Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | Fox Chase Bancorp Inc | |
Entity Central Index Key | 1,485,176 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Common Stock, Shares Outstanding | 11,769,390 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 3,737 | $ 3,413 |
Interest-earning demand deposits in other banks | 5,375 | 4,385 |
Total cash and cash equivalents | 9,112 | 7,798 |
Investment securities available-for-sale | 135,826 | 139,751 |
Investment securities held-to-maturity (fair value of $146,655 at March 31, 2016 and $149,850 at December 31, 2015) | 144,528 | 150,190 |
Loans, net of allowance for loan losses of $10,570 at March 31, 2016 and $10,562 at December 31, 2015 | 776,669 | 767,683 |
Federal Home Loan Bank stock, at cost | 6,186 | 6,734 |
Bank-owned life insurance | 25,902 | 25,687 |
Premises and equipment, net | 8,895 | 9,030 |
Assets acquired through foreclosure | 2,615 | 2,623 |
Real estate held for investment | 1,620 | 1,620 |
Accrued interest receivable | 3,348 | 3,145 |
Mortgage servicing rights, net | 97 | 104 |
Deferred tax asset, net | 3,993 | 5,142 |
Other assets | 12,950 | 6,096 |
Total Assets | 1,131,741 | 1,125,603 |
LIABILITIES | ||
Deposits | 815,708 | 764,974 |
Short-term borrowings | 15,000 | 38,496 |
Federal Home Loan Bank advances | 90,000 | 110,000 |
Other borrowed funds | 30,000 | 30,000 |
Advances from borrowers for taxes and insurance | 1,350 | 1,422 |
Accrued interest payable | 302 | 319 |
Accrued expenses and other liabilities | 1,541 | 3,478 |
Total Liabilities | 953,901 | 948,689 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at March 31, 2016 and December 31, 2015) | 0 | 0 |
Common stock ($.01 par value; 60,000,000 shares authorized, 11,767,590 shares outstanding at March 31, 2016 and December 31, 2015) | 149 | 149 |
Additional paid-in capital | 141,833 | 142,189 |
Treasury stock, at cost (3,141,201 shares at March 31, 2016 and December 31, 2015) | (44,468) | (44,468) |
Common stock acquired by benefit plans | (5,876) | (6,717) |
Retained earnings | 85,542 | 86,241 |
Accumulated other comprehensive income (loss), net | 660 | (480) |
Total Stockholders’ Equity | 177,840 | 176,914 |
Total Liabilities and Stockholders’ Equity | $ 1,131,741 | $ 1,125,603 |
Consolidated Statements of Con3
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 146,655 | $ 149,850 |
Loans, allowance for loan losses | $ 10,570 | $ 10,562 |
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 | 11,767,590 | 11,767,590 |
Common stock, shares outstanding | 11,767,590 | 11,767,590 |
Treasury stock, shares | 3,141,201 | 3,141,201 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 8,506 | $ 8,139 |
Interest and dividends on investment securities | 1,632 | 1,982 |
Other interest income | 9 | 3 |
Total Interest Income | 10,147 | 10,124 |
INTEREST EXPENSE | ||
Deposits | 807 | 715 |
Short-term borrowings | 59 | 32 |
Federal Home Loan Bank advances | 557 | 539 |
Other borrowed funds | 180 | 166 |
Total Interest Expense | 1,603 | 1,452 |
Net Interest Income | 8,544 | 8,672 |
Provision for loan losses | 45 | 472 |
Net Interest Income after Provision for Loan Losses | 8,499 | 8,200 |
NONINTEREST INCOME | ||
Service charges and other fee income | 362 | 384 |
Income on bank-owned life insurance | 215 | 120 |
Equity in earnings of affiliate | (5) | 40 |
Other | 94 | 27 |
Total Noninterest Income | 666 | 571 |
NONINTEREST EXPENSE | ||
Salaries, benefits and other compensation | 3,943 | 3,719 |
Occupancy expense | 430 | 477 |
Furniture and equipment expense | 77 | 83 |
Data processing costs | 408 | 573 |
Professional fees | 538 | 363 |
Marketing expense | 24 | 41 |
FDIC premiums | 134 | 119 |
Assets acquired through foreclosure expense | 30 | 30 |
Other | 301 | 360 |
Total Noninterest Expense | 5,885 | 5,765 |
Income Before Income Taxes | 3,280 | 3,006 |
Income tax provision | 1,031 | 727 |
Net Income | $ 2,249 | $ 2,279 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.20 | $ 0.21 |
Diluted (in dollars per share) | $ 0.20 | $ 0.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,249 | $ 2,279 |
Other comprehensive income: | ||
Unrealized holding gains on investment securities | 1,694 | 800 |
Tax effect | (583) | (276) |
Net of tax amount | 1,111 | 524 |
Accretion of unrealized loss on securities reclassified to held-to-maturity | 46 | 41 |
Tax effect | (17) | (15) |
Net of tax amount | 29 | 26 |
Other comprehensive income | 1,140 | 550 |
Comprehensive income | $ 3,389 | $ 2,829 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Common Stock Acquired by Benefit Plans | Retained Earnings | Accumulated Other Comprehensive Income, net |
BALANCE at Dec. 31, 2014 | $ 175,911 | $ 147 | $ 139,177 | $ (39,698) | $ (8,056) | $ 84,225 | $ 116 |
Increase (Decrease) in Stockholders' Equity | |||||||
Purchase of treasury stock | (1,137) | (1,137) | |||||
Stock based compensation expense | 310 | 310 | |||||
ESOP shares allocated to employees | 269 | 113 | 156 | ||||
Issuance of stock for vested equity awards | 0 | (333) | 254 | 79 | |||
Common stock issued for exercise of vested stock options | 0 | 0 | 0 | ||||
Excess tax benefit from exercise of stock options and vesting of restricted stock | (3) | ||||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | (3) | ||||||
Dividends paid | (2,940) | (2,940) | |||||
Net income | 2,279 | 2,279 | |||||
Other comprehensive income (loss) | 550 | 550 | |||||
BALANCE at Mar. 31, 2015 | 175,239 | 147 | 139,264 | (40,835) | (7,646) | 83,643 | 666 |
BALANCE at Dec. 31, 2015 | 176,914 | 149 | 142,189 | (44,468) | (6,717) | 86,241 | (480) |
Increase (Decrease) in Stockholders' Equity | |||||||
Purchase of treasury stock | 0 | 0 | |||||
Stock based compensation expense | 349 | 349 | |||||
ESOP shares allocated to employees | 314 | 158 | 156 | ||||
Issuance of stock for vested equity awards | 0 | (913) | 685 | 228 | |||
Common stock issued for exercise of vested stock options | 0 | 0 | |||||
Excess tax benefit from exercise of stock options and vesting of restricted stock | 50 | 50 | |||||
Dividends paid | (3,176) | (3,176) | |||||
Net income | 2,249 | 2,249 | |||||
Other comprehensive income (loss) | 1,140 | 1,140 | |||||
BALANCE at Mar. 31, 2016 | $ 177,840 | $ 149 | $ 141,833 | $ (44,468) | $ (5,876) | $ 85,542 | $ 660 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Treasury stock, shares | 0 | 69,800 |
Dividends paid (in dollars per share) | $ 0.28 | $ 0.26 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 2,249 | $ 2,279 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Provision for loan losses | 45 | 472 |
Valuation adjustment for assets acquired through foreclosure | 16 | 15 |
Depreciation | 135 | 163 |
Net amortization of securities premiums and discounts | 366 | 423 |
Deferred income tax benefit (expense) | 550 | (16) |
Stock compensation from benefit plans | 663 | 579 |
Income on bank-owned life insurance | (215) | (120) |
Excess tax (benefit) expense from exercise of stock options and vesting of restricted stock | (50) | 3 |
Decrease in mortgage servicing rights, net | 7 | 5 |
(Increase) decrease in accrued interest receivable and other assets | (7,110) | 2,675 |
Decrease in accrued interest payable, accrued expenses and other liabilities | (1,954) | (716) |
Net Cash (Used in) Provided by Operating Activities | (5,298) | 5,762 |
Investment securities - available-for-sale: | ||
Purchases | 0 | (8,056) |
Proceeds from maturities, calls and principal repayments | 5,536 | 7,967 |
Investment securities - held-to-maturity: | ||
Purchases | 0 | (5,823) |
Proceeds from maturities, calls and principal repayments | 5,527 | 5,817 |
Net increase in loans | (9,031) | (9,651) |
Purchases of loans and loan participations | 0 | (20,968) |
Net decrease in Federal Home Loan Bank stock | 548 | 1,000 |
Purchases of premises and equipment | 0 | (37) |
Additions to assets acquired through foreclosure | (8) | (5) |
Net Cash Provided by (Used in) Investing Activities | 2,572 | (29,756) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 50,734 | 91,120 |
Decrease in advances from borrowers for taxes and insurance | (72) | (192) |
Principal payments on Federal Home Loan Bank advances | (20,000) | (10,000) |
Net decrease in short-term borrowings | (23,496) | (50,000) |
Excess tax benefit (expense) from exercise of stock options and vesting of restricted stock | 50 | (3) |
Purchase of treasury stock | 0 | (1,137) |
Cash dividends paid | (3,176) | (2,940) |
Net Cash Provided by Financing Activities | 4,040 | 26,848 |
Net Decrease in Cash and Cash Equivalents | 1,314 | 2,854 |
Cash and Cash Equivalents – Beginning | 7,798 | 17,213 |
Cash and Cash Equivalents – Ending | 9,112 | 20,067 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 1,620 | 1,495 |
Income taxes paid | 1 | 0 |
Transfers of loans to assets acquired through foreclosure | 0 | 0 |
Net charge-offs | $ 37 | $ 24 |
PRINCIPLES OF CONSOLIDATION AND
PRINCIPLES OF CONSOLIDATION AND PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
PRINCIPLES OF CONSOLIDATION AND PRESENTATION | PRINCIPLES OF CONSOLIDATION AND PRESENTATION Fox Chase Bancorp, Inc. (the "Bancorp" or "Fox Chase") is a Maryland corporation. The Bancorp’s primary business is holding the common stock of Fox Chase Bank (the "Bank") and making two loans to the Fox Chase Bank Employee Stock Ownership Plan (the "ESOP"). The Bancorp is authorized to pursue other business activities permissible by laws and regulations for bank holding companies. The Bancorp is a bank holding company and is regulated by the Board of Governors of the Federal Reserve System. The Bank is a Pennsylvania state - chartered savings bank and is regulated by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation (the "FDIC"). The Bancorp and the Bank (collectively referred to as the "Company" or the "Corporation") provide a wide variety of financial products and services to individuals and businesses through the Bank’s ten branches in Philadelphia, Richboro, Willow Grove, Warminster, Lahaska, Hatboro, and West Chester, Pennsylvania, and Ocean City, Marmora and Egg Harbor Township, New Jersey. The operations of the Company are managed as a single business segment. The Bank also owns 46.15% of Philadelphia Mortgage Advisors ("PMA"), a mortgage banker with offices in Plymouth Meeting and Doylestown, Pennsylvania and Ocean City, New Jersey. The Company is subject to the regulations of certain federal and state banking agencies. These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by regulatory agencies, which may subject it to further changes with respect to asset valuations, amounts of required loan loss allowances and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations. The consolidated financial statements include the accounts of the Bancorp and the Bank. The Bank’s operations include the accounts of its wholly owned subsidiaries, Fox Chase Financial, Inc., Fox Chase Service Corporation, 104 S. Oakland Ave., LLC and Davisville Associates, LLC. Fox Chase Financial, Inc. is a Delaware-chartered investment holding company and its sole purpose is to manage and hold investment securities. Fox Chase Service Corporation is a Pennsylvania-chartered company and its sole purpose is to facilitate the Bank’s investment in PMA. 104 S. Oakland Ave., LLC is a New Jersey-chartered limited liability company formed to secure, manage and hold foreclosed real estate. Davisville Associates, LLC is a Pennsylvania-chartered limited liability company formed to secure, manage and hold foreclosed real estate. All material inter-company transactions and balances have been eliminated in consolidation. Prior period amounts are reclassified, when necessary, to conform with the current year’s presentation. The Company follows accounting principles and reporting practices that are in compliance with U.S. generally accepted accounting principles ("GAAP"). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These interim financial statements do not contain all necessary disclosures required by GAAP for complete financial statements and therefore should be read in conjunction with the audited financial statements and the notes thereto included in Fox Chase Bancorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015 , as filed with the Securities and Exchange Commission on March 4, 2016 . These financial statements include all normal and recurring adjustments which management believes were necessary in order to conform to GAAP. The results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. NOTE 1 - PRINCIPLES OF CONSOLIDATION AND PRESENTATION (CONTINUED) Per Share Information Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Average 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 2016 2015 (Unaudited) Net income $ 2,249,000 $ 2,279,000 Weighted-average common shares outstanding (1) 11,767,590 11,768,571 Average common stock acquired by stock benefit plans: ESOP shares unallocated (415,800 ) (480,852 ) Shares purchased by trust (195,115 ) (260,153 ) Weighted-average common shares used to calculate basic earnings per share 11,156,675 11,027,566 Dilutive effect of: Restricted stock awards 43,279 46,597 Stock option awards 114,434 193,503 Weighted-average common shares used to calculate diluted earnings per share 11,314,388 11,267,666 Earnings per share - basic $ 0.20 $ 0.21 Earnings per share - diluted $ 0.20 $ 0.20 Outstanding common stock equivalents which are anti-dilutive 71,668 508,610 (1) Excludes treasury stock. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Proposed Merger with Univest Corporation of Pennsylvania On December 8, 2015, Univest Corporation of Pennsylvania ("Univest") and Fox Chase entered into a merger agreement (the "Merger Agreement") that provides that the Company will merge with and into Univest, with Univest remaining as the surviving entity. Following the merger, Fox Chase Bank will merge with and into Univest Bank and Trust Co., with Univest Bank and Trust Co. remaining as the surviving entity. At the effective time of the Merger, Fox Chase shareholders will be entitled to elect to receive, for each share of Fox Chase common stock, subject to the election and adjustment procedures described in the joint proxy statement/prospectus, either 0.9731 shares of Univest common stock or $21.00 in cash; provided, however, that 60% of the total number of outstanding shares of Fox Chase common stock will be converted into Univest common stock, and the remaining outstanding shares of Fox Chase common stock will be converted into cash. As a result, if more Fox Chase shareholders elect to receive either Univest common stock or cash than is available as merger consideration under the merger agreement, those Fox Chase shareholders electing the over-subscribed form of consideration may have the over-subscribed consideration proportionately reduced and substituted with consideration in the alternative form. NOTE 2 - BUSINESS COMBINATIONS (CONTINUED) Subject to the satisfaction or waiver of the closing conditions contained in the merger agreement, including the approval of the merger agreement by the Company’s and Univest's shareholders and the receipt of required regulatory approvals, Univest and the Company expect that the merger will be completed during the third quarter of 2016. However, it is possible that factors outside the control of both companies, including whether or when the required regulatory approvals will be received, could result in the merger being completed at a different time or not at all. |
INVESTMENT AND MORTGAGE RELATED
INVESTMENT AND MORTGAGE RELATED SECURITIES | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT AND MORTGAGE RELATED SECURITIES | INVESTMENT SECURITIES The amortized cost and fair value of securities available-for-sale and held-to-maturity as of March 31, 2016 and December 31, 2015 are summarized as follows: March 31, 2016 Amortized Gross Gross Fair (In thousands, Unaudited) Available-for-Sale Securities: Obligations of U.S. government agencies $ 301 $ 5 $ — $ 306 Corporate securities 17,608 107 — 17,715 Agency residential mortgage related securities 115,592 2,258 (45 ) 117,805 Total available-for-sale securities $ 133,501 $ 2,370 $ (45 ) $ 135,826 Held-to-Maturity Securities: Corporate securities $ 1,776 $ 34 $ — $ 1,810 Private label residential mortgage related securities 2,452 11 — 2,463 Agency residential mortgage related securities 140,300 2,182 (100 ) 142,382 Total held-to-maturity securities $ 144,528 $ 2,227 $ (100 ) $ 146,655 December 31, 2015 Amortized Gross Gross Fair (In thousands) Available-for-Sale Securities: Obligations of U.S. government agencies $ 301 $ — $ (2 ) $ 299 Corporate securities 17,625 9 (93 ) 17,541 Agency residential mortgage related securities 121,195 1,597 (881 ) 121,911 Total available-for-sale securities $ 139,121 $ 1,606 $ (976 ) $ 139,751 Held-to-Maturity Securities: Corporate securities $ 1,776 $ — $ (11 ) $ 1,765 Private label residential mortgage related securities 2,522 — (25 ) 2,497 Agency residential mortgage related securities 145,892 663 (967 ) 145,588 Total held-to-maturity securities $ 150,190 $ 663 $ (1,003 ) $ 149,850 Obligations of U.S. government agencies represents debt issued by the Federal Home Loan Bank (the "FHLB") and are not backed by the full faith and credit of the United States government. NOTE 3 - INVESTMENT SECURITIES (CONTINUED) The following tables show gross unrealized losses and fair value of securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2016 and December 31, 2015 . March 31, 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands, Unaudited) Available-for-Sale Securities: Agency residential mortgage related securities $ 2,587 $ (4 ) $ 17,179 $ (41 ) $ 19,766 $ (45 ) Total available-for-sale securities $ 2,587 $ (4 ) $ 17,179 $ (41 ) $ 19,766 $ (45 ) Held-to-Maturity Securities: Agency residential mortgage related securities $ 1,324 $ — $ 9,438 $ (100 ) $ 10,762 $ (100 ) Total held-to-maturity securities $ 1,324 $ — $ 9,438 $ (100 ) $ 10,762 $ (100 ) Total temporarily impaired securities $ 3,911 $ (4 ) $ 26,617 $ (141 ) $ 30,528 $ (145 ) December 31, 2015 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Available-for-Sale Securities: Obligations of U.S. government agencies $ 299 $ (2 ) $ — $ — $ 299 $ (2 ) Corporate securities 15,015 (93 ) — — 15,015 (93 ) Agency residential mortgage related securities 79,995 (716 ) 7,927 (165 ) 87,922 (881 ) Total available-for-sale securities $ 95,309 $ (811 ) $ 7,927 $ (165 ) $ 103,236 $ (976 ) Held-to-Maturity Securities: Corporate securities $ 1,766 $ (11 ) $ — $ — $ 1,766 $ (11 ) Private label residential mortgage related securities 2,497 (25 ) — — 2,497 (25 ) Agency residential mortgage related securities 80,741 (709 ) 9,768 (258 ) 90,509 (967 ) Total held-to-maturity securities $ 85,004 $ (745 ) $ 9,768 $ (258 ) $ 94,772 $ (1,003 ) Total temporarily impaired securities $ 180,313 $ (1,556 ) $ 17,695 $ (423 ) $ 198,008 $ (1,979 ) During the three month periods ended March 31, 2016 and 2015 , no securities were sold. There were no net investment securities gains or losses in the consolidated statement of operations for the three month periods ended March 31, 2016 or 2015 . The Company evaluates a variety of factors when concluding whether a security is other-than-temporarily impaired. These factors include, but are not limited to, the type and purpose of the security, the underlying rating of the issuer, the presence of credit enhancements, the length of time a security has been in a loss position and the severity of the loss. NOTE 3 - INVESTMENT SECURITIES (CONTINUED) At March 31, 2016 , gross unrealized losses totaled $145,000 . Fifteen agency residential mortgage related securities, with a fair value of $26.6 million , had an unrealized loss position of $141,000 for twelve months or longer as of March 31, 2016 . Additionally, four agency residential mortgage related securities, with a fair value of $3.9 million and an unrealized loss position of $4,000 , had unrealized loss positions for less than twelve months as of March 31, 2016 . The fair value of these nineteen securities primarily fluctuates with changes in market conditions for the underlying securities and changes in the interest rate environment. The Company does not intend to sell the securities in an unrealized loss position and it is not more likely than not that it will be required to sell these securities before a recovery of fair value, which may be maturity. Upon review of the attributes of the individual securities, the Company concluded these securities were not other-than-temporarily impaired. At March 31, 2016 , the amortized cost of held-to-maturity investments consisted of the following (in thousands): Original Cost Unrealized Loss at Transfer Post-transfer Accretion Amortized Cost Securities transferred from available-for-sale $ 80,730 $ (1,625 ) $ (312 ) $ 78,793 Other held-to-maturity securities 65,735 — — 65,735 Total $ 146,465 $ (1,625 ) $ (312 ) $ 144,528 The amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity at March 31, 2016 and December 31, 2015 by contractual maturity are as follows: Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair (In thousands) March 31, 2016 (Unaudited) Due in one year or less $ 2,508 $ 2,515 $ — $ — Due after one year through five years 15,401 15,506 1,776 1,810 Due after five years through ten years — — — — Due after ten years — — — — Total mortgage related securities 115,592 117,805 142,752 144,845 $ 133,501 $ 135,826 $ 144,528 $ 146,655 December 31, 2015 Due in one year or less $ 2,517 $ 2,526 $ — $ — Due after one year through five years 15,409 15,314 1,776 1,765 Due after five years through ten years — — — — Due after ten years — — — — Total mortgage related securities 121,195 121,911 148,414 148,085 $ 139,121 $ 139,751 $ 150,190 $ 149,850 Securities with a fair value of $65.6 million and $48.7 million at March 31, 2016 and December 31, 2015 , respectively, were pledged to secure public deposits. Securities with a fair value of $156.0 million and $161.7 million at March 31, 2016 and December 31, 2015 , respectively, were used to secure FHLB advances, short-term borrowings, other borrowed funds and related unused borrowing capacities. See Note 7 . Securities with a fair value of $1.6 million and $900,000 at March 31, 2016 and December 31, 2015 , respectively, were used to secure derivative transactions. See Note 5 . |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
LOANS | LOANS The composition of net loans at March 31, 2016 and December 31, 2015 is provided below: March 31, December 31, (In thousands) (Unaudited) Real estate loans: One- to four-family $ 86,393 $ 90,339 Multi-family and commercial 449,581 442,612 Construction 43,130 35,794 579,104 568,745 Consumer loans 13,906 14,711 Commercial and industrial loans 194,570 195,078 Total loans 787,580 778,534 Deferred loan origination fees, net (341 ) (289 ) Allowance for loan losses (10,570 ) (10,562 ) Net loans $ 776,669 $ 767,683 The following tables present changes in the allowance for loan losses by loan segment for the three months ended March 31, 2016 and the three months ended March 31, 2015 . Three Months Ended March 31, 2016 One- to Multi-family Construction Consumer Commercial Unallocated Total (In thousands, Unaudited) Balance, beginning $ 362 $ 6,464 $ 580 $ 134 $ 2,672 $ 350 $ 10,562 (Credit) provision for loan losses (23 ) 28 70 (12 ) 108 (126 ) 45 Loans charged off — — — (54 ) — — (54 ) Recoveries — 7 — 10 — — 17 Balance, ending $ 339 $ 6,499 $ 650 $ 78 $ 2,780 $ 224 $ 10,570 Three Months Ended March 31, 2015 One- to Multi-family Construction Consumer Commercial Unallocated Total (In thousands, Unaudited) Balance, beginning $ 405 $ 5,990 $ 1,038 $ 184 $ 2,753 $ 360 $ 10,730 Provision (credit) for loan losses 26 111 22 (47 ) 349 11 472 Loans charged off (44 ) — — — — — (44 ) Recoveries — 3 — 17 — — 20 Balance, ending $ 387 $ 6,104 $ 1,060 $ 154 $ 3,102 $ 371 $ 11,178 NOTE 4 - LOANS (CONTINUED) The following tables provide details of loans, and associated allowance for loan losses, which are individually or collectively evaluated for impairment as of March 31, 2016 and December 31, 2015 . As of March 31, 2016 One- to Multi-family Construction Consumer Commercial Unallocated Total (In thousands, Unaudited) Allowance for Loan Losses: Balance, ending: individually evaluated for impairment $ — $ 533 $ 135 $ — $ 53 $ — $ 721 Balance, ending: collectively evaluated for impairment 339 5,966 515 78 2,727 224 9,849 Total $ 339 $ 6,499 $ 650 $ 78 $ 2,780 $ 224 $ 10,570 Total Loans: Balance, ending: individually evaluated for impairment $ 1,635 $ 7,076 $ 3,829 $ 177 $ 702 $ — $ 13,419 Balance, ending: collectively evaluated for impairment 84,758 442,505 39,301 13,729 193,868 — 774,161 Total $ 86,393 $ 449,581 $ 43,130 $ 13,906 $ 194,570 $ — $ 787,580 As of December 31, 2015 One- to Multi-family Construction Consumer Commercial Unallocated Total (In thousands) Allowance for Loan Losses: Balance, ending: individually evaluated for impairment $ 3 $ 539 $ 135 $ 56 $ 54 $ — $ 787 Balance, ending: collectively evaluated for impairment 359 5,925 445 78 2,618 350 9,775 Total $ 362 $ 6,464 $ 580 $ 134 $ 2,672 $ 350 $ 10,562 Total Loans: Balance, ending: individually evaluated for impairment $ 1,460 $ 7,111 $ 3,866 $ 171 $ 718 $ — $ 13,326 Balance, ending: collectively evaluated for impairment 88,879 435,501 31,928 14,540 194,360 — 765,208 Total $ 90,339 $ 442,612 $ 35,794 $ 14,711 $ 195,078 $ — $ 778,534 NOTE 4 - LOANS (CONTINUED) The following tables set forth the breakdown of impaired loans by loan segment as of March 31, 2016 and December 31, 2015 . March 31, 2016 Nonaccrual Accruing Other Total Impaired Loans Impaired Loans (In thousands, Unaudited) Real estate loans: One- to four-family $ 759 $ 876 $ — $ 1,635 $ — $ 1,635 Multi-family and commercial 1,066 1,685 4,325 7,076 6,305 771 Construction — 3,829 — 3,829 3,829 — Consumer loans 79 98 — 177 — 177 Commercial and industrial 702 — — 702 702 — Total $ 2,606 $ 6,488 $ 4,325 $ 13,419 $ 10,836 $ 2,583 December 31, 2015 Nonaccrual Accruing Other Total Impaired Loans Impaired Loans (In thousands) Real estate loans: One- to four-family $ 583 $ 877 $ — $ 1,460 $ 117 $ 1,343 Multi-family and commercial 1,074 1,685 4,352 7,111 6,340 771 Construction — 3,866 — 3,866 3,866 — Consumer loans 159 12 — 171 57 114 Commercial and industrial 718 — — 718 718 — Total $ 2,534 $ 6,440 $ 4,352 $ 13,326 $ 11,098 $ 2,228 There were no loans past due 90 days or more and still accruing interest at March 31, 2016 or December 31, 2015 . For the three months ended March 31, 2016 and 2015 , the average recorded investment in impaired loans was $13.6 million and $12.4 million , respectively. The interest income recognized on these impaired loans was $163,000 and $141,000 for the three months ended March 31, 2016 and 2015 , respectively. At both December 31, 2015 and March 31, 2016 , two troubled debt restructurings ("TDRs") totaling $1.1 million are excluded from the accruing TDR column above as they are included in nonaccrual loans. Of this amount, $1.0 million relates to one multi-family and commercial real estate loan and $93,000 relates to one residential loan. NOTE 4 - LOANS (CONTINUED) The following tables set forth the allowance for loan loss for impaired loans and general allowance by loan segment as of March 31, 2016 and December 31, 2015 . March 31, 2016 Allowance for Loan Losses Impaired Loans Nonaccrual Accruing Other Total General Total (In thousands, Unaudited) Real estate loans: One- to four-family $ — $ — $ — $ — $ 339 $ 339 Multi-family and commercial 118 46 369 533 5,966 6,499 Construction — 135 — 135 515 650 Consumer loans — — — — 78 78 Commercial and industrial 53 — — 53 2,727 2,780 Unallocated — — — — 224 224 Total allowance for loan losses $ 171 $ 181 $ 369 $ 721 $ 9,849 $ 10,570 December 31, 2015 Allowance for Loan Losses Impaired Loans Nonaccrual Accruing Other Total General Total (In thousands) Real estate loans: One- to four-family $ 3 $ — $ — $ 3 $ 359 $ 362 Multi-family and commercial 119 46 374 539 5,925 6,464 Construction — 135 — 135 445 580 Consumer loans 56 — — 56 78 134 Commercial and industrial 54 — — 54 2,618 2,672 Unallocated — — — — 350 350 Total allowance for loan losses $ 232 $ 181 $ 374 $ 787 $ 9,775 $ 10,562 NOTE 4 - LOANS (CONTINUED) The Company may, under certain circumstances, restructure loans as a concession to borrowers who have experienced financial difficulty, which results in a TDR. TDRs are impaired loans. TDRs typically result from the Company’s loss mitigation activities, which, among other activities, could include extension of maturity, rate reductions, delayed repayment or extension, and/or principal forgiveness. The following table sets forth a summary of the TDR activity for the three month periods ended March 31, 2016 and 2015 . Three Months Ended March 31, 2016 Restructured Current Period Number Pre-Modification Post-Modification Type of Modification (Dollars in thousands, Unaudited) Real estate loans: One- to four-family — $ — $ — Multi-family and commercial — — — Construction — — — Consumer loans 1 86 86 Delayed repayment Commercial and industrial — — — Total 1 $ 86 $ 86 Three Months Ended March 31, 2015 Restructured Current Period Number Pre-Modification Post-Modification Type of Modification (Dollars in thousands, Unaudited) Real estate loans: One- to four-family — $ — $ — Multi-family and commercial 1 914 914 Delayed repayment Construction — — — Consumer loans — — — Commercial and industrial — — — Total 1 $ 914 $ 914 During the three months ended March 31, 2016 and 2015 , no TDRs defaulted that were restructured in the prior twelve months. At March 31, 2016 and December 31, 2015 , the recorded investment of residential and consumer mortgage loans secured by residential real estate properties, for which formal foreclosure proceedings are in process, totaled $277,000 and $364,000 , respectively. At March 31, 2016 and December 31, 2015 , there were three foreclosed residential real estate properties, which were carried at $106,000 and $122,000 , respectively. NOTE 4 - LOANS (CONTINUED) The following table sets forth past due loans by segment as of March 31, 2016 and December 31, 2015 . March 31, 2016 December 31, 2015 30-59 60-89 30-59 60-89 (In thousands) (Unaudited) One- to four-family real estate $ 286 $ — $ 865 $ 685 Multi-family and commercial real estate — — — — Construction — — — — Consumer 126 70 156 — Commercial and industrial — — — — Total $ 412 $ 70 $ 1,021 $ 685 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 March 31, 2016 and December 31, 2015 . March 31, 2016 One- to Multi-family Construction Consumer Commercial Total (In thousands, Unaudited) Pass and Pass watch $ 85,634 $ 433,186 $ 39,301 $ 13,827 $ 190,528 $ 762,476 Special mention — 14,376 — — 2,295 16,671 Substandard 759 2,019 3,829 79 1,747 8,433 Doubtful — — — — — — Total loans $ 86,393 $ 449,581 $ 43,130 $ 13,906 $ 194,570 $ 787,580 December 31, 2015 One- to Multi-family Construction Consumer Commercial Total (In thousands) Pass and Pass watch $ 89,756 $ 427,393 $ 31,927 $ 14,552 $ 191,496 $ 755,124 Special mention — 13,958 — — 1,799 15,757 Substandard 583 1,261 3,867 159 1,783 7,653 Doubtful — — — — — — Total loans $ 90,339 $ 442,612 $ 35,794 $ 14,711 $ 195,078 $ 778,534 |
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING | DERIVATIVES AND HEDGING Interest Rate Swaps On November 3, 2006, the Company entered into an interest rate swap with a current notional amount of $691,000 , 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 1-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 $97,000 and $92,000 at March 31, 2016 and December 31, 2015 , respectively. The interest rate swap is carried at fair value in accordance with FASB ASC 815 "Derivatives and Hedging." The loan is carried at fair value under the fair value option as permitted by FASB ASC 825 "Financial Instruments." On October 12, 2011, the Company entered into an interest rate swap with a current notional amount of $1.5 million , which is used to hedge a 10 -year fixed rate loan that is earning interest at 5.83% . The Company is receiving variable rate payments of 1-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 $92,000 and $56,000 at March 31, 2016 and December 31, 2015 , respectively. The difference between changes in the fair values of the interest rate swap agreement and the hedged loan represents hedge ineffectiveness and is recorded in other non-interest income in the consolidated statements of operations. Hedge ineffectiveness resulted in expense of $1,000 and $3,000 for the three months ended March 31, 2016 and March 31, 2015 , 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 ours 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 March 31, 2016 , there were four variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and our customers with a notional amount of $12.1 million , and remaining maturities ranging from three to seven years. At December 31, 2015 , 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 $12.2 million , and remaining maturities ranging from four to seven years. The fair value of the swaps to the customers was a liability of $360,000 and $53,000 as of March 31, 2016 and December 31, 2015 , respectively, and all swaps were in paying positions to the third-party financial institution at March 31, 2016 . As of March 31, 2016 and December 31, 2015 , the fair value of the Company’s interest rate swap credit derivatives was a liability of $8,000 and $6,000 , respectively. During the three months ended March 31, 2016 and 2015 , the Company recognized (expense) income of ($2,000) and $3,000 , respectively, from interest rate swap credit derivatives. At March 31, 2016 and December 31, 2015 , there were no foreign currency swap transactions between the third-party financial institution and our customers. During the three months ended March 31, 2016 and 2015 , the Company recognized income of $0 and $2,000 , respectively, from foreign currency swap credit derivatives. The maximum potential payments by the Company to the financial institution under these credit derivatives are not estimable as they are contingent on future interest rates and exchange rates, and the agreement does not provide for a limitation of the maximum potential payment amount. |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
DEPOSITS | DEPOSITS Deposits and their respective weighted average interest rate at March 31, 2016 and December 31, 2015 consist of the following: March 31, 2016 December 31, 2015 Weighted Amount Weighted Amount (Dollars in thousands) (Unaudited) Noninterest-bearing demand accounts — % $ 225,083 — % $ 170,327 NOW accounts 0.20 98,019 0.20 97,838 Money market accounts 0.26 105,184 0.28 93,325 Savings and club accounts 0.45 145,110 0.45 142,966 Brokered deposits 0.91 52,378 0.76 78,481 Certificates of deposit 0.86 189,934 0.88 182,037 0.40 % $ 815,708 0.43 % $ 764,974 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2016 | |
BORROWINGS | |
BORROWINGS | BORROWINGS FHLB Advances Pursuant to collateral agreements with the FHLB of Pittsburgh, advances are secured by qualifying first mortgage loans, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. Maturity Date Amount Coupon Rate Call Date Rate if Called (In thousands, Unaudited) September 2016 $ 5,000 0.75 % Not Applicable Not Applicable September 2016 10,000 1.04 Not Applicable Not Applicable June 2017 5,000 0.94 Not Applicable Not Applicable July 2017 10,000 0.92 Not Applicable Not Applicable November 2017 15,000 3.62 May 2016 3-month LIBOR + 0.10% November 2017 15,000 3.87 May 2016 3-month LIBOR + 0.10% December 2017 20,000 2.83 June 2016 3-month LIBOR + 0.11% July 2018 10,000 1.32 Not Applicable Not Applicable $ 90,000 2.34 % 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 borrowings' fixed rate resets to a variable 3-month 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 $496.1 million at March 31, 2016 . As of March 31, 2016 , the Bank had qualifying collateral pledged against its advances consisting of loans in the amount of $632.0 million and securities in the amount of $63.7 million . Additionally, as of March 31, 2016 , the Bank had a maximum borrowing capacity of $57.6 million with the Federal Reserve Bank of Philadelphia through the Discount Window. This borrowing capacity was generated by pledged securities with a fair value of $58.4 million . As a member of the FHLB of Pittsburgh, the Bank is required to acquire and hold shares of FHLB of Pittsburgh capital stock. The FHLB stock holding requirement is based on a percentage of the Bank's borrowings and a percentage of the Bank's "eligible assets" as defined by the FHLB. Percentages of borrowings and "eligible assets" used to determine the stock holding requirement are set by the FHLB from a defined range. Maximum percentages are 6.00% of its advances plus 1.00% of the Bank’s "eligible assets." Minimum percentages are 2.00% of its advances plus 0.05% of "eligible assets." Current percentages are 4.00% of advances plus 0.10% of "eligible assets." As of March 31, 2016 , the Company had a minimum stock obligation of $2.2 million and a maximum stock obligation of $11.6 million . The Company held $6.2 million in FHLB stock at that date. NOTE 7 - BORROWINGS (CONTINUED) Other Borrowed Funds Other borrowed funds obtained from other commercial banks under security repurchase agreements totaled $30.0 million at March 31, 2016 . These borrowings contractually mature with dates ranging from October 2018 through November 2020. As disclosed in the table below, one of the borrowings may be called by the lender based on the underlying agreement. Accordingly, the contractual maturity below may differ from actual maturity. Next Call Date Subsequent Call Frequency Maturity Date Amount Coupon Rate (In thousands, Unaudited) October 2018 $ 5,000 3.15% April 2016 Quarterly December 2018 5,000 1-month LIBOR + 2.03% Not Applicable Not Applicable September 2019 10,000 1-month LIBOR + 1.89% Not Applicable Not Applicable September 2020 5,000 1-month LIBOR + 1.56% Not Applicable Not Applicable November 2020 5,000 1-month LIBOR + 1.58% Not Applicable Not Applicable $ 30,000 Mortgage backed securities with a fair value of $33.9 million at March 31, 2016 were used to secure these other borrowed funds. Changes in the fair value of pledged collateral may require the Company to pledge additional securities. Short-term Borrowings Short-term borrowings consist of overnight borrowings plus term borrowings with an original maturity of less than one year. Short-term borrowings are obtained from commercial banks, participants in the Federal Funds market and the FHLB. As of March 31, 2016 , the Company had $15.0 million of overnight borrowings with a weighted average rate of 0.52% . As of December 31, 2015 , the Company had $38.5 million of overnight borrowings with a weighted average rate of 0.43% . |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION During the three months ended March 31, 2016 , the Company recorded $349,000 of stock based compensation expense comprised of stock option expense of $115,000 and restricted stock expense of $234,000 . This compares to $310,000 of stock based compensation expense for the three months ended March 31, 2015 comprised of stock option expense of $112,000 and restricted stock expense of $198,000 . The following is a summary of the Bancorp’s stock option activity and related information for the three months ended March 31, 2016 . Number of Weighted Average Weighted Average Aggregate (Unaudited) Outstanding at December 31, 2015 715,554 $ 14.45 6.1 years $ 4,182,000 Granted — — Exercised — — Forfeited/Cancelled — — Outstanding at March 31, 2016 715,554 $ 14.45 5.9 years $ 3,488,000 Exercisable at March 31, 2016 428,292 $ 13.40 4.8 years $ 2,537,000 NOTE 8 - STOCK BASED COMPENSATION (CONTINUED) The following is a summary of the Bancorp’s unvested options as of March 31, 2016 and the changes therein during the three months then ended. Number of Weighted Average (Unaudited) Unvested at December 31, 2015 366,362 $ 3.68 Granted — — Vested (79,100 ) 3.88 Forfeited / Cancelled — — Unvested at March 31, 2016 287,262 $ 3.63 Expected future expense relating to the 287,262 non-vested options outstanding as of March 31, 2016 is $900,000 over a weighted average period of 2.6 years . The following is a summary of the status of the Bancorp’s restricted stock as of March 31, 2016 and changes therein during the three months then ended. Number of Weighted Average (Unaudited) Unvested at December 31, 2015 177,073 $ 16.04 Granted 18,608 17.00 Vested (54,397 ) 16.79 Forfeited / Cancelled — — Unvested at March 31, 2016 141,284 $ 15.87 Expected future compensation expense relating to the 141,284 restricted shares at March 31, 2016 is $1.9 million over a weighted average period of 2.4 years . Performance-based restricted shares granted in 2013, as discussed in the following paragraph, vest over a five -year period based on continued service with the Bank and the achievement of performance metrics. The performance metrics to be evaluated during the performance period are (1) return on assets, actual and growth rate, compared to a predetermined peer group and (2) earnings per share growth rate compared to peer group ("performance criteria"). Each performance metric has a 50% weight. On the third anniversary of the grant date ("measurement date"), the Company's level of performance relative to the performance criteria are evaluated and the number of shares that will vest at that time and over the following two years will be determined. The number of shares eligible to vest is variable and can range from 0% to 150% of the shares identified on the grant date (the "target shares"). Of the shares that will vest, 50% of the shares vest on the measurement date and 25% vest on each of the fourth and fifth anniversaries of the date of grant. During March 2013, the Company granted performance-based restricted stock to certain executive officers of the Company, of which 39,250 shares remained outstanding at the measurement date. During March 2016, the Company awarded an additional 18,608 shares of performance-based restricted stock, which represented additional shares owed to participants under the March 2013 grant as the Company exceeded the performance targets under the 2013 award. This represented a total grant of 147.4% of the "target shares." The 57,858 shares had a grant date fair value of $17.00 . During 2015, the Company granted 8,840 shares of performance-based restricted stock to certain executive officers of the Company. Performance-based restricted shares granted in 2015 utilize similar performance criteria and measurement date as outlined above for the 2012 and 2013 performance based grants. However, the 2015 awards vest 50% at measurement date and 50% on the fourth anniversary of the date of the grant. For the purposes of the above table, the Company is assuming 100% of the "target shares" will be awarded. However, more or less shares may actually be awarded based on the performance of the Company at the applicable measurement date, which is March 13, 2018. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2016 | |
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 reporting date. 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 derived from unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at March 31, 2016 and December 31, 2015 : Cash and Cash Equivalents The carrying amounts of cash and cash equivalents approximate their fair value. Investment Securities—Available-for-Sale and Held-to-Maturity Fair values for investment 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. 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 record fair value adjustments to impaired 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. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. FHLB Stock It is not practical to determine the fair value of FHLB stock due to restriction placed on its transferability. Mortgage Servicing Rights The fair value of the mortgage servicing rights ("MSRs") was determined using a 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. Accrued Interest Receivable and Accrued Interest Payable The carrying amount of accrued interest receivable and accrued interest payable approximates fair value. NOTE 9 - FAIR VALUE (CONTINUED) Deposit Liabilities Fair values for demand deposits (including NOW accounts), savings and club accounts and money market deposits are, by definition, equal to the amount payable on demand at the reporting date. Fair values of fixed-maturity certificates of deposit, including brokered deposits, are estimated using a discounted cash flow calculation that applies interest rates currently being offered on similar instruments with similar maturities. Short-term Borrowings, FHLB Advances and Other Borrowed Funds Fair values of short-term borrowings, FHLB advances and other borrowed funds are estimated using discounted cash flow analyses, based on rates currently available to the Bank for advances with similar terms and remaining maturities. Derivative Contracts The fair values of derivative contracts are based upon the estimated amount the Company would receive or pay to terminate the contracts or agreements, taking into account underlying interest rates, creditworthiness of underlying customers for credit derivatives and, when appropriate, the creditworthiness of the counterparties. The estimated fair values of the Company’s financial instruments at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Fair Value Carrying Estimated Carrying Estimated (In thousands) Financial assets: (Unaudited) Cash and cash equivalents Level 1 $ 9,112 $ 9,112 $ 7,798 $ 7,798 Investment securities available-for-sale Level 2 135,826 135,826 139,751 139,751 Investment securities held-to-maturity Level 2 144,528 146,655 150,190 149,850 Loans receivable, net Level 3 776,669 779,947 767,683 768,516 FHLB stock NA 6,186 NA 6,734 NA Accrued interest receivable Level 2, 3 3,348 3,348 3,145 3,145 Mortgage servicing rights Level 3 97 97 104 104 Financial liabilities: Savings and club accounts Level 2 145,110 145,110 142,966 142,966 Demand, NOW and money market deposits Level 2 428,286 428,286 361,490 361,490 Brokered deposits Level 2 52,378 52,377 78,481 78,219 Certificates of deposit Level 2 189,934 189,921 182,037 181,422 Short-term borrowings Level 2 15,000 15,000 38,496 38,496 FHLB advances Level 2 90,000 92,012 110,000 111,985 Other borrowed funds Level 2 30,000 31,604 30,000 31,692 Accrued interest payable Level 2 302 302 319 319 Derivative contracts Level 2, 3 197 197 154 154 The following financial instruments were classified as Level 3 and carried at fair value on a recurring basis as of the dates indicated below: • Two commercial loans, since lending credit risk is not an observable input for these loans (see interest rate swap discussion in Note 5 ). The unrealized gain on the two loans was $177,000 at March 31, 2016 compared to $137,000 at December 31, 2015 . • Credit derivatives are valued based on creditworthiness of the underlying borrower which is a significant unobservable input. The liability resulting from credit derivatives was $8,000 and $6,000 at March 31, 2016 and December 31, 2015 , respectively. NOTE 9 - FAIR VALUE (CONTINUED) The following measures were made on a recurring basis as of March 31, 2016 and December 31, 2015 . Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant Other As of Description March 31, 2016 (Level 1) (Level 2) (Level 3) (In thousands, Unaudited) Available-for-Sale Securities: Obligations of U.S. government agencies $ 306 $ — $ 306 $ — Corporate securities 17,715 — 17,715 — Agency residential mortgage related securities 117,805 — 117,805 — Loans (1) 2,324 — — 2,324 Derivative contracts (1) (197 ) — (189 ) (8 ) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant Other As of Description December 31, 2015 (Level 1) (Level 2) (Level 3) (In thousands) Available-for-Sale Securities: Obligations of U.S. government agencies $ 299 $ — $ 299 $ — Corporate securities 17,541 — 17,541 — Agency residential mortgage related securities 121,911 — 121,911 — Loans (1) 2,315 — — 2,315 Derivative contracts (1) (154 ) — (148 ) (6 ) (1) Such financial instruments are recorded at fair value as further described in Note 5 . The following measures were made on a non-recurring basis as of March 31, 2016 and December 31, 2015 : Loans, which were partially charged off at March 31, 2016 and December 31, 2015 . 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 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, agreements of sale or letters of intent. NOTE 9 - FAIR VALUE (CONTINUED) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant Other Balance (Level 1) (Level 2) (Level 3) March 31, 2016 (Unaudited) (In thousands) Loans $ 1,113 $ — $ — $ 1,113 Mortgage servicing rights 97 — — 97 Other real estate owned 2,615 — — 2,615 Total $ 3,825 $ — $ — $ 3,825 December 31, 2015 Loans $ 1,239 $ — $ — $ 1,239 Mortgage servicing rights 104 — — 104 Other real estate owned 2,623 — — 2,623 Total $ 3,966 $ — $ — $ 3,966 The following tables include a roll forward of the financial instruments which fair value is determined on a recurring basis using Significant Other Unobservable Inputs (Level 3) for the periods from December 31, 2015 to March 31, 2016 and December 31, 2014 to March 31, 2015 . Three Months Ended March 31, 2016 Derivative Loans Total Beginning balance, December 31, 2015 $ (6 ) $ 2,315 $ 2,309 Purchases/additions — — — Sales — — — Payments received — (31 ) (31 ) Premium amortization, net — — — (Decrease) increase in value (2 ) 40 38 Ending balance, March 31, 2016 $ (8 ) $ 2,324 $ 2,316 Three Months Ended March 31, 2015 Derivative Loans Total Beginning balance, December 31, 2014 $ (12 ) $ 2,451 $ 2,439 Purchases/additions (1 ) — (1 ) Sales — — — Payments received — (30 ) (30 ) Premium amortization, net — — — Increase in value 5 20 25 Ending balance, March 31, 2015 $ (8 ) $ 2,441 $ 2,433 There were no transfers made between levels during the three months ended March 31, 2016 or 2015 . |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS Accounting Standards Update (ASU) No. 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This new guidance requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 31, 2017. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. ASU No. 2016-02 - Leases (Topic 842). This new guidance requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet. The new guidance also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 31, 2018 and interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. ASU No. 2016-06 - Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force). This new guidance requires embedded derivatives to be separated from the host contract and accounted for separately as derivatives if certain criteria are met, including the “clearly and closely related” criterion. The amendments in this Update clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under the amendments is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 31, 2016 and interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. ASU No. 2016-09 - Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This new guidance eliminates the APIC pool for excess tax benefits and requires that all excess tax benefits and tax deficiencies be recognized as an income tax benefit or expense in the income statement. All excess tax benefits and deficiencies are to be recognized in the period they are deducted on the income tax return. They shall not be anticipated when determining the annual estimated effective tax rate. Instead, they are discrete items in the reporting period in which they occur. With regards to forfeitures, entities can elect to continue to apply current U.S. GAAP or to reverse compensation cost of forfeited awards when they occur. With regards to tax withholdings and award classification, entities can withhold up to the maximum individual statutory tax rate in the applicable jurisdiction and classify the entire award as equity. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 31, 2016 and interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. |
PRINCIPLES OF CONSOLIDATION A19
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 2016 2015 (Unaudited) Net income $ 2,249,000 $ 2,279,000 Weighted-average common shares outstanding (1) 11,767,590 11,768,571 Average common stock acquired by stock benefit plans: ESOP shares unallocated (415,800 ) (480,852 ) Shares purchased by trust (195,115 ) (260,153 ) Weighted-average common shares used to calculate basic earnings per share 11,156,675 11,027,566 Dilutive effect of: Restricted stock awards 43,279 46,597 Stock option awards 114,434 193,503 Weighted-average common shares used to calculate diluted earnings per share 11,314,388 11,267,666 Earnings per share - basic $ 0.20 $ 0.21 Earnings per share - diluted $ 0.20 $ 0.20 Outstanding common stock equivalents which are anti-dilutive 71,668 508,610 (1) Excludes treasury stock. |
INVESTMENT AND MORTGAGE RELAT20
INVESTMENT AND MORTGAGE RELATED SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities available-for-sale and held-to-maturity | The amortized cost and fair value of securities available-for-sale and held-to-maturity as of March 31, 2016 and December 31, 2015 are summarized as follows: March 31, 2016 Amortized Gross Gross Fair (In thousands, Unaudited) Available-for-Sale Securities: Obligations of U.S. government agencies $ 301 $ 5 $ — $ 306 Corporate securities 17,608 107 — 17,715 Agency residential mortgage related securities 115,592 2,258 (45 ) 117,805 Total available-for-sale securities $ 133,501 $ 2,370 $ (45 ) $ 135,826 Held-to-Maturity Securities: Corporate securities $ 1,776 $ 34 $ — $ 1,810 Private label residential mortgage related securities 2,452 11 — 2,463 Agency residential mortgage related securities 140,300 2,182 (100 ) 142,382 Total held-to-maturity securities $ 144,528 $ 2,227 $ (100 ) $ 146,655 December 31, 2015 Amortized Gross Gross Fair (In thousands) Available-for-Sale Securities: Obligations of U.S. government agencies $ 301 $ — $ (2 ) $ 299 Corporate securities 17,625 9 (93 ) 17,541 Agency residential mortgage related securities 121,195 1,597 (881 ) 121,911 Total available-for-sale securities $ 139,121 $ 1,606 $ (976 ) $ 139,751 Held-to-Maturity Securities: Corporate securities $ 1,776 $ — $ (11 ) $ 1,765 Private label residential mortgage related securities 2,522 — (25 ) 2,497 Agency residential mortgage related securities 145,892 663 (967 ) 145,588 Total held-to-maturity securities $ 150,190 $ 663 $ (1,003 ) $ 149,850 |
Schedule of gross unrealized losses and fair value of securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position | The following tables show gross unrealized losses and fair value of securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2016 and December 31, 2015 . March 31, 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands, Unaudited) Available-for-Sale Securities: Agency residential mortgage related securities $ 2,587 $ (4 ) $ 17,179 $ (41 ) $ 19,766 $ (45 ) Total available-for-sale securities $ 2,587 $ (4 ) $ 17,179 $ (41 ) $ 19,766 $ (45 ) Held-to-Maturity Securities: Agency residential mortgage related securities $ 1,324 $ — $ 9,438 $ (100 ) $ 10,762 $ (100 ) Total held-to-maturity securities $ 1,324 $ — $ 9,438 $ (100 ) $ 10,762 $ (100 ) Total temporarily impaired securities $ 3,911 $ (4 ) $ 26,617 $ (141 ) $ 30,528 $ (145 ) December 31, 2015 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Available-for-Sale Securities: Obligations of U.S. government agencies $ 299 $ (2 ) $ — $ — $ 299 $ (2 ) Corporate securities 15,015 (93 ) — — 15,015 (93 ) Agency residential mortgage related securities 79,995 (716 ) 7,927 (165 ) 87,922 (881 ) Total available-for-sale securities $ 95,309 $ (811 ) $ 7,927 $ (165 ) $ 103,236 $ (976 ) Held-to-Maturity Securities: Corporate securities $ 1,766 $ (11 ) $ — $ — $ 1,766 $ (11 ) Private label residential mortgage related securities 2,497 (25 ) — — 2,497 (25 ) Agency residential mortgage related securities 80,741 (709 ) 9,768 (258 ) 90,509 (967 ) Total held-to-maturity securities $ 85,004 $ (745 ) $ 9,768 $ (258 ) $ 94,772 $ (1,003 ) Total temporarily impaired securities $ 180,313 $ (1,556 ) $ 17,695 $ (423 ) $ 198,008 $ (1,979 ) |
Schedule of amortized cost of held-to-maturity investments | At March 31, 2016 , the amortized cost of held-to-maturity investments consisted of the following (in thousands): Original Cost Unrealized Loss at Transfer Post-transfer Accretion Amortized Cost Securities transferred from available-for-sale $ 80,730 $ (1,625 ) $ (312 ) $ 78,793 Other held-to-maturity securities 65,735 — — 65,735 Total $ 146,465 $ (1,625 ) $ (312 ) $ 144,528 |
Schedule of amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity by contractual maturity | The amortized cost and estimated fair value of investment securities available-for-sale and held-to-maturity at March 31, 2016 and December 31, 2015 by contractual maturity are as follows: Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair (In thousands) March 31, 2016 (Unaudited) Due in one year or less $ 2,508 $ 2,515 $ — $ — Due after one year through five years 15,401 15,506 1,776 1,810 Due after five years through ten years — — — — Due after ten years — — — — Total mortgage related securities 115,592 117,805 142,752 144,845 $ 133,501 $ 135,826 $ 144,528 $ 146,655 December 31, 2015 Due in one year or less $ 2,517 $ 2,526 $ — $ — Due after one year through five years 15,409 15,314 1,776 1,765 Due after five years through ten years — — — — Due after ten years — — — — Total mortgage related securities 121,195 121,911 148,414 148,085 $ 139,121 $ 139,751 $ 150,190 $ 149,850 |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of composition of net loans | The composition of net loans at March 31, 2016 and December 31, 2015 is provided below: March 31, December 31, (In thousands) (Unaudited) Real estate loans: One- to four-family $ 86,393 $ 90,339 Multi-family and commercial 449,581 442,612 Construction 43,130 35,794 579,104 568,745 Consumer loans 13,906 14,711 Commercial and industrial loans 194,570 195,078 Total loans 787,580 778,534 Deferred loan origination fees, net (341 ) (289 ) Allowance for loan losses (10,570 ) (10,562 ) Net loans $ 776,669 $ 767,683 |
Schedule of changes in allowance for loan losses by loan segment | The following tables present changes in the allowance for loan losses by loan segment for the three months ended March 31, 2016 and the three months ended March 31, 2015 . Three Months Ended March 31, 2016 One- to Multi-family Construction Consumer Commercial Unallocated Total (In thousands, Unaudited) Balance, beginning $ 362 $ 6,464 $ 580 $ 134 $ 2,672 $ 350 $ 10,562 (Credit) provision for loan losses (23 ) 28 70 (12 ) 108 (126 ) 45 Loans charged off — — — (54 ) — — (54 ) Recoveries — 7 — 10 — — 17 Balance, ending $ 339 $ 6,499 $ 650 $ 78 $ 2,780 $ 224 $ 10,570 Three Months Ended March 31, 2015 One- to Multi-family Construction Consumer Commercial Unallocated Total (In thousands, Unaudited) Balance, beginning $ 405 $ 5,990 $ 1,038 $ 184 $ 2,753 $ 360 $ 10,730 Provision (credit) for loan losses 26 111 22 (47 ) 349 11 472 Loans charged off (44 ) — — — — — (44 ) Recoveries — 3 — 17 — — 20 Balance, ending $ 387 $ 6,104 $ 1,060 $ 154 $ 3,102 $ 371 $ 11,178 |
Loans and allowance for loan losses individually or collectively evaluated for impairment | The following tables provide details of loans, and associated allowance for loan losses, which are individually or collectively evaluated for impairment as of March 31, 2016 and December 31, 2015 . As of March 31, 2016 One- to Multi-family Construction Consumer Commercial Unallocated Total (In thousands, Unaudited) Allowance for Loan Losses: Balance, ending: individually evaluated for impairment $ — $ 533 $ 135 $ — $ 53 $ — $ 721 Balance, ending: collectively evaluated for impairment 339 5,966 515 78 2,727 224 9,849 Total $ 339 $ 6,499 $ 650 $ 78 $ 2,780 $ 224 $ 10,570 Total Loans: Balance, ending: individually evaluated for impairment $ 1,635 $ 7,076 $ 3,829 $ 177 $ 702 $ — $ 13,419 Balance, ending: collectively evaluated for impairment 84,758 442,505 39,301 13,729 193,868 — 774,161 Total $ 86,393 $ 449,581 $ 43,130 $ 13,906 $ 194,570 $ — $ 787,580 As of December 31, 2015 One- to Multi-family Construction Consumer Commercial Unallocated Total (In thousands) Allowance for Loan Losses: Balance, ending: individually evaluated for impairment $ 3 $ 539 $ 135 $ 56 $ 54 $ — $ 787 Balance, ending: collectively evaluated for impairment 359 5,925 445 78 2,618 350 9,775 Total $ 362 $ 6,464 $ 580 $ 134 $ 2,672 $ 350 $ 10,562 Total Loans: Balance, ending: individually evaluated for impairment $ 1,460 $ 7,111 $ 3,866 $ 171 $ 718 $ — $ 13,326 Balance, ending: collectively evaluated for impairment 88,879 435,501 31,928 14,540 194,360 — 765,208 Total $ 90,339 $ 442,612 $ 35,794 $ 14,711 $ 195,078 $ — $ 778,534 |
Schedule of breakdown of impaired loans by loan segment | The following tables set forth the breakdown of impaired loans by loan segment as of March 31, 2016 and December 31, 2015 . March 31, 2016 Nonaccrual Accruing Other Total Impaired Loans Impaired Loans (In thousands, Unaudited) Real estate loans: One- to four-family $ 759 $ 876 $ — $ 1,635 $ — $ 1,635 Multi-family and commercial 1,066 1,685 4,325 7,076 6,305 771 Construction — 3,829 — 3,829 3,829 — Consumer loans 79 98 — 177 — 177 Commercial and industrial 702 — — 702 702 — Total $ 2,606 $ 6,488 $ 4,325 $ 13,419 $ 10,836 $ 2,583 December 31, 2015 Nonaccrual Accruing Other Total Impaired Loans Impaired Loans (In thousands) Real estate loans: One- to four-family $ 583 $ 877 $ — $ 1,460 $ 117 $ 1,343 Multi-family and commercial 1,074 1,685 4,352 7,111 6,340 771 Construction — 3,866 — 3,866 3,866 — Consumer loans 159 12 — 171 57 114 Commercial and industrial 718 — — 718 718 — Total $ 2,534 $ 6,440 $ 4,352 $ 13,326 $ 11,098 $ 2,228 |
Schedule of allowance for loan loss for impaired loans and general allowance by loan segment | The following tables set forth the allowance for loan loss for impaired loans and general allowance by loan segment as of March 31, 2016 and December 31, 2015 . March 31, 2016 Allowance for Loan Losses Impaired Loans Nonaccrual Accruing Other Total General Total (In thousands, Unaudited) Real estate loans: One- to four-family $ — $ — $ — $ — $ 339 $ 339 Multi-family and commercial 118 46 369 533 5,966 6,499 Construction — 135 — 135 515 650 Consumer loans — — — — 78 78 Commercial and industrial 53 — — 53 2,727 2,780 Unallocated — — — — 224 224 Total allowance for loan losses $ 171 $ 181 $ 369 $ 721 $ 9,849 $ 10,570 December 31, 2015 Allowance for Loan Losses Impaired Loans Nonaccrual Accruing Other Total General Total (In thousands) Real estate loans: One- to four-family $ 3 $ — $ — $ 3 $ 359 $ 362 Multi-family and commercial 119 46 374 539 5,925 6,464 Construction — 135 — 135 445 580 Consumer loans 56 — — 56 78 134 Commercial and industrial 54 — — 54 2,618 2,672 Unallocated — — — — 350 350 Total allowance for loan losses $ 232 $ 181 $ 374 $ 787 $ 9,775 $ 10,562 |
Summary of TDR activity for the periods | The following table sets forth a summary of the TDR activity for the three month periods ended March 31, 2016 and 2015 . Three Months Ended March 31, 2016 Restructured Current Period Number Pre-Modification Post-Modification Type of Modification (Dollars in thousands, Unaudited) Real estate loans: One- to four-family — $ — $ — Multi-family and commercial — — — Construction — — — Consumer loans 1 86 86 Delayed repayment Commercial and industrial — — — Total 1 $ 86 $ 86 Three Months Ended March 31, 2015 Restructured Current Period Number Pre-Modification Post-Modification Type of Modification (Dollars in thousands, Unaudited) Real estate loans: One- to four-family — $ — $ — Multi-family and commercial 1 914 914 Delayed repayment Construction — — — Consumer loans — — — Commercial and industrial — — — Total 1 $ 914 $ 914 |
Schedule of past due loans by segment | The following table sets forth past due loans by segment as of March 31, 2016 and December 31, 2015 . March 31, 2016 December 31, 2015 30-59 60-89 30-59 60-89 (In thousands) (Unaudited) One- to four-family real estate $ 286 $ — $ 865 $ 685 Multi-family and commercial real estate — — — — Construction — — — — Consumer 126 70 156 — Commercial and industrial — — — — Total $ 412 $ 70 $ 1,021 $ 685 |
Schedule of criticized and classified loans by segment | The following tables set forth criticized and classified loans by segment as of March 31, 2016 and December 31, 2015 . March 31, 2016 One- to Multi-family Construction Consumer Commercial Total (In thousands, Unaudited) Pass and Pass watch $ 85,634 $ 433,186 $ 39,301 $ 13,827 $ 190,528 $ 762,476 Special mention — 14,376 — — 2,295 16,671 Substandard 759 2,019 3,829 79 1,747 8,433 Doubtful — — — — — — Total loans $ 86,393 $ 449,581 $ 43,130 $ 13,906 $ 194,570 $ 787,580 December 31, 2015 One- to Multi-family Construction Consumer Commercial Total (In thousands) Pass and Pass watch $ 89,756 $ 427,393 $ 31,927 $ 14,552 $ 191,496 $ 755,124 Special mention — 13,958 — — 1,799 15,757 Substandard 583 1,261 3,867 159 1,783 7,653 Doubtful — — — — — — Total loans $ 90,339 $ 442,612 $ 35,794 $ 14,711 $ 195,078 $ 778,534 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of components of weighted average interest rate and balance of deposits | Deposits and their respective weighted average interest rate at March 31, 2016 and December 31, 2015 consist of the following: March 31, 2016 December 31, 2015 Weighted Amount Weighted Amount (Dollars in thousands) (Unaudited) Noninterest-bearing demand accounts — % $ 225,083 — % $ 170,327 NOW accounts 0.20 98,019 0.20 97,838 Money market accounts 0.26 105,184 0.28 93,325 Savings and club accounts 0.45 145,110 0.45 142,966 Brokered deposits 0.91 52,378 0.76 78,481 Certificates of deposit 0.86 189,934 0.88 182,037 0.40 % $ 815,708 0.43 % $ 764,974 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
BORROWINGS | |
Schedule of FHLB advances | Maturity Date Amount Coupon Rate Call Date Rate if Called (In thousands, Unaudited) September 2016 $ 5,000 0.75 % Not Applicable Not Applicable September 2016 10,000 1.04 Not Applicable Not Applicable June 2017 5,000 0.94 Not Applicable Not Applicable July 2017 10,000 0.92 Not Applicable Not Applicable November 2017 15,000 3.62 May 2016 3-month LIBOR + 0.10% November 2017 15,000 3.87 May 2016 3-month LIBOR + 0.10% December 2017 20,000 2.83 June 2016 3-month LIBOR + 0.11% July 2018 10,000 1.32 Not Applicable Not Applicable $ 90,000 2.34 % |
Schedule of other long-term borrowings | Next Call Date Subsequent Call Frequency Maturity Date Amount Coupon Rate (In thousands, Unaudited) October 2018 $ 5,000 3.15% April 2016 Quarterly December 2018 5,000 1-month LIBOR + 2.03% Not Applicable Not Applicable September 2019 10,000 1-month LIBOR + 1.89% Not Applicable Not Applicable September 2020 5,000 1-month LIBOR + 1.56% Not Applicable Not Applicable November 2020 5,000 1-month LIBOR + 1.58% Not Applicable Not Applicable $ 30,000 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock option activity and related information | The following is a summary of the Bancorp’s stock option activity and related information for the three months ended March 31, 2016 . Number of Weighted Average Weighted Average Aggregate (Unaudited) Outstanding at December 31, 2015 715,554 $ 14.45 6.1 years $ 4,182,000 Granted — — Exercised — — Forfeited/Cancelled — — Outstanding at March 31, 2016 715,554 $ 14.45 5.9 years $ 3,488,000 Exercisable at March 31, 2016 428,292 $ 13.40 4.8 years $ 2,537,000 |
Schedule of assumptions to determine the fair value of the options | |
Summary of unvested options and changes during the period | The following is a summary of the Bancorp’s unvested options as of March 31, 2016 and the changes therein during the three months then ended. Number of Weighted Average (Unaudited) Unvested at December 31, 2015 366,362 $ 3.68 Granted — — Vested (79,100 ) 3.88 Forfeited / Cancelled — — Unvested at March 31, 2016 287,262 $ 3.63 |
Summary of the status of the Company's restricted stock activity and balances | The following is a summary of the status of the Bancorp’s restricted stock as of March 31, 2016 and changes therein during the three months then ended. Number of Weighted Average (Unaudited) Unvested at December 31, 2015 177,073 $ 16.04 Granted 18,608 17.00 Vested (54,397 ) 16.79 Forfeited / Cancelled — — Unvested at March 31, 2016 141,284 $ 15.87 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | The estimated fair values of the Company’s financial instruments at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Fair Value Carrying Estimated Carrying Estimated (In thousands) Financial assets: (Unaudited) Cash and cash equivalents Level 1 $ 9,112 $ 9,112 $ 7,798 $ 7,798 Investment securities available-for-sale Level 2 135,826 135,826 139,751 139,751 Investment securities held-to-maturity Level 2 144,528 146,655 150,190 149,850 Loans receivable, net Level 3 776,669 779,947 767,683 768,516 FHLB stock NA 6,186 NA 6,734 NA Accrued interest receivable Level 2, 3 3,348 3,348 3,145 3,145 Mortgage servicing rights Level 3 97 97 104 104 Financial liabilities: Savings and club accounts Level 2 145,110 145,110 142,966 142,966 Demand, NOW and money market deposits Level 2 428,286 428,286 361,490 361,490 Brokered deposits Level 2 52,378 52,377 78,481 78,219 Certificates of deposit Level 2 189,934 189,921 182,037 181,422 Short-term borrowings Level 2 15,000 15,000 38,496 38,496 FHLB advances Level 2 90,000 92,012 110,000 111,985 Other borrowed funds Level 2 30,000 31,604 30,000 31,692 Accrued interest payable Level 2 302 302 319 319 Derivative contracts Level 2, 3 197 197 154 154 |
Schedule of fair value measurements on a recurring basis | The following measures were made on a recurring basis as of March 31, 2016 and December 31, 2015 . Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant Other As of Description March 31, 2016 (Level 1) (Level 2) (Level 3) (In thousands, Unaudited) Available-for-Sale Securities: Obligations of U.S. government agencies $ 306 $ — $ 306 $ — Corporate securities 17,715 — 17,715 — Agency residential mortgage related securities 117,805 — 117,805 — Loans (1) 2,324 — — 2,324 Derivative contracts (1) (197 ) — (189 ) (8 ) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant Other As of Description December 31, 2015 (Level 1) (Level 2) (Level 3) (In thousands) Available-for-Sale Securities: Obligations of U.S. government agencies $ 299 $ — $ 299 $ — Corporate securities 17,541 — 17,541 — Agency residential mortgage related securities 121,911 — 121,911 — Loans (1) 2,315 — — 2,315 Derivative contracts (1) (154 ) — (148 ) (6 ) (1) Such financial instruments are recorded at fair value as further described in Note 5 . |
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 Balance (Level 1) (Level 2) (Level 3) March 31, 2016 (Unaudited) (In thousands) Loans $ 1,113 $ — $ — $ 1,113 Mortgage servicing rights 97 — — 97 Other real estate owned 2,615 — — 2,615 Total $ 3,825 $ — $ — $ 3,825 December 31, 2015 Loans $ 1,239 $ — $ — $ 1,239 Mortgage servicing rights 104 — — 104 Other real estate owned 2,623 — — 2,623 Total $ 3,966 $ — $ — $ 3,966 |
Rollforward of Level 3 Fair Value Financial Instruments | The following tables include a roll forward of the financial instruments which fair value is determined on a recurring basis using Significant Other Unobservable Inputs (Level 3) for the periods from December 31, 2015 to March 31, 2016 and December 31, 2014 to March 31, 2015 . Three Months Ended March 31, 2016 Derivative Loans Total Beginning balance, December 31, 2015 $ (6 ) $ 2,315 $ 2,309 Purchases/additions — — — Sales — — — Payments received — (31 ) (31 ) Premium amortization, net — — — (Decrease) increase in value (2 ) 40 38 Ending balance, March 31, 2016 $ (8 ) $ 2,324 $ 2,316 Three Months Ended March 31, 2015 Derivative Loans Total Beginning balance, December 31, 2014 $ (12 ) $ 2,451 $ 2,439 Purchases/additions (1 ) — (1 ) Sales — — — Payments received — (30 ) (30 ) Premium amortization, net — — — Increase in value 5 20 25 Ending balance, March 31, 2015 $ (8 ) $ 2,441 $ 2,433 |
PRINCIPLES OF CONSOLIDATION A26
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Details) | 3 Months Ended |
Mar. 31, 2016branchloan | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of loans to the ESOP by Bancorp | loan | 2 |
Number of branches | branch | 10 |
PMA | |
LOANS | |
Ownership (as a percent) | 46.15% |
PRINCIPLES OF CONSOLIDATION A27
PRINCIPLES OF CONSOLIDATION AND PRESENTATION (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings per share: | ||
Net income | $ 2,249 | $ 2,279 |
Weighted-average common shares outstanding (in shares) | 11,767,590 | 11,768,571 |
Average common stock acquired by stock benefit plans: | ||
ESOP shares unallocated (shares) | (415,800) | (480,852) |
Shares purchased by trust (shares) | (195,115) | (260,153) |
Weighted-average common shares used to calculate basic earnings per share (in shares) | 11,156,675 | 11,027,566 |
Dilutive effect of: | ||
Restricted stock awards (shares) | 43,279 | 46,597 |
Stock option awards (shares) | 114,434 | 193,503 |
Weighted-average common shares used to calculate diluted earnings per share (in shares) | 11,314,388 | 11,267,666 |
Earnings per share-basic (in dollars per share) | $ 0.20 | $ 0.21 |
Earnings per share-diluted (in dollars per share) | $ 0.20 | $ 0.20 |
Outstanding common stock equivalents which are anti-dilutive (in shares) | 71,668 | 508,610 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - Univest Corporation of Pennsylvania [Member] - Scenario, Forecast [Member] | Sep. 30, 2016$ / sharesshares |
Business Acquisition [Line Items] | |
Number of Shares Exchanged per Common Share | shares | 0.9731 |
Business Acquisition, Share Price | $ / shares | $ 21 |
Business Combination, Percent of Total Shares That Will Be Converted Into Acquirer Shares | 60.00% |
INVESTMENT AND MORTGAGE RELAT29
INVESTMENT AND MORTGAGE RELATED SECURITIES (Amortized Cost and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-Sale Securities: | ||
Amortized Cost | $ 133,501 | $ 139,121 |
Gross Unrealized Gains | 2,370 | 1,606 |
Gross Unrealized Losses | (45) | (976) |
Fair Value | 135,826 | 139,751 |
Held-to-Maturity Securities: | ||
Amortized Cost | 144,528 | 150,190 |
Gross Unrealized Gains | 2,227 | 663 |
Gross Unrealized Losses | (100) | (1,003) |
Investment securities held to maturity, fair value | 146,655 | 149,850 |
Obligations of U.S. government agencies | ||
Available-for-Sale Securities: | ||
Amortized Cost | 301 | 301 |
Gross Unrealized Gains | 5 | 0 |
Gross Unrealized Losses | 0 | (2) |
Fair Value | 306 | 299 |
Corporate securities | ||
Available-for-Sale Securities: | ||
Amortized Cost | 17,608 | 17,625 |
Gross Unrealized Gains | 107 | 9 |
Gross Unrealized Losses | 0 | (93) |
Fair Value | 17,715 | 17,541 |
Held-to-Maturity Securities: | ||
Amortized Cost | 1,776 | 1,776 |
Gross Unrealized Gains | 34 | 0 |
Gross Unrealized Losses | 0 | (11) |
Investment securities held to maturity, fair value | 1,810 | 1,765 |
Private label residential mortgage related securities | ||
Held-to-Maturity Securities: | ||
Amortized Cost | 2,452 | 2,522 |
Gross Unrealized Gains | 11 | 0 |
Gross Unrealized Losses | 0 | (25) |
Investment securities held to maturity, fair value | 2,463 | 2,497 |
Agency residential mortgage related securities | ||
Available-for-Sale Securities: | ||
Amortized Cost | 115,592 | 121,195 |
Gross Unrealized Gains | 2,258 | 1,597 |
Gross Unrealized Losses | (45) | (881) |
Fair Value | 117,805 | 121,911 |
Held-to-Maturity Securities: | ||
Amortized Cost | 140,300 | 145,892 |
Gross Unrealized Gains | 2,182 | 663 |
Gross Unrealized Losses | (100) | (967) |
Investment securities held to maturity, fair value | $ 142,382 | $ 145,588 |
INVESTMENT AND MORTGAGE RELAT30
INVESTMENT AND MORTGAGE RELATED SECURITIES (Gross Unrealized Losses and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale securities: | ||
Fair Value, Less than 12 Months | $ 2,587 | $ 95,309 |
Unrealized Losses, Less than 12 Months | (4) | (811) |
Fair Value, 12 Months or More | 17,179 | 7,927 |
Unrealized Losses, 12 Months or More | (41) | (165) |
Fair Value, Total | 19,766 | 103,236 |
Unrealized Losses, Total | (45) | (976) |
Held-to-maturity Securities: | ||
Fair Value, Less than 12 Months | 1,324 | 85,004 |
Unrealized Losses, Less than 12 Months | 0 | (745) |
Fair Value, 12 Months or More | 9,438 | 9,768 |
Unrealized Losses, 12 Months or more | (100) | (258) |
Unrealized Losses, Total | (100) | (1,003) |
Fair Value, Total | 10,762 | 94,772 |
Temporarily Impaired Securities | ||
Fair Value, Less than 12 Months | 3,911 | 180,313 |
Unrealized Losses, Less than 12 Months | (4) | (1,556) |
Fair Value, 12 Months or More | 26,617 | 17,695 |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | (141) | (423) |
Fair Value, Total | 30,528 | 198,008 |
Unrealized Losses, Total | (145) | (1,979) |
Obligations of U.S. government agencies | ||
Available-for-sale securities: | ||
Fair Value, Less than 12 Months | 0 | 299 |
Unrealized Losses, Less than 12 Months | 0 | (2) |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Fair Value, Total | 0 | 299 |
Unrealized Losses, Total | 0 | (2) |
Corporate securities | ||
Available-for-sale securities: | ||
Fair Value, Less than 12 Months | 0 | 15,015 |
Unrealized Losses, Less than 12 Months | 0 | (93) |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Fair Value, Total | 0 | 15,015 |
Unrealized Losses, Total | 0 | (93) |
Held-to-maturity Securities: | ||
Fair Value, Less than 12 Months | 0 | 1,766 |
Unrealized Losses, Less than 12 Months | 0 | (11) |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or more | 0 | 0 |
Unrealized Losses, Total | 0 | (11) |
Fair Value, Total | 0 | 1,766 |
Residential Mortgage Backed Securities [Member] | ||
Held-to-maturity Securities: | ||
Fair Value, Less than 12 Months | 0 | 2,497 |
Unrealized Losses, Less than 12 Months | 0 | (25) |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Losses, 12 Months or more | 0 | 0 |
Unrealized Losses, Total | 0 | (25) |
Fair Value, Total | 0 | 2,497 |
Agency residential mortgage related securities | ||
Available-for-sale securities: | ||
Fair Value, Less than 12 Months | 2,587 | 79,995 |
Unrealized Losses, Less than 12 Months | (4) | (716) |
Fair Value, 12 Months or More | 17,179 | 7,927 |
Unrealized Losses, 12 Months or More | (41) | (165) |
Fair Value, Total | 19,766 | 87,922 |
Unrealized Losses, Total | (45) | (881) |
Held-to-maturity Securities: | ||
Fair Value, Less than 12 Months | 1,324 | 80,741 |
Unrealized Losses, Less than 12 Months | 0 | (709) |
Fair Value, 12 Months or More | 9,438 | 9,768 |
Unrealized Losses, 12 Months or more | (100) | (258) |
Unrealized Losses, Total | (100) | (967) |
Fair Value, Total | 10,762 | $ 90,509 |
Temporarily Impaired Securities | ||
Fair Value, 12 Months or More | 26,600 | |
Unrealized Losses Plus OTTI in AOCI, 12 Months or More | $ (141) |
INVESTMENT AND MORTGAGE RELAT31
INVESTMENT AND MORTGAGE RELATED SECURITIES (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)security | Mar. 31, 2015USD ($)security | Dec. 31, 2015USD ($) | |
Investment Holdings [Line Items] | |||
Number of securities sold | security | 0 | 0 | |
Net investment gains (losses) | $ 0 | $ 0 | |
Gross unrealized losses | 145,000 | $ 1,979,000 | |
Unrealized loss, fair value | 26,617,000 | 17,695,000 | |
Unrealized loss position | $ 141,000 | 423,000 | |
Number of agency residential mortgage related securities | security | 19 | ||
Amortized cost | $ 133,501,000 | 139,121,000 | |
Carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law | 65,600,000 | 48,700,000 | |
Mortgage backed securities pledged as collateral for other borrowed funds | 156,000,000 | 161,700,000 | |
Carrying value of investment securities used to secure derivative transactions | $ 1,600,000 | 900,000 | |
Agency residential mortgage related securities | |||
Investment Holdings [Line Items] | |||
Number of mortgage related securities | security | 15 | ||
Unrealized loss, fair value | $ 26,600,000 | ||
Unrealized loss position | $ 141,000 | ||
Number of mortgage related securities in a continuous unrealized loss position | security | 4 | ||
Continuous unrealized loss position | $ 3,900,000 | ||
Unrealized loss position for less than twelve months | 4,000 | ||
Amortized cost | 115,592,000 | 121,195,000 | |
Corporate securities | |||
Investment Holdings [Line Items] | |||
Amortized cost | 17,608,000 | 17,625,000 | |
Agency debenture | |||
Investment Holdings [Line Items] | |||
Amortized cost | $ 301,000 | $ 301,000 |
INVESTMENT AND MORTGAGE RELAT32
INVESTMENT AND MORTGAGE RELATED SECURITIES (Held-to-Maturity Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | ||
Held-to-maturity securities, amortized cost before other than temporary impairment | $ 144,528 | $ 150,190 |
Held-to-maturity securities, amortized cost excluding transfer loss | 146,465 | |
Unrealized Loss at Transfer | (1,625) | |
Post-transfer Accretion | (312) | |
Transferred Securities from Available-for-Sale | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities, amortized cost before other than temporary impairment, transferred securities | 80,730 | |
Held-to-maturity securities, amortized cost before other than temporary impairment | 78,793 | |
Unrealized Loss at Transfer | (1,625) | |
Post-transfer Accretion | (312) | |
Held-to-Maturity, Excluding Transferred Securities | ||
Investment Holdings [Line Items] | ||
Held-to-maturity securities, amortized cost before other than temporary impairment | $ 65,735 |
INVESTMENT AND MORTGAGE RELAT33
INVESTMENT AND MORTGAGE RELATED SECURITIES (Amortized Cost and Estimated Fair Value of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available for Sale, Amortized Cost | ||
Due in one year or less | $ 2,508 | $ 2,517 |
Due after one year through five years | 15,401 | 15,409 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Total mortgage related securities | 115,592 | 121,195 |
Amortized Cost | 133,501 | 139,121 |
Available for Sale, Fair Value | ||
Due in one year or less | 2,515 | 2,526 |
Due after one year through five years | 15,506 | 15,314 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Total mortgage related securities | 117,805 | 121,911 |
Total Fair Value | 135,826 | 139,751 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 0 | 0 |
Due after one year through five years | 1,776 | 1,776 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Total mortgage related securities | 142,752 | 148,414 |
Total Amortized Cost | 144,528 | 150,190 |
Held to Maturity, Fair Value | ||
Due in one year or less | 0 | 0 |
Due after one year through five years | 1,810 | 1,765 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Total mortgage related securities | 144,845 | 148,085 |
Total Fair Value | $ 146,655 | $ 149,850 |
LOANS (Composition of Net Loans
LOANS (Composition of Net Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
LOANS | ||||
Total loans | $ 787,580 | $ 778,534 | ||
Deferred loan origination cost, net | (341) | (289) | ||
Allowance for loan losses | (10,570) | (10,562) | $ (11,178) | $ (10,730) |
Net loans | 776,669 | 767,683 | ||
Real estate loans: | ||||
LOANS | ||||
Total loans | 579,104 | 568,745 | ||
One- to four-family | ||||
LOANS | ||||
Total loans | 86,393 | 90,339 | ||
Allowance for loan losses | (339) | (362) | (387) | (405) |
Multi-family and commercial | ||||
LOANS | ||||
Total loans | 449,581 | 442,612 | ||
Allowance for loan losses | (6,499) | (6,464) | (6,104) | (5,990) |
Construction | ||||
LOANS | ||||
Total loans | 43,130 | 35,794 | ||
Allowance for loan losses | (650) | (580) | (1,060) | (1,038) |
Consumer loans | ||||
LOANS | ||||
Total loans | 13,906 | 14,711 | ||
Allowance for loan losses | (78) | (134) | (154) | (184) |
Commercial and industrial loans | ||||
LOANS | ||||
Total loans | 194,570 | 195,078 | ||
Allowance for loan losses | $ (2,780) | $ (2,672) | $ (3,102) | $ (2,753) |
LOANS (Allowance for Loan Losse
LOANS (Allowance for Loan Losses by Loan Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Changes in allowance for loan losses | ||
Balance, beginning | $ 10,562 | $ 10,730 |
(Credit) provision for loan losses | 45 | 472 |
Loans charged off | (54) | (44) |
Recoveries | 17 | 20 |
Balance, ending | 10,570 | 11,178 |
One- to four-family | ||
Changes in allowance for loan losses | ||
Balance, beginning | 362 | 405 |
(Credit) provision for loan losses | (23) | 26 |
Loans charged off | 0 | (44) |
Recoveries | 0 | 0 |
Balance, ending | 339 | 387 |
Multi-family and commercial | ||
Changes in allowance for loan losses | ||
Balance, beginning | 6,464 | 5,990 |
(Credit) provision for loan losses | 28 | 111 |
Loans charged off | 0 | 0 |
Recoveries | 7 | 3 |
Balance, ending | 6,499 | 6,104 |
Construction | ||
Changes in allowance for loan losses | ||
Balance, beginning | 580 | 1,038 |
(Credit) provision for loan losses | 70 | 22 |
Loans charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, ending | 650 | 1,060 |
Consumer | ||
Changes in allowance for loan losses | ||
Balance, beginning | 134 | 184 |
(Credit) provision for loan losses | (12) | (47) |
Loans charged off | (54) | 0 |
Recoveries | 10 | 17 |
Balance, ending | 78 | 154 |
Commercial and industrial | ||
Changes in allowance for loan losses | ||
Balance, beginning | 2,672 | 2,753 |
(Credit) provision for loan losses | 108 | 349 |
Loans charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, ending | 2,780 | 3,102 |
Unallocated | ||
Changes in allowance for loan losses | ||
Balance, beginning | 350 | 360 |
(Credit) provision for loan losses | (126) | 11 |
Loans charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, ending | $ 224 | $ 371 |
LOANS (Loans and Allowance for
LOANS (Loans and Allowance for Loan Losses, Individually or Collectively Evaluated for Impairment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for Loan Losses: | ||||
Balance, ending: individually evaluated for impairment | $ 721 | $ 787 | ||
Balance, ending: collectively evaluated for impairment | 9,849 | 9,775 | ||
Total | 10,570 | 10,562 | $ 11,178 | $ 10,730 |
Total Loans: | ||||
Balance, ending: individually evaluated for impairment | 13,419 | 13,326 | ||
Balance, ending: collectively evaluated for impairment | 774,161 | 765,208 | ||
Total | 787,580 | 778,534 | ||
One- to four-family | ||||
Allowance for Loan Losses: | ||||
Balance, ending: individually evaluated for impairment | 0 | 3 | ||
Balance, ending: collectively evaluated for impairment | 339 | 359 | ||
Total | 339 | 362 | 387 | 405 |
Total Loans: | ||||
Balance, ending: individually evaluated for impairment | 1,635 | 1,460 | ||
Balance, ending: collectively evaluated for impairment | 84,758 | 88,879 | ||
Total | 86,393 | 90,339 | ||
Multi-family and commercial | ||||
Allowance for Loan Losses: | ||||
Balance, ending: individually evaluated for impairment | 533 | 539 | ||
Balance, ending: collectively evaluated for impairment | 5,966 | 5,925 | ||
Total | 6,499 | 6,464 | 6,104 | 5,990 |
Total Loans: | ||||
Balance, ending: individually evaluated for impairment | 7,076 | 7,111 | ||
Balance, ending: collectively evaluated for impairment | 442,505 | 435,501 | ||
Total | 449,581 | 442,612 | ||
Construction | ||||
Allowance for Loan Losses: | ||||
Balance, ending: individually evaluated for impairment | 135 | 135 | ||
Balance, ending: collectively evaluated for impairment | 515 | 445 | ||
Total | 650 | 580 | 1,060 | 1,038 |
Total Loans: | ||||
Balance, ending: individually evaluated for impairment | 3,829 | 3,866 | ||
Balance, ending: collectively evaluated for impairment | 39,301 | 31,928 | ||
Total | 43,130 | 35,794 | ||
Consumer | ||||
Allowance for Loan Losses: | ||||
Balance, ending: individually evaluated for impairment | 0 | 56 | ||
Balance, ending: collectively evaluated for impairment | 78 | 78 | ||
Total | 78 | 134 | 154 | 184 |
Total Loans: | ||||
Balance, ending: individually evaluated for impairment | 177 | 171 | ||
Balance, ending: collectively evaluated for impairment | 13,729 | 14,540 | ||
Total | 13,906 | 14,711 | ||
Commercial and industrial | ||||
Allowance for Loan Losses: | ||||
Balance, ending: individually evaluated for impairment | 53 | 54 | ||
Balance, ending: collectively evaluated for impairment | 2,727 | 2,618 | ||
Total | 2,780 | 2,672 | 3,102 | 2,753 |
Total Loans: | ||||
Balance, ending: individually evaluated for impairment | 702 | 718 | ||
Balance, ending: collectively evaluated for impairment | 193,868 | 194,360 | ||
Total | 194,570 | 195,078 | ||
Unallocated | ||||
Allowance for Loan Losses: | ||||
Balance, ending: individually evaluated for impairment | 0 | 0 | ||
Balance, ending: collectively evaluated for impairment | 224 | 350 | ||
Total | 224 | 350 | $ 371 | $ 360 |
Total Loans: | ||||
Balance, ending: individually evaluated for impairment | 0 | 0 | ||
Balance, ending: collectively evaluated for impairment | 0 | 0 | ||
Total | $ 0 | $ 0 |
LOANS (Impaired Loans by Loan S
LOANS (Impaired Loans by Loan Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual Loans | $ 2,606 | $ 2,534 |
Accruing TDRs | 6,488 | 6,440 |
Other Impaired Loans | 4,325 | 4,352 |
Total Impaired Loans | 13,419 | 13,326 |
Impaired Loans with Allowance | 10,836 | 11,098 |
Impaired Loans without Allowance | 2,583 | 2,228 |
One- to four-family | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual Loans | 759 | 583 |
Accruing TDRs | 876 | 877 |
Other Impaired Loans | 0 | 0 |
Total Impaired Loans | 1,635 | 1,460 |
Impaired Loans with Allowance | 0 | 117 |
Impaired Loans without Allowance | 1,635 | 1,343 |
Multi-family and commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual Loans | 1,066 | 1,074 |
Accruing TDRs | 1,685 | 1,685 |
Other Impaired Loans | 4,325 | 4,352 |
Total Impaired Loans | 7,076 | 7,111 |
Impaired Loans with Allowance | 6,305 | 6,340 |
Impaired Loans without Allowance | 771 | 771 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Accruing TDRs | 3,829 | 3,866 |
Other Impaired Loans | 0 | 0 |
Total Impaired Loans | 3,829 | 3,866 |
Impaired Loans with Allowance | 3,829 | 3,866 |
Impaired Loans without Allowance | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual Loans | 79 | 159 |
Accruing TDRs | 98 | 12 |
Other Impaired Loans | 0 | 0 |
Total Impaired Loans | 177 | 171 |
Impaired Loans with Allowance | 0 | 57 |
Impaired Loans without Allowance | 177 | 114 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual Loans | 702 | 718 |
Accruing TDRs | 0 | 0 |
Other Impaired Loans | 0 | 0 |
Total Impaired Loans | 702 | 718 |
Impaired Loans with Allowance | 702 | 718 |
Impaired Loans without Allowance | $ 0 | $ 0 |
LOANS (Narrative) (Details)
LOANS (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)loanclassificationweaknessproperty | Mar. 31, 2015USD ($)loan | Dec. 31, 2015USD ($)loanproperty | |
Financing Receivable, Impaired [Line Items] | |||
Loans past due 90 days or more and still accruing interest | $ 0 | $ 0 | |
Average recorded investment in impaired loans | 13,600,000 | $ 12,400,000 | |
Interest income recognized on impaired loans | $ 163,000 | $ 141,000 | |
Number of troubled debt restructurings, included in nonaccrual status and total impaired loans | loan | 2 | ||
Troubled debt restructurings excluded from accruing TDR | $ 1,100,000 | ||
Number of loans classified as TDRs | loan | 0 | 0 | |
Foreclosure proceedings in process | $ 277,000 | $ 364,000 | |
Number of foreclosed properties | property | 3 | 3 | |
Foreclosed residential real estate property | $ 106,000 | $ 122,000 | |
Number of primary classification for loans | classification | 6 | ||
Number of classifications for problem loans | classification | 3 | ||
Minimum number of defined weaknesses for substandard loans | weakness | 1 | ||
Multi-family and commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Troubled debt restructurings excluded from accruing TDR | $ 1,000,000 | ||
Number of contracts classified as nonaccrual | loan | 1 | 1 | |
One- to four-family | |||
Financing Receivable, Impaired [Line Items] | |||
Troubled debt restructurings excluded from accruing TDR | $ 93,000 | $ 93,000 | |
Number of contracts classified as nonaccrual | loan | 1 | 1 |
LOANS (Allowance for Loan Loss
LOANS (Allowance for Loan Loss for Impaired Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for loan losses | ||||
Nonaccrual Loans | $ 171 | $ 232 | ||
Accruing TDRs | 181 | 181 | ||
Other Impaired Loans | 369 | 374 | ||
Total Impaired Loans | 721 | 787 | ||
General | 9,849 | 9,775 | ||
Total | 10,570 | 10,562 | $ 11,178 | $ 10,730 |
One- to four-family | ||||
Allowance for loan losses | ||||
Nonaccrual Loans | 0 | 3 | ||
Accruing TDRs | 0 | 0 | ||
Other Impaired Loans | 0 | 0 | ||
Total Impaired Loans | 0 | 3 | ||
General | 339 | 359 | ||
Total | 339 | 362 | 387 | 405 |
Multi-family and commercial | ||||
Allowance for loan losses | ||||
Nonaccrual Loans | 118 | 119 | ||
Accruing TDRs | 46 | 46 | ||
Other Impaired Loans | 369 | 374 | ||
Total Impaired Loans | 533 | 539 | ||
General | 5,966 | 5,925 | ||
Total | 6,499 | 6,464 | 6,104 | 5,990 |
Construction | ||||
Allowance for loan losses | ||||
Nonaccrual Loans | 0 | 0 | ||
Accruing TDRs | 135 | 135 | ||
Other Impaired Loans | 0 | 0 | ||
Total Impaired Loans | 135 | 135 | ||
General | 515 | 445 | ||
Total | 650 | 580 | 1,060 | 1,038 |
Consumer | ||||
Allowance for loan losses | ||||
Nonaccrual Loans | 0 | 56 | ||
Accruing TDRs | 0 | 0 | ||
Other Impaired Loans | 0 | 0 | ||
Total Impaired Loans | 0 | 56 | ||
General | 78 | 78 | ||
Total | 78 | 134 | 154 | 184 |
Commercial and industrial | ||||
Allowance for loan losses | ||||
Nonaccrual Loans | 53 | 54 | ||
Accruing TDRs | 0 | 0 | ||
Other Impaired Loans | 0 | 0 | ||
Total Impaired Loans | 53 | 54 | ||
General | 2,727 | 2,618 | ||
Total | 2,780 | 2,672 | 3,102 | 2,753 |
Unallocated | ||||
Allowance for loan losses | ||||
Nonaccrual Loans | 0 | 0 | ||
Accruing TDRs | 0 | 0 | ||
Other Impaired Loans | 0 | 0 | ||
Total Impaired Loans | 0 | 0 | ||
General | 224 | 350 | ||
Total | $ 224 | $ 350 | $ 371 | $ 360 |
LOANS (TDR Activity) (Details)
LOANS (TDR Activity) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | |
TDR activity | ||
Number of Loans | loan | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 86 | $ 914 |
Post-Modification Outstanding Recorded Investment | $ 86 | $ 914 |
One- to four-family | ||
TDR activity | ||
Number of Loans | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Multi-family and commercial | ||
TDR activity | ||
Number of Loans | loan | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 914 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 914 |
Construction | ||
TDR activity | ||
Number of Loans | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer loans | ||
TDR activity | ||
Number of Loans | loan | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 86 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 86 | $ 0 |
Commercial and industrial | ||
TDR activity | ||
Number of Loans | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
LOANS (Past Due Loans by Segmen
LOANS (Past Due Loans by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
30-59 Days Past Due | ||
Past due loans | ||
Past due loans | $ 412 | $ 1,021 |
30-59 Days Past Due | One- to four-family | ||
Past due loans | ||
Past due loans | 286 | 865 |
30-59 Days Past Due | Multi-family and commercial | ||
Past due loans | ||
Past due loans | 0 | 0 |
30-59 Days Past Due | Construction | ||
Past due loans | ||
Past due loans | 0 | 0 |
30-59 Days Past Due | Consumer | ||
Past due loans | ||
Past due loans | 126 | 156 |
30-59 Days Past Due | Commercial and industrial | ||
Past due loans | ||
Past due loans | 0 | 0 |
60-89 Days Past Due | ||
Past due loans | ||
Past due loans | 70 | 685 |
60-89 Days Past Due | One- to four-family | ||
Past due loans | ||
Past due loans | 0 | 685 |
60-89 Days Past Due | Multi-family and commercial | ||
Past due loans | ||
Past due loans | 0 | 0 |
60-89 Days Past Due | Construction | ||
Past due loans | ||
Past due loans | 0 | 0 |
60-89 Days Past Due | Consumer | ||
Past due loans | ||
Past due loans | 70 | 0 |
60-89 Days Past Due | Commercial and industrial | ||
Past due loans | ||
Past due loans | $ 0 | $ 0 |
LOANS (Criticized and Classifie
LOANS (Criticized and Classified Loans by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Criticized and classified loans by segment | ||
Total criticized and classified loans | $ 787,580 | $ 778,534 |
One- to four-family | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 86,393 | 90,339 |
Multi-family and commercial | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 449,581 | 442,612 |
Construction | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 43,130 | 35,794 |
Consumer | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 13,906 | 14,711 |
Commercial and industrial | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 194,570 | 195,078 |
Pass and Pass watch | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 762,476 | 755,124 |
Pass and Pass watch | One- to four-family | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 85,634 | 89,756 |
Pass and Pass watch | Multi-family and commercial | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 433,186 | 427,393 |
Pass and Pass watch | Construction | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 39,301 | 31,927 |
Pass and Pass watch | Consumer | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 13,827 | 14,552 |
Pass and Pass watch | Commercial and industrial | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 190,528 | 191,496 |
Special mention loans | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 16,671 | 15,757 |
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 | 14,376 | 13,958 |
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 | 2,295 | 1,799 |
Substandard loans | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 8,433 | 7,653 |
Substandard loans | One- to four-family | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 759 | 583 |
Substandard loans | Multi-family and commercial | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 2,019 | 1,261 |
Substandard loans | Construction | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 3,829 | 3,867 |
Substandard loans | Consumer | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 79 | 159 |
Substandard loans | Commercial and industrial | ||
Criticized and classified loans by segment | ||
Total criticized and classified loans | 1,747 | 1,783 |
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) $ in Thousands | Oct. 12, 2011 | Nov. 03, 2006 | Mar. 31, 2016USD ($)transaction | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)transaction |
Interest rate swap maturing in April 2022 | |||||
Interest Rate Swaps | |||||
Notional amount | $ 691 | ||||
Fixed rate loan term | 15 years | ||||
Interest rate on loans receivable | 7.43% | ||||
Interest rate derivative activities | 1-month LIBOR | ||||
Margin added to derivative interest rate (as a percent) | 2.24% | ||||
Fixed interest rate to be paid under hedge (as a percent) | 7.43% | ||||
Fair value loss position on interest rate swap derivative | 97 | $ 92 | |||
Interest rate swap maturing in October 2021 | |||||
Interest Rate Swaps | |||||
Notional amount | 1,500 | ||||
Fixed rate loan term | 10 years | ||||
Interest rate on loans receivable | 5.83% | ||||
Interest rate derivative activities | 1-month LIBOR | ||||
Margin added to derivative interest rate (as a percent) | 3.50% | ||||
Fixed interest rate to be paid under hedge (as a percent) | 5.83% | ||||
Fair value loss position on interest rate swap derivative | 92 | $ 56 | |||
Gain (loss) on fair value hedge ineffectiveness | $ (1) | $ (3) | |||
Credit Derivatives (Interest Rate Swap Underlyings) | |||||
Credit Derivatives | |||||
Number of derivative transactions | transaction | 4 | 4 | |||
Notional amount of credit swap derivative (protection sold) | $ 12,100 | $ 12,200 | |||
Remaining maturity period, minimum | 3 years | 4 years | |||
Remaining maturity period, maximum | 7 years | 7 years | |||
Fair value of swap asset (liability) | $ (360) | $ (53) | |||
Derivative liability | (8) | $ (6) | |||
Recognized income | $ (2) | 3 | |||
Credit Derivatives (Foreign Currency Swap Underlyings) | |||||
Credit Derivatives | |||||
Number of derivative transactions | transaction | 0 | ||||
Recognized income | $ 0 | $ 2 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Weighted Average Interest Rate | ||
NOW accounts | 0.20% | 0.20% |
Money market accounts | 0.26% | 0.28% |
Savings and club accounts | 0.45% | 0.45% |
Brokered deposits | 0.91% | 0.76% |
Certificates of deposit | 0.86% | 0.88% |
Deposits | 0.40% | 0.43% |
Amount | ||
Noninterest-bearing demand accounts | $ 225,083 | $ 170,327 |
NOW accounts | 98,019 | 97,838 |
Money market accounts | 105,184 | 93,325 |
Savings and club accounts | 145,110 | 142,966 |
Brokered deposits | 52,378 | 78,481 |
Certificates of deposit | 189,934 | 182,037 |
Total deposits amount | $ 815,708 | $ 764,974 |
BORROWINGS (FHLB Advances) (Det
BORROWINGS (FHLB Advances) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Borrowings | ||
Federal Home Loan Bank advances | $ 90,000,000 | $ 110,000,000 |
Fair value of investment securities pledged for borrowings | 156,000,000 | 161,700,000 |
FHLB stock | 6,186,000 | $ 6,734,000 |
0.75% borrowing, due September 2016 | ||
Borrowings | ||
Federal Home Loan Bank advances | 5,000,000 | |
1.04% borrowing, due September 2016 | ||
Borrowings | ||
Federal Home Loan Bank advances | 10,000,000 | |
0.94% borrowing, due June 2017 | ||
Borrowings | ||
Federal Home Loan Bank advances | 5,000,000 | |
0.92% borrowing, due July 2017 | ||
Borrowings | ||
Federal Home Loan Bank advances | 10,000,000 | |
3.62% borrowing, due November 2017 | ||
Borrowings | ||
Federal Home Loan Bank advances | $ 15,000,000 | |
Reference rate, description | 3-Month LIBOR | |
Interest rate added to reference rate (as a percent) | 0.10% | |
3.87% borrowing, due November 2017 | ||
Borrowings | ||
Federal Home Loan Bank advances | $ 15,000,000 | |
Reference rate, description | 3-Month LIBOR | |
Interest rate added to reference rate (as a percent) | 0.10% | |
2.83% borrowing, due on December 2017 | ||
Borrowings | ||
Federal Home Loan Bank advances | $ 20,000,000 | |
Reference rate, description | 3-Month LIBOR | |
Interest rate added to reference rate (as a percent) | 0.11% | |
1.32% borrowing, due on July 2018 | ||
Borrowings | ||
Federal Home Loan Bank advances | $ 10,000,000 | |
Federal Home Loan Bank Advances | ||
Borrowings | ||
Maximum borrowing capacity | $ 496,100,000 | |
Capital stock to be held as percentage of advances | 4.00% | |
Capital stock to be held as percentage of eligible assets | 0.10% | |
Federal Home Loan Bank Advances | Minimum | ||
Borrowings | ||
Capital stock to be held as percentage of advances | 2.00% | |
Capital stock to be held as percentage of eligible assets | 0.05% | |
Stock obligation | $ 2,200,000 | |
Federal Home Loan Bank Advances | Maximum | ||
Borrowings | ||
Capital stock to be held as percentage of advances | 6.00% | |
Capital stock to be held as percentage of eligible assets | 1.00% | |
Stock obligation | $ 11,600,000 | |
Federal Reserve Bank of Philadelphia | ||
Borrowings | ||
Maximum borrowing capacity | 57,600,000 | |
Fair value of investment securities pledged for borrowings | $ 58,400,000 | |
FHLB advances | ||
Borrowings | ||
Interest rate (as a percent) | 2.34% | |
Securities pledged as collateral | $ 632,000,000 | |
FHLB advances | 0.75% borrowing, due September 2016 | ||
Borrowings | ||
Interest rate (as a percent) | 0.75% | |
FHLB advances | 1.04% borrowing, due September 2016 | ||
Borrowings | ||
Interest rate (as a percent) | 1.04% | |
FHLB advances | 0.94% borrowing, due June 2017 | ||
Borrowings | ||
Interest rate (as a percent) | 0.94% | |
FHLB advances | 0.92% borrowing, due July 2017 | ||
Borrowings | ||
Interest rate (as a percent) | 0.92% | |
FHLB advances | 3.62% borrowing, due November 2017 | ||
Borrowings | ||
Interest rate (as a percent) | 3.62% | |
FHLB advances | 3.87% borrowing, due November 2017 | ||
Borrowings | ||
Interest rate (as a percent) | 3.87% | |
FHLB advances | 2.83% borrowing, due on December 2017 | ||
Borrowings | ||
Interest rate (as a percent) | 2.83% | |
FHLB advances | 1.32% borrowing, due on July 2018 | ||
Borrowings | ||
Interest rate (as a percent) | 1.32% | |
Federal Home Loan Bank Advances | ||
Borrowings | ||
Fair value of investment securities pledged for borrowings | $ 63,700,000 |
BORROWINGS (Other Borrowed Fund
BORROWINGS (Other Borrowed Funds) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Other Borrowed Funds | ||
Amount of other borrowings | $ 30,000 | $ 30,000 |
Mortgage backed securities pledged as collateral for other borrowed funds | 156,000 | $ 161,700 |
3.15% other borrowings, due October 2018 | ||
Other Borrowed Funds | ||
Amount of other borrowings | $ 5,000 | |
Interest rate (as a percent) | 3.15% | |
Other Borrowings 1-month LIBOR plus 2.03 Percent Due December 2018 [Member] [Domain] | ||
Other Borrowed Funds | ||
Amount of other borrowings | $ 5,000 | |
Reference rate, description | 1-Month LIBOR | |
Interest rate added to reference rate (as a percent) | 2.03% | |
Other Borrowings 1-month LIBOR plus 1.89 Percent DUe September 2019 [Member] [Domain] | ||
Other Borrowed Funds | ||
Amount of other borrowings | $ 10,000 | |
Reference rate, description | 1-Month LIBOR | |
Interest rate added to reference rate (as a percent) | 1.89% | |
Other Borrowings 1-month LIBOR plus 1.56 Percent Due September 2020 [Domain] | ||
Other Borrowed Funds | ||
Amount of other borrowings | $ 5,000 | |
Reference rate, description | 1-Month LIBOR | |
Interest rate added to reference rate (as a percent) | 1.56% | |
Other Borrowings 1-month LIBOR plus 1.58 Percent Due November 2020 [Domain] | ||
Other Borrowed Funds | ||
Amount of other borrowings | $ 5,000 | |
Reference rate, description | 1-Month LIBOR | |
Interest rate added to reference rate (as a percent) | 1.58% | |
Other long-term borrowings | ||
Other Borrowed Funds | ||
Mortgage backed securities pledged as collateral for other borrowed funds | $ 33,900 |
BORROWINGS (Short-term Borrowin
BORROWINGS (Short-term Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 15,000 | $ 38,496 |
Overnight Borrowings | ||
Short-term Debt [Line Items] | ||
Blended weighted average interest rate (as a percent) | 0.52% | 0.43% |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
STOCK BASED COMPENSATION | |||
Stock based compensation expense | $ 300 | $ 310 | |
Stock options | |||
STOCK BASED COMPENSATION | |||
Stock based compensation expense | $ 115 | 112 | |
Number of Stock Options | |||
Outstanding at the beginning of the period (in shares) | 715,554 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | 0 | ||
Forfeited / Cancelled (in shares) | 0 | ||
Outstanding at the end of the period (in shares) | 715,554 | 715,554 | |
Exercisable at the end of the period (in shares) | 428,292 | ||
Weighted Average Exercise Price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 14.45 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 0 | ||
Forfeited / Cancelled (in dollars per share) | 0 | ||
Outstanding at the end of the period (in dollars per share) | 14.45 | $ 14.45 | |
Exercisable at the end of the period (in dollars per share) | $ 13.40 | ||
Weighted Average Remaining Contractual Life | |||
Outstanding at the beginning of the period | 5 years 11 months | 6 years 1 month | |
Outstanding at the end of the period | 5 years 11 months | 6 years 1 month | |
Exercisable at the end of the period | 4 years 9 months | ||
Aggregate Intrinsic Value | |||
Outstanding at the beginning of the period | $ 4,182 | ||
Outstanding at the end of the period | 3,488 | $ 4,182 | |
Exercisable at the end of the period | $ 2,537 | ||
Number of Stock Options, Unvested | |||
Unvested at the beginning of the period (in shares) | 366,362 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (79,100) | ||
Forfeited / Cancelled (in shares) | 0 | ||
Unvested at the end of the period (in shares) | 287,262 | 366,362 | |
Weighted Average Grant Date Fair Value, Unvested | |||
Unvested at the beginning of the period (in dollars per share) | $ 3.68 | ||
Granted (in dollars per share) | 0 | ||
Vested (in dollars per share) | 3.88 | ||
Forfeited / Cancelled (in dollars per share) | 0 | ||
Unvested at the end of the period (in dollars per share) | $ 3.63 | $ 3.68 | |
Compensation cost not yet recognized | |||
Expected future compensation expense, non-vested options | $ 900 | ||
Weighted average period | 2 years 7 months | ||
Restricted stock | |||
STOCK BASED COMPENSATION | |||
Stock based compensation expense | $ 234 | $ 198 | |
Compensation cost not yet recognized | |||
Expected future compensation expense, restricted shares | $ 1,900 | ||
Weighted average period | 2 years 5 months | ||
Number of Restricted Shares | |||
Unvested at the beginning of the period (in shares) | 177,073 | ||
Granted (in shares) | 18,608 | ||
Vested (in shares) | (54,397) | ||
Forfeited / Cancelled (in shares) | 0 | ||
Unvested at the end of the period (in shares) | 141,284 | 177,073 | |
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of the period (in dollars per share) | $ 16.04 | ||
Granted (in dollars per share) | 17 | ||
Vested (in dollars per share) | 16.79 | ||
Forfeited / Cancelled (in dollars per share) | 0 | ||
Unvested at the end of the period (in dollars per share) | 15.87 | $ 16.04 | |
Performance based restricted stock | |||
Weighted Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 17 | ||
Award vesting period | 5 years | ||
Metric weight percentage | 50.00% | ||
Percent of target shares | 147.00% | ||
Performance based restricted stock | Minimum | |||
Weighted Average Grant Date Fair Value | |||
Award vesting rights, percentage | 0.00% | ||
Performance based restricted stock | Maximum | |||
Weighted Average Grant Date Fair Value | |||
Award vesting rights, percentage | 150.00% | ||
Performance based restricted stock | Executive Officer | |||
Number of Restricted Shares | |||
Granted (in shares) | 39,250 | 8,840 | |
Performance Shares including Variable Payout Adjustment [Member] | Executive Officer | |||
Number of Restricted Shares | |||
Granted (in shares) | 57,858 | ||
Performance Shares Variable Payout Adjustment [Member] | Executive Officer | |||
Number of Restricted Shares | |||
Granted (in shares) | 18,608 | ||
50% Vest at Year Three | Performance based restricted stock | |||
Weighted Average Grant Date Fair Value | |||
Award vesting rights, percentage | 50.00% | ||
25% Vest at Year Four | Performance based restricted stock | |||
Weighted Average Grant Date Fair Value | |||
Award vesting rights, percentage | 25.00% | ||
50% Vest at Measurement Date | Performance based restricted stock | |||
Weighted Average Grant Date Fair Value | |||
Award vesting rights, percentage | 50.00% | ||
50% Vest at Year Four | Performance based restricted stock | |||
Weighted Average Grant Date Fair Value | |||
Award vesting rights, percentage | 50.00% | ||
25% Vest At Year Five | Performance based restricted stock | |||
Weighted Average Grant Date Fair Value | |||
Award vesting rights, percentage | 25.00% |
FAIR VALUE FAIR VALUE (Narrativ
FAIR VALUE FAIR VALUE (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)securityloanadjustmentexternal_pricing_service | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)loan | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of external pricing service providers | external_pricing_service | 1 | ||
Number of quotes per investment security obtained | security | 1 | ||
Adjustments to the values obtained from the primary pricing service | adjustment | 0 | ||
Liabilities transferred between the three levels of the fair value hierarchy | $ 0 | $ 0 | |
Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of loans | loan | 2 | 2,000 | |
Loans | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized gain on loans | $ 177,000 | $ 137,000 | |
Loans | Non-recurring basis | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fully charged off loans balance sheet value | 0 | ||
Derivatives contracts | Recurring basis | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | $ 8,000 | $ 6,000 |
FAIR VALUE (Estimated Fair Valu
FAIR VALUE (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 9,112 | $ 7,798 | $ 20,067 | $ 17,213 |
Investment securities available-for-sale | 135,826 | 139,751 | ||
Investment securities held-to-maturity | 146,655 | 149,850 | ||
FHLB stock | 6,186 | 6,734 | ||
Accrued interest receivable | 3,348 | 3,145 | ||
Mortgage servicing rights | 97 | 104 | ||
Financial liabilities: | ||||
Savings and club accounts | 145,110 | 142,966 | ||
Carrying Amount | ||||
Financial assets: | ||||
FHLB stock | 6,186 | 6,734 | ||
Carrying Amount | Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents | 9,112 | 7,798 | ||
Carrying Amount | Level 2 | ||||
Financial assets: | ||||
Investment securities available-for-sale | 135,826 | 139,751 | ||
Investment securities held-to-maturity | 144,528 | 150,190 | ||
Financial liabilities: | ||||
Savings and club accounts | 145,110 | 142,966 | ||
Demand, NOW and money market deposits | 428,286 | 361,490 | ||
Brokered deposits | 52,378 | 78,481 | ||
Certificates of deposit | 189,934 | 182,037 | ||
Short-term borrowings | 15,000 | 38,496 | ||
FHLB advances | 90,000 | 110,000 | ||
Other borrowed funds | 30,000 | 30,000 | ||
Accrued interest payable | 302 | 319 | ||
Carrying Amount | Level 3 | ||||
Financial assets: | ||||
Loans receivable, net | 776,669 | 767,683 | ||
Mortgage servicing rights | 97 | 104 | ||
Carrying Amount | Level 2, 3 | ||||
Financial assets: | ||||
Accrued interest receivable | 3,348 | 3,145 | ||
Financial liabilities: | ||||
Derivative contracts | 197 | 154 | ||
Estimated Fair Value | Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents | 9,112 | 7,798 | ||
Estimated Fair Value | Level 2 | ||||
Financial assets: | ||||
Investment securities available-for-sale | 135,826 | 139,751 | ||
Investment securities held-to-maturity | 146,655 | 149,850 | ||
Financial liabilities: | ||||
Savings and club accounts | 145,110 | 142,966 | ||
Demand, NOW and money market deposits | 428,286 | 361,490 | ||
Brokered deposits | 52,377 | 78,219 | ||
Certificates of deposit | 189,921 | 181,422 | ||
Short-term borrowings | 15,000 | 38,496 | ||
FHLB advances | 92,012 | 111,985 | ||
Other borrowed funds | 31,604 | 31,692 | ||
Accrued interest payable | 302 | 319 | ||
Estimated Fair Value | Level 3 | ||||
Financial assets: | ||||
Loans receivable, net | 779,947 | 768,516 | ||
Mortgage servicing rights | 97 | 104 | ||
Estimated Fair Value | Level 2, 3 | ||||
Financial assets: | ||||
Accrued interest receivable | 3,348 | 3,145 | ||
Financial liabilities: | ||||
Derivative contracts | $ 197 | $ 154 |
FAIR VALUE (Recurring and Nonre
FAIR VALUE (Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 135,826 | $ 139,751 |
Mortgage servicing rights, net | 97 | 104 |
Balance | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 135,826 | 139,751 |
Balance | Significant Other Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights, net | 97 | 104 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency residential mortgage related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 306 | 299 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 17,715 | 17,541 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency residential mortgage related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 117,805 | 121,911 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Derivatives contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts | (189) | (148) |
Recurring basis | Significant Other Unobservable Inputs (Level 3) | Obligations of U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Significant Other Unobservable Inputs (Level 3) | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Significant Other Unobservable Inputs (Level 3) | Agency residential mortgage related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Significant Other Unobservable Inputs (Level 3) | Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 2,324 | 2,315 |
Recurring basis | Significant Other Unobservable Inputs (Level 3) | Derivatives contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts | (8) | (6) |
Recurring basis | Balance | Obligations of U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 306 | 299 |
Recurring basis | Balance | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 17,715 | 17,541 |
Recurring basis | Balance | Agency residential mortgage related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 117,805 | 121,911 |
Recurring basis | Balance | Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 2,324 | 2,315 |
Recurring basis | Balance | Derivatives contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts | (197) | (154) |
Non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Non-recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Non-recurring basis | Significant Other Observable Inputs (Level 2) | Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Non-recurring basis | Significant Other Observable Inputs (Level 2) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Non-recurring basis | Significant Other Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 3,825 | 3,966 |
Mortgage servicing rights, net | 97 | 104 |
Non-recurring basis | Significant Other Unobservable Inputs (Level 3) | Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 1,113 | 1,239 |
Non-recurring basis | Significant Other Unobservable Inputs (Level 3) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 2,615 | 2,623 |
Non-recurring basis | Balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 3,825 | 3,966 |
Mortgage servicing rights, net | 97 | 104 |
Non-recurring basis | Balance | Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 1,113 | 1,239 |
Non-recurring basis | Balance | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 2,615 | $ 2,623 |
FAIR VALUE (Level 3 Rollforward
FAIR VALUE (Level 3 Rollforward) (Details) - Significant Other Unobservable Inputs (Level 3) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ||||
Beginning balance | $ 2,309 | $ 2,439 | ||
Purchases/additions | 0 | (1) | ||
Sales | 0 | 0 | ||
Payments (received) made | (31) | (30) | ||
Premium amortization, net | 0 | 0 | ||
(Decrease) increase in value | 38 | 25 | ||
Ending balance | 2,316 | 2,433 | ||
Derivatives contracts | ||||
Fair Value | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (8) | (8) | $ (6) | $ (12) |
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ||||
Purchases/additions | 0 | (1) | ||
Sales | 0 | 0 | ||
Payments (received) made | 0 | 0 | ||
Premium amortization, net | 0 | 0 | ||
(Decrease) increase in value | (2) | 5 | ||
Loans | ||||
Roll forward of financial instruments which fair value is determined using Significant Other Unobservable Inputs (Level 3) | ||||
Beginning balance | 2,315 | 2,451 | ||
Purchases/additions | 0 | 0 | ||
Sales | 0 | 0 | ||
Payments (received) made | (31) | (30) | ||
Premium amortization, net | 0 | 0 | ||
(Decrease) increase in value | 40 | 20 | ||
Ending balance | $ 2,324 | $ 2,441 |