINUED) | ||||||||||||||||||||||||
There were no net investment securities gains (losses) in the consolidated statement of operations for the three month period ended March 31, 2014. | ||||||||||||||||||||||||
The following schedule provides a summary of the components of net investment securities gains (losses) in the Company’s consolidated statement of operations for the three month period ended March 31, 2013. | ||||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Gross | Gross | Other-than- | Portion of | Net Gains | ||||||||||||||||||||
Realized | Realized | Temporary | OTTI | (Losses) | ||||||||||||||||||||
Gains | Losses | Impairment | in OCI | |||||||||||||||||||||
Losses | ||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Corporate securities | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||
Private label residential mortgage related security | — | — | — | — | — | |||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | |||||||||||||||||||
Agency residential mortgage related securities | 361 | — | — | — | 361 | |||||||||||||||||||
Total mortgage related securities | 361 | — | — | — | 361 | |||||||||||||||||||
Total securities available-for-sale | $ | 361 | $ | — | $ | — | $ | — | $ | 361 | ||||||||||||||
The amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity at March 31, 2014 and December 31, 2013 by contractual maturity are as follows: | ||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
March 31, 2014 (Unaudited) | ||||||||||||||||||||||||
Due in one year or less | $ | 2,549 | $ | 2,563 | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 5,874 | 5,933 | — | — | ||||||||||||||||||||
Due after five years through ten years | — | — | — | — | ||||||||||||||||||||
Due after ten years | — | — | — | — | ||||||||||||||||||||
Total mortgage related securities | 245,682 | 241,457 | 75,609 | 75,168 | ||||||||||||||||||||
$ | 254,105 | $ | 249,953 | $ | 75,609 | $ | 75,168 | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Due in one year or less | $ | 1,999 | $ | 2,000 | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 8,446 | 8,489 | — | — | ||||||||||||||||||||
Due after five years through ten years | — | — | — | — | ||||||||||||||||||||
Due after ten years | — | — | — | — | ||||||||||||||||||||
Total mortgage related securities | 252,969 | 246,068 | 68,397 | 67,491 | ||||||||||||||||||||
$ | 263,414 | $ | 256,557 | $ | 68,397 | $ | 67,491 | |||||||||||||||||
Securities with a fair value of $40.2 million and $9.7 million at March 31, 2014 and December 31, 2013, respectively, were pledged to secure public deposits and for other purposes as required or permitted by law. | ||||||||||||||||||||||||
Securities with a fair value of $186.8 million and $197.6 million at March 31, 2014 and December 31, 2013, respectively, were used to secure FHLB advances, short-term borrowings, other borrowed funds and related unused borrowing capacities. See Note 7. | ||||||||||||||||||||||||
Securities with a fair value of $677,000 and $702,000 at March 31, 2014 and December 31, 2013, respectively, were used to secure derivative transactions. |
LOANS
LOANS | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
LOANS | ' | |||||||||||||||||||||||||||
LOANS | ||||||||||||||||||||||||||||
The composition of net loans at March 31, 2014 and December 31, 2013 is provided below: | ||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 124,182 | $ | 127,501 | ||||||||||||||||||||||||
Multi-family and commercial | 396,994 | 408,365 | ||||||||||||||||||||||||||
Construction | 13,948 | 5,904 | ||||||||||||||||||||||||||
535,124 | 541,770 | |||||||||||||||||||||||||||
Consumer loans | 21,372 | 22,478 | ||||||||||||||||||||||||||
Commercial and industrial loans | 148,617 | 168,013 | ||||||||||||||||||||||||||
Total loans | 705,113 | 732,261 | ||||||||||||||||||||||||||
Deferred loan origination fees, net | (286 | ) | (242 | ) | ||||||||||||||||||||||||
Allowance for loan losses | (11,436 | ) | (11,529 | ) | ||||||||||||||||||||||||
Net loans | $ | 693,391 | $ | 720,490 | ||||||||||||||||||||||||
The following tables present changes in the allowance for loan losses by loan segment for the three months ended March 31, 2014 and the three months ended March 31, 2013. | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||
Balance, beginning | $ | 403 | $ | 7,141 | $ | 324 | $ | 153 | $ | 3,051 | $ | 457 | $ | 11,529 | ||||||||||||||
(Credit) provision for loan losses | (28 | ) | (200 | ) | 80 | (4 | ) | (64 | ) | 216 | — | |||||||||||||||||
Loans charged off | — | (103 | ) | — | (2 | ) | — | — | (105 | ) | ||||||||||||||||||
Recoveries | — | 3 | — | 9 | — | — | 12 | |||||||||||||||||||||
Balance, ending | $ | 375 | $ | 6,841 | $ | 404 | $ | 156 | $ | 2,987 | $ | 673 | $ | 11,436 | ||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Balance, beginning | $ | 642 | $ | 6,327 | $ | 873 | $ | 232 | $ | 2,630 | $ | 466 | $ | 11,170 | ||||||||||||||
(Credit) provision for loan losses | (107 | ) | 988 | (356 | ) | 17 | 114 | (16 | ) | 640 | ||||||||||||||||||
Loans charged off | (18 | ) | (161 | ) | — | (44 | ) | — | — | (223 | ) | |||||||||||||||||
Recoveries | — | 4 | — | 12 | — | — | 16 | |||||||||||||||||||||
Balance, ending | $ | 517 | $ | 7,158 | $ | 517 | $ | 217 | $ | 2,744 | $ | 450 | $ | 11,603 | ||||||||||||||
NOTE 3 - LOANS (CONTINUED) | ||||||||||||||||||||||||||||
The following tables set forth the breakdown of impaired loans by loan segment as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Nonaccrual | Accruing | Other | Total | Impaired | Impaired | |||||||||||||||||||||||
Loans | TDRs | Impaired | Impaired | Loans | Loans | |||||||||||||||||||||||
Loans | Loans | with | without | |||||||||||||||||||||||||
Allowance | Allowance | |||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 2,242 | $ | 580 | $ | — | $ | 2,822 | $ | 2,822 | $ | — | ||||||||||||||||
Multi-family and commercial | 1,545 | 1,540 | 4,526 | 7,611 | 7,611 | — | ||||||||||||||||||||||
Construction | — | 2,974 | — | 2,974 | 2,974 | — | ||||||||||||||||||||||
Consumer loans | 192 | 13 | — | 205 | 205 | — | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 3,979 | $ | 5,107 | $ | 4,526 | $ | 13,612 | $ | 13,612 | $ | — | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Nonaccrual | Accruing | Other | Total | Impaired | Impaired | |||||||||||||||||||||||
Loans | TDRs | Impaired | Impaired | Loans | Loans | |||||||||||||||||||||||
Loans | Loans | with | without | |||||||||||||||||||||||||
Allowance | Allowance | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 2,390 | $ | 582 | $ | — | $ | 2,972 | $ | 2,972 | $ | — | ||||||||||||||||
Multi-family and commercial | 3,031 | 6,191 | — | 9,222 | 8,866 | 356 | ||||||||||||||||||||||
Construction | 3,231 | — | — | 3,231 | 3,231 | — | ||||||||||||||||||||||
Consumer loans | 128 | 13 | — | 141 | 141 | — | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 8,780 | $ | 6,786 | $ | — | $ | 15,566 | $ | 15,210 | $ | 356 | ||||||||||||||||
There were no loans past due 90 days or more and still accruing interest at March 31, 2014 or December 31, 2013. | ||||||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, the average recorded investment in impaired loans was $14.2 million and $20.6 million, respectively. The interest income recognized on these impaired loans was $121,000 and $100,000 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
At March 31, 2014, two troubled debt restructurings (“TDRs”) totaling $157,000 are excluded from the accruing TDR column above as they are included in the nonaccrual loans column. | ||||||||||||||||||||||||||||
At December 31, 2013, four TDRs totaling $3.5 million are excluded from the accruing TDR column as they are included in nonaccrual loans. | ||||||||||||||||||||||||||||
During the three months ended March 31, 2014, one loan totaling $4.5 million was reclassified from an accruing TDR to an other impaired loan. This reclassification was due to our annual assessment where TDRs that have performed in accordance with the new terms for six consecutive months, are in a current status, reflected a market rate of interest at the time of the restructuring and cross over a year end are considered cured and are no longer classified as TDRs. | ||||||||||||||||||||||||||||
NOTE 3 - LOANS (CONTINUED) | ||||||||||||||||||||||||||||
The following tables set forth the allowance for loan loss for impaired loans and general allowance by loan segment as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
31-Mar-14 | Allowance for Loan Losses | |||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing TDRs | Other Impaired Loans | Total Impaired Loans | |||||||||||||||||||||||||
General | Total | |||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 139 | $ | 1 | $ | — | $ | 140 | $ | 235 | $ | 375 | ||||||||||||||||
Multi-family and commercial | 576 | 77 | 401 | 1,054 | 5,787 | 6,841 | ||||||||||||||||||||||
Construction | — | 169 | — | 169 | 235 | 404 | ||||||||||||||||||||||
Consumer loans | 12 | — | — | 12 | 144 | 156 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 2,987 | 2,987 | ||||||||||||||||||||||
Unallocated | — | — | — | — | 673 | 673 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 727 | $ | 247 | $ | 401 | $ | 1,375 | $ | 10,061 | $ | 11,436 | ||||||||||||||||
31-Dec-13 | Allowance for Loan Losses | |||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing TDRs | Other Impaired Loans | Total Impaired Loans | |||||||||||||||||||||||||
General | Total | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 163 | $ | 1 | $ | — | $ | 164 | $ | 239 | $ | 403 | ||||||||||||||||
Multi-family and commercial | 600 | 687 | — | 1,287 | 5,854 | 7,141 | ||||||||||||||||||||||
Construction | 263 | — | — | 263 | 61 | 324 | ||||||||||||||||||||||
Consumer loans | 6 | — | — | 6 | 147 | 153 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 3,051 | 3,051 | ||||||||||||||||||||||
Unallocated | — | — | — | — | 457 | 457 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 1,032 | $ | 688 | $ | — | $ | 1,720 | $ | 9,809 | $ | 11,529 | ||||||||||||||||
NOTE 3 - LOANS (CONTINUED) | ||||||||||||||||||||||||||||
The Company may, under certain circumstances, restructure loans as a concession to borrowers who have experienced financial difficulty, which results in a TDR. TDRs are impaired loans. TDRs typically result from the Company’s loss mitigation activities, which, among other activities, could include extension of maturity, rate reductions, payment extension, and/or principal forgiveness. | ||||||||||||||||||||||||||||
The following table sets forth a summary of the TDR activity for the three month periods ended March 31, 2014. | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | ||||||||||||||||||||||||||||
Restructured Current Period | ||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Type of Modification | Number | Post-Modification | |||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | ||||||||||||||||||||||||
Recorded | Recorded | Recorded | ||||||||||||||||||||||||||
Investment | Investment | Investment | ||||||||||||||||||||||||||
(Dollars in thousands, Unaudited) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||
Multi-family and commercial | 1 | 1,640 | 1,540 | Principal reduction | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans | — | — | — | — | — | |||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | |||||||||||||||||||||||
Total | 1 | $ | 1,640 | $ | 1,540 | — | $ | — | ||||||||||||||||||||
There were no TDRs during the three months ended March 31, 2013. Additionally, no TDRs defaulted during the three months ended March 31, 2013 that were restructured in the prior twelve months. | ||||||||||||||||||||||||||||
The following table sets forth past due loans by segment as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
30-59 | 60-89 | 30-59 | 60-89 | |||||||||||||||||||||||||
Days | Days | Days | Days | |||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
One- to four-family real estate | $ | 448 | $ | 123 | $ | 172 | $ | — | ||||||||||||||||||||
Multi-family and commercial real estate | 282 | — | — | — | ||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Consumer | 99 | 56 | 241 | 5 | ||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 829 | $ | 179 | $ | 413 | $ | 5 | ||||||||||||||||||||
We use six primary classifications for loans: pass, pass watch, special mention, substandard, doubtful and loss, of which three classifications are for problem loans: substandard, doubtful and loss. “Substandard loans” must have one or more well defined weaknesses and are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. “Doubtful loans” have the weaknesses of substandard loans with the additional characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. A loan classified “loss” is considered uncollectible and of such little value that continuance as a loan of the institution is not warranted. We also maintain a “special mention” category, described as loans which do not currently expose us to a sufficient degree of risk to warrant classification but do possess credit deficiencies or potential weaknesses deserving our close attention. If we classify an asset as loss, it is recorded as a loan charged off in the current period. | ||||||||||||||||||||||||||||
NOTE 3 - LOANS (CONTINUED) | ||||||||||||||||||||||||||||
The following tables set forth criticized and classified loans by segment as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Total | |||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||
Pass and Pass watch | $ | 121,940 | $ | 382,934 | $ | 10,974 | $ | 21,180 | $ | 137,170 | $ | 674,198 | ||||||||||||||||
Special mention | — | 12,515 | 2,974 | — | 11,397 | 26,886 | ||||||||||||||||||||||
Substandard | 2,242 | 1,545 | — | 192 | 50 | 4,029 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||
Total loans | $ | 124,182 | $ | 396,994 | $ | 13,948 | $ | 21,372 | $ | 148,617 | $ | 705,113 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Total | |||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Pass and Pass watch | $ | 125,111 | $ | 390,908 | $ | 2,672 | $ | 22,350 | $ | 165,336 | $ | 706,377 | ||||||||||||||||
Special mention | — | 12,414 | — | — | 2,677 | 15,091 | ||||||||||||||||||||||
Substandard | 2,390 | 5,043 | 3,232 | 128 | — | 10,793 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||
Total loans | $ | 127,501 | $ | 408,365 | $ | 5,904 | $ | 22,478 | $ | 168,013 | $ | 732,261 | ||||||||||||||||
DERIVATIVES_AND_HEDGING
DERIVATIVES AND HEDGING | 3 Months Ended |
Mar. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
DERIVATIVES AND HEDGING | ' |
DERIVATIVES AND HEDGING | |
Interest Rate Swaps | |
On November 3, 2006, the Company entered into an interest rate swap with a current notional amount of $858,000, which is used to hedge a 15-year fixed rate loan that is earning interest at 7.43%. The Company is receiving variable rate payments of one-month LIBOR plus 224 basis points and is paying fixed rate payments of 7.43%. The swap matures in April 2022 and had a fair value loss position of $129,000 and $132,000 at March 31, 2014 and December 31, 2013, respectively. The interest rate swap is carried at fair value in accordance with FASB ASC 815 “Derivatives and Hedging.” The loan is carried at fair value under the fair value option as permitted by FASB ASC 825 “Financial Instruments.” | |
On October 12, 2011, the Company entered into an interest rate swap with a current notional amount of $1.5 million, which is used to hedge a 10-year fixed rate loan that is earning interest at 5.83%. The Company is receiving variable rate payments of one-month LIBOR plus 350 basis points and is paying fixed rate payments of 5.83%. The Company designated this relationship as a fair value hedge. The swap matures in October 2021 and had a fair value (loss) gain position of ($7,000) and $12,000 at March 31, 2014 and December 31, 2013, respectively. The difference between changes in the fair values of the interest rate swap agreement and the hedged loan represents hedge ineffectiveness and is recorded in other non-interest income in the consolidated statements of operations. Hedge ineffectiveness resulted in (expense) income of ($4,000) and $4,000 for the three months ended March 31, 2014 and March 31, 2013, respectively. | |
Credit Derivatives | |
We have entered into agreements with a third-party financial institution whereby the financial institution enters into interest rate derivative contracts and foreign currency swap contracts with customers referred to them by us. By the terms of the agreements, the financial institution has recourse to the Company for any exposure created under each swap contract in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. These transactions represent credit derivatives and are a customary arrangement that allows financial institutions like us to provide access to interest rate and foreign currency swap transactions for our customers without creating the swap ourselves. The Company records the fair value of credit derivatives in other liabilities on the consolidated statement of condition. The Company recognizes changes in the fair value of credit derivatives, net of any fees received, as service charges and other fee income in the consolidated statements of operations. | |
NOTE 4 - DERIVATIVES AND HEDGING (CONTINUED) | |
At March 31, 2014, there were five variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and our customers with a notional amount of $19.4 million, and remaining maturities ranging from five to nine years. At December 31, 2013, there were five variable-rate to fixed-rate interest swap transactions between the third-party financial institution and our customers with a notional amount of $19.5 million, and remaining maturities ranging from six to nine years. The fair value of the swaps to the customers was an asset of $749,000 and $969,000 as of March 31, 2014 and December 31, 2013, respectively, and all swaps were in receiving positions from the third-party financial institution at March 31, 2014. As of March 31, 2014 and December 31, 2013, the fair value of the Company’s interest rate swap credit derivatives was a liability of $3,000. During the three months ended March 31, 2014 and 2013, the Company recognized (expense) income of ($1,000) and $1,000, respectively, from interest rate swap credit derivatives. | |
At March 31, 2014, there were eight foreign currency swap transactions between the third-party financial institution and our customers with a notional amount aggregating approximately $674,000, and remaining maturities ranging from one to eight months. The aggregate fair value of these swaps to the customers was an asset of $1,000 as of March 31, 2014. At March 31, 2014, the fair value of the Company’s credit derivatives was a liability of $2,000. At December 31, 2013, there were seven foreign currency swap transactions between the third-party financial institution and our customers with a notional amount of $517,000 and remaining maturities ranging from one to eleven months. The aggregate fair value of these swaps to the customers was $0 as of December 31, 2013. At December 31, 2013, the fair value of the Company's credit derivative was a liability of $1,000. During the three months ended March 31, 2014 and 2013, the Company recognized income of $0 and $2,000, respectively, from foreign currency swap credit derivatives. | |
The maximum potential payments by the Company to the financial institution under these credit derivatives are not estimable as they are contingent on future interest rates and exchange rates, and the agreement does not provide for a limitation of the maximum potential payment amount. |
MORTGAGE_SERVICING_ACTIVITY
MORTGAGE SERVICING ACTIVITY | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
MORTGAGE SERVICING ACTIVITY | ' | ||||||||||||
MORTGAGE SERVICING ACTIVITY | ' | ||||||||||||
MORTGAGE SERVICING ACTIVITY | |||||||||||||
Loans serviced for others are not included in the accompanying consolidated statements of condition. The unpaid principal balances of these loans were $26.5 million, $27.7 million and $33.3 million at March 31, 2014, December 31, 2013 and March 31, 2013, respectively. The Company received fees, net of amortization, from the servicing of loans of $6,000 and $0 during the three months ended March 31, 2014 and March 31, 2013, respectively. | |||||||||||||
The following table summarizes mortgage servicing rights activity for the three months ended March 31, 2014 and 2013. | |||||||||||||
Servicing | Valuation | Net | |||||||||||
Rights | Allowance | Carrying | |||||||||||
Value | |||||||||||||
(In thousands, Unaudited) | |||||||||||||
Balance at December 31, 2013 | $ | 255 | $ | (103 | ) | $ | 152 | ||||||
Additions | — | (3 | ) | (3 | ) | ||||||||
Amortization | (11 | ) | — | (11 | ) | ||||||||
Balance at March 31, 2014 | $ | 244 | $ | (106 | ) | $ | 138 | ||||||
Balance at December 31, 2012 | $ | 325 | $ | (155 | ) | $ | 170 | ||||||
Reductions | — | 20 | 20 | ||||||||||
Amortization | (20 | ) | — | (20 | ) | ||||||||
Balance at March 31, 2013 | $ | 305 | $ | (135 | ) | $ | 170 | ||||||
At March 31, 2014, December 31, 2013 and March 31, 2013, the fair value of the mortgage servicing rights (“MSRs”) was $138,000, $152,000 and $170,000, respectively. The fair value at these dates was determined using a third-party valuation model that calculates the present value of estimated future servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds and discount rates. Mortgage loan prepayment speed is the annual rate at which borrowers are forecasted to repay their mortgage loan principal and is based on historical experience and current interest rates. The discount rate used to determine the present value of future net servicing income is the required rate of return the market would expect for an asset with similar risk. Both assumptions can, and generally will, change quarterly valuations as market conditions and interest rates change. |
DEPOSITS
DEPOSITS | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
DEPOSITS | ' | |||||||||||||
DEPOSITS | ||||||||||||||
Deposits and their respective weighted average interest rate at March 31, 2014 and December 31, 2013 consist of the following: | ||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||
Weighted | Amount | Weighted | Amount | |||||||||||
Average | Average | |||||||||||||
Interest Rate | Interest Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
Noninterest-bearing demand accounts | — | % | $ | 126,800 | — | % | $ | 100,748 | ||||||
NOW accounts | 0.22 | 83,422 | 0.21 | 84,569 | ||||||||||
Money market accounts | 0.21 | 113,008 | 0.2 | 85,017 | ||||||||||
Savings and club accounts | 0.21 | 108,036 | 0.22 | 108,183 | ||||||||||
Brokered deposits | 0.67 | 49,263 | 0.56 | 71,334 | ||||||||||
Certificates of deposit | 1.14 | 212,964 | 1.26 | 223,864 | ||||||||||
0.49 | % | $ | 693,493 | 0.56 | % | $ | 673,715 | |||||||
BORROWINGS
BORROWINGS | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
BORROWINGS | ' | |||||||||||
BORROWINGS | ' | |||||||||||
BORROWINGS | ||||||||||||
FHLB Advances | ||||||||||||
Pursuant to collateral agreements with the FHLB of Pittsburgh, advances are secured by qualifying first mortgage loans, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. | ||||||||||||
Maturity Date | Amount | Coupon Rate | Call Date | Rate if Called | ||||||||
(In thousands, Unaudited) | ||||||||||||
Aug-14 | $ | 10,000 | 0.52 | % | Not Applicable | Not Applicable | ||||||
Sep-14 | 15,000 | 0.41 | Not Applicable | Not Applicable | ||||||||
Dec-14 | 15,000 | 0.43 | Not Applicable | Not Applicable | ||||||||
Mar-15 | 10,000 | 0.49 | Not Applicable | Not Applicable | ||||||||
Apr-15 | 10,000 | 0.45 | Not Applicable | Not Applicable | ||||||||
Aug-15 | 10,000 | 0.68 | Not Applicable | Not Applicable | ||||||||
Mar-16 | 10,000 | 0.62 | Not Applicable | Not Applicable | ||||||||
Sep-16 | 5,000 | 0.75 | Not Applicable | Not Applicable | ||||||||
Sep-16 | 10,000 | 1.04 | Not Applicable | Not Applicable | ||||||||
Jun-17 | 5,000 | 0.94 | Not Applicable | Not Applicable | ||||||||
Nov-17 | 15,000 | 3.62 | May-14 | LIBOR + 0.10% | ||||||||
Nov-17 | 15,000 | 3.87 | May 2014 | LIBOR + 0.10% | ||||||||
Dec-17 | 20,000 | 2.83 | Jun-14 | LIBOR + 0.11% | ||||||||
$ | 150,000 | 1.52 | % | |||||||||
For the borrowings which have a “Call Date” disclosed in the above table, if the borrowing is called, the Bank has the option to either pay off the borrowing without penalty or the borrowing’s fixed rate resets to a variable LIBOR based rate, as noted in the above table. Subsequent to the call date, the borrowings are callable by the FHLB quarterly. Accordingly, the contractual maturities above may differ from actual maturities. | ||||||||||||
The Bank had a maximum borrowing capacity with the FHLB of Pittsburgh of approximately $417.4 million at March 31, 2014. As of March 31, 2014, the Bank had qualifying collateral pledged against its advances consisting of loans in the amount of $466.4 million and securities in the amount of $85.5 million. Additionally, as of March 31, 2014, the Bank had a maximum borrowing capacity of $66.4 million with the Federal Reserve Bank of Philadelphia through the Discount Window. This borrowing capacity was generated by pledged securities with a fair value of $66.6 million. | ||||||||||||
NOTE 7 - BORROWINGS (CONTINUED) | ||||||||||||
As a member of the FHLB of Pittsburgh, the Bank is required to acquire and hold shares of capital stock in the FHLB of Pittsburgh in an amount equal to at least 4.00% of its advances plus 0.35% of the Bank’s “eligible assets,” as such term is defined by the FHLB; and a maximum amount of 6.00% of its advances plus 1.00% of the Bank’s “eligible assets.” As of March 31, 2014, the Company had a minimum stock obligation of $8.2 million and a maximum stock obligation of $15.1 million. The Company held $9.7 million in FHLB stock at that date. | ||||||||||||
Other Borrowed Funds | ||||||||||||
Other borrowed funds obtained from large commercial banks under security repurchase agreements totaled $30.0 million at March 31, 2014. These borrowings contractually mature with dates ranging from September 2018 through November 2018. As disclosed in the table below, one of the borrowings may be called by the lender based on the underlying agreement. Accordingly, the contractual maturity below may differ from actual maturity. | ||||||||||||
Next Call Date | Subsequent Call Frequency | |||||||||||
Maturity Date | Amount | Coupon Rate | ||||||||||
(In thousands, Unaudited) | ||||||||||||
September 2018 | $ | 10,000 | 3.4 | % | Not Applicable | Not Applicable | ||||||
September 2018 | 5,000 | 3.2 | Not Applicable | Not Applicable | ||||||||
October 2018 | 5,000 | 3.15 | April 2014 | Quarterly | ||||||||
October 2018 | 5,000 | 3.27 | Not Applicable | Not Applicable | ||||||||
November 2018 | 5,000 | 3.37 | Not Applicable | Not Applicable | ||||||||
$ | 30,000 | 3.3 | % | |||||||||
Mortgage backed securities with a fair value of $34.7 million at March 31, 2014 were used to secure these other borrowed funds. | ||||||||||||
Short Term Borrowings | ||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had $27.1 million and $80.5 million, respectively, of short-term borrowings. The short-term borrowings had a blended weighted average rate of 0.32% at March 31, 2014 and December 31, 2013. Short-term borrowings consist of overnight and term borrowings with an original maturity less than one year. Short-term borrowings are obtained from commercial banks, participants in the Federal Funds market and the FHLB. |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
STOCK BASED COMPENSATION | ' | |||||||||||||
STOCK BASED COMPENSATION | ||||||||||||||
During the three months ended March 31, 2014, the Company recorded $297,000 of stock based compensation expense comprised of stock option expense of $112,000 and restricted stock expense of $185,000. This compares to $203,000 of stock based compensation expense comprised of stock option expense of $82,000 and restricted stock expense of $121,000 during the three months ended March 31, 2013. | ||||||||||||||
The following is a summary of the Bancorp’s stock option activity and related information for the three months ended March 31, 2014. | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Stock | Average | Average | Intrinsic | |||||||||||
Options | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
(Unaudited) | ||||||||||||||
Outstanding at December 31, 2013 | 1,123,408 | $ | 12.81 | 6.2 years | $ | 5,013,000 | ||||||||
Granted | 31,300 | 16.96 | ||||||||||||
Exercised | (627 | ) | 9.73 | |||||||||||
Forfeited/Cancelled | — | — | ||||||||||||
Outstanding at March 31, 2014 | 1,154,081 | $ | 12.92 | 6.0 years | $ | 4,573,000 | ||||||||
Exercisable at March 31, 2014 | 715,648 | $ | 11.66 | 4.6 years | $ | 3,720,000 | ||||||||
NOTE 8 - STOCK BASED COMPENSATION (CONTINUED) | ||||||||||||||
The fair value of the options granted during the three months ended March 31, 2014 was estimated to be $3.66. The fair value was based on the following assumptions: | ||||||||||||||
Expected Dividend Yield | 3.53 | % | ||||||||||||
Expected Volatility | 31.04 | % | ||||||||||||
Risk-Free Interest Rate | 1.86 | % | ||||||||||||
Expected Option Life in Years | 6.5 | |||||||||||||
The following is a summary of the Bancorp’s unvested options as of March 31, 2014 and the changes therein during the three months then ended. | ||||||||||||||
Number of | Weighted | |||||||||||||
Stock | Average | |||||||||||||
Options | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
(Unaudited) | ||||||||||||||
Unvested at December 31, 2013 | 475,524 | $ | 3.85 | |||||||||||
Granted | 31,300 | 3.66 | ||||||||||||
Vested | (68,391 | ) | 3.85 | |||||||||||
Forfeited / Cancelled | — | — | ||||||||||||
Unvested at March 31, 2014 | 438,433 | $ | 3.84 | |||||||||||
Expected future expense relating to the 438,433 non-vested options outstanding as of March 31, 2014 is $1.5 million over a weighted average period of 3.6 years. | ||||||||||||||
The following is a summary of the status of the Bancorp’s restricted stock as of March 31, 2014 and changes therein during the three months then ended. | ||||||||||||||
Number of | Weighted | |||||||||||||
Restricted | Average | |||||||||||||
Shares | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
(Unaudited) | ||||||||||||||
Unvested at December 31, 2013 | 225,932 | $ | 14.98 | |||||||||||
Granted | 10,450 | 16.96 | ||||||||||||
Vested | (20,996 | ) | 15.81 | |||||||||||
Forfeited / Cancelled | — | — | ||||||||||||
Unvested at March 31, 2014 | 215,386 | $ | 14.89 | |||||||||||
Expected future compensation expense relating to the 215,386 restricted shares at March 31, 2014 is $2.6 million over a weighted average period of 3.5 years. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||
FAIR VALUE | ' | |||||||||||||||||||||
FAIR VALUE | ||||||||||||||||||||||
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of the respective quarter ends, and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each quarter end. | ||||||||||||||||||||||
The Company determines the fair value of financial instruments using three levels of input: | ||||||||||||||||||||||
Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. | ||||||||||||||||||||||
Level 2—Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||||
Level 3—Valuations are observed from unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||
The carrying amounts of cash and cash equivalents approximate their fair value. | ||||||||||||||||||||||
Investment and Mortgage Related Securities—Available-for-Sale and Held-to-Maturity | ||||||||||||||||||||||
Fair values for investment securities and mortgage related securities are obtained from one external pricing service (“primary pricing service”) as the provider of pricing on the investment portfolio on a quarterly basis. We generally obtain one quote per investment security. If quoted market prices are not available, fair values are based on quoted market prices of comparable securities. If quoted market prices are not available for comparable securities, fair value is based on quoted bids for the security or comparable securities. We review the estimates of fair value provided by the primary pricing service to determine if they are representative of fair value based upon our general knowledge of market conditions and relative changes in interest rates and the credit environment. The Company made no adjustments to the values obtained from the primary pricing service. | ||||||||||||||||||||||
Loans Receivable, Net | ||||||||||||||||||||||
To determine the fair values of loans that are not impaired, we employ discounted cash flow analyses that use interest rates and terms similar to those currently being offered to borrowers. We do not record loans at fair value on a recurring basis. We record fair value adjustments to loans on a nonrecurring basis to reflect full and partial charge-offs due to impairment. For impaired loans, we use a variety of techniques to measure fair value, such as using the current appraised value of the collateral, agreements of sale, discounting the contractual cash flows, and analyzing market data that we may adjust due to specific characteristics of the loan or collateral. | ||||||||||||||||||||||
FHLB Stock | ||||||||||||||||||||||
The fair value of the FHLB stock is assumed to equal its cost, since the stock is nonmarketable but redeemable at its par value. | ||||||||||||||||||||||
Mortgage Servicing Rights | ||||||||||||||||||||||
The fair value of the MSRs was determined using a third-party valuation model that calculates the present value of estimated future servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds and discount rates. | ||||||||||||||||||||||
NOTE 9 - FAIR VALUE (CONTINUED) | ||||||||||||||||||||||
Financial Assets Acquired from Debtors | ||||||||||||||||||||||
The fair value of financial assets acquired from debtors are determined using sales prices from executed sale agreements. | ||||||||||||||||||||||
Accrued Interest Receivable and Accrued Interest Payable | ||||||||||||||||||||||
The carrying amount of accrued interest receivable and accrued interest payable approximates fair value. | ||||||||||||||||||||||
Deposit Liabilities | ||||||||||||||||||||||
Fair values for demand deposits (including NOW accounts), savings and club accounts and money market deposits are, by definition, equal to the amount payable on demand at the reporting date. Fair values of fixed-maturity certificates of deposit, including brokered deposits, are estimated using a discounted cash flow calculation that applies interest rates currently being offered on similar instruments with similar maturities. | ||||||||||||||||||||||
Short-term Borrowings, FHLB Advances and Other Borrowed Funds | ||||||||||||||||||||||
Fair values of short-term borrowings, FHLB advances and other borrowed funds are estimated using discounted cash flow analyses, based on rates currently available to the Bank for advances with similar terms and remaining maturities. | ||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
The fair values of derivative contracts are based upon the estimated amount the Company would receive or pay to terminate the contracts or agreements, taking into account underlying interest rates, creditworthiness of underlying customers for credit derivatives and, when appropriate, the creditworthiness of the counterparties. | ||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||
Fair Value | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Hierarchy | Amount | Fair | Amount | Fair | ||||||||||||||||||
Level | Value | Value | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Financial assets: | (Unaudited) | |||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 8,909 | $ | 8,909 | $ | 11,947 | $ | 11,947 | |||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||
Investment securities available-for-sale | Level 2 | 8,496 | 8,496 | 10,489 | 10,489 | |||||||||||||||||
Private label commercial mortgage related securities | Level 3 | 485 | 485 | 2,120 | 2,120 | |||||||||||||||||
Agency residential mortgage related securities | Level 2 | 240,972 | 240,972 | 243,948 | 243,948 | |||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||
Agency mortgage related securities | Level 2 | 75,609 | 75,168 | 68,397 | 67,491 | |||||||||||||||||
Loans receivable, net | Level 3 | 693,391 | 696,192 | 720,490 | 721,417 | |||||||||||||||||
FHLB stock | Level 3 | 9,721 | 9,721 | 9,813 | 9,813 | |||||||||||||||||
Accrued interest receivable | Level 2, 3 | 3,242 | 3,242 | 3,308 | 3,308 | |||||||||||||||||
Mortgage servicing rights | Level 2 | 138 | 138 | 152 | 152 | |||||||||||||||||
Financial assets acquired from debtors | Level 3 | — | — | 1,938 | 1,938 | |||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||
Savings and club accounts | Level 2 | 108,036 | 108,036 | 108,183 | 108,183 | |||||||||||||||||
Demand, NOW and money market deposits | Level 2 | 323,230 | 323,230 | 270,334 | 270,334 | |||||||||||||||||
Brokered deposits | Level 2 | 49,263 | 48,966 | 71,334 | 71,020 | |||||||||||||||||
Certificates of deposit | Level 2 | 212,964 | 213,895 | 223,864 | 225,357 | |||||||||||||||||
Short-term borrowings | Level 2 | 27,100 | 27,100 | 80,500 | 80,500 | |||||||||||||||||
FHLB advances | Level 2 | 150,000 | 153,878 | 150,000 | 154,069 | |||||||||||||||||
Other borrowed funds | Level 2 | 30,000 | 32,111 | 30,000 | 32,178 | |||||||||||||||||
Accrued interest payable | Level 2 | 300 | 300 | 314 | 314 | |||||||||||||||||
Derivative contracts | Level 2, 3 | 141 | 141 | 124 | 124 | |||||||||||||||||
NOTE 9 - FAIR VALUE (CONTINUED) | ||||||||||||||||||||||
The following financial instruments were classified as Level 3 and carried at fair value as of March 31, 2014: | ||||||||||||||||||||||
• | Private label CMBS, the fair value of which are difficult to determine because they are not actively traded in securities markets. The net unrealized gain in the private label CMBS portfolio was $0 and $2,000 at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
• | Two commercial loans, since lending credit risk is not an observable input for these loans (see Note 4). The unrealized gain on the two loans was $137,000 at March 31, 2014 compared to $125,000 at December 31, 2013. | |||||||||||||||||||||
• | Credit derivatives are valued based on creditworthiness of the underlying borrower which is a significant unobservable input. The liability resulting from credit derivatives was $5,000 at March 31, 2014 and $4,000 at December 31, 2013. | |||||||||||||||||||||
The following measures were made on a recurring basis as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | ||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||
As of | Assets | Inputs | Inputs | |||||||||||||||||||
Description | 31-Mar-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 307 | $ | — | $ | 307 | $ | — | ||||||||||||||
Corporate securities | 8,189 | — | 8,189 | — | ||||||||||||||||||
Private label commercial mortgage related securities | 485 | — | — | 485 | ||||||||||||||||||
Agency residential mortgage related securities | 240,972 | — | 240,972 | — | ||||||||||||||||||
Loans (1) | 2,519 | — | — | 2,519 | ||||||||||||||||||
Derivative contracts (1) | (141 | ) | — | (136 | ) | (5 | ) | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | ||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||
As of | Assets | Inputs | Inputs | |||||||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 308 | $ | — | $ | 308 | $ | — | ||||||||||||||
Corporate securities | 10,181 | — | 10,181 | — | ||||||||||||||||||
Private label commercial mortgage related securities | 2,120 | — | — | 2,120 | ||||||||||||||||||
Agency residential mortgage related securities | 243,948 | — | 243,948 | — | ||||||||||||||||||
Loans (1) | 2,535 | — | — | 2,535 | ||||||||||||||||||
Financial assets acquired from debtors | 1,938 | — | — | 1,938 | ||||||||||||||||||
Derivative contracts (1) | (124 | ) | — | (120 | ) | (4 | ) | |||||||||||||||
(1) Such financial instruments are recorded at fair value as further described in Note 4. | ||||||||||||||||||||||
NOTE 9 - FAIR VALUE (CONTINUED) | ||||||||||||||||||||||
The following measures were made on a non-recurring basis as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||
Loans, which were partially charged off at March 31, 2014 and December 31, 2013. The loans’ fair values are based on Level 3 inputs, which are either an appraised value or a sales agreement, less costs to sell. These amounts do not include fully charged-off loans, because we carry fully charged-off loans at zero on our balance sheet. | ||||||||||||||||||||||
MSRs, the fair value of which was determined using a third-party valuation model that calculates the present value of estimated future servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds and discount rates. | ||||||||||||||||||||||
Other real estate owned, for which we used Level 3 inputs, which consist of appraisals or agreements of sale. | ||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | ||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||||||
Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
March 31, 2014 (Unaudited) | (In thousands) | |||||||||||||||||||||
Loans | $ | 456 | $ | — | $ | — | $ | 456 | ||||||||||||||
Mortgage servicing rights | 138 | — | 138 | — | ||||||||||||||||||
Other real estate owned | 4,574 | — | — | 4,574 | ||||||||||||||||||
Total | $ | 5,168 | $ | — | $ | 138 | $ | 5,030 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Loans | $ | 912 | $ | — | $ | — | $ | 912 | ||||||||||||||
Mortgage servicing rights | 152 | — | 152 | — | ||||||||||||||||||
Other real estate owned | 4,314 | — | — | 4,314 | ||||||||||||||||||
Total | $ | 5,378 | $ | — | $ | 152 | $ | 5,226 | ||||||||||||||
NOTE 9 - FAIR VALUE (CONTINUED) | ||||||||||||||||||||||
The following tables include a roll forward of the financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) for the periods from December 31, 2013 to March 31, 2014 and December 31, 2012 to March 31, 2013. | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Private Label | Derivative | Financial | Loans | Total | ||||||||||||||||||
Commercial | Contracts | Assets | ||||||||||||||||||||
Mortgage | Acquired | |||||||||||||||||||||
Related | from Debtors | |||||||||||||||||||||
Securities | ||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||
Beginning balance, December 31, 2013 | $ | 2,120 | $ | (4 | ) | $ | 1,938 | $ | 2,535 | $ | 6,589 | |||||||||||
Purchases/additions | — | (2 | ) | — | — | (2 | ) | |||||||||||||||
Sales | — | — | (1,938 | ) | — | (1,938 | ) | |||||||||||||||
Payments received | (1,633 | ) | — | — | (28 | ) | (1,661 | ) | ||||||||||||||
Premium amortization, net | — | — | — | — | — | |||||||||||||||||
(Decrease)/increase in value | (2 | ) | 1 | — | 12 | 11 | ||||||||||||||||
Ending balance, March 31, 2014 | $ | 485 | $ | (5 | ) | $ | — | $ | 2,519 | $ | 2,999 | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Private Label | Derivative | Financial | Loans | Total | ||||||||||||||||||
Commercial | Contracts | Assets | ||||||||||||||||||||
Mortgage | Acquired | |||||||||||||||||||||
Related | from Debtors | |||||||||||||||||||||
Securities | ||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 6,197 | $ | (12 | ) | $ | 3,714 | $ | 2,806 | $ | 12,705 | |||||||||||
Purchases/additions | — | (2 | ) | 1,994 | — | 1,992 | ||||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||||
Payments (received) made | (1,486 | ) | — | 295 | (26 | ) | (1,217 | ) | ||||||||||||||
Premium amortization, net | (2 | ) | — | — | — | (2 | ) | |||||||||||||||
(Decrease)/increase in value | (30 | ) | 2 | (241 | ) | (29 | ) | (298 | ) | |||||||||||||
Ending balance, March 31, 2013 | $ | 4,679 | $ | (12 | ) | $ | 5,762 | $ | 2,751 | $ | 13,180 | |||||||||||
There were no transfers made between levels during the three months ended March 31, 2014 or 2013. |
ACCOUNTING_PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
ACCOUNTING PRONOUNCEMENTS | ' |
ACCOUNTING PRONOUNCEMENTS | |
ASU No. 2013-11-Income Taxes (Topic 740)-Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). As a result of applying this ASU, an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss ("NOL") or other tax credit carryforward when settlement in this manner is available under the tax law. The assessment of whether settlement is available under the tax law would be based on facts and circumstances as of the balance sheet reporting date and would not consider future events (e.g., upcoming expiration of related NOL carryforwards). This classification should not affect an entity's analysis of the realization of its deferred tax assets. Gross presentation in the rollforward of unrecognized tax positions in the notes to the financial statements will still be required. For the Company, the update was effective prospectively for annual reporting periods beginning on or after January 1, 2014, and interim periods within those annual periods. Retrospective application is permitted. Adoption of this ASU did not have a material impact on the Company's consolidated financial statements. | |
NOTE 10 – ACCOUNTING PRONOUNCEMENTS (CONTINUED) | |
ASU No. 2014-04 - Troubled Debt Restructuring by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The amendments in this update apply to all creditors who obtain physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The objective of the amendments in this update is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to requirements of the applicable jurisdiction. The amendments in this update are effective for the Company for annual reporting periods beginning on or after January 1, 2015, and interim periods within those annual periods. Adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. |
PRINCIPLES_OF_CONSOLIDATION_AN1
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Schedule of the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations | ' | |||||||||
The following table presents the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2014 | 2013 | |||||||||
(Unaudited) | ||||||||||
Net income | $ | 1,956,000 | $ | 1,827,000 | ||||||
Weighted-average common shares outstanding (1) | 12,147,959 | 12,325,321 | ||||||||
Average common stock acquired by stock benefit plans: | ||||||||||
ESOP shares unallocated | (545,904 | ) | (610,957 | ) | ||||||
Shares purchased by trust | (307,172 | ) | (338,310 | ) | ||||||
Weighted-average common shares used to calculate basic earnings per share | 11,294,883 | 11,376,054 | ||||||||
Dilutive effect of: | ||||||||||
Restricted stock awards | 54,057 | 38,371 | ||||||||
Stock option awards | 206,164 | 188,208 | ||||||||
Weighted-average common shares used to calculate diluted earnings per share | 11,555,104 | 11,602,633 | ||||||||
Earnings per share-basic | $ | 0.17 | $ | 0.16 | ||||||
Earnings per share-diluted | $ | 0.17 | $ | 0.16 | ||||||
Outstanding common stock equivalents having no dilutive effect | 1,109,246 | 1,147,912 | ||||||||
(1) Excludes treasury stock. |
INVESTMENT_AND_MORTGAGE_RELATE1
INVESTMENT AND MORTGAGE RELATED SECURITIES (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Schedule of amortized cost and fair value of securities available-for-sale and held-to-maturity | ' | |||||||||||||||||||||||
The amortized cost and fair value of securities available-for-sale and held-to-maturity as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | OTTI | Fair | ||||||||||||||||||||
Cost | Unrealized | Unrealized | in AOCI | Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 300 | $ | 7 | $ | — | $ | — | $ | 307 | ||||||||||||||
Corporate securities | 8,123 | 66 | — | — | 8,189 | |||||||||||||||||||
8,423 | 73 | — | — | 8,496 | ||||||||||||||||||||
Private label commercial mortgage related securities | 485 | — | — | — | 485 | |||||||||||||||||||
Agency residential mortgage related securities | 245,197 | 2,562 | (6,787 | ) | — | 240,972 | ||||||||||||||||||
Total mortgage related securities | 245,682 | 2,562 | (6,787 | ) | — | 241,457 | ||||||||||||||||||
Total available-for-sale securities | $ | 254,105 | $ | 2,635 | $ | (6,787 | ) | $ | — | $ | 249,953 | |||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 75,609 | $ | 654 | $ | (1,095 | ) | $ | — | $ | 75,168 | |||||||||||||
Total mortgage related securities | 75,609 | 654 | (1,095 | ) | — | 75,168 | ||||||||||||||||||
Total held-to-maturity securities | $ | 75,609 | $ | 654 | $ | (1,095 | ) | $ | — | $ | 75,168 | |||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | OTTI | Fair | ||||||||||||||||||||
Cost | Unrealized | Unrealized | in AOCI | Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 300 | $ | 8 | $ | — | $ | — | $ | 308 | ||||||||||||||
Corporate securities | 10,145 | 54 | (18 | ) | — | 10,181 | ||||||||||||||||||
10,445 | 62 | (18 | ) | — | 10,489 | |||||||||||||||||||
Private label commercial mortgage related securities | 2,118 | 2 | — | — | 2,120 | |||||||||||||||||||
Agency residential mortgage related securities | 250,851 | 2,655 | (9,558 | ) | — | 243,948 | ||||||||||||||||||
Total mortgage related securities | 252,969 | 2,657 | (9,558 | ) | — | 246,068 | ||||||||||||||||||
Total available-for-sale securities | $ | 263,414 | $ | 2,719 | $ | (9,576 | ) | $ | — | $ | 256,557 | |||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 68,397 | $ | 514 | $ | (1,420 | ) | $ | — | $ | 67,491 | |||||||||||||
Total mortgage related securities | 68,397 | 514 | (1,420 | ) | — | 67,491 | ||||||||||||||||||
Total held-to-maturity securities | $ | 68,397 | $ | 514 | $ | (1,420 | ) | $ | — | $ | 67,491 | |||||||||||||
Schedule of gross unrealized losses and fair value of securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position | ' | |||||||||||||||||||||||
The following tables show gross unrealized losses and fair value of securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Corporate securities | — | — | — | — | — | — | ||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||
Agency residential mortgage related securities | 166,925 | (4,327 | ) | 36,631 | (2,460 | ) | 203,556 | (6,787 | ) | |||||||||||||||
Total mortgage related securities | 166,925 | (4,327 | ) | 36,631 | (2,460 | ) | 203,556 | (6,787 | ) | |||||||||||||||
Total available-for-sale securities | $ | 166,925 | $ | (4,327 | ) | $ | 36,631 | $ | (2,460 | ) | $ | 203,556 | $ | (6,787 | ) | |||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 42,150 | $ | (1,095 | ) | $ | — | $ | — | $ | 42,150 | $ | (1,095 | ) | ||||||||||
Total mortgage related securities | 42,150 | (1,095 | ) | — | — | 42,150 | (1,095 | ) | ||||||||||||||||
Total held-to-maturity securities | $ | 42,150 | $ | (1,095 | ) | $ | — | $ | — | $ | 42,150 | $ | (1,095 | ) | ||||||||||
Total temporarily impaired securities | $ | 209,075 | $ | (5,422 | ) | $ | 36,631 | $ | (2,460 | ) | $ | 245,706 | $ | (7,882 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Corporate securities | — | — | 2,982 | (18 | ) | 2,982 | (18 | ) | ||||||||||||||||
— | — | 2,982 | (18 | ) | 2,982 | (18 | ) | |||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||
Agency residential mortgage related securities | 180,448 | (7,251 | ) | 24,841 | (2,307 | ) | 205,289 | (9,558 | ) | |||||||||||||||
Total mortgage related securities | 180,448 | (7,251 | ) | 24,841 | (2,307 | ) | 205,289 | (9,558 | ) | |||||||||||||||
Total available-for-sale securities | $ | 180,448 | $ | (7,251 | ) | $ | 27,823 | $ | (2,325 | ) | $ | 208,271 | $ | (9,576 | ) | |||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 40,615 | $ | (1,420 | ) | $ | — | $ | — | $ | 40,615 | $ | (1,420 | ) | ||||||||||
Total mortgage related securities | 40,615 | (1,420 | ) | — | — | 40,615 | (1,420 | ) | ||||||||||||||||
Total held-to-maturity securities | $ | 40,615 | $ | (1,420 | ) | $ | — | $ | — | $ | 40,615 | $ | (1,420 | ) | ||||||||||
Total temporarily impaired securities | $ | 221,063 | $ | (8,671 | ) | $ | 27,823 | $ | (2,325 | ) | $ | 248,886 | $ | (10,996 | ) | |||||||||
Schedules of components of net gains on sale of investment securities | ' | |||||||||||||||||||||||
The following schedule provides a summary of the components of net investment securities gains (losses) in the Company’s consolidated statement of operations for the three month period ended March 31, 2013. | ||||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Gross | Gross | Other-than- | Portion of | Net Gains | ||||||||||||||||||||
Realized | Realized | Temporary | OTTI | (Losses) | ||||||||||||||||||||
Gains | Losses | Impairment | in OCI | |||||||||||||||||||||
Losses | ||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Corporate securities | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||
Private label residential mortgage related security | — | — | — | — | — | |||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | |||||||||||||||||||
Agency residential mortgage related securities | 361 | — | — | — | 361 | |||||||||||||||||||
Total mortgage related securities | 361 | — | — | — | 361 | |||||||||||||||||||
Total securities available-for-sale | $ | 361 | $ | — | $ | — | $ | — | $ | 361 | ||||||||||||||
Schedule of amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity by contractual maturity | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity at March 31, 2014 and December 31, 2013 by contractual maturity are as follows: | ||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
March 31, 2014 (Unaudited) | ||||||||||||||||||||||||
Due in one year or less | $ | 2,549 | $ | 2,563 | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 5,874 | 5,933 | — | — | ||||||||||||||||||||
Due after five years through ten years | — | — | — | — | ||||||||||||||||||||
Due after ten years | — | — | — | — | ||||||||||||||||||||
Total mortgage related securities | 245,682 | 241,457 | 75,609 | 75,168 | ||||||||||||||||||||
$ | 254,105 | $ | 249,953 | $ | 75,609 | $ | 75,168 | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Due in one year or less | $ | 1,999 | $ | 2,000 | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 8,446 | 8,489 | — | — | ||||||||||||||||||||
Due after five years through ten years | — | — | — | — | ||||||||||||||||||||
Due after ten years | — | — | — | — | ||||||||||||||||||||
Total mortgage related securities | 252,969 | 246,068 | 68,397 | 67,491 | ||||||||||||||||||||
$ | 263,414 | $ | 256,557 | $ | 68,397 | $ | 67,491 | |||||||||||||||||
LOANS_Tables
LOANS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of composition of net loans | ' | |||||||||||||||||||||||||||
The composition of net loans at March 31, 2014 and December 31, 2013 is provided below: | ||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 124,182 | $ | 127,501 | ||||||||||||||||||||||||
Multi-family and commercial | 396,994 | 408,365 | ||||||||||||||||||||||||||
Construction | 13,948 | 5,904 | ||||||||||||||||||||||||||
535,124 | 541,770 | |||||||||||||||||||||||||||
Consumer loans | 21,372 | 22,478 | ||||||||||||||||||||||||||
Commercial and industrial loans | 148,617 | 168,013 | ||||||||||||||||||||||||||
Total loans | 705,113 | 732,261 | ||||||||||||||||||||||||||
Deferred loan origination fees, net | (286 | ) | (242 | ) | ||||||||||||||||||||||||
Allowance for loan losses | (11,436 | ) | (11,529 | ) | ||||||||||||||||||||||||
Net loans | $ | 693,391 | $ | 720,490 | ||||||||||||||||||||||||
Schedule of changes in allowance for loan losses by loan segment | ' | |||||||||||||||||||||||||||
The following tables present changes in the allowance for loan losses by loan segment for the three months ended March 31, 2014 and the three months ended March 31, 2013. | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||
Balance, beginning | $ | 403 | $ | 7,141 | $ | 324 | $ | 153 | $ | 3,051 | $ | 457 | $ | 11,529 | ||||||||||||||
(Credit) provision for loan losses | (28 | ) | (200 | ) | 80 | (4 | ) | (64 | ) | 216 | — | |||||||||||||||||
Loans charged off | — | (103 | ) | — | (2 | ) | — | — | (105 | ) | ||||||||||||||||||
Recoveries | — | 3 | — | 9 | — | — | 12 | |||||||||||||||||||||
Balance, ending | $ | 375 | $ | 6,841 | $ | 404 | $ | 156 | $ | 2,987 | $ | 673 | $ | 11,436 | ||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Balance, beginning | $ | 642 | $ | 6,327 | $ | 873 | $ | 232 | $ | 2,630 | $ | 466 | $ | 11,170 | ||||||||||||||
(Credit) provision for loan losses | (107 | ) | 988 | (356 | ) | 17 | 114 | (16 | ) | 640 | ||||||||||||||||||
Loans charged off | (18 | ) | (161 | ) | — | (44 | ) | — | — | (223 | ) | |||||||||||||||||
Recoveries | — | 4 | — | 12 | — | — | 16 | |||||||||||||||||||||
Balance, ending | $ | 517 | $ | 7,158 | $ | 517 | $ | 217 | $ | 2,744 | $ | 450 | $ | 11,603 | ||||||||||||||
Schedule of breakdown of impaired loans by loan segment | ' | |||||||||||||||||||||||||||
The following tables set forth the breakdown of impaired loans by loan segment as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Nonaccrual | Accruing | Other | Total | Impaired | Impaired | |||||||||||||||||||||||
Loans | TDRs | Impaired | Impaired | Loans | Loans | |||||||||||||||||||||||
Loans | Loans | with | without | |||||||||||||||||||||||||
Allowance | Allowance | |||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 2,242 | $ | 580 | $ | — | $ | 2,822 | $ | 2,822 | $ | — | ||||||||||||||||
Multi-family and commercial | 1,545 | 1,540 | 4,526 | 7,611 | 7,611 | — | ||||||||||||||||||||||
Construction | — | 2,974 | — | 2,974 | 2,974 | — | ||||||||||||||||||||||
Consumer loans | 192 | 13 | — | 205 | 205 | — | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 3,979 | $ | 5,107 | $ | 4,526 | $ | 13,612 | $ | 13,612 | $ | — | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Nonaccrual | Accruing | Other | Total | Impaired | Impaired | |||||||||||||||||||||||
Loans | TDRs | Impaired | Impaired | Loans | Loans | |||||||||||||||||||||||
Loans | Loans | with | without | |||||||||||||||||||||||||
Allowance | Allowance | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 2,390 | $ | 582 | $ | — | $ | 2,972 | $ | 2,972 | $ | — | ||||||||||||||||
Multi-family and commercial | 3,031 | 6,191 | — | 9,222 | 8,866 | 356 | ||||||||||||||||||||||
Construction | 3,231 | — | — | 3,231 | 3,231 | — | ||||||||||||||||||||||
Consumer loans | 128 | 13 | — | 141 | 141 | — | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 8,780 | $ | 6,786 | $ | — | $ | 15,566 | $ | 15,210 | $ | 356 | ||||||||||||||||
Schedule of allowance for loan loss for impaired loans and general allowance by loan segment | ' | |||||||||||||||||||||||||||
The following tables set forth the allowance for loan loss for impaired loans and general allowance by loan segment as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
31-Mar-14 | Allowance for Loan Losses | |||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing TDRs | Other Impaired Loans | Total Impaired Loans | |||||||||||||||||||||||||
General | Total | |||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 139 | $ | 1 | $ | — | $ | 140 | $ | 235 | $ | 375 | ||||||||||||||||
Multi-family and commercial | 576 | 77 | 401 | 1,054 | 5,787 | 6,841 | ||||||||||||||||||||||
Construction | — | 169 | — | 169 | 235 | 404 | ||||||||||||||||||||||
Consumer loans | 12 | — | — | 12 | 144 | 156 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 2,987 | 2,987 | ||||||||||||||||||||||
Unallocated | — | — | — | — | 673 | 673 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 727 | $ | 247 | $ | 401 | $ | 1,375 | $ | 10,061 | $ | 11,436 | ||||||||||||||||
31-Dec-13 | Allowance for Loan Losses | |||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing TDRs | Other Impaired Loans | Total Impaired Loans | |||||||||||||||||||||||||
General | Total | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 163 | $ | 1 | $ | — | $ | 164 | $ | 239 | $ | 403 | ||||||||||||||||
Multi-family and commercial | 600 | 687 | — | 1,287 | 5,854 | 7,141 | ||||||||||||||||||||||
Construction | 263 | — | — | 263 | 61 | 324 | ||||||||||||||||||||||
Consumer loans | 6 | — | — | 6 | 147 | 153 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 3,051 | 3,051 | ||||||||||||||||||||||
Unallocated | — | — | — | — | 457 | 457 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 1,032 | $ | 688 | $ | — | $ | 1,720 | $ | 9,809 | $ | 11,529 | ||||||||||||||||
Summary of TDR activity for the periods | ' | |||||||||||||||||||||||||||
The following table sets forth a summary of the TDR activity for the three month periods ended March 31, 2014. | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | ||||||||||||||||||||||||||||
Restructured Current Period | ||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Type of Modification | Number | Post-Modification | |||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | ||||||||||||||||||||||||
Recorded | Recorded | Recorded | ||||||||||||||||||||||||||
Investment | Investment | Investment | ||||||||||||||||||||||||||
(Dollars in thousands, Unaudited) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One- to four-family | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||
Multi-family and commercial | 1 | 1,640 | 1,540 | Principal reduction | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans | — | — | — | — | — | |||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | |||||||||||||||||||||||
Total | 1 | $ | 1,640 | $ | 1,540 | — | $ | — | ||||||||||||||||||||
Schedule of past due loans by segment | ' | |||||||||||||||||||||||||||
The following table sets forth past due loans by segment as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
30-59 | 60-89 | 30-59 | 60-89 | |||||||||||||||||||||||||
Days | Days | Days | Days | |||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
One- to four-family real estate | $ | 448 | $ | 123 | $ | 172 | $ | — | ||||||||||||||||||||
Multi-family and commercial real estate | 282 | — | — | — | ||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Consumer | 99 | 56 | 241 | 5 | ||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 829 | $ | 179 | $ | 413 | $ | 5 | ||||||||||||||||||||
Schedule of criticized and classified loans by segment | ' | |||||||||||||||||||||||||||
The following tables set forth criticized and classified loans by segment as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Total | |||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||
Pass and Pass watch | $ | 121,940 | $ | 382,934 | $ | 10,974 | $ | 21,180 | $ | 137,170 | $ | 674,198 | ||||||||||||||||
Special mention | — | 12,515 | 2,974 | — | 11,397 | 26,886 | ||||||||||||||||||||||
Substandard | 2,242 | 1,545 | — | 192 | 50 | 4,029 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||
Total loans | $ | 124,182 | $ | 396,994 | $ | 13,948 | $ | 21,372 | $ | 148,617 | $ | 705,113 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Total | |||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Pass and Pass watch | $ | 125,111 | $ | 390,908 | $ | 2,672 | $ | 22,350 | $ | 165,336 | $ | 706,377 | ||||||||||||||||
Special mention | — | 12,414 | — | — | 2,677 | 15,091 | ||||||||||||||||||||||
Substandard | 2,390 | 5,043 | 3,232 | 128 | — | 10,793 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||
Total loans | $ | 127,501 | $ | 408,365 | $ | 5,904 | $ | 22,478 | $ | 168,013 | $ | 732,261 | ||||||||||||||||
MORTGAGE_SERVICING_ACTIVITY_Ta
MORTGAGE SERVICING ACTIVITY (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
MORTGAGE SERVICING ACTIVITY | ' | ||||||||||||
Summary of activity of mortgage servicing rights for the period ended | ' | ||||||||||||
The following table summarizes mortgage servicing rights activity for the three months ended March 31, 2014 and 2013. | |||||||||||||
Servicing | Valuation | Net | |||||||||||
Rights | Allowance | Carrying | |||||||||||
Value | |||||||||||||
(In thousands, Unaudited) | |||||||||||||
Balance at December 31, 2013 | $ | 255 | $ | (103 | ) | $ | 152 | ||||||
Additions | — | (3 | ) | (3 | ) | ||||||||
Amortization | (11 | ) | — | (11 | ) | ||||||||
Balance at March 31, 2014 | $ | 244 | $ | (106 | ) | $ | 138 | ||||||
Balance at December 31, 2012 | $ | 325 | $ | (155 | ) | $ | 170 | ||||||
Reductions | — | 20 | 20 | ||||||||||
Amortization | (20 | ) | — | (20 | ) | ||||||||
Balance at March 31, 2013 | $ | 305 | $ | (135 | ) | $ | 170 | ||||||
DEPOSITS_Tables
DEPOSITS (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
Schedule of components of weighted average interest rate and balance of deposits | ' | |||||||||||||
Deposits and their respective weighted average interest rate at March 31, 2014 and December 31, 2013 consist of the following: | ||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||
Weighted | Amount | Weighted | Amount | |||||||||||
Average | Average | |||||||||||||
Interest Rate | Interest Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
Noninterest-bearing demand accounts | — | % | $ | 126,800 | — | % | $ | 100,748 | ||||||
NOW accounts | 0.22 | 83,422 | 0.21 | 84,569 | ||||||||||
Money market accounts | 0.21 | 113,008 | 0.2 | 85,017 | ||||||||||
Savings and club accounts | 0.21 | 108,036 | 0.22 | 108,183 | ||||||||||
Brokered deposits | 0.67 | 49,263 | 0.56 | 71,334 | ||||||||||
Certificates of deposit | 1.14 | 212,964 | 1.26 | 223,864 | ||||||||||
0.49 | % | $ | 693,493 | 0.56 | % | $ | 673,715 | |||||||
BORROWINGS_Tables
BORROWINGS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
BORROWINGS | ' | |||||||||||
Schedule of FHLB advances | ' | |||||||||||
Maturity Date | Amount | Coupon Rate | Call Date | Rate if Called | ||||||||
(In thousands, Unaudited) | ||||||||||||
Aug-14 | $ | 10,000 | 0.52 | % | Not Applicable | Not Applicable | ||||||
Sep-14 | 15,000 | 0.41 | Not Applicable | Not Applicable | ||||||||
Dec-14 | 15,000 | 0.43 | Not Applicable | Not Applicable | ||||||||
Mar-15 | 10,000 | 0.49 | Not Applicable | Not Applicable | ||||||||
Apr-15 | 10,000 | 0.45 | Not Applicable | Not Applicable | ||||||||
Aug-15 | 10,000 | 0.68 | Not Applicable | Not Applicable | ||||||||
Mar-16 | 10,000 | 0.62 | Not Applicable | Not Applicable | ||||||||
Sep-16 | 5,000 | 0.75 | Not Applicable | Not Applicable | ||||||||
Sep-16 | 10,000 | 1.04 | Not Applicable | Not Applicable | ||||||||
Jun-17 | 5,000 | 0.94 | Not Applicable | Not Applicable | ||||||||
Nov-17 | 15,000 | 3.62 | May-14 | LIBOR + 0.10% | ||||||||
Nov-17 | 15,000 | 3.87 | May 2014 | LIBOR + 0.10% | ||||||||
Dec-17 | 20,000 | 2.83 | Jun-14 | LIBOR + 0.11% | ||||||||
$ | 150,000 | 1.52 | % | |||||||||
Schedule of other long-term borrowings | ' | |||||||||||
Next Call Date | Subsequent Call Frequency | |||||||||||
Maturity Date | Amount | Coupon Rate | ||||||||||
(In thousands, Unaudited) | ||||||||||||
September 2018 | $ | 10,000 | 3.4 | % | Not Applicable | Not Applicable | ||||||
September 2018 | 5,000 | 3.2 | Not Applicable | Not Applicable | ||||||||
October 2018 | 5,000 | 3.15 | April 2014 | Quarterly | ||||||||
October 2018 | 5,000 | 3.27 | Not Applicable | Not Applicable | ||||||||
November 2018 | 5,000 | 3.37 | Not Applicable | Not Applicable | ||||||||
$ | 30,000 | 3.3 | % | |||||||||
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of stock option activity and related information | ' | |||||||||||||
The following is a summary of the Bancorp’s stock option activity and related information for the three months ended March 31, 2014. | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Stock | Average | Average | Intrinsic | |||||||||||
Options | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
(Unaudited) | ||||||||||||||
Outstanding at December 31, 2013 | 1,123,408 | $ | 12.81 | 6.2 years | $ | 5,013,000 | ||||||||
Granted | 31,300 | 16.96 | ||||||||||||
Exercised | (627 | ) | 9.73 | |||||||||||
Forfeited/Cancelled | — | — | ||||||||||||
Outstanding at March 31, 2014 | 1,154,081 | $ | 12.92 | 6.0 years | $ | 4,573,000 | ||||||||
Exercisable at March 31, 2014 | 715,648 | $ | 11.66 | 4.6 years | $ | 3,720,000 | ||||||||
Summary of unvested options and changes during the period | ' | |||||||||||||
The following is a summary of the Bancorp’s unvested options as of March 31, 2014 and the changes therein during the three months then ended. | ||||||||||||||
Number of | Weighted | |||||||||||||
Stock | Average | |||||||||||||
Options | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
(Unaudited) | ||||||||||||||
Unvested at December 31, 2013 | 475,524 | $ | 3.85 | |||||||||||
Granted | 31,300 | 3.66 | ||||||||||||
Vested | (68,391 | ) | 3.85 | |||||||||||
Forfeited / Cancelled | — | — | ||||||||||||
Unvested at March 31, 2014 | 438,433 | $ | 3.84 | |||||||||||
Schedule of assumptions to determine the fair value of the options | ' | |||||||||||||
The fair value of the options granted during the three months ended March 31, 2014 was estimated to be $3.66. The fair value was based on the following assumptions: | ||||||||||||||
Expected Dividend Yield | 3.53 | % | ||||||||||||
Expected Volatility | 31.04 | % | ||||||||||||
Risk-Free Interest Rate | 1.86 | % | ||||||||||||
Expected Option Life in Years | 6.5 | |||||||||||||
Summary of the status of the Company's restricted stock activity and balances | ' | |||||||||||||
The following is a summary of the status of the Bancorp’s restricted stock as of March 31, 2014 and changes therein during the three months then ended. | ||||||||||||||
Number of | Weighted | |||||||||||||
Restricted | Average | |||||||||||||
Shares | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
(Unaudited) | ||||||||||||||
Unvested at December 31, 2013 | 225,932 | $ | 14.98 | |||||||||||
Granted | 10,450 | 16.96 | ||||||||||||
Vested | (20,996 | ) | 15.81 | |||||||||||
Forfeited / Cancelled | — | — | ||||||||||||
Unvested at March 31, 2014 | 215,386 | $ | 14.89 | |||||||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||
Fair value of financial instruments | ' | |||||||||||||||||||||
he estimated fair values of the Company’s financial instruments at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||
Fair Value | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Hierarchy | Amount | Fair | Amount | Fair | ||||||||||||||||||
Level | Value | Value | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Financial assets: | (Unaudited) | |||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 8,909 | $ | 8,909 | $ | 11,947 | $ | 11,947 | |||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||
Investment securities available-for-sale | Level 2 | 8,496 | 8,496 | 10,489 | 10,489 | |||||||||||||||||
Private label commercial mortgage related securities | Level 3 | 485 | 485 | 2,120 | 2,120 | |||||||||||||||||
Agency residential mortgage related securities | Level 2 | 240,972 | 240,972 | 243,948 | 243,948 | |||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||
Agency mortgage related securities | Level 2 | 75,609 | 75,168 | 68,397 | 67,491 | |||||||||||||||||
Loans receivable, net | Level 3 | 693,391 | 696,192 | 720,490 | 721,417 | |||||||||||||||||
FHLB stock | Level 3 | 9,721 | 9,721 | 9,813 | 9,813 | |||||||||||||||||
Accrued interest receivable | Level 2, 3 | 3,242 | 3,242 | 3,308 | 3,308 | |||||||||||||||||
Mortgage servicing rights | Level 2 | 138 | 138 | 152 | 152 | |||||||||||||||||
Financial assets acquired from debtors | Level 3 | — | — | 1,938 | 1,938 | |||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||
Savings and club accounts | Level 2 | 108,036 | 108,036 | 108,183 | 108,183 | |||||||||||||||||
Demand, NOW and money market deposits | Level 2 | 323,230 | 323,230 | 270,334 | 270,334 | |||||||||||||||||
Brokered deposits | Level 2 | 49,263 | 48,966 | 71,334 | 71,020 | |||||||||||||||||
Certificates of deposit | Level 2 | 212,964 | 213,895 | 223,864 | 225,357 | |||||||||||||||||
Short-term borrowings | Level 2 | 27,100 | 27,100 | 80,500 | 80,500 | |||||||||||||||||
FHLB advances | Level 2 | 150,000 | 153,878 | 150,000 | 154,069 | |||||||||||||||||
Other borrowed funds | Level 2 | 30,000 | 32,111 | 30,000 | 32,178 | |||||||||||||||||
Accrued interest payable | Level 2 | 300 | 300 | 314 | 314 | |||||||||||||||||
Derivative contracts | Level 2, 3 | 141 | 141 | 124 | 124 | |||||||||||||||||
Schedule of fair value measurements on a recurring basis | ' | |||||||||||||||||||||
The following measures were made on a recurring basis as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | ||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||
As of | Assets | Inputs | Inputs | |||||||||||||||||||
Description | 31-Mar-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 307 | $ | — | $ | 307 | $ | — | ||||||||||||||
Corporate securities | 8,189 | — | 8,189 | — | ||||||||||||||||||
Private label commercial mortgage related securities | 485 | — | — | 485 | ||||||||||||||||||
Agency residential mortgage related securities | 240,972 | — | 240,972 | — | ||||||||||||||||||
Loans (1) | 2,519 | — | — | 2,519 | ||||||||||||||||||
Derivative contracts (1) | (141 | ) | — | (136 | ) | (5 | ) | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | ||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||
As of | Assets | Inputs | Inputs | |||||||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 308 | $ | — | $ | 308 | $ | — | ||||||||||||||
Corporate securities | 10,181 | — | 10,181 | — | ||||||||||||||||||
Private label commercial mortgage related securities | 2,120 | — | — | 2,120 | ||||||||||||||||||
Agency residential mortgage related securities | 243,948 | — | 243,948 | — | ||||||||||||||||||
Loans (1) | 2,535 | — | — | 2,535 | ||||||||||||||||||
Financial assets acquired from debtors | 1,938 | — | — | 1,938 | ||||||||||||||||||
Derivative contracts (1) | (124 | ) | — | (120 | ) | (4 | ) | |||||||||||||||
(1) Such financial instruments are recorded at fair value as further described in Note 4. | ||||||||||||||||||||||
Schedule of fair value measurements on a non-recurring basis | ' | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | ||||||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||||||
Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
March 31, 2014 (Unaudited) | (In thousands) | |||||||||||||||||||||
Loans | $ | 456 | $ | — | $ | — | $ | 456 | ||||||||||||||
Mortgage servicing rights | 138 | — | 138 | — | ||||||||||||||||||
Other real estate owned | 4,574 | — | — | 4,574 | ||||||||||||||||||
Total | $ | 5,168 | $ | — | $ | 138 | $ | 5,030 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Loans | $ | 912 | $ | — | $ | — | $ | 912 | ||||||||||||||
Mortgage servicing rights | 152 | — | 152 | — | ||||||||||||||||||
Other real estate owned | 4,314 | — | — | 4,314 | ||||||||||||||||||
Total | $ | 5,378 | $ | — | $ | 152 | $ | 5,226 | ||||||||||||||
Rollforward of Level 3 Fair Value Financial Instruments | ' | |||||||||||||||||||||
The following tables include a roll forward of the financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) for the periods from December 31, 2013 to March 31, 2014 and December 31, 2012 to March 31, 2013. | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Private Label | Derivative | Financial | Loans | Total | ||||||||||||||||||
Commercial | Contracts | Assets | ||||||||||||||||||||
Mortgage | Acquired | |||||||||||||||||||||
Related | from Debtors | |||||||||||||||||||||
Securities | ||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||
Beginning balance, December 31, 2013 | $ | 2,120 | $ | (4 | ) | $ | 1,938 | $ | 2,535 | $ | 6,589 | |||||||||||
Purchases/additions | — | (2 | ) | — | — | (2 | ) | |||||||||||||||
Sales | — | — | (1,938 | ) | — | (1,938 | ) | |||||||||||||||
Payments received | (1,633 | ) | — | — | (28 | ) | (1,661 | ) | ||||||||||||||
Premium amortization, net | — | — | — | — | — | |||||||||||||||||
(Decrease)/increase in value | (2 | ) | 1 | — | 12 | 11 | ||||||||||||||||
Ending balance, March 31, 2014 | $ | 485 | $ | (5 | ) | $ | — | $ | 2,519 | $ | 2,999 | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Private Label | Derivative | Financial | Loans | Total | ||||||||||||||||||
Commercial | Contracts | Assets | ||||||||||||||||||||
Mortgage | Acquired | |||||||||||||||||||||
Related | from Debtors | |||||||||||||||||||||
Securities | ||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 6,197 | $ | (12 | ) | $ | 3,714 | $ | 2,806 | $ | 12,705 | |||||||||||
Purchases/additions | — | (2 | ) | 1,994 | — | 1,992 | ||||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||||
Payments (received) made | (1,486 | ) | — | 295 | (26 | ) | (1,217 | ) | ||||||||||||||
Premium amortization, net | (2 | ) | — | — | — | (2 | ) | |||||||||||||||
(Decrease)/increase in value | (30 | ) | 2 | (241 | ) | (29 | ) | (298 | ) | |||||||||||||
Ending balance, March 31, 2013 | $ | 4,679 | $ | (12 | ) | $ | 5,762 | $ | 2,751 | $ | 13,180 | |||||||||||
PRINCIPLES_OF_CONSOLIDATION_AN2
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
loan | ||
branch | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Number of branches | 10 | ' |
Loans receivable | ' | ' |
Interest income | $8,110 | $8,062 |
Number of loans to the ESOP by Bancorp | 2 | ' |
PMA | ' | ' |
Loans receivable | ' | ' |
Ownership (as a percent) | 45.00% | ' |
PRINCIPLES_OF_CONSOLIDATION_AN3
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Details 2) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings per share: | ' | ' |
Net income | $1,956 | $1,827 |
Weighted-average common shares outstanding (in shares) | 12,147,959 | 12,325,321 |
Average common stock acquired by stock benefit plans: | ' | ' |
ESOP shares unallocated | -545,904 | -610,957 |
Shares purchased by trust | -307,172 | -338,310 |
Weighted-average common shares used to calculate basic earnings per share (in shares) | 11,294,883 | 11,376,054 |
Dilutive effect of: | ' | ' |
Restricted stock awards | 54,057 | 38,371 |
Stock option awards | 206,164 | 188,208 |
Weighted-average common shares used to calculate diluted earnings per share (in shares) | 11,555,104 | 11,602,633 |
Earnings per share-basic (in dollars per share) | $0.17 | $0.16 |
Earnings per share-diluted (in dollars per share) | $0.17 | $0.16 |
Outstanding common stock equivalents having no dilutive effect (in shares) | 1,109,246 | 1,147,912 |
INVESTMENT_AND_MORTGAGE_RELATE2
INVESTMENT AND MORTGAGE RELATED SECURITIES (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | $254,105 | $263,414 |
Gross Unrealized Gains | 2,635 | 2,719 |
Gross Unrealized Losses | -6,787 | -9,576 |
OTTI in AOCI | 0 | 0 |
Fair Value | 249,953 | 256,557 |
Held-to-maturity Securities: | ' | ' |
Amortized Cost | 75,609 | 68,397 |
Gross Unrealized Gains | 654 | 514 |
Gross Unrealized Losses | -1,095 | -1,420 |
OTTI in AOCI | 0 | 0 |
Fair Value | 75,168 | 67,491 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 166,925 | 180,448 |
Unrealized Losses, Less than 12 Months | -4,327 | -7,251 |
Fair Value, 12 Months or More | 36,631 | 27,823 |
Unrealized Losses, 12 Months or More | -2,460 | -2,325 |
Fair Value, Total | 203,556 | 208,271 |
Unrealized Losses, Total | -6,787 | -9,576 |
Held-to-maturity Securities: | ' | ' |
Fair Value, Less than 12 Months | 42,150 | 40,615 |
Unrealized Losses, Less than 12 Months | -1,095 | -1,420 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | 0 | 0 |
Fair Value, Total | 42,150 | 40,615 |
Unrealized Losses, Total | -1,095 | -1,420 |
Temporarily Impaired Securities | ' | ' |
Fair Value, Less than 12 Months | 209,075 | 221,063 |
Unrealized Losses, Less than 12 Months | -5,422 | -8,671 |
Fair Value, 12 Months or More | 36,631 | 27,823 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | -2,460 | -2,325 |
Fair Value, Total | 245,706 | 248,886 |
Unrealized Losses, Total | -7,882 | -10,996 |
Debt securities excluding mortgage related securities | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 8,423 | 10,445 |
Gross Unrealized Gains | 73 | 62 |
Gross Unrealized Losses | 0 | -18 |
OTTI in AOCI | 0 | 0 |
Fair Value | 8,496 | 10,489 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 0 | 2,982 |
Unrealized Losses, 12 Months or More | 0 | -18 |
Fair Value, Total | 0 | 2,982 |
Unrealized Losses, Total | 0 | -18 |
Obligations of U.S. government agencies | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 300 | 300 |
Gross Unrealized Gains | 7 | 8 |
Gross Unrealized Losses | 0 | 0 |
OTTI in AOCI | 0 | 0 |
Fair Value | 307 | 308 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Fair Value, Total | 0 | 0 |
Unrealized Losses, Total | 0 | 0 |
Corporate securities | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 8,123 | 10,145 |
Gross Unrealized Gains | 66 | 54 |
Gross Unrealized Losses | 0 | -18 |
OTTI in AOCI | 0 | 0 |
Fair Value | 8,189 | 10,181 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 0 | 2,982 |
Unrealized Losses, 12 Months or More | 0 | -18 |
Fair Value, Total | 0 | 2,982 |
Unrealized Losses, Total | 0 | -18 |
Mortgage related securities | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 245,682 | 252,969 |
Gross Unrealized Gains | 2,562 | 2,657 |
Gross Unrealized Losses | -6,787 | -9,558 |
OTTI in AOCI | 0 | 0 |
Fair Value | 241,457 | 246,068 |
Held-to-maturity Securities: | ' | ' |
Amortized Cost | 75,609 | 68,397 |
Gross Unrealized Gains | 654 | 514 |
Gross Unrealized Losses | -1,095 | -1,420 |
OTTI in AOCI | 0 | 0 |
Fair Value | 75,168 | 67,491 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 166,925 | 180,448 |
Unrealized Losses, Less than 12 Months | -4,327 | -7,251 |
Fair Value, 12 Months or More | 36,631 | 24,841 |
Unrealized Losses, 12 Months or More | -2,460 | -2,307 |
Fair Value, Total | 203,556 | 205,289 |
Unrealized Losses, Total | -6,787 | -9,558 |
Held-to-maturity Securities: | ' | ' |
Fair Value, Less than 12 Months | 42,150 | 40,615 |
Unrealized Losses, Less than 12 Months | -1,095 | -1,420 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | 0 | 0 |
Fair Value, Total | 42,150 | 40,615 |
Unrealized Losses, Total | -1,095 | -1,420 |
Private label commercial mortgage related securities | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 485 | 2,118 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
OTTI in AOCI | 0 | 0 |
Fair Value | 485 | 2,120 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Fair Value, Total | 0 | 0 |
Unrealized Losses, Total | 0 | 0 |
Agency residential mortgage related securities | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 245,197 | 250,851 |
Gross Unrealized Gains | 2,562 | 2,655 |
Gross Unrealized Losses | -6,787 | -9,558 |
OTTI in AOCI | 0 | 0 |
Fair Value | 240,972 | 243,948 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 166,925 | 180,448 |
Unrealized Losses, Less than 12 Months | -4,327 | -7,251 |
Fair Value, 12 Months or More | 36,631 | 24,841 |
Unrealized Losses, 12 Months or More | -2,460 | -2,307 |
Fair Value, Total | 203,556 | 205,289 |
Unrealized Losses, Total | -6,787 | -9,558 |
Held-to-maturity Securities: | ' | ' |
Fair Value, Less than 12 Months | 42,150 | 40,615 |
Unrealized Losses, Less than 12 Months | -1,095 | -1,420 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | 0 | 0 |
Fair Value, Total | 42,150 | 40,615 |
Unrealized Losses, Total | ($1,095) | ($1,420) |
INVESTMENT_AND_MORTGAGE_RELATE3
INVESTMENT AND MORTGAGE RELATED SECURITIES (Details 2) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
security | ||
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' |
Number of securities sold | 0 | ' |
Temporarily Impaired Investments Continuous Unrealized Loss Position Aggregate Losses 1 | $7,882,000 | $10,996,000 |
Amortized Cost | 254,105,000 | 263,414,000 |
Fair Value of securities impaired greater than twelve months | 36,631,000 | 27,823,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -2,460,000 | -2,325,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 4,327,000 | 7,251,000 |
Mortgage related securities | ' | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' |
Amortized Cost | 245,682,000 | 252,969,000 |
Fair Value of securities impaired greater than twelve months | 36,631,000 | 24,841,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -2,460,000 | -2,307,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 4,327,000 | 7,251,000 |
Agency residential mortgage related securities | ' | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' |
Number of Corporate Debt Securities | 10 | ' |
Number of Agency Residential Mortgage Related Securities | 91 | ' |
Mortgage Related Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 209,100,000 | ' |
Mortgage Related Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Loss | 5,400,000 | ' |
Amortized Cost | 245,197,000 | 250,851,000 |
Fair Value of securities impaired greater than twelve months | 36,631,000 | 24,841,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -2,460,000 | -2,307,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 4,327,000 | 7,251,000 |
Private label commercial mortgage related securities | ' | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' |
Amortized Cost | 485,000 | 2,118,000 |
Number of securities held | 1 | 2 |
Net unrealized gain | ' | 2,000 |
Fair Value of securities impaired greater than twelve months | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | $0 | $0 |
INVESTMENT_AND_MORTGAGE_RELATE4
INVESTMENT AND MORTGAGE RELATED SECURITIES (Details 3) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' |
Gross Realized Gains | $361 |
Gross Realized Losses | 0 |
Net Gains (Losses) | 361 |
Mortgage related securities | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' |
Gross Realized Gains | 361 |
Gross Realized Losses | 0 |
Net Gains (Losses) | 361 |
Agency residential mortgage related securities | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' |
Gross Realized Gains | 361 |
Net Gains (Losses) | 361 |
Private label residential mortgage related security | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' |
Gross Realized Losses | 0 |
Net Gains (Losses) | 0 |
Debt securities excluding mortgage related securities | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' |
Gross Realized Gains | 0 |
Net Gains (Losses) | 0 |
Obligations of U.S. government agencies | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' |
Gross Realized Gains | 0 |
Net Gains (Losses) | $0 |
INVESTMENT_AND_MORTGAGE_RELATE5
INVESTMENT AND MORTGAGE RELATED SECURITIES (Details 4) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Available for Sale, Amortized Cost | ' | ' |
Due in one year or less | $2,549,000 | $1,999,000 |
Due after one year through five years | 5,874,000 | 8,446,000 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Total mortgage related securities | 245,682,000 | 252,969,000 |
Total Amortized Cost | 254,105,000 | 263,414,000 |
Available for Sale, Fair Value | ' | ' |
Due in one year or less | 2,563,000 | 2,000,000 |
Due after one year through five years | 5,933,000 | 8,489,000 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Total mortgage related securities | 241,457,000 | 246,068,000 |
Total Fair Value | 249,953,000 | 256,557,000 |
Held to Maturity, Amortized Cost | ' | ' |
Total mortgage related securities | 75,609,000 | 68,397,000 |
Total Amortized Cost | 75,609,000 | 68,397,000 |
Held to Maturity, Fair Value | ' | ' |
Total mortgage related securities | 75,168,000 | 67,491,000 |
Total Fair Value | 75,168,000 | 67,491,000 |
Carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law | 40,200,000 | 9,700,000 |
Securities pledged as collateral for other borrowed funds | 186,800,000 | 197,600,000 |
Carrying value of investment securities used to secure derivative transactions | $677,000 | $702,000 |
LOANS_Details
LOANS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
LOANS | ' | ' | ' | ' |
Loans and Leases Receivable, Gross | $693,391 | $720,490 | ' | ' |
Total loans | 705,113 | 732,261 | ' | ' |
Deferred loan origination cost, net | -286 | -242 | ' | ' |
Allowance for loan losses | -11,436 | -11,529 | -11,603 | -11,170 |
Net loans | 693,391 | 720,490 | ' | ' |
Real estate loans: | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 535,124 | 541,770 | ' | ' |
One- to four-family | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 124,182 | 127,501 | ' | ' |
Allowance for loan losses | -375 | -403 | -517 | -642 |
Multi-family and commercial | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 396,994 | 408,365 | ' | ' |
Allowance for loan losses | -6,841 | -7,141 | -7,158 | -6,327 |
Construction | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 13,948 | 5,904 | ' | ' |
Allowance for loan losses | -404 | -324 | -517 | -873 |
Consumer | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 21,372 | 22,478 | ' | ' |
Allowance for loan losses | -156 | -153 | -217 | -232 |
Commercial and industrial | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 148,617 | 168,013 | ' | ' |
Allowance for loan losses | ($2,987) | ($3,051) | ($2,744) | ($2,630) |
LOANS_Details_2
LOANS (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | $11,529 | $11,170 | $11,603 |
Provision for loan losses | 0 | 640 | ' |
Loans charged off | -105 | -223 | ' |
Recoveries | -12 | -16 | ' |
Balance, ending | $11,436 | $11,529 | $11,603 |
LOANS_Details_3
LOANS (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | $11,529 | $11,170 | $11,603 |
Provision for loan losses | 0 | 640 | ' |
Loans charged off | -105 | -223 | ' |
Recoveries | -12 | -16 | ' |
Balance, ending | 11,436 | 11,529 | 11,603 |
One- to four-family | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 403 | 642 | 517 |
Provision for loan losses | -28 | -107 | ' |
Loans charged off | 0 | -18 | ' |
Recoveries | 0 | 0 | ' |
Balance, ending | 375 | 403 | 517 |
Multi-family and commercial | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 7,141 | 6,327 | 7,158 |
Provision for loan losses | -200 | 988 | ' |
Loans charged off | -103 | -161 | ' |
Recoveries | -3 | -4 | ' |
Balance, ending | 6,841 | 7,141 | 7,158 |
Construction | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 324 | 873 | 517 |
Provision for loan losses | 80 | -356 | ' |
Loans charged off | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Balance, ending | 404 | 324 | 517 |
Consumer | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 153 | 232 | 217 |
Provision for loan losses | -4 | 17 | ' |
Loans charged off | -2 | -44 | ' |
Recoveries | -9 | -12 | ' |
Balance, ending | 156 | 153 | 217 |
Commercial and industrial | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 3,051 | 2,630 | 2,744 |
Provision for loan losses | -64 | 114 | ' |
Loans charged off | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Balance, ending | 2,987 | 3,051 | 2,744 |
Unallocated | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 457 | 466 | 450 |
Provision for loan losses | 216 | -16 | ' |
Loans charged off | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Balance, ending | $673 | $457 | $450 |
LOANS_Details_4
LOANS (Details 4) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | $3,979,000 | ' | $8,780,000 |
Accruing TDRs | 5,107,000 | ' | 6,786,000 |
Other Impaired Loans | 4,526,000 | ' | 0 |
Total Impaired Loans | 13,612,000 | ' | 15,566,000 |
Impaired Loans with Allowance | 13,612,000 | ' | 15,210,000 |
Impaired Loans without Allowance | 0 | ' | 356,000 |
Average recorded investment in impaired loans | 14,200,000 | 20,600,000 | ' |
Interest income recognized on impaired loans | 121,000 | 100,000 | ' |
One- to four-family | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 2,242,000 | ' | 2,390,000 |
Accruing TDRs | 580,000 | ' | 582,000 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 2,822,000 | ' | 2,972,000 |
Impaired Loans with Allowance | 2,822,000 | ' | 2,972,000 |
Impaired Loans without Allowance | 0 | ' | 0 |
Multi-family and commercial | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 1,545,000 | ' | 3,031,000 |
Accruing TDRs | 1,540,000 | ' | 6,191,000 |
Other Impaired Loans | 4,526,000 | ' | 0 |
Total Impaired Loans | 7,611,000 | ' | 9,222,000 |
Impaired Loans with Allowance | 7,611,000 | ' | 8,866,000 |
Impaired Loans without Allowance | 0 | ' | 356,000 |
Construction | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 0 | ' | 3,231,000 |
Accruing TDRs | 2,974,000 | ' | 0 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 2,974,000 | ' | 3,231,000 |
Impaired Loans with Allowance | 2,974,000 | ' | 3,231,000 |
Impaired Loans without Allowance | 0 | ' | 0 |
Consumer | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 192,000 | ' | 128,000 |
Accruing TDRs | 13,000 | ' | 13,000 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 205,000 | ' | 141,000 |
Impaired Loans with Allowance | 205,000 | ' | 141,000 |
Impaired Loans without Allowance | 0 | ' | 0 |
Commercial and industrial | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 0 | ' | 0 |
Accruing TDRs | 0 | ' | 0 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 0 | ' | 0 |
Impaired Loans with Allowance | 0 | ' | 0 |
Impaired Loans without Allowance | $0 | ' | $0 |
LOANS_Details_5
LOANS (Details 5) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
loan | loan | loan | |
TDRs additional disclosure | ' | ' | ' |
Number of troubled debt restructurings, included in nonaccrual status and total impaired loans | 2 | ' | 4 |
Troubled debt restructurings excluded from accruing TDR | $157,000 | ' | $3,500,000 |
Financing Receivable, Modifications, Number of Contracts at Period End | ' | 0 | ' |
Number of loans classified as TDRs | 1 | 0 | ' |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,640,000 | ' | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,540,000 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | ' | ' |
Principle and Interest on loans | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 3,979,000 | ' | 8,780,000 |
Loans past due 90 days or more and still accruing interest | 0 | ' | 0 |
Financing Receivable, Modifications, Number of Contracts Reclassified from Accruing TDR to Other Impaired Loans | 1 | ' | ' |
Financing Receivable, Modifications, Reclassified from Accruing TDR to other Impaired Loans | 4,500,000 | ' | ' |
One- to four-family | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' |
Number of loans classified as TDRs | 0 | ' | ' |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | ' | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | ' | ' |
Principle and Interest on loans | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 2,242,000 | ' | 2,390,000 |
Multi-family and commercial | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' |
Number of loans classified as TDRs | 1 | ' | ' |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,640,000 | ' | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,540,000 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | ' | ' |
Principle and Interest on loans | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 1,545,000 | ' | 3,031,000 |
Construction | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' |
Number of loans classified as TDRs | 0 | ' | ' |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | ' | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | ' | ' |
Principle and Interest on loans | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 0 | ' | 3,231,000 |
Consumer | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' |
Number of loans classified as TDRs | 0 | ' | ' |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | ' | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | ' | ' |
Principle and Interest on loans | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 192,000 | ' | 128,000 |
Commercial and industrial | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' |
Number of loans classified as TDRs | 0 | ' | ' |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | ' | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | ' | ' |
Principle and Interest on loans | ' | ' | ' |
Loans on which accrual of interest has been discontinued | $0 | ' | $0 |
LOANS_Details_6
LOANS (Details 6) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | $727 | $1,032 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 247 | 688 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 401 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 1,375 | 1,720 | ' | ' |
General Allowance for Loan Losses | 10,061 | 9,809 | ' | ' |
Total | 11,436 | 11,529 | 11,603 | 11,170 |
One- to four-family | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 139 | 163 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 1 | 1 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 140 | 164 | ' | ' |
General Allowance for Loan Losses | 235 | 239 | ' | ' |
Total | 375 | 403 | 517 | 642 |
Multi-family and commercial | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 576 | 600 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 77 | 687 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 401 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 1,054 | 1,287 | ' | ' |
General Allowance for Loan Losses | 5,787 | 5,854 | ' | ' |
Total | 6,841 | 7,141 | 7,158 | 6,327 |
Construction | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 0 | 263 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 169 | 0 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 169 | 263 | ' | ' |
General Allowance for Loan Losses | 235 | 61 | ' | ' |
Total | 404 | 324 | 517 | 873 |
Consumer | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 12 | 6 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 0 | 0 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 12 | 6 | ' | ' |
General Allowance for Loan Losses | 144 | 147 | ' | ' |
Total | 156 | 153 | 217 | 232 |
Commercial and industrial | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 0 | 0 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 0 | 0 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 0 | 0 | ' | ' |
General Allowance for Loan Losses | 2,987 | 3,051 | ' | ' |
Total | 2,987 | 3,051 | 2,744 | 2,630 |
Unallocated | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 0 | 0 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 0 | 0 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 0 | 0 | ' | ' |
General Allowance for Loan Losses | 673 | 457 | ' | ' |
Total | $673 | $457 | $450 | $466 |
LOANS_Details_7
LOANS (Details 7) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Past due loans | ' | ' |
30 - 59 Days Past Due | $829 | $413 |
60 - 89 Days Past Due | 179 | 5 |
One- to four-family | ' | ' |
Past due loans | ' | ' |
30 - 59 Days Past Due | 448 | 172 |
60 - 89 Days Past Due | 123 | 0 |
Multi-family and commercial | ' | ' |
Past due loans | ' | ' |
30 - 59 Days Past Due | 282 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Construction | ' | ' |
Past due loans | ' | ' |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Consumer | ' | ' |
Past due loans | ' | ' |
30 - 59 Days Past Due | 99 | 241 |
60 - 89 Days Past Due | 56 | 5 |
Commercial and industrial | ' | ' |
Past due loans | ' | ' |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | $0 | $0 |
LOANS_Details_8
LOANS (Details 8) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
classification | ||
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | $705,113 | $732,261 |
Number of primary classification for loans | 6 | ' |
Number of classifications for problem loans | 3 | ' |
Minimum number of defined weaknesses for substandard loans | 1 | ' |
One- to four-family | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 124,182 | 127,501 |
Multi-family and commercial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 396,994 | 408,365 |
Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 13,948 | 5,904 |
Consumer | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 21,372 | 22,478 |
Commercial and industrial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 148,617 | 168,013 |
Pass and Pass watch | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 674,198 | 706,377 |
Pass and Pass watch | One- to four-family | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 121,940 | 125,111 |
Pass and Pass watch | Multi-family and commercial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 382,934 | 390,908 |
Pass and Pass watch | Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 10,974 | 2,672 |
Pass and Pass watch | Consumer | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 21,180 | 22,350 |
Pass and Pass watch | Commercial and industrial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 137,170 | 165,336 |
Special mention loans | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 26,886 | 15,091 |
Special mention loans | One- to four-family | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 0 |
Special mention loans | Multi-family and commercial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 12,515 | 12,414 |
Special mention loans | Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 2,974 | 0 |
Special mention loans | Consumer | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 0 |
Special mention loans | Commercial and industrial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 11,397 | 2,677 |
Substandard loans | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 4,029 | 10,793 |
Substandard loans | One- to four-family | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 2,242 | 2,390 |
Substandard loans | Multi-family and commercial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 1,545 | 5,043 |
Substandard loans | Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 3,232 |
Substandard loans | Consumer | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 192 | 128 |
Substandard loans | Commercial and industrial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 50 | 0 |
Doubtful loans | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 0 |
Doubtful loans | One- to four-family | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 0 |
Doubtful loans | Multi-family and commercial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 0 |
Doubtful loans | Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 0 |
Doubtful loans | Consumer | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 0 |
Doubtful loans | Commercial and industrial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | $0 | $0 |
DERIVATIVES_AND_HEDGING_Detail
DERIVATIVES AND HEDGING (Details) (USD $) | 0 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Nov. 03, 2006 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 12, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Interest rate swap maturing in April 2022 | Interest rate swap maturing in April 2022 | Interest rate swap maturing in April 2022 | Interest rate swap maturing in October 2021 | Interest rate swap maturing in October 2021 | Interest rate swap maturing in October 2021 | Interest rate swap maturing in October 2021 | Credit Derivatives (Interest Rate Swap Underlyings) | Credit Derivatives (Interest Rate Swap Underlyings) | Credit Derivatives (Interest Rate Swap Underlyings) | Credit Derivatives (Foreign Currency Swap Underlyings) | Credit Derivatives (Foreign Currency Swap Underlyings) | Credit Derivatives (Foreign Currency Swap Underlyings) | |
transaction | transaction | transaction | transaction | ||||||||||
Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | $858,000 | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate loan term | '15 years | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on loans receivable | 7.43% | ' | ' | 5.83% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate to be paid under hedge (as a percent) | 7.43% | ' | ' | 5.83% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate basis | 'one-month LIBOR | ' | ' | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value loss position on interest rate swap derivative | ' | 129,000 | 132,000 | ' | -7,000 | ' | 12,000 | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | ' | ' | ' | ' | -4,000 | 4,000 | ' | ' | ' | ' | ' | ' | ' |
Number of derivative transactions | ' | ' | ' | ' | ' | ' | ' | 5 | ' | 5 | 8 | ' | 7 |
Notional amount of credit swap derivative (protection sold) | ' | ' | ' | ' | ' | ' | ' | 19,400,000 | ' | 19,500,000 | 674,000 | ' | 517,000 |
Remaining maturity period, minimum | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '6 years | '1 month | ' | '1 month |
Remaining maturity period, maximum | ' | ' | ' | ' | ' | ' | ' | '9 years | ' | '9 years | '8 months | ' | '11 months |
Fair value of swap asset (liability) | ' | ' | ' | ' | ' | ' | ' | 749,000 | ' | 969,000 | 1,000 | ' | 0 |
Recognized income | ' | ' | ' | ' | ' | ' | ' | -1,000 | 1,000 | ' | 0 | 2,000 | ' |
Margin added to derivative interest rate (as a percent) | 2.24% | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liability | ' | ' | ' | ' | ' | ' | ' | $3,000 | ' | $3,000 | $2,000 | ' | $1,000 |
MORTGAGE_SERVICING_ACTIVITY_De
MORTGAGE SERVICING ACTIVITY (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Mortgage servicing activity | ' | ' | ' |
Unpaid principal balances of loans serviced for others | $26,500,000 | $33,300,000 | $27,700,000 |
Fees, net of amortization, from the servicing of loans | 6,000 | 0 | ' |
Servicing Rights | ' | ' | ' |
Balance at the beginning of the period | 255,000 | 325,000 | ' |
Amortization | -11,000 | -20,000 | ' |
Balance at the end of the period | 244,000 | 305,000 | ' |
Valuation Allowance | ' | ' | ' |
Balance at the beginning of the period | -103,000 | -155,000 | ' |
Reductions/(Additions) | -3,000 | 20,000 | ' |
Balance at the end of the period | -106,000 | -135,000 | ' |
Net Carrying Value | ' | ' | ' |
Balance at the beginning of the period | 152,000 | 170,000 | ' |
(Reductions)/Additions | -3,000 | 20,000 | ' |
Amortization | -11,000 | -20,000 | ' |
Balance at the end of the period | 138,000 | 170,000 | ' |
Mortgage servicing rights | ' | ' | ' |
Net Carrying Value | ' | ' | ' |
Fair value of MSRs | $138,000 | $170,000 | $152,000 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Weighted Average Interest Rate | ' | ' |
NOW accounts | 0.22% | 0.21% |
Money market accounts | 0.21% | 0.20% |
Savings and club accounts | 0.21% | 0.22% |
Brokered deposits | 0.67% | 0.56% |
Certificates of deposit | 1.14% | 1.26% |
Deposits | 0.49% | 0.56% |
Deposits | ' | ' |
Noninterest-bearing demand accounts | $126,800 | $100,748 |
NOW accounts | 83,422 | 84,569 |
Money market accounts | 113,008 | 85,017 |
Savings and club accounts | 108,036 | 108,183 |
Brokered deposits | 49,263 | 71,334 |
Certificates of deposit | 212,964 | 223,864 |
Total deposits amount | $693,493 | $673,715 |
BORROWINGS_Details
BORROWINGS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
0.52% borrowing, due August 2014 | 0.41% borrowing, due September 2014 | 0.43% borrowing, due December 2014 | 0.49% borrowing, due March 2015 | 0.45% borrowing, due April 2015 | 0.68% borrowing, due August 2015 | 0.62% borrowing, due March 2016 | 0.75% borrowing, due September 2016 | 1.04% borrowing, due September 2016 | 0.94% borrowing, due June 2017 | 3.62% borrowing, due November 2017 | 3.87% borrowing, due November 2017 | 2.83% borrowing, due on December 2017 | FHLB of Pittsburgh | FHLB of Pittsburgh | FHLB of Pittsburgh | Federal Reserve Bank of Philadelphia | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | FHLB advances | |||
Minimum | Maximum | 0.52% borrowing, due August 2014 | 0.41% borrowing, due September 2014 | 0.43% borrowing, due December 2014 | 0.49% borrowing, due March 2015 | 0.45% borrowing, due April 2015 | 0.68% borrowing, due August 2015 | 0.62% borrowing, due March 2016 | 0.75% borrowing, due September 2016 | 1.04% borrowing, due September 2016 | 0.94% borrowing, due June 2017 | 3.62% borrowing, due November 2017 | 3.87% borrowing, due November 2017 | 2.83% borrowing, due on December 2017 | |||||||||||||||||||
Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities pledged as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $466,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities Pledged as Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,600,000 | 85,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Home Loan Bank advances | 150,000,000 | 150,000,000 | 10,000,000 | 15,000,000 | 15,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 5,000,000 | 10,000,000 | 5,000,000 | 15,000,000 | 15,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.52% | 0.52% | 0.41% | 0.43% | 0.49% | 0.45% | 0.68% | 0.62% | 0.75% | 1.04% | 0.94% | 3.62% | 3.87% | 2.83% |
Reference rate, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to reference rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.10% | 0.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 417,400,000 | ' | ' | 66,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital stock to be held as percentage of advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital stock to be held as percentage of eligible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | 15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FHLB stock | $9,721,000 | $9,813,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 0.32% | 0.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BORROWINGS_Details_2
BORROWINGS (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Other Borrowed Funds | ' | ' |
Amount of other borrowings | $30,000,000 | $30,000,000 |
Interest rate (as a percent) | 3.30% | ' |
Short-term borrowings | 27,100,000 | 80,500,000 |
Blended weighted average interest rate (as a percent) | 0.32% | 0.32% |
3.40% other borrowings, due September 2018 | ' | ' |
Other Borrowed Funds | ' | ' |
Amount of other borrowings | 10,000,000 | ' |
Interest rate (as a percent) | 3.40% | ' |
3.20% other borrowings, due September 2018 | ' | ' |
Other Borrowed Funds | ' | ' |
Amount of other borrowings | 5,000,000 | ' |
Interest rate (as a percent) | 3.20% | ' |
3.15% other borrowings, due October 2018 | ' | ' |
Other Borrowed Funds | ' | ' |
Amount of other borrowings | 5,000,000 | ' |
Interest rate (as a percent) | 3.15% | ' |
3.27% other borrowings, due October 2018 | ' | ' |
Other Borrowed Funds | ' | ' |
Amount of other borrowings | 5,000,000 | ' |
Interest rate (as a percent) | 3.27% | ' |
3.37% other borrowings, due November 2018 | ' | ' |
Other Borrowed Funds | ' | ' |
Amount of other borrowings | 5,000,000 | ' |
Interest rate (as a percent) | 3.37% | ' |
Other long-term borrowings | ' | ' |
Other Borrowed Funds | ' | ' |
Mortgage backed securities pledged as collateral for other borrowed funds | $34,700,000 | ' |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
STOCK BASED COMPENSATION | ' | ' | ' |
Stock based compensation expense | $297,000 | $203,000 | ' |
Stock options | ' | ' | ' |
STOCK BASED COMPENSATION | ' | ' | ' |
Stock based compensation expense | 112,000 | 82,000 | ' |
Number of Stock Options | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 1,123,408 | ' | ' |
Granted (in shares) | 31,300 | ' | ' |
Exercised (in shares) | -627 | ' | ' |
Forfeited / Cancelled (in shares) | 0 | ' | ' |
Outstanding at the end of the period (in shares) | 1,154,081 | ' | 1,123,408 |
Exercisable at the end of the period (in shares) | 715,648 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $12.81 | ' | ' |
Granted (in dollars per share) | $16.96 | ' | ' |
Exercised (in dollars per share) | $9.73 | ' | ' |
Forfeited / Cancelled (in dollars per share) | $0 | ' | ' |
Outstanding at the end of the period (in dollars per share) | $12.92 | ' | $12.81 |
Exercisable at the end of the period (in dollars per share) | $11.66 | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' |
Outstanding at the beginning of the period | '6 years | ' | '6 years 2 months |
Outstanding at the end of the period | '6 years | ' | '6 years 2 months |
Exercisable at the end of the period | '4 years 7 months | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Outstanding at the beginning of the period | 5,013,000 | ' | ' |
Outstanding at the end of the period | 4,573,000 | ' | 5,013,000 |
Exercisable at the end of the period | 3,720,000 | ' | ' |
Number of Stock Options, Unvested | ' | ' | ' |
Unvested at the beginning of the period (in shares) | 475,524 | ' | ' |
Granted (in shares) | 31,300 | ' | ' |
Vested (in shares) | -68,391 | ' | ' |
Forfeited / Cancelled (in shares) | 0 | ' | ' |
Unvested at the end of the period (in shares) | 438,433 | ' | 475,524 |
Weighted Average Grant Date Fair Value, Unvested | ' | ' | ' |
Unvested at the beginning of the period (in dollars per share) | $3.85 | ' | ' |
Granted (in dollars per share) | $3.66 | ' | ' |
Vested (in dollars per share) | $3.85 | ' | ' |
Forfeited / Cancelled (in dollars per share) | $0 | ' | ' |
Unvested at the end of the period (in dollars per share) | $3.84 | ' | $3.85 |
Compensation cost not yet recognized, nonvested awards | ' | ' | ' |
Expected future compensation expense, non-vested options | 1,500,000 | ' | ' |
Weighted average period | '3 years 7 months | ' | ' |
Assumptions used to determine fair value of options granted | ' | ' | ' |
Expected dividend yield (as a percent) | 3.53% | ' | ' |
Expected volatility (as a percent) | 31.04% | ' | ' |
Risk-free interest rate (as a percent) | 1.86% | ' | ' |
Expected option life | '6 years 6 months 0 days | ' | ' |
Restricted stock | ' | ' | ' |
STOCK BASED COMPENSATION | ' | ' | ' |
Stock based compensation expense | 185,000 | 121,000 | ' |
Compensation cost not yet recognized, nonvested awards | ' | ' | ' |
Weighted average period | '3 years 6 months | ' | ' |
Number of Restricted Shares | ' | ' | ' |
Unvested at the beginning of the period (in shares) | 225,932 | ' | ' |
Granted (in shares) | 10,450 | ' | ' |
Vested (in shares) | -20,996 | ' | ' |
Forfeited / Cancelled (in shares) | 0 | ' | ' |
Unvested at the end of the period (in shares) | 215,386 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Unvested at the beginning of the period (in dollars per share) | $14.98 | ' | ' |
Granted (in dollars per share) | $16.96 | ' | ' |
Vested (in dollars per share) | $15.81 | ' | ' |
Forfeited / Cancelled (in dollars per share) | $0 | ' | ' |
Unvested at the end of the period (in dollars per share) | $14.89 | ' | ' |
Expected future compensation expense, restricted shares | $2,600,000 | ' | ' |
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
adjustment | ||||
quote | ||||
external_pricing_service | ||||
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Number of external pricing service providers | 1 | ' | ' | ' |
Number of quotes per investment security obtained | 1 | ' | ' | ' |
Adjustments to the values obtained from the primary pricing service | 0 | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $8,909 | $11,947 | $5,873 | $25,090 |
Investment securities available-for-sale | 249,953 | 256,557 | ' | ' |
Mortgage related securities | 241,457 | 246,068 | ' | ' |
Held to maturity securities | 75,168 | 67,491 | ' | ' |
Federal Home Loan Bank stock | 9,721 | 9,813 | ' | ' |
Accrued interest receivable | 3,242 | 3,308 | ' | ' |
Mortgage servicing rights | 138 | 152 | 170 | 170 |
Financial liabilities: | ' | ' | ' | ' |
Savings and club accounts | 108,036 | 108,183 | ' | ' |
Accrued interest payable | 300 | 314 | ' | ' |
Private label commercial mortgage related securities | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities available-for-sale | 485 | 2,120 | ' | ' |
Agency residential mortgage related securities | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities available-for-sale | 240,972 | 243,948 | ' | ' |
Carrying Amount | Level 1 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 8,909 | 11,947 | ' | ' |
Carrying Amount | Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities available-for-sale | 8,496 | 10,489 | ' | ' |
Mortgage servicing rights | 138 | 152 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Savings and club accounts | 108,036 | 108,183 | ' | ' |
Demand, NOW and money market deposits | 323,230 | 270,334 | ' | ' |
Brokered deposits | 49,263 | 71,334 | ' | ' |
Certificates of deposit | 212,964 | 223,864 | ' | ' |
Short-term borrowings | 27,100 | 80,500 | ' | ' |
Federal Home Loan Bank advances | 150,000 | 150,000 | ' | ' |
Other borrowed funds | 30,000 | 30,000 | ' | ' |
Accrued interest payable | 300 | 314 | ' | ' |
Carrying Amount | Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans receivable, net | 693,391 | 720,490 | ' | ' |
Federal Home Loan Bank stock | 9,721 | 9,813 | ' | ' |
Accrued interest receivable | 3,242 | 3,308 | ' | ' |
Financial assets acquired from debtors | 0 | 1,938 | ' | ' |
Carrying Amount | Level 2, 3 | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Derivative contracts | 141 | 124 | ' | ' |
Carrying Amount | Private label commercial mortgage related securities | Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Mortgage related securities | 485 | 2,120 | ' | ' |
Carrying Amount | Agency residential mortgage related securities | Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Mortgage related securities | 240,972 | 243,948 | ' | ' |
Held to maturity securities | 75,609 | 68,397 | ' | ' |
Estimated Fair Value | Level 1 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 8,909 | 11,947 | ' | ' |
Estimated Fair Value | Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities available-for-sale | 8,496 | 10,489 | ' | ' |
Mortgage servicing rights | 138 | 152 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Savings and club accounts | 108,036 | 108,183 | ' | ' |
Demand, NOW and money market deposits | 323,230 | 270,334 | ' | ' |
Brokered deposits | 48,966 | 71,020 | ' | ' |
Certificates of deposit | 213,895 | 225,357 | ' | ' |
Short-term borrowings | 27,100 | 80,500 | ' | ' |
Federal Home Loan Bank advances | 153,878 | 154,069 | ' | ' |
Other borrowed funds | 32,111 | 32,178 | ' | ' |
Accrued interest payable | 300 | 314 | ' | ' |
Estimated Fair Value | Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans receivable, net | 696,192 | 721,417 | ' | ' |
Federal Home Loan Bank stock | 9,721 | 9,813 | ' | ' |
Accrued interest receivable | 3,242 | 3,308 | ' | ' |
Financial assets acquired from debtors | 0 | 1,938 | ' | ' |
Estimated Fair Value | Level 2, 3 | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Derivative contracts | 141 | 124 | ' | ' |
Estimated Fair Value | Private label commercial mortgage related securities | Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Mortgage related securities | 485 | 2,120 | ' | ' |
Estimated Fair Value | Agency residential mortgage related securities | Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Mortgage related securities | 240,972 | 243,948 | ' | ' |
Held to maturity securities | $75,168 | $67,491 | ' | ' |
FAIR_VALUE_Details_2
FAIR VALUE (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Loans | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | |||||
loan | Private label commercial mortgage related securities | Private label commercial mortgage related securities | Private label commercial mortgage related securities | Loans | Loans | Loans | Financial assets acquired from debtors | Financial assets acquired from debtors | Derivatives contracts | Derivatives contracts | Balance | Balance | Balance | Balance | Balance | Balance | Balance | Balance | Balance | Balance | Balance | Balance | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Balance | Balance | Balance | Balance | Balance | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | Significant Other Unobservable Inputs (Level 3) | |||||||
Obligations of U.S. government agencies | Obligations of U.S. government agencies | Corporate securities | Corporate securities | Private label commercial mortgage related securities | Private label commercial mortgage related securities | Agency residential mortgage related securities | Agency residential mortgage related securities | Loans | Loans | Derivatives contracts | Derivatives contracts | Obligations of U.S. government agencies | Obligations of U.S. government agencies | Corporate securities | Corporate securities | Private label commercial mortgage related securities | Private label commercial mortgage related securities | Agency residential mortgage related securities | Agency residential mortgage related securities | Loans | Loans | Derivatives contracts | Derivatives contracts | Obligations of U.S. government agencies | Obligations of U.S. government agencies | Corporate securities | Corporate securities | Private label commercial mortgage related securities | Private label commercial mortgage related securities | Agency residential mortgage related securities | Agency residential mortgage related securities | Loans | Loans | Derivatives contracts | Derivatives contracts | Obligations of U.S. government agencies | Obligations of U.S. government agencies | Corporate securities | Corporate securities | Private label commercial mortgage related securities | Private label commercial mortgage related securities | Agency residential mortgage related securities | Agency residential mortgage related securities | Loans | Loans | Derivatives contracts | Derivatives contracts | Loans | Loans | Other real estate owned | Other real estate owned | Loans | Loans | Other real estate owned | Other real estate owned | Loans | Loans | Other real estate owned | Other real estate owned | Loans | Loans | Other real estate owned | Other real estate owned | ||||||||||||||||||||||||||||||
Fair value measurement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gain | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,000 | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses resulting from changes in fair value | ' | ' | ' | ' | ' | 11,000 | -298,000 | -2,000 | -30,000 | ' | 12,000 | -29,000 | ' | 0 | -241,000 | 1,000 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -141,000 | -124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -136,000 | -120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,000 | -4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fully charged off loans balance sheet value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Investment securities available-for-sale | 249,953,000 | 256,557,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 307,000 | 308,000 | 8,189,000 | 10,181,000 | 485,000 | 2,120,000 | 240,972,000 | 243,948,000 | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | 307,000 | 308,000 | 8,189,000 | 10,181,000 | 0 | 0 | 240,972,000 | 243,948,000 | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 485,000 | 2,120,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial assets acquired from debtors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,938,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,938,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,519,000 | 2,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,519,000 | 2,535,000 | ' | ' | 5,168,000 | 5,378,000 | 456,000 | 912,000 | 4,574,000 | 4,314,000 | 0 | 0 | 0 | 0 | 0 | 0 | 138,000 | 152,000 | 0 | 0 | 0 | 0 | 5,030,000 | 5,226,000 | 456,000 | 912,000 | 4,574,000 | 4,314,000 |
Mortgage servicing rights | $138,000 | $152,000 | $170,000 | $170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $138,000 | $152,000 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | $138,000 | $152,000 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' |
FAIR_VALUE_Details_3
FAIR VALUE (Details 3) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ' | ' |
Liabilities transferred between the three levels of the fair value hierarchy | $0 | $0 |
Assets transferred between the three levels of the fair value hierarchy | 0 | 0 |
Unobservable Inputs (Level 3) | ' | ' |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ' | ' |
Beginning balance | 6,589,000 | 12,705,000 |
Purchases/ additions | -2,000 | 1,992,000 |
Sales | -1,938,000 | 0 |
Payments (received) made | -1,661,000 | -1,217,000 |
Premium amortization, net | 0 | -2,000 |
Increase/(decrease) in value | 11,000 | -298,000 |
Ending balance | 2,999,000 | 13,180,000 |
Unobservable Inputs (Level 3) | Private label commercial mortgage related securities | ' | ' |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ' | ' |
Beginning balance | 2,120,000 | 6,197,000 |
Purchases/ additions | 0 | 0 |
Sales | 0 | 0 |
Payments (received) made | -1,633,000 | -1,486,000 |
Premium amortization, net | 0 | -2,000 |
Increase/(decrease) in value | -2,000 | -30,000 |
Ending balance | 485,000 | 4,679,000 |
Unobservable Inputs (Level 3) | Derivatives contracts | ' | ' |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ' | ' |
Beginning balance | -4,000 | -12,000 |
Purchases/ additions | -2,000 | -2,000 |
Sales | 0 | 0 |
Payments (received) made | 0 | 0 |
Premium amortization, net | 0 | 0 |
Increase/(decrease) in value | 1,000 | 2,000 |
Ending balance | -5,000 | -12,000 |
Unobservable Inputs (Level 3) | Financial assets acquired from debtors | ' | ' |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ' | ' |
Beginning balance | 1,938,000 | 3,714,000 |
Purchases/ additions | 0 | 1,994,000 |
Sales | -1,938,000 | 0 |
Payments (received) made | 0 | 295,000 |
Premium amortization, net | 0 | 0 |
Increase/(decrease) in value | 0 | -241,000 |
Ending balance | 0 | 5,762,000 |
Unobservable Inputs (Level 3) | Loans | ' | ' |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ' | ' |
Beginning balance | 2,535,000 | 2,806,000 |
Purchases/ additions | 0 | 0 |
Sales | 0 | 0 |
Payments (received) made | -28,000 | -26,000 |
Premium amortization, net | 0 | 0 |
Increase/(decrease) in value | 12,000 | -29,000 |
Ending balance | $2,519,000 | $2,751,000 |