Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 12, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'Naugatuck Valley Financial Corp | ' |
Entity Central Index Key | '0001493552 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'NVSL | ' |
Entity Common Stock, Shares Outstanding | ' | 7,002,208 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from depository institutions | $18,935 | $23,123 |
Federal funds sold | 7,507 | 106 |
Cash and cash equivalents | 26,442 | 23,229 |
Investment securities available-for-sale, at fair value | 27,986 | 23,484 |
Investment securities held-to-maturity, at amortized cost | 19,257 | 25,519 |
Loans held for sale | 653 | 2,761 |
Loans receivable, net | 380,974 | 417,613 |
Accrued income receivable | 1,473 | 1,761 |
Foreclosed real estate | 887 | 735 |
Premises and equipment, net | 9,145 | 9,491 |
Bank owned life insurance | 10,065 | 9,854 |
Federal Home Loan Bank stock, at cost | 5,444 | 5,917 |
Other assets | 4,965 | 6,033 |
Total assets | 487,291 | 526,397 |
Liabilities | ' | ' |
Deposits | 387,998 | 402,902 |
Federal Home Loan Bank ("FHLB") advances | 29,031 | 41,476 |
Other borrowed funds | 5,025 | 6,394 |
Mortgagors' escrow accounts | 2,349 | 4,628 |
Other liabilities | 3,445 | 4,089 |
Total liabilities | 427,848 | 459,489 |
Stockholders' equity | ' | ' |
Preferred stock, $.01 par value; 1,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 25,000,000 shares authorized; 7,002,366 shares issued; 7,002,208 shares outstanding at September 30, 2013 and December 31, 2012. | 70 | 70 |
Paid-in capital | 58,842 | 58,842 |
Retained earnings | 4,740 | 11,164 |
Unearned employee stock ownership plan ("ESOP") shares (395,115 shares at September 30, 2013 and December 31, 2012) | -3,143 | -3,143 |
Unearned stock awards (none at September 30, 2013 and 200 shares at December 31, 2012) | 0 | -3 |
Treasury stock, at cost (158 shares at September 30, 2013 and at December 31, 2012) | -1 | -1 |
Accumulated other comprehensive loss | -1,065 | -21 |
Total stockholders' equity | 59,443 | 66,908 |
Total liabilities and stockholders' equity | $487,291 | $526,397 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition [Parenthetical] (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
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 | 25,000,000 | 25,000,000 |
Common stock, shares issued | 7,002,366 | 7,002,366 |
Common stock, shares outstanding | 7,002,208 | 7,002,208 |
Unearned ESOP, shares | 395,115 | 395,115 |
Unearned stock awards, shares | 0 | 200 |
Treasury stock, shares | 158 | 158 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income | ' | ' | ' | ' |
Interest and fees on loans | $4,416 | $5,491 | $14,488 | $17,190 |
Interest and dividends on investments and deposits | 267 | 397 | 879 | 1,215 |
Total interest income | 4,683 | 5,888 | 15,367 | 18,405 |
Interest expense | ' | ' | ' | ' |
Interest on deposits | 652 | 887 | 2,190 | 2,956 |
Interest on borrowed funds | 173 | 370 | 716 | 1,260 |
Total interest expense | 825 | 1,257 | 2,906 | 4,216 |
Net interest income | 3,858 | 4,631 | 12,461 | 14,189 |
Provision for loan losses | 300 | 10,312 | 4,150 | 17,005 |
Net interest income (loss) after provision for loan losses | 3,558 | -5,681 | 8,311 | -2,816 |
Noninterest income | ' | ' | ' | ' |
Service charge income | 195 | 210 | 555 | 615 |
Gain on sales of loans | 124 | 708 | 852 | 1,605 |
Fees for other services | 139 | 165 | 429 | 553 |
Mortgage servicing income | 88 | 68 | 255 | 187 |
Income from bank owned life insurance | 71 | 75 | 211 | 226 |
Income from investment advisory services, net | 68 | 46 | 207 | 154 |
Other income | 25 | 23 | 72 | 77 |
Total noninterest income | 710 | 1,295 | 2,581 | 3,417 |
Noninterest expense | ' | ' | ' | ' |
Compensation, taxes and benefits | 3,046 | 2,711 | 8,620 | 8,025 |
Occupancy | 604 | 564 | 1,802 | 1,714 |
Professional fees | 312 | 576 | 1,608 | 1,113 |
FDIC insurance premiums | 227 | 185 | 682 | 506 |
Insurance | 149 | 36 | 430 | 109 |
Computer processing | 197 | 179 | 577 | 548 |
Expenses on foreclosed properties, net | 96 | 66 | 655 | 332 |
Writedowns on foreclosed properties | 0 | 0 | 60 | 75 |
Property taxes on loan sales | 11 | 0 | 776 | 0 |
Directors compensation | 64 | 152 | 275 | 486 |
Advertising | 115 | 122 | 310 | 408 |
Office supplies | 61 | 63 | 170 | 169 |
Deposit related charge | 0 | 0 | 0 | 712 |
Other expenses | 417 | 359 | 1,348 | 1,019 |
Total noninterest expense | 5,299 | 5,013 | 17,313 | 15,216 |
Loss before provision (benefit) for income taxes | -1,031 | -9,399 | -6,421 | -14,615 |
Provision (benefit) for income taxes | 0 | -3,238 | 0 | -5,063 |
Net loss | ($1,031) | ($6,161) | ($6,421) | ($9,552) |
Loss per common share - basic and diluted (in dollars per share) | ($0.16) | ($0.93) | ($0.97) | ($1.44) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net loss | ($1,031) | ($6,161) | ($6,421) | ($9,552) |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Unrealized (loss) gain on available-for-sale investment securities | -550 | 201 | -1,285 | 587 |
Income tax effect | 0 | 44 | 241 | 3 |
Other comprehensive (loss) income | -550 | 157 | -1,044 | 584 |
Total comprehensive loss | ($1,581) | ($6,004) | ($7,465) | ($8,968) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Unearned Esop Shares [Member] | Unearned Stock Awards [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | ||||||||
Balance at Dec. 31, 2011 | $82,314 | $70 | $58,908 | $27,014 | ($3,442) | ($14) | ($1) | ($221) |
Net loss | -9,552 | 0 | 0 | -9,552 | 0 | 0 | 0 | ' |
Dividends declared ($0.09 per common share) | -599 | 0 | 0 | -599 | 0 | 0 | 0 | 0 |
Stock based compensation (199 shares vested and 199 shares forfeited) | 8 | 0 | 0 | -3 | 0 | 11 | 0 | 0 |
Stock based compensation | 2 | 0 | 2 | 0 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 584 | 0 | 0 | 0 | 0 | 0 | 0 | 584 |
Balance at Sep. 30, 2012 | 72,757 | 70 | 58,910 | 16,860 | -3,442 | -3 | -1 | 363 |
Balance at Dec. 31, 2012 | 66,908 | 70 | 58,842 | 11,164 | -3,143 | -3 | -1 | -21 |
Net loss | -6,421 | 0 | 0 | -6,421 | 0 | 0 | 0 | ' |
Stock based compensation (199 shares vested and 199 shares forfeited) | 0 | 0 | 0 | -3 | 0 | 3 | 0 | 0 |
Other comprehensive income (loss) | -1,044 | 0 | 0 | 0 | 0 | 0 | 0 | -1,044 |
Balance at Sep. 30, 2013 | $59,443 | $70 | $58,842 | $4,740 | ($3,143) | $0 | ($1) | ($1,065) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity [Parenthetical] (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Common Stock, Dividends, Per Share, Declared | ' | $0.09 |
Stock Issued During Period, Shares, Share Based Compensation, Vested | 200 | 199 |
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | ' | 199 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net loss | ($6,421) | ($9,552) |
Adjustments to reconcile net loss to cash provided by operating activities: | ' | ' |
Provision for loan losses | 4,150 | 17,005 |
Depreciation and amortization expense | 515 | 532 |
Net loss on sales of foreclosed assets | 68 | 69 |
Writedowns on foreclosed real estate | 60 | 75 |
Gain on sale of loans | -852 | -1,605 |
Loans originated for sale | -28,616 | -64,789 |
Proceeds from sale of loans held for sale | 31,576 | 66,395 |
Net amortization from investments | 344 | 270 |
Amortization of intangible assets | 0 | 20 |
Provision for deferred taxes | 0 | -3,050 |
Stock-based compensation | 0 | 184 |
Net change in: | ' | ' |
Accrued income receivable | 288 | 88 |
Deferred loan fees | -99 | -92 |
Cash surrender value of life insurance | -211 | -226 |
Other assets | 1,309 | -1,504 |
Other liabilities | -644 | -504 |
Net cash provided by operating activities | 1,467 | 3,425 |
Cash flows from investing activities | ' | ' |
Proceeds from maturities and repayments of available-for-sale securities | 3,555 | 5,738 |
Proceeds from sale of available-for-sale securities | 749 | 300 |
Proceeds from maturities of held-to-maturity securities | 6,030 | 3,178 |
Redemption of Federal Home Loan Bank stock | 473 | 335 |
Purchase of available-for-sale securities | -10,203 | -4,216 |
Purchase of held-to-maturity securities | 0 | -7,386 |
Loan originations net of principal payments | 31,634 | 26,169 |
Purchase of premises and equipment | -169 | -407 |
Proceeds from the sale of foreclosed assets | 674 | 804 |
Net cash provided by investing activities | 32,743 | 24,515 |
Cash flows from financing activities | ' | ' |
Net change in time deposits | -21,065 | -22,439 |
Net change in other deposit accounts | 6,161 | 14,960 |
Repayment of FHLB advances | -12,445 | -17,972 |
Net change in mortgagors' escrow accounts | -2,279 | -2,573 |
Change in other borrowings | -1,369 | 8,509 |
Unawarded stock compensation | 0 | -3 |
Common stock repurchased | 0 | -1 |
Cash dividends to common stockholders | 0 | -599 |
Net cash used in financing activities | -30,997 | -20,118 |
Net change in cash and cash equivalents | 3,213 | 7,822 |
Cash and cash equivalents at beginning of period | 23,229 | 18,069 |
Cash and cash equivalents at end of period | 26,442 | 25,891 |
Supplementary Disclosures of Cash Flow Information: | ' | ' |
Transfer of loans to foreclosed assets | 954 | 356 |
Cash paid during the period for: | ' | ' |
Interest | 2,945 | 4,266 |
Income taxes | 0 | 198 |
Unrealized (losses) gains on available for sale securities arising during the period | ($1,285) | $587 |
DESCRIPTION_OF_BUSINESS_AND_BA
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations [Text Block] | ' |
NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | |
(a) Description of Business | |
Naugatuck Valley Financial Corporation (“Naugatuck Valley Financial” or the “Company”) is a stock savings and loan holding company incorporated in the State of Maryland. The Company is primarily engaged in the business of planning, directing and coordinating the business activities of its wholly-owned subsidiary bank, Naugatuck Valley Savings and Loan (“Naugatuck Valley Savings” or the “Bank”). The Company became the holding company for the Bank effective June 29, 2011. | |
Naugatuck Valley Savings is a federally chartered stock savings association and has served its customers in Connecticut since 1922. The Bank operates as a community-oriented financial institution dedicated to serving the financial services needs of consumers and businesses with a variety of deposit and lending products from its full service banking offices in the Greater Naugatuck Valley region of southwestern Connecticut. The Bank attracts deposits from the general public and uses those funds to originate one-to-four family, multi-family and commercial real estate, construction, commercial business and consumer loans. | |
Naugatuck Valley Savings has two wholly owned subsidiaries, Naugatuck Valley Mortgage Servicing Corporation and Church Street OREO One, LLC. Naugatuck Valley Mortgage Servicing Corporation qualifies and operates as a passive investment company pursuant to Connecticut regulation. Church Street OREO One, LLC was established in February 2013 to hold properties acquired through foreclosure as well as from nonjudicial proceedings. | |
(b) Basis of Presentation | |
The accompanying consolidated interim financial statements are unaudited and include the accounts of the Company, the Bank, and the Bank’s wholly owned subsidiaries, Naugatuck Valley Mortgage Servicing Corporation and Church Street OREO One, LLC. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the December 31, 2012 audited Consolidated Financial Statements and the accompanying Notes included in our Annual Report on Form 10-K. All significant intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements reflect, in the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and the results of its operations and its cash flows at the dates and for the periods presented. | |
In preparing the consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, deferred income taxes and the valuation of and the evaluation for other than temporary impairment (“OTTI”) on investment securities. While management uses available information to recognize losses and properly value these assets, future adjustments may be necessary based on changes in economic conditions both in Connecticut and nationally. | |
The Company’s only business segment is Community Banking. This segment represented all the revenues, income and assets of the consolidated Company and therefore, is the only reported segment as defined by FASB ASC 820, Segment Reporting. | |
Management has evaluated subsequent events for potential recognition or disclosure in the consolidated financial statements as of the date of this filing. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. | |
Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
Certain reclassifications have been made to the prior period amounts to conform with the September 30, 2013 consolidated financial statement presentation. These reclassifications only changed the reporting categories and did not affect the Company’s results of operations or financial position. | |
(c) Significant Accounting Policies | |
The significant accounting policies used in preparation of our consolidated financial statements are disclosed in our 2012 Annual Report on Form 10-K. There have not been any material changes in our significant accounting policies compared with those contained in our Form 10-K disclosure for the year ended December 31, 2012, except for the addition of the policy concerning transfers of financial assets shown below. | |
Transfers of financial assets | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company –put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and no condition both constrains the transferee from taking advantage of that right and provides more than a trivial benefit for the transferor, and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity of (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. | |
(d) Recently Issued Accounting Pronouncements | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-02. This update requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The Company adopted this update during the quarter ended March 31, 2013. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. | |
Balance Sheet — Disclosures about Offsetting Assets and Liabilities: In December 2011, the FASB issued Accounting Standards Update No. 2011-11, which requires an entity to disclose both gross and net information about financial instruments, such as sales and repurchase agreements and reverse sale and repurchase agreements and securities borrowing/lending arrangements, and derivative instruments that are eligible for offset in the statement of financial position and/or subject to a master netting arrangement or similar agreement. This update became effective in the quarter ended March 31, 2013. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. | |
REGULATORY_MATTERS
REGULATORY MATTERS | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | ' | ||||||||||||||||||
NOTE 2 – REGULATORY MATTERS | |||||||||||||||||||
Effective January 17, 2012, the Bank entered into a written Formal Agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”). The Agreement requires the Bank to take various actions, within prescribed time frames, with respect to certain operational areas of the Bank, including the following: | |||||||||||||||||||
· | Restricts the Bank from declaring or paying any dividends or other capital distributions to the Company without prior written regulatory approval. This provision relates to up streaming intercompany dividends or other capital distributions from the Bank to the Company. | ||||||||||||||||||
· | Provide prior written notice to the OCC before appointing an individual to serve as a senior executive officer or as a director of the Bank. | ||||||||||||||||||
· | Restricts the Bank from entering into, renewing, extending or revising any contractual arrangement relating to the compensation or benefits for any senior executive officer of the Bank, unless the Bank provides the OCC with prior written notice of the proposed transaction. | ||||||||||||||||||
· | Subjects the Bank to six month financial and operational examination review. The most recent examination occurred in June 2013. The next scheduled review is expected in the first quarter 2014. | ||||||||||||||||||
In April and May 2013, additional senior management team members were retained to assist the new CEO (who was hired in September 2012) to address the provisions of the Agreement. | |||||||||||||||||||
The Agreement and each of its provisions will remain in effect until these provisions are amended in writing by mutual consent or waived in writing by the OCC or terminated in writing by the OCC. | |||||||||||||||||||
The OCC regulations require savings institutions to maintain minimum levels of regulatory capital. Effective June 4, 2013, the OCC imposed individual minimum capital requirements (“IMCRs”) on the Bank. The IMCRs require the Bank to maintain a Tier 1 leverage capital to adjusted total assets ratio of at least 9.00% and a total risk-based capital to risk-rated assets ratio of at least 13.00%. Before the establishment of the IMCRs, the Bank had been operating under these capital parameters by self-imposing these capital levels as part of the capital plan the Bank was required to implement under the terms of the previously disclosed January 2012 Formal Agreement between the Bank and the OCC. The Bank exceeded the IMCRs at September 30, 2013, with a Tier 1 leverage ratio of 10.48% and a total risk-based capital ratio of 16.56%. | |||||||||||||||||||
As a source of strength to its subsidiary bank, the Company had liquid assets of approximately $7.4 million at September 30, 2013, which the Company could contribute to the Bank if needed, to enhance the Bank’s capital levels. If the Company had contributed those assets to the Bank as of September 30, 2013, the Bank would have had a Tier 1 leverage ratio of approximately 11.83%. | |||||||||||||||||||
On May 21, 2013, the Company entered into a Memorandum of Understanding (“MOU”) with the Federal Reserve Bank of Boston. Among other things, the MOU prohibits the Company from paying dividends, repurchasing its stock or making other capital distributions to shareholders without the prior written approval of the Federal Reserve Bank of Boston. | |||||||||||||||||||
As a savings and loan holding company regulated by the Federal Reserve Board, the Company is not currently subject to specific regulatory capital requirements. The Dodd- Frank Act, however, requires the Federal Reserve Board to promulgate consolidated capital requirements for depository institution holding companies that are no less stringent, both quantitatively and in terms of components of capital, than those applicable to institutions themselves. There is a five- year transition period (from the July 21, 2010 effective date of the Dodd- Frank Act) before the capital requirements will apply to savings and loan holding companies. | |||||||||||||||||||
The following table is a summary of the Company’s consolidated capital amounts and ratios and the Bank’s actual capital amounts and ratios as computed under the standards established by the Federal Deposit Insurance Act at September 30, 2013. | |||||||||||||||||||
At September 30, 2013 | Adequately Capitalized | Individual Minimum | Actual | ||||||||||||||||
Requirements | Capital Requirements (3) | ||||||||||||||||||
(Dollars in thousands) | $ | % | $ | % | $ | % | |||||||||||||
The Company Consolidated | |||||||||||||||||||
Tier 1 Leverage Capital (1) | N/A | N/A | N/A | N/A | $ | 60,507 | 12.39 | % | |||||||||||
Tier 1 Risk-Based Capital (2) | N/A | N/A | N/A | N/A | 60,507 | 18.11 | % | ||||||||||||
Total Risk-Based Capital (2) | N/A | N/A | N/A | N/A | 64,768 | 19.39 | % | ||||||||||||
The Bank | |||||||||||||||||||
Tier 1 Leverage Capital (1) | $ | 19,614 | 4 | % | $ | 44,132 | 9 | % | $ | 51,368 | 10.48 | % | |||||||
Tier 1 Risk-Based Capital (2) | 13,445 | 4 | % | N/A | N/A | 51,368 | 15.28 | % | |||||||||||
Total Risk-Based Capital (2) | 26,890 | 8 | % | 43,696 | 13 | % | 55,654 | 16.56 | % | ||||||||||
(1) Tier 1 capital to total assets. | |||||||||||||||||||
(2) Tier 1 or total risk-based capital to risk-weighted assets. | |||||||||||||||||||
(3) Effective June 4, 2013. | |||||||||||||||||||
At December 31, 2012 | Adequately Capitalized | Actual | |||||||||||||||||
Requirements | |||||||||||||||||||
(Dollars in thousands) | $ | % | $ | % | |||||||||||||||
The Company Consolidated | |||||||||||||||||||
Tier 1 Leverage Capital (1) | N/A | N/A | $ | 66,929 | 12.71 | % | |||||||||||||
Tier 1 Risk-Based Capital (2) | N/A | N/A | 66,929 | 19.35 | % | ||||||||||||||
Total Risk-Based Capital (2) | N/A | N/A | 71,378 | 20.64 | % | ||||||||||||||
The Bank | |||||||||||||||||||
Tier 1 Leverage Capital (1) | $ | 21,087 | 4 | % | $ | 52,618 | 9.98 | % | |||||||||||
Tier 1 Risk-Based Capital (2) | 14,105 | 4 | % | 52,618 | 14.92 | % | |||||||||||||
Total Risk-Based Capital (2) | 28,210 | 8 | % | 57,162 | 16.21 | % | |||||||||||||
(1) Tier 1 capital to total assets. | |||||||||||||||||||
(2) Tier 1 or total risk-based capital to risk-weighted assets. | |||||||||||||||||||
As of September 30, 2013, the most recent regulatory notifications categorized the Bank as adequately capitalized under the regulatory framework for prompt corrective action. | |||||||||||||||||||
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | |||||||||||||
NOTE 3 – INVESTMENT SECURITIES | ||||||||||||||
At September 30, 2013, the composition of the investment portfolio was: | ||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||
Available-for-sale securities: | ||||||||||||||
U.S. Government and agency obligations | $ | 6,600 | $ | 34 | $ | - | $ | 6,634 | ||||||
U.S. Government agency mortgage-backed securities | 10,088 | 411 | - | 10,499 | ||||||||||
U.S. Government agency collateralized mortgage obligations | 3,895 | 12 | - | 3,907 | ||||||||||
Private label collateralized mortgage obligations | 268 | 1 | - | 269 | ||||||||||
Subtotal | 20,851 | 458 | - | 21,309 | ||||||||||
Auction-rate trust preferred securities | 7,700 | - | -1,529 | 6,171 | ||||||||||
Mutual fund - mortgage-backed securities | 500 | 6 | - | 506 | ||||||||||
Total available-for-sale securities | $ | 29,051 | $ | 464 | $ | -1,529 | $ | 27,986 | ||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||
Held-to-maturity securities: | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 19,257 | $ | 99 | $ | - | $ | 19,356 | ||||||
Total held-to-maturity securities | $ | 19,257 | $ | 99 | $ | - | $ | 19,356 | ||||||
At December 31, 2012, the composition of the investment portfolio was: | ||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||
Available-for-sale securities: | ||||||||||||||
U.S. Government and agency obligations | $ | 1,006 | $ | 23 | $ | - | $ | 1,029 | ||||||
U.S. Government agency mortgage-backed securities | 13,270 | 690 | - | 13,960 | ||||||||||
U.S. Government agency collateralized mortgage obligations | 974 | 11 | - | 985 | ||||||||||
Private label collateralized mortgage obligations | 314 | - | -20 | 294 | ||||||||||
Subtotal | 15,564 | 724 | -20 | 16,268 | ||||||||||
Auction-rate trust preferred securities | 7,700 | - | -484 | 7,216 | ||||||||||
Total available-for-sale securities | $ | 23,264 | $ | 724 | $ | -504 | $ | 23,484 | ||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||
Held-to-maturity securities: | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 25,519 | $ | 588 | $ | - | $ | 26,107 | ||||||
Total held-to-maturity securities | $ | 25,519 | $ | 588 | $ | - | $ | 26,107 | ||||||
The following is a summary of the fair values and related unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2013, and December 31, 2012: | ||||||||||||||
At September 30, 2013 | ||||||||||||||
Securities in Continuous Unrealized | ||||||||||||||
Loss Position 12 or More Consecutive Months | ||||||||||||||
Number of | Fair Market | Unrealized | ||||||||||||
(Dollars in thousands) | Securities | Value | Loss | |||||||||||
Auction-rate trust preferred securities | 5 | $ | 6,171 | $ | -1,529 | |||||||||
. | ||||||||||||||
Total securities in unrealized loss position | 5 | $ | 6,171 | $ | -1,529 | |||||||||
At December 31, 2012 | ||||||||||||||
Securities in Continuous Unrealized | ||||||||||||||
Loss Position 12 or More Consecutive Months | ||||||||||||||
Number of | Fair Market | Unrealized | ||||||||||||
(Dollars in thousands) | Securities | Value | Loss | |||||||||||
Private label collateralized mortgage obligations | 1 | $ | 294 | $ | -20 | |||||||||
Auction-rate trust preferred securities | 5 | 7,216 | -484 | |||||||||||
Total securities in unrealized loss position | 6 | $ | 7,510 | $ | -504 | |||||||||
There were no securities in a continuous unrealized loss position for less than 12 months at September 30, 2013 or December 31, 2012. | ||||||||||||||
The amortized cost and fair value of securities at September 30, 2013, by expected maturity, are set forth below. Actual maturities of mortgage-backed securities and collateralized mortgage obligations may differ from contractual maturities because the mortgages underlying the securities may be prepaid or called with or without call or prepayment penalties. Because these securities are not due at a single maturity date, the maturity information is not presented. | ||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||
At September 30, 2013 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
(Dollars in thousands) | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 10,088 | $ | 10,499 | $ | 19,257 | $ | 19,356 | ||||||
U.S. Government agency collateralized mortgage obligations | 3,895 | 3,907 | - | - | ||||||||||
Private label collateralized mortgage obligations | 268 | 269 | - | - | ||||||||||
Mutual fund - mortgage-backed securities | 500 | 506 | - | - | ||||||||||
Subtotal | 14,751 | 15,181 | 19,257 | 19,356 | ||||||||||
Securities with Fixed Maturities: | ||||||||||||||
Due in one year or less | 6,600 | 6,634 | - | - | ||||||||||
Due afer one year through five years | - | - | - | - | ||||||||||
Due afer five years through ten years | - | - | - | - | ||||||||||
Due after ten years through fifteen years | 7,700 | 6,171 | - | - | ||||||||||
14,300 | 12,805 | - | - | |||||||||||
Total | $ | 29,051 | $ | 27,986 | $ | 19,257 | $ | 19,356 | ||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||
At December 31, 2012 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
(Dollars in thousands) | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 13,270 | $ | 13,960 | $ | 25,519 | $ | 26,107 | ||||||
U.S. Government agency collateralized mortgage obligations | 974 | 985 | - | - | ||||||||||
Private label collateralized mortgage obligations | 314 | 294 | - | - | ||||||||||
Subtotal | 14,558 | 15,239 | 25,519 | 26,107 | ||||||||||
Securities with Fixed Maturities: | ||||||||||||||
Due in one year or less | 1,006 | 1,029 | - | - | ||||||||||
Due after one year through five years | - | - | - | - | ||||||||||
Due after five years through ten years | - | - | - | - | ||||||||||
Due after ten years through fifteen years | 7,700 | 7,216 | - | - | ||||||||||
8,706 | 8,245 | - | - | |||||||||||
Total | $ | 23,264 | $ | 23,484 | $ | 25,519 | $ | 26,107 | ||||||
LOANS_RECEIVABLE
LOANS RECEIVABLE | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||
NOTE 4 – LOANS RECEIVABLE | |||||||||||||||||||||||
A summary of loans receivable at September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
One-to-four family | $ | 201,752 | $ | 209,004 | |||||||||||||||||||
Multi-family and commercial real estate | 125,746 | 133,549 | |||||||||||||||||||||
Construction and land development | 9,529 | 26,633 | |||||||||||||||||||||
Total real estate loans | 337,027 | 369,186 | |||||||||||||||||||||
Commercial business loans | 26,602 | 32,970 | |||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 27,557 | 28,829 | |||||||||||||||||||||
Other consumer | 706 | 1,297 | |||||||||||||||||||||
Total consumer loans | 28,263 | 30,126 | |||||||||||||||||||||
Total loans | 391,892 | 432,282 | |||||||||||||||||||||
Less: | |||||||||||||||||||||||
Allowance for loan losses | 10,848 | 14,500 | |||||||||||||||||||||
Deferred loan origination fees, net | 70 | 169 | |||||||||||||||||||||
Loans receivable, net | $ | 380,974 | $ | 417,613 | |||||||||||||||||||
In June 2013, in connection with the Company’s plan to reduce the level of impaired loans, the Company sold $20.8 million in credit impaired loans in three separate transactions of a similar nature in which the financial assets transferred satisfy all of the criteria to be accounted for as sales of financial assets. In these transactions, the Company sold approximately $14.1 million in loans secured by commercial real estate properties, $6.0 million in construction and land development loans and $0.7 million in loans secured by owner occupied one-to-four family properties. Because of the credit impaired quality of these assets transferred, the impact of these sales resulted in $5.1 million in net charge-offs against the Company’s allowance for loan losses. | |||||||||||||||||||||||
Credit quality of financing receivables | |||||||||||||||||||||||
Management segregates the loan portfolio into portfolio segments which are defined as the level at which the Company develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. | |||||||||||||||||||||||
During the second quarter of 2013, management analyzed the risk concentration within the loan portfolio. As a result of this analysis, the loan portfolio was further disaggregated by expanding the number of loan segments from six segments to ten segments as of June 30, 2013. The commercial real estate loan segment, the second largest grouping of loans after one-to-four family owner occupied loans, was expanded into five segments to increase the granularity of analysis of the risks inherent in the loans in these segments. The expanded commercial loan segments are: investor owned one-to-four family and multi-family properties, industrial and warehouse properties, office buildings, retail properties and special use properties. | |||||||||||||||||||||||
The Company’s loan portfolio is segregated as follows: | |||||||||||||||||||||||
One-to-four Family Owner Occupied Loans. This portfolio segment consists of the origination of first mortgage loans secured by one-to-four family owner occupied residential properties and residential construction loans to individuals to finance the construction of residential dwellings for personal use located in our market area. Although the Company has experienced an increase in foreclosures on its owner occupied loan portfolio over the past year, foreclosures are still at relatively low levels. Management believes this is due mainly to its conservative underwriting and lending strategies which do not allow for high risk loans such as “Option ARM,” “sub-prime” or “Alt-A” loans. | |||||||||||||||||||||||
Multi-family and Commercial Real Estate Loans. As described above, this portfolio grouping has been further disaggregated into loans secured by: | |||||||||||||||||||||||
⋅ Investor owned one-to-four family and multi-family properties; | |||||||||||||||||||||||
⋅ Industrial and warehouse properties; | |||||||||||||||||||||||
⋅ Office buildings; | |||||||||||||||||||||||
⋅ Retail properties; and | |||||||||||||||||||||||
⋅ Special use properties. | |||||||||||||||||||||||
Loans secured by these types of commercial real estate collateral generally have larger loan balances and more credit risk than owner occupied one-to-four family mortgage loans. The increased risk is the result of several factors, including the concentration of principal in a limited number of loans and borrowers, the impact of local and general economic conditions on the borrower’s ability to repay the loan, and the increased difficulty of evaluating and monitoring these types of loans. | |||||||||||||||||||||||
Construction and Land Development Loans. This portfolio segment includes commercial construction loans for commercial development projects, including condominiums, apartment buildings, and single family subdivisions as well as office buildings, retail and other income producing properties and land loans, which are loans made with land as security. Construction and land development financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions. If the estimate of construction cost proves to be inaccurate, the Company may be required to advance additional funds beyond the amount originally committed in order to protect the value of the property. Moreover, if the estimated value of the completed project proves to be inaccurate, the borrower may hold a property with a value that is insufficient to assure full repayment. Construction loans also expose the Company to the risks that improvements will not be completed on time in accordance with specifications and projected costs and that repayment will depend on the successful operation or sale of the properties, which may cause some borrowers to be unable to continue with debt service which exposes the Company to greater risk of non-payment and loss. Additionally, economic factors such as the decline of property values may have an adverse affect on the ability of the borrower to sell the property. | |||||||||||||||||||||||
Commercial Business Loans. This portfolio segment includes commercial business loans secured by real estate, assignments of corporate assets, and personal guarantees of the business owners. Commercial business loans generally have higher interest rates and shorter terms than other loans, but they also may involve higher average balances, increased difficulty of loan monitoring and a higher risk of default since their repayment generally depends on the successful operation of the borrower’s business. | |||||||||||||||||||||||
Real Estate Secured Consumer Loans. This portfolio segment includes home equity loans and home equity lines of credit secured by owner occupied one-to four-family residential properties. Loans of this type are written at a maximum of 75% of the appraised value of the property and we require that we have no lower than a second lien position on the property. These loans are written at a higher interest rate and a shorter term than mortgage loans. | |||||||||||||||||||||||
The Company has experienced a low level of foreclosure in this type of loan during recent periods. These loans can be affected by economic conditions and the values of the underlying properties. | |||||||||||||||||||||||
Other Consumer Loans. This portfolio segment includes loans secured by passbook or certificate accounts, or automobiles, as well as unsecured personal loans and overdraft lines of credit. This type of loan may entail greater risk than do residential mortgage loans, particularly in the case of loans that are unsecured or secured by assets that depreciate rapidly. | |||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||
The Company’s policies provide for the classification of loans into the following categories: pass (1 - 5), special mention (6), substandard-accruing (7), substandard-nonaccruing (8), doubtful (9), and loss (10). In June 2013, the Company added substandard-accruing as an additional risk grade to further delineate the Bank’s risk profile in the previous substandard category. Consistent with regulatory guidelines, loans that are considered to be of lesser quality are considered adversely classified as substandard, doubtful or loss. A loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans include those loans characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Loans classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans (or portions of loans) classified as loss are those considered uncollectible. The Company generally charges off loans or portions of loans as soon as they are considered to be uncollectible and of little value. Loans that do not expose us to risk sufficient to warrant classification in one of the aforementioned categories, but which possess potential weaknesses that deserve close attention, are required to be designated as special mention. When loans are classified as special mention, substandard or doubtful, management focuses increased monitoring and attention on these loans in assessing the credit risk and specific allowance requirements for these loans. | |||||||||||||||||||||||
The following tables are a summary of the loan portfolio credit quality indicators, by loan class, as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||
One-to-Four | Multi-Family and | Construction and | Commercial | Consumer Loans | Total | ||||||||||||||||||
Family | Commercial Real | Land | Business Loans | ||||||||||||||||||||
Estate | Development | ||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||
Pass | $ | 190,233 | $ | 95,021 | $ | 1,636 | $ | 18,591 | $ | 27,242 | $ | 332,723 | |||||||||||
Special Mention | 4,614 | 24,348 | 1,107 | 4,423 | 290 | 34,782 | |||||||||||||||||
Substandard: | |||||||||||||||||||||||
- Accruing | 1,540 | 3,147 | 2,862 | 1,011 | 214 | 8,774 | |||||||||||||||||
- Nonaccruing (1) | 5,365 | 3,230 | 3,924 | 2,480 | 517 | 15,516 | |||||||||||||||||
Subtotal - substandard | 6,905 | 6,377 | 6,786 | 3,491 | 731 | 24,290 | |||||||||||||||||
Doubtful | - | - | - | 97 | - | 97 | |||||||||||||||||
Total | $ | 201,752 | $ | 125,746 | $ | 9,529 | $ | 26,602 | $ | 28,263 | $ | 391,892 | |||||||||||
Multi-Family and Commercial Real Estate | |||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||
September 30, 2013 | Investor Owned | Industrial and | Office Buildings | Retail Properties | Special Use | Total Multi-Family | |||||||||||||||||
One-to-Four | Warehouse | Properties | and Commercial | ||||||||||||||||||||
family and multi- | Properties | Real Estate | |||||||||||||||||||||
family | |||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||
Pass | $ | 11,732 | $ | 23,083 | $ | 18,627 | $ | 15,656 | $ | 25,923 | $ | 95,021 | |||||||||||
Special Mention | 3,500 | 7,391 | 2,797 | 5,206 | 5,454 | 24,348 | |||||||||||||||||
Substandard: | |||||||||||||||||||||||
- Accruing | - | 1,815 | 375 | 462 | 495 | 3,147 | |||||||||||||||||
- Nonaccruing (1) | 1,182 | 154 | 350 | 400 | 1,144 | 3,230 | |||||||||||||||||
Subtotal - substandard | 1,182 | 1,969 | 725 | 862 | 1,639 | 6,377 | |||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||
Total | $ | 16,414 | $ | 32,443 | $ | 22,149 | $ | 21,724 | $ | 33,016 | $ | 125,746 | |||||||||||
-1 | Non-accrual loans included substandard nonaccruing loans and non-performing consumer loans. | ||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||
31-Dec-12 | One-to-Four | Multi-Family and | Construction and | Commercial | Total | ||||||||||||||||||
Family | Commercial Real | Land | Business Loans | ||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||
Pass | $ | 198,800 | $ | 90,544 | $ | 12,817 | $ | 24,271 | $ | 326,432 | |||||||||||||
Special Mention | 4,807 | 26,198 | 2,159 | 3,255 | 36,419 | ||||||||||||||||||
Substandard: | |||||||||||||||||||||||
- Accruing | 1,709 | 7,776 | 2,402 | 2,043 | 13,930 | ||||||||||||||||||
- Nonaccruing (1) | 3,688 | 9,031 | 9,255 | 3,401 | 25,375 | ||||||||||||||||||
Subtotal - substandard | 5,397 | 16,807 | 11,657 | 5,444 | 39,305 | ||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||
Total | $ | 209,004 | $ | 133,549 | $ | 26,633 | $ | 32,970 | $ | 402,156 | |||||||||||||
Consumer loans were not risk rated at December 31, 2012 and the credit risk profile was based on payment performance. The following table represents the credit risk profile on consumer loans as of December 31, 2012. | |||||||||||||||||||||||
Consumer Loans - Credit Risk Profile Based on Payment Activity: | |||||||||||||||||||||||
(In thousands) | At December 31, | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Grade: | |||||||||||||||||||||||
Performing | $ | 29,853 | |||||||||||||||||||||
Nonperforming (1) | 273 | ||||||||||||||||||||||
Total | $ | 30,126 | |||||||||||||||||||||
(1) Non-accrual loans included substandard nonaccruing loans and non-performing consumer loans. | |||||||||||||||||||||||
(a) Delinquencies | |||||||||||||||||||||||
When a loan is 15 days past due, the Company sends the borrower a late notice. The Company also contacts the borrower by phone if the delinquency is not corrected promptly after the notice has been sent. When the loan is 30 days past due, the Company mails the borrower a letter reminding the borrower of the delinquency and attempts to contact the borrower personally to determine the reason for the delinquency in order to ensure that the borrower understands the terms of the loan and the importance of making payments on or before the due date. If necessary, subsequent delinquency notices are issued and the account will be monitored on a regular basis thereafter. By the 90th day of delinquency, the Company will send the borrower a final demand for payment and may recommend foreclosure. A summary report of all loans 30 days or more past due is provided to the Board of Directors of the Company each month. | |||||||||||||||||||||||
Loans, including TDRs, are automatically placed on nonaccrual status when payment of principal or interest is more than 90 days delinquent. Loans may also be placed on nonaccrual status if collection of principal or interest in full, or in part, is in doubt or if the loan has been restructured. When loans are placed on nonaccrual status, unpaid accrued interest is fully reversed, and further income is recognized only to the extent received. The loan may be returned to accrual status if unpaid principal and interest are repaid so that the loan is less than 90 days delinquent for a reasonable period of time (usually six consecutive months) to establish a reliable assessment of collectability. | |||||||||||||||||||||||
The following tables set forth certain information with respect to our loan portfolio delinquencies, by loan class, as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
Delinquencies | |||||||||||||||||||||||
Greater | Carrying | ||||||||||||||||||||||
Amount > 90 | |||||||||||||||||||||||
31-60 Days Past | 61-90 Days | Than | Total Past | Days and | |||||||||||||||||||
Due | Past Due | 90 Days | Due | Current | Total Loans | Accruing | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to-four family | $ | 2,059 | $ | 327 | $ | 2,384 | $ | 4,770 | $ | 196,982 | $ | 201,752 | $ | - | |||||||||
Construction and land development | 485 | - | 3,865 | 4,350 | 5,179 | 9,529 | - | ||||||||||||||||
Multi-family and commercial real estate: | - | ||||||||||||||||||||||
Investor owned one-to-four family and multi-family | 1,041 | - | 623 | 1,664 | 14,750 | 16,414 | - | ||||||||||||||||
Industrial and Warehouse | 229 | 652 | 154 | 1,035 | 31,408 | 32,443 | - | ||||||||||||||||
Office buildings | 109 | - | 350 | 459 | 21,690 | 22,149 | |||||||||||||||||
Retail properties | - | - | - | - | 21,724 | 21,724 | - | ||||||||||||||||
Special use properties | 740 | - | - | 740 | 32,276 | 33,016 | - | ||||||||||||||||
Subtotal Multi-family and commercial real estate | 2,119 | 652 | 1,127 | 3,898 | 121,848 | 125,746 | - | ||||||||||||||||
Commercial business loans | 1,061 | 52 | 2,429 | 3,542 | 23,060 | 26,602 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity loans | 70 | 33 | 321 | 424 | 27,133 | 27,557 | - | ||||||||||||||||
Other consumer loans | 1 | - | - | 1 | 705 | 706 | |||||||||||||||||
Subtotal Consumer | 71 | 33 | 321 | 425 | 27,838 | 28,263 | - | ||||||||||||||||
Total | $ | 5,795 | $ | 1,064 | $ | 10,126 | $ | 16,985 | $ | 374,907 | $ | 391,892 | $ | - | |||||||||
As of December 31, 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to-four family | $ | 1,820 | $ | 735 | $ | 1,329 | $ | 3,884 | $ | 205,120 | $ | 209,004 | $ | - | |||||||||
Construction | 489 | 136 | 8,654 | 9,279 | 17,354 | 26,633 | - | ||||||||||||||||
Multi-family and commercial real estate | 1,688 | 174 | 6,225 | 8,087 | 125,462 | 133,549 | - | ||||||||||||||||
Commercial business loans | 642 | 1,169 | 1,917 | 3,728 | 29,242 | 32,970 | - | ||||||||||||||||
Consumer and other | 1,353 | 184 | 100 | 1,637 | 28,489 | 30,126 | - | ||||||||||||||||
Total | $ | 5,992 | $ | 2,398 | $ | 18,225 | $ | 26,615 | $ | 405,667 | $ | 432,282 | $ | - | |||||||||
(b) Impaired loans and nonperforming assets | |||||||||||||||||||||||
The following tables set forth certain information with respect to our nonperforming assets as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Nonperforming Assets | (Dollars in thousands) | ||||||||||||||||||||||
Nonaccrual loans | $ | 10,053 | $ | 22,306 | |||||||||||||||||||
TDRs nonaccruing | 7,013 | 8,277 | |||||||||||||||||||||
Subtotal nonperforming loans | 17,066 | 30,583 | |||||||||||||||||||||
Foreclosed real estate | 887 | 735 | |||||||||||||||||||||
Total nonperforming assets | $ | 17,953 | $ | 31,318 | |||||||||||||||||||
Total nonperforming loans to total loans | 4.35 | % | 7.07 | % | |||||||||||||||||||
Total nonperforming assets to total assets | 3.68 | % | 5.95 | % | |||||||||||||||||||
Nonperforming loans (defined as nonaccrual loans and nonperforming troubled debt restructured loans (“TDRs”)) totaled $17.1 million at September 30, 2013 compared to $30.6 million at December 31, 2012. The amount of income that was contractually due but not recognized on nonperforming loans totaled $258,000 and $275,000 for the nine months ended September 30, 2013 and September 30, 2012, respectively. | |||||||||||||||||||||||
At September 30, 2013, the Company had 97 loans on nonaccrual status of which 46 loans were less than 90 days past due; however, these loans were placed on nonaccrual status due to the uncertainty of their collectability. | |||||||||||||||||||||||
At December 31, 2012, the Company had 111 loans on nonaccrual status of which 49 loans were less than 90 days past due; however, these loans were placed on nonaccrual status due to the uncertainty of their collectability. | |||||||||||||||||||||||
The Company accounts for impaired loans in accordance with GAAP. An impaired loan generally is one for which it is probable, based on current information, that the Company will not collect all the amounts due under the contractual terms of the loan. All impaired loans are individually evaluated for impairment at least quarterly. As a result of this impairment evaluation, the Company provides a specific reserve for, or charges off, that portion of the asset that is deemed uncollectible. | |||||||||||||||||||||||
The following tables summarize impaired loans by portfolio segment as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment with | Investment with | ||||||||||||||||||||||
As of September 30, 2013 | No Specific | Specific | Total | Unpaid | Related Specific | ||||||||||||||||||
Valuation | Valuation | Recorded | Contractual | Valuation | |||||||||||||||||||
Allowance | Allowance | Investment | Principal Balance | Allowance | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to four-family | $ | 5,470 | $ | 1,353 | $ | 6,823 | $ | 7,557 | $ | 55 | |||||||||||||
Construction and land development | 3,223 | 700 | 3,923 | 7,065 | 570 | ||||||||||||||||||
Multi-family and commercial real estate: | |||||||||||||||||||||||
Investor owned one-to-four family and multi-family properties | 951 | 230 | 1,181 | 1,278 | 22 | ||||||||||||||||||
Industrial and warehouse properties | 34 | 120 | 154 | 293 | 6 | ||||||||||||||||||
Office buildings | - | 350 | 350 | 406 | 75 | ||||||||||||||||||
Retail properties | - | 400 | 400 | 467 | 34 | ||||||||||||||||||
Special use properties | 513 | 631 | 1,144 | 1,608 | 18 | ||||||||||||||||||
Subtotal | 1,498 | 1,731 | 3,229 | 4,052 | 155 | ||||||||||||||||||
Commercial business loans | 1,747 | 1,063 | 2,810 | 3,264 | 590 | ||||||||||||||||||
Consumer loans | 595 | 91 | 686 | 793 | 16 | ||||||||||||||||||
Total impaired loans | $ | 12,533 | $ | 4,938 | $ | 17,471 | $ | 22,731 | $ | 1,386 | |||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment with | Investment with | ||||||||||||||||||||||
As of December 31, 2012 | No Specific | Specific | Total | Unpaid | Related Specific | ||||||||||||||||||
Valuation | Valuation | Recorded | Contractual | Valuation | |||||||||||||||||||
Allowance | Allowance | Investment | Principal Balance | Allowance | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to four-family | $ | 4,422 | $ | 119 | $ | 4,541 | $ | 4,944 | $ | 5 | |||||||||||||
Construction and land development | 5,884 | 2,402 | 8,286 | 15,298 | 119 | ||||||||||||||||||
Multi-family and commercial real estate | 12,177 | 2,196 | 14,373 | 16,832 | 271 | ||||||||||||||||||
Commercial business loans | 2,731 | 1,214 | 3,945 | 4,419 | 340 | ||||||||||||||||||
Consumer loans | 255 | 45 | 300 | 385 | 1 | ||||||||||||||||||
Total impaired loans | $ | 25,469 | $ | 5,976 | $ | 31,445 | $ | 41,878 | $ | 736 | |||||||||||||
In the above table, the unpaid contractual principal balance represents the aggregate amounts legally owed to the Bank under the terms of the borrowers’ loan agreements. The recorded investment amounts shown above represent the unpaid contractual principal balance owed to the Bank less any amounts charged off based on collectability assessments by the Bank and less any amounts paid by borrowers on nonaccrual loans which were recognized as principal curtailments. On nonaccrual loans, the Bank applies any borrower payments first against the principal balance of the loan and once the entire principal balance has been recovered, any subsequent payments are recognized as interest income. | |||||||||||||||||||||||
The following table relates to interest income recognized by segment of impaired loans for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | ||||||||||||||||||||
Recorded | Recognized | Recorded | Recognized | ||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to four-family | $ | 6,896 | $ | 144 | $ | 4,925 | $ | 122 | |||||||||||||||
Construction | 3,953 | 6 | 11,178 | 120 | |||||||||||||||||||
Multi-family and commercial real estate | 5,529 | 41 | 12,705 | 190 | |||||||||||||||||||
Commercial business loans | 556 | 45 | 1,534 | 27 | |||||||||||||||||||
Consumer loans | 696 | 15 | 340 | 12 | |||||||||||||||||||
Total | $ | 17,630 | $ | 251 | $ | 30,682 | $ | 471 | |||||||||||||||
(c) Troubled Debt Restructured Loans | |||||||||||||||||||||||
A TDR is a restructuring in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to a borrower that it would not otherwise consider. TDRs are considered impaired and are separately measured for impairment, whether on accrual or nonaccrual status. | |||||||||||||||||||||||
Loan modifications are generally granted at the request of the individual borrower and may include concessions such as reduction in interest rates, changes in payments, maturity date extensions, or debt forgiveness/forbearance. TDRs are loans for which the original contractual terms of the loans have been modified and both of the following conditions exist: (i) the restructuring constitutes a concession (including reduction of interest rates or extension of maturity dates) and (ii) the borrower is either experiencing financial difficulties or absent such concessions, it is probable the borrower would experience financial difficulty complying with the original terms of the loan. Loans are not classified as TDRs when the modification is short-term or results in only an insignificant delay or shortfall in the payments to be received. The Company’s loan modifications are determined on a case-by-case basis in connection with ongoing loan collection processes. | |||||||||||||||||||||||
The recorded investment balance of performing and nonperforming TDRs as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||
(In thousands) | As of | As of | |||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Aggregate recorded investment of impaired loans | |||||||||||||||||||||||
performing under terms modified through a troubled | |||||||||||||||||||||||
debt restructuring: | |||||||||||||||||||||||
Performing | $ | 3,889 | $ | 3,573 | |||||||||||||||||||
Nonperforming | 4,407 | 5,566 | |||||||||||||||||||||
Total | $ | 8,296 | $ | 9,139 | |||||||||||||||||||
The following table presents a summary of loans that were restructured during the nine months ended September 30, 2013 and September 30, 2012: | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
(Dollars in thousands) | Number | Pre- | Funds | Interest and | Post- | ||||||||||||||||||
of Loans | Modification | Disbursed | Escrow | Modification | |||||||||||||||||||
Recorded | Capitalized | Recorded | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
One-to-four family | 6 | $ | 1,434 | $ | 7 | $ | - | $ | 1,441 | ||||||||||||||
Multi-family and commercial real estate | 5 | 395 | 46 | - | 441 | ||||||||||||||||||
Commercial business loans | 5 | 1,087 | 10 | - | 1,097 | ||||||||||||||||||
Consumer loans - home equity | 1 | 51 | - | - | 51 | ||||||||||||||||||
Total TDRs restructured during | |||||||||||||||||||||||
the period | 17 | $ | 2,967 | $ | 63 | $ | - | $ | 3,030 | ||||||||||||||
TDRs, still accruing interest | 1 | $ | 135 | $ | - | $ | - | $ | 135 | ||||||||||||||
TDRs, included in nonaccrual | 15 | 2,662 | 63 | - | 2,725 | ||||||||||||||||||
Sold | 1 | 170 | - | - | 170 | ||||||||||||||||||
Total | 17 | $ | 2,967 | $ | 63 | $ | - | $ | 3,030 | ||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre- | Funds | Interest and | Post- | ||||||||||||||||||
Loans | Modification | Disbursed | Escrow | Modification | |||||||||||||||||||
Recorded | Capitalized | Recorded | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
One-to four-family | 6 | $ | 1,440 | $ | 3 | $ | 3 | $ | 1,446 | ||||||||||||||
Construction | - | - | - | - | - | ||||||||||||||||||
Multi-family and commercial real estate | 1 | 426 | - | - | 426 | ||||||||||||||||||
Commercial business loans | 9 | 292 | - | - | 292 | ||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 4 | 168 | - | - | 168 | ||||||||||||||||||
Total TDRs restructured during | 20 | $ | 2,326 | $ | 3 | $ | 3 | $ | 2,332 | ||||||||||||||
the period | |||||||||||||||||||||||
TDRs, still accruing interest | 4 | $ | 580 | $ | - | $ | - | $ | 580 | ||||||||||||||
TDRs, included in nonaccrual | 16 | 1,746 | 3 | 3 | 1,752 | ||||||||||||||||||
Total | 20 | $ | 2,326 | $ | 3 | $ | 3 | $ | 2,332 | ||||||||||||||
The majority of the Bank’s TDRs are a result of granting extensions to troubled credits which have already been adversely classified. The Bank grants such an extension to reassess the borrower’s financial status and to develop a plan for repayment. Certain modifications with extension may also include interest rate reductions. These modifications did not have a material effect on the Company. | |||||||||||||||||||||||
Of the seventeen loans modified during the nine months ended September 30, 2013, eleven loans with a total outstanding principal balance of $1.7 million were granted term extensions as a concession. Two TDRs with an outstanding principal balance of $232,000 were granted forebearance of interest only payments over their remaining term to maturity. Three TDRs with an outstanding principal balance of $1.0 million were granted principal payment deferrals. The remaining TDR with an outstanding balance of $51,000 was granted a rate reduction. For the eleven TDRs granted term extentions, new funds in the amount of $63,000 were advanced to cover past due property taxes and other expenses based upon cross-collateralization with related loans to better improve the Bank’s collateral position. One of the two TDRs granted forebearance was part of the second quarter loan sale. | |||||||||||||||||||||||
The financial effects of each modification will vary based on the specific restructure. For some of the Bank’s TDRs, the loans were interest-only with a balloon payment at maturity. If the interest rate is not adjusted and the terms are consistent with the market, the Bank might not experience any loss associated with the restructure. If, however, the restructure involves forebearance agreements or interest rate modifications, the Bank might not collect all the principal and interest based on the original contractual terms. The Bank applies its procedures for placing TDRs on accrual or nonaccrual status using the same general guidance as for loans. The Bank estimates the necessary allowance for loan losses on TDRs using the same guidance as for other impaired loans. | |||||||||||||||||||||||
There were no TDRs that had been modified during the previous twelve months ended September 30, 2013 that subsequently defaulted or were charged off during the nine months ended September 30, 2013. | |||||||||||||||||||||||
(d) Allowance for Loan Losses | |||||||||||||||||||||||
The allowance for loan losses (“ALLL”) is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan portfolio. | |||||||||||||||||||||||
The allowance for loan losses is established through a provision for loan losses charged to operations. Management periodically reviews the allowance for loan losses in order to identify those known and inherent losses and to assess the overall collection probability for the loan portfolio. The evaluation process begins with an individual evaluation of loans that are considered impaired. For these loans, an allowance is established based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or for loans that are considered collateral dependent, the fair value of the collateral. | |||||||||||||||||||||||
All other loans are segregated into segments based on similar risk factors. Each of these groups is then evaluated based on several factors to estimate credit losses. Management will determine for each category of loans with similar risk characteristics the historical loss rate. Historical loss rates provide a reasonable starting point for the Bank’s analysis; however, this analysis and loss trends do not form a sufficient basis, by themselves, to determine the appropriate level of the loan loss allowance. Management also considers qualitative and environmental factors for each loan segment that are likely to impact, directly or indirectly, the inherent loss exposure of the loan portfolio. These factors include but are not limited to: changes in the amount and severity of delinquencies, non-accrual and adversely classified loans, changes in local, regional, and national economic conditions that will affect the collectability of the portfolio, changes in the nature and volume of loans in the portfolio, changes in concentrations of credit, lending area, industry concentrations, or types of borrowers, changes in lending policies, procedures, competition, management, portfolio mix, competition, pricing, loan to value trends, extension and modification requests, and loan quality trends. As of June 30, 2013, management added factors to more granularly assess loan quality trends, specifically, the changes and the trend in charge-offs and recoveries, changes in volume of Watch and Special Mention loans and the changes in the quality of the Bank’s loan review system. This analysis establishes factors that are applied to each of the segregated groups of loans to determine an appropriate level of loan loss allowance. | |||||||||||||||||||||||
The establishment of the allowance for loan losses is significantly affected by management’s judgment and uncertainties, and there is likelihood that different amounts would be reported under different conditions or assumptions. The OCC, as an integral part of its examination process, periodically reviews the allowance for loan losses and may require the Company to make additional provisions for estimated loan losses based upon judgments different from those of management. | |||||||||||||||||||||||
The allowance generally consists of specific (or allocated) and general components. The specific component relates to loans that are recognized as impaired. For such impaired loans, an allowance is established when the discounted cash flows (or observable market price or collateral value, if the loan is collateral dependent) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||||||||||||||||
The ALLL balance decreased from $14.5 million at December 31, 2012 to $10.8 million at September 30, 2013, a decrease of $3.7 million, or 25.2%. This decrease in the ALLL was directionally consistent with the improvement in the Bank’s asset quality trends during this nine month period. During this period, the Bank’s nonperforming loans decreased $13.8 million, or 45.2%, and its adversely classified loans decreased by $15.2 million or 38.7%. Furthermore, the improvement in the risk profile of the loan portfolio can also be demonstrated by the significant reduction in multi-family construction and land development loans of $17.7 million or 66.5%, and, to a lesser extent, reductions in commercial business loans of $7.4 million or 22.6%, one-to-four family loans of $7.3 million or 3.5% and commercial real estate loans of $6.4 million or 4.8%. These improvements in the Bank’s asset quality were attributable to the more aggressive workout efforts in the past nine months, and the loan sale transactions consummated in June 2013. | |||||||||||||||||||||||
As of June 30, 2013, the Company adopted significant changes to its ALLL methodology, which are summarized as follows: | |||||||||||||||||||||||
⋅ Further disaggregated the commercial real estate loan segment to increase the granularity of the risks inherent in the loans in the expanded segments; | |||||||||||||||||||||||
⋅ A different basis on which historical loss experience is calculated to determine inherent losses on the collectively evaluated portion of the loan portfolio; and | |||||||||||||||||||||||
⋅ Changes in the utilization of qualitative risk adjustment factors (“Q Factors”) including an increased number of these Q Factors and a change in the calibration and application of the Q Factors. | |||||||||||||||||||||||
Previously, the Company’s historical loss experience was derived from the net loan charge-offs incurred in the prior four quarters and apportioned against the related loan portfolio segment to determine an average loss history factor for each segment. Beginning with the June 30, 2013 calculation, the Company adopted a two year weighted average as the basis for the calculation of its historical loss experience in which the current year is weighted 56% versus 44% for the prior year experience. While the Company is mindful of its loss history, loss experience from the past four quarters may not accurately reflect losses embedded in the older vintages of loans originated in prior years. It is therefore considered by the Company to be more appropriate to look back at least two years in establishing loss history, albeit more heavily weighted to the current year. As discussed above, the Company believes it has significantly improved its risk grades through its increased workout efforts and as evidenced by the sale of $15.2 million in adversely classified loans in June 2013. The general loan loss component derived from the loss history utilizing a longer time period which contains more heightened, recent losses will be more consistent with, and reflective of, the inherent loss experience in the loan portfolio. The new methodology for the calculation of historical loss factors has generated higher levels of general loan loss allowance reserves, which is in line with the most recent experience, which is itself driven by the acceleration of charge-offs due to the June 2013 loan sale. | |||||||||||||||||||||||
With respect to the Q Factors, the new methodology increased the number of Q factors, in particular, factors to measure the changes in the level and trends in net charge-offs. Despite the addition to the number of Q Factors, the overall impact of the Q Factors is greatly diminished due to the improvement in the Bank’s asset quality cited above. The related charge-offs and their impact on the recent and more heavily weighted loss experience, limits, to a large extent, the need for additions to reserves resulting from Q Factors, and increases the confidence level in historical loss experience as an indicator of losses inherent in the loan portfolio. | |||||||||||||||||||||||
The impact of the changes in the Company’s ALLL methodology implemented as of June 30, 2013 related to the Q Factors and the recalculation of the historical loan loss factors resulted in a reduction in the ALLL balance of a combined $3.8 million when implemented as of June 30, 2013. | |||||||||||||||||||||||
The Company continues to monitor and modify its allowance for loan losses as conditions dictate. No assurances can be given that the level of allowance for loan losses will cover all of the inherent losses on the loans or that future adjustments to the allowance for loan losses will not be necessary if economic and other conditions differ substantially from the economic and other conditions used by management to determine the current level of the allowance for loan losses. | |||||||||||||||||||||||
The following tables set forth the balance of and transactions in the allowance for loan losses at September 30, 2013, December 31, 2012 and September 30, 2012, by portfolio segment, disaggregated by impairment methodology, which is then further segregated by loans evaluated for impairment individually and collectively. | |||||||||||||||||||||||
As of and for the Nine Months | One-to-Four | Multi-Family | Construction | Commercial | Consumer | Total | |||||||||||||||||
Family | and | and Land | Business | Loans | |||||||||||||||||||
Commercial | Development | Loans | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||||
Ended September 30, 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | 1,988 | $ | 4,892 | $ | 4,468 | $ | 2,725 | $ | 427 | $ | 14,500 | |||||||||||
Provision for loan losses | 34 | 4,117 | -570 | 526 | 43 | 4,150 | |||||||||||||||||
Charge-offs | -585 | -4,418 | -2,147 | -1,808 | -55 | -9,013 | |||||||||||||||||
Recoveries | - | 590 | 102 | 514 | 5 | 1,211 | |||||||||||||||||
Balance at September 30, 2013 | $ | 1,437 | $ | 5,181 | $ | 1,853 | $ | 1,957 | $ | 420 | $ | 10,848 | |||||||||||
Allowance related to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 55 | $ | 155 | $ | 570 | $ | 590 | $ | 16 | $ | 1,386 | |||||||||||
Collectively evaluated for impairment | 1,382 | 5,026 | 1,283 | 1,367 | 404 | 9,462 | |||||||||||||||||
Total Allowance | $ | 1,437 | $ | 5,181 | $ | 1,853 | $ | 1,957 | $ | 420 | $ | 10,848 | |||||||||||
Ending loan balance individually evaluated for impairment | $ | 6,823 | $ | 3,230 | $ | 3,923 | $ | 2,810 | $ | 685 | $ | 17,471 | |||||||||||
Ending loan balance collectively evaluated for impairment | 194,929 | 122,516 | 5,606 | 23,792 | 27,578 | 374,421 | |||||||||||||||||
Total Loans | $ | 201,752 | $ | 125,746 | $ | 9,529 | $ | 26,602 | $ | 28,263 | $ | 391,892 | |||||||||||
Multi-Family and Commercial Real Estate | |||||||||||||||||||||||
As of and for the Nine Months | Investor one- | Industrial and | Office | Retail | Special Use | Total Multi- | |||||||||||||||||
to-four family | Warehouse | Buildings | Properties | Properties | Family and | ||||||||||||||||||
and multi- | Properties | Commercial | |||||||||||||||||||||
family | Real Estate | ||||||||||||||||||||||
Ended September 30, 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 4,892 | |||||||||||
Provision for loan losses | - | - | - | - | - | 3,689 | |||||||||||||||||
Charge-offs | - | - | - | - | - | -4,351 | |||||||||||||||||
Recoveries | - | - | - | - | - | 590 | |||||||||||||||||
Subtotal | 4,820 | ||||||||||||||||||||||
Redistributed through segment expansion | 526 | 818 | 421 | 519 | 2,536 | 4,820 | |||||||||||||||||
Segment ending balance as of June 30, 2013 | 526 | 818 | 421 | 519 | 2,536 | 4,820 | |||||||||||||||||
Provision for loan losses in third quarter | -48 | 150 | 33 | 186 | 107 | 428 | |||||||||||||||||
Charge-offs in third quarter | - | - | - | -67 | - | -67 | |||||||||||||||||
Recoveries in third quarter | - | - | - | - | - | - | |||||||||||||||||
Segment balance at September 30, 2013 | $ | 478 | $ | 968 | $ | 454 | $ | 638 | $ | 2,643 | $ | 5,181 | |||||||||||
Allowance related to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 22 | $ | 6 | $ | 75 | $ | 34 | $ | 18 | $ | 155 | |||||||||||
Collectively evaluated for impairment | 456 | 962 | 379 | 604 | 2,625 | 5,026 | |||||||||||||||||
Total Allowance | $ | 478 | $ | 968 | $ | 454 | $ | 638 | $ | 2,643 | $ | 5,181 | |||||||||||
Ending loan balance individually evaluated for impairment | $ | 1,182 | $ | 155 | $ | 350 | $ | 400 | $ | 1,143 | $ | 3,230 | |||||||||||
Ending loan balance collectively evaluated for impairment | 15,232 | 32,288 | 21,799 | 21,324 | 31,873 | 122,516 | |||||||||||||||||
Total Loans | $ | 16,414 | $ | 32,443 | $ | 22,149 | $ | 21,724 | $ | 33,016 | $ | 125,746 | |||||||||||
One-to-Four | Multi-Family | Construction | Commercial | Consumer | Total | ||||||||||||||||||
Family | and | and Land | Business | Loans | |||||||||||||||||||
Commercial | Development | Loans | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||||
As of and for the Nine Months | |||||||||||||||||||||||
Ended September 30, 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||
Beginning Balance | $ | 1,745 | $ | 3,745 | $ | 1,327 | $ | 754 | $ | 482 | $ | 8,053 | |||||||||||
Provision for loan losses | 2,233 | 4,897 | 6,070 | 3,249 | 556 | 17,005 | |||||||||||||||||
Charge-offs | -571 | -934 | -5,504 | -2,260 | - | -9,269 | |||||||||||||||||
Recoveries | 4 | - | - | 6 | 2 | 12 | |||||||||||||||||
Ending Balance | $ | 3,411 | $ | 7,708 | $ | 1,893 | $ | 1,749 | $ | 1,040 | $ | 15,801 | |||||||||||
Allowance related to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | 1,306 | $ | - | $ | - | $ | - | $ | 1,306 | |||||||||||
Collectively evaluated for impairment | 3,411 | 6,402 | 1,893 | 1,749 | 1,040 | 14,495 | |||||||||||||||||
Total Allowance | $ | 3,411 | $ | 7,708 | $ | 1,893 | $ | 1,749 | $ | 1,040 | $ | 15,801 | |||||||||||
Ending loan balance individually evaluated for impairment | $ | 7,050 | $ | 15,146 | $ | 13,382 | $ | 1,858 | $ | 262 | $ | 37,698 | |||||||||||
Ending loan balance collectively evaluated for impairment | 203,261 | 9,242 | 128,139 | 32,421 | 30,735 | 403,798 | |||||||||||||||||
Total Loans | $ | 210,311 | $ | 24,388 | $ | 141,521 | $ | 34,279 | $ | 30,997 | $ | 441,496 | |||||||||||
At December 31, 2012 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Ending balance | $ | 1,988 | $ | 4,892 | $ | 4,468 | $ | 2,725 | $ | 427 | $ | 14,500 | |||||||||||
Allowance related to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 5 | $ | 271 | $ | 119 | $ | 340 | $ | 1 | $ | 736 | |||||||||||
Collectively evaluated for impairment | 1,983 | 4,621 | 4,349 | 2,385 | 426 | 13,764 | |||||||||||||||||
Total Allowance | $ | 1,988 | $ | 4,892 | $ | 4,468 | $ | 2,725 | $ | 427 | $ | 14,500 | |||||||||||
Ending loan balance individually evaluated for impairment | $ | 4,541 | $ | 14,373 | $ | 8,286 | $ | 3,945 | $ | 300 | $ | 31,445 | |||||||||||
Ending loan balance collectively evaluated for impairment | 204,463 | 119,176 | 18,347 | 29,025 | 29,826 | 400,837 | |||||||||||||||||
Total Loans | $ | 209,004 | $ | 133,549 | $ | 26,633 | $ | 32,970 | $ | 30,126 | $ | 432,282 | |||||||||||
The allowance for loan losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments. | |||||||||||||||||||||||
Our banking regulators, as an integral part of their examination process, periodically review our allowance for loan losses. The examination may require us to make additional provisions for loan losses based on judgments different from ours. The Company also periodically engages an independent consultant to review our credit risk grading process and the risk grades on selected portfolio segments as well as the methodology, analysis and adequacy of the allowance for loan and lease losses. | |||||||||||||||||||||||
Although we believe that we use the best information available to establish the allowance for loan losses, future adjustments to the allowance for loan losses may be necessary and results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Furthermore, while we believe we have established our allowance for loan losses in conformity with generally accepted accounting principles, there can be no assurance that regulators, in reviewing our loan portfolio, will not request us to increase our allowance for loan losses. In addition, because further events affecting borrowers and collateral cannot be predicted with certainty, there can be no assurance that the existing allowance for loan losses is adequate or that increases will not be necessary should the quality of any loans deteriorate as a result of the factors discussed above. Any material increase in the allowance for loan losses may adversely affect our financial condition and results of operations. | |||||||||||||||||||||||
FORECLOSED_REAL_ESTATE
FORECLOSED REAL ESTATE | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Foreclosed Real Estate [Abstract] | ' | |||||||||||||
Foreclosed Real Estate Disclosure [Text Block] | ' | |||||||||||||
NOTE 5 – FORECLOSED REAL ESTATE | ||||||||||||||
Changes in foreclosed real estate during the three and nine months ended September 30, 2013 and September 30, 2012 are as follows: | ||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Beginning Balance | $ | 234 | $ | 402 | $ | 735 | $ | 873 | ||||||
Additions | 707 | 94 | 954 | 356 | ||||||||||
Proceeds from dispositions | -51 | -140 | -674 | -804 | ||||||||||
Loss on sales | -3 | - | -68 | -69 | ||||||||||
Writedowns | - | - | -60 | - | ||||||||||
Balance at end of period | $ | 887 | $ | 356 | $ | 887 | $ | 356 | ||||||
The Company records the gain (loss) on sale of foreclosed real estate in the expenses on foreclosed properties, net category along with expenses for acquiring and maintaining foreclosed real estate properties. | ||||||||||||||
DEPOSITS
DEPOSITS | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||
Deposit Liabilities Disclosures [Text Block] | ' | ||||||||||||||
NOTE 6 – DEPOSITS | |||||||||||||||
A summary of deposits at September 30, 2013 and December 31, 2012 consisted of the following: | |||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||
Noninterest bearing demand deposits | $ | 66,633 | 17.2 | % | $ | 70,300 | 17.4 | % | |||||||
Interest bearing deposits | |||||||||||||||
Now accounts and money market accounts | 48,676 | 12.5 | % | 38,965 | 9.7 | % | |||||||||
Savings accounts | 117,376 | 30.3 | % | 117,259 | 29.1 | % | |||||||||
Time certificates, less than $100,000 | 94,013 | 24.2 | % | 105,893 | 26.3 | % | |||||||||
Time certificates, $100,000 or more | 61,300 | 15.8 | % | 70,485 | 17.5 | % | |||||||||
Total interest bearing deposits | 321,365 | 82.8 | % | 332,602 | 82.6 | % | |||||||||
Total deposits | $ | 387,998 | 100 | % | $ | 402,902 | 100 | % | |||||||
Scheduled maturities of certificates of deposit are as follows: | |||||||||||||||
At September 30, 2013 | At December 31, 2012 | ||||||||||||||
Three months or less | $ | 22,378 | $ | 29,644 | |||||||||||
Over three months through twelve months | 54,233 | 60,729 | |||||||||||||
Over one year through three years | 47,796 | 44,433 | |||||||||||||
Over three years | 30,906 | 41,572 | |||||||||||||
$ | 155,313 | $ | 176,378 | ||||||||||||
FHLB_ADVANCES
FHLB ADVANCES | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Long-Term Federal Home Loan Bank Advances [Abstract] | ' | ||||||||||||
Long-term Debt [Text Block] | ' | ||||||||||||
NOTE 7 – FHLB ADVANCES | |||||||||||||
The Bank is a member of the Federal Home Loan Bank of Boston (“FHLB”). At September 30, 2013, the Bank had the ability to borrow from the FHLB based on a certain percentage of the value of the Bank’s qualified collateral, as defined in the FHLB Statement of Products Policy, at the time of the borrowing. In accordance with an agreement with the FHLB, the qualified collateral must be free and clear of liens, pledges and encumbrances. | |||||||||||||
The following table presents certain information regarding our Federal Home Loan Bank advances during the periods or at the dates indicated. | |||||||||||||
At September 30, 2013 | At December 31, 2012 | ||||||||||||
Weighted | Weighted | ||||||||||||
Amount | Average | Amount | Average | ||||||||||
(Dollars in thousands) | Due | Cost | Due | Cost | |||||||||
Year of maturity: | |||||||||||||
2013 | $ | 3,716 | 2.52 | % | $ | 24,088 | 2.65 | % | |||||
2014 | 1,377 | 2.64 | % | 15,693 | 2.96 | % | |||||||
2015 | 1,500 | 0.8 | % | 624 | 3.34 | % | |||||||
2016 - 2020 | 21,168 | 2.34 | % | 443 | 0.19 | % | |||||||
2021 - 2025 | 653 | 0.27 | % | 318 | 0.18 | % | |||||||
2026 - 2028 | 617 | - | 310 | - | |||||||||
Total FHLB advances | $ | 29,031 | 2.2 | % | $ | 41,476 | 2.72 | % | |||||
In August 2013, the Bank restructured FHLB advances in the aggregate amount of $15.4 million, thereby extending the maturities of these advances. As a result of this restructuring, the average term for these advances increased from 1.2 years to 4.4 years and the average annual cost for these advances was reduced from 3.08% to 2.77%. Because a “less than substantial” change in the cash flows of the modified debt occurred in this restructuring, the restructured debt is accounted for as a modification in accordance with the new terms of the modified debt, and not as an extinguishment of debt. | |||||||||||||
The Bank is required to maintain an investment in capital stock of the FHLB in an amount that is based on a percentage of its outstanding residential first mortgage loans. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the FHLB as compared to the capital stock amount and the length of time this situation persists; (b) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to its operating performance; (c) the impact of legislative and regulatory changes on the customer base of the FHLB; and (d) the liquidity position of the FHLB. Management evaluated the stock and concluded that the stock was not impaired for the periods presented herein. | |||||||||||||
OTHER_BORROWED_FUNDS
OTHER BORROWED FUNDS | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
NOTE 8 – OTHER BORROWED FUNDS | |||||||||
The Bank utilizes securities sold under agreements to repurchase to accommodate its customers’ needs to invest funds short term and as a source of borrowings. | |||||||||
The following table presents certain information regarding our repurchase agreements during the year to date periods or at the dates indicated. | |||||||||
At or for the year to date period ended | |||||||||
(Dollars in thousands) | 30-Sep-13 | 31-Dec-12 | |||||||
Maximum amount of advances outstanding during the period | $ | 21,256 | $ | 19,283 | |||||
Average advances outstanding during the period | $ | 13,044 | $ | 11,608 | |||||
Weighted average interest rate during the period | 0.39 | % | 0.47 | % | |||||
Balance outstanding at end of period | $ | 5,025 | $ | 6,394 | |||||
Weighted average interest rate at end of period | 0.22 | % | 0.45 | % | |||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||
NOTE 9 – STOCKHOLDERS’ EQUITY | ||||||||||||||
(a) Income (Loss) Per Share | ||||||||||||||
Basic net income (loss) per common share is calculated by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed in a manner similar to basic net income (loss) per common share except that the weighted-average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. The Company’s common stock equivalents relate solely to stock option and restricted stock awards. Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. For the nine months ended September 30, 2013, anti-dilutive options excluded from the calculations totaled 229,764 options (with an exercise price of $11.12) and 4,290 options (with an exercise price of $12.51). For the nine months ended September 30, 2012, anti-dilutive options excluded from the calculations totaled 278,813 options (with an exercise price of $11.12) and 5,886 options (with an exercise price of $12.51). Unreleased common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating either basic or diluted net income per common share. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net loss | $ | -1,031,000 | $ | -6,161,000 | $ | -6,421,000 | $ | -9,552,000 | ||||||
Weighted-average common shares outstanding: | ||||||||||||||
Basic | 6,643,093 | 6,610,729 | 6,643,093 | 6,610,766 | ||||||||||
Diluted | 6,643,093 | 6,610,729 | 6,643,093 | 6,610,766 | ||||||||||
Loss per common share; | ||||||||||||||
Basic | $ | -0.16 | $ | -0.93 | $ | -0.97 | $ | -1.44 | ||||||
Diluted | $ | -0.16 | $ | -0.93 | $ | -0.97 | $ | -1.44 | ||||||
Dividends | ||||||||||||||
The ability of the Company to pay dividends depends, in part, on the ability of the Bank to pay dividends to the Company. Due to current regulatory restrictions, the Company is not allowed to pay dividends to the Company’s shareholders and the Bank is not allowed to pay dividends to the Company. | ||||||||||||||
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
NOTE 10 – STOCK BASED COMPENSATION | |
Stock options generally vest over six years and expire ten years after the date of the grant. The vesting schedule for stock options is 0% in year one and 20% annually for years two through six. Restricted stock vests ratably over five years. The Company has not granted any stock options, nor any restricted stock awards since July 26, 2008. During the nine months ended September 30, 2013, there were no stock options exercised | |
FINANCIAL_INSTRUMENTS_WITH_OFF
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure Text Block Supplement [Abstract] | ' | |||||||
Financial Instruments Disclosure [Text Block] | ' | |||||||
NOTE 11 – FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | ||||||||
In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the financial statements. The contractual amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. | ||||||||
The contractual amounts of commitments to extend credit represents the amounts of potential accounting loss should the contract be fully drawn upon, the customer defaults, and the value of any existing collateral become worthless. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments and evaluates each customer’s creditworthiness on a case-by-case basis. | ||||||||
The Company controls the credit risk of these financial instruments through credit approvals, credit limits, monitoring procedures and the receipt of collateral that it deems necessary. | ||||||||
Financial instruments whose contractual amounts represent credit risk at September 30, 2013 and December 31, 2012 were as follows: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2013 | 2012 | ||||||
Commitments to extend credit: | ||||||||
Commercial loan committments | $ | 9,171 | $ | 4,327 | ||||
Unused home equity lines of credit | 18,972 | 21,434 | ||||||
Commercial and industrial loan commitments | 11,765 | 13,134 | ||||||
Amounts due on other commitments | 8,075 | 20,790 | ||||||
Commercial letters of credit | 2,152 | 3,964 | ||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to extend credit generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counter-party. Collateral held varies, but may include residential and commercial property, deposits and securities. | ||||||||
FAIR_VALUE
FAIR VALUE | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
NOTE 12 – FAIR VALUE | ||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. A description of the valuation methodologies used for assets and liabilities recorded at fair value, and for estimating fair value for financial and non-financial instruments not recorded at fair value, is set forth below: | ||||||||||||||||
Cash and cash equivalents—The carrying amounts for cash and due from banks and federal funds sold approximate fair value because of the short maturities of those investments. The Company does not record these assets at fair value on a recurring basis. These assets are classified as Level 1 within the fair value hierarchy. | ||||||||||||||||
Available for sale and held to maturity securities—Where quoted prices are available in an active market, the securities are classified within Level 1 of the valuation hierarchy. Examples of such instruments include mutual funds. If quoted prices are not available, then fair values are estimated by using pricing models (i.e., matrix pricing) or quoted prices of securities with similar characteristics and the securities are classified within Level 2 of the valuation hierarchy. Examples of such instruments include U.S. government agency bonds, U.S. government agency mortgage-backed securities and private label collateralized mortgage obligations. On the auction rate trust preferred securities, the Company determined the fair value of these investments based on the current market price of the underlying collateral preferred shares and therefore classified these investments as Level 2 in the fair value hierarchy. Securities classified within Level 3 of the valuation hierarchy are securities for which significant unobservable inputs are utilized. Available for sale securities are recorded at fair value on a recurring basis and held to maturity securities are only disclosed at fair value. | ||||||||||||||||
Loans held for sale—The carrying amounts of these assets approximate fair value because these loans, are generally sold through forward sales (either already contracted or soon to be executed at the recording date). The Company does not record these assets at fair value on a recurring basis. These assets are classified as Level 2 within the fair value hierarchy. | ||||||||||||||||
Loans receivable—For variable rate loans that reprice frequently and have no significant change in credit risk, carrying values are a reasonable estimate of fair values, adjusted for credit losses inherent in the loan portfolio. The fair value of fixed rate loans is estimated by discounting the future cash flows using estimated period end market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, adjusted for credit losses inherent in the loan portfolio. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for credit losses is established. The specific reserves for collateral dependent impaired loans are based on the fair value of collateral less estimated costs to sell. The fair value of collateral is determined based on appraisals. In some cases, adjustments are made to the appraised values due to various factors including age of the appraisal, age of comparables included in the appraisal, and known changes in the market and in the collateral. When significant adjustments are based on unobservable inputs, the resulting fair value measurement is categorized as a Level 3 measurement. | ||||||||||||||||
Accrued interest receivable—The carrying amount approximates fair value. The Company does not record these assets at fair value on a recurring basis. These assets are classified as Level 1 within the fair value hierarchy. | ||||||||||||||||
Mortgage servicing assets—The fair value is based on market prices for comparable servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The Company does not record these assets at fair value on a recurring basis. Servicing assets are classified as Level 2 within the fair value hierarchy. | ||||||||||||||||
Federal Home Loan Bank stock —The Bank is a member of the Federal Home Loan Bank (“FHLB”) of Boston and is required to maintain an investment in capital stock of the FHLB. The carrying amount is a reasonable estimate of fair value. The Company does not record this asset at fair value on a recurring basis. Based on redemption provisions, the stock of the FHLB has no quoted market value and is carried at cost. FHLB stock is classified as Level 3 within the fair value hierarchy. | ||||||||||||||||
Foreclosed real estate— Foreclosed real estate represents real estate acquired through or in lieu of foreclosure and which are recorded at fair value on a nonrecurring basis. Fair value is based upon appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company classifies the fair value measurement as Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company classifies the fair value measurement as Level 3. The Company classified these assets as Level 3 within the fair value hierarchy. | ||||||||||||||||
Deposit liabilities—The fair value of demand deposits, savings and money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated using a discounted cash flow calculation that applies interest rates currently being offered by market participants for deposits of similar remaining maturities, estimated using local market data, to a schedule of aggregated expected maturities of such deposits. The Company does not record deposits at fair value on a recurring basis. Demand deposits, savings and money market deposits are classified as Level 1 within the fair value hierarchy. Certificates of deposit are classified as Level 2 within the fair value hierarchy. | ||||||||||||||||
Borrowed funds—The fair value of FHLB advances and other borrowed funds (repurchase agreements) are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The Company does not record this liability at fair value on a recurring basis. FHLB advances and other borrowings are classified as Level 2 within the fair value hierarchy. | ||||||||||||||||
Accrued interest payable—The carrying amounts approximates fair value. The Company does not record the liability at fair value on a recurring basis. This liability is classified as Level 1 within the fair value hierarchy. | ||||||||||||||||
Mortgagors’ escrow accounts—The carrying amount approximates fair value. The Company does not record this liability at fair value on a recurring basis. This liability is classified as Level 2 within the fair value hierarchy. | ||||||||||||||||
The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of September 30, 2013 and December 31, 2012: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||
(In thousands) | Hierarchy Level | Value | Value | Value | Value | |||||||||||
Financial Assets | ||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 26,442 | $ | 26,442 | $ | 23,229 | $ | 23,229 | |||||||
Investment securities, available-for-sale: | ||||||||||||||||
Mutual fund - mortgage-backed securities | Level 1 | 506 | 506 | - | - | |||||||||||
Other | Level 2 | 27,480 | 27,480 | 23,484 | 23,484 | |||||||||||
Investment securities, held-to-maturity | Level 2 | 19,257 | 19,356 | 25,519 | 26,107 | |||||||||||
Loans held for sale | Level 2 | 653 | 653 | 2,761 | 2,761 | |||||||||||
Loans receivable, net: | ||||||||||||||||
Performing | Level 2 | 364,889 | 372,348 | 386,904 | 405,977 | |||||||||||
Impaired | Level 3 | 16,085 | 16,085 | 30,709 | 30,709 | |||||||||||
Accrued interest receivable | Level 1 | 1,473 | 1,473 | 1,761 | 1,761 | |||||||||||
Mortgage servicing assets | Level 3 | 1,121 | 1,560 | 1,039 | 1,633 | |||||||||||
FHLB Stock | Level 3 | 5,444 | 5,444 | 5,917 | 5,917 | |||||||||||
Financial Liabilities | ||||||||||||||||
Demand deposits, savings, Now and | ||||||||||||||||
money market deposits | Level 1 | 232,685 | 234,057 | 226,524 | 228,851 | |||||||||||
Time deposits | Level 2 | 155,313 | 157,354 | 176,378 | 179,125 | |||||||||||
FHLB advances | Level 2 | 29,031 | 29,933 | 41,476 | 42,453 | |||||||||||
Borrowed funds | Level 2 | 5,025 | 5,025 | 6,394 | 6,398 | |||||||||||
Mortgagors' escrow accounts | Level 2 | 2,349 | 2,349 | 4,628 | 4,628 | |||||||||||
Accrued interest payable | Level 1 | 60 | 60 | 99 | 99 | |||||||||||
The Company discloses fair value information about financial instruments, whether or not recognized in the statement of financial condition, for which it is practicable to estimate that value. Certain financial instruments are excluded from disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. | ||||||||||||||||
The estimated fair value amounts as of September 30, 2013 and December 31, 2012 have been measured as of their respective period-ends and have not been reevaluated or updated for purposes of these 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 amounts reported at such dates. | ||||||||||||||||
The information presented should not be interpreted as an estimate of the fair value of the Company as a whole since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. Due to the 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 Company uses fair value measurements to record available-for sale investment securities and residential loans held for sale at fair value on a recurring basis. Additionally, the Company uses fair value measurements to measure the reported amounts of impaired loans, foreclosed real estate and mortgage-servicing rights at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or market value accounting or write-downs of individual assets. | ||||||||||||||||
Unrecognized financial instruments—Loan commitments on which the committed interest rate is less than the current market rate were insignificant at September 30, 2013 and December 31, 2012. | ||||||||||||||||
The following table represents a further breakdown of investment securities and other financial instruments measured at fair value on a recurring basis. | ||||||||||||||||
Fair Value At September 30, 2013 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government and agency obligations | $ | - | $ | 6,634 | $ | - | $ | 6,634 | ||||||||
U.S. Government agency mortgage-backed obligations | - | 10,499 | - | 10,499 | ||||||||||||
U.S. Government agency collateralized mortgage obligations | - | 3,907 | - | 3,907 | ||||||||||||
Private label collateralized mortgage obligations | - | 269 | - | 269 | ||||||||||||
Auction-rate trust preferred securities | - | 6,171 | - | 6,171 | ||||||||||||
Mutual fund - mortgage-backed securities | 506 | - | 506 | |||||||||||||
Fair Value At December 31, 2012 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government and agency obligations | $ | - | $ | 1,029 | $ | - | $ | 1,029 | ||||||||
U.S. Government agency mortgage-backed obligations | - | 13,960 | - | 13,960 | ||||||||||||
U.S. Government agency collateralized mortgage obligations | - | 985 | - | 985 | ||||||||||||
Private label collateralized mortgage obligations | - | 294 | - | 294 | ||||||||||||
Auction-rate trust preferred securities | - | 7,216 | - | 7,216 | ||||||||||||
The following table represents assets measured at fair value on a non-recurring basis. | ||||||||||||||||
Fair Value At September 30, 2013 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | - | $ | - | 16,085 | $ | 16,085 | |||||||||
Foreclosed real estate | - | - | 887 | 887 | ||||||||||||
Mortgage servicing rights | - | - | 1,560 | 1,560 | ||||||||||||
Fair Value At December 31, 2012 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | - | $ | - | 30,709 | $ | 30,709 | |||||||||
Foreclosed real estate | - | - | 735 | 735 | ||||||||||||
Mortgage servicing rights | - | - | 1,633 | 1,633 | ||||||||||||
During the nine months ended September 30, 2013, the following fair values of those reflected in the above table were remeasured: | ||||||||||||||||
⋅ $ 8.1 million in collateral dependent impaired loans, | ||||||||||||||||
⋅ $887,000 in foreclosed real estate, and | ||||||||||||||||
⋅ $1.6 million in mortgage servicing rights. | ||||||||||||||||
During 2012, the Company modified its methodology for determining the fair value of its investment in auction-rate preferred securities, which were previously valued using a discounted cash flow model and classified as Level 3 in the fair value hierarchy. At December 31, 2012, the Company determined the fair value of these investments based on the current market prices of the underlying collateral preferred shares, and classified these investments as Level 2 in the fair value hierarchy. | ||||||||||||||||
Because broadly traded markets do not exist for most of the Company’s financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. These determinations are subjective in nature, involve uncertainties and matters of significant judgment and do not include tax ramifications; therefore, the results cannot be determined with precision, substantiated by comparison to independent markets and may not be realized in an actual sale or immediate settlement of the instruments. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. For all of these reasons, the aggregation of the fair value calculations presented herein do not represent, and should not be construed to represent, the underlying value of the Company. | ||||||||||||||||
The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent management believes necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. | ||||||||||||||||
Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and by investing in securities with terms that mitigate the Company’s overall interest rate risk. | ||||||||||||||||
DESCRIPTION_OF_BUSINESS_AND_BA1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Business Description Policy [Policy Text Block] | ' |
(a) Description of Business | |
Naugatuck Valley Financial Corporation (“Naugatuck Valley Financial” or the “Company”) is a stock savings and loan holding company incorporated in the State of Maryland. The Company is primarily engaged in the business of planning, directing and coordinating the business activities of its wholly-owned subsidiary bank, Naugatuck Valley Savings and Loan (“Naugatuck Valley Savings” or the “Bank”). The Company became the holding company for the Bank effective June 29, 2011. | |
Naugatuck Valley Savings is a federally chartered stock savings association and has served its customers in Connecticut since 1922. The Bank operates as a community-oriented financial institution dedicated to serving the financial services needs of consumers and businesses with a variety of deposit and lending products from its full service banking offices in the Greater Naugatuck Valley region of southwestern Connecticut. The Bank attracts deposits from the general public and uses those funds to originate one-to-four family, multi-family and commercial real estate, construction, commercial business and consumer loans. | |
Naugatuck Valley Savings has two wholly owned subsidiaries, Naugatuck Valley Mortgage Servicing Corporation and Church Street OREO One, LLC. Naugatuck Valley Mortgage Servicing Corporation qualifies and operates as a passive investment company pursuant to Connecticut regulation. Church Street OREO One, LLC was established in February 2013 to hold properties acquired through foreclosure as well as from nonjudicial proceedings. | |
Basis Of Presentation Policy [Policy Text Block] | ' |
(b) Basis of Presentation | |
The accompanying consolidated interim financial statements are unaudited and include the accounts of the Company, the Bank, and the Bank’s wholly owned subsidiaries, Naugatuck Valley Mortgage Servicing Corporation and Church Street OREO One, LLC. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the December 31, 2012 audited Consolidated Financial Statements and the accompanying Notes included in our Annual Report on Form 10-K. All significant intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements reflect, in the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and the results of its operations and its cash flows at the dates and for the periods presented. | |
In preparing the consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, deferred income taxes and the valuation of and the evaluation for other than temporary impairment (“OTTI”) on investment securities. While management uses available information to recognize losses and properly value these assets, future adjustments may be necessary based on changes in economic conditions both in Connecticut and nationally. | |
The Company’s only business segment is Community Banking. This segment represented all the revenues, income and assets of the consolidated Company and therefore, is the only reported segment as defined by FASB ASC 820, Segment Reporting. | |
Management has evaluated subsequent events for potential recognition or disclosure in the consolidated financial statements as of the date of this filing. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. | |
Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
Certain reclassifications have been made to the prior period amounts to conform with the September 30, 2013 consolidated financial statement presentation. These reclassifications only changed the reporting categories and did not affect the Company’s results of operations or financial position. | |
Basis of Accounting, Policy [Policy Text Block] | ' |
(c) Significant Accounting Policies | |
The significant accounting policies used in preparation of our consolidated financial statements are disclosed in our 2012 Annual Report on Form 10-K. There have not been any material changes in our significant accounting policies compared with those contained in our Form 10-K disclosure for the year ended December 31, 2012, except for the addition of the policy concerning transfers of financial assets shown below. | |
Transfers of financial assets | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company –put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and no condition both constrains the transferee from taking advantage of that right and provides more than a trivial benefit for the transferor, and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity of (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
(d) Recently Issued Accounting Pronouncements | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-02. This update requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The Company adopted this update during the quarter ended March 31, 2013. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. | |
Balance Sheet — Disclosures about Offsetting Assets and Liabilities: In December 2011, the FASB issued Accounting Standards Update No. 2011-11, which requires an entity to disclose both gross and net information about financial instruments, such as sales and repurchase agreements and reverse sale and repurchase agreements and securities borrowing/lending arrangements, and derivative instruments that are eligible for offset in the statement of financial position and/or subject to a master netting arrangement or similar agreement. This update became effective in the quarter ended March 31, 2013. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. | |
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||
Schedule of Capital Units [Table Text Block] | ' | ||||||||||||||||||
The following table is a summary of the Company’s consolidated capital amounts and ratios and the Bank’s actual capital amounts and ratios as computed under the standards established by the Federal Deposit Insurance Act at September 30, 2013. | |||||||||||||||||||
At September 30, 2013 | Adequately Capitalized | Individual Minimum | Actual | ||||||||||||||||
Requirements | Capital Requirements (3) | ||||||||||||||||||
(Dollars in thousands) | $ | % | $ | % | $ | % | |||||||||||||
The Company Consolidated | |||||||||||||||||||
Tier 1 Leverage Capital (1) | N/A | N/A | N/A | N/A | $ | 60,507 | 12.39 | % | |||||||||||
Tier 1 Risk-Based Capital (2) | N/A | N/A | N/A | N/A | 60,507 | 18.11 | % | ||||||||||||
Total Risk-Based Capital (2) | N/A | N/A | N/A | N/A | 64,768 | 19.39 | % | ||||||||||||
The Bank | |||||||||||||||||||
Tier 1 Leverage Capital (1) | $ | 19,614 | 4 | % | $ | 44,132 | 9 | % | $ | 51,368 | 10.48 | % | |||||||
Tier 1 Risk-Based Capital (2) | 13,445 | 4 | % | N/A | N/A | 51,368 | 15.28 | % | |||||||||||
Total Risk-Based Capital (2) | 26,890 | 8 | % | 43,696 | 13 | % | 55,654 | 16.56 | % | ||||||||||
(1) Tier 1 capital to total assets. | |||||||||||||||||||
(2) Tier 1 or total risk-based capital to risk-weighted assets. | |||||||||||||||||||
(3) Effective June 4, 2013. | |||||||||||||||||||
At December 31, 2012 | Adequately Capitalized | Actual | |||||||||||||||||
Requirements | |||||||||||||||||||
(Dollars in thousands) | $ | % | $ | % | |||||||||||||||
The Company Consolidated | |||||||||||||||||||
Tier 1 Leverage Capital (1) | N/A | N/A | $ | 66,929 | 12.71 | % | |||||||||||||
Tier 1 Risk-Based Capital (2) | N/A | N/A | 66,929 | 19.35 | % | ||||||||||||||
Total Risk-Based Capital (2) | N/A | N/A | 71,378 | 20.64 | % | ||||||||||||||
The Bank | |||||||||||||||||||
Tier 1 Leverage Capital (1) | $ | 21,087 | 4 | % | $ | 52,618 | 9.98 | % | |||||||||||
Tier 1 Risk-Based Capital (2) | 14,105 | 4 | % | 52,618 | 14.92 | % | |||||||||||||
Total Risk-Based Capital (2) | 28,210 | 8 | % | 57,162 | 16.21 | % | |||||||||||||
(1) Tier 1 capital to total assets. | |||||||||||||||||||
(2) Tier 1 or total risk-based capital to risk-weighted assets. | |||||||||||||||||||
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||
Schedule Of Available For Sale Securities and Held To Maturity Securities [Table Text Block] | ' | |||||||||||||
At September 30, 2013, the composition of the investment portfolio was: | ||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||
Available-for-sale securities: | ||||||||||||||
U.S. Government and agency obligations | $ | 6,600 | $ | 34 | $ | - | $ | 6,634 | ||||||
U.S. Government agency mortgage-backed securities | 10,088 | 411 | - | 10,499 | ||||||||||
U.S. Government agency collateralized mortgage obligations | 3,895 | 12 | - | 3,907 | ||||||||||
Private label collateralized mortgage obligations | 268 | 1 | - | 269 | ||||||||||
Subtotal | 20,851 | 458 | - | 21,309 | ||||||||||
Auction-rate trust preferred securities | 7,700 | - | -1,529 | 6,171 | ||||||||||
Mutual fund - mortgage-backed securities | 500 | 6 | - | 506 | ||||||||||
Total available-for-sale securities | $ | 29,051 | $ | 464 | $ | -1,529 | $ | 27,986 | ||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||
Held-to-maturity securities: | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 19,257 | $ | 99 | $ | - | $ | 19,356 | ||||||
Total held-to-maturity securities | $ | 19,257 | $ | 99 | $ | - | $ | 19,356 | ||||||
At December 31, 2012, the composition of the investment portfolio was: | ||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||
Available-for-sale securities: | ||||||||||||||
U.S. Government and agency obligations | $ | 1,006 | $ | 23 | $ | - | $ | 1,029 | ||||||
U.S. Government agency mortgage-backed securities | 13,270 | 690 | - | 13,960 | ||||||||||
U.S. Government agency collateralized mortgage obligations | 974 | 11 | - | 985 | ||||||||||
Private label collateralized mortgage obligations | 314 | - | -20 | 294 | ||||||||||
Subtotal | 15,564 | 724 | -20 | 16,268 | ||||||||||
Auction-rate trust preferred securities | 7,700 | - | -484 | 7,216 | ||||||||||
Total available-for-sale securities | $ | 23,264 | $ | 724 | $ | -504 | $ | 23,484 | ||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||
Held-to-maturity securities: | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 25,519 | $ | 588 | $ | - | $ | 26,107 | ||||||
Total held-to-maturity securities | $ | 25,519 | $ | 588 | $ | - | $ | 26,107 | ||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||
The following is a summary of the fair values and related unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2013, and December 31, 2012: | ||||||||||||||
At September 30, 2013 | ||||||||||||||
Securities in Continuous Unrealized | ||||||||||||||
Loss Position 12 or More Consecutive Months | ||||||||||||||
Number of | Fair Market | Unrealized | ||||||||||||
(Dollars in thousands) | Securities | Value | Loss | |||||||||||
Auction-rate trust preferred securities | 5 | $ | 6,171 | $ | -1,529 | |||||||||
. | ||||||||||||||
Total securities in unrealized loss position | 5 | $ | 6,171 | $ | -1,529 | |||||||||
At December 31, 2012 | ||||||||||||||
Securities in Continuous Unrealized | ||||||||||||||
Loss Position 12 or More Consecutive Months | ||||||||||||||
Number of | Fair Market | Unrealized | ||||||||||||
(Dollars in thousands) | Securities | Value | Loss | |||||||||||
Private label collateralized mortgage obligations | 1 | $ | 294 | $ | -20 | |||||||||
Auction-rate trust preferred securities | 5 | 7,216 | -484 | |||||||||||
Total securities in unrealized loss position | 6 | $ | 7,510 | $ | -504 | |||||||||
Schedule Of Amortized Cost and Fair Value Of Securities and Held To Maturity [Table Text Block] | ' | |||||||||||||
The amortized cost and fair value of securities at September 30, 2013, by expected maturity, are set forth below. Actual maturities of mortgage-backed securities and collateralized mortgage obligations may differ from contractual maturities because the mortgages underlying the securities may be prepaid or called with or without call or prepayment penalties. Because these securities are not due at a single maturity date, the maturity information is not presented. | ||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||
At September 30, 2013 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
(Dollars in thousands) | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 10,088 | $ | 10,499 | $ | 19,257 | $ | 19,356 | ||||||
U.S. Government agency collateralized mortgage obligations | 3,895 | 3,907 | - | - | ||||||||||
Private label collateralized mortgage obligations | 268 | 269 | - | - | ||||||||||
Mutual fund - mortgage-backed securities | 500 | 506 | - | - | ||||||||||
Subtotal | 14,751 | 15,181 | 19,257 | 19,356 | ||||||||||
Securities with Fixed Maturities: | ||||||||||||||
Due in one year or less | 6,600 | 6,634 | - | - | ||||||||||
Due afer one year through five years | - | - | - | - | ||||||||||
Due afer five years through ten years | - | - | - | - | ||||||||||
Due after ten years through fifteen years | 7,700 | 6,171 | - | - | ||||||||||
14,300 | 12,805 | - | - | |||||||||||
Total | $ | 29,051 | $ | 27,986 | $ | 19,257 | $ | 19,356 | ||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||
At December 31, 2012 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
(Dollars in thousands) | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 13,270 | $ | 13,960 | $ | 25,519 | $ | 26,107 | ||||||
U.S. Government agency collateralized mortgage obligations | 974 | 985 | - | - | ||||||||||
Private label collateralized mortgage obligations | 314 | 294 | - | - | ||||||||||
Subtotal | 14,558 | 15,239 | 25,519 | 26,107 | ||||||||||
Securities with Fixed Maturities: | ||||||||||||||
Due in one year or less | 1,006 | 1,029 | - | - | ||||||||||
Due after one year through five years | - | - | - | - | ||||||||||
Due after five years through ten years | - | - | - | - | ||||||||||
Due after ten years through fifteen years | 7,700 | 7,216 | - | - | ||||||||||
8,706 | 8,245 | - | - | |||||||||||
Total | $ | 23,264 | $ | 23,484 | $ | 25,519 | $ | 26,107 | ||||||
LOANS_RECEIVABLE_Tables
LOANS RECEIVABLE (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||
Schedule Of Classification Of Loans Receivable [Table Text Block] | ' | ||||||||||||||||||||||
A summary of loans receivable at September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
One-to-four family | $ | 201,752 | $ | 209,004 | |||||||||||||||||||
Multi-family and commercial real estate | 125,746 | 133,549 | |||||||||||||||||||||
Construction and land development | 9,529 | 26,633 | |||||||||||||||||||||
Total real estate loans | 337,027 | 369,186 | |||||||||||||||||||||
Commercial business loans | 26,602 | 32,970 | |||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 27,557 | 28,829 | |||||||||||||||||||||
Other consumer | 706 | 1,297 | |||||||||||||||||||||
Total consumer loans | 28,263 | 30,126 | |||||||||||||||||||||
Total loans | 391,892 | 432,282 | |||||||||||||||||||||
Less: | |||||||||||||||||||||||
Allowance for loan losses | 10,848 | 14,500 | |||||||||||||||||||||
Deferred loan origination fees, net | 70 | 169 | |||||||||||||||||||||
Loans receivable, net | $ | 380,974 | $ | 417,613 | |||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||
The following tables are a summary of the loan portfolio credit quality indicators, by loan class, as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||
One-to-Four | Multi-Family and | Construction and | Commercial | Consumer Loans | Total | ||||||||||||||||||
Family | Commercial Real | Land | Business Loans | ||||||||||||||||||||
Estate | Development | ||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||
Pass | $ | 190,233 | $ | 95,021 | $ | 1,636 | $ | 18,591 | $ | 27,242 | $ | 332,723 | |||||||||||
Special Mention | 4,614 | 24,348 | 1,107 | 4,423 | 290 | 34,782 | |||||||||||||||||
Substandard: | |||||||||||||||||||||||
- Accruing | 1,540 | 3,147 | 2,862 | 1,011 | 214 | 8,774 | |||||||||||||||||
- Nonaccruing (1) | 5,365 | 3,230 | 3,924 | 2,480 | 517 | 15,516 | |||||||||||||||||
Subtotal - substandard | 6,905 | 6,377 | 6,786 | 3,491 | 731 | 24,290 | |||||||||||||||||
Doubtful | - | - | - | 97 | - | 97 | |||||||||||||||||
Total | $ | 201,752 | $ | 125,746 | $ | 9,529 | $ | 26,602 | $ | 28,263 | $ | 391,892 | |||||||||||
Multi-Family and Commercial Real Estate | |||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||
September 30, 2013 | Investor Owned | Industrial and | Office Buildings | Retail Properties | Special Use | Total Multi-Family | |||||||||||||||||
One-to-Four | Warehouse | Properties | and Commercial | ||||||||||||||||||||
family and multi- | Properties | Real Estate | |||||||||||||||||||||
family | |||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||
Pass | $ | 11,732 | $ | 23,083 | $ | 18,627 | $ | 15,656 | $ | 25,923 | $ | 95,021 | |||||||||||
Special Mention | 3,500 | 7,391 | 2,797 | 5,206 | 5,454 | 24,348 | |||||||||||||||||
Substandard: | |||||||||||||||||||||||
- Accruing | - | 1,815 | 375 | 462 | 495 | 3,147 | |||||||||||||||||
- Nonaccruing (1) | 1,182 | 154 | 350 | 400 | 1,144 | 3,230 | |||||||||||||||||
Subtotal - substandard | 1,182 | 1,969 | 725 | 862 | 1,639 | 6,377 | |||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||
Total | $ | 16,414 | $ | 32,443 | $ | 22,149 | $ | 21,724 | $ | 33,016 | $ | 125,746 | |||||||||||
-1 | Non-accrual loans included substandard nonaccruing loans and non-performing consumer loans. | ||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||
31-Dec-12 | One-to-Four | Multi-Family and | Construction and | Commercial | Total | ||||||||||||||||||
Family | Commercial Real | Land | Business Loans | ||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||
Pass | $ | 198,800 | $ | 90,544 | $ | 12,817 | $ | 24,271 | $ | 326,432 | |||||||||||||
Special Mention | 4,807 | 26,198 | 2,159 | 3,255 | 36,419 | ||||||||||||||||||
Substandard: | |||||||||||||||||||||||
- Accruing | 1,709 | 7,776 | 2,402 | 2,043 | 13,930 | ||||||||||||||||||
- Nonaccruing (1) | 3,688 | 9,031 | 9,255 | 3,401 | 25,375 | ||||||||||||||||||
Subtotal - substandard | 5,397 | 16,807 | 11,657 | 5,444 | 39,305 | ||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||
Total | $ | 209,004 | $ | 133,549 | $ | 26,633 | $ | 32,970 | $ | 402,156 | |||||||||||||
Consumer loans were not risk rated at December 31, 2012 and the credit risk profile was based on payment performance. The following table represents the credit risk profile on consumer loans as of December 31, 2012. | |||||||||||||||||||||||
Consumer Loans - Credit Risk Profile Based on Payment Activity: | |||||||||||||||||||||||
(In thousands) | At December 31, | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Grade: | |||||||||||||||||||||||
Performing | $ | 29,853 | |||||||||||||||||||||
Nonperforming (1) | 273 | ||||||||||||||||||||||
Total | $ | 30,126 | |||||||||||||||||||||
(1) Non-accrual loans included substandard nonaccruing loans and non-performing consumer loans. | |||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||
The following tables set forth certain information with respect to our loan portfolio delinquencies, by loan class, as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
Delinquencies | |||||||||||||||||||||||
Greater | Carrying | ||||||||||||||||||||||
Amount > 90 | |||||||||||||||||||||||
31-60 Days Past | 61-90 Days | Than | Total Past | Days and | |||||||||||||||||||
Due | Past Due | 90 Days | Due | Current | Total Loans | Accruing | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to-four family | $ | 2,059 | $ | 327 | $ | 2,384 | $ | 4,770 | $ | 196,982 | $ | 201,752 | $ | - | |||||||||
Construction and land development | 485 | - | 3,865 | 4,350 | 5,179 | 9,529 | - | ||||||||||||||||
Multi-family and commercial real estate: | - | ||||||||||||||||||||||
Investor owned one-to-four family and multi-family | 1,041 | - | 623 | 1,664 | 14,750 | 16,414 | - | ||||||||||||||||
Industrial and Warehouse | 229 | 652 | 154 | 1,035 | 31,408 | 32,443 | - | ||||||||||||||||
Office buildings | 109 | - | 350 | 459 | 21,690 | 22,149 | |||||||||||||||||
Retail properties | - | - | - | - | 21,724 | 21,724 | - | ||||||||||||||||
Special use properties | 740 | - | - | 740 | 32,276 | 33,016 | - | ||||||||||||||||
Subtotal Multi-family and commercial real estate | 2,119 | 652 | 1,127 | 3,898 | 121,848 | 125,746 | - | ||||||||||||||||
Commercial business loans | 1,061 | 52 | 2,429 | 3,542 | 23,060 | 26,602 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity loans | 70 | 33 | 321 | 424 | 27,133 | 27,557 | - | ||||||||||||||||
Other consumer loans | 1 | - | - | 1 | 705 | 706 | |||||||||||||||||
Subtotal Consumer | 71 | 33 | 321 | 425 | 27,838 | 28,263 | - | ||||||||||||||||
Total | $ | 5,795 | $ | 1,064 | $ | 10,126 | $ | 16,985 | $ | 374,907 | $ | 391,892 | $ | - | |||||||||
As of December 31, 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to-four family | $ | 1,820 | $ | 735 | $ | 1,329 | $ | 3,884 | $ | 205,120 | $ | 209,004 | $ | - | |||||||||
Construction | 489 | 136 | 8,654 | 9,279 | 17,354 | 26,633 | - | ||||||||||||||||
Multi-family and commercial real estate | 1,688 | 174 | 6,225 | 8,087 | 125,462 | 133,549 | - | ||||||||||||||||
Commercial business loans | 642 | 1,169 | 1,917 | 3,728 | 29,242 | 32,970 | - | ||||||||||||||||
Consumer and other | 1,353 | 184 | 100 | 1,637 | 28,489 | 30,126 | - | ||||||||||||||||
Total | $ | 5,992 | $ | 2,398 | $ | 18,225 | $ | 26,615 | $ | 405,667 | $ | 432,282 | $ | - | |||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||
The following tables set forth certain information with respect to our nonperforming assets as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Nonperforming Assets | (Dollars in thousands) | ||||||||||||||||||||||
Nonaccrual loans | $ | 10,053 | $ | 22,306 | |||||||||||||||||||
TDRs nonaccruing | 7,013 | 8,277 | |||||||||||||||||||||
Subtotal nonperforming loans | 17,066 | 30,583 | |||||||||||||||||||||
Foreclosed real estate | 887 | 735 | |||||||||||||||||||||
Total nonperforming assets | $ | 17,953 | $ | 31,318 | |||||||||||||||||||
Total nonperforming loans to total loans | 4.35 | % | 7.07 | % | |||||||||||||||||||
Total nonperforming assets to total assets | 3.68 | % | 5.95 | % | |||||||||||||||||||
Schedule Of Impaired Loans Receivable [Table Text Block] | ' | ||||||||||||||||||||||
The following tables summarize impaired loans by portfolio segment as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment with | Investment with | ||||||||||||||||||||||
As of September 30, 2013 | No Specific | Specific | Total | Unpaid | Related Specific | ||||||||||||||||||
Valuation | Valuation | Recorded | Contractual | Valuation | |||||||||||||||||||
Allowance | Allowance | Investment | Principal Balance | Allowance | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to four-family | $ | 5,470 | $ | 1,353 | $ | 6,823 | $ | 7,557 | $ | 55 | |||||||||||||
Construction and land development | 3,223 | 700 | 3,923 | 7,065 | 570 | ||||||||||||||||||
Multi-family and commercial real estate: | |||||||||||||||||||||||
Investor owned one-to-four family and multi-family properties | 951 | 230 | 1,181 | 1,278 | 22 | ||||||||||||||||||
Industrial and warehouse properties | 34 | 120 | 154 | 293 | 6 | ||||||||||||||||||
Office buildings | - | 350 | 350 | 406 | 75 | ||||||||||||||||||
Retail properties | - | 400 | 400 | 467 | 34 | ||||||||||||||||||
Special use properties | 513 | 631 | 1,144 | 1,608 | 18 | ||||||||||||||||||
Subtotal | 1,498 | 1,731 | 3,229 | 4,052 | 155 | ||||||||||||||||||
Commercial business loans | 1,747 | 1,063 | 2,810 | 3,264 | 590 | ||||||||||||||||||
Consumer loans | 595 | 91 | 686 | 793 | 16 | ||||||||||||||||||
Total impaired loans | $ | 12,533 | $ | 4,938 | $ | 17,471 | $ | 22,731 | $ | 1,386 | |||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment with | Investment with | ||||||||||||||||||||||
As of December 31, 2012 | No Specific | Specific | Total | Unpaid | Related Specific | ||||||||||||||||||
Valuation | Valuation | Recorded | Contractual | Valuation | |||||||||||||||||||
Allowance | Allowance | Investment | Principal Balance | Allowance | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to four-family | $ | 4,422 | $ | 119 | $ | 4,541 | $ | 4,944 | $ | 5 | |||||||||||||
Construction and land development | 5,884 | 2,402 | 8,286 | 15,298 | 119 | ||||||||||||||||||
Multi-family and commercial real estate | 12,177 | 2,196 | 14,373 | 16,832 | 271 | ||||||||||||||||||
Commercial business loans | 2,731 | 1,214 | 3,945 | 4,419 | 340 | ||||||||||||||||||
Consumer loans | 255 | 45 | 300 | 385 | 1 | ||||||||||||||||||
Total impaired loans | $ | 25,469 | $ | 5,976 | $ | 31,445 | $ | 41,878 | $ | 736 | |||||||||||||
Schedule Of Interest Income Recognized By Class Of Impaired Loans [Table Text Block] | ' | ||||||||||||||||||||||
The following table relates to interest income recognized by segment of impaired loans for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | ||||||||||||||||||||
Recorded | Recognized | Recorded | Recognized | ||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
One-to four-family | $ | 6,896 | $ | 144 | $ | 4,925 | $ | 122 | |||||||||||||||
Construction | 3,953 | 6 | 11,178 | 120 | |||||||||||||||||||
Multi-family and commercial real estate | 5,529 | 41 | 12,705 | 190 | |||||||||||||||||||
Commercial business loans | 556 | 45 | 1,534 | 27 | |||||||||||||||||||
Consumer loans | 696 | 15 | 340 | 12 | |||||||||||||||||||
Total | $ | 17,630 | $ | 251 | $ | 30,682 | $ | 471 | |||||||||||||||
Impaired Loans Modified Tdr [Table Text Block] | ' | ||||||||||||||||||||||
The recorded investment balance of performing and nonperforming TDRs as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||
(In thousands) | As of | As of | |||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Aggregate recorded investment of impaired loans | |||||||||||||||||||||||
performing under terms modified through a troubled | |||||||||||||||||||||||
debt restructuring: | |||||||||||||||||||||||
Performing | $ | 3,889 | $ | 3,573 | |||||||||||||||||||
Nonperforming | 4,407 | 5,566 | |||||||||||||||||||||
Total | $ | 8,296 | $ | 9,139 | |||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||
The following table presents a summary of loans that were restructured during the nine months ended September 30, 2013 and September 30, 2012: | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
(Dollars in thousands) | Number | Pre- | Funds | Interest and | Post- | ||||||||||||||||||
of Loans | Modification | Disbursed | Escrow | Modification | |||||||||||||||||||
Recorded | Capitalized | Recorded | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
One-to-four family | 6 | $ | 1,434 | $ | 7 | $ | - | $ | 1,441 | ||||||||||||||
Multi-family and commercial real estate | 5 | 395 | 46 | - | 441 | ||||||||||||||||||
Commercial business loans | 5 | 1,087 | 10 | - | 1,097 | ||||||||||||||||||
Consumer loans - home equity | 1 | 51 | - | - | 51 | ||||||||||||||||||
Total TDRs restructured during | |||||||||||||||||||||||
the period | 17 | $ | 2,967 | $ | 63 | $ | - | $ | 3,030 | ||||||||||||||
TDRs, still accruing interest | 1 | $ | 135 | $ | - | $ | - | $ | 135 | ||||||||||||||
TDRs, included in nonaccrual | 15 | 2,662 | 63 | - | 2,725 | ||||||||||||||||||
Sold | 1 | 170 | - | - | 170 | ||||||||||||||||||
Total | 17 | $ | 2,967 | $ | 63 | $ | - | $ | 3,030 | ||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre- | Funds | Interest and | Post- | ||||||||||||||||||
Loans | Modification | Disbursed | Escrow | Modification | |||||||||||||||||||
Recorded | Capitalized | Recorded | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
One-to four-family | 6 | $ | 1,440 | $ | 3 | $ | 3 | $ | 1,446 | ||||||||||||||
Construction | - | - | - | - | - | ||||||||||||||||||
Multi-family and commercial real estate | 1 | 426 | - | - | 426 | ||||||||||||||||||
Commercial business loans | 9 | 292 | - | - | 292 | ||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 4 | 168 | - | - | 168 | ||||||||||||||||||
Total TDRs restructured during | 20 | $ | 2,326 | $ | 3 | $ | 3 | $ | 2,332 | ||||||||||||||
the period | |||||||||||||||||||||||
TDRs, still accruing interest | 4 | $ | 580 | $ | - | $ | - | $ | 580 | ||||||||||||||
TDRs, included in nonaccrual | 16 | 1,746 | 3 | 3 | 1,752 | ||||||||||||||||||
Total | 20 | $ | 2,326 | $ | 3 | $ | 3 | $ | 2,332 | ||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||
The following tables set forth the balance of and transactions in the allowance for loan losses at September 30, 2013, December 31, 2012 and September 30, 2012, by portfolio segment, disaggregated by impairment methodology, which is then further segregated by loans evaluated for impairment individually and collectively. | |||||||||||||||||||||||
As of and for the Nine Months | One-to-Four | Multi-Family | Construction | Commercial | Consumer | Total | |||||||||||||||||
Family | and | and Land | Business | Loans | |||||||||||||||||||
Commercial | Development | Loans | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||||
Ended September 30, 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | 1,988 | $ | 4,892 | $ | 4,468 | $ | 2,725 | $ | 427 | $ | 14,500 | |||||||||||
Provision for loan losses | 34 | 4,117 | -570 | 526 | 43 | 4,150 | |||||||||||||||||
Charge-offs | -585 | -4,418 | -2,147 | -1,808 | -55 | -9,013 | |||||||||||||||||
Recoveries | - | 590 | 102 | 514 | 5 | 1,211 | |||||||||||||||||
Balance at September 30, 2013 | $ | 1,437 | $ | 5,181 | $ | 1,853 | $ | 1,957 | $ | 420 | $ | 10,848 | |||||||||||
Allowance related to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 55 | $ | 155 | $ | 570 | $ | 590 | $ | 16 | $ | 1,386 | |||||||||||
Collectively evaluated for impairment | 1,382 | 5,026 | 1,283 | 1,367 | 404 | 9,462 | |||||||||||||||||
Total Allowance | $ | 1,437 | $ | 5,181 | $ | 1,853 | $ | 1,957 | $ | 420 | $ | 10,848 | |||||||||||
Ending loan balance individually evaluated for impairment | $ | 6,823 | $ | 3,230 | $ | 3,923 | $ | 2,810 | $ | 685 | $ | 17,471 | |||||||||||
Ending loan balance collectively evaluated for impairment | 194,929 | 122,516 | 5,606 | 23,792 | 27,578 | 374,421 | |||||||||||||||||
Total Loans | $ | 201,752 | $ | 125,746 | $ | 9,529 | $ | 26,602 | $ | 28,263 | $ | 391,892 | |||||||||||
Multi-Family and Commercial Real Estate | |||||||||||||||||||||||
As of and for the Nine Months | Investor one- | Industrial and | Office | Retail | Special Use | Total Multi- | |||||||||||||||||
to-four family | Warehouse | Buildings | Properties | Properties | Family and | ||||||||||||||||||
and multi- | Properties | Commercial | |||||||||||||||||||||
family | Real Estate | ||||||||||||||||||||||
Ended September 30, 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 4,892 | |||||||||||
Provision for loan losses | - | - | - | - | - | 3,689 | |||||||||||||||||
Charge-offs | - | - | - | - | - | -4,351 | |||||||||||||||||
Recoveries | - | - | - | - | - | 590 | |||||||||||||||||
Subtotal | 4,820 | ||||||||||||||||||||||
Redistributed through segment expansion | 526 | 818 | 421 | 519 | 2,536 | 4,820 | |||||||||||||||||
Segment ending balance as of June 30, 2013 | 526 | 818 | 421 | 519 | 2,536 | 4,820 | |||||||||||||||||
Provision for loan losses in third quarter | -48 | 150 | 33 | 186 | 107 | 428 | |||||||||||||||||
Charge-offs in third quarter | - | - | - | -67 | - | -67 | |||||||||||||||||
Recoveries in third quarter | - | - | - | - | - | - | |||||||||||||||||
Segment balance at September 30, 2013 | $ | 478 | $ | 968 | $ | 454 | $ | 638 | $ | 2,643 | $ | 5,181 | |||||||||||
Allowance related to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 22 | $ | 6 | $ | 75 | $ | 34 | $ | 18 | $ | 155 | |||||||||||
Collectively evaluated for impairment | 456 | 962 | 379 | 604 | 2,625 | 5,026 | |||||||||||||||||
Total Allowance | $ | 478 | $ | 968 | $ | 454 | $ | 638 | $ | 2,643 | $ | 5,181 | |||||||||||
Ending loan balance individually evaluated for impairment | $ | 1,182 | $ | 155 | $ | 350 | $ | 400 | $ | 1,143 | $ | 3,230 | |||||||||||
Ending loan balance collectively evaluated for impairment | 15,232 | 32,288 | 21,799 | 21,324 | 31,873 | 122,516 | |||||||||||||||||
Total Loans | $ | 16,414 | $ | 32,443 | $ | 22,149 | $ | 21,724 | $ | 33,016 | $ | 125,746 | |||||||||||
One-to-Four | Multi-Family | Construction | Commercial | Consumer | Total | ||||||||||||||||||
Family | and | and Land | Business | Loans | |||||||||||||||||||
Commercial | Development | Loans | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||||
As of and for the Nine Months | |||||||||||||||||||||||
Ended September 30, 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||
Beginning Balance | $ | 1,745 | $ | 3,745 | $ | 1,327 | $ | 754 | $ | 482 | $ | 8,053 | |||||||||||
Provision for loan losses | 2,233 | 4,897 | 6,070 | 3,249 | 556 | 17,005 | |||||||||||||||||
Charge-offs | -571 | -934 | -5,504 | -2,260 | - | -9,269 | |||||||||||||||||
Recoveries | 4 | - | - | 6 | 2 | 12 | |||||||||||||||||
Ending Balance | $ | 3,411 | $ | 7,708 | $ | 1,893 | $ | 1,749 | $ | 1,040 | $ | 15,801 | |||||||||||
Allowance related to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | 1,306 | $ | - | $ | - | $ | - | $ | 1,306 | |||||||||||
Collectively evaluated for impairment | 3,411 | 6,402 | 1,893 | 1,749 | 1,040 | 14,495 | |||||||||||||||||
Total Allowance | $ | 3,411 | $ | 7,708 | $ | 1,893 | $ | 1,749 | $ | 1,040 | $ | 15,801 | |||||||||||
Ending loan balance individually evaluated for impairment | $ | 7,050 | $ | 15,146 | $ | 13,382 | $ | 1,858 | $ | 262 | $ | 37,698 | |||||||||||
Ending loan balance collectively evaluated for impairment | 203,261 | 9,242 | 128,139 | 32,421 | 30,735 | 403,798 | |||||||||||||||||
Total Loans | $ | 210,311 | $ | 24,388 | $ | 141,521 | $ | 34,279 | $ | 30,997 | $ | 441,496 | |||||||||||
At December 31, 2012 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Ending balance | $ | 1,988 | $ | 4,892 | $ | 4,468 | $ | 2,725 | $ | 427 | $ | 14,500 | |||||||||||
Allowance related to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 5 | $ | 271 | $ | 119 | $ | 340 | $ | 1 | $ | 736 | |||||||||||
Collectively evaluated for impairment | 1,983 | 4,621 | 4,349 | 2,385 | 426 | 13,764 | |||||||||||||||||
Total Allowance | $ | 1,988 | $ | 4,892 | $ | 4,468 | $ | 2,725 | $ | 427 | $ | 14,500 | |||||||||||
Ending loan balance individually evaluated for impairment | $ | 4,541 | $ | 14,373 | $ | 8,286 | $ | 3,945 | $ | 300 | $ | 31,445 | |||||||||||
Ending loan balance collectively evaluated for impairment | 204,463 | 119,176 | 18,347 | 29,025 | 29,826 | 400,837 | |||||||||||||||||
Total Loans | $ | 209,004 | $ | 133,549 | $ | 26,633 | $ | 32,970 | $ | 30,126 | $ | 432,282 | |||||||||||
FORECLOSED_REAL_ESTATE_Tables
FORECLOSED REAL ESTATE (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Foreclosed Real Estate [Abstract] | ' | |||||||||||||
Other Real Estate, Roll Forward [Table Text Block] | ' | |||||||||||||
Changes in foreclosed real estate during the three and nine months ended September 30, 2013 and September 30, 2012 are as follows: | ||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Beginning Balance | $ | 234 | $ | 402 | $ | 735 | $ | 873 | ||||||
Additions | 707 | 94 | 954 | 356 | ||||||||||
Proceeds from dispositions | -51 | -140 | -674 | -804 | ||||||||||
Loss on sales | -3 | - | -68 | -69 | ||||||||||
Writedowns | - | - | -60 | - | ||||||||||
Balance at end of period | $ | 887 | $ | 356 | $ | 887 | $ | 356 | ||||||
DEPOSITS_Tables
DEPOSITS (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||
Schedule Of Deposits [Table Text Block] | ' | ||||||||||||||
A summary of deposits at September 30, 2013 and December 31, 2012 consisted of the following: | |||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||
Noninterest bearing demand deposits | $ | 66,633 | 17.2 | % | $ | 70,300 | 17.4 | % | |||||||
Interest bearing deposits | |||||||||||||||
Now accounts and money market accounts | 48,676 | 12.5 | % | 38,965 | 9.7 | % | |||||||||
Savings accounts | 117,376 | 30.3 | % | 117,259 | 29.1 | % | |||||||||
Time certificates, less than $100,000 | 94,013 | 24.2 | % | 105,893 | 26.3 | % | |||||||||
Time certificates, $100,000 or more | 61,300 | 15.8 | % | 70,485 | 17.5 | % | |||||||||
Total interest bearing deposits | 321,365 | 82.8 | % | 332,602 | 82.6 | % | |||||||||
Total deposits | $ | 387,998 | 100 | % | $ | 402,902 | 100 | % | |||||||
Schedule Of Maturities Deposits [Table Text Block] | ' | ||||||||||||||
Scheduled maturities of certificates of deposit are as follows: | |||||||||||||||
At September 30, 2013 | At December 31, 2012 | ||||||||||||||
Three months or less | $ | 22,378 | $ | 29,644 | |||||||||||
Over three months through twelve months | 54,233 | 60,729 | |||||||||||||
Over one year through three years | 47,796 | 44,433 | |||||||||||||
Over three years | 30,906 | 41,572 | |||||||||||||
$ | 155,313 | $ | 176,378 | ||||||||||||
FHLB_ADVANCES_Tables
FHLB ADVANCES (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Long-Term Federal Home Loan Bank Advances [Abstract] | ' | ||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||
The following table presents certain information regarding our Federal Home Loan Bank advances during the periods or at the dates indicated. | |||||||||||||
At September 30, 2013 | At December 31, 2012 | ||||||||||||
Weighted | Weighted | ||||||||||||
Amount | Average | Amount | Average | ||||||||||
(Dollars in thousands) | Due | Cost | Due | Cost | |||||||||
Year of maturity: | |||||||||||||
2013 | $ | 3,716 | 2.52 | % | $ | 24,088 | 2.65 | % | |||||
2014 | 1,377 | 2.64 | % | 15,693 | 2.96 | % | |||||||
2015 | 1,500 | 0.8 | % | 624 | 3.34 | % | |||||||
2016 - 2020 | 21,168 | 2.34 | % | 443 | 0.19 | % | |||||||
2021 - 2025 | 653 | 0.27 | % | 318 | 0.18 | % | |||||||
2026 - 2028 | 617 | - | 310 | - | |||||||||
Total FHLB advances | $ | 29,031 | 2.2 | % | $ | 41,476 | 2.72 | % | |||||
OTHER_BORROWED_FUNDS_Tables
OTHER BORROWED FUNDS (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule Of Borrowed Funds For Repurchase Agreements [Table Text Block] | ' | ||||||||
The following table presents certain information regarding our repurchase agreements during the year to date periods or at the dates indicated. | |||||||||
At or for the year to date period ended | |||||||||
(Dollars in thousands) | 30-Sep-13 | 31-Dec-12 | |||||||
Maximum amount of advances outstanding during the period | $ | 21,256 | $ | 19,283 | |||||
Average advances outstanding during the period | $ | 13,044 | $ | 11,608 | |||||
Weighted average interest rate during the period | 0.39 | % | 0.47 | % | |||||
Balance outstanding at end of period | $ | 5,025 | $ | 6,394 | |||||
Weighted average interest rate at end of period | 0.22 | % | 0.45 | % | |||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
Unreleased common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating either basic or diluted net income per common share. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net loss | $ | -1,031,000 | $ | -6,161,000 | $ | -6,421,000 | $ | -9,552,000 | ||||||
Weighted-average common shares outstanding: | ||||||||||||||
Basic | 6,643,093 | 6,610,729 | 6,643,093 | 6,610,766 | ||||||||||
Diluted | 6,643,093 | 6,610,729 | 6,643,093 | 6,610,766 | ||||||||||
Loss per common share; | ||||||||||||||
Basic | $ | -0.16 | $ | -0.93 | $ | -0.97 | $ | -1.44 | ||||||
Diluted | $ | -0.16 | $ | -0.93 | $ | -0.97 | $ | -1.44 | ||||||
FINANCIAL_INSTRUMENTS_WITH_OFF1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | ' | |||||||
Financial instruments whose contractual amounts represent credit risk at September 30, 2013 and December 31, 2012 were as follows: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2013 | 2012 | ||||||
Commitments to extend credit: | ||||||||
Commercial loan committments | $ | 9,171 | $ | 4,327 | ||||
Unused home equity lines of credit | 18,972 | 21,434 | ||||||
Commercial and industrial loan commitments | 11,765 | 13,134 | ||||||
Amounts due on other commitments | 8,075 | 20,790 | ||||||
Commercial letters of credit | 2,152 | 3,964 | ||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule Of Carrying Amount and Fair Values Of Financial Instruments [Table Text Block] | ' | |||||||||||||||
The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of September 30, 2013 and December 31, 2012: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||
(In thousands) | Hierarchy Level | Value | Value | Value | Value | |||||||||||
Financial Assets | ||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 26,442 | $ | 26,442 | $ | 23,229 | $ | 23,229 | |||||||
Investment securities, available-for-sale: | ||||||||||||||||
Mutual fund - mortgage-backed securities | Level 1 | 506 | 506 | - | - | |||||||||||
Other | Level 2 | 27,480 | 27,480 | 23,484 | 23,484 | |||||||||||
Investment securities, held-to-maturity | Level 2 | 19,257 | 19,356 | 25,519 | 26,107 | |||||||||||
Loans held for sale | Level 2 | 653 | 653 | 2,761 | 2,761 | |||||||||||
Loans receivable, net: | ||||||||||||||||
Performing | Level 2 | 364,889 | 372,348 | 386,904 | 405,977 | |||||||||||
Impaired | Level 3 | 16,085 | 16,085 | 30,709 | 30,709 | |||||||||||
Accrued interest receivable | Level 1 | 1,473 | 1,473 | 1,761 | 1,761 | |||||||||||
Mortgage servicing assets | Level 3 | 1,121 | 1,560 | 1,039 | 1,633 | |||||||||||
FHLB Stock | Level 3 | 5,444 | 5,444 | 5,917 | 5,917 | |||||||||||
Financial Liabilities | ||||||||||||||||
Demand deposits, savings, Now and | ||||||||||||||||
money market deposits | Level 1 | 232,685 | 234,057 | 226,524 | 228,851 | |||||||||||
Time deposits | Level 2 | 155,313 | 157,354 | 176,378 | 179,125 | |||||||||||
FHLB advances | Level 2 | 29,031 | 29,933 | 41,476 | 42,453 | |||||||||||
Borrowed funds | Level 2 | 5,025 | 5,025 | 6,394 | 6,398 | |||||||||||
Mortgagors' escrow accounts | Level 2 | 2,349 | 2,349 | 4,628 | 4,628 | |||||||||||
Accrued interest payable | Level 1 | 60 | 60 | 99 | 99 | |||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||
The following table represents a further breakdown of investment securities and other financial instruments measured at fair value on a recurring basis. | ||||||||||||||||
Fair Value At September 30, 2013 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government and agency obligations | $ | - | $ | 6,634 | $ | - | $ | 6,634 | ||||||||
U.S. Government agency mortgage-backed obligations | - | 10,499 | - | 10,499 | ||||||||||||
U.S. Government agency collateralized mortgage obligations | - | 3,907 | - | 3,907 | ||||||||||||
Private label collateralized mortgage obligations | - | 269 | - | 269 | ||||||||||||
Auction-rate trust preferred securities | - | 6,171 | - | 6,171 | ||||||||||||
Mutual fund - mortgage-backed securities | 506 | - | 506 | |||||||||||||
Fair Value At December 31, 2012 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||||||
Available-for-sale investment securities: | ||||||||||||||||
U.S. Government and agency obligations | $ | - | $ | 1,029 | $ | - | $ | 1,029 | ||||||||
U.S. Government agency mortgage-backed obligations | - | 13,960 | - | 13,960 | ||||||||||||
U.S. Government agency collateralized mortgage obligations | - | 985 | - | 985 | ||||||||||||
Private label collateralized mortgage obligations | - | 294 | - | 294 | ||||||||||||
Auction-rate trust preferred securities | - | 7,216 | - | 7,216 | ||||||||||||
Schedule Of Fair Value On Recurring Basis [Table Text Block] | ' | |||||||||||||||
The following table represents assets measured at fair value on a non-recurring basis. | ||||||||||||||||
Fair Value At September 30, 2013 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | - | $ | - | 16,085 | $ | 16,085 | |||||||||
Foreclosed real estate | - | - | 887 | 887 | ||||||||||||
Mortgage servicing rights | - | - | 1,560 | 1,560 | ||||||||||||
Fair Value At December 31, 2012 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | - | $ | - | 30,709 | $ | 30,709 | |||||||||
Foreclosed real estate | - | - | 735 | 735 | ||||||||||||
Mortgage servicing rights | - | - | 1,633 | 1,633 | ||||||||||||
REGULATORY_MATTERS_Details
REGULATORY MATTERS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Capital Unit [Line Items] | ' | ' | ||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | 11.83% | ' | ||
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Percentage | 9.00% | ' | ||
Tier 1 Risk-Based Capital Actual, Percentage | 13.00% | ' | ||
Total Risk-Based Capital Actual, Percentage | 16.56% | ' | ||
Company Consolidated [Member] | ' | ' | ||
Capital Unit [Line Items] | ' | ' | ||
Tier 1 Leverage Capital, Actual, Amount | $60,507 | [1] | $66,929 | [1] |
Tier 1 Risk-Based Capital Actual, Amount | 60,507 | [2] | 66,929 | [2] |
Total Risk-Based Capital Actual, Amount | 64,768 | [2] | 71,378 | [2] |
Tier 1 Leverage Capital Actual, Percentage | 12.39% | [1] | 12.71% | [1] |
Tier 1 Risk-Based Capital Actual, Percentage | 18.11% | [2] | 19.35% | [2] |
Total Risk-Based Capital Actual, Percentage | 19.39% | [2] | 20.64% | [2] |
Bank [Member] | ' | ' | ||
Capital Unit [Line Items] | ' | ' | ||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Amount | 19,614 | [1] | 21,087 | [1] |
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Amount | 13,445 | [2] | 14,105 | [2] |
Total Risk-Based Capital Required for Adequately Capital Requirements, Amount | 26,890 | [2] | 28,210 | [2] |
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | 4.00% | [1] | 4.00% | [1] |
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Percentage | 4.00% | [2] | 4.00% | [2] |
Total Risk-Based Capital Required for Adequately Capital Requirements, Percentage | 8.00% | [2] | 8.00% | [2] |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Amount | 44,132 | [1],[3] | ' | |
Total Risk-Based Capital Individual Minimum Capital Requirements, Amount | 43,696 | [2],[3] | ' | |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Percentage | 9.00% | [1],[3] | ' | |
Total Risk-Based Capital Individual Minimum Capital Requirements, Percentage | 13.00% | [2],[3] | ' | |
Tier 1 Leverage Capital, Actual, Amount | 51,368 | [1] | 52,618 | [1] |
Tier 1 Risk-Based Capital Actual, Amount | 51,368 | [2] | 52,618 | [2] |
Total Risk-Based Capital Actual, Amount | $55,654 | [2] | $57,162 | [2] |
Tier 1 Leverage Capital Actual, Percentage | 10.48% | [1] | 9.98% | [1] |
Tier 1 Risk-Based Capital Actual, Percentage | 15.28% | [2] | 14.92% | [2] |
Total Risk-Based Capital Actual, Percentage | 16.56% | [2] | 16.21% | [2] |
[1] | Tier 1 capital to total assets. | |||
[2] | Tier 1 or total risk-based capital to risk-weighted assets. | |||
[3] | Effective June 4, 2013. |
REGULATORY_MATTERS_Details_Tex
REGULATORY MATTERS (Details Textual) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Regulatory Matters [Line Items] | ' |
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Percentage | 9.00% |
Tier One Risk Based Capital to Risk Weighted Assets | 13.00% |
Capital to Risk Weighted Assets | 16.56% |
Liquid Assets | $7.40 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 11.83% |
Excess Tier One Leverage Capital to Average Assets | 10.48% |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | $29,051 | $23,264 |
Gross Unrealized Gains | 464 | 724 |
Gross Unrealized Losses | -1,529 | -504 |
Fair Value | 27,986 | 23,484 |
Held-to-maturity securities: | ' | ' |
Amortized Cost Basis | 19,257 | 25,519 |
Gross Unrealized Gains | 99 | 588 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 19,356 | 26,107 |
US Government Agencies Debt Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 6,600 | 1,006 |
Gross Unrealized Gains | 34 | 23 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 6,634 | 1,029 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 10,088 | 13,270 |
Gross Unrealized Gains | 411 | 690 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 10,499 | 13,960 |
Held-to-maturity securities: | ' | ' |
Amortized Cost Basis | 19,257 | 25,519 |
Gross Unrealized Gains | 99 | 588 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 19,356 | 26,107 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 3,895 | 974 |
Gross Unrealized Gains | 12 | 11 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,907 | 985 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 268 | 314 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | -20 |
Fair Value | 269 | 294 |
Subtotal [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 20,851 | 15,564 |
Gross Unrealized Gains | 458 | 724 |
Gross Unrealized Losses | 0 | -20 |
Fair Value | 21,309 | 16,268 |
Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 7,700 | 7,700 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -1,529 | -484 |
Fair Value | 6,171 | 7,216 |
Mutual fund - mortaged - backed securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 500 | ' |
Gross Unrealized Gains | 6 | ' |
Gross Unrealized Losses | 0 | ' |
Fair Value | $506 | ' |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Securities | Securities | |
Unrealized Loss on Investments [Line Items] | ' | ' |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Number of Securities | 5 | 6 |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Fair Market Value | $6,171 | $7,510 |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Unrealized Loss | -1,529 | -504 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Unrealized Loss on Investments [Line Items] | ' | ' |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Number of Securities | ' | 1 |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Fair Market Value | ' | 294 |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Unrealized Loss | ' | -20 |
Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Unrealized Loss on Investments [Line Items] | ' | ' |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Number of Securities | 5 | 5 |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Fair Market Value | 6,171 | 7,216 |
Securities in Continuous Unrealized Loss Position 12 or More Consecutive Months, Unrealized Loss | ($1,529) | ($484) |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | $29,051 | $23,264 |
Available-for-Sale, Fair Value | 27,986 | 23,484 |
Held-to-Maturity, Amortized Cost | 19,257 | 25,519 |
Held-to-Maturity, Fair Value | 19,356 | 26,107 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Amortized Cost | 19,257 | 25,519 |
Subtotal [Member] | ' | ' |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 20,851 | 15,564 |
Available-for-Sale, Fair Value | 21,309 | 16,268 |
Mortgage Backed Securities [Member] | US Government and Government Agencies and Authorities [Member] | ' | ' |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 10,088 | 13,270 |
Available-for-Sale, Fair Value | 10,499 | 13,960 |
Held-to-Maturity, Amortized Cost | 19,257 | 25,519 |
Held-to-Maturity, Fair Value | 19,356 | 26,107 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 14,751 | 14,558 |
Available-for-Sale, Fair Value | 15,181 | 15,239 |
Held-to-Maturity, Amortized Cost | 19,257 | 25,519 |
Held-to-Maturity, Fair Value | 19,356 | 26,107 |
Collateralized Mortgage Backed Securities [Member] | US Government and Government Agencies and Authorities [Member] | ' | ' |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 3,895 | 974 |
Available-for-Sale, Fair Value | 3,907 | 985 |
Held-to-Maturity, Amortized Cost | 0 | 0 |
Held-to-Maturity, Fair Value | 0 | 0 |
Securities With Fixed Maturities [Member] | ' | ' |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Due in one year or less, Amortized Cost Basis | 6,600 | 1,006 |
Available-for-sale Securities, Debt Maturities, Due in one year or less, Fair Value | 6,634 | 1,029 |
Available-for-sale Securities, Debt Maturities, Due after one year through five years, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Due after one year through five years, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Due after five years through ten years, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Due after five years through ten years, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Due after ten years through fifteen years, Amortized Cost Basis | 7,700 | 7,700 |
Available-for-sale Securities, Due after ten years through fifteen years, after Ten Years, Fair Value | 6,171 | 7,216 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 14,300 | 8,706 |
Available-for-sale Securities, Debt Securities, Fair Value | 12,805 | 8,245 |
Held-to-maturity Securities, Debt Maturities, Due in one year or less, Amortized Cost | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Due in one year or less, Fair Value | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Due after one year through five years, Amortized Cost | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Due after one year through five years, Fair Value | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Due after five years through ten years, Amortized Cost Basis | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Due after five years through ten years, Fair Value | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Due after ten years through fifteen years, Net Carrying Amount | 0 | ' |
Held-to-maturity Securities, Debt Maturities, Due after ten years through fifteen years, Fair Value | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Amortized Cost | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 0 | 0 |
Private Label Collateralized Mortgage Obligations [Member] | ' | ' |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 268 | 314 |
Available-for-Sale, Fair Value | 269 | 294 |
Held-to-Maturity, Amortized Cost | 0 | 0 |
Held-to-Maturity, Fair Value | 0 | 0 |
Mutual Fund Mortgage Backed Securities [Member] | ' | ' |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 500 | ' |
Available-for-Sale, Fair Value | 506 | 0 |
Held-to-Maturity, Amortized Cost | 0 | ' |
Held-to-Maturity, Fair Value | $0 | ' |
LOANS_RECEIVABLE_Details
LOANS RECEIVABLE (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | $391,892 | $432,282 | $441,496 | ' |
Allowance for loan losses | 10,848 | 14,500 | 15,801 | 8,053 |
Deferred loan origination fees, net | 70 | 169 | ' | ' |
Loans receivable, net | 380,974 | 417,613 | ' | ' |
Commercial business loans [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 26,602 | 32,970 | ' | ' |
Real Estate [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 337,027 | 369,186 | ' | ' |
Real Estate [Member] | One to four family [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 201,752 | 209,004 | ' | ' |
Real Estate [Member] | Commercial Real Estate and Multi-Family [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 125,746 | 133,549 | ' | ' |
Real Estate [Member] | Construction Loans [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 9,529 | 26,633 | ' | ' |
Consumer Loan [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 28,263 | 30,126 | ' | ' |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 27,557 | 28,829 | ' | ' |
Consumer Loan [Member] | Other consumer [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | $706 | $1,297 | ' | ' |
LOANS_RECEIVABLE_Details_1
LOANS RECEIVABLE (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | $391,892 | $432,282 | $441,496 | ||
Consumer Other Financing Receivable [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | ' | 30,126 | ' | ||
Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 33,016 | ' | ' | ||
Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 21,724 | ' | ' | ||
Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 22,149 | ' | ' | ||
Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 32,443 | ' | ' | ||
Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 28,263 | 30,126 | ' | ||
Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 332,723 | 326,432 | ' | ||
Pass [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 25,923 | ' | ' | ||
Pass [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 15,656 | ' | ' | ||
Pass [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 18,627 | ' | ' | ||
Pass [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 23,083 | ' | ' | ||
Pass [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 27,242 | ' | ' | ||
Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 34,782 | 36,419 | ' | ||
Special Mention [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,454 | ' | ' | ||
Special Mention [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,206 | ' | ' | ||
Special Mention [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,797 | ' | ' | ||
Special Mention [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 7,391 | ' | ' | ||
Special Mention [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 290 | ' | ' | ||
Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 24,290 | 39,305 | ' | ||
Substandard [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,639 | ' | ' | ||
Substandard [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 862 | ' | ' | ||
Substandard [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 725 | ' | ' | ||
Substandard [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,969 | ' | ' | ||
Substandard [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 731 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 8,774 | 13,930 | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 495 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 462 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 375 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,815 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 214 | ' | ' | ||
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 15,516 | [1] | 25,375 | [1] | ' |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,144 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 400 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 350 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 154 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 517 | [1] | ' | ' | |
Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 97 | 0 | ' | ||
Doubtful [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | ' | ' | ||
Doubtful [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | ' | ' | ||
Doubtful [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | ' | ' | ||
Doubtful [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | ' | ' | ||
Performing Financing Receivable [Member] | Consumer Other Financing Receivable [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | ' | 29,853 | ' | ||
Nonperforming Financing Receivable [Member] | Consumer Other Financing Receivable [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | ' | 273 | [1] | ' | |
Commercial Business Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 26,602 | 32,970 | 34,279 | ||
Commercial Business Loans [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 18,591 | 24,271 | ' | ||
Commercial Business Loans [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 4,423 | 3,255 | ' | ||
Commercial Business Loans [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,491 | 5,444 | ' | ||
Commercial Business Loans [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,011 | 2,043 | ' | ||
Commercial Business Loans [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,480 | [1] | 3,401 | [1] | ' |
Commercial Business Loans [Member] | Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 97 | 0 | ' | ||
Multi-Family and Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 125,746 | 133,549 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 95,021 | 90,544 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 24,348 | 26,198 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 6,377 | 16,807 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,147 | 7,776 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,230 | [1] | 9,031 | [1] | ' |
Multi-Family and Commercial Real Estate [Member] | Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
One to four family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 201,752 | 209,004 | 210,311 | ||
One to four family [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 190,233 | 198,800 | ' | ||
One to four family [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 4,614 | 4,807 | ' | ||
One to four family [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 6,905 | 5,397 | ' | ||
One to four family [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,540 | 1,709 | ' | ||
One to four family [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,365 | [1] | 3,688 | [1] | ' |
One to four family [Member] | Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Construction And Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 9,529 | 26,633 | ' | ||
Construction And Land Development [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,636 | 12,817 | ' | ||
Construction And Land Development [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,107 | 2,159 | ' | ||
Construction And Land Development [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 6,786 | 11,657 | ' | ||
Construction And Land Development [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,862 | 2,402 | ' | ||
Construction And Land Development [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,924 | [1] | 9,255 | [1] | ' |
Construction And Land Development [Member] | Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | 0 | ' | ||
Investor owned one to four family and multi family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 16,414 | ' | ' | ||
Investor owned one to four family and multi family [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 11,732 | ' | ' | ||
Investor owned one to four family and multi family [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,500 | ' | ' | ||
Investor owned one to four family and multi family [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,182 | ' | ' | ||
Investor owned one to four family and multi family [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | ' | ' | ||
Investor owned one to four family and multi family [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,182 | [1] | ' | ' | |
Investor owned one to four family and multi family [Member] | Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 125,746 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 95,021 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 24,348 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 6,377 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,147 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,230 | [1] | ' | ' | |
Total Multi family and commercial real estate member [Member] | Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | $0 | ' | ' | ||
[1] | Non-accrual loans included substandard nonaccruing loans and non-performing consumer loans. |
LOANS_RECEIVABLE_Details_2
LOANS RECEIVABLE (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | $5,795 | $5,992 | ' |
61-90 Days Past Due | 1,064 | 2,398 | ' |
Greater Than 90 Days | 10,126 | 18,225 | ' |
Total Past Due | 16,985 | 26,615 | ' |
Current | 374,907 | 405,667 | ' |
Total Loans | 391,892 | 432,282 | 441,496 |
Carrying Amount > 90 Days and Accruing | 0 | 0 | ' |
Consumer Other Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | ' | 1,353 | ' |
61-90 Days Past Due | ' | 184 | ' |
Greater Than 90 Days | ' | 100 | ' |
Total Past Due | ' | 1,637 | ' |
Current | ' | 28,489 | ' |
Total Loans | ' | 30,126 | ' |
Carrying Amount > 90 Days and Accruing | ' | 0 | ' |
Industrial Property [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 32,443 | ' | ' |
Office Building [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 22,149 | ' | ' |
Retail Site [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 21,724 | ' | ' |
Special use properties [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 33,016 | ' | ' |
Real Estate Loans [Member] | Retail Site [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 0 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 0 | ' | ' |
Total Past Due | 0 | ' | ' |
Current | 21,724 | ' | ' |
Total Loans | 21,724 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
One to four family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 201,752 | 209,004 | 210,311 |
One to four family [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 2,059 | 1,820 | ' |
61-90 Days Past Due | 327 | 735 | ' |
Greater Than 90 Days | 2,384 | 1,329 | ' |
Total Past Due | 4,770 | 3,884 | ' |
Current | 196,982 | 205,120 | ' |
Total Loans | 201,752 | 209,004 | ' |
Carrying Amount > 90 Days and Accruing | 0 | 0 | ' |
Construction Loans [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | ' | 489 | ' |
61-90 Days Past Due | ' | 136 | ' |
Greater Than 90 Days | ' | 8,654 | ' |
Total Past Due | ' | 9,279 | ' |
Current | ' | 17,354 | ' |
Total Loans | ' | 26,633 | ' |
Carrying Amount > 90 Days and Accruing | ' | 0 | ' |
Multi Family and Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 125,746 | 133,549 | 24,388 |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Multi Family and Commercial Real Estate [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | ' | 1,688 | ' |
61-90 Days Past Due | ' | 174 | ' |
Greater Than 90 Days | ' | 6,225 | ' |
Total Past Due | ' | 8,087 | ' |
Current | ' | 125,462 | ' |
Total Loans | ' | 133,549 | ' |
Carrying Amount > 90 Days and Accruing | ' | 0 | ' |
Multi Family and Commercial Real Estate [Member] | Real Estate Loans [Member] | Industrial Property [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 229 | ' | ' |
61-90 Days Past Due | 652 | ' | ' |
Greater Than 90 Days | 154 | ' | ' |
Total Past Due | 1,035 | ' | ' |
Current | 31,408 | ' | ' |
Total Loans | 32,443 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Multi Family and Commercial Real Estate [Member] | Real Estate Loans [Member] | Office Building [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 109 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 350 | ' | ' |
Total Past Due | 459 | ' | ' |
Current | 21,690 | ' | ' |
Total Loans | 22,149 | ' | ' |
Carrying Amount > 90 Days and Accruing | ' | ' | ' |
Multi Family and Commercial Real Estate [Member] | Real Estate Loans [Member] | Special use properties [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 740 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 0 | ' | ' |
Total Past Due | 740 | ' | ' |
Current | 32,276 | ' | ' |
Total Loans | 33,016 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Commercial Business Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 26,602 | 32,970 | 34,279 |
Commercial Business Loans [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 1,061 | 642 | ' |
61-90 Days Past Due | 52 | 1,169 | ' |
Greater Than 90 Days | 2,429 | 1,917 | ' |
Total Past Due | 3,542 | 3,728 | ' |
Current | 23,060 | 29,242 | ' |
Total Loans | 26,602 | 32,970 | ' |
Carrying Amount > 90 Days and Accruing | ' | 0 | ' |
Investor owned one to four family and multi family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 16,414 | ' | ' |
Investor owned one to four family and multi family [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 1,041 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 623 | ' | ' |
Total Past Due | 1,664 | ' | ' |
Current | 14,750 | ' | ' |
Total Loans | 16,414 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Total Multi family and commercial real estate member [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 125,746 | ' | ' |
Total Multi family and commercial real estate member [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 2,119 | ' | ' |
61-90 Days Past Due | 652 | ' | ' |
Greater Than 90 Days | 1,127 | ' | ' |
Total Past Due | 3,898 | ' | ' |
Current | 121,848 | ' | ' |
Total Loans | 125,746 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Consumer Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 28,263 | 30,126 | 30,997 |
Consumer Loan [Member] | Consumer Other Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 71 | ' | ' |
61-90 Days Past Due | 33 | ' | ' |
Greater Than 90 Days | 321 | ' | ' |
Total Past Due | 425 | ' | ' |
Current | 27,838 | ' | ' |
Total Loans | 28,263 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 70 | ' | ' |
61-90 Days Past Due | 33 | ' | ' |
Greater Than 90 Days | 321 | ' | ' |
Total Past Due | 424 | ' | ' |
Current | 27,133 | ' | ' |
Total Loans | 27,557 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Consumer Loan [Member] | Other consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 1 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 0 | ' | ' |
Total Past Due | 1 | ' | ' |
Current | 705 | ' | ' |
Total Loans | 706 | ' | ' |
Carrying Amount > 90 Days and Accruing | ' | ' | ' |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 9,529 | 26,633 | 141,521 |
Construction and Land Development [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 485 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 3,865 | ' | ' |
Total Past Due | 4,350 | ' | ' |
Current | 5,179 | ' | ' |
Total Loans | 9,529 | ' | ' |
Carrying Amount > 90 Days and Accruing | $0 | ' | ' |
LOANS_RECEIVABLE_Details_3
LOANS RECEIVABLE (Details 3) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Nonperforming Assets | ' | ' | ' | ' | ' | ' |
Nonaccrual loans | $10,053 | ' | $22,306 | ' | ' | ' |
TDRs nonaccruing | 7,013 | ' | 8,277 | ' | ' | ' |
Subtotal non performing loans | 17,066 | ' | 30,583 | ' | ' | ' |
Foreclosed real estate | 887 | 234 | 735 | 356 | 402 | 873 |
Total nonperforming assets | $17,953 | ' | $31,318 | ' | ' | ' |
Total nonperforming loans to total loans | 4.35% | ' | 7.07% | ' | ' | ' |
Total nonperforming assets to total assets | 3.68% | ' | 5.95% | ' | ' | ' |
LOANS_RECEIVABLE_Details_4
LOANS RECEIVABLE (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | $12,533 | $25,469 |
Recorded Investment with Specific Valuation Allowance | 4,938 | 5,976 |
Total Recorded Investment | 17,471 | 31,445 |
Unpaid Contractual Principal Balance | 22,731 | 41,878 |
Related Specific Valuation Allowance | 1,386 | 736 |
Investor owned one to four family and multi family [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 951 | ' |
Recorded Investment with Specific Valuation Allowance | 230 | ' |
Total Recorded Investment | 1,181 | ' |
Unpaid Contractual Principal Balance | 1,278 | ' |
Related Specific Valuation Allowance | 22 | ' |
Total Multi family and commercial real estate member [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 1,498 | ' |
Recorded Investment with Specific Valuation Allowance | 1,731 | ' |
Total Recorded Investment | 3,229 | ' |
Unpaid Contractual Principal Balance | 4,052 | ' |
Related Specific Valuation Allowance | 155 | ' |
Commercial Business Loans [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 1,747 | 2,731 |
Recorded Investment with Specific Valuation Allowance | 1,063 | 1,214 |
Total Recorded Investment | 2,810 | 3,945 |
Unpaid Contractual Principal Balance | 3,264 | 4,419 |
Related Specific Valuation Allowance | 590 | 340 |
Consumer Loan [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 595 | 255 |
Recorded Investment with Specific Valuation Allowance | 91 | 45 |
Total Recorded Investment | 686 | 300 |
Unpaid Contractual Principal Balance | 793 | 385 |
Related Specific Valuation Allowance | 16 | 1 |
Multi Family and Commercial Real Estate [Member] | Industrial Property [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 34 | ' |
Recorded Investment with Specific Valuation Allowance | 120 | ' |
Total Recorded Investment | 154 | ' |
Unpaid Contractual Principal Balance | 293 | ' |
Related Specific Valuation Allowance | 6 | ' |
Multi Family and Commercial Real Estate [Member] | Office Building [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 0 | ' |
Recorded Investment with Specific Valuation Allowance | 350 | ' |
Total Recorded Investment | 350 | ' |
Unpaid Contractual Principal Balance | 406 | ' |
Related Specific Valuation Allowance | 75 | ' |
Multi Family and Commercial Real Estate [Member] | Retail Site [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 0 | ' |
Recorded Investment with Specific Valuation Allowance | 400 | ' |
Total Recorded Investment | 400 | ' |
Unpaid Contractual Principal Balance | 467 | ' |
Related Specific Valuation Allowance | 34 | ' |
Multi Family and Commercial Real Estate [Member] | Other Property [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 513 | ' |
Recorded Investment with Specific Valuation Allowance | 631 | ' |
Total Recorded Investment | 1,144 | ' |
Unpaid Contractual Principal Balance | 1,608 | ' |
Related Specific Valuation Allowance | 18 | ' |
Real Estate Loans [Member] | One To Four Family [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 5,470 | 4,422 |
Recorded Investment with Specific Valuation Allowance | 1,353 | 119 |
Total Recorded Investment | 6,823 | 4,541 |
Unpaid Contractual Principal Balance | 7,557 | 4,944 |
Related Specific Valuation Allowance | 55 | 5 |
Real Estate Loans [Member] | Construction and Land Development [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 3,223 | 5,884 |
Recorded Investment with Specific Valuation Allowance | 700 | 2,402 |
Total Recorded Investment | 3,923 | 8,286 |
Unpaid Contractual Principal Balance | 7,065 | 15,298 |
Related Specific Valuation Allowance | 570 | 119 |
Real Estate Loans [Member] | Multi Family and Commercial Real Estate [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | ' | 12,177 |
Recorded Investment with Specific Valuation Allowance | ' | 2,196 |
Total Recorded Investment | ' | 14,373 |
Unpaid Contractual Principal Balance | ' | 16,832 |
Related Specific Valuation Allowance | ' | $271 |
LOANS_RECEIVABLE_Details_5
LOANS RECEIVABLE (Details 5) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' |
Average Recorded Investments | $17,630 | $30,682 |
Interest Income Recognized | 251 | 471 |
Consumer Loans [Member] | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' |
Average Recorded Investments | 696 | 340 |
Interest Income Recognized | 15 | 12 |
Real Estate [Member] | One to four family [Member] | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' |
Average Recorded Investments | 6,896 | 4,925 |
Interest Income Recognized | 144 | 122 |
Real Estate [Member] | Construction Loans [Member] | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' |
Average Recorded Investments | 3,953 | 11,178 |
Interest Income Recognized | 6 | 120 |
Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' |
Average Recorded Investments | 5,529 | 12,705 |
Interest Income Recognized | 41 | 190 |
Real Estate [Member] | Commercial Business Loans [Member] | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' |
Average Recorded Investments | 556 | 1,534 |
Interest Income Recognized | $45 | $27 |
LOANS_RECEIVABLE_Details_6
LOANS RECEIVABLE (Details 6) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired Loans Modified Tdr [Line Items] | ' | ' |
Total | $8,296 | $9,139 |
Performing Financing Receivable [Member] | ' | ' |
Impaired Loans Modified Tdr [Line Items] | ' | ' |
Total | 3,889 | 3,573 |
Nonperforming Financing Receivable [Member] | ' | ' |
Impaired Loans Modified Tdr [Line Items] | ' | ' |
Total | $4,407 | $5,566 |
LOANS_RECEIVABLE_Details_7
LOANS RECEIVABLE (Details 7) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 17 | 20 |
Pre-Modification Recorded Investment | $2,967 | $2,326 |
Funds Disbursed | 63 | 3 |
Interest and Escrow Capitalized | 0 | 3 |
Post-Modification Recorded Investment | 3,030 | 2,332 |
TDRs Accruing Interest [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 4 |
Pre-Modification Recorded Investment | 135 | 580 |
Funds Disbursed | 0 | 0 |
Interest and Escrow Capitalized | 0 | 0 |
Post-Modification Recorded Investment | 135 | 580 |
TDRs Nonaccrual [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 15 | 16 |
Pre-Modification Recorded Investment | 2,662 | 1,746 |
Funds Disbursed | 63 | 3 |
Interest and Escrow Capitalized | 0 | 3 |
Post-Modification Recorded Investment | 2,725 | 1,752 |
TDRs Restructured [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 17 | 20 |
Pre-Modification Recorded Investment | 2,967 | 2,326 |
Funds Disbursed | 63 | 3 |
Interest and Escrow Capitalized | 0 | 3 |
Post-Modification Recorded Investment | 3,030 | 2,332 |
Sold [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Pre-Modification Recorded Investment | 170 | ' |
Funds Disbursed | 0 | ' |
Interest and Escrow Capitalized | 0 | ' |
Post-Modification Recorded Investment | 170 | ' |
Real Estate [Member] | One to four family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 6 | 6 |
Pre-Modification Recorded Investment | 1,434 | 1,440 |
Funds Disbursed | 7 | 3 |
Interest and Escrow Capitalized | 0 | 3 |
Post-Modification Recorded Investment | 1,441 | 1,446 |
Real Estate [Member] | Construction [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 0 |
Pre-Modification Recorded Investment | ' | 0 |
Funds Disbursed | ' | 0 |
Interest and Escrow Capitalized | ' | 0 |
Post-Modification Recorded Investment | ' | 0 |
Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 5 | 1 |
Pre-Modification Recorded Investment | 395 | 426 |
Funds Disbursed | 46 | 0 |
Interest and Escrow Capitalized | 0 | 0 |
Post-Modification Recorded Investment | 441 | 426 |
Real Estate [Member] | Commercial Business Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 5 | 9 |
Pre-Modification Recorded Investment | 1,087 | 292 |
Funds Disbursed | 10 | 0 |
Interest and Escrow Capitalized | 0 | 0 |
Post-Modification Recorded Investment | 1,097 | 292 |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 4 |
Pre-Modification Recorded Investment | 51 | 168 |
Funds Disbursed | 0 | 0 |
Interest and Escrow Capitalized | 0 | 0 |
Post-Modification Recorded Investment | $51 | $168 |
LOANS_RECEIVABLE_Details_8
LOANS RECEIVABLE (Details 8) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Industrial and warehouse properties [Member] | Office Building [Member] | Retail Site [Member] | Special use properties [Member] | One to four family [Member] | One to four family [Member] | One to four family [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Construction and Land Development [Member] | Construction and Land Development [Member] | Construction and Land Development [Member] | Commercial Business Loans [Member] | Commercial Business Loans [Member] | Commercial Business Loans [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Investor owned one to four family and multi family [Member] | Investor owned one to four family and multi family [Member] | Total Multi family and commercial real estate member [Member] | Total Multi family and commercial real estate member [Member] | ||||
Industrial and warehouse properties [Member] | Industrial and warehouse properties [Member] | Office Building [Member] | Office Building [Member] | Retail Site [Member] | Retail Site [Member] | Special use properties [Member] | Special use properties [Member] | |||||||||||||||||||||||||||
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $14,500 | $8,053 | ' | ' | ' | ' | ' | $1,988 | $1,745 | ' | $4,892 | $3,745 | ' | ' | $0 | ' | $0 | ' | $0 | ' | $0 | $4,468 | $1,327 | ' | $2,725 | $754 | ' | $427 | $482 | ' | ' | $0 | ' | $4,892 |
Provision for loan losses | 4,150 | 17,005 | ' | ' | ' | ' | ' | 34 | 2,233 | ' | 4,117 | 4,897 | ' | 150 | 0 | 33 | 0 | 186 | 0 | 107 | 0 | -570 | 6,070 | ' | 526 | 3,249 | ' | 43 | 556 | ' | -48 | 0 | 428 | 3,689 |
Charge-offs | -9,013 | -9,269 | ' | ' | ' | ' | ' | -585 | -571 | ' | -4,418 | -934 | ' | 0 | 0 | 0 | 0 | -67 | 0 | 0 | 0 | -2,147 | -5,504 | ' | -1,808 | -2,260 | ' | -55 | 0 | ' | 0 | 0 | -67 | -4,351 |
Recoveries | 1,211 | 12 | ' | ' | ' | ' | ' | 0 | 4 | ' | 590 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 0 | ' | 514 | 6 | ' | 5 | 2 | ' | 0 | 0 | 0 | 590 |
Subtotal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,820 |
Ending balance | 10,848 | 15,801 | ' | ' | ' | ' | ' | 1,437 | 3,411 | ' | 5,181 | 7,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,853 | 1,893 | ' | 1,957 | 1,749 | ' | 420 | 1,040 | ' | ' | ' | ' | ' |
Redistributed through segment expansion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 818 | ' | 421 | ' | 519 | ' | 2,536 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526 | ' | 4,820 |
Segment Ending Balance as of June 30, 2013 | ' | ' | ' | 968 | 454 | 638 | 2,643 | ' | ' | ' | ' | ' | ' | 818 | ' | 421 | ' | 519 | ' | 2,536 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526 | ' | 4,820 | ' |
Segment balance at September 30, 2013 | ' | ' | ' | 968 | 454 | 638 | 2,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 478 | 478 | 5,181 | 5,181 |
Allowance related to loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,386 | 1,306 | 736 | 6 | 75 | 34 | 18 | 55 | 0 | 5 | 155 | 1,306 | 271 | ' | ' | ' | ' | ' | ' | ' | ' | 570 | 0 | 119 | 590 | 0 | 340 | 16 | 0 | 1 | 22 | 22 | 155 | 155 |
Collectively evaluated for impairment | 9,462 | 14,495 | 13,764 | 962 | 379 | 604 | 2,625 | 1,382 | 3,411 | 1,983 | 5,026 | 6,402 | 4,621 | ' | ' | ' | ' | ' | ' | ' | ' | 1,283 | 1,893 | 4,349 | 1,367 | 1,749 | 2,385 | 404 | 1,040 | 426 | 456 | 456 | 5,026 | 5,026 |
Total Allowance | 10,848 | 15,801 | 14,500 | 968 | 454 | 638 | 2,643 | 1,437 | 3,411 | 1,988 | 5,181 | 7,708 | 4,892 | ' | ' | ' | ' | ' | ' | ' | ' | 1,853 | 1,893 | 4,468 | 1,957 | 1,749 | 2,725 | 420 | 1,040 | 427 | 478 | 478 | 5,181 | 5,181 |
Ending loan balance individually evaluated for impairment | 17,471 | 37,698 | 31,445 | 155 | 350 | 400 | 1,143 | 6,823 | 7,050 | 4,541 | 3,230 | 15,146 | 14,373 | ' | ' | ' | ' | ' | ' | ' | ' | 3,923 | 13,382 | 8,286 | 2,810 | 1,858 | 3,945 | 685 | 262 | 300 | 1,182 | 1,182 | 3,230 | 3,230 |
Ending loan balance collectively evaluated for impairment | 374,421 | 403,798 | 400,837 | 32,288 | 21,799 | 21,324 | 31,873 | 194,929 | 203,261 | 204,463 | 122,516 | 9,242 | 119,176 | ' | ' | ' | ' | ' | ' | ' | ' | 5,606 | 128,139 | 18,347 | 23,792 | 32,421 | 29,025 | 27,578 | 30,735 | 29,826 | 15,232 | 15,232 | 122,516 | 122,516 |
Total Loans | $391,892 | $441,496 | $432,282 | $32,443 | $22,149 | $21,724 | $33,016 | $201,752 | $210,311 | $209,004 | $125,746 | $24,388 | $133,549 | ' | ' | ' | ' | ' | ' | ' | ' | $9,529 | $141,521 | $26,633 | $26,602 | $34,279 | $32,970 | $28,263 | $30,997 | $30,126 | $16,414 | $16,414 | $125,746 | $125,746 |
LOANS_RECEIVABLE_Details_Textu
LOANS RECEIVABLE (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Loan | Loan | Commercial Real Estate [Member] | Construction And Loan Development [Member] | One To Four Family [Member] | Commercial Business [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Seventeen Loan [Member] | Eleven Loan [Member] | ||||
Commercial Real Estate [Member] | Construction And Loan Development [Member] | Owner Occupancy [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Recorded Investment | $8,296,000 | ' | $9,139,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,700,000 | ' |
Maximum Percentage On Appraised Value Property | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable Impaired Non Performing Non Accrual Of Interest Numbers Of Loan | 97 | ' | 111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Not Recognized On Non Performing Loans | 258,000 | 275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Loans | 17,100,000 | ' | 30,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fund Advanced To Cover Due Property Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,000 |
Weighted Average Percentage Of Historical Loss Experience | 56.00% | ' | ' | 44.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined Impact Of Methodology Amount | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale Of Amount Credit Risk Grades | ' | ' | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,800,000 | 14,100,000 | 6,000,000 | 700,000 | ' | ' |
Allowance for Loan and Lease Losses, Write-offs | 9,013,000 | 9,269,000 | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | ' |
Allowance For Loan And Lease Losses Period Increase Decrease Percentage | 25.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Non Performing Loan Period Decrease | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Non Performing Loan Period Decrease Percentage | 45.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial loan commitments | 38.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction In loans | ' | ' | ' | ' | ' | 6,400,000 | 17,700,000 | 7,300,000 | 7,400,000 | ' | ' | ' | ' | ' | ' |
Reduction In Loans Percentage | ' | ' | ' | ' | ' | 4.80% | 66.50% | 3.50% | 22.60% | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Allowance | 10,848,000 | 15,801,000 | 14,500,000 | ' | 8,053,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Troubled Debt Restructuring Outstanding principal Balance | 232,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Payment Deferrals of Troubled Debt Restructuring Outstanding Balances | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of Reductions Amount of Troubled Debt Restructuring Outstanding Balances | 51,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Non Performing Loan Period Decrease Amount | $15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FORECLOSED_REAL_ESTATE_Details
FORECLOSED REAL ESTATE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreclosed Real Estate [Line Items] | ' | ' | ' | ' |
Beginning Balance | $234 | $402 | $735 | $873 |
Additions | 707 | 94 | 954 | 356 |
Proceeds from dispositions | -51 | -140 | -674 | -804 |
Loss on sales | -3 | 0 | -68 | -69 |
Writedowns | 0 | 0 | -60 | -75 |
Balance at end of period | $887 | $356 | $887 | $356 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ' | ' |
Noninterest bearing demand deposits, Amount | $66,633 | $70,300 |
Interest bearing demand deposits | ' | ' |
Now accounts and money market accounts, Amount | 48,676 | 38,965 |
Savings accounts, Amount | 117,376 | 117,259 |
Time certificates, less than $100,000, Amount | 94,013 | 105,893 |
Time certificates, $100,000 or more, Amount | 61,300 | 70,485 |
Total interest bearing, Amount | 321,365 | 332,602 |
Total deposits | $387,998 | $402,902 |
Noninterest bearing demand deposits, Percentage | 17.20% | 17.40% |
Now accounts and money market accounts, Percentage | 12.50% | 9.70% |
Savings accounts, Percentage | 30.30% | 29.10% |
Time certificates, less than $100,000, Percentage | 24.20% | 26.30% |
Time certificates, $100,000 or more, Percentage | 15.80% | 17.50% |
Total interest bearing deposits, Percentage | 82.80% | 82.60% |
Total deposits, Percentage | 100.00% | 100.00% |
DEPOSITS_Details_1
DEPOSITS (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ' | ' |
Three months or less | $22,378 | $29,644 |
Over three months through twelve months | 54,233 | 60,729 |
Over one year through three years | 47,796 | 44,433 |
Over three years | 30,906 | 41,572 |
Time Deposits Total | $155,313 | $176,378 |
FHLB_ADVANCES_Details
FHLB ADVANCES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
2013, Amount Due | $3,716 | $24,088 |
2014, Amount Due | 1,377 | 15,693 |
2015, Amount Due | 1,500 | 624 |
2016 - 2020, Amount Due | 21,168 | 443 |
2021 - 2025, Amount Due | 653 | 318 |
2026 - 2028, Amount Due | 617 | 310 |
Total FHLB advances, Amount Due | $29,031 | $41,476 |
2013, Weighted Average Cost | 2.52% | 2.65% |
2014, Weighted Average Cost | 2.64% | 2.96% |
2015, Weighted Average Cost | 0.80% | 3.34% |
2016 - 2020, Weighted Average Cost | 2.34% | 0.19% |
2021 - 2025, Weighted Average Cost | 0.27% | 0.18% |
2026 - 2028, Weighted Average Cost | 0.00% | 0.00% |
Total FHLB advances, Weighted Average Cost | 2.20% | 2.72% |
FHLB_ADVANCES_Details_Textual
FHLB ADVANCES (Details Textual) (USD $) | Sep. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | Maximum [Member] | Minimum [Member] | |||
Federal Home Loan Bank Advances [Line Items] | ' | ' | ' | ' | ' |
Share Price | $100 | ' | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $29,031 | $15,400 | $41,476 | ' | ' |
Federal Home Loan Bank Advances Branch Of FHLB Bank Due Term | ' | ' | ' | '4 years 4 months 24 days | '1 year 2 months 12 days |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | ' | ' | ' | 3.08% | 2.77% |
OTHER_BORROWED_FUNDS_Details
OTHER BORROWED FUNDS (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Borrowed Funds For Repurchase Agreements [Line Items] | ' | ' |
Maximum amount of advances outstanding during the period | $21,256 | $19,283 |
Average advances outstanding during the period | 13,044 | 11,608 |
Weighted average interest rate during the period | 0.39% | 0.47% |
Balance outstanding at end of period | $5,025 | $6,394 |
Weighted average interest rate at end of period | 0.22% | 0.45% |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Net loss | ($1,031) | ($6,161) | ($6,421) | ($9,552) |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic (In shares) | 6,643,093 | 6,610,729 | 6,643,093 | 6,610,766 |
Diluted (In Shares) | 6,643,093 | 6,610,729 | 6,643,093 | 6,610,766 |
Loss per common share; | ' | ' | ' | ' |
Basic (In dollars per share) | ($0.16) | ($0.93) | ($0.97) | ($1.44) |
Diluted (In dollars per share) | ($0.16) | ($0.93) | ($0.97) | ($1.44) |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
11.12 Exercise Price [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 229,764 | 278,813 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $11.12 | $11.12 |
12.51 Exercise Price [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,290 | 5,886 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $12.51 | $12.51 |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details Textual) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '6 years |
Share Based Compensation Arrangement By Share Based Payment Award Options Expired Weighted Average Remaining Contractual Term1 | '10 years |
Stock Options and Restricted Stock Awards Percentage For Within One Year | 0.00% |
Stock Options and Restricted Stock Awards Percentage For Two Through Six Years | 20.00% |
FINANCIAL_INSTRUMENTS_WITH_OFF2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Commitments to extend credit: | ' | ' |
Commercial loan commitments | $9,171 | $4,327 |
Unused home equity lines of credit | 18,972 | 21,434 |
Commercial and industrial loan commitments | 11,765 | 13,134 |
Amountsdueonothercommitment | 8,075 | 20,790 |
Commercial letters of credit | $2,152 | $3,964 |
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial Assets, Carrying Value | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Value | $26,442 | $23,229 | $25,891 | $18,069 |
Investment securities, available-for-sale, Carrying Value | 27,986 | 23,484 | ' | ' |
Investment securities, held-to-maturity, Carrying Value | 19,257 | 25,519 | ' | ' |
Loans held for sale, Carrying Value | 653 | 2,761 | ' | ' |
Performing Loans Receivables Carrying Value | 364,889 | 386,904 | ' | ' |
Impaired Loans Receivables Carrying Value | 16,085 | 30,709 | ' | ' |
Accrued interest receivable, Carrying Value | 1,473 | 1,761 | ' | ' |
Mortgage servicing assets, Carrying Value | 1,121 | 1,039 | ' | ' |
FHLB Stock, Carrying value | 5,444 | 5,917 | ' | ' |
Financial Liabilities, Carrying Value | ' | ' | ' | ' |
Demand deposits, savings, Now and money market deposits, Carrying Value | 232,685 | 226,524 | ' | ' |
Time deposits, Carrying Value | 155,313 | 176,378 | ' | ' |
FHLB advances, Carrying value | 29,031 | 41,476 | ' | ' |
Borrowed funds, Carrying Value | 5,025 | 6,394 | ' | ' |
Mortgagors' escrow accounts, Carrying Value | 2,349 | 4,628 | ' | ' |
Accrued interest payable, Carrying Value | 60 | 99 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 27,986 | 23,484 | ' | ' |
Held-to-Maturity, Fair Value | 19,356 | 26,107 | ' | ' |
Mutual Fund Mortgage Backed Securities [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Carrying Value | 506 | 0 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 506 | 0 | ' | ' |
Held-to-Maturity, Fair Value | 0 | ' | ' | ' |
Other Investment Securities [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Carrying Value | 27,480 | 23,484 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 27,480 | 23,484 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value | 26,442 | 23,229 | ' | ' |
Accrued interest receivable, Fair Value | 1,473 | 1,761 | ' | ' |
Financial Liabilities, Fair Value | ' | ' | ' | ' |
Demand deposits, savings, Now and money market deposits, Fair Value | 234,057 | 228,851 | ' | ' |
Accrued interest payable, Fair Value | 60 | 99 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund Mortgage Backed Securities [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Carrying Value | 506 | 0 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 506 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Held-to-Maturity, Fair Value | 19,356 | 26,107 | ' | ' |
Loans held for sale, Fair Value | 653 | 2,761 | ' | ' |
Performing Loans receivable, net, Fair Value | 372,348 | 405,977 | ' | ' |
Financial Liabilities, Fair Value | ' | ' | ' | ' |
Time deposits, Fair Value | 157,354 | 179,125 | ' | ' |
FHLB advances, Fair value | 29,933 | 42,453 | ' | ' |
Borrowed funds, Fair Value | 5,025 | 6,398 | ' | ' |
Mortgagors' escrow accounts, Fair Value | 2,349 | 4,628 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Other Investment Securities [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Carrying Value | 27,480 | 23,484 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 27,480 | 23,484 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Mortgage servicing assets, Carrying Value | 1,560 | 1,633 | ' | ' |
FHLB Stock, Carrying value | 5,444 | 5,917 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Impaired Loans Receivables Fair Value | $16,085 | $30,709 | ' | ' |
FAIR_VALUE_Details_1
FAIR VALUE (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | $27,986 | $23,484 |
US Government Agencies Debt Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 6,634 | 1,029 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 10,499 | 13,960 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 3,907 | 985 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 269 | 294 |
Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 6,171 | 7,216 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 6,634 | 1,029 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 10,499 | 13,960 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 3,907 | 985 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 269 | 294 |
Fair Value, Measurements, Recurring [Member] | Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 6,171 | 7,216 |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 506 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 506 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 6,634 | 1,029 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 10,499 | 13,960 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 3,907 | 985 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 269 | 294 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 6,171 | 7,216 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | $0 | $0 |
FAIR_VALUE_Details_2
FAIR VALUE (Details 2) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||
Fair Value On Non Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired loans | $17,100 | ' | $30,600 | ' | ' | ' | $16,085 | $30,709 | $0 | $0 | $0 | $0 | $16,085 | $30,709 |
Foreclosed real estate | 887 | 234 | 735 | 356 | 402 | 873 | 887 | 735 | 0 | 0 | 0 | 0 | 887 | 735 |
Mortgage servicing rights | $1,600 | ' | ' | ' | ' | ' | $1,560 | $1,633 | $0 | $0 | $0 | $0 | $1,560 | $1,633 |
FAIR_VALUE_Details_Textual
FAIR VALUE (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value [Line Items] | ' |
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value, Total | $8,100,000 |
Fair Value Of Foreclosed Real Estate | 887,000 |
Amortization Of Mortgage Servicing Rights (Msrs) | $1,600,000 |