Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Fox Chase Bancorp Inc | ' |
Entity Central Index Key | '0001485176 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Common Stock, Shares Outstanding | ' | 12,147,803 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $114 | $162 |
Interest-earning demand deposits in other banks | 6,301 | 24,928 |
Total cash and cash equivalents | 6,415 | 25,090 |
Investment securities available-for-sale | 10,501 | 12,491 |
Mortgage related securities available-for-sale | 258,406 | 283,616 |
Mortgage related securities held-to-maturity (fair value of $70,601 at September 30, 2013 and $29,451 at December 31, 2012) | 70,928 | 28,369 |
Loans, net of allowance for loan losses of $11,128 at September 30, 2013 and $11,170 at December 31, 2012 | 700,544 | 683,865 |
Federal Home Loan Bank stock, at cost | 10,013 | 8,097 |
Bank-owned life insurance | 14,428 | 14,077 |
Premises and equipment, net | 9,988 | 10,443 |
Assets acquired through foreclosure | 6,588 | 8,524 |
Real estate held for investment | 1,620 | 1,620 |
Accrued interest receivable | 3,267 | 3,223 |
Mortgage servicing rights, net | 157 | 170 |
Deferred tax asset, net | 7,738 | 2,953 |
Other assets | 6,291 | 5,803 |
Total Assets | 1,106,884 | 1,088,341 |
LIABILITIES | ' | ' |
Deposits | 683,008 | 687,409 |
Short-term borrowings | 61,600 | 70,500 |
Federal Home Loan Bank advances | 150,000 | 110,000 |
Other borrowed funds | 30,000 | 30,000 |
Advances from borrowers for taxes and insurance | 1,010 | 1,699 |
Accrued interest payable | 314 | 330 |
Accrued expenses and other liabilities | 6,720 | 6,938 |
Total Liabilities | 932,652 | 906,876 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at September 30, 2013 and December 31, 2012) | 0 | 0 |
Common stock ($.01 par value; 60,000,000 shares authorized, 12,147,803 shares issued and outstanding at September 30, 2013 and 12,356,564 shares issued and outstanding at December 31, 2012) | 146 | 146 |
Additional paid-in capital | 137,152 | 136,132 |
Treasury stock, at cost (2,468,172 shares at September 30, 2013 and 2,249,600 shares at December 31, 2012) | -33,436 | -29,733 |
Common stock acquired by benefit plans | -9,431 | -10,228 |
Retained earnings | 82,318 | 80,608 |
Accumulated other comprehensive (loss) income, net | -2,517 | 4,540 |
Total Stockholders’ Equity | 174,232 | 181,465 |
Total Liabilities and Stockholders’ Equity | $1,106,884 | $1,088,341 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Mortgage related securities held-to-maturity, fair value (in dollars) | $70,601 | $29,451 |
Loans, allowance for loan losses (in dollars) | $11,128 | $11,170 |
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 | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
INTEREST INCOME | ' | ' | ' | ' |
Interest and fees on loans | $8,241 | $8,582 | $24,319 | $25,792 |
Interest on mortgage related securities | 1,807 | 1,888 | 5,296 | 5,822 |
Interest on investment securities available-for-sale | ' | ' | ' | ' |
Taxable | 92 | 60 | 221 | 231 |
Nontaxable | 0 | 1 | 0 | 34 |
Other interest income | 1 | 0 | 2 | 5 |
Total Interest Income | 10,141 | 10,531 | 29,838 | 31,884 |
INTEREST EXPENSE | ' | ' | ' | ' |
Deposits | 1,055 | 1,578 | 3,373 | 4,986 |
Short-term borrowings | 45 | 16 | 94 | 26 |
Federal Home Loan Bank advances | 555 | 450 | 1,606 | 1,892 |
Other borrowed funds | 254 | 254 | 753 | 1,096 |
Total Interest Expense | 1,909 | 2,298 | 5,826 | 8,000 |
Net Interest Income | 8,232 | 8,233 | 24,012 | 23,884 |
Provision for loan losses | 675 | 470 | 532 | 3,036 |
Net Interest Income after Provision for Loan Losses | 7,557 | 7,763 | 23,480 | 20,848 |
NONINTEREST INCOME | ' | ' | ' | ' |
Service charges and other fee income | 437 | 364 | 1,260 | 1,138 |
Net gain on sale of assets acquired through foreclosure | 303 | 8 | 484 | 135 |
Income on bank-owned life insurance | 118 | 117 | 351 | 354 |
Equity in earnings of affiliate | 135 | 210 | 470 | 445 |
Net gain on sale of investment securities (includes $0 and $532 for the three and nine months ended September 30, 2013, respectively, and $0 and $2,340 for the three and nine months ended September 30, 2012, respectively, accumulated other comprehensive income reclassification for unrealized holdings gains) | 0 | 0 | 532 | 2,340 |
Other | 36 | 38 | 125 | 99 |
Total Noninterest Income | 1,029 | 737 | 3,222 | 4,511 |
NONINTEREST EXPENSE | ' | ' | ' | ' |
Salaries, benefits and other compensation | 3,644 | 3,458 | 10,629 | 10,150 |
Occupancy expense | 403 | 415 | 1,243 | 1,294 |
Furniture and equipment expense | 117 | 119 | 358 | 409 |
Data processing costs | 390 | 441 | 1,155 | 1,359 |
Professional fees | 474 | 369 | 1,250 | 1,327 |
Marketing expense | 59 | 65 | 167 | 217 |
FDIC premiums | 175 | 199 | 525 | 581 |
Assets acquired through foreclosure expense | 1,370 | 962 | 4,465 | 1,115 |
Loss on extinguishment of debt | 0 | 0 | 0 | 3,018 |
Other | 370 | 370 | 1,192 | 1,267 |
Total Noninterest Expense | 7,002 | 6,398 | 20,984 | 20,737 |
Income Before Income Taxes | 1,584 | 2,102 | 5,718 | 4,622 |
Income tax provision (includes $0 and $186 for the three and nine months ended September 30, 2013, respectively, and $0 and $830 for the three and nine months ended September 30, 2012, respectively, income tax expense from reclassification items) | 411 | 666 | 1,674 | 1,460 |
Net Income | $1,173 | $1,436 | $4,044 | $3,162 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.10 | $0.12 | $0.36 | $0.27 |
Diluted (in dollars per share) | $0.10 | $0.12 | $0.35 | $0.27 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive income reclassification for unrealized holdings gains | $0 | $0 | $532 | $2,340 |
Income tax expense from reclassification items | $0 | $0 | $186 | $830 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $1,173 | $1,436 | $4,044 | $3,162 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Unrealized holding (losses) gains on securities available-for-sale | -175 | 2,607 | -10,363 | 2,435 |
Tax Effect | 67 | -900 | 3,652 | -830 |
Net of Tax Amount | -108 | 1,707 | -6,711 | 1,605 |
Reclassification adjustments for net investment securities gains included in net income | 0 | 0 | -532 | -2,426 |
Tax Effect | 0 | 0 | 186 | 863 |
Net of Tax Amount | 0 | 0 | -346 | -1,563 |
Reclassification adjustment for loss included in net income for other-than-temporary impaired investments sold, net | 0 | 0 | 0 | 86 |
Tax Effect | 0 | 0 | 0 | -33 |
Net of Tax Amount | 0 | 0 | 0 | 53 |
Other comprehensive (loss) income | -108 | 1,707 | -7,057 | 95 |
Comprehensive income (loss) | $1,065 | $3,143 | ($3,013) | $3,257 |
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, 2011 | $188,192 | $146 | $134,871 | ($19,822) | ($11,541) | $77,971 | $6,567 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | -8,485 | 0 | 0 | -8,485 | 0 | 0 | 0 |
Stock based compensation expense | 873 | 0 | 873 | 0 | 0 | 0 | 0 |
Unallocated ESOP shares committed to employees | 665 | 0 | 197 | 0 | 468 | 0 | 0 |
Issuance of stock for vested equity awards | 0 | 0 | -643 | 0 | 686 | -43 | 0 |
Common stock issued for exercise of vested stock options | 472 | 0 | 472 | 0 | 0 | 0 | 0 |
Tax benefit from exercise of stock options and vesting of restricted stock | 87 | 0 | 87 | 0 | 0 | 0 | 0 |
Dividends paid | -1,445 | 0 | 0 | 0 | 0 | -1,445 | 0 |
Net income | 3,162 | 0 | 0 | 0 | 0 | 3,162 | 0 |
Other comprehensive loss | 95 | 0 | 0 | 0 | 0 | 0 | 95 |
BALANCE at Sep. 30, 2012 | 183,616 | 146 | 135,857 | -28,307 | -10,387 | 79,645 | 6,662 |
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 | -3,703 | 0 | 0 | -3,703 | 0 | 0 | 0 |
Stock based compensation expense | 811 | 0 | 811 | 0 | 0 | 0 | 0 |
Unallocated ESOP shares committed to employees | 829 | 0 | 361 | 0 | 468 | 0 | 0 |
Issuance of stock for vested equity awards | 0 | 0 | -316 | 0 | 329 | -13 | 0 |
Common stock issued for exercise of vested stock options | 106 | 0 | 106 | 0 | 0 | 0 | 0 |
Tax benefit from exercise of stock options and vesting of restricted stock | 58 | 0 | 58 | 0 | 0 | 0 | 0 |
Dividends paid | -2,321 | 0 | 0 | 0 | 0 | -2,321 | 0 |
Net income | 4,044 | 0 | 0 | 0 | 0 | 4,044 | 0 |
Other comprehensive loss | -7,057 | 0 | 0 | 0 | 0 | 0 | -7,057 |
BALANCE at Sep. 30, 2013 | $174,232 | $146 | $137,152 | ($33,436) | ($9,431) | $82,318 | ($2,517) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Dividends paid (in dollars per share) | $0.20 | $0.12 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities | ' | ' |
Net income | $4,044 | $3,162 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 532 | 3,036 |
Valuation adjustment for assets acquired through foreclosure | 4,304 | 932 |
Depreciation | 591 | 623 |
Net amortization of securities premiums and discounts | 2,101 | 2,104 |
Proceeds from the sale of loans held for sale | 3,157 | 0 |
(Benefit) provision for deferred income taxes | -947 | 390 |
Stock compensation from benefit plans | 1,640 | 1,538 |
Net gain on sale of assets acquired through foreclosure | -484 | -135 |
Net gain on sale of investment securities | -532 | -2,340 |
Income on bank-owned life insurance | -351 | -354 |
Excess tax benefit from exercise of stock options and vesting of restricted stock | -58 | -87 |
Decrease in mortgage servicing rights, net | 13 | 117 |
Increase in accrued interest receivable and other assets | -589 | -159 |
(Decrease) increase in accrued interest payable, accrued expenses and other liabilities | -176 | 4,613 |
Net Cash Provided by Operating Activities | 13,245 | 13,440 |
Investment securities available-for-sale: | ' | ' |
Purchases | 0 | -5,269 |
Proceeds from sales | 0 | 6,157 |
Proceeds from maturities, calls and principal repayments | 2,000 | 9,866 |
Mortgage related securities available-for-sale: | ' | ' |
Purchases | -49,821 | -180,522 |
Proceeds from sales | 9,517 | 69,067 |
Proceeds from maturities, calls and principal repayments | 53,192 | 51,957 |
Mortgage related securities held-to-maturity: | ' | ' |
Purchases | -51,420 | 0 |
Proceeds from maturities, calls and principal repayments | 8,562 | 9,015 |
Net (increase) decrease in loans | -4,593 | 7,815 |
Purchases of loans and loan participations | -20,544 | -21,418 |
Net (increase) decrease in Federal Home Loan Bank stock | -1,916 | 667 |
Purchases of premises and equipment | -153 | -678 |
Additions to assets acquired through foreclosure | -867 | -317 |
Proceeds from sales and payments on assets acquired through foreclosure | 3,973 | 1,663 |
Net Cash Used in Investing Activities | -52,070 | -51,997 |
Cash Flows from Financing Activities | ' | ' |
Net (decrease) increase in deposits | -4,401 | 26,539 |
Decrease in advances from borrowers for taxes and insurance | -689 | -640 |
Principal payments on other borrowed funds | 0 | -20,000 |
Proceeds from Federal Home Loan Bank advances | 40,000 | 45,000 |
Principal payments on Federal Home Loan Bank advances | 0 | -38,278 |
Net (decrease) increase in short-term borrowings | -8,900 | 42,800 |
Tax benefit from exercise of stock options and vesting of restricted stock | 58 | 87 |
Common stock issued for exercise of stock options | 106 | 472 |
Purchase of treasury stock | -3,703 | -8,485 |
Cash dividends paid | -2,321 | -1,445 |
Net Cash Provided by Financing Activities | 20,150 | 46,050 |
Net (Decrease) Increase in Cash and Cash Equivalents | -18,675 | 7,493 |
Cash and Cash Equivalents – Beginning | 25,090 | 7,586 |
Cash and Cash Equivalents – Ending | 6,415 | 15,079 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Interest paid | 5,842 | 8,073 |
Income taxes paid | 2,400 | 1,548 |
Transfers of loans to assets acquired through foreclosure | 4,990 | 7,366 |
Transfers of loans to loans held for sale | 3,157 | 0 |
Net charge-offs | $574 | $3,891 |
PRINCIPLES_OF_CONSOLIDATION_AN
PRINCIPLES OF CONSOLIDATION AND PRESENTATION | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
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 that was incorporated in March 2010 to be the successor corporation to old Fox Chase Bancorp, Inc. (“Old Fox Chase Bancorp”), a federal corporation and the former stock holding company for Fox Chase Bank (the “Bank”), upon completion of the mutual-to-stock conversion of Fox Chase MHC, the former mutual holding company for Fox Chase Bank. | ||||||||||||||||
The Bancorp’s primary business is holding the common stock of 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 savings and loan holding companies. | ||||||||||||||||
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 eleven branches in Philadelphia, Richboro, Willow Grove, Warminster, Lahaska, Hatboro, Media 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 Company competes with other financial institutions and other companies that provide financial services. 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 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 them 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. Pursuant to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the regulation and supervision of federal savings institutions, such as the Bank, was transferred from the Office of Thrift Supervision to the Office of the Comptroller of the Currency, the agency that regulates national banks, in July 2011. As a result, the Office of the Comptroller of the Currency has primary responsibility for examining the Bank and implementing and enforcing many of the laws and regulations applicable to federal savings associations. In addition, pursuant to the provisions of the Dodd-Frank Act, savings and loan holding companies, such as the Bancorp, are now regulated by the Board of Governors of the Federal Reserve System. | ||||||||||||||||
During September 2013, the Bank received regulatory approval to convert from a federally chartered savings bank to a Pennsylvania-chartered savings bank. The Bank expects the charter conversion to become effective during the fourth quarter of 2013, at which point, the Pennsylvania Department of Banking will become the Bank’s primary regulator. Concurrent with the Bank’s charter conversion, the Bancorp will convert to a bank holding company and will continue to be regulated by the Board of Governors of the Federal Reserve System. Accordingly, when the charter conversion becomes effective, the Bank will no longer be subjected to the Qualified Thrift Lender Test or the commercial lending restrictions of the Home Owner Loan Act. | ||||||||||||||||
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 purposes are to facilitate the Bank’s investment in PMA and, for regulatory purposes, to hold commercial loans. At September 30, 2013, Fox Chase Service Corporation held $20.0 million in commercial loans. 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. | ||||||||||||||||
During 2013 and 2012, the Bank engaged in certain business activities with PMA. These activities included providing a warehouse line of credit to PMA, as well as acquiring residential mortgage and home equity loans from PMA. The Bank recorded interest income from PMA on the warehouse line of $271,000 and $301,000 for the nine months ended September 30, 2013 and 2012, respectively, as well as loan satisfaction fees, which are recorded in service charges and other fee income, from PMA of $40,000 and $48,000 for the nine months ended September 30, 2013 and 2012, respectively. In addition, the Bank acquired total loans from PMA of $592,000 and $13.5 million during the nine months ended September 30, 2013 and 2012, respectively, which includes the cost of the loans. | ||||||||||||||||
NOTE 1 - PRINCIPLES OF CONSOLIDATION AND PRESENTATION (CONTINUED) | ||||||||||||||||
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 as filed with the Securities and Exchange Commission on March 13, 2013. These financial statements include all normal and recurring adjustments which management believes were necessary in order to conform to GAAP. The results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 or any other period. | ||||||||||||||||
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 September 30, | Nine Months Ended | |||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Unaudited) | ||||||||||||||||
Net income | $ | 1,173,000 | $ | 1,436,000 | $ | 4,044,000 | $ | 3,162,000 | ||||||||
Weighted-average common shares outstanding (1) | 12,143,880 | 12,549,453 | 12,217,289 | 12,699,390 | ||||||||||||
Average common stock acquired by stock benefit plans: | ||||||||||||||||
ESOP shares unallocated | (578,494 | ) | (643,539 | ) | (594,597 | ) | (659,705 | ) | ||||||||
Shares purchased by trust | (317,645 | ) | (370,768 | ) | (327,849 | ) | (383,014 | ) | ||||||||
Weighted-average common shares used to calculate basic earnings per share | 11,247,741 | 11,535,146 | 11,294,843 | 11,656,671 | ||||||||||||
Dilutive effect of: | ||||||||||||||||
Restricted stock awards | 43,087 | 45,074 | 34,586 | 36,675 | ||||||||||||
Stock option awards | 203,692 | 138,088 | 193,932 | 102,190 | ||||||||||||
Weighted-average common shares used to calculate diluted earnings per share | 11,494,520 | 11,718,308 | 11,523,361 | 11,795,536 | ||||||||||||
Earnings per share-basic | $ | 0.1 | $ | 0.12 | $ | 0.36 | $ | 0.27 | ||||||||
Earnings per share-diluted | $ | 0.1 | $ | 0.12 | $ | 0.35 | $ | 0.27 | ||||||||
Outstanding common stock equivalents having no dilutive effect | 1,102,810 | 826,441 | 1,121,071 | 870,738 | ||||||||||||
(1) Excludes treasury stock. | ||||||||||||||||
INVESTMENT_AND_MORTGAGE_RELATE
INVESTMENT AND MORTGAGE RELATED SECURITIES | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012 are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 10 | $ | — | $ | — | $ | 310 | ||||||||||||||||||||||||||||||
Corporate securities | 10,156 | 56 | (21 | ) | — | 10,191 | ||||||||||||||||||||||||||||||||||
10,456 | 66 | (21 | ) | — | 10,501 | |||||||||||||||||||||||||||||||||||
Private label commercial mortgage related securities | 2,157 | 9 | — | — | 2,166 | |||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | 260,170 | 2,753 | (6,683 | ) | — | 256,240 | ||||||||||||||||||||||||||||||||||
Total mortgage related securities | 262,327 | 2,762 | (6,683 | ) | — | 258,406 | ||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 272,783 | $ | 2,828 | $ | (6,704 | ) | $ | — | $ | 268,907 | |||||||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 70,928 | $ | 843 | $ | (1,170 | ) | $ | — | $ | 70,601 | |||||||||||||||||||||||||||||
Total mortgage related securities | 70,928 | 843 | (1,170 | ) | — | 70,601 | ||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 70,928 | $ | 843 | $ | (1,170 | ) | $ | — | $ | 70,601 | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 14 | $ | — | $ | — | $ | 314 | ||||||||||||||||||||||||||||||
Corporate securities | 12,207 | 91 | (121 | ) | — | 12,177 | ||||||||||||||||||||||||||||||||||
12,507 | 105 | (121 | ) | — | 12,491 | |||||||||||||||||||||||||||||||||||
Private label commercial mortgage related securities | 6,119 | 78 | — | — | 6,197 | |||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | 270,461 | 7,023 | (65 | ) | — | 277,419 | ||||||||||||||||||||||||||||||||||
Total mortgage related securities | 276,580 | 7,101 | (65 | ) | — | 283,616 | ||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 289,087 | $ | 7,206 | $ | (186 | ) | $ | — | $ | 296,107 | |||||||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 28,369 | $ | 1,082 | $ | — | $ | — | $ | 29,451 | ||||||||||||||||||||||||||||||
Total mortgage related securities | 28,369 | 1,082 | — | — | 29,451 | |||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 28,369 | $ | 1,082 | $ | — | $ | — | $ | 29,451 | ||||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
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 | — | — | 2,979 | (21 | ) | 2,979 | (21 | ) | ||||||||||||||||||||||||||||||||
— | — | 2,979 | (21 | ) | 2,979 | (21 | ) | |||||||||||||||||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | 205,530 | (6,683 | ) | — | — | 205,530 | (6,683 | ) | ||||||||||||||||||||||||||||||||
Total mortgage related securities | 205,530 | (6,683 | ) | — | — | 205,530 | (6,683 | ) | ||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 205,530 | $ | (6,683 | ) | $ | 2,979 | $ | (21 | ) | $ | 208,509 | $ | (6,704 | ) | |||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 38,738 | $ | (1,170 | ) | $ | — | $ | — | $ | 38,738 | $ | (1,170 | ) | ||||||||||||||||||||||||||
Total mortgage related securities | 38,738 | (1,170 | ) | — | — | 38,738 | (1,170 | ) | ||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 38,738 | $ | (1,170 | ) | $ | — | $ | — | $ | 38,738 | $ | (1,170 | ) | ||||||||||||||||||||||||||
Total Temporarily Impaired Securities | $ | 244,268 | $ | (7,853 | ) | $ | 2,979 | $ | (21 | ) | $ | 247,247 | $ | (7,874 | ) | |||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
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 | — | — | 2,879 | (121 | ) | 2,879 | (121 | ) | ||||||||||||||||||||||||||||||||
— | — | 2,879 | (121 | ) | 2,879 | (121 | ) | |||||||||||||||||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | 29,092 | (65 | ) | — | — | 29,092 | (65 | ) | ||||||||||||||||||||||||||||||||
Total mortgage related securities | 29,092 | (65 | ) | — | — | 29,092 | (65 | ) | ||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 29,092 | $ | (65 | ) | $ | 2,879 | $ | (121 | ) | $ | 31,971 | $ | (186 | ) | |||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Total mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Total Temporarily Impaired Securities | $ | 29,092 | $ | (65 | ) | $ | 2,879 | $ | (121 | ) | $ | 31,971 | $ | (186 | ) | |||||||||||||||||||||||||
NOTE 2 - INVESTMENT AND MORTGAGE RELATED SECURITIES (CONTINUED) | ||||||||||||||||||||||||||||||||||||||||
During the three months ended September 30, 2013, no securities were sold. During the nine months ended September 30, 2013, the Company sold seven mortgage related securities with an amortized cost of $9.0 million and recognized gross gains of $532,000. | ||||||||||||||||||||||||||||||||||||||||
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, and the presence of credit enhancements. | ||||||||||||||||||||||||||||||||||||||||
At September 30, 2013, gross unrealized losses totaled $7.9 million. One corporate security, with a fair value of $3.0 million and an unrealized loss position of $21,000, had an unrealized loss position for twelve months or longer as of September 30, 2013. This security has a rating of "Baa2." The remaining securities in an unrealized loss position at September 30, 2013 have been in an unrealized loss position for less than twelve months. These securities consist of 95 agency residential mortgage related securities whose fair value primarily fluctuates with changes in market conditions for the underlying securities and changes in the interest rate environment. The fair value of these agency residential mortgage related securities totaled $244.3 million and the unrealized loss totaled $7.9 million. 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 September 30, 2013, the Company held two private label commercial mortgage related securities ("CMBS") with an amortized cost of $2.2 million. These securities had a net unrealized gain of $9,000 at September 30, 2013 and both individual securities were held at an unrealized gain. As of December 31, 2012, the Company held three private label CMBS with an amortized cost of $6.1 million. These securities had a net unrealized gain of $78,000 at December 31, 2012 and all individual securities were held at an unrealized gain. | ||||||||||||||||||||||||||||||||||||||||
The Company evaluates current characteristics of each of these private label securities 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 these securities will perform worse than current expectations, which may lead to adverse changes in cash flows on these securities and potential future other-than-temporary impairment losses. Events that may trigger material declines in fair values for these securities 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) | ||||||||||||||||||||||||||||||||||||||||
The following schedules provide a summary of the components of net investment securities gains (losses) in the Company’s consolidated statements of operations for the three and nine month periods ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Gross | Gross | Other-than- | Portion of | Net Gains | Gross | Gross | Other-than- | Portion of | Net Gains | |||||||||||||||||||||||||||||||
Realized | Realized | Temporary | OTTI | (Losses) | Realized | Realized | Temporary | OTTI | (Losses) | |||||||||||||||||||||||||||||||
Gains | Losses | Impairment | in OCI | Gains | Losses | Impairment | in OCI | |||||||||||||||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | (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 | — | — | — | — | — | 532 | — | — | — | 532 | ||||||||||||||||||||||||||||||
Total mortgage related securities | — | — | — | — | — | 532 | — | — | — | 532 | ||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 532 | $ | — | $ | — | $ | — | $ | 532 | ||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Gross | Gross | Other-than- | Portion of | Net Gains | Gross | Gross | Other-than- | Portion of | Net Gains | |||||||||||||||||||||||||||||||
Realized | Realized | Temporary | OTTI | (Losses) | Realized | Realized | Temporary | OTTI | (Losses) | |||||||||||||||||||||||||||||||
Gains | Losses | Impairment | in OCI | Gains | Losses | Impairment | in OCI | |||||||||||||||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | (In thousands, Unaudited) | |||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 64 | $ | — | $ | — | $ | — | $ | 64 | ||||||||||||||||||||
Corporate securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
— | — | — | — | — | 64 | — | — | — | 64 | |||||||||||||||||||||||||||||||
Private label residential mortgage related security | — | — | — | — | — | — | (87 | ) | — | — | (87 | ) | ||||||||||||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Agency residential mortgage related securities | — | — | — | — | — | 2,363 | — | — | — | 2,363 | ||||||||||||||||||||||||||||||
Total mortgage related securities | — | — | — | — | — | 2,363 | (87 | ) | — | — | 2,276 | |||||||||||||||||||||||||||||
Total securities available-for-sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,427 | $ | (87 | ) | $ | — | $ | — | $ | 2,340 | |||||||||||||||||||
NOTE 2 - INVESTMENT AND MORTGAGE RELATED SECURITIES (CONTINUED) | ||||||||||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity at September 30, 2013 and December 31, 2012 by contractual maturity are as follows: | ||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | (Unaudited) | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 1,987 | $ | 2,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Due after one year through five years | 8,469 | 8,501 | — | — | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total mortgage related securities | 262,327 | 258,406 | 70,928 | 70,601 | ||||||||||||||||||||||||||||||||||||
$ | 272,783 | $ | 268,907 | $ | 70,928 | $ | 70,601 | |||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,019 | $ | 2,032 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Due after one year through five years | 10,488 | 10,459 | — | — | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total mortgage related securities | 276,580 | 283,616 | 28,369 | 29,451 | ||||||||||||||||||||||||||||||||||||
$ | 289,087 | $ | 296,107 | $ | 28,369 | $ | 29,451 | |||||||||||||||||||||||||||||||||
Securities with a carrying value of $7.9 million and $8.3 million at September 30, 2013 and December 31, 2012, respectively, were pledged to secure public deposits and for other purposes as required or permitted by law. | ||||||||||||||||||||||||||||||||||||||||
Securities with a carrying value of $35.4 million and $46.6 million at September 30, 2013 and December 31, 2012, respectively, were used to secure other borrowed funds. See Note 7. | ||||||||||||||||||||||||||||||||||||||||
Securities with a carrying value of $724,000 and $892,000 at September 30, 2013 and December 31, 2012, respectively, were used to secure derivative transactions. |
LOANS
LOANS | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
LOANS | ' | |||||||||||||||||||||||||||||||||||
LOANS | ||||||||||||||||||||||||||||||||||||
The composition of net loans at September 30, 2013 and December 31, 2012 is provided below: | ||||||||||||||||||||||||||||||||||||
September 30, | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 133,006 | $ | 158,828 | ||||||||||||||||||||||||||||||||
Multi-family and commercial | 399,340 | 368,948 | ||||||||||||||||||||||||||||||||||
Construction | 6,435 | 22,591 | ||||||||||||||||||||||||||||||||||
538,781 | 550,367 | |||||||||||||||||||||||||||||||||||
Consumer loans | 23,399 | 30,585 | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans | 149,559 | 113,820 | ||||||||||||||||||||||||||||||||||
Total loans | 711,739 | 694,772 | ||||||||||||||||||||||||||||||||||
Deferred loan origination (fees) cost, net | (67 | ) | 263 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (11,128 | ) | (11,170 | ) | ||||||||||||||||||||||||||||||||
Net loans | $ | 700,544 | $ | 683,865 | ||||||||||||||||||||||||||||||||
NOTE 3 - LOANS (CONTINUED) | ||||||||||||||||||||||||||||||||||||
The following table presents changes in the allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Year Ended | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Balance, beginning | $ | 11,170 | $ | 12,075 | $ | 12,075 | ||||||||||||||||||||||||||||||
Provision for loan losses | 532 | 3,036 | 3,478 | |||||||||||||||||||||||||||||||||
Loans charged off | (647 | ) | (3,952 | ) | (4,527 | ) | ||||||||||||||||||||||||||||||
Recoveries | 73 | 61 | 144 | |||||||||||||||||||||||||||||||||
Balance, ending | $ | 11,128 | $ | 11,220 | $ | 11,170 | ||||||||||||||||||||||||||||||
The following tables present changes in the allowance for loan losses by loan segment for the nine months ended September 30, 2013 and the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||||||||||
Balance, beginning | $ | 642 | $ | 6,327 | $ | 873 | $ | 232 | $ | 2,630 | $ | 466 | $ | 11,170 | ||||||||||||||||||||||
(Credit) provision for loan losses | (139 | ) | 1,256 | (487 | ) | (7 | ) | (45 | ) | (46 | ) | 532 | ||||||||||||||||||||||||
Loans charged off | (115 | ) | (463 | ) | — | (69 | ) | — | — | (647 | ) | |||||||||||||||||||||||||
Recoveries | 35 | 12 | — | 26 | — | — | 73 | |||||||||||||||||||||||||||||
Balance, ending | $ | 423 | $ | 7,132 | $ | 386 | $ | 182 | $ | 2,585 | $ | 420 | $ | 11,128 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Balance, beginning | $ | 1,760 | $ | 6,112 | $ | 869 | $ | 455 | $ | 2,657 | $ | 222 | $ | 12,075 | ||||||||||||||||||||||
Provision (credit) for loan losses | 286 | 1,064 | 252 | 1,659 | (27 | ) | 244 | 3,478 | ||||||||||||||||||||||||||||
Loans charged off | (1,408 | ) | (887 | ) | (340 | ) | (1,892 | ) | — | — | (4,527 | ) | ||||||||||||||||||||||||
Recoveries | 4 | 38 | 92 | 10 | — | — | 144 | |||||||||||||||||||||||||||||
Balance, ending | $ | 642 | $ | 6,327 | $ | 873 | $ | 232 | $ | 2,630 | $ | 466 | $ | 11,170 | ||||||||||||||||||||||
NOTE 3 - LOANS (CONTINUED) | ||||||||||||||||||||||||||||||||||||
The following tables set forth the breakdown of impaired loans by loan segment as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||
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 | $ | 1,981 | $ | 1,036 | $ | — | $ | 3,017 | $ | 3,017 | $ | — | ||||||||||||||||||||||||
Multi-family and commercial | 2,966 | 6,215 | — | 9,181 | 8,825 | 356 | ||||||||||||||||||||||||||||||
Construction | 3,991 | — | — | 3,991 | 3,991 | — | ||||||||||||||||||||||||||||||
Consumer loans | 119 | 14 | — | 133 | 133 | — | ||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total | $ | 9,057 | $ | 7,265 | $ | — | $ | 16,322 | $ | 15,966 | $ | 356 | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
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 | $ | 3,355 | $ | 507 | $ | — | $ | 3,862 | $ | 3,862 | $ | — | ||||||||||||||||||||||||
Multi-family and commercial | 5,284 | 6,867 | — | 12,151 | 11,770 | 381 | ||||||||||||||||||||||||||||||
Construction | 6,434 | — | — | 6,434 | 6,434 | — | ||||||||||||||||||||||||||||||
Consumer loans | 2,051 | 14 | — | 2,065 | 203 | 1,862 | ||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total | $ | 17,124 | $ | 7,388 | $ | — | $ | 24,512 | $ | 22,269 | $ | 2,243 | ||||||||||||||||||||||||
For the nine months ended September 30, 2013 and 2012, the average recorded investment in impaired loans was $17.4 million and $26.9 million, respectively. The interest income recognized on these impaired loans was $296,000 and $248,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Loans on which the accrual of interest has been discontinued amounted to $9.1 million at September 30, 2013 and $17.1 million at December 31, 2012. If interest on such loans had been recorded in accordance with contractual terms, interest income would have increased by $521,000 and $1.5 million for the nine months ended September 30, 2013 and the year ended December 31, 2012, respectively. There were $1.6 million and $0 of loans past due 90 days or more and still accruing interest at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
At September 30, 2013, five troubled debt restructurings (“TDRs”), totaling $4.3 million, are excluded from the accruing TDR column above as they are included in the nonaccrual loans column. Of this amount, $4.0 million relates to two construction loans. The Bank has commitments of $442,000 to lend additional funds related to these construction loans. Additionally, the Bank had three residential loan TDRs totaling $282,000 which are included in the nonaccrual loans and total impaired loans columns. One multi-family and commercial TDR, totaling $1.6 million, is included in the Accruing TDRs column. This loan is past due 90 days or more and is still accruing interest, as discussed above. | ||||||||||||||||||||||||||||||||||||
At December 31, 2012, seven TDRs totaling $6.9 million are excluded from the accruing TDR column as they are included in nonaccrual loans and total impaired loans columns. | ||||||||||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing TDR's | Other Impaired Loans | Total Impaired Loans | |||||||||||||||||||||||||||||||||
General | Total | |||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 156 | $ | 2 | $ | — | $ | 158 | $ | 265 | $ | 423 | ||||||||||||||||||||||||
Multi-family and commercial | 595 | 682 | — | 1,277 | 5,855 | 7,132 | ||||||||||||||||||||||||||||||
Construction | 333 | — | — | 333 | 53 | 386 | ||||||||||||||||||||||||||||||
Consumer loans | 6 | — | — | 6 | 176 | 182 | ||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 2,585 | 2,585 | ||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | 420 | 420 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,090 | $ | 684 | $ | — | $ | 1,774 | $ | 9,354 | $ | 11,128 | ||||||||||||||||||||||||
31-Dec-12 | Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing TDR's | Other Impaired Loans | Total Impaired Loans | |||||||||||||||||||||||||||||||||
General | Total | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 337 | $ | 5 | $ | — | $ | 342 | $ | 300 | $ | 642 | ||||||||||||||||||||||||
Multi-family and commercial | 530 | 948 | — | 1,478 | 4,849 | 6,327 | ||||||||||||||||||||||||||||||
Construction | 449 | — | — | 449 | 424 | 873 | ||||||||||||||||||||||||||||||
Consumer loans | 10 | 1 | — | 11 | 221 | 232 | ||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 2,630 | 2,630 | ||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | 466 | 466 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,326 | $ | 954 | $ | — | $ | 2,280 | $ | 8,890 | $ | 11,170 | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
At December 31, 2012, the Bank had fourteen TDRs, totaling $14.3 million. At September 30, 2013, ten of these TDRs, totaling $10.9 million, remained. These TDRs consisted of: | ||||||||||||||||||||||||||||||||||||
•two construction loans totaling $4.0 million; | ||||||||||||||||||||||||||||||||||||
•two multi-family and commercial real estate loans totaling $6.2 million; | ||||||||||||||||||||||||||||||||||||
•five residential loans totaling $696,000; and | ||||||||||||||||||||||||||||||||||||
•one consumer loan totaling $14,000. | ||||||||||||||||||||||||||||||||||||
In addition, there were two new residential loan TDRs added during the nine months ended September 30, 2013, which totaled $622,000 at September 30, 2013. The Bank agreed to modified terms with the borrowers, which included delayed repayment of principal and interest. The Bank had twelve TDRs totaling $11.5 million at September 30, 2013. | ||||||||||||||||||||||||||||||||||||
NOTE 3 - LOANS (CONTINUED) | ||||||||||||||||||||||||||||||||||||
The following tables set forth a summary of the TDR activity for the three and nine month periods ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | |||||||||||||||||||||||||||||||||||
Restructured Current Period | Restructured Current Period | |||||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Post-Modification | Number | Pre-Modification | Post-Modification | Number | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | of Loans | Outstanding | Outstanding | of Loans | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||||
(Dollars in thousands, Unaudited) | (Dollars in thousands, Unaudited) | |||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | 1 | $ | 141 | $ | 141 | — | $ | — | 2 | $ | 622 | $ | 622 | — | $ | — | ||||||||||||||||||||
Multi-family and commercial | — | — | — | 1 | 1,640 | — | — | — | 1 | 1,640 | ||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | 1 | $ | 141 | $ | 141 | 1 | $ | 1,640 | 2 | $ | 622 | $ | 622 | 1 | $ | 1,640 | ||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | |||||||||||||||||||||||||||||||||||
Restructured Current Period | Restructured Current Period | |||||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Post-Modification | Number | Pre-Modification | Post-Modification | Number | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | of Loans | Outstanding | Outstanding | of Loans | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||||
(Dollars in thousands, Unaudited) | (Dollars in thousands, Unaudited) | |||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | — | $ | — | $ | — | 3 | $ | 254 | 3 | $ | 400 | $ | 400 | 3 | $ | 254 | ||||||||||||||||||||
Multi-family and commercial | — | — | — | — | — | 1 | 519 | 519 | — | — | ||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer loans | 1 | 14 | 14 | 1 | 8 | 1 | 14 | 14 | 1 | 8 | ||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | 1 | $ | 14 | $ | 14 | 4 | $ | 262 | 5 | $ | 933 | $ | 933 | 4 | $ | 262 | ||||||||||||||||||||
NOTE 3 - LOANS (CONTINUED) | ||||||||||||||||||||||||||||||||||||
The following table sets forth past due loans by segment as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
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 | $ | 1,363 | $ | 256 | $ | 18 | $ | 284 | ||||||||||||||||||||||||||||
Multi-family and commercial real estate | — | 277 | — | 1,691 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||||||||||
Consumer | 118 | 36 | 23 | 51 | ||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,481 | $ | 569 | $ | 41 | $ | 2,026 | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
The following tables set forth criticized and classified loans by segment as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||||||||||
Pass and Pass watch | $ | 131,025 | $ | 378,567 | $ | 2,443 | $ | 23,280 | $ | 146,243 | $ | 681,558 | ||||||||||||||||||||||||
Special mention | — | 13,533 | — | — | 3,316 | 16,849 | ||||||||||||||||||||||||||||||
Substandard | 1,981 | 7,240 | 3,992 | 119 | — | 13,332 | ||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total loans | $ | 133,006 | $ | 399,340 | $ | 6,435 | $ | 23,399 | $ | 149,559 | $ | 711,739 | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Pass and Pass watch | $ | 155,473 | $ | 347,150 | $ | 16,157 | $ | 28,534 | $ | 110,032 | $ | 657,346 | ||||||||||||||||||||||||
Special mention | — | 6,733 | — | — | 3,633 | 10,366 | ||||||||||||||||||||||||||||||
Substandard | 3,355 | 15,065 | 6,434 | 2,051 | 155 | 27,060 | ||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total loans | $ | 158,828 | $ | 368,948 | $ | 22,591 | $ | 30,585 | $ | 113,820 | $ | 694,772 | ||||||||||||||||||||||||
DERIVATIVES_AND_HEDGING
DERIVATIVES AND HEDGING | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
DERIVATIVES AND HEDGING | ' |
DERIVATIVES AND HEDGING | |
Interest Rate Swaps | |
On November 3, 2006, the Company entered an interest rate swap with a current notional amount of $896,000, 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 $148,000 and $203,000 at September 30, 2013 and December 31, 2012, 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 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 position of $15,000 and $105,000 at September 30, 2013 and December 31, 2012, 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 income of $1,000 and $2,000 for the three months ended September 30, 2013 and September 30, 2012, respectively. Hedge ineffectiveness resulted in income of $15,000 and a loss of $5,000 for the nine months ended September 30, 2013 and September 30, 2012, 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. | |
At September 30, 2013, 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 $19.7 million, and remaining maturities ranging from 6 to 9 years. At December 31, 2012, there were four variable-rate to fixed-rate interest swap transactions between the third-party financial institution and our customers with a notional amount of $13.3 million, and remaining maturities ranging from 7 to 10 years. The fair value of the swaps to the customers was an asset of $719,000 and a liability of $213,000 as of September 30, 2013 and December 31, 2012, respectively, and all swaps were in receiving positions from the third-party financial institution at September 30, 2013. As of September 30, 2013 and December 31, 2012, the fair value of the Company’s interest rate swap credit derivatives was a liability of $5,000 and $12,000, respectively. During the three months ended September 30, 2013 and 2012, the Company recognized income of $1,000 and $34,000, respectively, from interest rate swap credit derivatives. During the nine months ended September 30, 2013 and 2012, the Company recognized income of $7,000 and $36,000, respectively, from interest rate swap credit derivatives. | |
At September 30, 2013, there were two foreign currency swap transactions between the third-party financial institution and our customers with a notional amount aggregating approximately $150,000, and remaining maturity of one month. The aggregate fair value of these swaps to the customers was an asset of $5,000 as of September 30, 2013. At September 30, 2013, the fair value of the Company’s credit derivatives was $0. At December 31, 2012, there were no foreign currency swap transactions between the third-party financial institution and our customers. During the three months ended September 30, 2013 and 2012, the Company recognized income of $0 and $4,000, respectively, from foreign currency swap credit derivatives. During the nine months ended September 30, 2013 and 2012, the Company recognized income of $2,000 and $33,000, 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 | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
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 $28.5 million, $36.6 million and $38.8 million at September 30, 2013, December 31, 2012 and September 30, 2012, respectively. The Company received fees, net of amortization, from the servicing of loans of ($4,000) and ($12,000) during the nine months ended September 30, 2013 and September 30, 2012, respectively. | |||||||||||||
The following table summarizes mortgage servicing rights activity for the nine months ended September 30, 2013 and 2012: | |||||||||||||
Servicing | Valuation | Net | |||||||||||
Rights | Allowance | Carrying | |||||||||||
Value | |||||||||||||
(In thousands, Unaudited) | |||||||||||||
Balance at | 31-Dec-12 | $ | 325 | $ | (155 | ) | $ | 170 | |||||
Additions | — | 50 | 50 | ||||||||||
Amortization | (63 | ) | — | (63 | ) | ||||||||
Balance at | 30-Sep-13 | $ | 262 | $ | (105 | ) | $ | 157 | |||||
Balance at | 31-Dec-11 | $ | 455 | $ | (139 | ) | $ | 316 | |||||
Reductions | — | (16 | ) | (16 | ) | ||||||||
Amortization | (101 | ) | — | (101 | ) | ||||||||
Balance at | 30-Sep-12 | $ | 354 | $ | (155 | ) | $ | 199 | |||||
At September 30, 2013, December 31, 2012 and September 30, 2012, the fair value of the mortgage servicing rights (“MSRs”) was $157,000, $170,000 and $199,000, 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 | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
DEPOSITS | ' | |||||||||||||
DEPOSITS | ||||||||||||||
Deposits and their respective weighted average interest rate at September 30, 2013 and December 31, 2012 consist of the following: | ||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||
Weighted | Amount | Weighted | Amount | |||||||||||
Average | Average | |||||||||||||
Interest Rate | Interest Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
Noninterest-bearing demand accounts | — | % | $ | 115,338 | — | % | $ | 108,176 | ||||||
NOW accounts | 0.22 | 80,701 | 0.22 | 70,199 | ||||||||||
Money market accounts | 0.2 | 84,598 | 0.19 | 97,318 | ||||||||||
Savings and club accounts | 0.13 | 95,358 | 0.14 | 99,046 | ||||||||||
Brokered deposits | 0.63 | 73,871 | 0.51 | 50,637 | ||||||||||
Certificates of deposit | 1.34 | 233,142 | 1.59 | 262,033 | ||||||||||
0.6 | % | $ | 683,008 | 0.71 | % | $ | 687,409 | |||||||
BORROWINGS
BORROWINGS | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
BORROWINGS | ' | |||||||||||
BORROWINGS | ' | |||||||||||
BORROWINGS | ||||||||||||
Federal Home Loan Bank Advances | ||||||||||||
Pursuant to collateral agreements with the Federal Home Loan Bank of Pittsburgh (the “FHLB”), advances are secured by qualifying first mortgage loans, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. As of September 30, 2013, the Bank had $214.2 million in qualifying collateral pledged against its 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 | Nov-13 | LIBOR + 0.10% | ||||||||
Nov-17 | 15,000 | 3.87 | November 2013 | LIBOR + 0.10% | ||||||||
Dec-17 | 20,000 | 2.83 | December 2013 | 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 $392.3 million at September 30, 2013. Additionally, as of September 30, 2013, the Bank has a maximum borrowing capacity of $50.9 million with the Federal Reserve Bank of Philadelphia through the Discount Window. | ||||||||||||
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 1.0% of the Bank’s “eligible assets.” As of September 30, 2013, the Company’s minimum stock obligation was $9.8 million and a maximum stock obligation was $15.3 million. The Company held $10.0 million in FHLB stock at that date. | ||||||||||||
NOTE 7 - BORROWINGS (CONTINUED) | ||||||||||||
Other Borrowed Funds | ||||||||||||
Other borrowed funds obtained from large commercial banks under security repurchase agreements totaled $30.0 million at September 30, 2013. These borrowings contractually mature with dates ranging from September 2018 through November 2018. As disclosed in the table below, two of the borrowings may be called by the lender based on the underlying agreements. Accordingly, the contractual maturities below may differ from actual maturities. | ||||||||||||
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 | October 2013 | Quarterly | ||||||||
October 2018 | 5,000 | 3.27 | Not Applicable | Not Applicable | ||||||||
November 2018 | 5,000 | 3.37 | November 2013 | Not Applicable | ||||||||
$ | 30,000 | 3.3 | % | |||||||||
Mortgage backed securities with a fair value of $35.4 million at September 30, 2013 were used to secure these other borrowed funds. | ||||||||||||
Short Term Borrowings | ||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had $61.6 million and $70.5 million, respectively, of short-term borrowings. The short-term borrowings had blended weighted average rates of 0.32% and 0.30% at September 30, 2013 and December 31, 2012, respectively. 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 | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
STOCK BASED COMPENSATION | ' | |||||||||||||
STOCK BASED COMPENSATION | ||||||||||||||
During the nine months ended September 30, 2013, the Company recorded $811,000 of stock based compensation expense comprised of stock option expense of $315,000 and restricted stock expense of $496,000. This compares to $873,000 of stock based compensation expense comprised of stock option expense of $350,000 and restricted stock expense of $523,000 during the nine months ended September 30, 2012. | ||||||||||||||
The following is a summary of the Bancorp’s stock option activity and related information for the nine months ended September 30, 2013. | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Stock | Average | Average | Intrinsic | |||||||||||
Options | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
(Unaudited) | ||||||||||||||
Outstanding at December 31, 2012 | 877,669 | $ | 11.57 | 6.3 years | $ | 4,461,000 | ||||||||
Granted | 255,650 | 17 | ||||||||||||
Exercised | (9,811 | ) | 10.82 | |||||||||||
Forfeited/Cancelled | (100 | ) | 12.94 | |||||||||||
Outstanding at September 30, 2013 | 1,123,408 | $ | 12.81 | 6.4 years | $ | 5,157,000 | ||||||||
Exercisable at September 30, 2013 | 646,515 | $ | 11.31 | 4.7 years | $ | 3,940,000 | ||||||||
NOTE 8 - STOCK BASED COMPENSATION (CONTINUED) | ||||||||||||||
The following is a summary of the Bancorp’s unvested options as of September 30, 2013 and the changes therein during the nine months then ended. | ||||||||||||||
Number of | Weighted | |||||||||||||
Stock | Average | |||||||||||||
Options | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
(Unaudited) | ||||||||||||||
Unvested at | 31-Dec-12 | 310,661 | $ | 3.36 | ||||||||||
Granted | 255,650 | 4.2 | ||||||||||||
Vested | (89,418 | ) | 3.17 | |||||||||||
Forfeited / Cancelled | — | — | ||||||||||||
Unvested at | 30-Sep-13 | 476,893 | $ | 3.85 | ||||||||||
Expected future expense relating to the 476,893 non-vested options outstanding as of September 30, 2013 is $1.6 million over a weighted average period of 3.9 years. | ||||||||||||||
The fair value of the options granted in 2013 was estimated to be $4.20 to $4.45. The fair value was based on the following assumptions: | ||||||||||||||
Expected Dividend Yield | 2.22 | % | ||||||||||||
Expected Volatility | 31.11 | % | - | 31.12 | % | |||||||||
Risk-Free Interest Rate | 1.19 | % | - | 1.74 | % | |||||||||
Expected Option Life in Years | 6.5 | |||||||||||||
The following is a summary of the status of the Bancorp’s restricted stock as of September 30, 2013 and changes therein during the nine months then ended. | ||||||||||||||
Number of | Weighted | |||||||||||||
Restricted | Average | |||||||||||||
Shares | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
(Unaudited) | ||||||||||||||
Unvested at | 31-Dec-12 | 130,557 | $ | 12.41 | ||||||||||
Granted | 122,450 | 17 | ||||||||||||
Vested | (26,826 | ) | 11.78 | |||||||||||
Forfeited / Cancelled | — | — | ||||||||||||
Unvested at | 30-Sep-13 | 226,181 | $ | 14.97 | ||||||||||
Expected future compensation expense relating to the 226,181 restricted shares at September 30, 2013 is $3.0 million over a weighted average period of 4.0 years. | ||||||||||||||
During the nine months ended September 30, 2013, the Bancorp granted 39,250 shares of performance based restricted stock to certain executive officers of the Company. |
FAIR_VALUE
FAIR VALUE | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
NOTE 9 - FAIR VALUE (CONTINUED) | |||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
The fair value of the MSRs for these periods 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. | |||||||||||||||||||||||||
Financial Assets Acquired from Debtors | |||||||||||||||||||||||||
The fair value of financial assets acquired from debtors are determined using valuations obtained from a third-party valuation firm who utilizes a discounted cash flow model to calculate the fair value of the assets. The significant assumptions used in the valuation are the life expectancies of the insured parties, future premium payments and discount rates. | |||||||||||||||||||||||||
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 value 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. | |||||||||||||||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||||||||||||
Fair value of commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account market interest rates, the remaining terms and present creditworthiness of the counterparties. | |||||||||||||||||||||||||
NOTE 9 - FAIR VALUE (CONTINUED) | |||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
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 | $ | 6,415 | $ | 6,415 | $ | 25,090 | $ | 25,090 | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Investment securities available-for-sale | Level 2 | 10,501 | 10,501 | 12,491 | 12,491 | ||||||||||||||||||||
Private label commercial mortgage related securities | Level 3 | 2,166 | 2,166 | 6,197 | 6,197 | ||||||||||||||||||||
Agency residential mortgage related securities | Level 2 | 256,240 | 256,240 | 277,419 | 277,419 | ||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||
Agency mortgage related securities | Level 2 | 70,928 | 70,601 | 28,369 | 29,451 | ||||||||||||||||||||
Loans receivable, net | Level 3 | 700,544 | 701,677 | 683,865 | 686,867 | ||||||||||||||||||||
FHLB stock | Level 3 | 10,013 | 10,013 | 8,097 | 8,097 | ||||||||||||||||||||
Accrued interest receivable | Level 3 | 3,267 | 3,267 | 3,223 | 3,223 | ||||||||||||||||||||
Mortgage servicing rights | Level 2 | 157 | 157 | 170 | 170 | ||||||||||||||||||||
Financial assets acquired from debtors | Level 3 | 2,058 | 2,058 | 3,714 | 3,714 | ||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Savings and club accounts | Level 2 | 95,358 | 95,358 | 99,046 | 99,046 | ||||||||||||||||||||
Demand, NOW and money market deposits | Level 2 | 280,637 | 280,637 | 275,693 | 275,693 | ||||||||||||||||||||
Brokered deposits | Level 2 | 73,871 | 73,599 | 50,637 | 50,715 | ||||||||||||||||||||
Certificates of deposit | Level 2 | 233,142 | 234,996 | 262,033 | 264,694 | ||||||||||||||||||||
Short-term borrowings | Level 2 | 61,600 | 61,600 | 70,500 | 70,500 | ||||||||||||||||||||
FHLB advances | Level 2 | 150,000 | 154,100 | 110,000 | 115,767 | ||||||||||||||||||||
Other borrowed funds | Level 2 | 30,000 | 32,450 | 30,000 | 33,651 | ||||||||||||||||||||
Accrued interest payable | Level 2 | 314 | 314 | 330 | 330 | ||||||||||||||||||||
Derivative contracts | Level 2, 3 | 167 | 167 | 320 | 320 | ||||||||||||||||||||
The following financial instruments were classified as Level 3 and carried at fair value as of September 30, 2013: | |||||||||||||||||||||||||
• | 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 $9,000 and $78,000 at September 30, 2013 and December 31, 2012, 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 $163,000 at September 30, 2013 compared to $293,000 at December 31, 2012. | ||||||||||||||||||||||||
• | Financial assets acquired from debtors, which are valued using a discounted cash flow model which contains significant unobservable inputs. Losses resulting from changes in fair value, totaling $4.5 million for the nine month period ended September 30, 2013, were recorded in assets acquired through foreclosure expense in the consolidated statements of operations. | ||||||||||||||||||||||||
• | 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 September 30, 2013 and $12,000 at December 31, 2012. | ||||||||||||||||||||||||
NOTE 9 - FAIR VALUE (CONTINUED) | |||||||||||||||||||||||||
The following measures were made on a recurring basis as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | |||||||||||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||
Description | 30-Sep-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(In thousands, Unaudited) | |||||||||||||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 310 | $ | — | $ | 310 | $ | — | |||||||||||||||||
Corporate securities | 10,191 | — | 10,191 | — | |||||||||||||||||||||
Private label commercial mortgage related securities | 2,166 | — | — | 2,166 | |||||||||||||||||||||
Agency residential mortgage related securities | 256,240 | — | 256,240 | — | |||||||||||||||||||||
Loans (1) | 2,599 | — | — | 2,599 | |||||||||||||||||||||
Financial assets acquired from debtors | 2,058 | — | — | 2,058 | |||||||||||||||||||||
Derivative contracts (1) | (167 | ) | — | (162 | ) | (5 | ) | ||||||||||||||||||
Total | $ | 273,397 | $ | — | $ | 266,579 | $ | 6,818 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | |||||||||||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||
Description | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 314 | $ | — | $ | 314 | $ | — | |||||||||||||||||
Corporate securities | 12,177 | — | 12,177 | — | |||||||||||||||||||||
Private label commercial mortgage related securities | 6,197 | — | — | 6,197 | |||||||||||||||||||||
Agency residential mortgage related securities | 277,419 | — | 277,419 | — | |||||||||||||||||||||
Loans (1) | 2,806 | — | — | 2,806 | |||||||||||||||||||||
Financial assets acquired from debtors | 3,714 | — | — | 3,714 | |||||||||||||||||||||
Derivative contracts (1) | (320 | ) | — | (308 | ) | (12 | ) | ||||||||||||||||||
Total | $ | 302,307 | $ | — | $ | 289,602 | $ | 12,705 | |||||||||||||||||
(1) Such financial instruments are recorded at fair value as further described in Note 4. | |||||||||||||||||||||||||
The following measures were made on a non-recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
Loans, which were partially charged off at September 30, 2013 and December 31, 2012. 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. Other real estate owned is initially recorded on our balance sheet at fair value, net of costs to sell, when we obtain control of the property. | |||||||||||||||||||||||||
NOTE 9 - FAIR VALUE (CONTINUED) | |||||||||||||||||||||||||
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) | ||||||||||||||||||||||
30-Sep-13 | (Unaudited) | (In thousands) | |||||||||||||||||||||||
Loans | $ | 817 | $ | — | $ | — | $ | 817 | |||||||||||||||||
Mortgage servicing rights | 157 | — | 157 | — | |||||||||||||||||||||
Other real estate owned | 4,530 | — | — | 4,530 | |||||||||||||||||||||
Total | $ | 5,504 | $ | — | $ | 157 | $ | 5,347 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Loans | $ | 2,951 | $ | — | $ | — | $ | 2,951 | |||||||||||||||||
Mortgage servicing rights | 170 | — | 170 | — | |||||||||||||||||||||
Other real estate owned | 4,810 | — | — | 4,810 | |||||||||||||||||||||
Total | $ | 7,931 | $ | — | $ | 170 | $ | 7,761 | |||||||||||||||||
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 of December 31, 2012 to September 30, 2013 and December 31, 2011 to September 30, 2012. | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Private Label | Private Label | Derivative | Financial | Loans | Total | ||||||||||||||||||||
Residential | Commercial | Contracts | Assets | ||||||||||||||||||||||
Mortgage | Mortgage | Acquired | |||||||||||||||||||||||
Related | Related | from Debtors | |||||||||||||||||||||||
Security | Securities | ||||||||||||||||||||||||
(In thousands, Unaudited) | |||||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | — | $ | 6,197 | $ | (12 | ) | $ | 3,714 | $ | 2,806 | $ | 12,705 | ||||||||||||
Purchases/additions | — | — | — | 1,994 | — | 1,994 | |||||||||||||||||||
Sales | — | — | — | — | — | — | |||||||||||||||||||
Payments (received) made | — | (3,959 | ) | — | 830 | (77 | ) | (3,206 | ) | ||||||||||||||||
Premium amortization, net | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||
(Decrease)/increase in value | — | (69 | ) | 7 | (4,480 | ) | (130 | ) | (4,672 | ) | |||||||||||||||
Ending balance, September 30, 2013 | $ | — | $ | 2,166 | $ | (5 | ) | $ | 2,058 | $ | 2,599 | $ | 6,818 | ||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
Private Label | Private Label | Derivative | Financial | Loans | Total | ||||||||||||||||||||
Residential | Commercial | Contracts | Assets | ||||||||||||||||||||||
Mortgage | Mortgage | Acquired | |||||||||||||||||||||||
Related | Related | from Debtors | |||||||||||||||||||||||
Security | Securities | ||||||||||||||||||||||||
(In thousands, Unaudited) | |||||||||||||||||||||||||
Beginning balance, December 31, 2011 | $ | 122 | $ | 8,906 | $ | — | $ | — | $ | 2,877 | $ | 11,905 | |||||||||||||
Purchases/additions | — | — | (36 | ) | 2,404 | — | 2,368 | ||||||||||||||||||
Sales | (70 | ) | — | — | — | — | (70 | ) | |||||||||||||||||
Payments (received) made | (7 | ) | (2,432 | ) | — | 282 | (70 | ) | (2,227 | ) | |||||||||||||||
Premium amortization, net | — | — | — | — | — | — | |||||||||||||||||||
(Decrease)/increase in value | (45 | ) | (9 | ) | 5 | (82 | ) | 46 | (85 | ) | |||||||||||||||
Ending balance, September 30, 2012 | $ | — | $ | 6,465 | $ | (31 | ) | $ | 2,604 | $ | 2,853 | $ | 11,891 | ||||||||||||
There were no transfers made between levels during the nine months ended September 30, 2013 or 2012. |
ACCOUNTING_PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
ACCOUNTING PRONOUNCEMENTS | ' |
ACCOUNTING PRONOUNCEMENTS | |
Accounting Standards Update (ASU) No. 2013-01-Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update clarifies that the scope of ASU No. 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The Company has adopted this update and has determined it does not have an impact on the Company's consolidated financial statements or disclosures as the Company does not have any enforceable master netting arrangements or instruments that are offset in accordance with Section 210-20-45 or Section 815-10-45. | |
ASU No. 2013-02-Comprehensive Income (Topic 220)-Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. For the Company, the update is effective prospectively for reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. This guidance did not have a material impact on the Company's financial statements, but did result in revised presentation on the consolidated statements of operations of the items reclassified out of accumulated other comprehensive income. | |
ASU No. 2013-10-Derivatives and Hedging (Topic 815)-Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU permits the Fed funds effective swap rate (OIS) to be used as a U.S. benchmark interest rate, in addition to the U.S. Treasury rate and LIBOR, for hedge accounting purposes. The ASU also permits using different benchmark rates for similar hedges. This ASU is effective immediately and may only be applied on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The impact of adopting this ASU was not material to the Company. | |
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 would still be required. For the Company, the update is effective prospectively for reporting periods beginning on or after January 1, 2014, and interim periods within those annual periods. Retrospective application is permitted. The impact of adopting this ASU will not be material to the Company. |
PRINCIPLES_OF_CONSOLIDATION_AN1
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
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 September 30, | Nine Months Ended | |||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Unaudited) | ||||||||||||||||
Net income | $ | 1,173,000 | $ | 1,436,000 | $ | 4,044,000 | $ | 3,162,000 | ||||||||
Weighted-average common shares outstanding (1) | 12,143,880 | 12,549,453 | 12,217,289 | 12,699,390 | ||||||||||||
Average common stock acquired by stock benefit plans: | ||||||||||||||||
ESOP shares unallocated | (578,494 | ) | (643,539 | ) | (594,597 | ) | (659,705 | ) | ||||||||
Shares purchased by trust | (317,645 | ) | (370,768 | ) | (327,849 | ) | (383,014 | ) | ||||||||
Weighted-average common shares used to calculate basic earnings per share | 11,247,741 | 11,535,146 | 11,294,843 | 11,656,671 | ||||||||||||
Dilutive effect of: | ||||||||||||||||
Restricted stock awards | 43,087 | 45,074 | 34,586 | 36,675 | ||||||||||||
Stock option awards | 203,692 | 138,088 | 193,932 | 102,190 | ||||||||||||
Weighted-average common shares used to calculate diluted earnings per share | 11,494,520 | 11,718,308 | 11,523,361 | 11,795,536 | ||||||||||||
Earnings per share-basic | $ | 0.1 | $ | 0.12 | $ | 0.36 | $ | 0.27 | ||||||||
Earnings per share-diluted | $ | 0.1 | $ | 0.12 | $ | 0.35 | $ | 0.27 | ||||||||
Outstanding common stock equivalents having no dilutive effect | 1,102,810 | 826,441 | 1,121,071 | 870,738 | ||||||||||||
(1) Excludes treasury stock. | ||||||||||||||||
INVESTMENT_AND_MORTGAGE_RELATE1
INVESTMENT AND MORTGAGE RELATED SECURITIES (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012 are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 10 | $ | — | $ | — | $ | 310 | ||||||||||||||||||||||||||||||
Corporate securities | 10,156 | 56 | (21 | ) | — | 10,191 | ||||||||||||||||||||||||||||||||||
10,456 | 66 | (21 | ) | — | 10,501 | |||||||||||||||||||||||||||||||||||
Private label commercial mortgage related securities | 2,157 | 9 | — | — | 2,166 | |||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | 260,170 | 2,753 | (6,683 | ) | — | 256,240 | ||||||||||||||||||||||||||||||||||
Total mortgage related securities | 262,327 | 2,762 | (6,683 | ) | — | 258,406 | ||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 272,783 | $ | 2,828 | $ | (6,704 | ) | $ | — | $ | 268,907 | |||||||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 70,928 | $ | 843 | $ | (1,170 | ) | $ | — | $ | 70,601 | |||||||||||||||||||||||||||||
Total mortgage related securities | 70,928 | 843 | (1,170 | ) | — | 70,601 | ||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 70,928 | $ | 843 | $ | (1,170 | ) | $ | — | $ | 70,601 | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 14 | $ | — | $ | — | $ | 314 | ||||||||||||||||||||||||||||||
Corporate securities | 12,207 | 91 | (121 | ) | — | 12,177 | ||||||||||||||||||||||||||||||||||
12,507 | 105 | (121 | ) | — | 12,491 | |||||||||||||||||||||||||||||||||||
Private label commercial mortgage related securities | 6,119 | 78 | — | — | 6,197 | |||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | 270,461 | 7,023 | (65 | ) | — | 277,419 | ||||||||||||||||||||||||||||||||||
Total mortgage related securities | 276,580 | 7,101 | (65 | ) | — | 283,616 | ||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 289,087 | $ | 7,206 | $ | (186 | ) | $ | — | $ | 296,107 | |||||||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 28,369 | $ | 1,082 | $ | — | $ | — | $ | 29,451 | ||||||||||||||||||||||||||||||
Total mortgage related securities | 28,369 | 1,082 | — | — | 29,451 | |||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 28,369 | $ | 1,082 | $ | — | $ | — | $ | 29,451 | ||||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
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 | — | — | 2,979 | (21 | ) | 2,979 | (21 | ) | ||||||||||||||||||||||||||||||||
— | — | 2,979 | (21 | ) | 2,979 | (21 | ) | |||||||||||||||||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | 205,530 | (6,683 | ) | — | — | 205,530 | (6,683 | ) | ||||||||||||||||||||||||||||||||
Total mortgage related securities | 205,530 | (6,683 | ) | — | — | 205,530 | (6,683 | ) | ||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 205,530 | $ | (6,683 | ) | $ | 2,979 | $ | (21 | ) | $ | 208,509 | $ | (6,704 | ) | |||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | $ | 38,738 | $ | (1,170 | ) | $ | — | $ | — | $ | 38,738 | $ | (1,170 | ) | ||||||||||||||||||||||||||
Total mortgage related securities | 38,738 | (1,170 | ) | — | — | 38,738 | (1,170 | ) | ||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 38,738 | $ | (1,170 | ) | $ | — | $ | — | $ | 38,738 | $ | (1,170 | ) | ||||||||||||||||||||||||||
Total Temporarily Impaired Securities | $ | 244,268 | $ | (7,853 | ) | $ | 2,979 | $ | (21 | ) | $ | 247,247 | $ | (7,874 | ) | |||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
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 | — | — | 2,879 | (121 | ) | 2,879 | (121 | ) | ||||||||||||||||||||||||||||||||
— | — | 2,879 | (121 | ) | 2,879 | (121 | ) | |||||||||||||||||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | 29,092 | (65 | ) | — | — | 29,092 | (65 | ) | ||||||||||||||||||||||||||||||||
Total mortgage related securities | 29,092 | (65 | ) | — | — | 29,092 | (65 | ) | ||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 29,092 | $ | (65 | ) | $ | 2,879 | $ | (121 | ) | $ | 31,971 | $ | (186 | ) | |||||||||||||||||||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||||||||||||||||||||||
Agency residential mortgage related securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Total mortgage related securities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Total Temporarily Impaired Securities | $ | 29,092 | $ | (65 | ) | $ | 2,879 | $ | (121 | ) | $ | 31,971 | $ | (186 | ) | |||||||||||||||||||||||||
Schedules of components of net gains on sale of investment securities | ' | |||||||||||||||||||||||||||||||||||||||
The following schedules provide a summary of the components of net investment securities gains (losses) in the Company’s consolidated statements of operations for the three and nine month periods ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Gross | Gross | Other-than- | Portion of | Net Gains | Gross | Gross | Other-than- | Portion of | Net Gains | |||||||||||||||||||||||||||||||
Realized | Realized | Temporary | OTTI | (Losses) | Realized | Realized | Temporary | OTTI | (Losses) | |||||||||||||||||||||||||||||||
Gains | Losses | Impairment | in OCI | Gains | Losses | Impairment | in OCI | |||||||||||||||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | (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 | — | — | — | — | — | 532 | — | — | — | 532 | ||||||||||||||||||||||||||||||
Total mortgage related securities | — | — | — | — | — | 532 | — | — | — | 532 | ||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 532 | $ | — | $ | — | $ | — | $ | 532 | ||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Gross | Gross | Other-than- | Portion of | Net Gains | Gross | Gross | Other-than- | Portion of | Net Gains | |||||||||||||||||||||||||||||||
Realized | Realized | Temporary | OTTI | (Losses) | Realized | Realized | Temporary | OTTI | (Losses) | |||||||||||||||||||||||||||||||
Gains | Losses | Impairment | in OCI | Gains | Losses | Impairment | in OCI | |||||||||||||||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | (In thousands, Unaudited) | |||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 64 | $ | — | $ | — | $ | — | $ | 64 | ||||||||||||||||||||
Corporate securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
— | — | — | — | — | 64 | — | — | — | 64 | |||||||||||||||||||||||||||||||
Private label residential mortgage related security | — | — | — | — | — | — | (87 | ) | — | — | (87 | ) | ||||||||||||||||||||||||||||
Private label commercial mortgage related securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Agency residential mortgage related securities | — | — | — | — | — | 2,363 | — | — | — | 2,363 | ||||||||||||||||||||||||||||||
Total mortgage related securities | — | — | — | — | — | 2,363 | (87 | ) | — | — | 2,276 | |||||||||||||||||||||||||||||
Total securities available-for-sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,427 | $ | (87 | ) | $ | — | $ | — | $ | 2,340 | |||||||||||||||||||
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 September 30, 2013 and December 31, 2012 by contractual maturity are as follows: | ||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | (Unaudited) | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 1,987 | $ | 2,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Due after one year through five years | 8,469 | 8,501 | — | — | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total mortgage related securities | 262,327 | 258,406 | 70,928 | 70,601 | ||||||||||||||||||||||||||||||||||||
$ | 272,783 | $ | 268,907 | $ | 70,928 | $ | 70,601 | |||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,019 | $ | 2,032 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Due after one year through five years | 10,488 | 10,459 | — | — | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total mortgage related securities | 276,580 | 283,616 | 28,369 | 29,451 | ||||||||||||||||||||||||||||||||||||
$ | 289,087 | $ | 296,107 | $ | 28,369 | $ | 29,451 | |||||||||||||||||||||||||||||||||
LOANS_Tables
LOANS (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of composition of net loans | ' | |||||||||||||||||||||||||||||||||||
The composition of net loans at September 30, 2013 and December 31, 2012 is provided below: | ||||||||||||||||||||||||||||||||||||
September 30, | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 133,006 | $ | 158,828 | ||||||||||||||||||||||||||||||||
Multi-family and commercial | 399,340 | 368,948 | ||||||||||||||||||||||||||||||||||
Construction | 6,435 | 22,591 | ||||||||||||||||||||||||||||||||||
538,781 | 550,367 | |||||||||||||||||||||||||||||||||||
Consumer loans | 23,399 | 30,585 | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans | 149,559 | 113,820 | ||||||||||||||||||||||||||||||||||
Total loans | 711,739 | 694,772 | ||||||||||||||||||||||||||||||||||
Deferred loan origination (fees) cost, net | (67 | ) | 263 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (11,128 | ) | (11,170 | ) | ||||||||||||||||||||||||||||||||
Net loans | $ | 700,544 | $ | 683,865 | ||||||||||||||||||||||||||||||||
Schedule of changes in allowance for loan losses | ' | |||||||||||||||||||||||||||||||||||
The following table presents changes in the allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Year Ended | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Balance, beginning | $ | 11,170 | $ | 12,075 | $ | 12,075 | ||||||||||||||||||||||||||||||
Provision for loan losses | 532 | 3,036 | 3,478 | |||||||||||||||||||||||||||||||||
Loans charged off | (647 | ) | (3,952 | ) | (4,527 | ) | ||||||||||||||||||||||||||||||
Recoveries | 73 | 61 | 144 | |||||||||||||||||||||||||||||||||
Balance, ending | $ | 11,128 | $ | 11,220 | $ | 11,170 | ||||||||||||||||||||||||||||||
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 nine months ended September 30, 2013 and the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||||||||||
Balance, beginning | $ | 642 | $ | 6,327 | $ | 873 | $ | 232 | $ | 2,630 | $ | 466 | $ | 11,170 | ||||||||||||||||||||||
(Credit) provision for loan losses | (139 | ) | 1,256 | (487 | ) | (7 | ) | (45 | ) | (46 | ) | 532 | ||||||||||||||||||||||||
Loans charged off | (115 | ) | (463 | ) | — | (69 | ) | — | — | (647 | ) | |||||||||||||||||||||||||
Recoveries | 35 | 12 | — | 26 | — | — | 73 | |||||||||||||||||||||||||||||
Balance, ending | $ | 423 | $ | 7,132 | $ | 386 | $ | 182 | $ | 2,585 | $ | 420 | $ | 11,128 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Balance, beginning | $ | 1,760 | $ | 6,112 | $ | 869 | $ | 455 | $ | 2,657 | $ | 222 | $ | 12,075 | ||||||||||||||||||||||
Provision (credit) for loan losses | 286 | 1,064 | 252 | 1,659 | (27 | ) | 244 | 3,478 | ||||||||||||||||||||||||||||
Loans charged off | (1,408 | ) | (887 | ) | (340 | ) | (1,892 | ) | — | — | (4,527 | ) | ||||||||||||||||||||||||
Recoveries | 4 | 38 | 92 | 10 | — | — | 144 | |||||||||||||||||||||||||||||
Balance, ending | $ | 642 | $ | 6,327 | $ | 873 | $ | 232 | $ | 2,630 | $ | 466 | $ | 11,170 | ||||||||||||||||||||||
Schedule of breakdown of impaired loans by loan segment | ' | |||||||||||||||||||||||||||||||||||
The following tables set forth the breakdown of impaired loans by loan segment as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||
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 | $ | 1,981 | $ | 1,036 | $ | — | $ | 3,017 | $ | 3,017 | $ | — | ||||||||||||||||||||||||
Multi-family and commercial | 2,966 | 6,215 | — | 9,181 | 8,825 | 356 | ||||||||||||||||||||||||||||||
Construction | 3,991 | — | — | 3,991 | 3,991 | — | ||||||||||||||||||||||||||||||
Consumer loans | 119 | 14 | — | 133 | 133 | — | ||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total | $ | 9,057 | $ | 7,265 | $ | — | $ | 16,322 | $ | 15,966 | $ | 356 | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
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 | $ | 3,355 | $ | 507 | $ | — | $ | 3,862 | $ | 3,862 | $ | — | ||||||||||||||||||||||||
Multi-family and commercial | 5,284 | 6,867 | — | 12,151 | 11,770 | 381 | ||||||||||||||||||||||||||||||
Construction | 6,434 | — | — | 6,434 | 6,434 | — | ||||||||||||||||||||||||||||||
Consumer loans | 2,051 | 14 | — | 2,065 | 203 | 1,862 | ||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total | $ | 17,124 | $ | 7,388 | $ | — | $ | 24,512 | $ | 22,269 | $ | 2,243 | ||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing TDR's | Other Impaired Loans | Total Impaired Loans | |||||||||||||||||||||||||||||||||
General | Total | |||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 156 | $ | 2 | $ | — | $ | 158 | $ | 265 | $ | 423 | ||||||||||||||||||||||||
Multi-family and commercial | 595 | 682 | — | 1,277 | 5,855 | 7,132 | ||||||||||||||||||||||||||||||
Construction | 333 | — | — | 333 | 53 | 386 | ||||||||||||||||||||||||||||||
Consumer loans | 6 | — | — | 6 | 176 | 182 | ||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 2,585 | 2,585 | ||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | 420 | 420 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,090 | $ | 684 | $ | — | $ | 1,774 | $ | 9,354 | $ | 11,128 | ||||||||||||||||||||||||
31-Dec-12 | Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing TDR's | Other Impaired Loans | Total Impaired Loans | |||||||||||||||||||||||||||||||||
General | Total | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 337 | $ | 5 | $ | — | $ | 342 | $ | 300 | $ | 642 | ||||||||||||||||||||||||
Multi-family and commercial | 530 | 948 | — | 1,478 | 4,849 | 6,327 | ||||||||||||||||||||||||||||||
Construction | 449 | — | — | 449 | 424 | 873 | ||||||||||||||||||||||||||||||
Consumer loans | 10 | 1 | — | 11 | 221 | 232 | ||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | 2,630 | 2,630 | ||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | 466 | 466 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,326 | $ | 954 | $ | — | $ | 2,280 | $ | 8,890 | $ | 11,170 | ||||||||||||||||||||||||
Summary of TDR activity for the periods | ' | |||||||||||||||||||||||||||||||||||
The following tables set forth a summary of the TDR activity for the three and nine month periods ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | |||||||||||||||||||||||||||||||||||
Restructured Current Period | Restructured Current Period | |||||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Post-Modification | Number | Pre-Modification | Post-Modification | Number | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | of Loans | Outstanding | Outstanding | of Loans | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||||
(Dollars in thousands, Unaudited) | (Dollars in thousands, Unaudited) | |||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | 1 | $ | 141 | $ | 141 | — | $ | — | 2 | $ | 622 | $ | 622 | — | $ | — | ||||||||||||||||||||
Multi-family and commercial | — | — | — | 1 | 1,640 | — | — | — | 1 | 1,640 | ||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | 1 | $ | 141 | $ | 141 | 1 | $ | 1,640 | 2 | $ | 622 | $ | 622 | 1 | $ | 1,640 | ||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | TDRs that Defaulted in Current Period that were Restructured in the Prior Twelve Months | |||||||||||||||||||||||||||||||||||
Restructured Current Period | Restructured Current Period | |||||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Post-Modification | Number | Pre-Modification | Post-Modification | Number | Post-Modification | |||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | of Loans | Outstanding | Outstanding | of Loans | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | Investment | Investment | |||||||||||||||||||||||||||||||
(Dollars in thousands, Unaudited) | (Dollars in thousands, Unaudited) | |||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
One- to four-family | — | $ | — | $ | — | 3 | $ | 254 | 3 | $ | 400 | $ | 400 | 3 | $ | 254 | ||||||||||||||||||||
Multi-family and commercial | — | — | — | — | — | 1 | 519 | 519 | — | — | ||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer loans | 1 | 14 | 14 | 1 | 8 | 1 | 14 | 14 | 1 | 8 | ||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | 1 | $ | 14 | $ | 14 | 4 | $ | 262 | 5 | $ | 933 | $ | 933 | 4 | $ | 262 | ||||||||||||||||||||
Schedule of past due loans by segment | ' | |||||||||||||||||||||||||||||||||||
The following table sets forth past due loans by segment as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
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 | $ | 1,363 | $ | 256 | $ | 18 | $ | 284 | ||||||||||||||||||||||||||||
Multi-family and commercial real estate | — | 277 | — | 1,691 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||||||||||
Consumer | 118 | 36 | 23 | 51 | ||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,481 | $ | 569 | $ | 41 | $ | 2,026 | ||||||||||||||||||||||||||||
Schedule of criticized and classified loans by segment | ' | |||||||||||||||||||||||||||||||||||
The following tables set forth criticized and classified loans by segment as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||||||||||
(In thousands, Unaudited) | ||||||||||||||||||||||||||||||||||||
Pass and Pass watch | $ | 131,025 | $ | 378,567 | $ | 2,443 | $ | 23,280 | $ | 146,243 | $ | 681,558 | ||||||||||||||||||||||||
Special mention | — | 13,533 | — | — | 3,316 | 16,849 | ||||||||||||||||||||||||||||||
Substandard | 1,981 | 7,240 | 3,992 | 119 | — | 13,332 | ||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total loans | $ | 133,006 | $ | 399,340 | $ | 6,435 | $ | 23,399 | $ | 149,559 | $ | 711,739 | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
One- to | Multi-family | Construction | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||
Four-Family | and | and | ||||||||||||||||||||||||||||||||||
Commercial | Industrial | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Pass and Pass watch | $ | 155,473 | $ | 347,150 | $ | 16,157 | $ | 28,534 | $ | 110,032 | $ | 657,346 | ||||||||||||||||||||||||
Special mention | — | 6,733 | — | — | 3,633 | 10,366 | ||||||||||||||||||||||||||||||
Substandard | 3,355 | 15,065 | 6,434 | 2,051 | 155 | 27,060 | ||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total loans | $ | 158,828 | $ | 368,948 | $ | 22,591 | $ | 30,585 | $ | 113,820 | $ | 694,772 | ||||||||||||||||||||||||
MORTGAGE_SERVICING_ACTIVITY_Ta
MORTGAGE SERVICING ACTIVITY (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
MORTGAGE SERVICING ACTIVITY | ' | ||||||||||||
Summary of activity of mortgage servicing rights for the period ended | ' | ||||||||||||
The following table summarizes mortgage servicing rights activity for the nine months ended September 30, 2013 and 2012: | |||||||||||||
Servicing | Valuation | Net | |||||||||||
Rights | Allowance | Carrying | |||||||||||
Value | |||||||||||||
(In thousands, Unaudited) | |||||||||||||
Balance at | 31-Dec-12 | $ | 325 | $ | (155 | ) | $ | 170 | |||||
Additions | — | 50 | 50 | ||||||||||
Amortization | (63 | ) | — | (63 | ) | ||||||||
Balance at | 30-Sep-13 | $ | 262 | $ | (105 | ) | $ | 157 | |||||
Balance at | 31-Dec-11 | $ | 455 | $ | (139 | ) | $ | 316 | |||||
Reductions | — | (16 | ) | (16 | ) | ||||||||
Amortization | (101 | ) | — | (101 | ) | ||||||||
Balance at | 30-Sep-12 | $ | 354 | $ | (155 | ) | $ | 199 | |||||
DEPOSITS_Tables
DEPOSITS (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
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 September 30, 2013 and December 31, 2012 consist of the following: | ||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||
Weighted | Amount | Weighted | Amount | |||||||||||
Average | Average | |||||||||||||
Interest Rate | Interest Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
Noninterest-bearing demand accounts | — | % | $ | 115,338 | — | % | $ | 108,176 | ||||||
NOW accounts | 0.22 | 80,701 | 0.22 | 70,199 | ||||||||||
Money market accounts | 0.2 | 84,598 | 0.19 | 97,318 | ||||||||||
Savings and club accounts | 0.13 | 95,358 | 0.14 | 99,046 | ||||||||||
Brokered deposits | 0.63 | 73,871 | 0.51 | 50,637 | ||||||||||
Certificates of deposit | 1.34 | 233,142 | 1.59 | 262,033 | ||||||||||
0.6 | % | $ | 683,008 | 0.71 | % | $ | 687,409 | |||||||
BORROWINGS_Tables
BORROWINGS (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
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 | Nov-13 | LIBOR + 0.10% | ||||||||
Nov-17 | 15,000 | 3.87 | November 2013 | LIBOR + 0.10% | ||||||||
Dec-17 | 20,000 | 2.83 | December 2013 | 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 | October 2013 | Quarterly | ||||||||
October 2018 | 5,000 | 3.27 | Not Applicable | Not Applicable | ||||||||
November 2018 | 5,000 | 3.37 | November 2013 | Not Applicable | ||||||||
$ | 30,000 | 3.3 | % | |||||||||
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
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 nine months ended September 30, 2013. | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Stock | Average | Average | Intrinsic | |||||||||||
Options | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
(Unaudited) | ||||||||||||||
Outstanding at December 31, 2012 | 877,669 | $ | 11.57 | 6.3 years | $ | 4,461,000 | ||||||||
Granted | 255,650 | 17 | ||||||||||||
Exercised | (9,811 | ) | 10.82 | |||||||||||
Forfeited/Cancelled | (100 | ) | 12.94 | |||||||||||
Outstanding at September 30, 2013 | 1,123,408 | $ | 12.81 | 6.4 years | $ | 5,157,000 | ||||||||
Exercisable at September 30, 2013 | 646,515 | $ | 11.31 | 4.7 years | $ | 3,940,000 | ||||||||
Summary of unvested options and changes during the period | ' | |||||||||||||
The following is a summary of the Bancorp’s unvested options as of September 30, 2013 and the changes therein during the nine months then ended. | ||||||||||||||
Number of | Weighted | |||||||||||||
Stock | Average | |||||||||||||
Options | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
(Unaudited) | ||||||||||||||
Unvested at | 31-Dec-12 | 310,661 | $ | 3.36 | ||||||||||
Granted | 255,650 | 4.2 | ||||||||||||
Vested | (89,418 | ) | 3.17 | |||||||||||
Forfeited / Cancelled | — | — | ||||||||||||
Unvested at | 30-Sep-13 | 476,893 | $ | 3.85 | ||||||||||
Schedule of assumptions to determine the fair value of the options | ' | |||||||||||||
The fair value of the options granted in 2013 was estimated to be $4.20 to $4.45. The fair value was based on the following assumptions: | ||||||||||||||
Expected Dividend Yield | 2.22 | % | ||||||||||||
Expected Volatility | 31.11 | % | - | 31.12 | % | |||||||||
Risk-Free Interest Rate | 1.19 | % | - | 1.74 | % | |||||||||
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 September 30, 2013 and changes therein during the nine months then ended. | ||||||||||||||
Number of | Weighted | |||||||||||||
Restricted | Average | |||||||||||||
Shares | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
(Unaudited) | ||||||||||||||
Unvested at | 31-Dec-12 | 130,557 | $ | 12.41 | ||||||||||
Granted | 122,450 | 17 | ||||||||||||
Vested | (26,826 | ) | 11.78 | |||||||||||
Forfeited / Cancelled | — | — | ||||||||||||
Unvested at | 30-Sep-13 | 226,181 | $ | 14.97 | ||||||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair value of financial instruments | ' | ||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
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 | $ | 6,415 | $ | 6,415 | $ | 25,090 | $ | 25,090 | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Investment securities available-for-sale | Level 2 | 10,501 | 10,501 | 12,491 | 12,491 | ||||||||||||||||||||
Private label commercial mortgage related securities | Level 3 | 2,166 | 2,166 | 6,197 | 6,197 | ||||||||||||||||||||
Agency residential mortgage related securities | Level 2 | 256,240 | 256,240 | 277,419 | 277,419 | ||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||
Agency mortgage related securities | Level 2 | 70,928 | 70,601 | 28,369 | 29,451 | ||||||||||||||||||||
Loans receivable, net | Level 3 | 700,544 | 701,677 | 683,865 | 686,867 | ||||||||||||||||||||
FHLB stock | Level 3 | 10,013 | 10,013 | 8,097 | 8,097 | ||||||||||||||||||||
Accrued interest receivable | Level 3 | 3,267 | 3,267 | 3,223 | 3,223 | ||||||||||||||||||||
Mortgage servicing rights | Level 2 | 157 | 157 | 170 | 170 | ||||||||||||||||||||
Financial assets acquired from debtors | Level 3 | 2,058 | 2,058 | 3,714 | 3,714 | ||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Savings and club accounts | Level 2 | 95,358 | 95,358 | 99,046 | 99,046 | ||||||||||||||||||||
Demand, NOW and money market deposits | Level 2 | 280,637 | 280,637 | 275,693 | 275,693 | ||||||||||||||||||||
Brokered deposits | Level 2 | 73,871 | 73,599 | 50,637 | 50,715 | ||||||||||||||||||||
Certificates of deposit | Level 2 | 233,142 | 234,996 | 262,033 | 264,694 | ||||||||||||||||||||
Short-term borrowings | Level 2 | 61,600 | 61,600 | 70,500 | 70,500 | ||||||||||||||||||||
FHLB advances | Level 2 | 150,000 | 154,100 | 110,000 | 115,767 | ||||||||||||||||||||
Other borrowed funds | Level 2 | 30,000 | 32,450 | 30,000 | 33,651 | ||||||||||||||||||||
Accrued interest payable | Level 2 | 314 | 314 | 330 | 330 | ||||||||||||||||||||
Derivative contracts | Level 2, 3 | 167 | 167 | 320 | 320 | ||||||||||||||||||||
Schedule of fair value measurements on a recurring basis | ' | ||||||||||||||||||||||||
The following measures were made on a recurring basis as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | |||||||||||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||
Description | 30-Sep-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(In thousands, Unaudited) | |||||||||||||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 310 | $ | — | $ | 310 | $ | — | |||||||||||||||||
Corporate securities | 10,191 | — | 10,191 | — | |||||||||||||||||||||
Private label commercial mortgage related securities | 2,166 | — | — | 2,166 | |||||||||||||||||||||
Agency residential mortgage related securities | 256,240 | — | 256,240 | — | |||||||||||||||||||||
Loans (1) | 2,599 | — | — | 2,599 | |||||||||||||||||||||
Financial assets acquired from debtors | 2,058 | — | — | 2,058 | |||||||||||||||||||||
Derivative contracts (1) | (167 | ) | — | (162 | ) | (5 | ) | ||||||||||||||||||
Total | $ | 273,397 | $ | — | $ | 266,579 | $ | 6,818 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
Quoted Prices in Active Markets | Significant Other | Significant Other | |||||||||||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||
Description | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 314 | $ | — | $ | 314 | $ | — | |||||||||||||||||
Corporate securities | 12,177 | — | 12,177 | — | |||||||||||||||||||||
Private label commercial mortgage related securities | 6,197 | — | — | 6,197 | |||||||||||||||||||||
Agency residential mortgage related securities | 277,419 | — | 277,419 | — | |||||||||||||||||||||
Loans (1) | 2,806 | — | — | 2,806 | |||||||||||||||||||||
Financial assets acquired from debtors | 3,714 | — | — | 3,714 | |||||||||||||||||||||
Derivative contracts (1) | (320 | ) | — | (308 | ) | (12 | ) | ||||||||||||||||||
Total | $ | 302,307 | $ | — | $ | 289,602 | $ | 12,705 | |||||||||||||||||
(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) | ||||||||||||||||||||||
30-Sep-13 | (Unaudited) | (In thousands) | |||||||||||||||||||||||
Loans | $ | 817 | $ | — | $ | — | $ | 817 | |||||||||||||||||
Mortgage servicing rights | 157 | — | 157 | — | |||||||||||||||||||||
Other real estate owned | 4,530 | — | — | 4,530 | |||||||||||||||||||||
Total | $ | 5,504 | $ | — | $ | 157 | $ | 5,347 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Loans | $ | 2,951 | $ | — | $ | — | $ | 2,951 | |||||||||||||||||
Mortgage servicing rights | 170 | — | 170 | — | |||||||||||||||||||||
Other real estate owned | 4,810 | — | — | 4,810 | |||||||||||||||||||||
Total | $ | 7,931 | $ | — | $ | 170 | $ | 7,761 | |||||||||||||||||
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 of December 31, 2012 to September 30, 2013 and December 31, 2011 to September 30, 2012. | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Private Label | Private Label | Derivative | Financial | Loans | Total | ||||||||||||||||||||
Residential | Commercial | Contracts | Assets | ||||||||||||||||||||||
Mortgage | Mortgage | Acquired | |||||||||||||||||||||||
Related | Related | from Debtors | |||||||||||||||||||||||
Security | Securities | ||||||||||||||||||||||||
(In thousands, Unaudited) | |||||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | — | $ | 6,197 | $ | (12 | ) | $ | 3,714 | $ | 2,806 | $ | 12,705 | ||||||||||||
Purchases/additions | — | — | — | 1,994 | — | 1,994 | |||||||||||||||||||
Sales | — | — | — | — | — | — | |||||||||||||||||||
Payments (received) made | — | (3,959 | ) | — | 830 | (77 | ) | (3,206 | ) | ||||||||||||||||
Premium amortization, net | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||
(Decrease)/increase in value | — | (69 | ) | 7 | (4,480 | ) | (130 | ) | (4,672 | ) | |||||||||||||||
Ending balance, September 30, 2013 | $ | — | $ | 2,166 | $ | (5 | ) | $ | 2,058 | $ | 2,599 | $ | 6,818 | ||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
Private Label | Private Label | Derivative | Financial | Loans | Total | ||||||||||||||||||||
Residential | Commercial | Contracts | Assets | ||||||||||||||||||||||
Mortgage | Mortgage | Acquired | |||||||||||||||||||||||
Related | Related | from Debtors | |||||||||||||||||||||||
Security | Securities | ||||||||||||||||||||||||
(In thousands, Unaudited) | |||||||||||||||||||||||||
Beginning balance, December 31, 2011 | $ | 122 | $ | 8,906 | $ | — | $ | — | $ | 2,877 | $ | 11,905 | |||||||||||||
Purchases/additions | — | — | (36 | ) | 2,404 | — | 2,368 | ||||||||||||||||||
Sales | (70 | ) | — | — | — | — | (70 | ) | |||||||||||||||||
Payments (received) made | (7 | ) | (2,432 | ) | — | 282 | (70 | ) | (2,227 | ) | |||||||||||||||
Premium amortization, net | — | — | — | — | — | — | |||||||||||||||||||
(Decrease)/increase in value | (45 | ) | (9 | ) | 5 | (82 | ) | 46 | (85 | ) | |||||||||||||||
Ending balance, September 30, 2012 | $ | — | $ | 6,465 | $ | (31 | ) | $ | 2,604 | $ | 2,853 | $ | 11,891 | ||||||||||||
PRINCIPLES_OF_CONSOLIDATION_AN2
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
item | loan | |||
item | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Number of branches | 11 | ' | 11 | ' |
Loans receivable | ' | ' | ' | ' |
Interest income | $8,241,000 | $8,582,000 | $24,319,000 | $25,792,000 |
Number of loans to the ESOP by Bancorp | ' | ' | 2 | ' |
Fox Chase Service Corporation | Loans | Commercial loans | ' | ' | ' | ' |
Loans receivable | ' | ' | ' | ' |
Commercial loans held | 20,000,000 | ' | 20,000,000 | ' |
PMA | ' | ' | ' | ' |
Loans receivable | ' | ' | ' | ' |
Ownership (as a percent) | 45.00% | ' | 45.00% | ' |
PMA | Warehouse line of credit | ' | ' | ' | ' |
Loans receivable | ' | ' | ' | ' |
Interest income | ' | ' | 271,000 | 301,000 |
Loan satisfaction fees recorded in service charges and other fee income | ' | ' | 40,000 | 48,000 |
PMA | Loans | ' | ' | ' | ' |
Loans receivable | ' | ' | ' | ' |
Total loans acquired | ' | ' | $592,000 | $13,500,000 |
PRINCIPLES_OF_CONSOLIDATION_AN3
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings per share: | ' | ' | ' | ' |
Net income | $1,173 | $1,436 | $4,044 | $3,162 |
Weighted-average common shares outstanding (in shares) | 12,143,880 | 12,549,453 | 12,217,289 | 12,699,390 |
Average common stock acquired by stock benefit plans: | ' | ' | ' | ' |
ESOP shares unallocated | -578,494 | -643,539 | -594,597 | -659,705 |
Shares purchased by trust | -317,645 | -370,768 | -327,849 | -383,014 |
Weighted-average common shares used to calculate basic earnings per share (in shares) | 11,247,741 | 11,535,146 | 11,294,843 | 11,656,671 |
Dilutive effect of: | ' | ' | ' | ' |
Restricted stock awards | 43,087 | 45,074 | 34,586 | 36,675 |
Stock option awards | 203,692 | 138,088 | 193,932 | 102,190 |
Weighted-average common shares used to calculate diluted earnings per share (in shares) | 11,494,520 | 11,718,308 | 11,523,361 | 11,795,536 |
Earnings per share-basic (in dollars per share) | $0.10 | $0.12 | $0.36 | $0.27 |
Earnings per share-diluted (in dollars per share) | $0.10 | $0.12 | $0.35 | $0.27 |
Outstanding common stock equivalents having no dilutive effect (in shares) | 1,102,810 | 826,441 | 1,121,071 | 870,738 |
INVESTMENT_AND_MORTGAGE_RELATE2
INVESTMENT AND MORTGAGE RELATED SECURITIES (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | $272,783 | $289,087 |
Gross Unrealized Gains | 2,828 | 7,206 |
Gross Unrealized Losses | -6,704 | -186 |
OTTI in AOCI | 0 | 0 |
Total Fair Value | 268,907 | 296,107 |
Held-to-maturity Securities: | ' | ' |
Amortized Cost | 70,928 | 28,369 |
Gross Unrealized Gains | 843 | 1,082 |
Held-to-maturity Securities, Unrecognized Holding Loss | -1,170 | 0 |
OTTI in AOCI | 0 | 0 |
Fair Value | 70,601 | 29,451 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 205,530 | 29,092 |
Unrealized Losses, Less than 12 Months | -6,683 | -65 |
Fair Value, 12 Months or More | 2,979 | 2,879 |
Unrealized Losses, 12 Months or More | -21 | -121 |
Fair Value, Total | 208,509 | 31,971 |
Unrealized Losses, Total | -6,704 | -186 |
Held-to-maturity Securities: | ' | ' |
Fair Value, Less than 12 Months | 38,738 | 0 |
Unrealized Losses, Less than 12 Months | -1,170 | 0 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | 0 | 0 |
Fair Value, Total | 38,738 | 0 |
Unrealized Losses, Total | -1,170 | 0 |
Temporarily Impaired Securities | ' | ' |
Fair Value, Less than 12 Months | 244,268 | 29,092 |
Unrealized Losses, Less than 12 Months | -7,853 | -65 |
Fair Value, 12 Months or More | 2,979 | 2,879 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | -21 | -121 |
Fair Value, Total | 247,247 | 31,971 |
Unrealized Losses, Total | -7,874 | -186 |
Debt securities excluding mortgage related securities | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 10,456 | 12,507 |
Gross Unrealized Gains | 66 | 105 |
Gross Unrealized Losses | -21 | -121 |
OTTI in AOCI | 0 | 0 |
Total Fair Value | 10,501 | 12,491 |
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 | 2,979 | 2,879 |
Unrealized Losses, 12 Months or More | -21 | -121 |
Fair Value, Total | 2,979 | 2,879 |
Unrealized Losses, Total | -21 | -121 |
Obligations of U.S. government agencies | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 300 | 300 |
Gross Unrealized Gains | 10 | 14 |
Gross Unrealized Losses | 0 | 0 |
OTTI in AOCI | 0 | 0 |
Total Fair Value | 310 | 314 |
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 | 10,156 | 12,207 |
Gross Unrealized Gains | 56 | 91 |
Gross Unrealized Losses | -21 | -121 |
OTTI in AOCI | 0 | 0 |
Total Fair Value | 10,191 | 12,177 |
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 | 2,979 | 2,879 |
Unrealized Losses, 12 Months or More | -21 | -121 |
Fair Value, Total | 2,979 | 2,879 |
Unrealized Losses, Total | -21 | -121 |
Mortgage related securities | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 262,327 | 276,580 |
Gross Unrealized Gains | 2,762 | 7,101 |
Gross Unrealized Losses | -6,683 | -65 |
OTTI in AOCI | 0 | 0 |
Total Fair Value | 258,406 | 283,616 |
Held-to-maturity Securities: | ' | ' |
Amortized Cost | 70,928 | 28,369 |
Gross Unrealized Gains | 843 | 1,082 |
Held-to-maturity Securities, Unrecognized Holding Loss | -1,170 | 0 |
OTTI in AOCI | 0 | 0 |
Fair Value | 70,601 | 29,451 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 205,530 | 29,092 |
Unrealized Losses, Less than 12 Months | -6,683 | -65 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Fair Value, Total | 205,530 | 29,092 |
Unrealized Losses, Total | -6,683 | -65 |
Held-to-maturity Securities: | ' | ' |
Fair Value, Less than 12 Months | 38,738 | 0 |
Unrealized Losses, Less than 12 Months | -1,170 | 0 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | 0 | 0 |
Fair Value, Total | 38,738 | 0 |
Unrealized Losses, Total | -1,170 | 0 |
Private label commercial mortgage related securities | ' | ' |
Available-for-Sale Securities: | ' | ' |
Amortized Cost | 2,157 | 6,119 |
Gross Unrealized Gains | 9 | 78 |
Gross Unrealized Losses | 0 | 0 |
OTTI in AOCI | 0 | 0 |
Total Fair Value | 2,166 | 6,197 |
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 | 260,170 | 270,461 |
Gross Unrealized Gains | 2,753 | 7,023 |
Gross Unrealized Losses | -6,683 | -65 |
OTTI in AOCI | 0 | 0 |
Total Fair Value | 256,240 | 277,419 |
Held-to-maturity Securities: | ' | ' |
Amortized Cost | 70,928 | 28,369 |
Gross Unrealized Gains | 843 | 1,082 |
Held-to-maturity Securities, Unrecognized Holding Loss | -1,170 | 0 |
OTTI in AOCI | 0 | 0 |
Fair Value | 70,601 | 29,451 |
Available-for-sale securities: | ' | ' |
Fair Value, Less than 12 Months | 205,530 | 29,092 |
Unrealized Losses, Less than 12 Months | -6,683 | -65 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Fair Value, Total | 205,530 | 29,092 |
Unrealized Losses, Total | -6,683 | -65 |
Held-to-maturity Securities: | ' | ' |
Fair Value, Less than 12 Months | 38,738 | 0 |
Unrealized Losses, Less than 12 Months | -1,170 | 0 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | 0 | 0 |
Fair Value, Total | 38,738 | 0 |
Unrealized Losses, Total | ($1,170) | $0 |
INVESTMENT_AND_MORTGAGE_RELATE3
INVESTMENT AND MORTGAGE RELATED SECURITIES (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
security | Mortgage related securities | Mortgage related securities | Corporate securities | Corporate securities | Corporate securities | Agency residential mortgage related securities | Agency residential mortgage related securities | Private label commercial mortgage related securities | Private label commercial mortgage related securities | ||
security | Baa2 | security | security | security | |||||||
security | |||||||||||
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities sold | 0 | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost of securities sold | ' | ' | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized gains (losses) | ' | ' | 532,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Temporarily Impaired Investments Continuous Unrealized Loss Position Aggregate Losses 1 | 7,874,000 | 186,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized loss | 6,704,000 | 186,000 | 6,683,000 | 65,000 | 21,000 | 121,000 | 21,000 | 6,683,000 | 65,000 | 0 | 0 |
Number of Corporate Debt Securities | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of Agency Residential Mortgage Related Securities | ' | ' | ' | ' | ' | ' | ' | 95 | ' | ' | ' |
Mortgage Related Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | ' | ' | ' | ' | ' | ' | 244,268,000 | ' | ' | ' |
Mortgage Related Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Loss | ' | ' | ' | ' | ' | ' | ' | 7,853,000 | ' | ' | ' |
Amortized Cost | 272,783,000 | 289,087,000 | 262,327,000 | 276,580,000 | 10,156,000 | 12,207,000 | ' | 260,170,000 | 270,461,000 | 2,157,000 | 6,119,000 |
Number of securities held | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 |
Net unrealized gain | 2,828,000 | 7,206,000 | 2,762,000 | 7,101,000 | 56,000 | 91,000 | ' | 2,753,000 | 7,023,000 | 9,000 | 78,000 |
Fair Value of securities impaired greater than twelve months | 2,979,000 | 2,879,000 | 0 | 0 | 2,979,000 | 2,879,000 | 2,979,000 | 0 | 0 | 0 | 0 |
Fair Value of securities impaired less than twelve months | $205,530,000 | $29,092,000 | $205,530,000 | $29,092,000 | $0 | $0 | ' | $205,530,000 | $29,092,000 | $0 | $0 |
INVESTMENT_AND_MORTGAGE_RELATE4
INVESTMENT AND MORTGAGE RELATED SECURITIES (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' | ' | ' |
Gross Realized Gains | $0 | $0 | $532 | $2,427 |
Gross Realized Losses | 0 | 0 | 0 | -87 |
Net Gains (Losses) | 0 | 0 | 532 | 2,340 |
Mortgage related securities | ' | ' | ' | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' | ' | ' |
Gross Realized Gains | 0 | 0 | 532 | 2,363 |
Gross Realized Losses | 0 | 0 | 0 | -87 |
Net Gains (Losses) | 0 | 0 | 532 | 2,276 |
Agency residential mortgage related securities | ' | ' | ' | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' | ' | ' |
Gross Realized Gains | 0 | 0 | 532 | 2,363 |
Net Gains (Losses) | 0 | 0 | 532 | 2,363 |
Private label residential mortgage related security | ' | ' | ' | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' | ' | ' |
Gross Realized Losses | 0 | 0 | 0 | -87 |
Net Gains (Losses) | 0 | 0 | 0 | -87 |
Debt securities excluding mortgage related securities | ' | ' | ' | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' | ' | ' |
Gross Realized Gains | 0 | 0 | 0 | 64 |
Net Gains (Losses) | 0 | 0 | 0 | 64 |
Obligations of U.S. government agencies | ' | ' | ' | ' |
INVESTMENT AND MORTGAGE RELATED SECURITIES | ' | ' | ' | ' |
Gross Realized Gains | 0 | 0 | 0 | 64 |
Net Gains (Losses) | $0 | $0 | $0 | $64 |
INVESTMENT_AND_MORTGAGE_RELATE5
INVESTMENT AND MORTGAGE RELATED SECURITIES (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Available for Sale, Amortized Cost | ' | ' |
Due in one year or less | $1,987,000 | $2,019,000 |
Due after one year through five years | 8,469,000 | 10,488,000 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Total mortgage related securities | 262,327,000 | 276,580,000 |
Total Amortized Cost | 272,783,000 | 289,087,000 |
Available for Sale, Fair Value | ' | ' |
Due in one year or less | 2,000,000 | 2,032,000 |
Due after one year through five years | 8,501,000 | 10,459,000 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Total mortgage related securities | 258,406,000 | 283,616,000 |
Total Fair Value | 268,907,000 | 296,107,000 |
Held to Maturity, Amortized Cost | ' | ' |
Total mortgage related securities | 70,928,000 | 28,369,000 |
Total Amortized Cost | 70,928,000 | 28,369,000 |
Held to Maturity, Fair Value | ' | ' |
Total mortgage related securities | 70,601,000 | 29,451,000 |
Total Fair Value | 70,601,000 | 29,451,000 |
Carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law | 7,900,000 | 8,300,000 |
Securities pledged as collateral for other borrowed funds | 35,400,000 | 46,600,000 |
Carrying value of investment securities used to secure derivative transactions | $700,000 | $900,000 |
LOANS_Details
LOANS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
LOANS | ' | ' | ' | ' |
Total loans | $711,739 | $694,772 | ' | ' |
Deferred loan origination cost, net | -67 | 263 | ' | ' |
Allowance for loan losses | -11,128 | -11,170 | -11,220 | -12,075 |
Net loans | 700,544 | 683,865 | ' | ' |
Real estate loans: | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 538,781 | 550,367 | ' | ' |
One- to four-family | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 133,006 | 158,828 | ' | ' |
Allowance for loan losses | -423 | -642 | ' | -1,760 |
Multi-family and commercial | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 399,340 | 368,948 | ' | ' |
Allowance for loan losses | -7,132 | -6,327 | ' | -6,112 |
Construction | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 6,435 | 22,591 | ' | ' |
Allowance for loan losses | -386 | -873 | ' | -869 |
Consumer | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 23,399 | 30,585 | ' | ' |
Allowance for loan losses | -182 | -232 | ' | -455 |
Commercial and industrial | ' | ' | ' | ' |
LOANS | ' | ' | ' | ' |
Total loans | 149,559 | 113,820 | ' | ' |
Allowance for loan losses | ($2,585) | ($2,630) | ' | ($2,657) |
LOANS_Details_2
LOANS (Details 2) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | $11,170 | $12,075 | $12,075 |
Provision for loan losses | 532 | 3,036 | 3,478 |
Loans charged off | -647 | -3,952 | -4,527 |
Recoveries | 73 | 61 | 144 |
Balance, ending | $11,128 | $11,220 | $11,170 |
LOANS_Details_3
LOANS (Details 3) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | $11,170 | $12,075 | $12,075 |
Provision for loan losses | 532 | 3,036 | 3,478 |
Loans charged off | -647 | -3,952 | -4,527 |
Recoveries | 73 | 61 | 144 |
Balance, ending | 11,128 | 11,220 | 11,170 |
One- to four-family | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 642 | 1,760 | 1,760 |
Provision for loan losses | -139 | ' | 286 |
Loans charged off | -115 | ' | -1,408 |
Recoveries | 35 | ' | 4 |
Balance, ending | 423 | ' | 642 |
Multi-family and commercial | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 6,327 | 6,112 | 6,112 |
Provision for loan losses | 1,256 | ' | 1,064 |
Loans charged off | -463 | ' | -887 |
Recoveries | 12 | ' | 38 |
Balance, ending | 7,132 | ' | 6,327 |
Construction | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 873 | 869 | 869 |
Provision for loan losses | -487 | ' | 252 |
Loans charged off | 0 | ' | -340 |
Recoveries | 0 | ' | 92 |
Balance, ending | 386 | ' | 873 |
Consumer | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 232 | 455 | 455 |
Provision for loan losses | -7 | ' | 1,659 |
Loans charged off | -69 | ' | -1,892 |
Recoveries | 26 | ' | 10 |
Balance, ending | 182 | ' | 232 |
Commercial and industrial | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 2,630 | 2,657 | 2,657 |
Provision for loan losses | -45 | ' | -27 |
Loans charged off | 0 | ' | 0 |
Recoveries | 0 | ' | 0 |
Balance, ending | 2,585 | ' | 2,630 |
Unallocated | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' |
Balance, beginning | 466 | 222 | 222 |
Provision for loan losses | -46 | ' | 244 |
Loans charged off | 0 | ' | 0 |
Recoveries | 0 | ' | 0 |
Balance, ending | $420 | ' | $466 |
LOANS_Details_4
LOANS (Details 4) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | $9,057,000 | ' | $17,124,000 |
Accruing TDRs | 7,265,000 | ' | 7,388,000 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 16,322,000 | ' | 24,512,000 |
Impaired Loans with Allowance | 15,966,000 | ' | 22,269,000 |
Impaired Loans without Allowance | 356,000 | ' | 2,243,000 |
Average recorded investment in impaired loans | 17,400,000 | 26,900,000 | ' |
Interest income recognized on impaired loans | 296,000 | 248,000 | ' |
One- to four-family | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 1,981,000 | ' | 3,355,000 |
Accruing TDRs | 1,036,000 | ' | 507,000 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 3,017,000 | ' | 3,862,000 |
Impaired Loans with Allowance | 3,017,000 | ' | 3,862,000 |
Impaired Loans without Allowance | 0 | ' | 0 |
Multi-family and commercial | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 2,966,000 | ' | 5,284,000 |
Accruing TDRs | 6,215,000 | ' | 6,867,000 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 9,181,000 | ' | 12,151,000 |
Impaired Loans with Allowance | 8,825,000 | ' | 11,770,000 |
Impaired Loans without Allowance | 356,000 | ' | 381,000 |
Construction | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 3,991,000 | ' | 6,434,000 |
Accruing TDRs | 0 | ' | 0 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 3,991,000 | ' | 6,434,000 |
Impaired Loans with Allowance | 3,991,000 | ' | 6,434,000 |
Impaired Loans without Allowance | 0 | ' | 0 |
Consumer | ' | ' | ' |
Impaired loans by loan segment | ' | ' | ' |
Nonaccrual Loans | 119,000 | ' | 2,051,000 |
Accruing TDRs | 14,000 | ' | 14,000 |
Other Impaired Loans | 0 | ' | 0 |
Total Impaired Loans | 133,000 | ' | 2,065,000 |
Impaired Loans with Allowance | 133,000 | ' | 203,000 |
Impaired Loans without Allowance | 0 | ' | 1,862,000 |
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 | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
loan | loan | loan | loan | loan | |
item | item | ||||
TDR activity | ' | ' | ' | ' | ' |
Number of Loans, Restructured Current Year | 1 | 1 | 2 | 5 | ' |
Pre-Modification Outstanding Recorded Investment, Restructured Current Year | $141,000 | $14,000 | $622,000 | $933,000 | ' |
Post-Modification Outstanding Recorded Investment, Restructured Current Year | 141,000 | 14,000 | 622,000 | 933,000 | ' |
Number of Loans Defaulted, Restructured in Prior Twelve Months | 1 | 4 | 1 | 4 | ' |
Post-Modification Outstanding Recorded Investment, Restructured in Prior Twelve Months | 1,640,000 | 262,000 | 1,640,000 | 262,000 | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Number of troubled debt restructurings, nonaccrual status | 5 | ' | 5 | ' | ' |
Number of troubled debt restructurings, included in nonaccrual status and total impaired loans | ' | ' | ' | ' | 7 |
Troubled debt restructurings excluded from accruing TDR | 4,300,000 | ' | 4,300,000 | ' | 6,900,000 |
Total TDRs | 11,500,000 | ' | 11,500,000 | ' | 14,300,000 |
Number of loans classified as TDRs | 12 | ' | 12 | ' | 14 |
Principle and Interest on loans | ' | ' | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 9,057,000 | ' | 9,057,000 | ' | 17,124,000 |
Increase in interest income, if recognized | ' | ' | 521,000 | ' | 1,500,000 |
Loans past due 90 days or more and still accruing interest | 1,640,000 | ' | 1,640,000 | ' | 0 |
Remaining TDRs [Member] | ' | ' | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Total TDRs | 10,900,000 | ' | 10,900,000 | ' | ' |
Number of loans classified as TDRs | 10 | ' | 10 | ' | ' |
One- to four-family | ' | ' | ' | ' | ' |
TDR activity | ' | ' | ' | ' | ' |
Number of Loans, Restructured Current Year | 1 | 0 | 2 | 3 | ' |
Pre-Modification Outstanding Recorded Investment, Restructured Current Year | 141,000 | 0 | 622,000 | 400,000 | ' |
Post-Modification Outstanding Recorded Investment, Restructured Current Year | 141,000 | 0 | 622,000 | 400,000 | ' |
Number of Loans Defaulted, Restructured in Prior Twelve Months | 0 | 3 | 0 | 3 | ' |
Post-Modification Outstanding Recorded Investment, Restructured in Prior Twelve Months | 0 | 254,000 | 0 | 254,000 | ' |
Principle and Interest on loans | ' | ' | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 1,981,000 | ' | 1,981,000 | ' | 3,355,000 |
Multi-family and commercial | ' | ' | ' | ' | ' |
TDR activity | ' | ' | ' | ' | ' |
Number of Loans, Restructured Current Year | 0 | 0 | 0 | 1 | ' |
Pre-Modification Outstanding Recorded Investment, Restructured Current Year | 0 | 0 | 0 | 519,000 | ' |
Post-Modification Outstanding Recorded Investment, Restructured Current Year | 0 | 0 | 0 | 519,000 | ' |
Number of Loans Defaulted, Restructured in Prior Twelve Months | 1 | 0 | 1 | 0 | ' |
Post-Modification Outstanding Recorded Investment, Restructured in Prior Twelve Months | 1,640,000 | 0 | 1,640,000 | 0 | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Total TDRs | 6,200,000 | ' | 6,200,000 | ' | ' |
Number of loans classified as TDRs | 2 | ' | 2 | ' | ' |
Principle and Interest on loans | ' | ' | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 2,966,000 | ' | 2,966,000 | ' | 5,284,000 |
Loans past due 90 days or more and still accruing interest | 1,640,000 | ' | 1,640,000 | ' | ' |
Construction | ' | ' | ' | ' | ' |
TDR activity | ' | ' | ' | ' | ' |
Number of Loans, Restructured Current Year | 0 | 0 | 0 | 0 | ' |
Pre-Modification Outstanding Recorded Investment, Restructured Current Year | 0 | 0 | 0 | 0 | ' |
Post-Modification Outstanding Recorded Investment, Restructured Current Year | 0 | 0 | 0 | 0 | ' |
Number of Loans Defaulted, Restructured in Prior Twelve Months | 0 | 0 | 0 | 0 | ' |
Post-Modification Outstanding Recorded Investment, Restructured in Prior Twelve Months | 0 | 0 | 0 | 0 | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Total TDRs | 4,000,000 | ' | 4,000,000 | ' | ' |
Number of loans classified as TDRs | 2 | ' | 2 | ' | ' |
Principle and Interest on loans | ' | ' | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 3,991,000 | ' | 3,991,000 | ' | 6,434,000 |
Two construction loans | ' | ' | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Number of troubled debt restructurings, nonaccrual status | 2 | ' | 2 | ' | ' |
Troubled debt restructurings excluded from accruing TDR | 4,000,000 | ' | 4,000,000 | ' | ' |
Commitments to lend additional funds | 442,000 | ' | 442,000 | ' | ' |
Consumer | ' | ' | ' | ' | ' |
TDR activity | ' | ' | ' | ' | ' |
Number of Loans, Restructured Current Year | 0 | 1 | 0 | 1 | ' |
Pre-Modification Outstanding Recorded Investment, Restructured Current Year | 0 | 14,000 | 0 | 14,000 | ' |
Post-Modification Outstanding Recorded Investment, Restructured Current Year | 0 | 14,000 | 0 | 14,000 | ' |
Number of Loans Defaulted, Restructured in Prior Twelve Months | 0 | 1 | 0 | 1 | ' |
Post-Modification Outstanding Recorded Investment, Restructured in Prior Twelve Months | 0 | 8,000 | 0 | 8,000 | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Total TDRs | 14,000 | ' | 14,000 | ' | ' |
Number of loans classified as TDRs | 1 | ' | 1 | ' | ' |
Principle and Interest on loans | ' | ' | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 119,000 | ' | 119,000 | ' | 2,051,000 |
Commercial and industrial | ' | ' | ' | ' | ' |
TDR activity | ' | ' | ' | ' | ' |
Number of Loans, Restructured Current Year | 0 | 0 | 0 | 0 | ' |
Pre-Modification Outstanding Recorded Investment, Restructured Current Year | 0 | 0 | 0 | 0 | ' |
Post-Modification Outstanding Recorded Investment, Restructured Current Year | 0 | 0 | 0 | 0 | ' |
Number of Loans Defaulted, Restructured in Prior Twelve Months | 0 | 0 | 0 | 0 | ' |
Post-Modification Outstanding Recorded Investment, Restructured in Prior Twelve Months | 0 | 0 | 0 | 0 | ' |
Principle and Interest on loans | ' | ' | ' | ' | ' |
Loans on which accrual of interest has been discontinued | 0 | ' | 0 | ' | 0 |
Residential loans | ' | ' | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Total TDRs | 696,000 | ' | 696,000 | ' | ' |
Number of loans classified as TDRs | 5 | ' | 5 | ' | ' |
Four residential loans | ' | ' | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Number of troubled debt restructurings, nonaccrual status | 3 | ' | 3 | ' | ' |
Troubled debt restructurings excluded from accruing TDR | 282,000 | ' | 282,000 | ' | ' |
One new residential loan | ' | ' | ' | ' | ' |
TDRs additional disclosure | ' | ' | ' | ' | ' |
Total TDRs | $622,000 | ' | $622,000 | ' | ' |
Number of loans classified as TDRs | 2 | ' | 2 | ' | ' |
LOANS_Details_6
LOANS (Details 6) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | $1,090 | $1,326 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 684 | 954 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 1,774 | 2,280 | ' | ' |
General Allowance for Loan Losses | 9,354 | 8,890 | ' | ' |
Total | 11,128 | 11,170 | 11,220 | 12,075 |
One- to four-family | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 156 | 337 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 2 | 5 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 158 | 342 | ' | ' |
General Allowance for Loan Losses | 265 | 300 | ' | ' |
Total | 423 | 642 | ' | 1,760 |
Multi-family and commercial | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 595 | 530 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 682 | 948 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 1,277 | 1,478 | ' | ' |
General Allowance for Loan Losses | 5,855 | 4,849 | ' | ' |
Total | 7,132 | 6,327 | ' | 6,112 |
Construction | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 333 | 449 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 0 | 0 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 333 | 449 | ' | ' |
General Allowance for Loan Losses | 53 | 424 | ' | ' |
Total | 386 | 873 | ' | 869 |
Consumer | ' | ' | ' | ' |
Allowance for loan loss for impaired loans and general allowance by loan segment | ' | ' | ' | ' |
Nonaccrual Loans, Allowance for Loan Losses | 6 | 10 | ' | ' |
Accruing TDRs, Allowance for Loan Losses | 0 | 1 | ' | ' |
Other Impaired Loans, Allowance for Loan Loss | 0 | 0 | ' | ' |
Total Impaired Loans, Allowance for Loan Losses | 6 | 11 | ' | ' |
General Allowance for Loan Losses | 176 | 221 | ' | ' |
Total | 182 | 232 | ' | 455 |
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 | 2,585 | 2,630 | ' | ' |
Total | 2,585 | 2,630 | ' | 2,657 |
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 | 420 | 466 | ' | ' |
Total | $420 | $466 | ' | $222 |
LOANS_Details_7
LOANS (Details 7) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Past due loans | ' | ' |
30 - 59 Days Past Due | $1,481 | $41 |
60 - 89 Days Past Due | 569 | 2,026 |
One- to four-family | ' | ' |
Past due loans | ' | ' |
30 - 59 Days Past Due | 1,363 | 18 |
60 - 89 Days Past Due | 256 | 284 |
Multi-family and commercial | ' | ' |
Past due loans | ' | ' |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 277 | 1,691 |
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 | 118 | 23 |
60 - 89 Days Past Due | 36 | 51 |
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 $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
item | ||
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | $711,739 | $694,772 |
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 | 133,006 | 158,828 |
Multi-family and commercial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 399,340 | 368,948 |
Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 6,435 | 22,591 |
Consumer | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 23,399 | 30,585 |
Commercial and industrial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 149,559 | 113,820 |
Pass and Pass watch | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 681,558 | 657,346 |
Pass and Pass watch | One- to four-family | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 131,025 | 155,473 |
Pass and Pass watch | Multi-family and commercial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 378,567 | 347,150 |
Pass and Pass watch | Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 2,443 | 16,157 |
Pass and Pass watch | Consumer | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 23,280 | 28,534 |
Pass and Pass watch | Commercial and industrial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 146,243 | 110,032 |
Special mention loans | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 16,849 | 10,366 |
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 | 13,533 | 6,733 |
Special mention loans | Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 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 | 3,316 | 3,633 |
Substandard loans | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 13,332 | 27,060 |
Substandard loans | One- to four-family | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 1,981 | 3,355 |
Substandard loans | Multi-family and commercial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 7,240 | 15,065 |
Substandard loans | Construction | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 3,992 | 6,434 |
Substandard loans | Consumer | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 119 | 2,051 |
Substandard loans | Commercial and industrial | ' | ' |
Criticized and classified loans by segment | ' | ' |
Total criticized and classified loans | 0 | 155 |
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 | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Nov. 03, 2006 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 12, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
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 | 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 (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) | Credit Derivatives (Foreign Currency Swap Underlyings) | Credit Derivatives (Foreign Currency Swap Underlyings) | |
item | item | item | item | item | item | ||||||||||||||
Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount, interest rate swap derivative | ' | $896,000 | ' | ' | $1,500,000 | ' | $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 | ' | 148,000 | 203,000 | ' | 15,000 | ' | 15,000 | ' | 105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge ineffectiveness, income | ' | ' | ' | ' | 1,000 | 2,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value loss position on interest rate swap derivative, ineffective portion | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of derivative transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | 5 | ' | 4 | 2 | ' | 2 | ' | 0 |
Notional amount of credit swap derivative (protection sold) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,700,000 | ' | 19,700,000 | ' | 13,300,000 | 150,000 | ' | 150,000 | ' | ' |
Remaining maturity period, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | '7 years | ' | ' | ' | ' | ' |
Remaining maturity period, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years | ' | '10 years | ' | ' | ' | ' | ' |
Fair value of swap asset (liability) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 719,000 | ' | 719,000 | ' | -213,000 | 5,000 | ' | 5,000 | ' | ' |
Recognized income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 34,000 | 7,000 | 36,000 | ' | 0 | 4,000 | 2,000 | 33,000 | ' |
Margin added to derivative interest rate (as a percent) | 2.24% | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000 | ' | $5,000 | ' | $12,000 | $0 | ' | $0 | ' | ' |
Remaining maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | ' | ' |
MORTGAGE_SERVICING_ACTIVITY_De
MORTGAGE SERVICING ACTIVITY (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Mortgage servicing activity | ' | ' | ' |
Unpaid principal balances of loans serviced for others | $28,500,000 | $38,800,000 | $36,600,000 |
Fees, net of amortization, from the servicing of loans | -4,000 | -12,000 | ' |
Servicing Rights | ' | ' | ' |
Balance at the beginning of the period | 325,000 | 455,000 | ' |
Amortization | -63,000 | -101,000 | ' |
Balance at the end of the period | 262,000 | 354,000 | ' |
Valuation Allowance | ' | ' | ' |
Balance at the beginning of the period | -155,000 | -139,000 | ' |
Reductions/(Additions) | 50,000 | -16,000 | ' |
Balance at the end of the period | -105,000 | -155,000 | ' |
Net Carrying Value | ' | ' | ' |
Balance at the beginning of the period | 170,000 | 316,000 | ' |
(Reductions)/Additions | 50,000 | -16,000 | ' |
Amortization | -63,000 | -101,000 | ' |
Balance at the end of the period | 157,000 | 199,000 | ' |
Mortgage servicing rights | ' | ' | ' |
Net Carrying Value | ' | ' | ' |
Fair value of MSRs | $157,000 | $199,000 | $170,000 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Weighted Average Interest Rate | ' | ' |
NOW accounts | 0.22% | 0.22% |
Money market accounts | 0.20% | 0.19% |
Savings and club accounts | 0.13% | 0.14% |
Brokered deposits | 0.63% | 0.51% |
Certificates of deposit | 1.34% | 1.59% |
Deposits | 0.60% | 0.71% |
Deposits | ' | ' |
Noninterest-bearing demand accounts | $115,338 | $108,176 |
NOW accounts | 80,701 | 70,199 |
Money market accounts | 84,598 | 97,318 |
Savings and club accounts | 95,358 | 99,046 |
Brokered deposits | 73,871 | 50,637 |
Certificates of deposit | 233,142 | 262,033 |
Total deposits amount | $683,008 | $687,409 |
BORROWINGS_Details
BORROWINGS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $214,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Home Loan Bank advances | 150,000,000 | 110,000,000 | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 392,300,000 | ' | ' | 50,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FHLB stock | $10,013,000 | $8,097,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BORROWINGS_Details_2
BORROWINGS (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Other Borrowed Funds | ' | ' |
Amount of other borrowings | $30,000,000 | $30,000,000 |
Interest rate (as a percent) | 3.30% | ' |
Short-term borrowings | 61,600,000 | 70,500,000 |
Blended weighted average interest rate (as a percent) | 0.32% | 0.30% |
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 | $35,400,000 | ' |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
STOCK BASED COMPENSATION | ' | ' | ' |
Stock based compensation expense | $811,000 | $873,000 | ' |
Stock options | ' | ' | ' |
STOCK BASED COMPENSATION | ' | ' | ' |
Stock based compensation expense | 315,000 | 350,000 | ' |
Number of Stock Options | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 877,669 | ' | ' |
Granted (in shares) | 255,650 | ' | ' |
Exercised (in shares) | -9,811 | ' | ' |
Forfeited / Cancelled (in shares) | -100 | ' | ' |
Outstanding at the end of the period (in shares) | 1,123,408 | ' | 877,669 |
Exercisable at the end of the period (in shares) | 646,515 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $11.57 | ' | ' |
Granted (in dollars per share) | $17 | ' | ' |
Exercised (in dollars per share) | $10.82 | ' | ' |
Forfeited / Cancelled (in dollars per share) | $12.94 | ' | ' |
Outstanding at the end of the period (in dollars per share) | $12.81 | ' | $11.57 |
Exercisable at the end of the period (in dollars per share) | $11.31 | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' |
Outstanding at the beginning of the period | '6 years 5 months | ' | '6 years 3 months 18 days |
Outstanding at the end of the period | '6 years 5 months | ' | '6 years 3 months 18 days |
Exercisable at the end of the period | '4 years 8 months | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Outstanding at the beginning of the period | 4,461,000 | ' | ' |
Outstanding at the end of the period | 5,157,000 | ' | 4,461,000 |
Exercisable at the end of the period | 3,940,000 | ' | ' |
Number of Stock Options, Unvested | ' | ' | ' |
Unvested at the beginning of the period (in shares) | 310,661 | ' | ' |
Granted (in shares) | 255,650 | ' | ' |
Vested (in shares) | -89,418 | ' | ' |
Forfeited / Cancelled (in shares) | 0 | ' | ' |
Unvested at the end of the period (in shares) | 476,893 | ' | 310,661 |
Weighted Average Grant Date Fair Value, Unvested | ' | ' | ' |
Unvested at the beginning of the period (in dollars per share) | $3.36 | ' | ' |
Granted (in dollars per share) | $4.20 | ' | ' |
Vested (in dollars per share) | $3.17 | ' | ' |
Forfeited / Cancelled (in dollars per share) | $0 | ' | ' |
Unvested at the end of the period (in dollars per share) | $3.85 | ' | $3.36 |
Compensation cost not yet recognized, nonvested awards | ' | ' | ' |
Expected future compensation expense, non-vested options | 1,600,000 | ' | ' |
Weighted average period | '3 years 11 months | ' | ' |
Assumptions used to determine fair value of options granted | ' | ' | ' |
Expected dividend yield (as a percent) | 2.22% | ' | ' |
Expected option life | '6 years 6 months | ' | ' |
Stock options | Minimum | ' | ' | ' |
Weighted Average Grant Date Fair Value, Unvested | ' | ' | ' |
Granted (in dollars per share) | $4.20 | ' | ' |
Assumptions used to determine fair value of options granted | ' | ' | ' |
Expected volatility (as a percent) | 31.11% | ' | ' |
Risk-free interest rate (as a percent) | 1.19% | ' | ' |
Stock options | Maximum | ' | ' | ' |
Weighted Average Grant Date Fair Value, Unvested | ' | ' | ' |
Granted (in dollars per share) | $4.45 | ' | ' |
Assumptions used to determine fair value of options granted | ' | ' | ' |
Expected volatility (as a percent) | 31.12% | ' | ' |
Risk-free interest rate (as a percent) | 1.74% | ' | ' |
Restricted stock | ' | ' | ' |
STOCK BASED COMPENSATION | ' | ' | ' |
Stock based compensation expense | 496,000 | 523,000 | ' |
Compensation cost not yet recognized, nonvested awards | ' | ' | ' |
Weighted average period | '4 years 0 months | ' | ' |
Number of Restricted Shares | ' | ' | ' |
Unvested at the beginning of the period (in shares) | 130,557 | ' | ' |
Granted (in shares) | 122,450 | ' | ' |
Vested (in shares) | -26,826 | ' | ' |
Forfeited / Cancelled (in shares) | 0 | ' | ' |
Unvested at the end of the period (in shares) | 226,181 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Unvested at the beginning of the period (in dollars per share) | $12.41 | ' | ' |
Granted (in dollars per share) | $17 | ' | ' |
Vested (in dollars per share) | $11.78 | ' | ' |
Forfeited / Cancelled (in dollars per share) | $0 | ' | ' |
Unvested at the end of the period (in dollars per share) | $14.97 | ' | ' |
Expected future compensation expense, restricted shares | $3,000,000 | ' | ' |
Performance based restricted stock | ' | ' | ' |
Number of Restricted Shares | ' | ' | ' |
Granted (in shares) | 39,250 | ' | ' |
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
adjustment | ||||
item | ||||
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 | $6,415 | $25,090 | $15,079 | $7,586 |
Investment securities available-for-sale | 268,907 | 296,107 | ' | ' |
Mortgage related securities | 258,406 | 283,616 | ' | ' |
Held to maturity securities | 70,601 | 29,451 | ' | ' |
Federal Home Loan Bank stock | 10,013 | 8,097 | ' | ' |
Accrued interest receivable | 3,267 | 3,223 | ' | ' |
Mortgage servicing rights | 157 | 170 | 199 | 316 |
Financial liabilities: | ' | ' | ' | ' |
Savings and club accounts | 95,358 | 99,046 | ' | ' |
Accrued interest payable | 314 | 330 | ' | ' |
Private label commercial mortgage related securities | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities available-for-sale | 2,166 | 6,197 | ' | ' |
Agency residential mortgage related securities | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities available-for-sale | 256,240 | 277,419 | ' | ' |
Held to maturity securities | 70,601 | 29,451 | ' | ' |
Carrying Amount | Level 1 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 6,415 | 25,090 | ' | ' |
Carrying Amount | Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities available-for-sale | 10,501 | 12,491 | ' | ' |
Mortgage servicing rights | 157 | 170 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Savings and club accounts | 95,358 | 99,046 | ' | ' |
Demand, NOW and money market deposits | 280,637 | 275,693 | ' | ' |
Brokered deposits | 73,871 | 50,637 | ' | ' |
Certificates of deposit | 233,142 | 262,033 | ' | ' |
Short-term borrowings | 61,600 | 70,500 | ' | ' |
Federal Home Loan Bank advances | 150,000 | 110,000 | ' | ' |
Other borrowed funds | 30,000 | 30,000 | ' | ' |
Accrued interest payable | 314 | 330 | ' | ' |
Carrying Amount | Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans receivable, net | 700,544 | 683,865 | ' | ' |
Federal Home Loan Bank stock | 10,013 | 8,097 | ' | ' |
Accrued interest receivable | 3,267 | 3,223 | ' | ' |
Financial assets acquired from debtors | 2,058 | 3,714 | ' | ' |
Carrying Amount | Level 2, 3 | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Derivative contracts | 167 | 320 | ' | ' |
Carrying Amount | Private label commercial mortgage related securities | Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Mortgage related securities | 2,166 | 6,197 | ' | ' |
Carrying Amount | Agency residential mortgage related securities | Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Mortgage related securities | 256,240 | 277,419 | ' | ' |
Held to maturity securities | 70,928 | 28,369 | ' | ' |
Estimated Fair Value | Level 1 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 6,415 | 25,090 | ' | ' |
Estimated Fair Value | Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities available-for-sale | 10,501 | 12,491 | ' | ' |
Mortgage servicing rights | 157 | 170 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Savings and club accounts | 95,358 | 99,046 | ' | ' |
Demand, NOW and money market deposits | 280,637 | 275,693 | ' | ' |
Brokered deposits | 73,599 | 50,715 | ' | ' |
Certificates of deposit | 234,996 | 264,694 | ' | ' |
Short-term borrowings | 61,600 | 70,500 | ' | ' |
Federal Home Loan Bank advances | 154,100 | 115,767 | ' | ' |
Other borrowed funds | 32,450 | 33,651 | ' | ' |
Accrued interest payable | 314 | 330 | ' | ' |
Estimated Fair Value | Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans receivable, net | 701,677 | 686,867 | ' | ' |
Federal Home Loan Bank stock | 10,013 | 8,097 | ' | ' |
Accrued interest receivable | 3,267 | 3,223 | ' | ' |
Financial assets acquired from debtors | 2,058 | 3,714 | ' | ' |
Estimated Fair Value | Level 2, 3 | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Derivative contracts | 167 | 320 | ' | ' |
Estimated Fair Value | Private label commercial mortgage related securities | Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Mortgage related securities | 2,166 | 6,197 | ' | ' |
Estimated Fair Value | Agency residential mortgage related securities | Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Mortgage related securities | 256,240 | 277,419 | ' | ' |
Held to maturity securities | $70,601 | $29,451 | ' | ' |
FAIR_VALUE_Details_2
FAIR VALUE (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
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) | 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 | 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 | |||||
item | Private label commercial mortgage related securities | Private label commercial mortgage related securities | Private label commercial mortgage related securities | Private label residential mortgage related security | Private label residential mortgage related security | 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 | 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) | 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 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) | 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 | $2,828,000 | $7,206,000 | ' | ' | ' | ' | ' | $9,000 | ' | $78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 163,000 | ' | 293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses resulting from changes in fair value | ' | ' | ' | ' | ' | -4,672,000 | -85,000 | -69,000 | -9,000 | ' | 0 | -45,000 | -130,000 | 46,000 | ' | -4,480,000 | -82,000 | 7,000 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,000 | 320,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,000 | 308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fully charged off loans balance sheet value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Investment securities available-for-sale | 268,907,000 | 296,107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 310,000 | 314,000 | 10,191,000 | 12,177,000 | 2,166,000 | 6,197,000 | 256,240,000 | 277,419,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 310,000 | 314,000 | 10,191,000 | 12,177,000 | 0 | 0 | 256,240,000 | 277,419,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 2,166,000 | 6,197,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial assets acquired from debtors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,058,000 | 3,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,058,000 | 3,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 273,397,000 | 302,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,599,000 | 2,806,000 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 266,579,000 | 289,602,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 6,818,000 | 12,705,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,599,000 | 2,806,000 | ' | ' | 5,504,000 | 7,931,000 | 817,000 | 2,951,000 | 4,530,000 | 4,810,000 | 0 | 0 | 0 | 0 | 0 | 0 | 157,000 | 170,000 | 0 | 0 | 0 | 0 | 5,347,000 | 7,761,000 | 817,000 | 2,951,000 | 4,530,000 | 4,810,000 |
Mortgage servicing rights | $157,000 | $170,000 | $199,000 | $316,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $157,000 | $170,000 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | $157,000 | $170,000 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' |
FAIR_VALUE_Details_3
FAIR VALUE (Details 3) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
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 | 12,705,000 | 11,905,000 |
Purchases/ additions | 1,994,000 | 2,368,000 |
Sales | 0 | -70,000 |
Payments (received) made | -3,206,000 | -2,227,000 |
Premium amortization, net | -3,000 | 0 |
Increase/(decrease) in value | -4,672,000 | -85,000 |
Ending balance | 6,818,000 | 11,891,000 |
Unobservable Inputs (Level 3) | Private label residential mortgage related security | ' | ' |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ' | ' |
Beginning balance | 0 | 122,000 |
Purchases/ additions | 0 | 0 |
Sales | 0 | -70,000 |
Payments (received) made | 0 | -7,000 |
Premium amortization, net | 0 | 0 |
Increase/(decrease) in value | 0 | -45,000 |
Ending balance | 0 | 0 |
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 | 6,197,000 | 8,906,000 |
Purchases/ additions | 0 | 0 |
Sales | 0 | 0 |
Payments (received) made | -3,959,000 | -2,432,000 |
Premium amortization, net | -3,000 | 0 |
Increase/(decrease) in value | -69,000 | -9,000 |
Ending balance | 2,166,000 | 6,465,000 |
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 | -12,000 | 0 |
Purchases/ additions | 0 | -36,000 |
Sales | 0 | 0 |
Payments (received) made | 0 | 0 |
Premium amortization, net | 0 | 0 |
Increase/(decrease) in value | 7,000 | 5,000 |
Ending balance | -5,000 | -31,000 |
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 | 3,714,000 | 0 |
Purchases/ additions | 1,994,000 | 2,404,000 |
Sales | 0 | 0 |
Payments (received) made | 830,000 | 282,000 |
Premium amortization, net | 0 | 0 |
Increase/(decrease) in value | -4,480,000 | -82,000 |
Ending balance | 2,058,000 | 2,604,000 |
Unobservable Inputs (Level 3) | Loans | ' | ' |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ' | ' |
Beginning balance | 2,806,000 | 2,877,000 |
Purchases/ additions | 0 | 0 |
Sales | 0 | 0 |
Payments (received) made | -77,000 | -70,000 |
Premium amortization, net | 0 | 0 |
Increase/(decrease) in value | -130,000 | 46,000 |
Ending balance | $2,599,000 | $2,853,000 |