Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 21, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'NVSL | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,002,208 | ' |
Entity Registrant Name | 'Naugatuck Valley Financial Corp | ' | ' |
Entity Central Index Key | '0001493552 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $51,466,229 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from depository institutions | $26,330 | $23,123 |
Federal funds sold | 44 | 106 |
Cash and cash equivalents | 26,374 | 23,229 |
Investment securities available-for-sale, at fair value | 49,771 | 23,484 |
Investment securities held-to-maturity (fair value of $18, 243 and $26,107) | 18,149 | 25,519 |
Loans held for sale | 1,079 | 2,761 |
Loans receivable, net | 360,568 | 417,613 |
Accrued income receivable | 1,494 | 1,761 |
Foreclosed real estate | 1,846 | 735 |
Premises and equipment, net | 9,364 | 9,491 |
Bank owned life insurance | 10,132 | 9,854 |
Federal Home Loan Bank of Boston stock, at cost | 5,444 | 5,917 |
Other assets | 2,376 | 6,033 |
Total assets | 486,597 | 526,397 |
Liabilities | ' | ' |
Deposits | 390,847 | 402,902 |
Federal Home Loan Bank ("FHLB") advances | 25,293 | 41,476 |
Other Borrowed funds | 4,173 | 6,394 |
Mortgagors' escrow accounts | 4,392 | 4,628 |
Other liabilities | 3,658 | 4,089 |
Total liabilities | 428,363 | 459,489 |
Commitments and contingencies | ' | ' |
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 December 31, 2013 and December 31, 2012, respectively | 70 | 70 |
Paid-in capital | 58,757 | 58,842 |
Retained earnings | 2,322 | 11,164 |
Unearned employee stock ownership plan ("ESOP") shares (326,751 shares at December 31, 2013 and 359,115 shares at December 31, 2012) | -2,824 | -3,143 |
Unearned stock awards (no shares at December 31, 2013 and 200 shares at December 31, 2012) | 0 | -3 |
Treasury Stock, at cost (158 shares at December 31, 2013 and December 31, 2012) | -1 | -1 |
Accumulated other comprehensive (loss) income | -90 | -21 |
Total stockholders' equity | 58,234 | 66,908 |
Total liabilities and stockholders' equity | $486,597 | $526,397 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITIONS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
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 | 326,751 | 359,115 |
Unearned stock awards, shares | 0 | 200 |
Treasury stock, shares | 158 | 158 |
Held-to-maturity Securities, Fair Value (in dollars) | $18,243 | $26,107 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and dividend income | ' | ' | ' |
Interest and fees on loans | $18,971 | $22,566 | $25,526 |
Interest and dividends on investments and deposits | 1,289 | 1,557 | 1,639 |
Total interest income | 20,260 | 24,123 | 27,165 |
Interest expense | ' | ' | ' |
Interest on deposits | 2,805 | 3,808 | 6,020 |
Interest on borrowed funds | 873 | 1,577 | 2,232 |
Total interest expense | 3,678 | 5,385 | 8,252 |
Net interest income | 16,582 | 18,738 | 18,913 |
Provision for loan losses | 4,150 | 17,725 | 4,293 |
Net interest income after provision for loan losses | 12,432 | 1,013 | 14,620 |
Noninterest income | ' | ' | ' |
Service charge income | 756 | 815 | 895 |
Fees for other services | 523 | 714 | 627 |
Mortgage banking income | 1,289 | 2,642 | 1,854 |
Income from bank owned life insurance | 278 | 299 | 308 |
Income from investment advisory services, net | 234 | 242 | 290 |
Net gain on sale of investments | 0 | 0 | 86 |
Other income | 97 | 101 | 105 |
Recovery from legal settlement | 0 | 0 | 655 |
Impairment loss on investment securities | -1,812 | 0 | -117 |
Less: Portion recorded as other comprehensive income (loss) | 0 | 0 | 97 |
Net impairment recognized in earnings | -1,812 | 0 | -20 |
Total noninterest income | 1,365 | 4,813 | 4,800 |
Noninterest expense | ' | ' | ' |
Compensation, taxes and benefits | 10,840 | 11,042 | 9,943 |
Office occupancy | 1,935 | 1,879 | 1,899 |
FDIC insurance premiums | 939 | 674 | 634 |
Professional fees | 2,299 | 2,086 | 720 |
Computer processing | 1,297 | 1,163 | 960 |
Directors' compensation | 351 | 592 | 650 |
Insurance and surety bond | 576 | 233 | 139 |
Advertising | 465 | 514 | 417 |
Property taxes on loan sales | 776 | 0 | 0 |
Expenses on foreclosed real estate, net | 874 | 447 | 259 |
Writedowns on foreclosed real estate | 263 | 77 | 19 |
Office supplies | 228 | 240 | 227 |
Deposit related charge | 0 | 0 | 712 |
Other expenses | 1,423 | 1,979 | 349 |
Total noninterest expense | 22,266 | 20,926 | 16,928 |
Income (loss) before tax provision | -8,469 | -15,100 | 2,492 |
Income tax provision | 370 | 148 | 850 |
Net income (loss) | ($8,839) | ($15,248) | $1,642 |
Earnings (loss) per share - basic and diluted (in dollars per share) | ($1.33) | ($2.31) | $0.24 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | ($8,839) | ($15,248) | $1,642 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on securities available-for-sale | -69 | 163 | -521 |
Reclassification adjustment for gains realized in net income (loss) | 0 | 0 | -86 |
Other comprehensive income (loss) before tax effect | -69 | 163 | -607 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 0 | -37 | -31 |
Other comprehensive income (loss) net of tax effect | -69 | 200 | -576 |
Total comprehensive income (loss) | ($8,908) | ($15,048) | $1,066 |
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, 2010 | $52,260 | $76 | $33,786 | $25,986 | ($1,738) | ($29) | ($6,176) | $355 |
Net loss | 1,642 | 0 | 0 | 1,642 | 0 | 0 | 0 | ' |
Exchange of common stock pursuant to reorganization and concurrent second-step stock offering | 31,331 | -6 | 25,160 | 0 | 0 | 0 | 6,177 | 0 |
Shares purchased for ESOP pursuant to reorganization - 250,380 shares | -2,003 | 0 | 0 | 0 | -2,003 | 0 | 0 | 0 |
ESOP shares released - 32,364 shares | 254 | 0 | -45 | 0 | 299 | 0 | 0 | 0 |
Dividends paid | -614 | 0 | 0 | -614 | 0 | 0 | 0 | 0 |
Stock based compensation awards - shares vested | 15 | 0 | 0 | 0 | 0 | 15 | 0 | 0 |
Stock based compensation awards - options | 7 | 0 | 7 | 0 | 0 | 0 | 0 | 0 |
Treasury stock acquired - 269 shares | -2 | 0 | 0 | 0 | 0 | 0 | -2 | 0 |
Other comprehensive loss | -576 | 0 | 0 | 0 | 0 | 0 | 0 | -576 |
Balance at Dec. 31, 2011 | 82,314 | 70 | 58,908 | 27,014 | -3,442 | -14 | -1 | -221 |
Net loss | -15,248 | 0 | 0 | -15,248 | 0 | 0 | 0 | ' |
ESOP shares released - 32,364 shares | 233 | 0 | -66 | 0 | 299 | 0 | 0 | 0 |
Dividends paid | -599 | 0 | 0 | -599 | 0 | 0 | 0 | ' |
Stock based compensation awards - options | 8 | 0 | 0 | -3 | 0 | 11 | 0 | 0 |
Other comprehensive loss | 200 | 0 | 0 | 0 | 0 | 0 | 0 | 200 |
Balance at Dec. 31, 2012 | 66,908 | 70 | 58,842 | 11,164 | -3,143 | -3 | -1 | -21 |
Net loss | -8,839 | 0 | 0 | -8,839 | 0 | 0 | 0 | ' |
ESOP shares released - 32,364 shares | 234 | 0 | -85 | 0 | 319 | 0 | 0 | 0 |
Stock based compensation awards - shares vested | 0 | 0 | 0 | -3 | 0 | 3 | 0 | 0 |
Other comprehensive loss | -69 | 0 | 0 | 0 | 0 | 0 | 0 | -69 |
Balance at Dec. 31, 2013 | $58,234 | $70 | $58,757 | $2,322 | ($2,824) | $0 | ($1) | ($90) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Parenthetical] (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares Purchased For Esop Pursuant To Reorganization Shares | ' | ' | 250,380 |
ESOP shares released | 32,364 | 32,364 | 32,364 |
Dividends paid, per common share (in dollars per share) | ' | $0.09 | $0.12 |
Stock based compensation awards - shares vested | 200 | ' | 1,498 |
Treasury Stock, Shares, Acquired | ' | ' | 269 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income (loss) | ($8,839) | ($15,248) | $1,642 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 4,150 | 17,725 | 4,293 |
Depreciation and amortization expense | 684 | 718 | 746 |
Net loss (gains) on sales of foreclosed assets | 66 | -117 | 11 |
Writedowns on foreclosed real estate | 263 | 77 | 19 |
Gain on sale of loans | -946 | -2,373 | -1,717 |
Loans originated for sale | -33,516 | -81,399 | -64,469 |
Proceeds from sale of loans held for sale | 36,144 | 83,648 | 63,274 |
Proceeds from sale of credit impaired loans | 15,778 | 0 | 0 |
Settlement from private mortgage insurance | 0 | 0 | 74 |
Net amortization from investments | 381 | 268 | 186 |
Amortization of intangible assets | 0 | 20 | 34 |
Provision for deferred taxes | 242 | 2,475 | -120 |
Net gain (loss) on investment securities | 0 | 0 | -86 |
Other than temporary impairment on investments | 1,812 | 0 | 20 |
Stock-based compensation | 234 | 239 | 273 |
Net change in: | ' | ' | ' |
Accrued income receivable | 267 | 171 | 47 |
Deferred loan costs | -113 | -165 | -70 |
Cash surrender value of bank owned life insurance | -278 | -298 | -308 |
Other assets | 3,657 | 709 | 445 |
Other liabilities | -431 | -2,606 | 1,006 |
Net cash provided by (used in) operating activities | 19,555 | 3,844 | 5,300 |
Cash flows from investing activities | ' | ' | ' |
Proceeds from maturities and repayments of available-for-sale securities | 5,512 | 9,694 | 5,563 |
Proceeds from sale of available-for-sale securities | 755 | 300 | 1,375 |
Proceeds from maturities of held-to-maturity securities | 6,990 | 3,172 | 2,156 |
Redemption of Federal Home Loan Bank stock | 473 | 0 | 0 |
Purchase of available-for-sale securities | -21,183 | -4,216 | 0 |
Purchase of held-to-maturity securities | 0 | -7,380 | -13,147 |
Loan originations net of principal payments | 21,619 | 31,059 | 1,516 |
Purchase of premises and equipment | -557 | -562 | -841 |
Proceeds from the sale of foreclosed assets | 676 | 910 | 261 |
Net cash provided by (used in) investing activities | 14,285 | 32,977 | -3,117 |
Cash flows from financing activities | ' | ' | ' |
Net change in time deposits | -21,196 | -28,334 | -34,694 |
Net change in other deposit accounts | 9,141 | 20,349 | 39,706 |
Advances in borrowed funds | 0 | 0 | 4,800 |
Repayment of FHLB advances | -16,183 | -22,800 | -36,428 |
Net change in mortgagors' escrow accounts | -236 | -127 | -77 |
Change in other borrowings | -2,221 | -147 | -396 |
Proceeds from stock offerings, net of offering costs | 0 | 0 | 31,331 |
Purchase of shares by employee stock option plan pursuant to reorganization | 0 | 0 | -2,003 |
Common stock repurchased | 0 | -7 | -2 |
Cash dividends to common stockholders | 0 | -595 | -614 |
Net cash provided by (used in) financing activities | -30,695 | -31,661 | 1,623 |
Net change in cash and cash equivalents | 3,145 | 5,160 | 3,806 |
Cash and cash equivalents at beginning of period | 23,229 | 18,069 | 14,263 |
Cash and cash equivalents at end of period | 26,374 | 23,229 | 18,069 |
Supplementary Disclosures of Cash Flow Information: | ' | ' | ' |
Mortgage loans securitized into mortgage-backed securities | 13,495 | 0 | 0 |
Transfer of loans to foreclosed assets | 2,116 | 732 | 817 |
Cash paid for: | ' | ' | ' |
Interest on deposits and borrowed funds | 3,726 | 5,556 | 8,312 |
Income taxes | 0 | 151 | 1,251 |
Cash received from income tax refunds | 3,102 | 0 | 0 |
Unrealized (losses) gains on available for sale securities arising during the period | ($311) | $200 | ($576) |
DESCRIPTION_OF_BUSINESS_AND_BA
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Nature of Operations [Text Block] | ' | ||
NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | |||
(a) Nature of Operations | |||
Naugatuck Valley Financial Corporation (“Naugatuck Valley Financial” or the “Company”) is a stock savings bank 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 September 30, 2004. | |||
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, multifamily 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 legislation. Church Street OREO One, LLC was established in February 2013 to hold properties acquired through foreclosure as well as from non judicial proceedings. | |||
(b) Basis of Presentation | |||
The accompanying consolidated financial statements 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”) and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-K. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||
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 financial 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 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 of 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 financial statements. No subsequent events were identified that would require a change to the consolidated financial statements or disclosure in notes to the consolidated financial statements. | |||
(c) Summary of Significant Accounting Policies | |||
The accounting and reporting policies of the Company and its subsidiary conform to generally accepted accounting principles in the United States of America (“GAAP”). Such policies have been followed on a consistent basis. The significant accounting policies of the Company are summarized below. | |||
Cash Equivalents | |||
For purposes of reporting cash flows, cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased and sold for one day periods. | |||
Investment Securities | |||
Investments are accounted for in accordance with the intent of management at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold debt securities until maturity, they are classified as held-to-maturity. These securities are carried at historical cost adjusted for the amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income. | |||
Securities to be held for indefinite periods of time, but not necessarily until maturity, are classified as available-for-sale and are carried at fair value with unrealized gains and losses reported as a separate component of stockholders’ equity net of estimated income taxes. The Company has no securities held for trading. | |||
Investment securities are reviewed at each reporting period for other-than-temporary impairment. For debt securities, an unrealized loss is generally deemed to be other-than-temporary and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis. The credit loss component of an other-than-temporary impairment write-down is recorded in earnings, while the remaining portion of the impairment loss is recognized in other comprehensive income (loss), provided the Company does not intend to sell the underlying debt security and it is more likely than not that the Company will not be required to sell the debt security prior to recovery. In determining whether a credit loss exists and the period over which the fair value of the debt security is expected to recover, management considers the following factors: the length of time and extent that fair value has been less than cost, the financial condition and near term prospects of the issuer, any external credit ratings, the level of excess cash flows generated from the underlying collateral supporting the principal and interest payments of the debt securities, the level of credit enhancement provided by the structure and the Company's ability and intent to hold the security for a period sufficient to allow for any anticipated recovery in fair value. If an equity security is deemed other-than-temporarily impaired, the full impairment is considered credit related and a charge to earnings is recorded. | |||
Gains or losses on the sales of securities are recognized at trade date utilizing the specific identification method. | |||
Transfers of debt securities into the held to maturity classification from the available for sale classification are made at fair value on the date of transfer. The unrealized holding gain or loss on the date of transfer is retained in accumulated other comprehensive income and in the carrying value of the held to maturity securities. Such amounts are amortized over the remaining contractual lives of the securities by the interest method. | |||
Loans Held For Sale | |||
Loans held for sale are reported at the lower of cost or fair value, in the aggregate, with any adjustment for net unrealized losses reported in non-interest income. Management identifies and designates as loans held for sale certain newly-originated adjustable-rate and fixed-rate residential mortgage loans that meet secondary market requirements, as these loans are originated with the intent to sell. From time to time, management may also identify and designate residential mortgage loans held in the portfolio for sale. These loans are transferred to loans held for sale at the lower of cost or fair value at the time of transfer and the resulting unrealized loss (if any) is reported in non-interest income. | |||
Loans Receivable | |||
Loans receivable are stated at unpaid principal balance less undisbursed proceeds on construction loans, deferred loan fees and the allowance for loan losses. Interest on loans receivable is accrued as earned based on respective interest rates included in the loan contract applied to principal amounts outstanding. Loans are considered past due or delinquent when principal or interest payments are past due 30 days or more. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. Delinquent loans may remain on accrual status between 30 days and 89 days past due. The accrual of interest is discontinued at the time the loan is 90 days delinquent unless the loan is well secured and in the process of collection. Loans are placed on nonaccrual status at an earlier date if collection of the contractual principal or interest is doubtful. All interest accrued but not collected on loans deemed nonaccrual during the period is reversed against interest income in that period. The interest payments received on nonaccrual loans are accounted for on the cash-basis or cost recovery method, whereby the interest payment is applied to the principal balance of the loan, until qualifying for return to accrual status. Loans may be returned to the accrual status when improvements in credit quality eliminate the doubt as to the full collectability of both interest and principal and a period of sustained performance has occurred. Substantially all loans that are nonaccrual are also impaired. Income recognition on impaired loans conforms to that used on nonaccrual loans. | |||
Loan Fees | |||
Loan origination fees and certain direct loan origination costs are deferred and the net amount is amortized on a level-yield basis as an adjustment to the related loan yield over its contractual life. In the event the loans are sold, the net unamortized deferred loan origination fees or costs are recognized as a component of the gains or losses on the sales of loans. Unamortized net fees are also recognized as an adjustment to interest income on loans upon early repayment of the related loans. | |||
Impaired loans | |||
Impaired loans consist of nonaccrual loans and troubled debt restructurings (“TDRs”) in accordance with applicable authoritative accounting guidance. With the exception of loans that were restructured and still accruing interest, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all scheduled principal and interest due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Loans deemed to be impaired are generally classified as nonaccrual and as such are included in non-performing assets. | |||
Impairment is measured on a loan-by-loan basis by estimating the value of the loan based on the present value of expected future cash flows discounted at the loan’s initial effective interest rate or the fair value of the underlying collateral less costs to sell, if repayment of the loan is considered collateral-dependent. | |||
Troubled debt restructurings | |||
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 TDRs are determined on a case-by-case basis in connection with ongoing loan collection processes. | |||
The Company does not accrue interest on any TDRs unless it believes collection of all principal and interest under the modified terms is reasonably assured. Generally, six consecutive months of payment performance by the borrower under the restructured terms is required before a TDR is returned to accrual status assuming the loan is restructured at market rates. However, the period could vary depending upon the individual facts and circumstances of the loan. | |||
For a TDR to begin accruing interest, the borrower must demonstrate both some level of performance and the capacity to perform under the modified terms. A history of timely payments and adherence to financial covenants generally serve as sufficient evidence of the borrower’s performance. An evaluation of the borrower’s current creditworthiness is used to assess whether the borrower has the capacity to repay the loan under the modified terms. This evaluation includes an estimate of expected cash flows, evidence of strong financial position, and estimates of the value of collateral, if applicable. | |||
Allowance for Loan Losses | |||
The allowance for loan losses (“ALLL”) is established by a provision charged to earnings and is maintained at a level considered adequate to provide for probable loan losses based on management’s evaluation of known and inherent risks in the loan portfolio. The Company’s allowance for loan losses methodology consists of three elements: (i) specific valuation allowances determined in accordance with FASB ASC 310 based on probable losses on specific impaired loans; (ii) historical loss factor determined in accordance with FASB ASC 450 based on historical loan loss experience for similar loans with similar characteristics and trends; and (iii) a collection of qualitative factors in accordance with FASB ASC 450 to reflect the impact of current general economic conditions and other qualitative risk factors both internal and external to the Company. The historical loss factor and the aggregate of the qualitative risk factors are combined and multiplied against the outstanding principal balance of loans in the pool of similar loans with similar characteristics. The Company’s pools of similar loans are grouped by class of loan. When a loan or portion of a loan is considered uncollectible, it is charged against the allowance for loan losses. Recoveries of loans previously charged-off are credited to the allowance when collected. | |||
Management periodically reviews the ALLL to identify known and inherent losses and to assess the overall collection probability for the loan portfolio. The evaluation process begins with an evaluation of individual 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. For each category of loans with similar risk characteristics, management will determine the historical loss rate based on the Bank’s most recent two year loss experience. Historical loss rates provide a reasonable starting point for the Bank’s analysis; however, this analysis and the loss trends do not form a sufficient basis, by themselves, to determine the appropriate level of allowance for loan loss. 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, the following: 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, pricing, loan to value trends, extension and modification requests and loan quality trends such as the changes and the trend in charge-offs and recoveries, the changes in the 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 segmented groups of loans to determine the appropriate level of loan loss allowance. | |||
The ALLL evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. While management utilizes its best judgment and information to recognize losses on loans, future additions to the ALLL may be necessary based on changes in environmental factors. The Office of the Comptroller of the Currency (“OCC”), the Bank’s primary regulator, as an integral part of its examination process, periodically reviews the ALLL and may require the Company to make additional provisions for estimated losses based on their judgments about information available to them at the time of their examination. The Company believes the ALLL is appropriate given all of the above considerations. | |||
Mortgage Banking Operations and Mortgage Servicing Rights | |||
The Bank sells one-to-four-family residential mortgage loans on either a servicing released or a serving retained basis. On a loan sold where servicing was retained, the Bank determines at the time of sale the value of the retained servicing rights, which represents the present value of the differential between the contractual servicing fee and adequate compensation, defined as the fee a sub-servicer would require to assume the role of servicer, after considering the estimated effects of prepayments. If material, a portion of the gain on the sale of the loan is recognized as due to the value of the servicing rights, and a mortgage servicing asset is recorded. For loans sold servicing released, a cash gain or loss is recognized to the extent that the sales proceeds of the mortgage loans sold exceed or are less than the net book value at the time of sale. Income from the mortgage loans brokered to other lenders is recognized in income on date of loan closing. | |||
Commitments to sell one-to-four family residential mortgage loans are made primarily during the period between the taking of the loan application and the closing of the mortgage loan. The timing of making these sale commitments is dependent upon the timing of the borrower’s election to lock-in the mortgage interest rate and fees prior to loan closing. Most of these sales commitments are made on a best-efforts basis whereby the Bank is only obligated to sell the mortgage if mortgage loan is approved and closed by the Bank. Commitments to fund mortgage loans (rate lock commitments) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. Fair values of these derivatives are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in gains or losses on sales of loans. The fair value of these derivative instruments was not significant at December 31, 2013 and 2012. | |||
Servicing assets are reported in other assets and amortized in proportion to and over the period during which estimated servicing income will be received. Servicing loans for others consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and processing foreclosures. Loan servicing income is recorded when earned and represents servicing fees from investors and certain charges collected from borrowers, such as late payment fees. The Company has fiduciary responsibility for related escrow and custodial funds. | |||
Servicing assets are recognized as separate assets when rights are acquired through the sale of financial assets. For sales of mortgage loans originated by the Bank, a portion of the cost of originating the loan is allocated to the servicing retained right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternately, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are amortized into interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon fair value of the rights as compared to amortized cost. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. | |||
The Bank has engaged an independent third party to perform the servicing rights analysis on a quarterly basis. The initial fair value of loan servicing rights is amortized on a level yield basis over the period of estimated net servicing revenue and such amortization is included in the consolidated statement of income as a reduction of loan servicing fee income. Servicing rights are evaluated for impairment by comparing their aggregate carrying amount to their fair value. The fair value of loan servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of loan prepayments and discount rates. All assumptions are based on standards used by market participants. Impairment is recognized as an adjustment to loan servicing income. | |||
Foreclosed real estate | |||
Real estate properties acquired through loan foreclosure and other partial or total satisfaction of problem loans are carried at the lower of fair value or the related loan balance at the date of foreclosure. Losses arising at the time of acquisition of such properties are charged against the allowance for loan losses. | |||
Valuations are periodically performed by management and if the carrying value of a property subsequent to its acquisition exceeds its fair value less estimated disposal costs, the carrying value is written down and charged to expense. Any subsequent write-downs in the carrying value and expenses incurred to maintain the properties are charged to expense. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. Gains or losses are included in operations upon disposal. | |||
Premises and equipment | |||
Premises and equipment are stated at cost less accumulated depreciation. Depreciation and amortization expense is computed using the straight-line method over the estimated useful life of an asset. Estimated useful lives range from three to ten years for furniture and equipment, 39 years for the banking offices, and the initial lease term for leasehold improvements. Land is not depreciated. | |||
Expenditures for replacements or major improvements are capitalized. Expenditures for normal maintenance and repairs are charged to expense as incurred. Upon the sale or retirement of premises and equipment, the cost and accumulated depreciation are removed from their respective accounts and any gain or loss is included in income. | |||
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 presumably 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 or (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. | |||
Bank owned life insurance | |||
Bank-owned life insurance (“BOLI”) represents the cash surrender value of life insurance policies on certain current and former employees of the Company. BOLI is carried in the consolidated statements of financial condition at its cash surrender value. Increases in the cash value of the policies, as well as proceeds received, are recorded in noninterest income, and are not subject to income taxes. Under some of these policies, the beneficiaries receive a portion of the death benefit. The net present value of the future death benefits scheduled to be paid to the beneficiaries was $37,000 and $24,000 at December 31, 2013 and 2012, respectively, and is reflected in “Other Liabilities” on the consolidated statements of financial condition. | |||
Income from investment advisory services, net | |||
In conjunction with a third party, one employee of the Bank is licensed to sell non-deposit investment products, including mutual funds, annuities and other insurance products. The Bank records, as noninterest income, revenues earned from product sales in accordance with the terms of revenue sharing agreements with the third party, net of certain marketing and other expenses shared with the third party. The Bank currently employs this individual authorized to sell these products and pays most of the direct costs related to the sales activities. These costs are charged to expense as incurred, and are classified primarily in compensation and benefits expense. | |||
Income taxes | |||
The Bank recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that all or some portion of the deferred tax assets will not be realized. As of December 31, 2013 and December 31, 2012, valuation allowances of $8.7 million and $5.4 million, respectively, were established because management believes it is more likely than not that the net balance of the deferred tax asset will not be realized. | |||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company determined that it had no liabilities for uncertain tax positions at December 31, 2013 and 2012. | |||
Interest and penalties related to income taxes, if any, are presented within non-interest expense. | |||
The Company has a tax allocation agreement with the Bank electing to file consolidated federal income tax returns. The tax allocation agreement indicates that income tax liabilities, refunds, payments and all other adjustments will be allocated to each entity using the separate return method. The Company and the Bank file separate corporate income tax returns for the State of Connecticut. | |||
Earnings (loss) per share | |||
Basic earnings (loss) per share (“EPS”) is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. Unallocated common shares held by the employee stock ownership plan are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations. | |||
Retirement plans and other post retirement benefits | |||
The Company sponsors a defined benefit pension plan (which was frozen in 2005) and a defined contribution 401(k) plan for eligible employees in addition to other post retirement benefits. | |||
Pension Plan | |||
The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions, a tax-qualified defined benefit pension plan (the “Pentegra Plan”). The Pentegra Plan’s Employer Identification Number is 13-5645888 and the plan number is 333. The Pentegra Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra Plan. The Pentegra Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. | |||
The plan was amended, effective September 1, 2005, and is considered frozen, with no new participants being accepted. No future compensation will be considered for benefit accruals, and there will be no future credited service, service accruals, or additional accrued benefits. | |||
Defined Contribution Plan | |||
The Bank has a defined contribution 401(k) plan for eligible employees. The Bank provides 75% matching of employee contributions on up to 6% of the employee’s salary. The Bank’s contribution vests over a six year graded vesting schedule. | |||
Healthcare Benefits | |||
In addition to providing retirement benefits, the Company has provided certain healthcare, life insurance and other post retirement benefits. Under this program, substantially all of the Bank’s employees hired prior to February 2007 could become eligible for those benefits. The Company’s policy is to accrue the expected cost of providing those benefits during the year the employee renders the necessary service. | |||
Stock Based Compensation | |||
The Company maintains a number of stock-based incentive programs, which are discussed in more detail in Note 13. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. The Company did not grant stock option awards nor any restricted stock for the years ended December 31, 2013 or 2012. The fair value of stock options previously granted is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The market price of the Company’s common stock at the date of grant is used for the stock option or restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period, on a straight-line basis. | |||
Deferred Compensation Plan | |||
The Company sponsors a Deferred Compensation Plan under which certain non-employee directors may elect to defer up to 100% of their compensation in the form of either cash or stock appreciation rights (“SARs”). If a deferral is made in SARs, then at the time of distribution an individual will receive in cash the value of an equivalent number of shares of the Company’s stock that could have been purchased at the time of deferral, and any dividends thereon during the deferral period. If the deferral is made in cash, interest is earned on the accumulated deferred balances based on the ten year U.S. Treasury yield. Generally, a participant’s account is payable upon the earliest of the participant’s separation from service with the Company, the participant’s death or disability or a specified date that is elected by the participant in accordance with applicable rules of the Internal Revenue Code. The Company’s obligation to make payments under the Plan is a general obligation of the Company and is to be paid from the Company’s general assets. As such, participants are general unsecured creditors of the Company with respect to their participation under the Plan. The Company records a liability within accrued expenses and other liabilities on the consolidated statement of financial condition for the accumulated balances due under this plan. | |||
Comprehensive Income | |||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the statement of financial condition, such items, along with a net income (loss), are components of comprehensive income (loss). | |||
Fair value measurement | |||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Fair value is best determined upon quoted market prices. However, in certain instances, there are no quoted market prices for certain assets or liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. | |||
Fair value measurements focus on exit prices in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there had been a significant decrease in the volume and level of activity for the asset or liability, a change in the valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. | |||
The Company’s fair value measurements are classified into a fair value hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The three categories within the hierarchy are as follows: | |||
Level 1 — | Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 — | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; and model-based valuation techniques for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||
Level 3 — | Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||
Valuation techniques based on unobservable inputs are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows and the selection of discount rates that may appropriately reflect market and credit risks. Changes in these judgments often have a material impact on the fair value estimates. In addition, since these estimates are as of a specific point in time, they are susceptible to material near-term changes. The fair values disclosed do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect the possible tax ramifications or estimated transaction costs. | |||
Accounting standards require disclosure of the estimated fair value of financial instruments including both assets and liabilities recognized and not recognized in the statement of financial condition, for which it is practicable to estimate fair value. The calculation of fair value estimates of financial instruments is dependent upon certain subjective assumptions and involves significant uncertainties. Changes in assumptions could significantly affect the estimates. These estimates do not reflect any possible tax ramifications, estimated transaction costs or any premium or discount that could result from offering the Company's entire holdings of a particular financial instrument. | |||
Accounting standards update | |||
Recently Adopted Accounting Guidance | |||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, the FASB issued Accounting Standards Update (“ASU”) 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 ASU 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. | |||
Recently Issued Accounting Guidance | |||
Income Taxes- Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). In July 2013, the FASB issued ASU 2013-11. Per this ASU, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The ASU is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |||
Receivables – Troubled Debt Restructurings By Creditors: In January 2014, the FASB issued ASU 2014-04. This update clarifies that when an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of the residential real estate property collateralizing a consumer mortgage loan, upon either: (i) the creditor obtaining legal title to the property upon completion of the foreclosure; or (ii) the borrower conveying all interest in the property to the creditor to satisfy the loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. ASU 2014-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014 and is not expected to have a material impact upon the Company’s consolidated financial statements. | |||
Reclassification | |||
Certain reclassifications have been made to the prior period financial statements to conform to the current reporting presentation. These reclassifications only changed the reporting categories but did not affect the results of operations or financial position. | |||
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 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 the first quarter of 2014 and the examination report has not yet been received. | |||||||||||||||||||||
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 December 31, 2013, with a Tier 1 leverage ratio of 11.04% and a total risk-based capital ratio of 18.01%. | ||||||||||||||||||||||
As a source of strength to its subsidiary bank, the Company had liquid assets of approximately $3.07 million at December 31, 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 December 31, 2013, the Bank would have had a Tier 1 leverage ratio of approximately 11.67%. | ||||||||||||||||||||||
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 without 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 December 31, 2013. | ||||||||||||||||||||||
At December 31, 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 | $ | 58,323 | 11.98 | % | ||||||||||||||
Tier 1 Risk-Based Capital (2) | N/A | N/A | N/A | N/A | 58,323 | 18.21 | % | |||||||||||||||
Total Risk-Based Capital (2) | N/A | N/A | N/A | N/A | 62,399 | 19.49 | % | |||||||||||||||
The Bank | ||||||||||||||||||||||
Tier 1 Leverage Capital (1) | $ | 19,545 | 4 | % | $ | 43,977 | 9 | % | $ | 53,946 | 11.04 | % | ||||||||||
Tier 1 Risk-Based Capital (2) | 12,891 | 4 | % | N/A | N/A | 53,946 | 16.74 | % | ||||||||||||||
Total Risk-Based Capital (2) | 25,783 | 8 | % | 41,897 | 13 | % | 58,047 | 18.01 | % | |||||||||||||
(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 December 31, 2013, the most recent regulatory notifications categorized the Bank as adequately capitalized under the regulatory framework for prompt corrective action. | ||||||||||||||||||||||
INVESTMENTS
INVESTMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | |||||||||||||||||||
NOTE 3 - INVESTMENTS | ||||||||||||||||||||
(a) Securities by Type and Maturity | ||||||||||||||||||||
At December 31, 2013, the composition of the investment portfolio was as follows: | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 16,601 | $ | 35 | $ | -130 | $ | 16,506 | ||||||||||||
U.S. Government agency mortgage-backed securities | 22,874 | 527 | -532 | 22,869 | ||||||||||||||||
U.S. Government agency collateralized mortgage obligations | 3,736 | 11 | -9 | 3,738 | ||||||||||||||||
Private label collateralized mortgage obligations | 258 | 8 | - | 266 | ||||||||||||||||
Subtotal | 43,469 | 581 | -671 | 43,379 | ||||||||||||||||
Auction-rate trust preferred securities | 5,893 | - | - | 5,893 | ||||||||||||||||
Mutual fund - Fixed Income securities | 500 | - | -1 | 499 | ||||||||||||||||
Total available-for-sale securities | $ | 49,862 | $ | 581 | $ | -672 | $ | 49,771 | ||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 18,149 | $ | 134 | $ | -40 | $ | 18,243 | ||||||||||||
Total held-to-maturity securities | $ | 18,149 | $ | 134 | $ | -40 | $ | 18,243 | ||||||||||||
At December 31, 2012, the composition of the investment portfolio was as follows: | ||||||||||||||||||||
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 | ||||||||||||
For the years ended December 31, 2013 and December 31, 2012, the Company realized no gross gains or gross losses on sales of investment securities. | ||||||||||||||||||||
In November 2013, the Company securitized approximately $13.6 million in 30 year fixed rate residential mortgage loans into U.S. agency mortgage backed securities. The purpose of this securitization was to transform residential mortgage loans into more liquid mortgage- backed securities which have a lower risk-based capital requirement and could be pledged for borrowings. This transfer of financial assets met the criteria established under FASB ASC Topic 860 and has been accounted for as a true sale of the residential mortgage loans, resulting in no gain or loss on the sale. | ||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013 and 2012, 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 December 31, 2013 | Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||
Cost | Cost | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 22,874 | $ | 22,869 | $ | 18,149 | $ | 18,243 | ||||||||||||
U.S. Government agency collateralized mortgage obligations | 3,736 | 3,738 | - | - | ||||||||||||||||
Private label collateralized mortgage obligations | 258 | 266 | - | - | ||||||||||||||||
Mutual fund - Fixed Income securities | 500 | 499 | - | - | ||||||||||||||||
Subtotal | 27,368 | 27,372 | 18,149 | 18,243 | ||||||||||||||||
Securities with Fixed Maturities: | ||||||||||||||||||||
Due in one year or less | - | - | ||||||||||||||||||
Due after one year through five years | 6,606 | 6,641 | - | - | ||||||||||||||||
Due after five years through ten years | 9,995 | 9,865 | - | - | ||||||||||||||||
Due after ten years | 5,893 | 5,893 | - | - | ||||||||||||||||
22,494 | 22,399 | - | - | |||||||||||||||||
Total | $ | 49,862 | $ | 49,771 | $ | 18,149 | $ | 18,243 | ||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||
At December 31, 2012 | Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||
Cost | Cost | |||||||||||||||||||
(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 | 7,700 | 7,216 | - | - | ||||||||||||||||
8,706 | 8,245 | - | - | |||||||||||||||||
Total | $ | 23,264 | $ | 23,484 | $ | 25,519 | $ | 26,107 | ||||||||||||
At December 31, 2013 and 2012, securities with an amortized cost of $19.53 million and $30.57 million, and a fair value of $19.67 million and $31.27 million, respectively, were pledged as collateral to secure municipal deposits and repurchase agreements. | ||||||||||||||||||||
(b) | Unrealized Losses and Other-Than-Temporary Impairments | |||||||||||||||||||
Available for sale investments with unrealized losses as of December 31, 2013 were as follows: | ||||||||||||||||||||
Less than 12 Months | Greater than 12 months | Total | ||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||
U.S. Government and agency obligations | $ | 9,865 | $ | 130 | $ | - | $ | - | $ | 9,865 | $ | 130 | ||||||||
U.S. Government agency mortgage-backed securities | 8,075 | 531 | 65 | 1 | 8,140 | 532 | ||||||||||||||
U.S. Government agency collateralized mortgage obligations | 3,228 | 9 | - | - | 3,228 | 9 | ||||||||||||||
Mutual fund - fixed income securities | 499 | 1 | - | - | 499 | 1 | ||||||||||||||
Total securities in unrealized loss position | $ | 21,667 | $ | 671 | $ | 65 | $ | 1 | $ | 21,732 | $ | 672 | ||||||||
Available for sale investments with unrealized losses as of December 31, 2012 were as follows: | ||||||||||||||||||||
Less than 12 Months | Greater than 12 months | Total | ||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||
Private label collateralized mortgage obligations | $ | - | $ | - | $ | 294 | $ | 20 | $ | 294 | $ | 20 | ||||||||
Auction rate trust preferred securities | - | - | 7,216 | 484 | 7,216 | 484 | ||||||||||||||
Total securities in unrealized loss position | $ | - | $ | - | $ | 7,510 | $ | 504 | $ | 7,510 | $ | 504 | ||||||||
There were no held to maturity investments with unrealized losses as of December 31, 2012. | ||||||||||||||||||||
All investment securities which have unrealized losses have undergone an internal impairment evaluation. Management’s review for impairment generally entails the following: an identification and analysis of individual investments that have fair values less than amortized cost; consideration of the length of time the investment has been in an unrealized loss position and the expected recovery period; discussion of evidential matter, including an evaluation of factors or triggers that could cause individual investments to qualify as having other-than-temporary impairment and those that would not support other-than-temporary impairment; and documentation of the results of these analyses. | ||||||||||||||||||||
The Company had thirteen securities in an unrealized loss position at December 31, 2013, including two U.S. Government agency obligations, nine U.S. government agency mortgage-backed securities (MBS), one U.S. Government agency collateralized mortgage obligation (CMO) and one mutual fund composed of fixed income securities. The severity of these unrealized losses based on their underlying cost basis were as follows at December 31, 2013: 1.3% for U.S. Government agency obligations, 6.1% for U.S. Government agency mortgage-backed securities and less than 0.3% for the other two issues. In addition, most of these unrealized losses have been of short duration (less than 12 months). Subsequent to December 31, 2013, only four of the thirteen securities remain in an unrealized loss position. The changes in the prices on these securities are the result of interest rate movement and are temporary in nature. | ||||||||||||||||||||
As a result of the reviews, management believes that, other than the private label collateralized mortgage obligations and the auction rate trust preferred securities discussed below, all remaining unrealized losses are temporary as of December 31, 2013 and are the result of changes in market interest rates and market conditions. The Company has the ability and intent to hold the investments until recovery of the market value which may be at maturity. | ||||||||||||||||||||
For other-than-temporary impairment (OTTI), the Company generally estimates the portion of loss attributable to credit using a discounted cash flow model. Significant inputs for these impairment analyses include the estimated cash flows of the underlying collateral based on key assumptions, such as default rate, loss severity and prepayment rate. Assumptions used can vary widely, and are influenced by such factors as loan interest rate, geographic location of the borrower, borrower characteristics and collateral type. The present value of the expected cash flow discounted at the original yield was compared to the amortized cost of the Company’s holdings to determine the credit-related impairment loss. During 2013, the Company recognized credit related losses on private label collateralized mortgage obligations of $5,000 after taking a $20,000 credit-related impairment loss in 2011. The Company did not recognize any credit related impairment on this issue in 2012. | ||||||||||||||||||||
During 2013, the Company also experienced a $1.81 million other-than temporary impairment on its auction rate preferred securities (“ARPS”). As a result of similar securities being identified as “impermissible” investments under Volcker rule interpretations, it became apparent to management through discussions with the OCC, that it was “more likely than not” that the Bank would be required to sell these investments before the recovery of its cost basis. Under ASC 320-10-35, the Bank recognized this OTTI in earnings. Based on management’s assessment that the ARPS market is not an active one and that to sell the ARPS would require a “forced redemption” from the trust to obtain the underlying preferred stock, the Company recognized this other-than-temporary impairment based on the quoted market prices of the underlying preferred stock as of December 31, 2013. | ||||||||||||||||||||
During February 2014, the Company requested that the trustee initiate a forced redemption of those ARPS and simultaneously sold all of the underlying preferred stock which the Company received from the forced redemption. The Company recorded a $158,000 gain from this subsequent sale of the underlying preferred stock. | ||||||||||||||||||||
The following table summarizes the activity related to the amounts of credit losses on available for sale investment securities recognized in earnings for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Balance at beginning of year | $ | 20 | $ | 20 | - | |||||||||||||||
Additional increases in previously recognized credit losses | - | - | - | |||||||||||||||||
Losses recognized in earnings | 1,812 | - | 20 | |||||||||||||||||
Balance at end of year | $ | 1,832 | $ | 20 | $ | 20 | ||||||||||||||
LOANS_RECEIVABLE_AND_ALLOWANCE
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||
NOTE 4 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||||
A summary of loans receivable at December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
One-to-four family | $ | 186,985 | $ | 209,004 | |||||||||||||||||||||||||||
Multi-family and commercial real estate | 123,134 | 133,549 | |||||||||||||||||||||||||||||
Construction and land development | 5,609 | 26,633 | |||||||||||||||||||||||||||||
Total real estate loans | 315,728 | 369,186 | |||||||||||||||||||||||||||||
Commercial business loans | 25,506 | 32,970 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Home equity | 26,960 | 28,829 | |||||||||||||||||||||||||||||
Other consumer | 2,321 | 1,297 | |||||||||||||||||||||||||||||
Total consumer loans | 29,281 | 30,126 | |||||||||||||||||||||||||||||
Total loans | 370,515 | 432,282 | |||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||
Allowance for loan losses | 9,891 | 14,500 | |||||||||||||||||||||||||||||
Deferred loan origination fees | 56 | 169 | |||||||||||||||||||||||||||||
Loans receivable, net | $ | 360,568 | $ | 417,613 | |||||||||||||||||||||||||||
The Bank’s lending activities are conducted principally in the Naugatuck Valley area of Connecticut. The Bank’s investment in loans includes both adjustable and fixed rate loans. | |||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||
As discussed in Note 3, in November 2013, the Company securitized approximately $13.6 million in 30 year fixed rate residential mortgage loans into U.S. Government agency mortgage backed securities. This transfer of financial assets met the criteria established under ASC Topic 860 and has been accounted for as a sale. | |||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, loans to related parties totaled approximately $383,000 and $412,000, respectively. For the years ended December 31, 2013 and December 31, 2012, there were no new loans granted to related parties. Related parties include directors and officers of the Bank, any respective affiliates in which they have a controlling interest, and their immediate families. For the years ended December 31, 2013 and 2012, all loans to related parties were performing in accordance with their original terms. | |||||||||||||||||||||||||||||||
The following table indicates activity in loans to related parties for the periods indicated. | |||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 412,000 | $ | 466,000 | |||||||||||||||||||||||||||
New loans | - | - | |||||||||||||||||||||||||||||
Repayments | -29,000 | -32,000 | |||||||||||||||||||||||||||||
Other (1) | - | -22,000 | |||||||||||||||||||||||||||||
Balance at end of year | $ | 383,000 | $ | 412,000 | |||||||||||||||||||||||||||
-1 | Decrease due to the retirement of one of the Company’s directors. | ||||||||||||||||||||||||||||||
Credit quality of financing receivables and the allowance for loan losses | |||||||||||||||||||||||||||||||
Management segregates the loan portfolio into portfolio segments which is 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 nine 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 real estate 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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||||||||||
December 31, 2013 | One-to-Four | Multi-Family and | Construction and | Commercial | |||||||||||||||||||||||||||
Family | Commercial Real | Land | Business Loans | Consumer Loans | Total | ||||||||||||||||||||||||||
Estate | Development | ||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||
Pass | $ | 180,704 | $ | 90,756 | $ | 2,808 | $ | 18,751 | $ | 28,603 | $ | 321,622 | |||||||||||||||||||
Special Mention | 602 | 26,832 | 946 | 3,869 | 262 | 32,511 | |||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||
- Accruing | 349 | 2,416 | - | 874 | 94 | 3,733 | |||||||||||||||||||||||||
- Nonaccruing (1) | 5,330 | 3,130 | 1,855 | 1,919 | 322 | 12,556 | |||||||||||||||||||||||||
Subtotal - substandard | 5,679 | 5,546 | 1,855 | 2,793 | 416 | 16,289 | |||||||||||||||||||||||||
Doubtful | - | - | - | 93 | - | 93 | |||||||||||||||||||||||||
Total | $ | 186,985 | $ | 123,134 | $ | 5,609 | $ | 25,506 | $ | 29,281 | $ | 370,515 | |||||||||||||||||||
Multi-Family and Commercial Real Estate | |||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||||||||||
December 31, 2013 | Investor Owned | Industrial and | Special Use | Total Multi-Family | |||||||||||||||||||||||||||
One-to-Four | Warehouse | Office Buildings | Retail Properties | Properties | and Commercial | ||||||||||||||||||||||||||
family and multi- | Properties | Real Estate | |||||||||||||||||||||||||||||
family | |||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||
Pass | $ | 10,682 | $ | 21,500 | $ | 16,821 | $ | 16,544 | $ | 25,209 | $ | 90,756 | |||||||||||||||||||
Special Mention | 4,523 | 7,310 | 4,015 | 6,130 | 4,854 | 26,832 | |||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||
- Accruing | - | 1,155 | 370 | 457 | 434 | 2,416 | |||||||||||||||||||||||||
- Nonaccruing (1) | 1,167 | 31 | 206 | 388 | 1,338 | 3,130 | |||||||||||||||||||||||||
Subtotal - substandard | 1,167 | 1,186 | 576 | 845 | 1,772 | 5,546 | |||||||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 16,372 | $ | 29,996 | $ | 21,412 | $ | 23,519 | $ | 31,835 | $ | 123,134 | |||||||||||||||||||
-1 | Non-accrual loans included substandard nonaccruing loans and non-performing consumer loans. | ||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||||||||||
December 31, 2012 | One-to-Four | Multi-Family and | Construction and | Commercial | |||||||||||||||||||||||||||
Family | Commercial Real | Land | Business Loans | Total | |||||||||||||||||||||||||||
Estate | Development | ||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||
Pass | $ | 198,800 | $ | 91,677 | $ | 11,653 | $ | 23,702 | $ | 325,832 | |||||||||||||||||||||
Special Mention | 4,807 | 25,754 | 2,401 | 3,824 | 36,786 | ||||||||||||||||||||||||||
Substandard | 5,397 | 16,118 | 12,579 | 5,444 | 39,538 | ||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||
(In thousands) | 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’s payment status 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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
Delinquencies | |||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||
Greater | Amount > 90 | ||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Than | Total Past | Days and | |||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Total Loans | Accruing | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
One-to-four family | $ | 1,217 | $ | 397 | $ | 2,564 | $ | 4,178 | $ | 182,807 | $ | 186,985 | $ | - | |||||||||||||||||
Construction and land development | 970 | 538 | 1,799 | 3,307 | 2,302 | 5,609 | - | ||||||||||||||||||||||||
Multi-family and commercial real estate: | - | ||||||||||||||||||||||||||||||
Investor owned one-to-four family and multi-family | 861 | - | 621 | 1,482 | 14,890 | 16,372 | - | ||||||||||||||||||||||||
Industrial and Warehouse | - | - | 32 | 32 | 29,964 | 29,996 | - | ||||||||||||||||||||||||
Office buildings | - | 108 | 206 | 314 | 21,098 | 21,412 | - | ||||||||||||||||||||||||
Retail properties | 423 | - | - | 423 | 23,096 | 23,519 | - | ||||||||||||||||||||||||
Special use properties | 346 | - | 169 | 515 | 31,320 | 31,835 | - | ||||||||||||||||||||||||
Subtotal Multi-family and commercial real estate | 1,630 | 108 | 1,028 | 2,766 | 120,368 | 123,134 | - | ||||||||||||||||||||||||
Commercial business loans | 487 | 153 | 1,598 | 2,238 | 23,268 | 25,506 | - | ||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Home equity loans | 155 | 28 | 142 | 325 | 26,635 | 26,960 | - | ||||||||||||||||||||||||
Other consumer loans | 2 | 3 | - | 5 | 2,316 | 2,321 | - | ||||||||||||||||||||||||
Subtotal Consumer | 157 | 31 | 142 | 330 | 28,951 | 29,281 | - | ||||||||||||||||||||||||
Total | $ | 4,461 | $ | 1,227 | $ | 7,131 | $ | 12,819 | $ | 357,696 | $ | 370,515 | $ | - | |||||||||||||||||
Delinquencies | |||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||
Greater | Amount > 90 | ||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Than | Total Past | Days and | |||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Total Loans | Accruing | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
One-to-four family | $ | 1,820 | $ | 430 | $ | 3,688 | $ | 5,938 | $ | 203,066 | $ | 209,004 | $ | - | |||||||||||||||||
Construction | 221 | - | 9,156 | 9,377 | 17,256 | 26,633 | - | ||||||||||||||||||||||||
Multi-family and commercial real estate | 464 | - | 9,031 | 9,495 | 124,054 | 133,549 | - | ||||||||||||||||||||||||
Commercial business loans | 553 | - | 3,500 | 4,053 | 28,917 | 32,970 | - | ||||||||||||||||||||||||
Consumer and other | 1,353 | 140 | 273 | 1,766 | 28,360 | 30,126 | - | ||||||||||||||||||||||||
Total | $ | 4,411 | $ | 570 | $ | 25,648 | $ | 30,629 | $ | 401,653 | $ | 432,282 | $ | - | |||||||||||||||||
(b) | Impaired loans and nonperforming assets | ||||||||||||||||||||||||||||||
The following tables set forth certain information with respect to our nonperforming assets as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 7,953 | $ | 17,370 | |||||||||||||||||||||||||||
Troubled debt restructurings- nonaccruing | 5,430 | 8,278 | |||||||||||||||||||||||||||||
Total nonperforming loans | 13,383 | 25,648 | |||||||||||||||||||||||||||||
Foreclosed real estate | 1,846 | 735 | |||||||||||||||||||||||||||||
Total nonperforming assets | $ | 15,229 | $ | 26,383 | |||||||||||||||||||||||||||
Total nonperforming loans to total loans | 3.61 | % | 5.93 | % | |||||||||||||||||||||||||||
Total nonperforming loans to total assets | 2.75 | % | 4.87 | % | |||||||||||||||||||||||||||
Total nonperforming assets to total assets | 3.13 | % | 5.01 | % | |||||||||||||||||||||||||||
Nonperforming loans (defined as nonaccrual loans and nonaccruing troubled debt restructured loans (“TDRs”)) totaled $13.38 million at December 31, 2013 compared to $25.65 million at December 31, 2012. The amount of income that was contractually due but not recognized on nonperforming loans totaled $852,000, $1.6 million and $878,000 for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||
At December 31, 2013, the Company had 90 loans on nonaccrual status of which 44 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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
Recorded | Recorded | Total | Unpaid | Related Specific | |||||||||||||||||||||||||||
As of December 31, 2013 | Investment with | Investment | Recorded | Contractual | Valuation | ||||||||||||||||||||||||||
No Specific | with | Investment | Principal | Allowance | |||||||||||||||||||||||||||
Valuation | Specific | Balance | |||||||||||||||||||||||||||||
Allowance | Valuation | ||||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
One-to four-family | $ | 4,570 | $ | 2,431 | $ | 7,001 | $ | 7,734 | $ | 70 | |||||||||||||||||||||
Construction and land development | 1,405 | 449 | 1,854 | 2,424 | 75 | ||||||||||||||||||||||||||
Multi-family and commercial real estate: | |||||||||||||||||||||||||||||||
Investor owned one-to-four family and multi-family properties | 1,167 | - | 1,167 | 1,274 | - | ||||||||||||||||||||||||||
Industrial and warehouse properties | 565 | - | 565 | 567 | - | ||||||||||||||||||||||||||
Office buildings | 206 | - | 206 | 405 | - | ||||||||||||||||||||||||||
Retail properties | 158 | 389 | 547 | 621 | 23 | ||||||||||||||||||||||||||
Special use properties | 1,600 | - | 1,600 | 2,086 | - | ||||||||||||||||||||||||||
Subtotal | 3,696 | 389 | 4,085 | 4,953 | 23 | ||||||||||||||||||||||||||
Commercial business loans | 1,996 | 584 | 2,580 | 2,693 | 105 | ||||||||||||||||||||||||||
Consumer loans | 412 | 167 | 579 | 805 | 10 | ||||||||||||||||||||||||||
Total impaired loans | $ | 12,079 | $ | 4,020 | $ | 16,099 | $ | 18,609 | $ | 283 | |||||||||||||||||||||
Recorded | Recorded | Total | Unpaid | Related Specific | |||||||||||||||||||||||||||
As of December 31, 2012 | Investment with | Investment | Recorded | Contractual | Valuation | ||||||||||||||||||||||||||
No Specific | with | Investment | Principal | Allowance | |||||||||||||||||||||||||||
Valuation | Specific | Balance | |||||||||||||||||||||||||||||
Allowance | Valuation | ||||||||||||||||||||||||||||||
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 | 13,833 | 139 | ||||||||||||||||||||||||||
Multi-family and commercial real estate | 12,177 | 2,196 | 14,373 | 16,832 | 251 | ||||||||||||||||||||||||||
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 | $ | 40,413 | $ | 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investments | Recognized | Investments | Recognized | Investments | Recognized | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
One-to four-family | $ | 5,900 | $ | 247 | $ | 4,662 | $ | 107 | $ | 2,730 | $ | 84 | |||||||||||||||||||
Construction | 5,937 | 41 | 10,656 | 144 | 5,117 | 284 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 8,128 | 367 | 15,281 | 553 | 4,467 | 225 | |||||||||||||||||||||||||
Commercial business loans | 3,087 | 147 | 4,231 | 133 | 901 | 115 | |||||||||||||||||||||||||
Consumer loans | 511 | 29 | 313 | 11 | 331 | 7 | |||||||||||||||||||||||||
Total | $ | 23,564 | $ | 831 | $ | 35,143 | $ | 948 | $ | 13,546 | $ | 715 | |||||||||||||||||||
Interest payments received on nonaccrual loans are accounted for on the cash-basis method or the cost recovery method until qualifying for return to accrual status. Under the cost recovery method, the interest payment is applied to the principal balance of the loan. The table above shows the interest income recognized on nonaccrual loans on the cash-basis method. For the years ended December 31, 2013 and 2012, the amount of interest payments applied to principal under the cost recovery money method was $314,000 and $274,000, respectively. | |||||||||||||||||||||||||||||||
(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 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. | |||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||
The recorded investment balance of TDRs that were performing and nonperforming under the terms of their modifications as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||
Aggregate recorded investment of impaired loans with terms modified through a troubled debt restructuring: | |||||||||||||||||||||||||||||||
Performing (1) | $ | 4,195 | $ | 3,573 | |||||||||||||||||||||||||||
Nonperforming | 3,051 | 5,566 | |||||||||||||||||||||||||||||
Total | $ | 7,246 | $ | 9,139 | |||||||||||||||||||||||||||
-1 | Of the $4,195,000 in TDRs which are performing under the modified terms of their agreements at December 31, 2013, there are $2,379,000 in TDRs that remain in a nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of these $2,379,000 in TDRs and the $3,051,000 nonperforming TDRs at December 31, 2013 equal the $5,430,000 in TDRs that are in nonaccrual status at December 31, 2013. | ||||||||||||||||||||||||||||||
As illustrated in the table below, during the year ended December 31, 2013, the following concessions were made on 17 loans for $3.05 million (measured as a percentage of loan balances on TDR’s): | |||||||||||||||||||||||||||||||
· | Reduced interest rate for 1.7% (1 loan for $51 thousand) | ||||||||||||||||||||||||||||||
· | Extension of payment terms for 45.6% (10 loans for $1.39 million) | ||||||||||||||||||||||||||||||
· | Deferral of principal payments for 52.7% (6 loans for $1.61 million) | ||||||||||||||||||||||||||||||
In cases where there was more than one concession granted, the modification was classified by the more dominant concession. | |||||||||||||||||||||||||||||||
The following table presents a breakdown of the types of concessions made by loan class for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Number of | Pre- | Post- | |||||||||||||||||||||||||||||
(Dollars in thousands) | Loans | Modification | Modification | % | |||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||
Below market interest rate: | |||||||||||||||||||||||||||||||
Consumer loans - home equity | 1 | $ | 51 | $ | 51 | 1.7 | % | ||||||||||||||||||||||||
Subtotals | 1 | 51 | 51 | 1.7 | % | ||||||||||||||||||||||||||
Extended payment terms: | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
One-to-four family | 1 | 19 | 25 | 0.8 | % | ||||||||||||||||||||||||||
Multi-family and commercial real estate | 4 | 917 | 963 | 31.5 | % | ||||||||||||||||||||||||||
Commercial business loans | 5 | 394 | 405 | 13.3 | % | ||||||||||||||||||||||||||
Subtotals | 10 | 1,330 | 1,393 | 45.6 | % | ||||||||||||||||||||||||||
Principal payments deferred | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
One-to-four family | 5 | 1,437 | 1,437 | 47.1 | % | ||||||||||||||||||||||||||
Multi-family and commercial real estate | 1 | 170 | 170 | 5.6 | % | ||||||||||||||||||||||||||
Subtotals | 6 | 1,607 | 1,607 | 52.7 | % | ||||||||||||||||||||||||||
Grand Totals | 17 | $ | 2,988 | $ | 3,051 | 100 | % | ||||||||||||||||||||||||
There was one loan for which an interest rate concession was granted during 2013. This loan was evaluated for impairment. Because this loan had already been charged down to the fair value, the recorded investment of this loan has not changed post-modification. For the ten TDRs granted term extensions, 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 improve the Bank’s collateral position. | |||||||||||||||||||||||||||||||
During the year ended December 31, 2013, the Company modified 17 loans in the amount of $3.1 million. Of this total, there was one payment default (where the modified loan was past due thirty days or more) on a one-to-four family mortgage loan in the amount of $604,000, or 19.8% of the loans modified during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||
Of the total 17 loans for $3.05 million which were modified during the twelve months ended December 31, 2013, the following represents their success or failure during the year ended December 31, 2013: | |||||||||||||||||||||||||||||||
· | 22.4% are paying as restructured | ||||||||||||||||||||||||||||||
· | 10.0% have paid in full | ||||||||||||||||||||||||||||||
· | 47.8% have been reclassified to nonaccrual | ||||||||||||||||||||||||||||||
· | 19.8% have defaulted | ||||||||||||||||||||||||||||||
The following table presents the successes and failures of the types of modifications within the previous twelve months as of December 31, 2013: | |||||||||||||||||||||||||||||||
Paid in Full / Sold | Paying as Restructured | Converted to Non-accrual | Foreclosure/Default | Total | |||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | Number | Recorded | Number | Recorded | Number | Recorded | ||||||||||||||||||||||
(Dollars in thousands) | of Loans | Investment | of Loans | Investment | of Loans | Investment | of Loans | Investment | of Loans | Investment | |||||||||||||||||||||
Below market interest rate | - | $ | - | 1 | $ | 51 | - | $ | - | - | $ | - | 1 | $ | 51 | ||||||||||||||||
Extended payment terms | 1 | 135 | 1 | 25 | 8 | 1,233 | - | - | 10 | 1,393 | |||||||||||||||||||||
Principal payments deferred | 1 | 170 | 3 | 606 | 1 | 227 | 1 | 604 | 6 | 1,607 | |||||||||||||||||||||
Total | 2 | $ | 305 | 5 | $ | 682 | 9 | $ | 1,460 | 1 | $ | 604 | 17 | $ | 3,051 | ||||||||||||||||
% | 10 | % | 22.4 | % | 47.8 | % | 19.8 | % | 100 | % | |||||||||||||||||||||
The $604,000 TDR modified during 2013 which defaulted post-modification was a one-to-four family mortgage loan. This loan was individually evaluated for impairment at December 31, 2013. The Company’s procedure is to individually evaluate for impairment all TDRs as part of its ALLL methodology. | |||||||||||||||||||||||||||||||
During the year ended December 31, 2012, the following concessions were made on 20 loans for $2.4 million (measured as a percentage of loan balances on TDRs): | |||||||||||||||||||||||||||||||
· | Reduced interest rate for 52.0% (4 loans for $1.2 million) | ||||||||||||||||||||||||||||||
· | Extension of payment terms for 15.5% (10 loans for $362,000) | ||||||||||||||||||||||||||||||
· | Deferral of principal payments for 32.7% (6 loans for $773,000) | ||||||||||||||||||||||||||||||
In cases where there was more than one concession granted, the modification was classified by the more dominant concession. | |||||||||||||||||||||||||||||||
The following table presents a breakdown of the types of concessions made by loan class for the year ended December 31, 2012. | |||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre- | Post- | % | |||||||||||||||||||||||||||
Loans | Modification | Modification | |||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||
Below market interest rate: | |||||||||||||||||||||||||||||||
Commercial mortgage | 1 | $ | 425 | $ | 425 | 18 | % | ||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Oneto-four family | 3 | $ | 797 | $ | 803 | 34 | % | ||||||||||||||||||||||||
Subtotals | 4 | 1,222 | 1,228 | 52 | % | ||||||||||||||||||||||||||
Extended payment terms: | |||||||||||||||||||||||||||||||
Commercial business loans | 9 | 292 | 324 | 13.7 | % | ||||||||||||||||||||||||||
Consumer loans - home equity | 1 | 38 | 38 | 1.6 | % | ||||||||||||||||||||||||||
Subtotals | 10 | 330 | 362 | 15.3 | % | ||||||||||||||||||||||||||
Principal payments deferred | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
One-to-four family | 3 | 643 | 643 | 27.2 | % | ||||||||||||||||||||||||||
Consumer loans - home equity | 3 | 130 | 130 | 5.5 | % | ||||||||||||||||||||||||||
Subtotals | 6 | 773 | 773 | 32.7 | % | ||||||||||||||||||||||||||
Grand Totals | 20 | $ | 2,325 | $ | 2,363 | 100 | % | ||||||||||||||||||||||||
There were four loans for which an interest rate concession was granted during 2012. These loans were evaluated for impairment. Two of these loans were advanced funds of $6,000 for past due property taxes. Of the fourteen TDRs granted term extensions, one TDR was increased by the amount of $32,000 which had been advanced to cover past due property taxes and other expenses based upon cross-collateralization with related loans to improve the Bank’s collateral position. | |||||||||||||||||||||||||||||||
Of the 20 loans modified during the year ended December 31, 2012, there were no TDRs that had been modified during the previous twelve months ended December 31, 2012 that subsequently defaulted or were charged off during the twelve months ended December 31, 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 determination 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 $9.89 million at December 31, 2013, a decrease of $4.61 million, or 31.8%. This decrease in the ALLL was directionally consistent with the improvement in the Bank’s asset quality trends during this twelve month period. During the year, the Bank’s nonperforming loans decreased $12.27 million, or 47.8%, and its adversely classified loans decreased by $22.92 million or 58.3%. Furthermore, the improvement in the risk profile of the loan portfolio can also be demonstrated by the significant reduction in construction and land development loans of $21.02 million or 78.9%, and, to a lesser extent, reductions in commercial business loans of $7.46 million or 22.6%, one-to-four family loans of $22.02 million or 10.5% and multi-family and commercial real estate loans of $10.42 million or 7.8% These improvements in the Bank’s asset quality were attributable to the more aggressive workout efforts in the past year, 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 December 31, 2013, December 31, 2012 and December 31, 2011, by portfolio segment, disaggregated by impairment methodology, which is then further segregated by loans evaluated for impairment individually and collectively. | |||||||||||||||||||||||||||||||
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 year ended December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 1,988 | $ | 4,892 | $ | 4,468 | $ | 2,725 | $ | 427 | $ | 14,500 | |||||||||||||||||||
Provision for loan losses | 478 | 4,304 | -724 | -42 | 134 | 4,150 | |||||||||||||||||||||||||
Charge-offs | -650 | -4,687 | -2,728 | -1,817 | -182 | -10,064 | |||||||||||||||||||||||||
Recoveries | 33 | 588 | 102 | 577 | 5 | 1,305 | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,849 | $ | 5,097 | $ | 1,118 | $ | 1,443 | $ | 384 | $ | 9,891 | |||||||||||||||||||
Allowance related to loans: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 70 | $ | 23 | $ | 75 | $ | 105 | $ | 10 | $ | 283 | |||||||||||||||||||
Collectively evaluated for impairment | 1,779 | 5,074 | 1,043 | 1,338 | 374 | 9,608 | |||||||||||||||||||||||||
Total Allowance | $ | 1,849 | $ | 5,097 | $ | 1,118 | $ | 1,443 | $ | 384 | $ | 9,891 | |||||||||||||||||||
Ending loan balance individually evaluated for impairment | $ | 7,001 | $ | 4,085 | $ | 1,854 | $ | 2,580 | $ | 579 | $ | 16,099 | |||||||||||||||||||
Ending loan balance collectively evaluated for impairment | 179,984 | 119,049 | 3,755 | 22,926 | 28,702 | 354,416 | |||||||||||||||||||||||||
Total Loans | $ | 186,985 | $ | 123,134 | $ | 5,609 | $ | 25,506 | $ | 29,281 | $ | 370,515 | |||||||||||||||||||
Multi-Family and Commercial Real Estate | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
As of and for the year ended December 31, 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 | -7 | 410 | 286 | 337 | -407 | 615 | |||||||||||||||||||||||||
Charge-offs | -4 | -121 | -144 | -67 | - | -336 | |||||||||||||||||||||||||
Recoveries | - | -2 | - | - | - | -2 | |||||||||||||||||||||||||
Segment balance at December 31, 2013 | $ | 515 | $ | 1,034 | $ | 563 | $ | 856 | $ | 2,129 | $ | 5,097 | |||||||||||||||||||
Allowance related to loans: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | 23 | $ | - | $ | 23 | |||||||||||||||||||
Collectively evaluated for impairment | 515 | 1,034 | 563 | 833 | 2,129 | 5,074 | |||||||||||||||||||||||||
Total Allowance | $ | 515 | $ | 1,034 | $ | 563 | $ | 856 | $ | 2,129 | $ | 5,097 | |||||||||||||||||||
Ending loan balance individually evaluated for impairment | $ | 1,167 | $ | 565 | $ | 206 | $ | 547 | $ | 1,600 | $ | 4,085 | |||||||||||||||||||
Ending loan balance collectively evaluated for impairment | 15,205 | 29,431 | 21,206 | 22,973 | 30,234 | 119,049 | |||||||||||||||||||||||||
Total Loans | $ | 16,372 | $ | 29,996 | $ | 21,412 | $ | 23,520 | $ | 31,834 | $ | 123,134 | |||||||||||||||||||
One-to-Four | Multi-Family | Construction | Commercial | ||||||||||||||||||||||||||||
Family | and | and Land | Business | Consumer | Total | ||||||||||||||||||||||||||
Commercial | Development | Loans | Loans | ||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,745 | $ | 3,745 | $ | 1,327 | $ | 754 | $ | 482 | $ | 8,053 | |||||||||||||||||||
Provision for loan losses | 650 | 4,868 | 8,563 | 3,549 | 95 | 17,725 | |||||||||||||||||||||||||
Charge-offs | -411 | -3,757 | -5,422 | -1,594 | -150 | -11,334 | |||||||||||||||||||||||||
Recoveries | 4 | 36 | - | 16 | - | 56 | |||||||||||||||||||||||||
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 | |||||||||||||||||||
At December 31, 2011 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 1,585 | $ | 2,714 | $ | 600 | $ | 884 | $ | 610 | $ | 6,393 | |||||||||||||||||||
Provision for loan losses | 377 | 1,942 | 1,449 | 383 | 142 | 4,293 | |||||||||||||||||||||||||
Charge-offs | -217 | -911 | -722 | -516 | -271 | -2,637 | |||||||||||||||||||||||||
Recoveries | - | - | - | 3 | 1 | 4 | |||||||||||||||||||||||||
Ending balance | $ | 1,745 | $ | 3,745 | $ | 1,327 | $ | 754 | $ | 482 | $ | 8,053 | |||||||||||||||||||
Allowance related to loans: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 109 | $ | 335 | $ | 665 | $ | 286 | $ | 71 | $ | 1,466 | |||||||||||||||||||
Collectively evaluated for impairment | 1,636 | 3,410 | 662 | 468 | 411 | 6,587 | |||||||||||||||||||||||||
Total Allowance | $ | 1,745 | $ | 3,745 | $ | 1,327 | $ | 754 | $ | 482 | $ | 8,053 | |||||||||||||||||||
Ending loan balance individually evaluated for impairment | $ | 2,721 | $ | 4,422 | $ | 8,474 | $ | 3,585 | $ | 225 | $ | 19,427 | |||||||||||||||||||
Ending loan balance collectively evaluated for impairment | 215,172 | 156,436 | 17,771 | 33,060 | 33,485 | 455,924 | |||||||||||||||||||||||||
Total Loans | $ | 217,893 | $ | 160,858 | $ | 26,245 | $ | 36,645 | $ | 33,710 | $ | 475,351 | |||||||||||||||||||
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. | |||||||||||||||||||||||||||||||
MORTGAGE_BANKING_AND_MORTGAGE_
MORTGAGE BANKING AND MORTGAGE SERVICING RIGHTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Mortgage Banking [Abstract] | ' | ||||||||||||
Mortgage Banking And Mortgage Servicing Rights Disclosure [Text Block] | ' | ||||||||||||
NOTE 5 - MORTGAGE BANKING AND MORTGAGE SERVICING RIGHTS | |||||||||||||
Mortgage banking includes two components: (1) the origination of residential mortgage loans for sale in the secondary market and (2) the servicing of mortgage loans sold to investors. The following represents the Company’s non-interest income derived from these activities for the three years ended December 31, 2013. | |||||||||||||
For the year ended December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||
Gain on sales of loans | $ | 946 | $ | 2,373 | $ | 1,717 | |||||||
Mortgage servicing income | $ | 343 | $ | 269 | $ | 137 | |||||||
Total | $ | 1,289 | $ | 2,642 | $ | 1,854 | |||||||
The Bank originates government residential mortgage loans which are sold servicing released. The Bank also originates conventional residential mortgage loans for its portfolio and for sale, both on a servicing rights retained and released basis. | |||||||||||||
The Bank services loans for other financial institutions and agencies. These loans are originated by the Bank and then sold. The Bank continues to service these loans and remits the payments received to the purchasing institution. The amounts of these loans were approximately $142.17 million and $135.16 million at December 31, 2013 and 2012, respectively. | |||||||||||||
The balance of mortgage-servicing rights, included in other assets, and the changes therein for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of the year | $ | 1,039 | $ | 700 | $ | 364 | |||||||
Servicing rights capitalized | 380 | 692 | 478 | ||||||||||
Amortization of servicing rights | -370 | -323 | -114 | ||||||||||
Periodic impairment | 44 | -30 | -28 | ||||||||||
Balance at the end of the year | $ | 1,093 | $ | 1,039 | $ | 700 | |||||||
At December 31, 2013 and 2012, key economic assumptions and the sensitivity of the current fair value of residual cash flows, should immediate 10 percent and 20 percent adverse changes in those assumptions occur, were as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Carrying amount | $ | 1,093 | $ | 1,039 | $ | 700 | |||||||
Weighted average life (in years) | 7.04 | 6.2 | 5.28 | ||||||||||
Prepayment speed assumption | PSA | 160 | PSA | 241 | PSA | 265 | |||||||
Impact on fair value of 10% adverse change | -88 | -74 | -34 | ||||||||||
Impact on fair value of 20% adverse change | -134 | -121 | -74 | ||||||||||
Residual cash flows discount rate (annual) | 7.75 | % | 6.5 | % | 7.25 | % | |||||||
Impact on fair value of 10% adverse change | -70 | -55 | -26 | ||||||||||
Impact on fair value of 20% adverse change | -134 | -106 | -50 | ||||||||||
FORECLOSED_REAL_ESTATE
FORECLOSED REAL ESTATE | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Foreclosed Real Estate [Abstract] | ' | ||||||||||
Foreclosed Real Estate Disclosure [Text Block] | ' | ||||||||||
NOTE 6 - FORECLOSED REAL ESTATE | |||||||||||
Changes in foreclosed real estate for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Beginning Balance | $ | 735 | $ | 873 | $ | 421 | |||||
Additions | 2,116 | 732 | 817 | ||||||||
Proceeds from dispositions | -676 | -910 | -335 | ||||||||
Gain (loss) on sales | -66 | 117 | -11 | ||||||||
Writedowns | -263 | -77 | -19 | ||||||||
Balance at end of period | $ | 1,846 | $ | 735 | $ | 873 | |||||
At December 31, 2013, the Bank held seven properties consisting primarily of two parcels of developed residential lots with an aggregate value of $1.46 million. In January 2014, the largest property with a carrying value of $998,000 sold for $1.0 million. The other five properties at December 31, 2013 consisted of three single family residences and two unimproved parcels – one zoned as commercial and the other zoned as residential. | |||||||||||
At December 31, 2013 and 2012, respectively, the Bank had $3.12 million and $1.48 million in loans in the process of foreclosure. | |||||||||||
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. | |||||||||||
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
NOTE 7 - PREMISES AND EQUIPMENT | ||||||||
Premises and equipment at December 31, 2013 and 2012 were summarized as follows: | ||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||
Banking offices | $ | 8,567 | $ | 8,582 | ||||
Furniture and equipment | 5,513 | 5,032 | ||||||
Land | 1,593 | 1,593 | ||||||
Leasehold improvements | 1,408 | 1,409 | ||||||
17,081 | 16,616 | |||||||
Accumulated depreciation and amortization | -7,717 | -7,125 | ||||||
Premises and equipment, net | $ | 9,364 | $ | 9,491 | ||||
Depreciation and amortization expenses were $684,000, $718,000, and $746,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
The Bank leases space for five of its branch offices. The leases for the branch offices have expiration dates ranging from 2014 through 2050, and are accounted for as operating leases. Rent expense were $335,000, $321,000 and $305,000 for the years ended December 31, 2013, 2012 and 2011, respectively. The Bank rents excess space in its banking offices to tenants. At December 31, 2013, future minimum rental income and lease payment expense are expected to be: | ||||||||
(Dollars in thousands) | Income | Expense | ||||||
2014 | $ | 104 | $ | 343 | ||||
2015 | 106 | 345 | ||||||
2016 | 109 | 342 | ||||||
2017 | 111 | 346 | ||||||
2018 | 115 | 351 | ||||||
Thereafter | 1,063 | 6,053 | ||||||
Total future minimum rents | $ | 1,608 | $ | 7,780 | ||||
DEPOSITS
DEPOSITS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Deposits [Abstract] | ' | ||||||||||
Deposit Liabilities Disclosures [Text Block] | ' | ||||||||||
NOTE 8 - DEPOSITS | |||||||||||
Deposits are summarized as follows: | |||||||||||
At December 31, 2013 | |||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||
Amount | Amount | Amount | |||||||||
Noninterest bearing demand deposits | $ | 69,147 | $ | 70,300 | $ | 45,837 | |||||
Interest bearing deposits | |||||||||||
Now accounts and money market accounts | 49,514 | 38,965 | 52,676 | ||||||||
Savings accounts | 117,004 | 117,259 | 107,662 | ||||||||
Certificates of deposit | 155,182 | 176,378 | 204,712 | ||||||||
Total interest bearing deposits | 321,700 | 332,602 | 365,050 | ||||||||
Total deposits | $ | 390,847 | $ | 402,902 | $ | 410,887 | |||||
Related party deposits aggregated approximately $417,000 and $622,000 as of December 31, 2013 and 2012, respectively. | |||||||||||
Interest paid on deposits for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Now accounts and money market accounts | $ | 181 | $ | 141 | $ | 212 | |||||
Savings accounts | 279 | 366 | 496 | ||||||||
Time certificates | 2,345 | 3,301 | 5,312 | ||||||||
Total interest expense on deposits | $ | 2,805 | $ | 3,808 | $ | 6,020 | |||||
The aggregate amount of individual certificate accounts of $100,000 or more at December 31, 2013 and 2012 was $62.46 million and $70.49 million, respectively. Deposits up to $250,000 are federally insured through the Federal Deposit Insurance Corporation (“FDIC”). The aggregate amount of individual certificate accounts of $250,000 or more at December 31, 2013 and 2012 was $11.53 million and $15.27 million, respectively. At December 31, 2013, the scheduled maturities for certificate accounts were as follows: | |||||||||||
(In thousands) | 2013 | ||||||||||
Certificate accounts maturing in: | |||||||||||
Under 12 months | $ | 74,268 | |||||||||
12 to 24 months | 25,064 | ||||||||||
24 to 36 months | 25,794 | ||||||||||
Over 36 months | 30,056 | ||||||||||
Total certificate accounts | $ | 155,182 | |||||||||
FHLB_ADVANCES_AND_STOCK
FHLB ADVANCES AND STOCK | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Long-Term Federal Home Loan Bank Advances [Abstract] | ' | ||||||||||||||
Long-term Debt [Text Block] | ' | ||||||||||||||
NOTE 9 - FHLB ADVANCES AND STOCK | |||||||||||||||
(a) | FHLB Advances | ||||||||||||||
The Bank is a member of the Federal Home Loan Bank of Boston (“FHLB”). At December 31, 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 December 31, 2013 | At December 31, 2012 | ||||||||||||||
Weighted | Weighted | ||||||||||||||
Amount | Average | Amount | Average | ||||||||||||
(Dollars in thousands) | Due | Cost | Due | Cost | |||||||||||
Year of maturity: | |||||||||||||||
2013 | $ | - | - | $ | 24,088 | 2.65 | % | ||||||||
2014 | 1,377 | 2.64 | % | 15,693 | 2.96 | % | |||||||||
2015 | 1,500 | 0.8 | % | 624 | 3.34 | % | |||||||||
2016 | 2,800 | 0.9 | % | 88 | 0.19 | % | |||||||||
2017 - 2021 | 18,368 | 2.56 | % | 355 | 0.19 | % | |||||||||
2022 - 2026 | 638 | 0.27 | % | 318 | 0.18 | % | |||||||||
2027 - 2028 | 610 | - | 310 | - | |||||||||||
Total FHLB advances | $ | 25,293 | 2.16 | % | $ | 41,476 | 2.72 | % | |||||||
FHLB advances are secured by a blanket lien on the Bank’s assets. Included in the amounts above are two long-term amortizing advances, which mature in 2023 and 2028 with interest rates of 0.27% and 0.0%, respectively, obtained under the Affordable Housing Program offered by FHLB. These advances were used to provide loans, at nominal cost to the borrower, for development of low-cost housing in the Bank’s market area. | |||||||||||||||
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 has an agreement with FHLB providing for future credit availability of up to twenty times the amount of FHLB stock held by the Bank, not to exceed 30% of its total assets. | |||||||||||||||
(b) | FHLB Stock | ||||||||||||||
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 Bank held FHLB stock of $5,444,300 and $5,917,000 at December 31, 2013 and 2012, respectively. Management evaluated the Company’s investment in FHLB stock for other-than-temporary impairment, consistent with accounting policy. Based on management’s evaluation of this investment, including consideration of factors such as the long term nature of the investment, the liquidity position of the FHLB, its operating performance and the impact of legislative and regulatory changes on the FHLB and its customer base, management concluded that the stock was not impaired for the periods presented herein. | |||||||||||||||
OTHER_BORROWED_FUNDS
OTHER BORROWED FUNDS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
NOTE 10 - 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 or at the dates indicated. | |||||||||
At or for the year to date period ended | |||||||||
(Dollars in thousands) | December 31, 2013 | December 31, 2012 | |||||||
Maximum amount of Repurchase Agreements outstanding during the period | $ | 21,256 | $ | 19,283 | |||||
Average Repurchase Agreements outstanding during the period | $ | 10,866 | $ | 11,608 | |||||
Weighted average interest rate during the period | 0.24 | % | 0.47 | % | |||||
Balance outstanding at end of period | $ | 4,173 | $ | 6,394 | |||||
Weighted average interest rate at end of period | 0.01 | % | 0.45 | % | |||||
Repurchase agreements generally have terms of one day and are secured by government agency securities. | |||||||||
The Bank maintains a credit facility with the Federal Reserve Bank of Boston for which certain assets are pledged to secure such borrowings. As of December 31, 2013 and 2013, there were no borrowings outstanding under this facility. In addition, the Federal Reserve Bank of Boston, as one of the Bank’s correspondent banks, requires the Bank to pledge at least $1 million in the loans and/or investment securities for potential daylight overdraft exposure. At December 31, 2013 and 2012, the Bank had $3.38 million and $24.53 million in commercial real estate loans pledged with the Federal Reserve Bank of Boston. | |||||||||
At December 31, 2013, the Bank had reserve requirements with the Federal Reserve Bank of Boston amounting to $3.69 million. In addition to the Bank’s $2.6 million in vault cash, the use of $1.09 million in balances held at the Federal Reserve Bank of Boston was restricted to meet these reserve requirements. | |||||||||
PENSION_AND_OTHER_POSTRETIREME
PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||
NOTE 11 - PENSION AND OTHER POSTRETIREMENT BENEFITS | |||||||||||
Pension plan | |||||||||||
As described in Note 1, the Company participates in the Pentegra Defined Benefit Plan for Financial Institutions, a tax-qualified defined benefit pension plan (the "Pentegra Plan"). | |||||||||||
Contributions to the Pentegra Plan were $276,000, $373,000 and $370,000 for the years ended December 31, 2013, 2012 and 2011. The funded status of the Pentegra Plan was 92.29%, 97.12% and 81.56% as of the beginning of the plan years (July 1, 2013, 2012 and 2011, respectively). The Bank was not listed in the Pentegra Plan’s Forms 5500 as providing more than 5 percent of the total contributions for the plan years ended June 30, 2013 or 2012, respectively. | |||||||||||
The Plan was amended, effective September 1, 2005, and is considered frozen, with no new participants being accepted. No future compensation will be considered for benefit accruals, and there will be no future credited service, service accruals, or additional accrued benefits. | |||||||||||
The Bank’s net pension cost was $230,000, $418,000 and $284,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
Defined contribution plan | |||||||||||
As described in Note 1, the Bank has a defined contribution 401(k) plan for eligible employees. The Bank provides 75% matching of employee contributions on up to 6% of the employee’s salary. The Bank’s contribution vests over a six year graded vesting schedule. The Bank’s contribution to the plan was $243,000, $243,000, and $224,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
Directors’ retirement plan | |||||||||||
As described in Note 1, the Bank sponsors a deferred compensation plan under which certain non-employee directors may elect to defer up to 100% of their compensation in the form of either cash or stock-appreciation rights (“SARs”). The plan also provides for a $10,000 annual payment to each participating director which the director may elect to defer under the plan. Excluding the $10,000 supplemental annual compensation included in director’s compensation expense, the Company’s cost for these benefits amounted to $2,000, $1,000 and $3,000, respectively for the years ended December 31, 2013, 2012 and 2011. At December 31, 2013, the accumulated liability under this plan amounted to $53,000. | |||||||||||
Other Benefits | |||||||||||
The Company has investments in, and is the beneficiary of, life insurance policies on the lives of certain current and former officers. The purpose of these life insurance investments is to provide income through the appreciation in cash surrender value and death benefits of the policies. These policies have aggregate cash surrender values of $10,132,000 and $9,854,000 at December 31, 2013 and 2012, respectively. These assets are maintained with three insurance carriers. Income earned on the life insurance policies aggregated $278,000, $299,000 and $308,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
Healthcare benefits | |||||||||||
As described in Note 1, in addition to providing pension benefits, the Bank has provided certain health care benefits to retired employees (the “Healthcare Benefits Plan”). The Company’s accrued costs of providing these benefits amounted to $0, $87,000 and $28,000 for the years ended December 31, 2013, 2012 and 2011. | |||||||||||
In November 2013, the Bank discontinued the post retirement benefits provided under this program and reduced the related accrued liability balance by $487,000. | |||||||||||
The following table summarizes the obligation and funded status for the Healthcare Benefits Plan as of December 31, 2013 and 2012: | |||||||||||
At or for the Year Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
Change in benefit obligation | |||||||||||
Projected benefit obligation at beginning of year | $ | 491 | $ | 404 | |||||||
Curtailment of benefits | -487 | - | |||||||||
Interest cost | - | 87 | |||||||||
Projected benefit obligation at end of year | 4 | 491 | |||||||||
Change in plan assets: | |||||||||||
Fair value of plan assets at beginning of year | - | - | |||||||||
Employer contributions | 41 | 33 | |||||||||
Plan participant contributions | - | - | |||||||||
Benefits paid | -41 | -33 | |||||||||
Fair value of plan assets at end of year | - | - | |||||||||
Funded status at end of year | $ | -4 | $ | -491 | |||||||
The benefit costs related to the Healthcare Benefits Plan for the years ended December 31, 2013, 2012 and 2011were as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Components of net periodic benefit cost | |||||||||||
Interest cost | $ | - | $ | 87 | $ | 28 | |||||
Expected return on plan assets | - | - | - | ||||||||
Net periodic benefit cost | - | 87 | 28 | ||||||||
The discount rates used in determining healthcare benefits were 3.91% and 5.00% at December 31, 2012 and 2011, respectively. | |||||||||||
EMPLOYEE_STOCK_OWNERSHIP_PLAN_
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") | 12 Months Ended |
Dec. 31, 2013 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ' |
Employee Stock Ownership Plan Esop Disclosures [Text Block] | ' |
NOTE 12 - EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”) | |
On September 30, 2004, the ESOP purchased 297,435 shares of the common stock of the Company. To fund the purchase, the ESOP borrowed $2,980,910 from the Company. The borrowing is at an annual interest rate of 4.75% and is to be repaid on a pro-rata basis in fifteen annual installments of $282,520 commencing with the quarter ended December 31, 2004 through September 30, 2019. | |
On June 29, 2011 in conjunction with the second step mutual to stock conversion, the ESOP purchased 250,380 shares of the common stock of the Company. To fund the purchase, the ESOP borrowed $2,003,040 from the Company. The borrowing is at an annual interest rate of 3.25% and is to be repaid on a pro-rata basis in twenty annual installments of $135,657 commencing with the quarter ended December 31, 2011 through December 31, 2030. | |
Dividends paid on the unreleased shares are used to reduce the principal balance of the loans. The collateral for the loans are the unreleased shares of the common stock purchased by the ESOP. Although contributions by the Bank to the ESOP are discretionary, the Bank intends to make annual contributions in an aggregate amount at least equal to the principal and interest requirements on the debt. | |
The shares of stock purchased by the ESOP are held in a suspense account until they are released for allocation among participants. The shares will be released annually from the suspense account and the released shares will be allocated among the participants on the basis of each participant’s compensation for the year of allocation. As shares are released from collateral, the Bank recognizes compensation expense equal to the average market price of the shares during the period and the shares will be outstanding for earning per share calculation purposes. The shares not released are reported as unearned ESOP shares in the capital accounts of the consolidated statements of financial condition. ESOP expense for the years ended December 31, 2013, 2012 and 2011 was $233,000, $231,000 and $254,000, respectively. At December 31, 2013 the Company has committed to release to the ESOP 32,364 earned but unallocated shares. At December 31, 2013 and 2012, there were 326,751 and 359,115 unearned and unreleased ESOP shares, respectively, which had aggregate fair values of $2,366,000 and $2,388,000, respectively. | |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||
NOTE 13 - STOCK-BASED COMPENSATION | |||||||||||||||||||||
In 2005, stockholders of the Company approved the Naugatuck Valley Financial Corporation 2005 Equity Incentive Plan (the “Incentive Plan”). Under the Incentive Plan, the Company may grant up to 371,794 stock options and 148,717 shares of restricted stock to its employees, officers and directors for an aggregate amount of up to 520,511 shares of the Company’s common stock for issuance upon the grant or exercise of awards. Both incentive stock options and non-statutory stock options may be granted under the Incentive Plan. As of December 31, 2013, 253,840 shares remain available for future issuances under this plan. The majority of these stock options and restricted stock shares were granted during the period from July 2005 to July 2008. | |||||||||||||||||||||
Stock option awards have been granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock options and restricted stock awards are considered common stock equivalents for the purpose of computing earnings per share on a diluted basis. | |||||||||||||||||||||
A summary of the status of outstanding stock options at December 31, 2013, 2012 and 2011 and changes therein was as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Number | Average | Number | Average | Number | Average | ||||||||||||||||
of | Exercise | of | Exercise | of | Exercise | ||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||
Options outstanding at beginning of year | 197,561 | $ | 11.16 | 295,423 | $ | 11.15 | 306,499 | $ | 11.16 | ||||||||||||
Granted | - | - | - | - | - | - | |||||||||||||||
Forfeited | - | - | - | - | - | - | |||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||
Expired | -77,775 | 11.12 | -97,862 | 11.12 | -11,076 | 11.12 | |||||||||||||||
Options outstanding at end of year | 119,786 | 11.18 | 197,561 | 11.16 | 295,423 | 11.16 | |||||||||||||||
Options exercisable at end of year | 119,786 | 11.18 | 197,561 | 11.15 | 295,423 | 11.15 | |||||||||||||||
Weighted-average fair value of options granted during the year | N/A | N/A | N/A | ||||||||||||||||||
The Company records stock-based compensation expense related to outstanding stock options and restricted stock awards based upon the fair value at the date of grant over the vesting period of such awards on a straight-line basis. Both stock options and restricted stock awards vest at 20% per year beginning on the first anniversary of the date of grant. | |||||||||||||||||||||
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model which includes several assumptions such as volatility, expected dividends, expected term and risk-free rate for each stock option award. | |||||||||||||||||||||
In determining the expected term of the option awards, the Company has estimated the expected term of the options as being equal to the average of the vesting term plus the original contractual term of ten years. The Company estimated its volatility using the historical volatility of other, similar companies during a period of time equal to the expected life of the options. The risk-free rate for the periods within the contractual life of the options is based upon the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||
Assumptions used to determine the weighted average fair value of stock options granted were as follows: | |||||||||||||||||||||
Grant Date | |||||||||||||||||||||
July 26, | December 18, | March 20, | March 21, | July 26, | |||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | |||||||||||||||||
Dividend yield | 2.74 | % | 2.2 | % | 1.6 | % | 1.89 | % | 1.44 | % | |||||||||||
Expected volatility | 13.4 | % | 11 | % | 10.49 | % | 11.2 | % | 11.47 | % | |||||||||||
Risk-free rate | 3.56 | % | 3.63 | % | 4.48 | % | 4.61 | % | 4.18 | % | |||||||||||
Expected life in years | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | ||||||||||||||||
Weighted average fair value of options at grant date | $ | 1.51 | $ | 1.18 | $ | 2.55 | $ | 2.25 | $ | 2.47 | |||||||||||
The Company recorded stock-based compensation expense of $1,000, $1,000 and $19,000 for the years ended December 31, 2013, 2012 and 2011, respectively, in connection with the stock option and restricted stock awards. At December 31, 2013, the Company has no unrecorded option expense to be recognized over the remaining vesting period of the options. | |||||||||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||
NOTE 14 - INCOME TAXES | |||||||||||
The provision for income taxes for the years ended December 31, 2013, 2012 and 2011 consisted of: | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Current income tax expense (benefit) | $ | 128 | $ | -2,327 | $ | 970 | |||||
Deferred income tax expense (benefit) | 242 | 2,475 | -120 | ||||||||
Provision for income taxes | $ | 370 | $ | 148 | $ | 850 | |||||
The Bank’s wholly-owned subsidiary, Naugatuck Valley Mortgage Servicing Corporation, qualifies and operates as a Connecticut passive investment company pursuant to legislation. Because the subsidiary earns income from passive investments which is exempt from Connecticut Corporation Business Tax and its dividends to the Bank are exempt from state tax, the Bank no longer expects to incur state income tax expense. | |||||||||||
A reconciliation of the statutory federal income tax rate applied to income before income taxes with the income tax provision is as follows: | |||||||||||
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||
Income tax expense (benefit) at statutory rate of 34% | $ | -2,879 | $ | -5,134 | $ | 847 | |||||
Increase (decrease) in income tax expense resulting from: | |||||||||||
Nondeductible compensation expense | 79 | 79 | 86 | ||||||||
Income exempt from income tax | -171 | -182 | -102 | ||||||||
Valuation allowance on income tax benefits | 3,310 | 5,376 | - | ||||||||
Other items, net | 31 | 9 | 19 | ||||||||
Provision for income taxes | $ | 370 | $ | 148 | $ | 850 | |||||
The tax effects of temporary differences that give rise to deferred tax assets and liabilities were as follows at December 31, 2013 and 2012: | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
Deferred tax assets | |||||||||||
Reserve for loan losses | $ | 3,371 | $ | 4,737 | |||||||
Net operating loss carryforwards | 4,782 | 825 | |||||||||
Deferred income | 123 | 113 | |||||||||
Stock based compensation | 89 | 207 | |||||||||
Charitable contributions | 27 | - | |||||||||
Alternative minimum taxes ("AMT") paid | 152 | - | |||||||||
Post-retirement benefits | 19 | 193 | |||||||||
Other than temporary impairment on securities | 615 | 2 | |||||||||
Gross deferred tax assets | 9,178 | 6,077 | |||||||||
Valuation allowance | -8,686 | -5,376 | |||||||||
Deferred tax assets, net of valuation allowance | 492 | 701 | |||||||||
Deferred tax liabilities | |||||||||||
Depreciation | -121 | -108 | |||||||||
Available-for-sale securities | - | -240 | |||||||||
Mortgage servicing rights | -371 | -353 | |||||||||
Total deferred tax liabilities | -492 | -701 | |||||||||
Net deferred tax assets | $ | - | $ | - | |||||||
Deferred income taxes reflect the impact of “temporary differences” between the amount of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. The largest component of our net deferred tax asset at December 31, 2013 was our net operating loss carryforwards and temporary differences related to the activity in our allowance for loan losses. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more likely than not, that some or all of the deferred tax assets will not be realized. Due to the magnitude of the operating losses in 2013 and 2012 and the related deferred tax assets, management has concluded that it is more likely-than-not that the Company will be unable to realize its deferred tax assets in the foreseeable future, and accordingly has established valuation allowances of $8.69 million and $5.38 million, respectively, which equal 100% of the net deferred tax assets at December 31, 2013 and December 31, 2012. If, in the future, the Company generates taxable income on a sustained basis sufficient to support the deferred tax assets, management’s conclusion regarding the need for a deferred tax valuation allowance could change, resulting in the reversal of all or a portion of the deferred tax asset valuation at that time. | |||||||||||
Retained earnings at December 31, 2013 includes a contingency reserve for loan losses of $1,843,000 which represents the tax reserve balance existing at December 31, 1987, and is maintained in accordance with provisions of the Internal Revenue Code applicable to thrift institutions. It is not anticipated that the Company will incur a federal income tax liability related to the reduction of this reserve and accordingly, deferred income taxes of $627,000 has not been recognized as of December 31, 2013. | |||||||||||
During 2013, the Company received $2.3 million in federal income tax refunds from the 2012 net operating loss carryback tax returns filed, which recovered all available previously paid federal income taxes. In addition, the Company received $ 800,000 in federal tax refunds in 2013 from the 2012 tax return. The December 31, 2013 net operating loss carry forward expiring in 2033 could reduce future taxable income by approximately $14.1 million. | |||||||||||
Management regularly analyzes their tax positions and at December 31, 2013, does not believe that the Company has taken any tax positions where future deductibility is not certain. As of December 31, 2013, the Company is subject to unexpired statutes of limitation for examination of its tax returns for U.S. federal and Connecticut income taxes for the years 2010-2012. | |||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stockholders Equity Note [Abstract] | ' | ||||||||||
Stockholders Equity Note Disclosure [Text Block] | ' | ||||||||||
NOTE 15 - STOCKHOLDERS’ EQUITY | |||||||||||
The following table shows earnings per share information at December 31, 2013, 2012 and 2011: | |||||||||||
For the years ended December 31, | |||||||||||
(In thousands except share and per share data) | 2013 | 2012 | 2011 | ||||||||
Net income (loss) available to common stockholders | $ | -8,839 | $ | -15,248 | $ | 1,642 | |||||
Basic: | |||||||||||
Weighted average shares outstanding during the period | 7,002,208 | 7,002,208 | 7,002,782 | ||||||||
Less: Unallocated ESOP shares | -359,115 | -391,479 | -300,279 | ||||||||
Total for Basic EPS calculation | 6,643,093 | 6,610,729 | 6,702,503 | ||||||||
Diluted: | |||||||||||
Weighted average shares outstanding during the period | 7,002,208 | 7,002,208 | 7,002,782 | ||||||||
Less: Unallocated ESOP shares | -359,115 | -391,479 | -300,279 | ||||||||
Total for Diluted EPS calculation | 6,643,093 | 6,610,729 | 6,702,503 | ||||||||
Net income (loss) per common share: | |||||||||||
Basic and diluted earnings per share | $ | -1.33 | $ | -2.31 | $ | 0.24 | |||||
Basic net income 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 per common share is computed in a manner similar to basic net income 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 year ended December 31, 2013, anti-dilutive options excluded from the calculations totaled 115,496 options (with an exercise price of $11.12) and 4,290 options (with an exercise price of $12.51). For the year ended December 31, 2012, anti-dilutive options excluded from the calculations totaled 203,172 options (with an exercise price of $11.12) and 4,540 options (with an exercise price of $12.51). For the year ended December 31, 2011, anti-dilutive options excluded from the calculations totaled 306,477 options (with an exercise price of $11.12) and 7,482 options (with an exercise price of $12.51). | |||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Financial Instruments Disclosure [Text Block] | ' | |||||||
NOTE 16 - COMMITMENTS AND CONTINGENCIES | ||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, unused portions of lines of credit, home equity lines of credit and letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the statement of financial condition. | ||||||||
The following table summarizes these financial instruments and other commitments and contingent liabilities as of December 31, 2013 and 2012: | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Commitments to extend credit: | ||||||||
Commercial loan commitments | $ | 12,572 | $ | 4,327 | ||||
Unused home equity lines of credit | 19,169 | 21,434 | ||||||
Commercial and industrial loan commitments | 10,153 | 13,134 | ||||||
Amounts due on other commitments | 6,618 | 20,790 | ||||||
Commercial letters of credit | 1,371 | 3,964 | ||||||
At December 31, 2013, included in the commitments to extend credit were commitments to fund loans in the amount of $4.0 million with fixed interest rates ranging from 3.25% to 17.0%. | ||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | ||||||||
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 are principally collateralized by mortgages on real estate, generally have fixed expiration dates or other termination clauses and may require payment of fees. Since some of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. | ||||||||
The Company establishes an accrued liability for unfunded commitments, litigation or regulatory matters in the periods when those matters arise, and the resulting loss contingency is both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. There were no such accruals at December 31, 2013. | ||||||||
FAIR_VALUE
FAIR VALUE | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
NOTE 17 - 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, these securities were identified as “impermissible” investments under Volcker rule interpretations by the OCC and, as such the Company proceeded to liquidate these securities in February 2014. Based on management’s assessment that the ARPs market is not an active one and to liquidate these securities would require a “forced redemption” from the trust to request delivery of the underlying preferred stock, collateral for sale, the Company calculated the fair value (and the determination of the OTTI) on these securities at December 31, 2013 utilizing the current market prices of the underlying preferred stock and 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 taking into account the Company’s performance risk. 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 approximate 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 fair values of the Company’s significant financial instruments as of December 31, 2013 and 2012: | ||||||||||||||||
December 31, 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 | $ | 26,374 | $ | 26,374 | $ | 23,229 | $ | 23,229 | |||||||
Investment securities, available-for-sale: | ||||||||||||||||
Mutual fund - fixed income securities | Level 1 | 499 | 499 | - | - | |||||||||||
Other | Level 2 | 49,272 | 49,272 | 23,484 | 23,484 | |||||||||||
Investment securities, held-to-maturity | Level 2 | 18,149 | 18,243 | 25,519 | 26,107 | |||||||||||
Loans held for sale | Level 2 | 1,079 | 1,079 | 2,761 | 2,761 | |||||||||||
Loans receivable, net: | ||||||||||||||||
Performing | Level 2 | 344,468 | 347,496 | 386,904 | 405,977 | |||||||||||
Impaired | Level 3 | 16,100 | 15,816 | 30,709 | 30,709 | |||||||||||
Accrued interest receivable | Level 1 | 1,494 | 1,494 | 1,761 | 1,761 | |||||||||||
Mortgage servicing assets | Level 3 | 1,093 | 1,598 | 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 | 235,665 | 235,665 | 226,524 | 226,524 | |||||||||||
Time deposits | Level 2 | 155,182 | 157,591 | 176,378 | 179,125 | |||||||||||
FHLB advances | Level 2 | 25,293 | 25,942 | 41,476 | 42,453 | |||||||||||
Borrowed funds | Level 2 | 4,173 | 4,173 | 6,394 | 6,394 | |||||||||||
Mortgagors' escrow accounts | Level 2 | 4,392 | 4,392 | 4,628 | 4,628 | |||||||||||
Accrued interest payable | Level 1 | 51 | 51 | 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 December 31, 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 December 31, 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 December 31, 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 | $ | - | $ | 16,506 | $ | - | $ | 16,506 | ||||||||
U.S. Government agency mortgage-backed obligations | - | 22,869 | - | 22,869 | ||||||||||||
U.S. Government agency collateralized mortgage obligations | - | 3,738 | - | 3,738 | ||||||||||||
Private label collateralized mortgage obligations | - | 266 | - | 266 | ||||||||||||
Auction rate trust preferred securities | - | 5,893 | - | 5,893 | ||||||||||||
Mutual fund - fixed income securities | 499 | - | - | 499 | ||||||||||||
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 December 31, 2013 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | - | $ | - | 15,816 | 15,816 | ||||||||||
Foreclosed real estate | - | - | 1,846 | 1,846 | ||||||||||||
Mortgage servicing rights | - | - | 1,598 | 1,598 | ||||||||||||
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 year ended December 31, 2013, the following fair values of those reflected in the above table were re-measured: | ||||||||||||||||
· | $ 9.65 million in collateral dependent impaired loans, | |||||||||||||||
· | $1.71 million in foreclosed real estate, and | |||||||||||||||
· | $1.56 million in mortgage servicing rights. | |||||||||||||||
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. | ||||||||||||||||
The following table shows a reconciliation of the beginning and ending balances for Level 3 available-for-sale investment securities measured at fair value on a recurring basis at December 31, 2013 and 2012: | ||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||
(In thousands) | ||||||||||||||||
Balance at beginning of the year | $ | - | $ | 7,244 | ||||||||||||
Increase (decrease) in fair value of securities included in accumulated other comprehensive income | - | 272 | ||||||||||||||
Redemptions at par | - | -300 | ||||||||||||||
Transfer to Level 2 | - | -7,216 | ||||||||||||||
Balance at end of the year | $ | - | $ | - | ||||||||||||
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. As previously stated in this footnote, at December 31, 2013 and 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. | ||||||||||||||||
SELECTED_QUARTERLY_CONSOLIDATE
SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
NOTE 18 - SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (Unaudited) | ||||||||||||||
The following tables present quarterly consolidated information for the Company for 2013, 2012 and 2011 | ||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||
Fourth | Third | Second | First | |||||||||||
(In thousands except share and per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||
Interest and dividend income | $ | 4,894 | $ | 4,683 | $ | 5,313 | $ | 5,370 | ||||||
Interest expense | 773 | 825 | 1,001 | 1,079 | ||||||||||
Net interest income | 4,121 | 3,858 | 4,312 | 4,291 | ||||||||||
Provision for loan losses | - | 300 | 3,550 | 300 | ||||||||||
Net interest income after provision for loan losses | 4,121 | 3,558 | 762 | 3,991 | ||||||||||
Noninterest income | -1,222 | 710 | 940 | 937 | ||||||||||
Noninterest expense | 4,947 | 5,299 | 6,501 | 5,519 | ||||||||||
Income before provision for income tax | -2,048 | -1,031 | -4,799 | -591 | ||||||||||
Provision for income tax | 370 | - | - | - | ||||||||||
Net loss | $ | -2,418 | $ | -1,031 | $ | -4,799 | $ | -591 | ||||||
Earnings (loss) per share - basic and diluted | $ | -0.36 | $ | -0.16 | $ | -0.72 | $ | -0.09 | ||||||
For the Year Ended December 31, 2012 | ||||||||||||||
Fourth | Third | Second | First | |||||||||||
(In thousands except share and per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||
Interest and dividend income | $ | 5,719 | $ | 5,888 | $ | 6,050 | $ | 6,466 | ||||||
Interest expense | 1,169 | 1,257 | 1,406 | 1,553 | ||||||||||
Net interest income | 4,550 | 4,631 | 4,644 | 4,913 | ||||||||||
Provision for loan losses | 720 | 10,312 | 2,148 | 4,545 | ||||||||||
Net interest income after provision for loan losses | 3,830 | -5,681 | 2,496 | 368 | ||||||||||
Noninterest income | 1,396 | 1,295 | 1,173 | 949 | ||||||||||
Noninterest expense | 5,710 | 5,013 | 4,795 | 5,408 | ||||||||||
Income before provision for income tax | -484 | -9,399 | -1,126 | -4,091 | ||||||||||
Provision for income tax | 5,212 | -3,238 | -411 | -1,415 | ||||||||||
Net loss | $ | -5,696 | $ | -6,161 | $ | -715 | $ | -2,676 | ||||||
Earnings (loss) per share - basic and diluted | $ | -0.86 | $ | -0.93 | $ | -0.11 | $ | -0.41 | ||||||
For the Year Ended December 31, 2011 | ||||||||||||||
Fourth | Third | Second | First | |||||||||||
(In thousands except share and per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||
(Restated) | ||||||||||||||
Interest and dividend income | $ | 6,607 | $ | 6,933 | $ | 6,863 | $ | 6,762 | ||||||
Interest expense | 1,691 | 1,921 | 2,282 | 2,358 | ||||||||||
Net interest income | 4,916 | 5,012 | 4,581 | 4,404 | ||||||||||
Provision for loan losses | 1,620 | 1,195 | 1,040 | 438 | ||||||||||
Net interest income after provision for loan losses | 3,296 | 3,817 | 3,541 | 3,966 | ||||||||||
Noninterest income | 1,260 | 1,726 | 1,009 | 805 | ||||||||||
Noninterest expense | 4,442 | 4,434 | 3,833 | 4,219 | ||||||||||
Income before provision for income tax | 114 | 1,109 | 717 | 552 | ||||||||||
Provision for income tax | 120 | 362 | 212 | 156 | ||||||||||
Net loss | $ | -6 | $ | 747 | $ | 505 | $ | 396 | ||||||
Earnings (loss) per share - basic and diluted | $ | -0.01 | $ | 0.12 | $ | 0.07 | $ | 0.06 | ||||||
PARENT_COMPANY_ONLY_FINANCIAL_
PARENT COMPANY ONLY FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||
NOTE 19 - PARENT COMPANY ONLY FINANCIAL STATEMENTS | |||||||||||
The following financial statements are for the Company (Naugatuck Valley Financial Corporation) only, and should be read in conjunction with the consolidated financial statements of the Company. | |||||||||||
Statements of Financial Condition | |||||||||||
December 31, | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
ASSETS | |||||||||||
Cash on deposit with Naugatuck Valley Savings and Loan | $ | 3,066 | $ | 11,207 | |||||||
Investment in subsidiary, Naugatuck Valley Savings and Loan | 53,856 | 52,567 | |||||||||
Investment securities | - | 901 | |||||||||
Loan to ESOP | 3,142 | 3,425 | |||||||||
Other assets | 1 | 662 | |||||||||
Total assets | $ | 60,065 | $ | 68,762 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Liabilities | $ | 1,831 | $ | 1,855 | |||||||
Stockholders' equity | 58,234 | 66,907 | |||||||||
Total liabilities and stockholders' equity | $ | 60,065 | $ | 68,762 | |||||||
Statements of Income | |||||||||||
For the Years Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Interest income | $ | 148 | $ | 167 | $ | 152 | |||||
Other income | - | - | - | ||||||||
Total income | 148 | 167 | 152 | ||||||||
Other expense | 328 | 398 | 381 | ||||||||
Loss before income tax and equity in undistributed net income of subsidiary | -180 | -231 | -229 | ||||||||
Income tax benefit | -12 | -14 | -78 | ||||||||
Loss before equity in undistributed net income of subsidiary | -168 | -217 | -151 | ||||||||
Equity in undistributed net income (loss) of subsidiary | -8,671 | -15,031 | 1,793 | ||||||||
Net income (loss) | $ | -8,839 | $ | -15,248 | $ | 1,642 | |||||
Statements of Cash Flows | |||||||||||
For the Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Net income (loss) | $ | -8,839 | $ | -15,248 | $ | 1,642 | |||||
Equity in undistributed (earnings) losses of subsidiaries | 8,671 | 15,031 | -1,793 | ||||||||
Net change in other liabilities | -9 | -65 | -103 | ||||||||
Net change in other assets | 614 | -576 | 1,403 | ||||||||
Other, Net | 50 | -10 | 85 | ||||||||
Subtotal - Adjustments to reconcile net income (loss) | 9,326 | 14,380 | -408 | ||||||||
Net cash provided (used) by operating activities | $ | 487 | $ | -868 | $ | 1,234 | |||||
Cash flows from investing activities | |||||||||||
Investment in subsidiary | -10,000 | - | -20,312 | ||||||||
Paydowns and maturities of available-for-sale securities | 857 | 169 | 180 | ||||||||
Loan to ESOP | - | - | -2,003 | ||||||||
Principal payments received from ESOP | 283 | 271 | 291 | ||||||||
Net cash (used) provided by investing activities | -8,860 | 440 | -21,844 | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of common stock | - | - | 33,379 | ||||||||
Cost of issuance of common stock | - | - | -2,120 | ||||||||
Common stock repurchased | - | -1 | -2 | ||||||||
Cash dividends to common shareholders | - | -599 | -614 | ||||||||
Release of ESOP shares | 232 | 233 | 254 | ||||||||
Net cash provided (used) by financing activities | 232 | -367 | 30,897 | ||||||||
Increase (decrease) in cash and cash equivalents | -8,141 | -795 | 10,287 | ||||||||
Cash and cash equivalents at beginning of year | 11,207 | 12,002 | 1,715 | ||||||||
Cash and cash equivalents at end of year | $ | 3,066 | $ | 11,207 | $ | 12,002 | |||||
DESCRIPTION_OF_BUSINESS_AND_BA1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Business Description Policy [Policy Text Block] | ' | ||
(a) Nature of Operations | |||
Naugatuck Valley Financial Corporation (“Naugatuck Valley Financial” or the “Company”) is a stock savings bank 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 September 30, 2004. | |||
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, multifamily 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 legislation. Church Street OREO One, LLC was established in February 2013 to hold properties acquired through foreclosure as well as from non judicial proceedings. | |||
Basis Of Presentation Policy [Policy Text Block] | ' | ||
(b) Basis of Presentation | |||
The accompanying consolidated financial statements 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”) and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-K. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||
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 financial 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 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 of 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 financial statements. No subsequent events were identified that would require a change to the consolidated financial statements or disclosure in notes to the consolidated financial statements. | |||
Basis of Accounting, Policy [Policy Text Block] | ' | ||
(c) Summary of Significant Accounting Policies | |||
The accounting and reporting policies of the Company and its subsidiary conform to generally accepted accounting principles in the United States of America (“GAAP”). Such policies have been followed on a consistent basis. The significant accounting policies of the Company are summarized below. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||
Cash Equivalents | |||
For purposes of reporting cash flows, cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased and sold for one day periods. | |||
Investment, Policy [Policy Text Block] | ' | ||
Investment Securities | |||
Investments are accounted for in accordance with the intent of management at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold debt securities until maturity, they are classified as held-to-maturity. These securities are carried at historical cost adjusted for the amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income. | |||
Securities to be held for indefinite periods of time, but not necessarily until maturity, are classified as available-for-sale and are carried at fair value with unrealized gains and losses reported as a separate component of stockholders’ equity net of estimated income taxes. The Company has no securities held for trading. | |||
Investment securities are reviewed at each reporting period for other-than-temporary impairment. For debt securities, an unrealized loss is generally deemed to be other-than-temporary and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis. The credit loss component of an other-than-temporary impairment write-down is recorded in earnings, while the remaining portion of the impairment loss is recognized in other comprehensive income (loss), provided the Company does not intend to sell the underlying debt security and it is more likely than not that the Company will not be required to sell the debt security prior to recovery. In determining whether a credit loss exists and the period over which the fair value of the debt security is expected to recover, management considers the following factors: the length of time and extent that fair value has been less than cost, the financial condition and near term prospects of the issuer, any external credit ratings, the level of excess cash flows generated from the underlying collateral supporting the principal and interest payments of the debt securities, the level of credit enhancement provided by the structure and the Company's ability and intent to hold the security for a period sufficient to allow for any anticipated recovery in fair value. If an equity security is deemed other-than-temporarily impaired, the full impairment is considered credit related and a charge to earnings is recorded. | |||
Gains or losses on the sales of securities are recognized at trade date utilizing the specific identification method. | |||
Transfers of debt securities into the held to maturity classification from the available for sale classification are made at fair value on the date of transfer. The unrealized holding gain or loss on the date of transfer is retained in accumulated other comprehensive income and in the carrying value of the held to maturity securities. Such amounts are amortized over the remaining contractual lives of the securities by the interest method. | |||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | ' | ||
Loans Held For Sale | |||
Loans held for sale are reported at the lower of cost or fair value, in the aggregate, with any adjustment for net unrealized losses reported in non-interest income. Management identifies and designates as loans held for sale certain newly-originated adjustable-rate and fixed-rate residential mortgage loans that meet secondary market requirements, as these loans are originated with the intent to sell. From time to time, management may also identify and designate residential mortgage loans held in the portfolio for sale. These loans are transferred to loans held for sale at the lower of cost or fair value at the time of transfer and the resulting unrealized loss (if any) is reported in non-interest income. | |||
Loans Receivable | |||
Loans receivable are stated at unpaid principal balance less undisbursed proceeds on construction loans, deferred loan fees and the allowance for loan losses. Interest on loans receivable is accrued as earned based on respective interest rates included in the loan contract applied to principal amounts outstanding. Loans are considered past due or delinquent when principal or interest payments are past due 30 days or more. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. Delinquent loans may remain on accrual status between 30 days and 89 days past due. The accrual of interest is discontinued at the time the loan is 90 days delinquent unless the loan is well secured and in the process of collection. Loans are placed on nonaccrual status at an earlier date if collection of the contractual principal or interest is doubtful. All interest accrued but not collected on loans deemed nonaccrual during the period is reversed against interest income in that period. The interest payments received on nonaccrual loans are accounted for on the cash-basis or cost recovery method, whereby the interest payment is applied to the principal balance of the loan, until qualifying for return to accrual status. Loans may be returned to the accrual status when improvements in credit quality eliminate the doubt as to the full collectability of both interest and principal and a period of sustained performance has occurred. Substantially all loans that are nonaccrual are also impaired. Income recognition on impaired loans conforms to that used on nonaccrual loans. | |||
Loan Fees | |||
Loan origination fees and certain direct loan origination costs are deferred and the net amount is amortized on a level-yield basis as an adjustment to the related loan yield over its contractual life. In the event the loans are sold, the net unamortized deferred loan origination fees or costs are recognized as a component of the gains or losses on the sales of loans. Unamortized net fees are also recognized as an adjustment to interest income on loans upon early repayment of the related loans. | |||
Impaired Financing Receivable, Policy [Policy Text Block] | ' | ||
Impaired loans | |||
Impaired loans consist of nonaccrual loans and troubled debt restructurings (“TDRs”) in accordance with applicable authoritative accounting guidance. With the exception of loans that were restructured and still accruing interest, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all scheduled principal and interest due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Loans deemed to be impaired are generally classified as nonaccrual and as such are included in non-performing assets. | |||
Impairment is measured on a loan-by-loan basis by estimating the value of the loan based on the present value of expected future cash flows discounted at the loan’s initial effective interest rate or the fair value of the underlying collateral less costs to sell, if repayment of the loan is considered collateral-dependent. | |||
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | ' | ||
Troubled debt restructurings | |||
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 TDRs are determined on a case-by-case basis in connection with ongoing loan collection processes. | |||
The Company does not accrue interest on any TDRs unless it believes collection of all principal and interest under the modified terms is reasonably assured. Generally, six consecutive months of payment performance by the borrower under the restructured terms is required before a TDR is returned to accrual status assuming the loan is restructured at market rates. However, the period could vary depending upon the individual facts and circumstances of the loan. | |||
For a TDR to begin accruing interest, the borrower must demonstrate both some level of performance and the capacity to perform under the modified terms. A history of timely payments and adherence to financial covenants generally serve as sufficient evidence of the borrower’s performance. An evaluation of the borrower’s current creditworthiness is used to assess whether the borrower has the capacity to repay the loan under the modified terms. This evaluation includes an estimate of expected cash flows, evidence of strong financial position, and estimates of the value of collateral, if applicable. | |||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' | ||
Allowance for Loan Losses | |||
The allowance for loan losses (“ALLL”) is established by a provision charged to earnings and is maintained at a level considered adequate to provide for probable loan losses based on management’s evaluation of known and inherent risks in the loan portfolio. The Company’s allowance for loan losses methodology consists of three elements: (i) specific valuation allowances determined in accordance with FASB ASC 310 based on probable losses on specific impaired loans; (ii) historical loss factor determined in accordance with FASB ASC 450 based on historical loan loss experience for similar loans with similar characteristics and trends; and (iii) a collection of qualitative factors in accordance with FASB ASC 450 to reflect the impact of current general economic conditions and other qualitative risk factors both internal and external to the Company. The historical loss factor and the aggregate of the qualitative risk factors are combined and multiplied against the outstanding principal balance of loans in the pool of similar loans with similar characteristics. The Company’s pools of similar loans are grouped by class of loan. When a loan or portion of a loan is considered uncollectible, it is charged against the allowance for loan losses. Recoveries of loans previously charged-off are credited to the allowance when collected. | |||
Management periodically reviews the ALLL to identify known and inherent losses and to assess the overall collection probability for the loan portfolio. The evaluation process begins with an evaluation of individual 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. For each category of loans with similar risk characteristics, management will determine the historical loss rate based on the Bank’s most recent two year loss experience. Historical loss rates provide a reasonable starting point for the Bank’s analysis; however, this analysis and the loss trends do not form a sufficient basis, by themselves, to determine the appropriate level of allowance for loan loss. 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, the following: 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, pricing, loan to value trends, extension and modification requests and loan quality trends such as the changes and the trend in charge-offs and recoveries, the changes in the 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 segmented groups of loans to determine the appropriate level of loan loss allowance. | |||
The ALLL evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. While management utilizes its best judgment and information to recognize losses on loans, future additions to the ALLL may be necessary based on changes in environmental factors. The Office of the Comptroller of the Currency (“OCC”), the Bank’s primary regulator, as an integral part of its examination process, periodically reviews the ALLL and may require the Company to make additional provisions for estimated losses based on their judgments about information available to them at the time of their examination. The Company believes the ALLL is appropriate given all of the above considerations. | |||
Loan Sales And Mortgage Servicing Rights Policy [Policy Text Block] | ' | ||
Mortgage Banking Operations and Mortgage Servicing Rights | |||
The Bank sells one-to-four-family residential mortgage loans on either a servicing released or a serving retained basis. On a loan sold where servicing was retained, the Bank determines at the time of sale the value of the retained servicing rights, which represents the present value of the differential between the contractual servicing fee and adequate compensation, defined as the fee a sub-servicer would require to assume the role of servicer, after considering the estimated effects of prepayments. If material, a portion of the gain on the sale of the loan is recognized as due to the value of the servicing rights, and a mortgage servicing asset is recorded. For loans sold servicing released, a cash gain or loss is recognized to the extent that the sales proceeds of the mortgage loans sold exceed or are less than the net book value at the time of sale. Income from the mortgage loans brokered to other lenders is recognized in income on date of loan closing. | |||
Commitments to sell one-to-four family residential mortgage loans are made primarily during the period between the taking of the loan application and the closing of the mortgage loan. The timing of making these sale commitments is dependent upon the timing of the borrower’s election to lock-in the mortgage interest rate and fees prior to loan closing. Most of these sales commitments are made on a best-efforts basis whereby the Bank is only obligated to sell the mortgage if mortgage loan is approved and closed by the Bank. Commitments to fund mortgage loans (rate lock commitments) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. Fair values of these derivatives are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in gains or losses on sales of loans. The fair value of these derivative instruments was not significant at December 31, 2013 and 2012. | |||
Servicing assets are reported in other assets and amortized in proportion to and over the period during which estimated servicing income will be received. Servicing loans for others consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and processing foreclosures. Loan servicing income is recorded when earned and represents servicing fees from investors and certain charges collected from borrowers, such as late payment fees. The Company has fiduciary responsibility for related escrow and custodial funds. | |||
Servicing assets are recognized as separate assets when rights are acquired through the sale of financial assets. For sales of mortgage loans originated by the Bank, a portion of the cost of originating the loan is allocated to the servicing retained right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternately, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are amortized into interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon fair value of the rights as compared to amortized cost. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. | |||
The Bank has engaged an independent third party to perform the servicing rights analysis on a quarterly basis. The initial fair value of loan servicing rights is amortized on a level yield basis over the period of estimated net servicing revenue and such amortization is included in the consolidated statement of income as a reduction of loan servicing fee income. Servicing rights are evaluated for impairment by comparing their aggregate carrying amount to their fair value. The fair value of loan servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of loan prepayments and discount rates. All assumptions are based on standards used by market participants. Impairment is recognized as an adjustment to loan servicing income. | |||
Real Estate, Policy [Policy Text Block] | ' | ||
Foreclosed real estate | |||
Real estate properties acquired through loan foreclosure and other partial or total satisfaction of problem loans are carried at the lower of fair value or the related loan balance at the date of foreclosure. Losses arising at the time of acquisition of such properties are charged against the allowance for loan losses. | |||
Valuations are periodically performed by management and if the carrying value of a property subsequent to its acquisition exceeds its fair value less estimated disposal costs, the carrying value is written down and charged to expense. Any subsequent write-downs in the carrying value and expenses incurred to maintain the properties are charged to expense. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. Gains or losses are included in operations upon disposal. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||
Premises and equipment | |||
Premises and equipment are stated at cost less accumulated depreciation. Depreciation and amortization expense is computed using the straight-line method over the estimated useful life of an asset. Estimated useful lives range from three to ten years for furniture and equipment, 39 years for the banking offices, and the initial lease term for leasehold improvements. Land is not depreciated. | |||
Expenditures for replacements or major improvements are capitalized. Expenditures for normal maintenance and repairs are charged to expense as incurred. Upon the sale or retirement of premises and equipment, the cost and accumulated depreciation are removed from their respective accounts and any gain or loss is included in income. | |||
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | ' | ||
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 presumably 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 or (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. | |||
Bank Owned Life Insurance [Policy Text Block] | ' | ||
Bank owned life insurance | |||
Bank-owned life insurance (“BOLI”) represents the cash surrender value of life insurance policies on certain current and former employees of the Company. BOLI is carried in the consolidated statements of financial condition at its cash surrender value. Increases in the cash value of the policies, as well as proceeds received, are recorded in noninterest income, and are not subject to income taxes. Under some of these policies, the beneficiaries receive a portion of the death benefit. The net present value of the future death benefits scheduled to be paid to the beneficiaries was $37,000 and $24,000 at December 31, 2013 and 2012, respectively, and is reflected in “Other Liabilities” on the consolidated statements of financial condition. | |||
Income From Investment Advisory Services Net [Policy Text Block] | ' | ||
Income from investment advisory services, net | |||
In conjunction with a third party, one employee of the Bank is licensed to sell non-deposit investment products, including mutual funds, annuities and other insurance products. The Bank records, as noninterest income, revenues earned from product sales in accordance with the terms of revenue sharing agreements with the third party, net of certain marketing and other expenses shared with the third party. The Bank currently employs this individual authorized to sell these products and pays most of the direct costs related to the sales activities. These costs are charged to expense as incurred, and are classified primarily in compensation and benefits expense. | |||
Income Tax, Policy [Policy Text Block] | ' | ||
Income taxes | |||
The Bank recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that all or some portion of the deferred tax assets will not be realized. As of December 31, 2013 and December 31, 2012, valuation allowances of $8.7 million and $5.4 million, respectively, were established because management believes it is more likely than not that the net balance of the deferred tax asset will not be realized. | |||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company determined that it had no liabilities for uncertain tax positions at December 31, 2013 and 2012. | |||
Interest and penalties related to income taxes, if any, are presented within non-interest expense. | |||
The Company has a tax allocation agreement with the Bank electing to file consolidated federal income tax returns. The tax allocation agreement indicates that income tax liabilities, refunds, payments and all other adjustments will be allocated to each entity using the separate return method. The Company and the Bank file separate corporate income tax returns for the State of Connecticut. | |||
Earnings Per Share, Policy [Policy Text Block] | ' | ||
Earnings (loss) per share | |||
Basic earnings (loss) per share (“EPS”) is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. Unallocated common shares held by the employee stock ownership plan are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations. | |||
Retirement Plans And Other Post Retirement Benefits [Policy Text Block] | ' | ||
Retirement plans and other post retirement benefits | |||
The Company sponsors a defined benefit pension plan (which was frozen in 2005) and a defined contribution 401(k) plan for eligible employees in addition to other post retirement benefits. | |||
Employee Defined Benefit Pension Plan [Policy Text Block] | ' | ||
Pension Plan | |||
The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions, a tax-qualified defined benefit pension plan (the “Pentegra Plan”). The Pentegra Plan’s Employer Identification Number is 13-5645888 and the plan number is 333. The Pentegra Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra Plan. The Pentegra Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. | |||
The plan was amended, effective September 1, 2005, and is considered frozen, with no new participants being accepted. No future compensation will be considered for benefit accruals, and there will be no future credited service, service accruals, or additional accrued benefits. | |||
Defined Contribution Plan [Policy Text Block] | ' | ||
Defined Contribution Plan | |||
The Bank has a defined contribution 401(k) plan for eligible employees. The Bank provides 75% matching of employee contributions on up to 6% of the employee’s salary. The Bank’s contribution vests over a six year graded vesting schedule. | |||
Health Care Costs, Policy [Policy Text Block] | ' | ||
Healthcare Benefits | |||
In addition to providing retirement benefits, the Company has provided certain healthcare, life insurance and other post retirement benefits. Under this program, substantially all of the Bank’s employees hired prior to February 2007 could become eligible for those benefits. The Company’s policy is to accrue the expected cost of providing those benefits during the year the employee renders the necessary service. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||
Stock Based Compensation | |||
The Company maintains a number of stock-based incentive programs, which are discussed in more detail in Note 13. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. The Company did not grant stock option awards nor any restricted stock for the years ended December 31, 2013 or 2012. The fair value of stock options previously granted is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The market price of the Company’s common stock at the date of grant is used for the stock option or restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period, on a straight-line basis. | |||
Compensation Related Costs, Policy [Policy Text Block] | ' | ||
Deferred Compensation Plan | |||
The Company sponsors a Deferred Compensation Plan under which certain non-employee directors may elect to defer up to 100% of their compensation in the form of either cash or stock appreciation rights (“SARs”). If a deferral is made in SARs, then at the time of distribution an individual will receive in cash the value of an equivalent number of shares of the Company’s stock that could have been purchased at the time of deferral, and any dividends thereon during the deferral period. If the deferral is made in cash, interest is earned on the accumulated deferred balances based on the ten year U.S. Treasury yield. Generally, a participant’s account is payable upon the earliest of the participant’s separation from service with the Company, the participant’s death or disability or a specified date that is elected by the participant in accordance with applicable rules of the Internal Revenue Code. The Company’s obligation to make payments under the Plan is a general obligation of the Company and is to be paid from the Company’s general assets. As such, participants are general unsecured creditors of the Company with respect to their participation under the Plan. The Company records a liability within accrued expenses and other liabilities on the consolidated statement of financial condition for the accumulated balances due under this plan. | |||
Comprehensive Income, Policy [Policy Text Block] | ' | ||
Comprehensive Income | |||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the statement of financial condition, such items, along with a net income (loss), are components of comprehensive income (loss). | |||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||
Fair value measurement | |||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Fair value is best determined upon quoted market prices. However, in certain instances, there are no quoted market prices for certain assets or liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. | |||
Fair value measurements focus on exit prices in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there had been a significant decrease in the volume and level of activity for the asset or liability, a change in the valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. | |||
The Company’s fair value measurements are classified into a fair value hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The three categories within the hierarchy are as follows: | |||
Level 1 — | Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 — | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; and model-based valuation techniques for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||
Level 3 — | Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||
Valuation techniques based on unobservable inputs are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows and the selection of discount rates that may appropriately reflect market and credit risks. Changes in these judgments often have a material impact on the fair value estimates. In addition, since these estimates are as of a specific point in time, they are susceptible to material near-term changes. The fair values disclosed do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect the possible tax ramifications or estimated transaction costs. | |||
Accounting standards require disclosure of the estimated fair value of financial instruments including both assets and liabilities recognized and not recognized in the statement of financial condition, for which it is practicable to estimate fair value. The calculation of fair value estimates of financial instruments is dependent upon certain subjective assumptions and involves significant uncertainties. Changes in assumptions could significantly affect the estimates. These estimates do not reflect any possible tax ramifications, estimated transaction costs or any premium or discount that could result from offering the Company's entire holdings of a particular financial instrument. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||
Accounting standards update | |||
Recently Adopted Accounting Guidance | |||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, the FASB issued Accounting Standards Update (“ASU”) 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 ASU 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. | |||
Recently Issued Accounting Guidance | |||
Income Taxes- Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). In July 2013, the FASB issued ASU 2013-11. Per this ASU, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The ASU is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |||
Reclassification, Policy [Policy Text Block] | ' | ||
Reclassification | |||
Certain reclassifications have been made to the prior period financial statements to conform to the current reporting presentation. These reclassifications only changed the reporting categories but did not affect the results of operations or financial position. | |||
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 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 December 31, 2013. | ||||||||||||||||||||||
At December 31, 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 | $ | 58,323 | 11.98 | % | ||||||||||||||
Tier 1 Risk-Based Capital (2) | N/A | N/A | N/A | N/A | 58,323 | 18.21 | % | |||||||||||||||
Total Risk-Based Capital (2) | N/A | N/A | N/A | N/A | 62,399 | 19.49 | % | |||||||||||||||
The Bank | ||||||||||||||||||||||
Tier 1 Leverage Capital (1) | $ | 19,545 | 4 | % | $ | 43,977 | 9 | % | $ | 53,946 | 11.04 | % | ||||||||||
Tier 1 Risk-Based Capital (2) | 12,891 | 4 | % | N/A | N/A | 53,946 | 16.74 | % | ||||||||||||||
Total Risk-Based Capital (2) | 25,783 | 8 | % | 41,897 | 13 | % | 58,047 | 18.01 | % | |||||||||||||
(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_Tables
INVESTMENT (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Schedule Of Available For Sale Securities and Held To Maturity Securities [Table Text Block] | ' | |||||||||||||||||||
At December 31, 2013, the composition of the investment portfolio was as follows: | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 16,601 | $ | 35 | $ | -130 | $ | 16,506 | ||||||||||||
U.S. Government agency mortgage-backed securities | 22,874 | 527 | -532 | 22,869 | ||||||||||||||||
U.S. Government agency collateralized mortgage obligations | 3,736 | 11 | -9 | 3,738 | ||||||||||||||||
Private label collateralized mortgage obligations | 258 | 8 | - | 266 | ||||||||||||||||
Subtotal | 43,469 | 581 | -671 | 43,379 | ||||||||||||||||
Auction-rate trust preferred securities | 5,893 | - | - | 5,893 | ||||||||||||||||
Mutual fund - Fixed Income securities | 500 | - | -1 | 499 | ||||||||||||||||
Total available-for-sale securities | $ | 49,862 | $ | 581 | $ | -672 | $ | 49,771 | ||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
(In thousands) | Cost Basis | Gains | Losses | Value | ||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 18,149 | $ | 134 | $ | -40 | $ | 18,243 | ||||||||||||
Total held-to-maturity securities | $ | 18,149 | $ | 134 | $ | -40 | $ | 18,243 | ||||||||||||
At December 31, 2012, the composition of the investment portfolio was as follows: | ||||||||||||||||||||
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 Amortized Cost and Fair Value Of Securities and Held To Maturity [Table Text Block] | ' | |||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013 and 2012, 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 December 31, 2013 | Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||
Cost | Cost | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
U.S. Government agency mortgage-backed securities | $ | 22,874 | $ | 22,869 | $ | 18,149 | $ | 18,243 | ||||||||||||
U.S. Government agency collateralized mortgage obligations | 3,736 | 3,738 | - | - | ||||||||||||||||
Private label collateralized mortgage obligations | 258 | 266 | - | - | ||||||||||||||||
Mutual fund - Fixed Income securities | 500 | 499 | - | - | ||||||||||||||||
Subtotal | 27,368 | 27,372 | 18,149 | 18,243 | ||||||||||||||||
Securities with Fixed Maturities: | ||||||||||||||||||||
Due in one year or less | - | - | ||||||||||||||||||
Due after one year through five years | 6,606 | 6,641 | - | - | ||||||||||||||||
Due after five years through ten years | 9,995 | 9,865 | - | - | ||||||||||||||||
Due after ten years | 5,893 | 5,893 | - | - | ||||||||||||||||
22,494 | 22,399 | - | - | |||||||||||||||||
Total | $ | 49,862 | $ | 49,771 | $ | 18,149 | $ | 18,243 | ||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||
At December 31, 2012 | Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||
Cost | Cost | |||||||||||||||||||
(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 | 7,700 | 7,216 | - | - | ||||||||||||||||
8,706 | 8,245 | - | - | |||||||||||||||||
Total | $ | 23,264 | $ | 23,484 | $ | 25,519 | $ | 26,107 | ||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||||||||
Available for sale investments with unrealized losses as of December 31, 2013 were as follows: | ||||||||||||||||||||
Less than 12 Months | Greater than 12 months | Total | ||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||
U.S. Government and agency obligations | $ | 9,865 | $ | 130 | $ | - | $ | - | $ | 9,865 | $ | 130 | ||||||||
U.S. Government agency mortgage-backed securities | 8,075 | 531 | 65 | 1 | 8,140 | 532 | ||||||||||||||
U.S. Government agency collateralized mortgage obligations | 3,228 | 9 | - | - | 3,228 | 9 | ||||||||||||||
Mutual fund - fixed income securities | 499 | 1 | - | - | 499 | 1 | ||||||||||||||
Total securities in unrealized loss position | $ | 21,667 | $ | 671 | $ | 65 | $ | 1 | $ | 21,732 | $ | 672 | ||||||||
Available for sale investments with unrealized losses as of December 31, 2012 were as follows: | ||||||||||||||||||||
Less than 12 Months | Greater than 12 months | Total | ||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||
Private label collateralized mortgage obligations | $ | - | $ | - | $ | 294 | $ | 20 | $ | 294 | $ | 20 | ||||||||
Auction rate trust preferred securities | - | - | 7,216 | 484 | 7,216 | 484 | ||||||||||||||
Total securities in unrealized loss position | $ | - | $ | - | $ | 7,510 | $ | 504 | $ | 7,510 | $ | 504 | ||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes the activity related to the amounts of credit losses on available for sale investment securities recognized in earnings for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Balance at beginning of year | $ | 20 | $ | 20 | - | |||||||||||||||
Additional increases in previously recognized credit losses | - | - | - | |||||||||||||||||
Losses recognized in earnings | 1,812 | - | 20 | |||||||||||||||||
Balance at end of year | $ | 1,832 | $ | 20 | $ | 20 | ||||||||||||||
LOANS_RECEIVABLE_AND_ALLOWANCE1
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule Of Classification Of Loans Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||||
A summary of loans receivable at December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
One-to-four family | $ | 186,985 | $ | 209,004 | |||||||||||||||||||||||||||
Multi-family and commercial real estate | 123,134 | 133,549 | |||||||||||||||||||||||||||||
Construction and land development | 5,609 | 26,633 | |||||||||||||||||||||||||||||
Total real estate loans | 315,728 | 369,186 | |||||||||||||||||||||||||||||
Commercial business loans | 25,506 | 32,970 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Home equity | 26,960 | 28,829 | |||||||||||||||||||||||||||||
Other consumer | 2,321 | 1,297 | |||||||||||||||||||||||||||||
Total consumer loans | 29,281 | 30,126 | |||||||||||||||||||||||||||||
Total loans | 370,515 | 432,282 | |||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||
Allowance for loan losses | 9,891 | 14,500 | |||||||||||||||||||||||||||||
Deferred loan origination fees | 56 | 169 | |||||||||||||||||||||||||||||
Loans receivable, net | $ | 360,568 | $ | 417,613 | |||||||||||||||||||||||||||
Schedule Of Related Party Loans And Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The following table indicates activity in loans to related parties for the periods indicated. | |||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 412,000 | $ | 466,000 | |||||||||||||||||||||||||||
New loans | - | - | |||||||||||||||||||||||||||||
Repayments | -29,000 | -32,000 | |||||||||||||||||||||||||||||
Other (1) | - | -22,000 | |||||||||||||||||||||||||||||
Balance at end of year | $ | 383,000 | $ | 412,000 | |||||||||||||||||||||||||||
-1 | Decrease due to the retirement of one of the Company’s directors. | ||||||||||||||||||||||||||||||
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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||||||||||
December 31, 2013 | One-to-Four | Multi-Family and | Construction and | Commercial | |||||||||||||||||||||||||||
Family | Commercial Real | Land | Business Loans | Consumer Loans | Total | ||||||||||||||||||||||||||
Estate | Development | ||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||
Pass | $ | 180,704 | $ | 90,756 | $ | 2,808 | $ | 18,751 | $ | 28,603 | $ | 321,622 | |||||||||||||||||||
Special Mention | 602 | 26,832 | 946 | 3,869 | 262 | 32,511 | |||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||
- Accruing | 349 | 2,416 | - | 874 | 94 | 3,733 | |||||||||||||||||||||||||
- Nonaccruing (1) | 5,330 | 3,130 | 1,855 | 1,919 | 322 | 12,556 | |||||||||||||||||||||||||
Subtotal - substandard | 5,679 | 5,546 | 1,855 | 2,793 | 416 | 16,289 | |||||||||||||||||||||||||
Doubtful | - | - | - | 93 | - | 93 | |||||||||||||||||||||||||
Total | $ | 186,985 | $ | 123,134 | $ | 5,609 | $ | 25,506 | $ | 29,281 | $ | 370,515 | |||||||||||||||||||
Multi-Family and Commercial Real Estate | |||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||||||||||
December 31, 2013 | Investor Owned | Industrial and | Special Use | Total Multi-Family | |||||||||||||||||||||||||||
One-to-Four | Warehouse | Office Buildings | Retail Properties | Properties | and Commercial | ||||||||||||||||||||||||||
family and multi- | Properties | Real Estate | |||||||||||||||||||||||||||||
family | |||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||
Pass | $ | 10,682 | $ | 21,500 | $ | 16,821 | $ | 16,544 | $ | 25,209 | $ | 90,756 | |||||||||||||||||||
Special Mention | 4,523 | 7,310 | 4,015 | 6,130 | 4,854 | 26,832 | |||||||||||||||||||||||||
Substandard: | |||||||||||||||||||||||||||||||
- Accruing | - | 1,155 | 370 | 457 | 434 | 2,416 | |||||||||||||||||||||||||
- Nonaccruing (1) | 1,167 | 31 | 206 | 388 | 1,338 | 3,130 | |||||||||||||||||||||||||
Subtotal - substandard | 1,167 | 1,186 | 576 | 845 | 1,772 | 5,546 | |||||||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||||||||
Total | $ | 16,372 | $ | 29,996 | $ | 21,412 | $ | 23,519 | $ | 31,835 | $ | 123,134 | |||||||||||||||||||
-1 | Non-accrual loans included substandard nonaccruing loans and non-performing consumer loans. | ||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade: | |||||||||||||||||||||||||||||||
December 31, 2012 | One-to-Four | Multi-Family and | Construction and | Commercial | |||||||||||||||||||||||||||
Family | Commercial Real | Land | Business Loans | Total | |||||||||||||||||||||||||||
Estate | Development | ||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||
Pass | $ | 198,800 | $ | 91,677 | $ | 11,653 | $ | 23,702 | $ | 325,832 | |||||||||||||||||||||
Special Mention | 4,807 | 25,754 | 2,401 | 3,824 | 36,786 | ||||||||||||||||||||||||||
Substandard | 5,397 | 16,118 | 12,579 | 5,444 | 39,538 | ||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||
(In thousands) | 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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
Delinquencies | |||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||
Greater | Amount > 90 | ||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Than | Total Past | Days and | |||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Total Loans | Accruing | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
One-to-four family | $ | 1,217 | $ | 397 | $ | 2,564 | $ | 4,178 | $ | 182,807 | $ | 186,985 | $ | - | |||||||||||||||||
Construction and land development | 970 | 538 | 1,799 | 3,307 | 2,302 | 5,609 | - | ||||||||||||||||||||||||
Multi-family and commercial real estate: | - | ||||||||||||||||||||||||||||||
Investor owned one-to-four family and multi-family | 861 | - | 621 | 1,482 | 14,890 | 16,372 | - | ||||||||||||||||||||||||
Industrial and Warehouse | - | - | 32 | 32 | 29,964 | 29,996 | - | ||||||||||||||||||||||||
Office buildings | - | 108 | 206 | 314 | 21,098 | 21,412 | - | ||||||||||||||||||||||||
Retail properties | 423 | - | - | 423 | 23,096 | 23,519 | - | ||||||||||||||||||||||||
Special use properties | 346 | - | 169 | 515 | 31,320 | 31,835 | - | ||||||||||||||||||||||||
Subtotal Multi-family and commercial real estate | 1,630 | 108 | 1,028 | 2,766 | 120,368 | 123,134 | - | ||||||||||||||||||||||||
Commercial business loans | 487 | 153 | 1,598 | 2,238 | 23,268 | 25,506 | - | ||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Home equity loans | 155 | 28 | 142 | 325 | 26,635 | 26,960 | - | ||||||||||||||||||||||||
Other consumer loans | 2 | 3 | - | 5 | 2,316 | 2,321 | - | ||||||||||||||||||||||||
Subtotal Consumer | 157 | 31 | 142 | 330 | 28,951 | 29,281 | - | ||||||||||||||||||||||||
Total | $ | 4,461 | $ | 1,227 | $ | 7,131 | $ | 12,819 | $ | 357,696 | $ | 370,515 | $ | - | |||||||||||||||||
Delinquencies | |||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||
Greater | Amount > 90 | ||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Than | Total Past | Days and | |||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Total Loans | Accruing | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
One-to-four family | $ | 1,820 | $ | 430 | $ | 3,688 | $ | 5,938 | $ | 203,066 | $ | 209,004 | $ | - | |||||||||||||||||
Construction | 221 | - | 9,156 | 9,377 | 17,256 | 26,633 | - | ||||||||||||||||||||||||
Multi-family and commercial real estate | 464 | - | 9,031 | 9,495 | 124,054 | 133,549 | - | ||||||||||||||||||||||||
Commercial business loans | 553 | - | 3,500 | 4,053 | 28,917 | 32,970 | - | ||||||||||||||||||||||||
Consumer and other | 1,353 | 140 | 273 | 1,766 | 28,360 | 30,126 | - | ||||||||||||||||||||||||
Total | $ | 4,411 | $ | 570 | $ | 25,648 | $ | 30,629 | $ | 401,653 | $ | 432,282 | $ | - | |||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The following tables set forth certain information with respect to our nonperforming assets as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 7,953 | $ | 17,370 | |||||||||||||||||||||||||||
Troubled debt restructurings- nonaccruing | 5,430 | 8,278 | |||||||||||||||||||||||||||||
Total nonperforming loans | 13,383 | 25,648 | |||||||||||||||||||||||||||||
Foreclosed real estate | 1,846 | 735 | |||||||||||||||||||||||||||||
Total nonperforming assets | $ | 15,229 | $ | 26,383 | |||||||||||||||||||||||||||
Total nonperforming loans to total loans | 3.61 | % | 5.93 | % | |||||||||||||||||||||||||||
Total nonperforming loans to total assets | 2.75 | % | 4.87 | % | |||||||||||||||||||||||||||
Total nonperforming assets to total assets | 3.13 | % | 5.01 | % | |||||||||||||||||||||||||||
Schedule Of Impaired Loans Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The following tables summarize impaired loans by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
Recorded | Recorded | Total | Unpaid | Related Specific | |||||||||||||||||||||||||||
As of December 31, 2013 | Investment with | Investment | Recorded | Contractual | Valuation | ||||||||||||||||||||||||||
No Specific | with | Investment | Principal | Allowance | |||||||||||||||||||||||||||
Valuation | Specific | Balance | |||||||||||||||||||||||||||||
Allowance | Valuation | ||||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
One-to four-family | $ | 4,570 | $ | 2,431 | $ | 7,001 | $ | 7,734 | $ | 70 | |||||||||||||||||||||
Construction and land development | 1,405 | 449 | 1,854 | 2,424 | 75 | ||||||||||||||||||||||||||
Multi-family and commercial real estate: | |||||||||||||||||||||||||||||||
Investor owned one-to-four family and multi-family properties | 1,167 | - | 1,167 | 1,274 | - | ||||||||||||||||||||||||||
Industrial and warehouse properties | 565 | - | 565 | 567 | - | ||||||||||||||||||||||||||
Office buildings | 206 | - | 206 | 405 | - | ||||||||||||||||||||||||||
Retail properties | 158 | 389 | 547 | 621 | 23 | ||||||||||||||||||||||||||
Special use properties | 1,600 | - | 1,600 | 2,086 | - | ||||||||||||||||||||||||||
Subtotal | 3,696 | 389 | 4,085 | 4,953 | 23 | ||||||||||||||||||||||||||
Commercial business loans | 1,996 | 584 | 2,580 | 2,693 | 105 | ||||||||||||||||||||||||||
Consumer loans | 412 | 167 | 579 | 805 | 10 | ||||||||||||||||||||||||||
Total impaired loans | $ | 12,079 | $ | 4,020 | $ | 16,099 | $ | 18,609 | $ | 283 | |||||||||||||||||||||
Recorded | Recorded | Total | Unpaid | Related Specific | |||||||||||||||||||||||||||
As of December 31, 2012 | Investment with | Investment | Recorded | Contractual | Valuation | ||||||||||||||||||||||||||
No Specific | with | Investment | Principal | Allowance | |||||||||||||||||||||||||||
Valuation | Specific | Balance | |||||||||||||||||||||||||||||
Allowance | Valuation | ||||||||||||||||||||||||||||||
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 | 13,833 | 139 | ||||||||||||||||||||||||||
Multi-family and commercial real estate | 12,177 | 2,196 | 14,373 | 16,832 | 251 | ||||||||||||||||||||||||||
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 | $ | 40,413 | $ | 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investments | Recognized | Investments | Recognized | Investments | Recognized | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
One-to four-family | $ | 5,900 | $ | 247 | $ | 4,662 | $ | 107 | $ | 2,730 | $ | 84 | |||||||||||||||||||
Construction | 5,937 | 41 | 10,656 | 144 | 5,117 | 284 | |||||||||||||||||||||||||
Multi-family and commercial real estate | 8,128 | 367 | 15,281 | 553 | 4,467 | 225 | |||||||||||||||||||||||||
Commercial business loans | 3,087 | 147 | 4,231 | 133 | 901 | 115 | |||||||||||||||||||||||||
Consumer loans | 511 | 29 | 313 | 11 | 331 | 7 | |||||||||||||||||||||||||
Total | $ | 23,564 | $ | 831 | $ | 35,143 | $ | 948 | $ | 13,546 | $ | 715 | |||||||||||||||||||
Impaired Loans Modified Tdr [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The recorded investment balance of TDRs that were performing and nonperforming under the terms of their modifications as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||
Aggregate recorded investment of impaired loans with terms modified through a troubled debt restructuring: | |||||||||||||||||||||||||||||||
Performing (1) | $ | 4,195 | $ | 3,573 | |||||||||||||||||||||||||||
Nonperforming | 3,051 | 5,566 | |||||||||||||||||||||||||||||
Total | $ | 7,246 | $ | 9,139 | |||||||||||||||||||||||||||
-1 | Of the $4,195,000 in TDRs which are performing under the modified terms of their agreements at December 31, 2013, there are $2,379,000 in TDRs that remain in a nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of these $2,379,000 in TDRs and the $3,051,000 nonperforming TDRs at December 31, 2013 equal the $5,430,000 in TDRs that are in nonaccrual status at December 31, 2013. | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The following table presents a breakdown of the types of concessions made by loan class for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Number of | Pre- | Post- | |||||||||||||||||||||||||||||
(Dollars in thousands) | Loans | Modification | Modification | % | |||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||
Below market interest rate: | |||||||||||||||||||||||||||||||
Consumer loans - home equity | 1 | $ | 51 | $ | 51 | 1.7 | % | ||||||||||||||||||||||||
Subtotals | 1 | 51 | 51 | 1.7 | % | ||||||||||||||||||||||||||
Extended payment terms: | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
One-to-four family | 1 | 19 | 25 | 0.8 | % | ||||||||||||||||||||||||||
Multi-family and commercial real estate | 4 | 917 | 963 | 31.5 | % | ||||||||||||||||||||||||||
Commercial business loans | 5 | 394 | 405 | 13.3 | % | ||||||||||||||||||||||||||
Subtotals | 10 | 1,330 | 1,393 | 45.6 | % | ||||||||||||||||||||||||||
Principal payments deferred | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
One-to-four family | 5 | 1,437 | 1,437 | 47.1 | % | ||||||||||||||||||||||||||
Multi-family and commercial real estate | 1 | 170 | 170 | 5.6 | % | ||||||||||||||||||||||||||
Subtotals | 6 | 1,607 | 1,607 | 52.7 | % | ||||||||||||||||||||||||||
Grand Totals | 17 | $ | 2,988 | $ | 3,051 | 100 | % | ||||||||||||||||||||||||
The following table presents a breakdown of the types of concessions made by loan class for the year ended December 31, 2012. | |||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre- | Post- | % | |||||||||||||||||||||||||||
Loans | Modification | Modification | |||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||
Below market interest rate: | |||||||||||||||||||||||||||||||
Commercial mortgage | 1 | $ | 425 | $ | 425 | 18 | % | ||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Oneto-four family | 3 | $ | 797 | $ | 803 | 34 | % | ||||||||||||||||||||||||
Subtotals | 4 | 1,222 | 1,228 | 52 | % | ||||||||||||||||||||||||||
Extended payment terms: | |||||||||||||||||||||||||||||||
Commercial business loans | 9 | 292 | 324 | 13.7 | % | ||||||||||||||||||||||||||
Consumer loans - home equity | 1 | 38 | 38 | 1.6 | % | ||||||||||||||||||||||||||
Subtotals | 10 | 330 | 362 | 15.3 | % | ||||||||||||||||||||||||||
Principal payments deferred | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
One-to-four family | 3 | 643 | 643 | 27.2 | % | ||||||||||||||||||||||||||
Consumer loans - home equity | 3 | 130 | 130 | 5.5 | % | ||||||||||||||||||||||||||
Subtotals | 6 | 773 | 773 | 32.7 | % | ||||||||||||||||||||||||||
Grand Totals | 20 | $ | 2,325 | $ | 2,363 | 100 | % | ||||||||||||||||||||||||
Schedule Of Successes And Failures Of Types Of Modifications [Table Text Block] | ' | ||||||||||||||||||||||||||||||
The following table presents the successes and failures of the types of modifications within the previous twelve months as of December 31, 2013: | |||||||||||||||||||||||||||||||
Paid in Full / Sold | Paying as Restructured | Converted to Non-accrual | Foreclosure/Default | Total | |||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | Number | Recorded | Number | Recorded | Number | Recorded | ||||||||||||||||||||||
(Dollars in thousands) | of Loans | Investment | of Loans | Investment | of Loans | Investment | of Loans | Investment | of Loans | Investment | |||||||||||||||||||||
Below market interest rate | - | $ | - | 1 | $ | 51 | - | $ | - | - | $ | - | 1 | $ | 51 | ||||||||||||||||
Extended payment terms | 1 | 135 | 1 | 25 | 8 | 1,233 | - | - | 10 | 1,393 | |||||||||||||||||||||
Principal payments deferred | 1 | 170 | 3 | 606 | 1 | 227 | 1 | 604 | 6 | 1,607 | |||||||||||||||||||||
Total | 2 | $ | 305 | 5 | $ | 682 | 9 | $ | 1,460 | 1 | $ | 604 | 17 | $ | 3,051 | ||||||||||||||||
% | 10 | % | 22.4 | % | 47.8 | % | 19.8 | % | 100 | % | |||||||||||||||||||||
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 December 31, 2013, December 31, 2012 and December 31, 2011, by portfolio segment, disaggregated by impairment methodology, which is then further segregated by loans evaluated for impairment individually and collectively. | |||||||||||||||||||||||||||||||
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 year ended December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 1,988 | $ | 4,892 | $ | 4,468 | $ | 2,725 | $ | 427 | $ | 14,500 | |||||||||||||||||||
Provision for loan losses | 478 | 4,304 | -724 | -42 | 134 | 4,150 | |||||||||||||||||||||||||
Charge-offs | -650 | -4,687 | -2,728 | -1,817 | -182 | -10,064 | |||||||||||||||||||||||||
Recoveries | 33 | 588 | 102 | 577 | 5 | 1,305 | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,849 | $ | 5,097 | $ | 1,118 | $ | 1,443 | $ | 384 | $ | 9,891 | |||||||||||||||||||
Allowance related to loans: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 70 | $ | 23 | $ | 75 | $ | 105 | $ | 10 | $ | 283 | |||||||||||||||||||
Collectively evaluated for impairment | 1,779 | 5,074 | 1,043 | 1,338 | 374 | 9,608 | |||||||||||||||||||||||||
Total Allowance | $ | 1,849 | $ | 5,097 | $ | 1,118 | $ | 1,443 | $ | 384 | $ | 9,891 | |||||||||||||||||||
Ending loan balance individually evaluated for impairment | $ | 7,001 | $ | 4,085 | $ | 1,854 | $ | 2,580 | $ | 579 | $ | 16,099 | |||||||||||||||||||
Ending loan balance collectively evaluated for impairment | 179,984 | 119,049 | 3,755 | 22,926 | 28,702 | 354,416 | |||||||||||||||||||||||||
Total Loans | $ | 186,985 | $ | 123,134 | $ | 5,609 | $ | 25,506 | $ | 29,281 | $ | 370,515 | |||||||||||||||||||
Multi-Family and Commercial Real Estate | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
As of and for the year ended December 31, 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 | -7 | 410 | 286 | 337 | -407 | 615 | |||||||||||||||||||||||||
Charge-offs | -4 | -121 | -144 | -67 | - | -336 | |||||||||||||||||||||||||
Recoveries | - | -2 | - | - | - | -2 | |||||||||||||||||||||||||
Segment balance at December 31, 2013 | $ | 515 | $ | 1,034 | $ | 563 | $ | 856 | $ | 2,129 | $ | 5,097 | |||||||||||||||||||
Allowance related to loans: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | 23 | $ | - | $ | 23 | |||||||||||||||||||
Collectively evaluated for impairment | 515 | 1,034 | 563 | 833 | 2,129 | 5,074 | |||||||||||||||||||||||||
Total Allowance | $ | 515 | $ | 1,034 | $ | 563 | $ | 856 | $ | 2,129 | $ | 5,097 | |||||||||||||||||||
Ending loan balance individually evaluated for impairment | $ | 1,167 | $ | 565 | $ | 206 | $ | 547 | $ | 1,600 | $ | 4,085 | |||||||||||||||||||
Ending loan balance collectively evaluated for impairment | 15,205 | 29,431 | 21,206 | 22,973 | 30,234 | 119,049 | |||||||||||||||||||||||||
Total Loans | $ | 16,372 | $ | 29,996 | $ | 21,412 | $ | 23,520 | $ | 31,834 | $ | 123,134 | |||||||||||||||||||
One-to-Four | Multi-Family | Construction | Commercial | ||||||||||||||||||||||||||||
Family | and | and Land | Business | Consumer | Total | ||||||||||||||||||||||||||
Commercial | Development | Loans | Loans | ||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,745 | $ | 3,745 | $ | 1,327 | $ | 754 | $ | 482 | $ | 8,053 | |||||||||||||||||||
Provision for loan losses | 650 | 4,868 | 8,563 | 3,549 | 95 | 17,725 | |||||||||||||||||||||||||
Charge-offs | -411 | -3,757 | -5,422 | -1,594 | -150 | -11,334 | |||||||||||||||||||||||||
Recoveries | 4 | 36 | - | 16 | - | 56 | |||||||||||||||||||||||||
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 | |||||||||||||||||||
At December 31, 2011 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 1,585 | $ | 2,714 | $ | 600 | $ | 884 | $ | 610 | $ | 6,393 | |||||||||||||||||||
Provision for loan losses | 377 | 1,942 | 1,449 | 383 | 142 | 4,293 | |||||||||||||||||||||||||
Charge-offs | -217 | -911 | -722 | -516 | -271 | -2,637 | |||||||||||||||||||||||||
Recoveries | - | - | - | 3 | 1 | 4 | |||||||||||||||||||||||||
Ending balance | $ | 1,745 | $ | 3,745 | $ | 1,327 | $ | 754 | $ | 482 | $ | 8,053 | |||||||||||||||||||
Allowance related to loans: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 109 | $ | 335 | $ | 665 | $ | 286 | $ | 71 | $ | 1,466 | |||||||||||||||||||
Collectively evaluated for impairment | 1,636 | 3,410 | 662 | 468 | 411 | 6,587 | |||||||||||||||||||||||||
Total Allowance | $ | 1,745 | $ | 3,745 | $ | 1,327 | $ | 754 | $ | 482 | $ | 8,053 | |||||||||||||||||||
Ending loan balance individually evaluated for impairment | $ | 2,721 | $ | 4,422 | $ | 8,474 | $ | 3,585 | $ | 225 | $ | 19,427 | |||||||||||||||||||
Ending loan balance collectively evaluated for impairment | 215,172 | 156,436 | 17,771 | 33,060 | 33,485 | 455,924 | |||||||||||||||||||||||||
Total Loans | $ | 217,893 | $ | 160,858 | $ | 26,245 | $ | 36,645 | $ | 33,710 | $ | 475,351 | |||||||||||||||||||
MORTGAGE_BANKING_AND_MORTGAGE_1
MORTGAGE BANKING AND MORTGAGE SERVICING RIGHTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Mortgage Banking [Abstract] | ' | ||||||||||||
Schedule Of Non-Interest Income [Table Text Block] | ' | ||||||||||||
The following represents the Company’s non-interest income derived from these activities for the three years ended December 31, 2013. | |||||||||||||
For the year ended December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||
Gain on sales of loans | $ | 946 | $ | 2,373 | $ | 1,717 | |||||||
Mortgage servicing income | $ | 343 | $ | 269 | $ | 137 | |||||||
Total | $ | 1,289 | $ | 2,642 | $ | 1,854 | |||||||
Schedule Of Mortgage Servicing Rights Assets [Table Text Block] | ' | ||||||||||||
The balance of mortgage-servicing rights, included in other assets, and the changes therein for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of the year | $ | 1,039 | $ | 700 | $ | 364 | |||||||
Servicing rights capitalized | 380 | 692 | 478 | ||||||||||
Amortization of servicing rights | -370 | -323 | -114 | ||||||||||
Periodic impairment | 44 | -30 | -28 | ||||||||||
Balance at the end of the year | $ | 1,093 | $ | 1,039 | $ | 700 | |||||||
Schedule Of Economic Assumptions And Current Fair Value Disclosure [Table Text Block] | ' | ||||||||||||
At December 31, 2013 and 2012, key economic assumptions and the sensitivity of the current fair value of residual cash flows, should immediate 10 percent and 20 percent adverse changes in those assumptions occur, were as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Carrying amount | $ | 1,093 | $ | 1,039 | $ | 700 | |||||||
Weighted average life (in years) | 7.04 | 6.2 | 5.28 | ||||||||||
Prepayment speed assumption | PSA | 160 | PSA | 241 | PSA | 265 | |||||||
Impact on fair value of 10% adverse change | -88 | -74 | -34 | ||||||||||
Impact on fair value of 20% adverse change | -134 | -121 | -74 | ||||||||||
Residual cash flows discount rate (annual) | 7.75 | % | 6.5 | % | 7.25 | % | |||||||
Impact on fair value of 10% adverse change | -70 | -55 | -26 | ||||||||||
Impact on fair value of 20% adverse change | -134 | -106 | -50 | ||||||||||
FORECLOSED_REAL_ESTATE_Tables
FORECLOSED REAL ESTATE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Foreclosed Real Estate [Abstract] | ' | ||||||||||
Other Real Estate, Roll Forward [Table Text Block] | ' | ||||||||||
Changes in foreclosed real estate for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Beginning Balance | $ | 735 | $ | 873 | $ | 421 | |||||
Additions | 2,116 | 732 | 817 | ||||||||
Proceeds from dispositions | -676 | -910 | -335 | ||||||||
Gain (loss) on sales | -66 | 117 | -11 | ||||||||
Writedowns | -263 | -77 | -19 | ||||||||
Balance at end of period | $ | 1,846 | $ | 735 | $ | 873 | |||||
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Premises and equipment at December 31, 2013 and 2012 were summarized as follows: | ||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||
Banking offices | $ | 8,567 | $ | 8,582 | ||||
Furniture and equipment | 5,513 | 5,032 | ||||||
Land | 1,593 | 1,593 | ||||||
Leasehold improvements | 1,408 | 1,409 | ||||||
17,081 | 16,616 | |||||||
Accumulated depreciation and amortization | -7,717 | -7,125 | ||||||
Premises and equipment, net | $ | 9,364 | $ | 9,491 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||
At December 31, 2013, future minimum rental income and lease payment expense are expected to be: | ||||||||
(Dollars in thousands) | Income | Expense | ||||||
2014 | $ | 104 | $ | 343 | ||||
2015 | 106 | 345 | ||||||
2016 | 109 | 342 | ||||||
2017 | 111 | 346 | ||||||
2018 | 115 | 351 | ||||||
Thereafter | 1,063 | 6,053 | ||||||
Total future minimum rents | $ | 1,608 | $ | 7,780 | ||||
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Deposits [Abstract] | ' | ||||||||||
Schedule Of Deposits [Table Text Block] | ' | ||||||||||
Deposits are summarized as follows: | |||||||||||
At December 31, 2013 | |||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||
Amount | Amount | Amount | |||||||||
Noninterest bearing demand deposits | $ | 69,147 | $ | 70,300 | $ | 45,837 | |||||
Interest bearing deposits | |||||||||||
Now accounts and money market accounts | 49,514 | 38,965 | 52,676 | ||||||||
Savings accounts | 117,004 | 117,259 | 107,662 | ||||||||
Certificates of deposit | 155,182 | 176,378 | 204,712 | ||||||||
Total interest bearing deposits | 321,700 | 332,602 | 365,050 | ||||||||
Total deposits | $ | 390,847 | $ | 402,902 | $ | 410,887 | |||||
Schedule Of Interest Expenses [Table Text Block] | ' | ||||||||||
Interest paid on deposits for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Now accounts and money market accounts | $ | 181 | $ | 141 | $ | 212 | |||||
Savings accounts | 279 | 366 | 496 | ||||||||
Time certificates | 2,345 | 3,301 | 5,312 | ||||||||
Total interest expense on deposits | $ | 2,805 | $ | 3,808 | $ | 6,020 | |||||
Schedule Of Maturities Deposits [Table Text Block] | ' | ||||||||||
At December 31, 2013, the scheduled maturities for certificate accounts were as follows: | |||||||||||
(In thousands) | 2013 | ||||||||||
Certificate accounts maturing in: | |||||||||||
Under 12 months | $ | 74,268 | |||||||||
12 to 24 months | 25,064 | ||||||||||
24 to 36 months | 25,794 | ||||||||||
Over 36 months | 30,056 | ||||||||||
Total certificate accounts | $ | 155,182 | |||||||||
FHLB_ADVANCES_AND_STOCK_Tables
FHLB ADVANCES AND STOCK (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 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 December 31, 2013 | At December 31, 2012 | ||||||||||||||
Weighted | Weighted | ||||||||||||||
Amount | Average | Amount | Average | ||||||||||||
(Dollars in thousands) | Due | Cost | Due | Cost | |||||||||||
Year of maturity: | |||||||||||||||
2013 | $ | - | - | $ | 24,088 | 2.65 | % | ||||||||
2014 | 1,377 | 2.64 | % | 15,693 | 2.96 | % | |||||||||
2015 | 1,500 | 0.8 | % | 624 | 3.34 | % | |||||||||
2016 | 2,800 | 0.9 | % | 88 | 0.19 | % | |||||||||
2017 - 2021 | 18,368 | 2.56 | % | 355 | 0.19 | % | |||||||||
2022 - 2026 | 638 | 0.27 | % | 318 | 0.18 | % | |||||||||
2027 - 2028 | 610 | - | 310 | - | |||||||||||
Total FHLB advances | $ | 25,293 | 2.16 | % | $ | 41,476 | 2.72 | % | |||||||
OTHER_BORROWED_FUNDS_Tables
OTHER BORROWED FUNDS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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 or at the dates indicated. | |||||||||
At or for the year to date period ended | |||||||||
(Dollars in thousands) | December 31, 2013 | December 31, 2012 | |||||||
Maximum amount of Repurchase Agreements outstanding during the period | $ | 21,256 | $ | 19,283 | |||||
Average Repurchase Agreements outstanding during the period | $ | 10,866 | $ | 11,608 | |||||
Weighted average interest rate during the period | 0.24 | % | 0.47 | % | |||||
Balance outstanding at end of period | $ | 4,173 | $ | 6,394 | |||||
Weighted average interest rate at end of period | 0.01 | % | 0.45 | % | |||||
PENSION_AND_OTHER_POSTRETIREME1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ||||||||||
Schedule of Net Funded Status [Table Text Block] | ' | ||||||||||
The following table summarizes the obligation and funded status for the Healthcare Benefits Plan as of December 31, 2013 and 2012: | |||||||||||
At or for the Year Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
Change in benefit obligation | |||||||||||
Projected benefit obligation at beginning of year | $ | 491 | $ | 404 | |||||||
Curtailment of benefits | -487 | - | |||||||||
Interest cost | - | 87 | |||||||||
Projected benefit obligation at end of year | 4 | 491 | |||||||||
Change in plan assets: | |||||||||||
Fair value of plan assets at beginning of year | - | - | |||||||||
Employer contributions | 41 | 33 | |||||||||
Plan participant contributions | - | - | |||||||||
Benefits paid | -41 | -33 | |||||||||
Fair value of plan assets at end of year | - | - | |||||||||
Funded status at end of year | $ | -4 | $ | -491 | |||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||
The benefit costs related to the Healthcare Benefits Plan for the years ended December 31, 2013, 2012 and 2011were as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Components of net periodic benefit cost | |||||||||||
Interest cost | $ | - | $ | 87 | $ | 28 | |||||
Expected return on plan assets | - | - | - | ||||||||
Net periodic benefit cost | - | 87 | 28 | ||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | ' | ||||||||||||||||||||
A summary of the status of outstanding stock options at December 31, 2013, 2012 and 2011 and changes therein was as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Number | Average | Number | Average | Number | Average | ||||||||||||||||
of | Exercise | of | Exercise | of | Exercise | ||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||
Options outstanding at beginning of year | 197,561 | $ | 11.16 | 295,423 | $ | 11.15 | 306,499 | $ | 11.16 | ||||||||||||
Granted | - | - | - | - | - | - | |||||||||||||||
Forfeited | - | - | - | - | - | - | |||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||
Expired | -77,775 | 11.12 | -97,862 | 11.12 | -11,076 | 11.12 | |||||||||||||||
Options outstanding at end of year | 119,786 | 11.18 | 197,561 | 11.16 | 295,423 | 11.16 | |||||||||||||||
Options exercisable at end of year | 119,786 | 11.18 | 197,561 | 11.15 | 295,423 | 11.15 | |||||||||||||||
Weighted-average fair value of options granted during the year | N/A | N/A | N/A | ||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||
Assumptions used to determine the weighted average fair value of stock options granted were as follows: | |||||||||||||||||||||
Grant Date | |||||||||||||||||||||
July 26, | December 18, | March 20, | March 21, | July 26, | |||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | |||||||||||||||||
Dividend yield | 2.74 | % | 2.2 | % | 1.6 | % | 1.89 | % | 1.44 | % | |||||||||||
Expected volatility | 13.4 | % | 11 | % | 10.49 | % | 11.2 | % | 11.47 | % | |||||||||||
Risk-free rate | 3.56 | % | 3.63 | % | 4.48 | % | 4.61 | % | 4.18 | % | |||||||||||
Expected life in years | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | ||||||||||||||||
Weighted average fair value of options at grant date | $ | 1.51 | $ | 1.18 | $ | 2.55 | $ | 2.25 | $ | 2.47 | |||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||
The provision for income taxes for the years ended December 31, 2013, 2012 and 2011 consisted of: | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Current income tax expense (benefit) | $ | 128 | $ | -2,327 | $ | 970 | |||||
Deferred income tax expense (benefit) | 242 | 2,475 | -120 | ||||||||
Provision for income taxes | $ | 370 | $ | 148 | $ | 850 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
A reconciliation of the statutory federal income tax rate applied to income before income taxes with the income tax provision is as follows: | |||||||||||
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||
Income tax expense (benefit) at statutory rate of 34% | $ | -2,879 | $ | -5,134 | $ | 847 | |||||
Increase (decrease) in income tax expense resulting from: | |||||||||||
Nondeductible compensation expense | 79 | 79 | 86 | ||||||||
Income exempt from income tax | -171 | -182 | -102 | ||||||||
Valuation allowance on income tax benefits | 3,310 | 5,376 | - | ||||||||
Other items, net | 31 | 9 | 19 | ||||||||
Provision for income taxes | $ | 370 | $ | 148 | $ | 850 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
The tax effects of temporary differences that give rise to deferred tax assets and liabilities were as follows at December 31, 2013 and 2012: | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
Deferred tax assets | |||||||||||
Reserve for loan losses | $ | 3,371 | $ | 4,737 | |||||||
Net operating loss carryforwards | 4,782 | 825 | |||||||||
Deferred income | 123 | 113 | |||||||||
Stock based compensation | 89 | 207 | |||||||||
Charitable contributions | 27 | - | |||||||||
Alternative minimum taxes ("AMT") paid | 152 | - | |||||||||
Post-retirement benefits | 19 | 193 | |||||||||
Other than temporary impairment on securities | 615 | 2 | |||||||||
Gross deferred tax assets | 9,178 | 6,077 | |||||||||
Valuation allowance | -8,686 | -5,376 | |||||||||
Deferred tax assets, net of valuation allowance | 492 | 701 | |||||||||
Deferred tax liabilities | |||||||||||
Depreciation | -121 | -108 | |||||||||
Available-for-sale securities | - | -240 | |||||||||
Mortgage servicing rights | -371 | -353 | |||||||||
Total deferred tax liabilities | -492 | -701 | |||||||||
Net deferred tax assets | $ | - | $ | - | |||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||
The following table shows earnings per share information at December 31, 2013, 2012 and 2011: | |||||||||||
For the years ended December 31, | |||||||||||
(In thousands except share and per share data) | 2013 | 2012 | 2011 | ||||||||
Net income (loss) available to common stockholders | $ | -8,839 | $ | -15,248 | $ | 1,642 | |||||
Basic: | |||||||||||
Weighted average shares outstanding during the period | 7,002,208 | 7,002,208 | 7,002,782 | ||||||||
Less: Unallocated ESOP shares | -359,115 | -391,479 | -300,279 | ||||||||
Total for Basic EPS calculation | 6,643,093 | 6,610,729 | 6,702,503 | ||||||||
Diluted: | |||||||||||
Weighted average shares outstanding during the period | 7,002,208 | 7,002,208 | 7,002,782 | ||||||||
Less: Unallocated ESOP shares | -359,115 | -391,479 | -300,279 | ||||||||
Total for Diluted EPS calculation | 6,643,093 | 6,610,729 | 6,702,503 | ||||||||
Net income (loss) per common share: | |||||||||||
Basic and diluted earnings per share | $ | -1.33 | $ | -2.31 | $ | 0.24 | |||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments And Contingent Liabilities [Table Text Block] | ' | |||||||
The following table summarizes these financial instruments and other commitments and contingent liabilities as of December 31, 2013 and 2012: | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Commitments to extend credit: | ||||||||
Commercial loan commitments | $ | 12,572 | $ | 4,327 | ||||
Unused home equity lines of credit | 19,169 | 21,434 | ||||||
Commercial and industrial loan commitments | 10,153 | 13,134 | ||||||
Amounts due on other commitments | 6,618 | 20,790 | ||||||
Commercial letters of credit | 1,371 | 3,964 | ||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 fair values of the Company’s significant financial instruments as of December 31, 2013 and 2012: | ||||||||||||||||
December 31, 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 | $ | 26,374 | $ | 26,374 | $ | 23,229 | $ | 23,229 | |||||||
Investment securities, available-for-sale: | ||||||||||||||||
Mutual fund - fixed income securities | Level 1 | 499 | 499 | - | - | |||||||||||
Other | Level 2 | 49,272 | 49,272 | 23,484 | 23,484 | |||||||||||
Investment securities, held-to-maturity | Level 2 | 18,149 | 18,243 | 25,519 | 26,107 | |||||||||||
Loans held for sale | Level 2 | 1,079 | 1,079 | 2,761 | 2,761 | |||||||||||
Loans receivable, net: | ||||||||||||||||
Performing | Level 2 | 344,468 | 347,496 | 386,904 | 405,977 | |||||||||||
Impaired | Level 3 | 16,100 | 15,816 | 30,709 | 30,709 | |||||||||||
Accrued interest receivable | Level 1 | 1,494 | 1,494 | 1,761 | 1,761 | |||||||||||
Mortgage servicing assets | Level 3 | 1,093 | 1,598 | 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 | 235,665 | 235,665 | 226,524 | 226,524 | |||||||||||
Time deposits | Level 2 | 155,182 | 157,591 | 176,378 | 179,125 | |||||||||||
FHLB advances | Level 2 | 25,293 | 25,942 | 41,476 | 42,453 | |||||||||||
Borrowed funds | Level 2 | 4,173 | 4,173 | 6,394 | 6,394 | |||||||||||
Mortgagors' escrow accounts | Level 2 | 4,392 | 4,392 | 4,628 | 4,628 | |||||||||||
Accrued interest payable | Level 1 | 51 | 51 | 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 December 31, 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 | $ | - | $ | 16,506 | $ | - | $ | 16,506 | ||||||||
U.S. Government agency mortgage-backed obligations | - | 22,869 | - | 22,869 | ||||||||||||
U.S. Government agency collateralized mortgage obligations | - | 3,738 | - | 3,738 | ||||||||||||
Private label collateralized mortgage obligations | - | 266 | - | 266 | ||||||||||||
Auction rate trust preferred securities | - | 5,893 | - | 5,893 | ||||||||||||
Mutual fund - fixed income securities | 499 | - | - | 499 | ||||||||||||
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 December 31, 2013 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets measured at fair value on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | - | $ | - | 15,816 | 15,816 | ||||||||||
Foreclosed real estate | - | - | 1,846 | 1,846 | ||||||||||||
Mortgage servicing rights | - | - | 1,598 | 1,598 | ||||||||||||
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 | ||||||||||||
Fair Value, Instruments Classified in Shareholders Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table shows a reconciliation of the beginning and ending balances for Level 3 available-for-sale investment securities measured at fair value on a recurring basis at December 31, 2013 and 2012: | ||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||
(In thousands) | ||||||||||||||||
Balance at beginning of the year | $ | - | $ | 7,244 | ||||||||||||
Increase (decrease) in fair value of securities included in accumulated other comprehensive income | - | 272 | ||||||||||||||
Redemptions at par | - | -300 | ||||||||||||||
Transfer to Level 2 | - | -7,216 | ||||||||||||||
Balance at end of the year | $ | - | $ | - | ||||||||||||
SELECTED_QUARTERLY_CONSOLIDATE1
SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
The following tables present quarterly consolidated information for the Company for 2013, 2012 and 2011 | ||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||
Fourth | Third | Second | First | |||||||||||
(In thousands except share and per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||
Interest and dividend income | $ | 4,894 | $ | 4,683 | $ | 5,313 | $ | 5,370 | ||||||
Interest expense | 773 | 825 | 1,001 | 1,079 | ||||||||||
Net interest income | 4,121 | 3,858 | 4,312 | 4,291 | ||||||||||
Provision for loan losses | - | 300 | 3,550 | 300 | ||||||||||
Net interest income after provision for loan losses | 4,121 | 3,558 | 762 | 3,991 | ||||||||||
Noninterest income | -1,222 | 710 | 940 | 937 | ||||||||||
Noninterest expense | 4,947 | 5,299 | 6,501 | 5,519 | ||||||||||
Income before provision for income tax | -2,048 | -1,031 | -4,799 | -591 | ||||||||||
Provision for income tax | 370 | - | - | - | ||||||||||
Net loss | $ | -2,418 | $ | -1,031 | $ | -4,799 | $ | -591 | ||||||
Earnings (loss) per share - basic and diluted | $ | -0.36 | $ | -0.16 | $ | -0.72 | $ | -0.09 | ||||||
For the Year Ended December 31, 2012 | ||||||||||||||
Fourth | Third | Second | First | |||||||||||
(In thousands except share and per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||
Interest and dividend income | $ | 5,719 | $ | 5,888 | $ | 6,050 | $ | 6,466 | ||||||
Interest expense | 1,169 | 1,257 | 1,406 | 1,553 | ||||||||||
Net interest income | 4,550 | 4,631 | 4,644 | 4,913 | ||||||||||
Provision for loan losses | 720 | 10,312 | 2,148 | 4,545 | ||||||||||
Net interest income after provision for loan losses | 3,830 | -5,681 | 2,496 | 368 | ||||||||||
Noninterest income | 1,396 | 1,295 | 1,173 | 949 | ||||||||||
Noninterest expense | 5,710 | 5,013 | 4,795 | 5,408 | ||||||||||
Income before provision for income tax | -484 | -9,399 | -1,126 | -4,091 | ||||||||||
Provision for income tax | 5,212 | -3,238 | -411 | -1,415 | ||||||||||
Net loss | $ | -5,696 | $ | -6,161 | $ | -715 | $ | -2,676 | ||||||
Earnings (loss) per share - basic and diluted | $ | -0.86 | $ | -0.93 | $ | -0.11 | $ | -0.41 | ||||||
For the Year Ended December 31, 2011 | ||||||||||||||
Fourth | Third | Second | First | |||||||||||
(In thousands except share and per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||
(Restated) | ||||||||||||||
Interest and dividend income | $ | 6,607 | $ | 6,933 | $ | 6,863 | $ | 6,762 | ||||||
Interest expense | 1,691 | 1,921 | 2,282 | 2,358 | ||||||||||
Net interest income | 4,916 | 5,012 | 4,581 | 4,404 | ||||||||||
Provision for loan losses | 1,620 | 1,195 | 1,040 | 438 | ||||||||||
Net interest income after provision for loan losses | 3,296 | 3,817 | 3,541 | 3,966 | ||||||||||
Noninterest income | 1,260 | 1,726 | 1,009 | 805 | ||||||||||
Noninterest expense | 4,442 | 4,434 | 3,833 | 4,219 | ||||||||||
Income before provision for income tax | 114 | 1,109 | 717 | 552 | ||||||||||
Provision for income tax | 120 | 362 | 212 | 156 | ||||||||||
Net loss | $ | -6 | $ | 747 | $ | 505 | $ | 396 | ||||||
Earnings (loss) per share - basic and diluted | $ | -0.01 | $ | 0.12 | $ | 0.07 | $ | 0.06 | ||||||
PARENT_COMPANY_ONLY_FINANCIAL_1
PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||
Schedule of Condensed Financial Statements [Table Text Block] | ' | ||||||||||
The following financial statements are for the Company (Naugatuck Valley Financial Corporation) only, and should be read in conjunction with the consolidated financial statements of the Company. | |||||||||||
Statements of Financial Condition | |||||||||||
December 31, | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
ASSETS | |||||||||||
Cash on deposit with Naugatuck Valley Savings and Loan | $ | 3,066 | $ | 11,207 | |||||||
Investment in subsidiary, Naugatuck Valley Savings and Loan | 53,856 | 52,567 | |||||||||
Investment securities | - | 901 | |||||||||
Loan to ESOP | 3,142 | 3,425 | |||||||||
Other assets | 1 | 662 | |||||||||
Total assets | $ | 60,065 | $ | 68,762 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Liabilities | $ | 1,831 | $ | 1,855 | |||||||
Stockholders' equity | 58,234 | 66,907 | |||||||||
Total liabilities and stockholders' equity | $ | 60,065 | $ | 68,762 | |||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | ||||||||||
Statements of Income | |||||||||||
For the Years Ended December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Interest income | $ | 148 | $ | 167 | $ | 152 | |||||
Other income | - | - | - | ||||||||
Total income | 148 | 167 | 152 | ||||||||
Other expense | 328 | 398 | 381 | ||||||||
Loss before income tax and equity in undistributed net income of subsidiary | -180 | -231 | -229 | ||||||||
Income tax benefit | -12 | -14 | -78 | ||||||||
Loss before equity in undistributed net income of subsidiary | -168 | -217 | -151 | ||||||||
Equity in undistributed net income (loss) of subsidiary | -8,671 | -15,031 | 1,793 | ||||||||
Net income (loss) | $ | -8,839 | $ | -15,248 | $ | 1,642 | |||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||
Statements of Cash Flows | |||||||||||
For the Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Net income (loss) | $ | -8,839 | $ | -15,248 | $ | 1,642 | |||||
Equity in undistributed (earnings) losses of subsidiaries | 8,671 | 15,031 | -1,793 | ||||||||
Net change in other liabilities | -9 | -65 | -103 | ||||||||
Net change in other assets | 614 | -576 | 1,403 | ||||||||
Other, Net | 50 | -10 | 85 | ||||||||
Subtotal - Adjustments to reconcile net income (loss) | 9,326 | 14,380 | -408 | ||||||||
Net cash provided (used) by operating activities | $ | 487 | $ | -868 | $ | 1,234 | |||||
Cash flows from investing activities | |||||||||||
Investment in subsidiary | -10,000 | - | -20,312 | ||||||||
Paydowns and maturities of available-for-sale securities | 857 | 169 | 180 | ||||||||
Loan to ESOP | - | - | -2,003 | ||||||||
Principal payments received from ESOP | 283 | 271 | 291 | ||||||||
Net cash (used) provided by investing activities | -8,860 | 440 | -21,844 | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of common stock | - | - | 33,379 | ||||||||
Cost of issuance of common stock | - | - | -2,120 | ||||||||
Common stock repurchased | - | -1 | -2 | ||||||||
Cash dividends to common shareholders | - | -599 | -614 | ||||||||
Release of ESOP shares | 232 | 233 | 254 | ||||||||
Net cash provided (used) by financing activities | 232 | -367 | 30,897 | ||||||||
Increase (decrease) in cash and cash equivalents | -8,141 | -795 | 10,287 | ||||||||
Cash and cash equivalents at beginning of year | 11,207 | 12,002 | 1,715 | ||||||||
Cash and cash equivalents at end of year | $ | 3,066 | $ | 11,207 | $ | 12,002 | |||||
DESCRIPTION_OF_BUSINESS_AND_BA2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Basis Of Presentation [Line Items] | ' | ' |
Liability for Future Policy Benefits, Benefits Paid | $37,000 | $24,000 |
Deferred Tax Assets, Valuation Allowance | $8,686,000 | $5,376,000 |
Employee Stock Ownership Plan (ESOP), Plan Description | 'The Bank has a defined contribution 401(k) plan for eligible employees. The Bank provides 75% matching of employee contributions on up to 6% of the employees salary. The Banks contribution vests over a six year graded vesting schedule. | ' |
Percentage Of Deferred Compensation Plan | 100.00% | ' |
Office Building [Member] | ' | ' |
Basis Of Presentation [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '39 years | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' |
Basis Of Presentation [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' |
Basis Of Presentation [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' |
REGULATORY_MATTERS_Details
REGULATORY MATTERS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Capital Unit [Line Items] | ' | ' | ||
Total Risk-Based Capital Actual, Percentage | 18.01% | ' | ||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | 11.67% | ' | ||
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Percentage | 9.00% | ' | ||
Total Risk-Based Capital Individual Minimum Capital Requirements, Percentage | 13.00% | ' | ||
Company Consolidated [Member] | ' | ' | ||
Capital Unit [Line Items] | ' | ' | ||
Tier 1 Leverage Capital, Actual, Amount | $58,323 | [1] | $66,929 | [1] |
Tier 1 Risk-Based Capital Actual, Amount | 58,323 | [2] | 66,929 | [2] |
Total Risk-Based Capital Actual, Amount | 62,399 | [2] | 71,378 | [2] |
Tier 1 Leverage Capital Actual, Percentage | 11.98% | [1] | 12.71% | [1] |
Tier 1 Risk-Based Capital Actual, Percentage | 18.21% | [2] | 19.35% | [2] |
Total Risk-Based Capital Actual, Percentage | 19.49% | [2] | 20.64% | [2] |
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Amount | 0 | [1] | 0 | [1] |
Tier 1 Risk-Based Capital Required for Adequately Capital Requirements, Amount | 0 | [2] | 0 | [2] |
Total Risk-Based Capital Required for Adequately Capital Requirements, Amount | 0 | [2] | 0 | [2] |
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | 0.00% | [1] | 0.00% | [1] |
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Percentage | 0.00% | [2] | 0.00% | [2] |
Total Risk-Based Capital Required for Adequately Capital Requirements, Percentage | 0.00% | [2] | 0.00% | [2] |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Amount | 0 | [1],[3] | ' | |
Tier 1 Risk-Based Capital Individudal Minimum Capital Requirements, Amount | 0 | [2],[3] | ' | |
Total Risk-Based Capital Individual Minimum Capital Requirements, Amount | 0 | [2],[3] | ' | |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Percentage | 0.00% | [1],[3] | ' | |
Tier 1 Risk-Based Capital Individual Minimum Capital Requirements, Percentage | 0.00% | [2],[3] | ' | |
Total Risk-Based Capital Individual Minimum Capital Requirements, Percentage | 0.00% | [2],[3] | ' | |
Bank [Member] | ' | ' | ||
Capital Unit [Line Items] | ' | ' | ||
Tier 1 Leverage Capital, Actual, Amount | 53,946 | [1] | 52,618 | [1] |
Tier 1 Risk-Based Capital Actual, Amount | 53,946 | [2] | 52,618 | [2] |
Total Risk-Based Capital Actual, Amount | 58,047 | [2] | 57,162 | [2] |
Tier 1 Leverage Capital Actual, Percentage | 11.04% | [1] | 9.98% | [1] |
Tier 1 Risk-Based Capital Actual, Percentage | 16.74% | [2] | 14.92% | [2] |
Total Risk-Based Capital Actual, Percentage | 18.01% | [2] | 16.21% | [2] |
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Amount | 19,545 | [1] | 21,087 | [1] |
Tier 1 Risk-Based Capital Required for Adequately Capital Requirements, Amount | 12,891 | [2] | 14,105 | [2] |
Total Risk-Based Capital Required for Adequately Capital Requirements, Amount | 25,783 | [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 | 43,977 | [1],[3] | ' | |
Tier 1 Risk-Based Capital Individudal Minimum Capital Requirements, Amount | 0 | [2],[3] | ' | |
Total Risk-Based Capital Individual Minimum Capital Requirements, Amount | $41,897 | [2],[3] | ' | |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Percentage | 9.00% | [1],[3] | ' | |
Tier 1 Risk-Based Capital Individual Minimum Capital Requirements, Percentage | 0.00% | [2],[3] | ' | |
Total Risk-Based Capital Individual Minimum Capital Requirements, Percentage | 13.00% | [2],[3] | ' | |
[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 $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Regulatory Matters [Line Items] | ' |
Capital to Risk Weighted Assets | 18.01% |
Liquid Assets | $3.07 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 11.67% |
Excess Tier One Leverage Capital to Average Assets | 11.04% |
Tier One Leverage Capital Required To Be Well Capitalized To Average Assets | 9.00% |
Capital Required To Be Well Capitalized To Risk Weighted Assets | 13.00% |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | $49,862 | $23,264 |
Gross Unrealized Gains | 581 | 724 |
Gross Unrealized Losses | -672 | -504 |
Fair Value | 49,771 | 23,484 |
Held-to-maturity securities: | ' | ' |
Amortized Cost Basis | 18,149 | 25,519 |
Gross Unrealized Gains | 134 | 588 |
Gross Unrealized Losses | -40 | 0 |
Fair Value | 18,243 | 26,107 |
US Government Agencies Debt Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 16,601 | 1,006 |
Gross Unrealized Gains | 35 | 23 |
Gross Unrealized Losses | -130 | 0 |
Fair Value | 16,506 | 1,029 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 22,874 | 13,270 |
Gross Unrealized Gains | 527 | 690 |
Gross Unrealized Losses | -532 | 0 |
Fair Value | 22,869 | 13,960 |
Held-to-maturity securities: | ' | ' |
Amortized Cost Basis | 18,149 | 25,519 |
Gross Unrealized Gains | 134 | 588 |
Gross Unrealized Losses | -40 | 0 |
Fair Value | 18,243 | 26,107 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 3,736 | 974 |
Gross Unrealized Gains | 11 | 11 |
Gross Unrealized Losses | -9 | 0 |
Fair Value | 3,738 | 985 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 258 | 314 |
Gross Unrealized Gains | 8 | 0 |
Gross Unrealized Losses | 0 | -20 |
Fair Value | 266 | 294 |
Subtotal [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 27,368 | 14,558 |
Fair Value | 27,372 | 15,239 |
Held-to-maturity securities: | ' | ' |
Fair Value | 18,243 | 26,107 |
Subtotal [Member] | Available-for-sale Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 43,469 | 15,564 |
Gross Unrealized Gains | 581 | 724 |
Gross Unrealized Losses | -671 | -20 |
Fair Value | 43,379 | 16,268 |
Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 5,893 | 7,700 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | -484 |
Fair Value | 5,893 | 7,216 |
Mutual fund - mortgaged - backed securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Amortized Cost Basis | 500 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | -1 | ' |
Fair Value | $499 | ' |
INVESTMENTS_Details_1
INVESTMENTS (Details 1) (USD $) | Dec. 31, 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 | $49,862 | $23,264 |
Available-for-Sale, Fair Value | 49,771 | 23,484 |
Held-to-maturity Securities, Amortized Cost | 18,149 | 25,519 |
Held-to-Maturity, Fair Value | 18,243 | 26,107 |
Available-for-sale Securities, Debt Maturities, Due in one year or less, Amortized Cost Basis | ' | 1,006 |
Available-for-sale Securities, Debt Maturities, Due in one year or less, Fair Value | ' | 1,029 |
Available-for-sale Securities, Debt Maturities, Due after one year through five years, Amortized Cost Basis | 6,606 | 0 |
Available-for-sale Securities, Debt Maturities, Due after one year through five years, Fair Value | 6,641 | 0 |
Available-for-sale Securities, Debt Maturities, Due after five years through ten years, Amortized Cost Basis | 9,995 | 0 |
Available-for-sale Securities, Debt Maturities, Due after five years through ten years, Fair Value | 9,865 | 0 |
Available-for-sale Securities, Debt Maturities, Due after ten years, Amortized Cost Basis | 5,893 | 7,700 |
Available-for-sale Securities, Debt Maturities Due after ten years, Fair Value | 5,893 | 7,216 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 22,494 | 8,706 |
Available-for-sale Securities, Debt Securities, Fair Value | 22,399 | 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, Net Carrying Amount | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Due after ten years, Fair Value | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Amortized Cost | 0 | ' |
Held-to-maturity Securities, Debt Maturities, Fair Value | 0 | 0 |
Subtotal [Member] | ' | ' |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 27,368 | 14,558 |
Available-for-Sale, Fair Value | 27,372 | 15,239 |
Held-to-Maturity, Fair Value | 18,243 | 26,107 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Amortized Cost | 18,149 | 25,519 |
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 | 22,874 | 13,270 |
Available-for-Sale, Fair Value | 22,869 | 13,960 |
Held-to-Maturity, Fair Value | 18,243 | 26,107 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Amortized Cost | 18,149 | 25,519 |
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 | 3,736 | 974 |
Available-for-Sale, Fair Value | 3,738 | 985 |
Held-to-Maturity, Fair Value | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Amortized Cost | 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 | 258 | 314 |
Available-for-Sale, Fair Value | 266 | 294 |
Held-to-Maturity, Fair Value | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Amortized Cost | 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 | 499 | ' |
Held-to-Maturity, Fair Value | 0 | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Amortized Cost | $0 | ' |
INVESTMENTS_Details_2
INVESTMENTS (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized Loss on Investments [Line Items] | ' | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | $21,667 | $0 |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | 671 | 0 |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 65 | 7,510 |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | 1 | 504 |
Available for sale investments with unrealized losses, Total, Fair Value | 21,732 | 7,510 |
Available for sale investments with unrealized losses, Total, Unrealized Loss | 672 | 504 |
US Government Agencies Debt Securities [Member] | ' | ' |
Unrealized Loss on Investments [Line Items] | ' | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | 9,865 | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | 130 | ' |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 0 | ' |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | 0 | ' |
Available for sale investments with unrealized losses, Total, Fair Value | 9,865 | ' |
Available for sale investments with unrealized losses, Total, Unrealized Loss | 130 | ' |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Unrealized Loss on Investments [Line Items] | ' | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | 8,075 | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | 531 | ' |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 65 | ' |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | 1 | ' |
Available for sale investments with unrealized losses, Total, Fair Value | 8,140 | ' |
Available for sale investments with unrealized losses, Total, Unrealized Loss | 532 | ' |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Unrealized Loss on Investments [Line Items] | ' | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | 3,228 | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | 9 | ' |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 0 | ' |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | 0 | ' |
Available for sale investments with unrealized losses, Total, Fair Value | 3,228 | ' |
Available for sale investments with unrealized losses, Total, Unrealized Loss | 9 | ' |
Mutual fund - mortgaged - backed securities [Member] | ' | ' |
Unrealized Loss on Investments [Line Items] | ' | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | 499 | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | 1 | ' |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 0 | ' |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | 0 | ' |
Available for sale investments with unrealized losses, Total, Fair Value | 499 | ' |
Available for sale investments with unrealized losses, Total, Unrealized Loss | 1 | ' |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Unrealized Loss on Investments [Line Items] | ' | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | ' | 0 |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | ' | 0 |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | ' | 294 |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | ' | 20 |
Available for sale investments with unrealized losses, Total, Fair Value | ' | 294 |
Available for sale investments with unrealized losses, Total, Unrealized Loss | ' | 20 |
Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Unrealized Loss on Investments [Line Items] | ' | ' |
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | ' | 0 |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | ' | 0 |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | ' | 7,216 |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | ' | 484 |
Available for sale investments with unrealized losses, Total, Fair Value | ' | 7,216 |
Available for sale investments with unrealized losses, Total, Unrealized Loss | ' | $484 |
INVESTMENTS_Details_3
INVESTMENTS (Details 3) (Available-for-sale Securities [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Available-for-sale Securities [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Balance at beginning of year | $20 | $20 | $0 |
Additional increases in previously recognized credit losses | 0 | 0 | 0 |
Losses recognized in earnings | 1,812 | 0 | 20 |
Balance at end of year | $1,832 | $20 | $20 |
INVESTMENTS_Details_Textual
INVESTMENTS (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Securities Pledged as Collateral [Member] | Securities Pledged as Collateral [Member] | ||||
Repurchase Agreements [Member] | Repurchase Agreements [Member] | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Total | $49,771,000 | $23,484,000 | ' | ' | $16,506,000 | ' | $1,029,000 | $22,869,000 | $13,960,000 | $3,738,000 | $985,000 | $266,000 | $294,000 | $19,670,000 | $31,270,000 |
Available-for-sale Securities, Amortized Cost Basis, Total | 49,862,000 | 23,264,000 | ' | ' | 16,601,000 | ' | 1,006,000 | 22,874,000 | 13,270,000 | 3,736,000 | 974,000 | 258,000 | 314,000 | 19,530,000 | 30,570,000 |
Unrealized Loss Position Percentage | ' | ' | ' | ' | 1.30% | ' | ' | 6.10% | ' | 0.30% | ' | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 1,812,000 | 0 | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain On Sale Of Preferred Stock | ' | ' | ' | 158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Assets Obtained as Proceeds | ' | ' | ' | ' | ' | $13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE2
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | $370,515 | $432,282 | $475,351 | ' |
Allowance for loan losses | 9,891 | 14,500 | 8,053 | 6,393 |
Deferred loan origination fees | 56 | 169 | ' | ' |
Loans receivable, net | 360,568 | 417,613 | ' | ' |
Commercial business loans [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 25,506 | 32,970 | ' | ' |
Real Estate [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 315,728 | 369,186 | ' | ' |
Real Estate [Member] | One to four family [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 186,985 | 209,004 | ' | ' |
Real Estate [Member] | Multi-Family and Commercial Real Estate [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 123,134 | 133,549 | ' | ' |
Real Estate [Member] | Construction Loans [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 5,609 | 26,633 | ' | ' |
Consumer Loan [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 29,281 | 30,126 | ' | ' |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 26,960 | 28,829 | ' | ' |
Consumer Loan [Member] | Other consumer [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | $2,321 | $1,297 | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE3
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 1) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Related Party Loans And Financing Receivable [Line Items] | ' | ' | ||
Balance at the beginning of the year | $412,000 | $466,000 | ||
New loans | 0 | 0 | ||
Repayments | -29,000 | -32,000 | ||
Other | 0 | [1] | -22,000 | [1] |
Balance at end of year | $383,000 | $412,000 | ||
[1] | Decrease due to the retirement of one of the Companybs directors. |
LOANS_RECEIVABLE_AND_ALLOWANCE4
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | $370,515 | $432,282 | $475,351 | ||
Total Loans Excluding Consumer Loan | ' | 402,156 | ' | ||
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 | 31,835 | ' | ' | ||
Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 23,519 | ' | ' | ||
Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 21,412 | ' | ' | ||
Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 29,996 | ' | ' | ||
Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 29,281 | 30,126 | ' | ||
Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 321,622 | ' | ' | ||
Total Loans Excluding Consumer Loan | ' | 325,832 | ' | ||
Pass [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 25,209 | ' | ' | ||
Pass [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 16,544 | ' | ' | ||
Pass [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 16,821 | ' | ' | ||
Pass [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 21,500 | ' | ' | ||
Pass [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 28,603 | ' | ' | ||
Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 32,511 | ' | ' | ||
Total Loans Excluding Consumer Loan | ' | 36,786 | ' | ||
Special Mention [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 4,854 | ' | ' | ||
Special Mention [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 6,130 | ' | ' | ||
Special Mention [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 4,015 | ' | ' | ||
Special Mention [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 7,310 | ' | ' | ||
Special Mention [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 262 | ' | ' | ||
Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 16,289 | ' | ' | ||
Total Loans Excluding Consumer Loan | ' | 39,538 | ' | ||
Substandard [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,772 | ' | ' | ||
Substandard [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 845 | ' | ' | ||
Substandard [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 576 | ' | ' | ||
Substandard [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,186 | ' | ' | ||
Substandard [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 416 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,733 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 434 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 457 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 370 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,155 | ' | ' | ||
Substandard [Member] | Accuring Credit Risk Profile [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 94 | ' | ' | ||
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 12,556 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Special use properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,338 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Retail properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 388 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Office Buildings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 206 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Industrial and warehouse properties [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 31 | [1] | ' | ' | |
Substandard [Member] | NonAccuring Credit Risk Profile [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 322 | [1] | ' | ' | |
Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 93 | ' | ' | ||
Total Loans Excluding Consumer Loan | ' | 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 | 25,506 | 32,970 | 36,645 | ||
Commercial Business Loans [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 18,751 | 23,702 | ' | ||
Commercial Business Loans [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,869 | 3,824 | ' | ||
Commercial Business Loans [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,793 | 5,444 | ' | ||
Commercial Business Loans [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 874 | ' | ' | ||
Commercial Business Loans [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,919 | [1] | ' | ' | |
Commercial Business Loans [Member] | Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 93 | 0 | ' | ||
Multi-Family and Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 123,134 | 133,549 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 90,756 | 91,677 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 26,832 | 25,754 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,546 | 16,118 | ' | ||
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,416 | ' | ' | ||
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,130 | [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 | 186,985 | 209,004 | 217,893 | ||
One to four family [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 180,704 | 198,800 | ' | ||
One to four family [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 602 | 4,807 | ' | ||
One to four family [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,679 | 5,397 | ' | ||
One to four family [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 349 | ' | ' | ||
One to four family [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,330 | [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 | 5,609 | 26,633 | ' | ||
Construction And Land Development [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,808 | 11,653 | ' | ||
Construction And Land Development [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 946 | 2,401 | ' | ||
Construction And Land Development [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,855 | 12,579 | ' | ||
Construction And Land Development [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 0 | ' | ' | ||
Construction And Land Development [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,855 | [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 | 16,372 | ' | ' | ||
Investor owned one to four family and multi family [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 10,682 | ' | ' | ||
Investor owned one to four family and multi family [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 4,523 | ' | ' | ||
Investor owned one to four family and multi family [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 1,167 | ' | ' | ||
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 | 1,167 | [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 | 123,134 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 90,756 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 26,832 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 5,546 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Substandard [Member] | Accuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 2,416 | ' | ' | ||
Total Multi family and commercial real estate member [Member] | Substandard [Member] | NonAccuring Credit Risk Profile [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans | 3,130 | [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_AND_ALLOWANCE5
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | $4,461 | $4,411 | ' |
61-90 Days Past Due | 1,227 | 570 | ' |
Greater Than 90 Days | 7,131 | 25,648 | ' |
Total Past Due | 12,819 | 30,629 | ' |
Current | 357,696 | 401,653 | ' |
Total Loans | 370,515 | 432,282 | 475,351 |
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 | ' | 140 | ' |
Greater Than 90 Days | ' | 273 | ' |
Total Past Due | ' | 1,766 | ' |
Current | ' | 28,360 | ' |
Total Loans | ' | 30,126 | ' |
Carrying Amount > 90 Days and Accruing | ' | 0 | ' |
Industrial Property [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 29,996 | ' | ' |
Office Building [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 21,412 | ' | ' |
Retail Site [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 23,519 | ' | ' |
Special use properties [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 31,835 | ' | ' |
Real Estate Loans [Member] | Industrial Property [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 | 32 | ' | ' |
Total Past Due | 32 | ' | ' |
Current | 29,964 | ' | ' |
Total Loans | 29,996 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Real Estate Loans [Member] | Office Building [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 0 | ' | ' |
61-90 Days Past Due | 108 | ' | ' |
Greater Than 90 Days | 206 | ' | ' |
Total Past Due | 314 | ' | ' |
Current | 21,098 | ' | ' |
Total Loans | 21,412 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Real Estate Loans [Member] | Retail Site [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 423 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 0 | ' | ' |
Total Past Due | 423 | ' | ' |
Current | 23,096 | ' | ' |
Total Loans | 23,519 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Real Estate Loans [Member] | Special use properties [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 346 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 169 | ' | ' |
Total Past Due | 515 | ' | ' |
Current | 31,320 | ' | ' |
Total Loans | 31,835 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
One to four family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 186,985 | 209,004 | 217,893 |
One to four family [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 1,217 | 1,820 | ' |
61-90 Days Past Due | 397 | 430 | ' |
Greater Than 90 Days | 2,564 | 3,688 | ' |
Total Past Due | 4,178 | 5,938 | ' |
Current | 182,807 | 203,066 | ' |
Total Loans | 186,985 | 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 | ' | 221 | ' |
61-90 Days Past Due | ' | 0 | ' |
Greater Than 90 Days | ' | 9,156 | ' |
Total Past Due | ' | 9,377 | ' |
Current | ' | 17,256 | ' |
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 | 123,134 | 133,549 | 160,858 |
Multi Family and Commercial Real Estate [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | ' | 464 | ' |
61-90 Days Past Due | ' | 0 | ' |
Greater Than 90 Days | ' | 9,031 | ' |
Total Past Due | ' | 9,495 | ' |
Current | ' | 124,054 | ' |
Total Loans | ' | 133,549 | ' |
Carrying Amount > 90 Days and Accruing | ' | 0 | ' |
Commercial Business Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 487 | 553 | ' |
61-90 Days Past Due | 153 | 0 | ' |
Greater Than 90 Days | 1,598 | 3,500 | ' |
Total Past Due | 2,238 | 4,053 | ' |
Current | 23,268 | 28,917 | ' |
Total Loans | 25,506 | 32,970 | 36,645 |
Carrying Amount > 90 Days and Accruing | 0 | 0 | ' |
Investor owned one to four family and multi family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 16,372 | ' | ' |
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 | 861 | ' | ' |
61-90 Days Past Due | 0 | ' | ' |
Greater Than 90 Days | 621 | ' | ' |
Total Past Due | 1,482 | ' | ' |
Current | 14,890 | ' | ' |
Total Loans | 16,372 | ' | ' |
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 | 123,134 | ' | ' |
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 | 1,630 | ' | ' |
61-90 Days Past Due | 108 | ' | ' |
Greater Than 90 Days | 1,028 | ' | ' |
Total Past Due | 2,766 | ' | ' |
Current | 120,368 | ' | ' |
Total Loans | 123,134 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Consumer Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 157 | ' | ' |
61-90 Days Past Due | 31 | ' | ' |
Greater Than 90 Days | 142 | ' | ' |
Total Past Due | 330 | ' | ' |
Current | 28,951 | ' | ' |
Total Loans | 29,281 | 30,126 | 33,710 |
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 | 155 | ' | ' |
61-90 Days Past Due | 28 | ' | ' |
Greater Than 90 Days | 142 | ' | ' |
Total Past Due | 325 | ' | ' |
Current | 26,635 | ' | ' |
Total Loans | 26,960 | ' | ' |
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 | 2 | ' | ' |
61-90 Days Past Due | 3 | ' | ' |
Greater Than 90 Days | 0 | ' | ' |
Total Past Due | 5 | ' | ' |
Current | 2,316 | ' | ' |
Total Loans | 2,321 | ' | ' |
Carrying Amount > 90 Days and Accruing | 0 | ' | ' |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total Loans | 5,609 | 26,633 | 26,245 |
Construction and Land Development [Member] | Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
31-60 Days Past Due | 970 | ' | ' |
61-90 Days Past Due | 538 | ' | ' |
Greater Than 90 Days | 1,799 | ' | ' |
Total Past Due | 3,307 | ' | ' |
Current | 2,302 | ' | ' |
Total Loans | 5,609 | ' | ' |
Carrying Amount > 90 Days and Accruing | $0 | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE6
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Nonaccrual loans | $7,953 | $17,370 | ' | ' |
Troubled debt restructurings- nonaccruing | 5,430 | 8,278 | ' | ' |
Total nonperforming loans | 13,383 | 25,648 | ' | ' |
Foreclosed real estate | 1,846 | 735 | 873 | 421 |
Total nonperforming assets | $15,229 | $26,383 | ' | ' |
Total nonperforming loans to total loans | 3.61% | 5.93% | ' | ' |
Total nonperforming loans to total assets | 2.75% | 4.87% | ' | ' |
Total nonperforming assets to total assets | 3.13% | 5.01% | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE7
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | $12,079 | $25,469 |
Recorded Investment with Specific Valuation Allowance | 4,020 | 5,976 |
Total Recorded Investment | 16,099 | 31,445 |
Unpaid Contractual Principal Balance | 18,609 | 40,413 |
Related Specific Valuation Allowance | 283 | 736 |
Investor owned one to four family and multi family properties [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 1,167 | ' |
Recorded Investment with Specific Valuation Allowance | 0 | ' |
Total Recorded Investment | 1,167 | ' |
Unpaid Contractual Principal Balance | 1,274 | ' |
Related Specific Valuation Allowance | 0 | ' |
Commercial Business Loans [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 1,996 | 2,731 |
Recorded Investment with Specific Valuation Allowance | 584 | 1,214 |
Total Recorded Investment | 2,580 | 3,945 |
Unpaid Contractual Principal Balance | 2,693 | 4,419 |
Related Specific Valuation Allowance | 105 | 340 |
Consumer Loan [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 412 | 255 |
Recorded Investment with Specific Valuation Allowance | 167 | 45 |
Total Recorded Investment | 579 | 300 |
Unpaid Contractual Principal Balance | 805 | 385 |
Related Specific Valuation Allowance | 10 | 1 |
Multi Family and Commercial Real Estate [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 3,696 | 12,177 |
Recorded Investment with Specific Valuation Allowance | 389 | 2,196 |
Total Recorded Investment | 4,085 | 14,373 |
Unpaid Contractual Principal Balance | 4,953 | 16,832 |
Related Specific Valuation Allowance | 23 | 251 |
Multi Family and Commercial Real Estate [Member] | Industrial Property [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 565 | ' |
Recorded Investment with Specific Valuation Allowance | 0 | ' |
Total Recorded Investment | 565 | ' |
Unpaid Contractual Principal Balance | 567 | ' |
Related Specific Valuation Allowance | 0 | ' |
Multi Family and Commercial Real Estate [Member] | Office Building [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 206 | ' |
Recorded Investment with Specific Valuation Allowance | 0 | ' |
Total Recorded Investment | 206 | ' |
Unpaid Contractual Principal Balance | 405 | ' |
Related Specific Valuation Allowance | 0 | ' |
Multi Family and Commercial Real Estate [Member] | Retail Site [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 158 | ' |
Recorded Investment with Specific Valuation Allowance | 389 | ' |
Total Recorded Investment | 547 | ' |
Unpaid Contractual Principal Balance | 621 | ' |
Related Specific Valuation Allowance | 23 | ' |
Multi Family and Commercial Real Estate [Member] | Other Property [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 1,600 | ' |
Recorded Investment with Specific Valuation Allowance | 0 | ' |
Total Recorded Investment | 1,600 | ' |
Unpaid Contractual Principal Balance | 2,086 | ' |
Related Specific Valuation Allowance | 0 | ' |
Real Estate Loans [Member] | One To Four Family [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 4,570 | 4,422 |
Recorded Investment with Specific Valuation Allowance | 2,431 | 119 |
Total Recorded Investment | 7,001 | 4,541 |
Unpaid Contractual Principal Balance | 7,734 | 4,944 |
Related Specific Valuation Allowance | 70 | 5 |
Real Estate Loans [Member] | Construction and Land Development [Member] | ' | ' |
Impaired Loans Receivable [Line Items] | ' | ' |
Recorded Investment with No Specific Valuation Allowance | 1,405 | 5,884 |
Recorded Investment with Specific Valuation Allowance | 449 | 2,402 |
Total Recorded Investment | 1,854 | 8,286 |
Unpaid Contractual Principal Balance | 2,424 | 13,833 |
Related Specific Valuation Allowance | $75 | $139 |
LOANS_RECEIVABLE_AND_ALLOWANCE8
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' | ' |
Average Recorded Investments | $23,564 | $35,143 | $13,546 |
Interest Income Recognized | 831 | 948 | 715 |
Commercial Business Loans [Member] | ' | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' | ' |
Average Recorded Investments | 3,087 | 4,231 | 901 |
Interest Income Recognized | 147 | 133 | 115 |
Consumer Loans [Member] | ' | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' | ' |
Average Recorded Investments | 511 | 313 | 331 |
Interest Income Recognized | 29 | 11 | 7 |
Real Estate [Member] | One to four family [Member] | ' | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' | ' |
Average Recorded Investments | 5,900 | 4,662 | 2,730 |
Interest Income Recognized | 247 | 107 | 84 |
Real Estate [Member] | Construction Loans [Member] | ' | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' | ' |
Average Recorded Investments | 5,937 | 10,656 | 5,117 |
Interest Income Recognized | 41 | 144 | 284 |
Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | ' | ' | ' |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ' | ' | ' |
Average Recorded Investments | 8,128 | 15,281 | 4,467 |
Interest Income Recognized | $367 | $553 | $225 |
LOANS_RECEIVABLE_AND_ALLOWANCE9
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Impaired Loans Modified Tdr [Line Items] | ' | ' | ||
Total | $7,246 | $9,139 | ||
Performing Financing Receivable [Member] | ' | ' | ||
Impaired Loans Modified Tdr [Line Items] | ' | ' | ||
Total | 4,195 | [1] | 3,573 | [1] |
Nonperforming Financing Receivable [Member] | ' | ' | ||
Impaired Loans Modified Tdr [Line Items] | ' | ' | ||
Total | $3,051 | $5,566 | ||
[1] | Of the $4,195,000 in TDRs which are performing under the modified terms of their agreements at December 31, 2013, there are $2,379,000 in TDRs that remain in a nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of these $2,379,000 in TDRs and the $3,051,000 nonperforming TDRs at December 31, 2013 equal the $5,430,000 in TDRs that are in nonaccrual status at December 31, 2013. |
Recovered_Sheet1
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 8) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loans | Loans | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 17 | 20 |
Pre-Modification Recorded Investment | $2,988 | $2,325 |
Post-Modification Recorded Investment | 3,051 | 2,363 |
Percentage Of Financing Receivable Modifications | 100.00% | 100.00% |
Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 6 | 6 |
Pre-Modification Recorded Investment | 1,607 | 773 |
Post-Modification Recorded Investment | 1,607 | 773 |
Percentage Of Deferred Principal Payments | 52.70% | 32.70% |
Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 10 | 10 |
Pre-Modification Recorded Investment | 1,330 | 330 |
Post-Modification Recorded Investment | 1,393 | 362 |
Percentage Of Extension of Payment Terms | 45.60% | 15.30% |
Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 4 |
Pre-Modification Recorded Investment | 51 | 1,222 |
Post-Modification Recorded Investment | 51 | 1,228 |
Percentage Of Reduced Interest Rate | 1.70% | 52.00% |
Commercial Business Loans [Member] | Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 5 | 9 |
Pre-Modification Recorded Investment | 394 | 292 |
Post-Modification Recorded Investment | 405 | 324 |
Percentage Of Extension of Payment Terms | 13.30% | 13.70% |
Home Equity Line of Credit [Member] | Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 3 |
Pre-Modification Recorded Investment | ' | 130 |
Post-Modification Recorded Investment | ' | 130 |
Percentage Of Deferred Principal Payments | ' | 5.50% |
Home Equity Line of Credit [Member] | Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Pre-Modification Recorded Investment | ' | 38 |
Post-Modification Recorded Investment | ' | 38 |
Percentage Of Extension of Payment Terms | ' | 1.60% |
Home Equity Line of Credit [Member] | Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Pre-Modification Recorded Investment | 51 | ' |
Post-Modification Recorded Investment | 51 | ' |
Percentage Of Reduced Interest Rate | 1.70% | ' |
Commercial mortgage [Member] | Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Pre-Modification Recorded Investment | ' | 425 |
Post-Modification Recorded Investment | ' | 425 |
Percentage Of Reduced Interest Rate | ' | 18.00% |
Real Estate [Member] | One to four family [Member] | Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 5 | 3 |
Pre-Modification Recorded Investment | 1,437 | 643 |
Post-Modification Recorded Investment | 1,437 | 643 |
Percentage Of Deferred Principal Payments | 47.10% | 27.20% |
Real Estate [Member] | One to four family [Member] | Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Pre-Modification Recorded Investment | 19 | ' |
Post-Modification Recorded Investment | 25 | ' |
Percentage Of Extension of Payment Terms | 0.80% | ' |
Real Estate [Member] | One to four family [Member] | Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 3 |
Pre-Modification Recorded Investment | ' | 797 |
Post-Modification Recorded Investment | ' | 803 |
Percentage Of Reduced Interest Rate | ' | 34.00% |
Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Pre-Modification Recorded Investment | 170 | ' |
Post-Modification Recorded Investment | 170 | ' |
Percentage Of Deferred Principal Payments | 5.60% | ' |
Real Estate [Member] | Multi Family and Commercial Real Estate [Member] | Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 4 | ' |
Pre-Modification Recorded Investment | 917 | ' |
Post-Modification Recorded Investment | $963 | ' |
Percentage Of Extension of Payment Terms | 31.50% | ' |
Recovered_Sheet2
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 9) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loans | Loans | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 17 | 20 |
Recorded Investment | $3,051 | $2,363 |
Percentage Of Financing Receivable Modifications | 100.00% | 100.00% |
Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 6 | 6 |
Recorded Investment | 1,607 | 773 |
Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 10 | 10 |
Recorded Investment | 1,393 | 362 |
Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 4 |
Recorded Investment | 51 | 1,228 |
Paid In Full Sold [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 2 | ' |
Recorded Investment | 305 | ' |
Percentage Of Financing Receivable Modifications | 10.00% | ' |
Paid In Full Sold [Member] | Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 170 | ' |
Paid In Full Sold [Member] | Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 135 | ' |
Paid In Full Sold [Member] | Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 0 | ' |
Recorded Investment | 0 | ' |
Paying As Restructured [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 5 | ' |
Recorded Investment | 682 | ' |
Percentage Of Financing Receivable Modifications | 22.40% | ' |
Paying As Restructured [Member] | Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 3 | ' |
Recorded Investment | 606 | ' |
Paying As Restructured [Member] | Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 25 | ' |
Paying As Restructured [Member] | Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 51 | ' |
Converted To Non-Accrual [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 9 | ' |
Recorded Investment | 1,460 | ' |
Percentage Of Financing Receivable Modifications | 47.80% | ' |
Converted To Non-Accrual [Member] | Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 227 | ' |
Converted To Non-Accrual [Member] | Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 8 | ' |
Recorded Investment | 1,233 | ' |
Converted To Non-Accrual [Member] | Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 0 | ' |
Recorded Investment | 0 | ' |
Foreclosure Default [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 604 | ' |
Percentage Of Financing Receivable Modifications | 19.80% | ' |
Foreclosure Default [Member] | Deferred Principal Payments [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 604 | ' |
Foreclosure Default [Member] | Extended Payment Terms [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 0 | ' |
Recorded Investment | 0 | ' |
Foreclosure Default [Member] | Below Market Interest Rate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 0 | ' |
Recorded Investment | $0 | ' |
Recovered_Sheet3
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details 10) (USD $) | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 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 | $6,393 | ' | ' | ' | ' | $1,988 | $1,745 | $1,585 | $4,892 | $3,745 | $2,714 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | $4,468 | $1,327 | $600 | $2,725 | $754 | $884 | $427 | $482 | $610 | ' | $0 | ' | $4,892 |
Provision for loan losses | 4,150 | 17,725 | 4,293 | ' | ' | ' | ' | 478 | 650 | 377 | 4,304 | 4,868 | 1,942 | 410 | 0 | 286 | 0 | 337 | 0 | -407 | 0 | -724 | 8,563 | 1,449 | -42 | 3,549 | 383 | 134 | 95 | 142 | -7 | 0 | 615 | 3,689 |
Charge-offs | -10,064 | -11,334 | -2,637 | ' | ' | ' | ' | -650 | -411 | -217 | -4,687 | -3,757 | -911 | -121 | 0 | -144 | 0 | -67 | 0 | 0 | 0 | -2,728 | -5,422 | -722 | -1,817 | -1,594 | -516 | -182 | -150 | -271 | -4 | 0 | -336 | -4,351 |
Recoveries | 1,305 | 56 | 4 | ' | ' | ' | ' | 33 | 4 | 0 | 588 | 36 | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 0 | 0 | 577 | 16 | 3 | 5 | 0 | 1 | 0 | 0 | -2 | 590 |
Subtotal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,820 |
Ending balance | 9,891 | 14,500 | 8,053 | ' | ' | ' | ' | 1,849 | 1,988 | 1,745 | 5,097 | 4,892 | 3,745 | ' | ' | ' | ' | ' | ' | ' | ' | 1,118 | 4,468 | 1,327 | 1,443 | 2,725 | 754 | 384 | 427 | 482 | ' | ' | ' | ' |
Redistributed through segment expansion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 818 | ' | 421 | ' | 519 | ' | 2,536 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526 | ' | 4,820 |
Segment Ending Balance as of June 30, 2013 | ' | ' | ' | 1,034 | 563 | 856 | 2,129 | ' | ' | ' | ' | ' | ' | ' | 818 | ' | 421 | ' | 519 | ' | 2,536 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526 | ' | 4,820 |
Segment balance at December 31, 2013 | ' | ' | ' | 1,034 | 563 | 856 | 2,129 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 515 | ' | 5,097 | ' |
Allowance related to loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 283 | 736 | 1,466 | 0 | 0 | 23 | 0 | 70 | 5 | 109 | 23 | 271 | 335 | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 119 | 665 | 105 | 340 | 286 | 10 | 1 | 71 | 0 | ' | 23 | ' |
Collectively evaluated for impairment | 9,608 | 13,764 | 6,587 | 1,034 | 563 | 833 | 2,129 | 1,779 | 1,983 | 1,636 | 5,074 | 4,621 | 3,410 | ' | ' | ' | ' | ' | ' | ' | ' | 1,043 | 4,349 | 662 | 1,338 | 2,385 | 468 | 374 | 426 | 411 | 515 | ' | 5,074 | ' |
Total Allowance | 9,891 | 14,500 | 8,053 | 1,034 | 563 | 856 | 2,129 | 1,849 | 1,988 | 1,745 | 5,097 | 4,892 | 3,745 | ' | ' | ' | ' | ' | ' | ' | ' | 1,118 | 4,468 | 1,327 | 1,443 | 2,725 | 754 | 384 | 427 | 482 | 515 | ' | 5,097 | ' |
Ending loan balance individually evaluated for impairment | 16,099 | 31,445 | 19,427 | 565 | 206 | 547 | 1,600 | 7,001 | 4,541 | 2,721 | 4,085 | 14,373 | 4,422 | ' | ' | ' | ' | ' | ' | ' | ' | 1,854 | 8,286 | 8,474 | 2,580 | 3,945 | 3,585 | 579 | 300 | 225 | 1,167 | ' | 4,085 | ' |
Ending loan balance collectively evaluated for impairment | 354,416 | 400,837 | 455,924 | 29,431 | 21,206 | 22,973 | 30,234 | 179,984 | 204,463 | 215,172 | 119,049 | 119,176 | 156,436 | ' | ' | ' | ' | ' | ' | ' | ' | 3,755 | 18,347 | 17,771 | 22,926 | 29,025 | 33,060 | 28,702 | 29,826 | 33,485 | 15,205 | ' | 119,049 | ' |
Total Loans | $370,515 | $432,282 | $475,351 | $29,996 | $21,412 | $23,519 | $31,835 | $186,985 | $209,004 | $217,893 | $123,134 | $133,549 | $160,858 | ' | ' | ' | ' | ' | ' | ' | ' | $5,609 | $26,633 | $26,245 | $25,506 | $32,970 | $36,645 | $29,281 | $30,126 | $33,710 | $16,372 | ' | $123,134 | ' |
Recovered_Sheet4
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |||
Loans | Loans | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Paid In Full Sold [Member] | Paying As Restructured [Member] | Converted To Non-Accrual [Member] | Foreclosure Default [Member] | US Government Agencies Debt Securities [Member] | 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] | Six Loan [Member] | Six Loan [Member] | One Loan [Member] | One Loan [Member] | Seventeen Loan [Member] | Ten Loan [Member] | Ten Loan [Member] | Four Loans [Member] | ||||||
Loans | Loans | Loans | Loans | 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 | $7,246,000 | $9,139,000 | ' | ' | ' | $4,195,000 | [1] | $3,573,000 | [1] | $3,051,000 | $5,566,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,610,000 | $773,000 | $51,000 | $1,200,000 | ' | $1,390,000 | $362,000 | $1,200,000 |
Maximum Percentage On Appraised Value Property | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable Impaired Non Performing Non Accrual Of Interest Numbers Of Loan | 90 | 111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income Not Recognized On Non Performing Loans | 852,000 | 1,600,000 | 878,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non Performing Loans | 13,383,000 | 25,648,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
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 | 10,064,000 | 11,334,000 | 2,637,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses Period Increase Decrease Percentage | 31.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Bank Non Performing Loan Period Decrease | 12,270,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Bank Non Performing Loan Period Decrease Percentage | 47.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Commercial loan commitments | 58.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reduction In loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,420,000 | 21,020,000 | 22,020,000 | 7,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reduction In Loans Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.80% | 78.90% | 10.50% | 22.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable, Allowance | 9,891,000 | 14,500,000 | 8,053,000 | ' | 6,393,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 4,610,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Bank Non Performing Loan Period Decrease Amount | 22,920,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Related Party Transaction, Due from (to) Related Party, Total | 383,000 | 412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Number of Contracts | 17 | 20 | ' | ' | ' | ' | ' | ' | ' | 2 | 5 | 9 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 3,051,000 | 2,363,000 | ' | ' | ' | ' | ' | ' | ' | 305,000 | 682,000 | 1,460,000 | 604,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ||
Percentage Of Financing Receivable Modifications | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | 22.40% | 47.80% | 19.80% | ' | ' | ' | 19.80% | ' | ' | ' | ' | ' | 52.70% | 32.70% | 1.70% | ' | ' | 45.60% | 15.50% | 52.00% | ||
Financing Receivable, Recorded Investment, 30 To 59 Days Past Due | 4,461,000 | 4,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 604,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Period Increase (Decrease) | 32,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loans and Leases Receivable Impaired Non Performing Non Accrual Of Interest For Less Than Ninety days Due | 44 | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Advance Payments by Borrowers for Taxes and Insurance | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Assets Obtained as Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Impaired Financing Receivable Interest Income Cost Recovery Money Method | 314,000 | 274,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financing Receivable Modifications Subsequent Default Non Accrual Status | $5,430,000 | $8,278,000 | ' | ' | ' | $2,379,000 | ' | $3,051,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Of the $4,195,000 in TDRs which are performing under the modified terms of their agreements at December 31, 2013, there are $2,379,000 in TDRs that remain in a nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of these $2,379,000 in TDRs and the $3,051,000 nonperforming TDRs at December 31, 2013 equal the $5,430,000 in TDRs that are in nonaccrual status at December 31, 2013. |
MORTGAGE_BANKING_AND_MORTGAGE_2
MORTGAGE BANKING AND MORTGAGE SERVICING RIGHTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non Interest Income [Line Items] | ' | ' | ' |
Gain on sales of loans | $946 | $2,373 | $1,717 |
Mortgage servicing income | 343 | 269 | 137 |
Total | $1,289 | $2,642 | $1,854 |
MORTGAGE_BANKING_AND_MORTGAGE_3
MORTGAGE BANKING AND MORTGAGE SERVICING RIGHTS (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Servicing Assets at Fair Value [Line Items] | ' | ' | ' |
Balance at beginning of the year | $1,039 | $700 | $364 |
Servicing rights capitalized | 380 | 692 | 478 |
Amortization of servicing rights | -370 | -323 | -114 |
Periodic impairment | 44 | -30 | -28 |
Balance at the end of the year | $1,093 | $1,039 | $700 |
MORTGAGE_BANKING_AND_MORTGAGE_4
MORTGAGE BANKING AND MORTGAGE SERVICING RIGHTS (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Economic Assumptions And Current Fair Value [Line Items] | ' | ' | ' |
Carrying amount | $1,093 | $1,039 | $700 |
Weighted average life (in years) | '7 years 14 days | '6 years 2 months 12 days | '5 years 3 months 11 days |
Prepayment speed assumption | 160.00% | 241.00% | 265.00% |
Impact on fair value of 10% adverse change | -88 | -74 | -34 |
Impact on fair value of 20% adverse change | -134 | -121 | -74 |
Residual cash flows discount rate (annual) | 7.75% | 6.50% | 7.25% |
Impact on fair value of 10% adverse change | -70 | -55 | -26 |
Impact on fair value of 20% adverse change | ($134) | ($106) | ($50) |
MORTGAGE_BANKING_AND_MORTGAGE_5
MORTGAGE BANKING AND MORTGAGE SERVICING RIGHTS (Detail Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Mortgage Banking And Mortgage Servicing Rights [Line Items] | ' | ' |
Bank Loans | $142.17 | $135.16 |
FORECLOSED_REAL_ESTATE_Details
FORECLOSED REAL ESTATE (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreclosed Real Estate [Line Items] | ' | ' | ' |
Beginning Balance | $735 | $873 | $421 |
Additions | 2,116 | 732 | 817 |
Proceeds from dispositions | -676 | -910 | -335 |
Gain (loss) on sales | -66 | 117 | -11 |
Writedowns | -263 | -77 | -19 |
Balance at end of period | $1,846 | $735 | $873 |
FORECLOSED_REAL_ESTATE_Details1
FORECLOSED REAL ESTATE (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | |
Subsequent Event [Member] | ||||
Foreclosed Real Estate [Line Items] | ' | ' | ' | ' |
Number of Real Estate Properties | 7 | ' | ' | ' |
Foreclosed Real Estate Properties Assets | $1,460,000 | ' | ' | ' |
Real Estate Acquired Through Foreclosure | ' | ' | ' | 998,000 |
Proceeds from Sale of Foreclosed Assets | 676,000 | 910,000 | 335,000 | 1,000,000 |
Mortgage Loans on Real Estate, Foreclosures | $3,120,000 | $1,480,000 | ' | ' |
PREMISES_AND_EQUIPMENT_Details
PREMISES AND EQUIPMENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Premises And Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $17,081 | $16,616 |
Accumulated depreciation and amortization | -7,717 | -7,125 |
Premises and equipment, net | 9,364 | 9,491 |
Banking offices [Member] | ' | ' |
Premises And Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 8,567 | 8,582 |
Furniture and Fixtures [Member] | ' | ' |
Premises And Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 5,513 | 5,032 |
Land [Member] | ' | ' |
Premises And Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 1,593 | 1,593 |
Leaseholds and Leasehold Improvements [Member] | ' | ' |
Premises And Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $1,408 | $1,409 |
PREMISES_AND_EQUIPMENT_Details1
PREMISES AND EQUIPMENT (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Premises And Equipment [Line Items] | ' |
2014, Income | $104 |
2015, Income | 106 |
2016, Income | 109 |
2017, Income | 111 |
2018, Income | 115 |
Thereafter, Income | 1,063 |
Total future minimum rents, Income | 1,608 |
2014, Expense | 343 |
2015, Expense | 345 |
2016, Expense | 342 |
2017, Expense | 346 |
2018, Expense | 351 |
Thereafter, Expense | 6,053 |
Total future minimum rents, Expense | $7,780 |
PREMISES_AND_EQUIPMENT_Details2
PREMISES AND EQUIPMENT (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Premises And Equipment [Line Items] | ' | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction, Total | $684,000 | $718,000 | $746,000 |
Leases Expiration Date | 'The leases for the branch offices have expiration dates ranging from 2014 through 2050 | ' | ' |
Operating Leases, Rent Expense, Net, Total | $335,000 | $321,000 | $305,000 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deposits [Line Items] | ' | ' | ' |
Noninterest bearing demand deposits | $69,147 | $70,300 | $45,837 |
Interest bearing deposits | ' | ' | ' |
Now accounts and money market accounts | 49,514 | 38,965 | 52,676 |
Savings accounts | 117,004 | 117,259 | 107,662 |
Certificates of deposit | 155,182 | 176,378 | 204,712 |
Total interest bearing deposits | 321,700 | 332,602 | 365,050 |
Total deposits | $390,847 | $402,902 | $410,887 |
DEPOSITS_Details_1
DEPOSITS (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deposits [Line Items] | ' | ' | ' |
Now accounts and money market accounts | $181 | $141 | $212 |
Savings accounts | 279 | 366 | 496 |
Time certificates | 2,345 | 3,301 | 5,312 |
Total interest expense on deposits | $2,805 | $3,808 | $6,020 |
DEPOSITS_Details_2
DEPOSITS (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Certificate accounts maturing in: | ' |
Under 12 months | $74,268 |
12 to 24 months | 25,064 |
24 to 36 months | 25,794 |
Over 36 months | 30,056 |
Total certificate accounts | $155,182 |
DEPOSITS_Details_Textual
DEPOSITS (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Line Items] | ' | ' |
Time Deposits, $100,000 or More | $62,460,000 | $70,490,000 |
Cash, FDIC Insured Amount | 250,000 | ' |
Time Deposits, 250,000 or More | 11,530,000 | 15,270,000 |
Related Party Deposit Liabilities | $417,000 | $622,000 |
FHLB_ADVANCES_AND_STOCK_Detail
FHLB ADVANCES AND STOCK (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
2013, Amount Due | $0 | $24,088 |
2014, Amount Due | 1,377 | 15,693 |
2015, Amount Due | 1,500 | 624 |
2016, Amount Due | 2,800 | 88 |
2017 - 2021, Amount Due | 18,368 | 355 |
2022 - 2026, Amount Due | 638 | 318 |
2027 - 2028, Amount Due | 610 | 310 |
Total FHLB advances, Amount Due | $25,293 | $41,476 |
2013, Weighted Average Cost | 0.00% | 2.65% |
2014, Weighted Average Cost | 2.64% | 2.96% |
2015, Weighted Average Cost | 0.80% | 3.34% |
2016, Weighted Average Cost | 0.90% | 0.19% |
2017 - 2021, Weighted Average Cost | 2.56% | 0.19% |
2022 - 2026, Weighted Average Cost | 0.27% | 0.18% |
2027 - 2028, Weighted Average Cost | 0.00% | 0.00% |
Total FHLB advances, Weighted Average Cost | 2.16% | 2.72% |
FHLB_ADVANCES_AND_STOCK_Detail1
FHLB ADVANCES AND STOCK (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank Advances [Line Items] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $25,293 | $15,400 | $41,476 |
Federal Home Loan Bank, Advances future credit description | 'The Bank has an agreement with FHLB providing for future credit availability of up to twenty times the amount of FHLB stock held by the Bank, not to exceed 30% of its total assets. | ' | ' |
Federal Home Loan Bank Stock | $5,444 | ' | $5,917 |
Federal Home Loan Bank Advances [Member] | ' | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' | ' |
Sale of Stock, Price Per Share | $100 | ' | ' |
Long Term Debt one [Member] | ' | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.27% | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Due Date | '2023 | ' | ' |
Long Term Debt Two [Member] | ' | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.00% | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Due Date | '2028 | ' | ' |
Maximum [Member] | ' | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' | ' |
Federal Home Loan Bank Advances Branch Of FHLB Bank Due Term | '4 years 4 months 24 days | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.08% | ' | ' |
Minimum [Member] | ' | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' | ' |
Federal Home Loan Bank Advances Branch Of FHLB Bank Due Term | '1 year 2 months 12 days | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.77% | ' | ' |
OTHER_BORROWED_FUNDS_Details
OTHER BORROWED FUNDS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Borrowed Funds For Repurchase Agreements [Line Items] | ' | ' |
Maximum amount of Repurchase Agreements outstanding during the period | $21,256 | $19,283 |
Average Repurchase Agreements outstanding during the period | 10,866 | 11,608 |
Weighted average interest rate during the period | 0.24% | 0.47% |
Balance outstanding at end of period | $4,173 | $6,394 |
Weighted average interest rate at end of period | 0.01% | 0.45% |
OTHER_BORROWED_FUNDS_Details_T
OTHER BORROWED FUNDS (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Federal Reserve Bank of Boston [Member] | ' | ' |
Schedule of debt disclosure [Line Items] | ' | ' |
Commercial Real Estate Loans Pledged | $3.38 | $24.53 |
Federal Reserve Bank Held For Reserve Requirement | 2.6 | 1.09 |
Federal Reserve Bank Stock | 3.69 | ' |
Bank Overdrafts [Member] | Federal Home Loan Bank of Boston [Member] | ' | ' |
Schedule of debt disclosure [Line Items] | ' | ' |
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty | $1 | ' |
PENSION_AND_OTHER_POSTRETIREME2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation | ' | ' |
Projected benefit obligation at beginning of year | $491 | $404 |
Curtailment of benefits | -487 | 0 |
Interest cost | 0 | 87 |
Projected benefit obligation at end of year | 4 | 491 |
Change in plan assets: | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 |
Employer contributions | 41 | 33 |
Plan participant contributions | 0 | 0 |
Benefits paid | -41 | -33 |
Fair value of plan assets at end of year | 0 | 0 |
Funded status at end of year | ($4) | ($491) |
PENSION_AND_OTHER_POSTRETIREME3
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of net periodic benefit cost | ' | ' | ' |
Interest cost | $0 | $87 | ' |
Healthcare Benefit Plan [Member] | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Interest cost | 0 | 87 | 28 |
Expected return on plan assets | 0 | 0 | 0 |
Net periodic benefit cost | $0 | $87 | $28 |
PENSION_AND_OTHER_POSTRETIREME4
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 02, 2013 | Jul. 02, 2012 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 30, 2013 | |
Pentegra Plan [Member] | Pentegra Plan [Member] | Pentegra Plan [Member] | Pentegra Plan [Member] | Pentegra Plan [Member] | Pentegra Plan [Member] | Director [Member] | Director [Member] | Director [Member] | Healthcare Benefit Plan [Member] | Healthcare Benefit Plan [Member] | Healthcare Benefit Plan [Member] | Healthcare Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension and Other Postretirement Benefit Expense | ' | ' | ' | $230,000 | $418,000 | $284,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan participant contributions | 0 | 0 | ' | 276,000 | 373,000 | 370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Funded Percentage | ' | ' | ' | ' | ' | ' | 92.29% | 97.12% | 81.56% | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 243,000 | 243,000 | 224,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non Directors Defined Benefit Plan Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.91% | 5.00% | ' | ' |
Deferred Compensation Arrangement with Individual, Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 4,000 | 491,000 | 404,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,000 | 28,000 | 0 | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,000 | ' | ' | ' | ' | ' | ' |
Cash Surrender Value of Life Insurance | 10,132,000 | 9,854,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Life Insurance Policies | 278,000 | 299,000 | 308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 487,000 |
Defined Benefit Plan, Benefits Paid | $41,000 | $33,000 | ' | ' | ' | ' | ' | ' | ' | $2,000 | $1,000 | $3,000 | ' | ' | ' | ' |
EMPLOYEE_STOCK_OWNERSHIP_PLAN_1
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |||
Jun. 29, 2011 | Sep. 30, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 250,380 | 297,435 | ' | ' | ' |
Loan to ESOP | $2,003,000 | $2,980,000 | ' | ' | ' |
Employee Stock Ownership Plan Esop Debt Structure Loan Interest Percentage | 3.25% | 4.75% | ' | ' | ' |
Employee Stock Ownership Plan Esop Debt Structure Direct Loan Repayment Amount | 135,657 | 282,520 | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Compensation Expense | ' | ' | 233,000 | 231,000 | 254,000 |
Unallocated Esop Shares | ' | ' | 32,364 | ' | ' |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | ' | ' | 326,751 | 359,115 | ' |
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | ' | ' | $2,366,000 | $2,388,000 | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of equity incentive plan [Line Items] | ' | ' | ' |
Options outstanding at beginning of year,Number of Shares | 197,561 | 295,423 | 306,499 |
Granted,Number of Shares | 0 | 0 | 0 |
Forfeited,Number of Shares | 0 | 0 | 0 |
Exercised,Number of Shares | 0 | 0 | 0 |
Expired,Number of Shares | -77,775 | -97,862 | -11,076 |
Options outstanding at end of year,Number of Shares | 119,786 | 197,561 | 295,423 |
Options exercisable at end of year,Number of Shares | 119,786 | 197,561 | 295,423 |
Options outstanding at beginning of year, Weighted Average Exercise Price | $11.16 | $11.15 | $11.16 |
Granted, Weighted Average Exercise Price | $0 | $0 | $0 |
Forfeited, Weighted Average Exercise Price | $0 | $0 | $0 |
Exercised, Weighted Average Exercise Price | $0 | $0 | $0 |
Expired, Weighted Average Exercise Price | $11.12 | $11.12 | $11.12 |
Options outstanding at end of year, Weighted Average Exercise Price | $11.18 | $11.16 | $11.15 |
Options exercisable at end of year, Weighted Average Exercise Price | $11.18 | $11.15 | $11.15 |
STOCKBASED_COMPENSATION_Detail1
STOCK-BASED COMPENSATION (Details 1) (USD $) | 1 Months Ended | ||||
Jul. 26, 2008 | Dec. 18, 2007 | Mar. 20, 2007 | Mar. 21, 2006 | Jul. 26, 2005 | |
Disclosure of equity incentive plan [Line Items] | ' | ' | ' | ' | ' |
Dividend yield | 2.74% | 2.20% | 1.60% | 1.89% | 1.44% |
Expected volatility | 13.40% | 11.00% | 10.49% | 11.20% | 11.47% |
Risk-free rate | 3.56% | 3.63% | 4.48% | 4.61% | 4.18% |
Expected life in years | '6 years 6 months | '6 years 6 months | '6 years 6 months | '6 years 6 months | '6 years 6 months |
Weighted average fair value of options at grant date | $1.51 | $1.18 | $2.55 | $2.25 | $2.47 |
STOCKBASED_COMPENSATION_Detail2
STOCK-BASED COMPENSATION (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of equity incentive plan [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 148,717 | ' | ' |
Stock Issued For Grant Or Exercise Of Awards | 520,511 | ' | ' |
Allocated Share-based Compensation Expense | $1,000 | $1,000 | $19,000 |
Stock Options And Restricted Stock Awards Percentage For Fair Value | 20.00% | ' | ' |
Stock Options [Member] | ' | ' | ' |
Disclosure of equity incentive plan [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 371,794 | ' | ' |
Equity Incentive Plan [Member] | ' | ' | ' |
Disclosure of equity incentive plan [Line Items] | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 253,840 | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $128 | ($2,327) | $970 |
Deferred income tax expense (benefit) | 242 | ' | ' | ' | 2,475 | ' | ' | ' | -120 | ' | ' | ' | 242 | 2,475 | -120 |
Provision for income taxes | $370 | $0 | $0 | $0 | $5,212 | ($3,238) | ($411) | ($1,415) | $120 | $362 | $212 | $156 | $370 | $148 | $850 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) at statutory rate of 34% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($2,879) | ($5,134) | $847 |
Increase (decrease) in income tax expense resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nondeductible compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79 | 79 | 86 |
Income exempt from income tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -171 | -182 | -102 |
Valuation allowance on income tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,310 | 5,376 | 0 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | 9 | 19 |
Provision for income taxes | $370 | $0 | $0 | $0 | $5,212 | ($3,238) | ($411) | ($1,415) | $120 | $362 | $212 | $156 | $370 | $148 | $850 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Reserve for loan losses | $3,371 | $4,737 |
Net operating loss carryforwards | 4,782 | 825 |
Deferred income | 123 | 113 |
Stock based compensation | 89 | 207 |
Charitable contributions | 27 | 0 |
Alternative minimum taxes ("AMT") paid | 152 | 0 |
Post-retirement benefits | 19 | 193 |
Other than temporary impairment on securities | 615 | 2 |
Gross deferred tax assets | 9,178 | 6,077 |
Valuation allowance | -8,686 | -5,376 |
Deferred tax assets, net of valuation allowance | 492 | 701 |
Deferred tax liabilities | ' | ' |
Depreciation | -121 | -108 |
Available-for-sale securities | 0 | -240 |
Mortgage servicing rights | -371 | -353 |
Total deferred tax liabilities | -492 | -701 |
Net deferred tax assets | $0 | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax [Line Items] | ' | ' | ' |
Retained Earnings, Appropriated | $1,843,000 | ' | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability | 627,000 | ' | ' |
Proceeds from Income Tax Refunds | 3,102,000 | 0 | 0 |
Operating Loss Carryforwards | 14,100,000 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 8,686,000 | 5,376,000 | ' |
Federal Funds Purchased [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Proceeds from Income Tax Refunds | 800,000 | ' | ' |
Federal Funds Purchased [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Proceeds from Income Tax Refunds | $2,300,000 | ' | ' |
Naugatuck Valley Mortgage Servicing Corporation [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 100.00% | ' | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) available to common stockholders | ($2,418) | ($1,031) | ($4,799) | ($591) | ($5,696) | ($6,161) | ($715) | ($2,676) | ($6) | $747 | $505 | $396 | ($8,839) | ($15,248) | $1,642 |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,002,208 | 7,002,208 | 7,002,782 |
Less: Unallocated ESOP shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -359,115 | -391,479 | -300,279 |
Total for Basic EPS calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,643,093 | 6,610,729 | 6,702,503 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,002,208 | 7,002,208 | 7,002,782 |
Less: Unallocated ESOP shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -359,115 | -391,479 | -300,279 |
Total for Diluted EPS calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,643,093 | 6,610,729 | 6,702,503 |
Net income (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and diluted earnings per share (in dollars per share) | ($0.36) | ($0.16) | ($0.72) | ($0.09) | ($0.86) | ($0.93) | ($0.11) | ($0.41) | ($0.01) | $0.12 | $0.07 | $0.06 | ($1.33) | ($2.31) | $0.24 |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
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 | 115,496 | 203,172 | 306,477 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $11.12 | $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 | 4,540 | 7,482 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $12.51 | $12.51 | $12.51 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments to extend credit: | ' | ' |
Commercial loan commitments | $12,572 | $4,327 |
Unused home equity lines of credit | 19,169 | 21,434 |
Commercial and industrial loan commitments | 10,153 | 13,134 |
Amounts due on other commitments | 6,618 | 20,790 |
Commercial letters of credit | $1,371 | $3,964 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments And Contingencies [Line Items] | ' | ' |
Payments to Fund Long-term Loans to Related Parties | $0 | $0 |
Commitments to Extend Credit [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Payments to Fund Long-term Loans to Related Parties | 4,000,000 | ' |
Minimum [Member] | Commitments to Extend Credit [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Loans Receivable with Fixed Rates of Interest | 3.25 | ' |
Maximum [Member] | Commitments to Extend Credit [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Loans Receivable with Fixed Rates of Interest | $17 | ' |
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financial Assets, Carrying Value | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Value | $26,374 | $23,229 | $18,069 | $14,263 |
Investment securities, available-for-sale, Carrying Value | 49,771 | 23,484 | ' | ' |
Investment securities, held-to-maturity, Carrying Value | 18,149 | 25,519 | ' | ' |
Accrued interest receivable, Carrying Value | 1,494 | 1,761 | ' | ' |
FHLB Stock, Carrying value | 5,444 | 5,917 | ' | ' |
Financial Liabilities, Carrying Value | ' | ' | ' | ' |
Time deposits, Carrying Value | 155,182 | ' | ' | ' |
FHLB advances, Carrying value | 25,293 | 41,476 | ' | ' |
Mortgagors' escrow accounts, Carrying Value | 4,392 | 4,628 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 49,771 | 23,484 | ' | ' |
Held-to-Maturity, Fair Value | 18,243 | 26,107 | ' | ' |
Mutual Fund Mortgage Backed Securities [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Carrying Value | 499 | ' | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 499 | ' | ' | ' |
Held-to-Maturity, Fair Value | 0 | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Value | 26,374 | 23,229 | ' | ' |
Accrued interest receivable, Carrying Value | 1,494 | 1,761 | ' | ' |
Financial Liabilities, Carrying Value | ' | ' | ' | ' |
Demand deposits, savings, Now and money market deposits, Carrying Value | 235,665 | 226,524 | ' | ' |
Accrued interest payable, Carrying Value | 51 | 99 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value | 26,374 | 23,229 | ' | ' |
Accrued interest receivable, Fair Value | 1,494 | 1,761 | ' | ' |
Financial Liabilities, Fair Value | ' | ' | ' | ' |
Demand deposits, savings, Now and money market deposits, Fair Value | 235,665 | 226,524 | ' | ' |
Accrued interest payable, Fair Value | 51 | 99 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund Mortgage Backed Securities [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Carrying Value | 499 | 0 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 499 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Investment securities, held-to-maturity, Carrying Value | 18,149 | 25,519 | ' | ' |
Loans held for sale, Carrying Value | 1,079 | 2,761 | ' | ' |
Performing Loans Receivables Carrying Value | 344,468 | 386,904 | ' | ' |
Financial Liabilities, Carrying Value | ' | ' | ' | ' |
Time deposits, Carrying Value | 155,182 | 176,378 | ' | ' |
FHLB advances, Carrying value | 25,293 | 41,476 | ' | ' |
Borrowed funds, Carrying Value | 4,173 | 6,394 | ' | ' |
Mortgagors' escrow accounts, Carrying Value | 4,392 | 4,628 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Held-to-Maturity, Fair Value | 18,243 | 26,107 | ' | ' |
Loans held for sale, Fair Value | 1,079 | 2,761 | ' | ' |
Performing Loans receivable, net, Fair Value | 347,496 | 405,977 | ' | ' |
Financial Liabilities, Fair Value | ' | ' | ' | ' |
Time deposits, Fair Value | 157,591 | 179,125 | ' | ' |
FHLB advances, Fair value | 25,942 | 42,453 | ' | ' |
Borrowed funds, Fair Value | 4,173 | 6,394 | ' | ' |
Mortgagors' escrow accounts, Fair Value | 4,392 | 4,628 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Other Investment Securities [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Carrying Value | 49,272 | 23,484 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Investment securities, available-for-sale, Fair Value | 49,272 | 23,484 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Financial Assets, Carrying Value | ' | ' | ' | ' |
Impaired Loans Receivables Carrying Value | 16,100 | 30,709 | ' | ' |
Mortgage servicing assets, Carrying Value | 1,093 | 1,039 | ' | ' |
FHLB Stock, Carrying value | 5,444 | 5,917 | ' | ' |
Financial Assets, Fair Value | ' | ' | ' | ' |
Impaired Loans Receivables Fair Value | 15,816 | 30,709 | ' | ' |
Mortgage servicing assets, Fair Value | 1,598 | 1,633 | ' | ' |
FHLB Stock, Fair Value | $5,444 | $5,917 | ' | ' |
FAIR_VALUE_Details_1
FAIR VALUE (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | $49,771 | $23,484 |
US Government Agencies Debt Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 16,506 | 1,029 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 22,869 | 13,960 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 3,738 | 985 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 266 | 294 |
Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 5,893 | 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 | 16,506 | 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 | 22,869 | 13,960 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 3,738 | 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 | 266 | 294 |
Fair Value, Measurements, Recurring [Member] | Auction-Rate Trust Preferred Securities [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 5,893 | 7,216 |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | 499 | ' |
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 | 499 | ' |
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 | 16,506 | 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 | 22,869 | 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 | 3,738 | 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 | 266 | 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 | 5,893 | 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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Fair Value Assets Measured on Recurring Basis [Line Items] | ' | ' |
Fair Value, Total | $0 | ' |
FAIR_VALUE_Details_2
FAIR VALUE (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Fair Value On Non Recurring Basis [Line Items] | ' | ' | ' | ' |
Foreclosed real estate | $1,846 | $735 | $873 | $421 |
Mortgage servicing rights | -370 | -323 | -114 | ' |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' |
Fair Value On Non Recurring Basis [Line Items] | ' | ' | ' | ' |
Impaired loans | 15,816 | 30,709 | ' | ' |
Foreclosed real estate | 1,846 | 735 | ' | ' |
Mortgage servicing rights | 1,598 | 1,633 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' |
Fair Value On Non Recurring Basis [Line Items] | ' | ' | ' | ' |
Impaired loans | 0 | 0 | ' | ' |
Foreclosed real estate | 0 | 0 | ' | ' |
Mortgage servicing rights | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' |
Fair Value On Non Recurring Basis [Line Items] | ' | ' | ' | ' |
Impaired loans | 0 | 0 | ' | ' |
Foreclosed real estate | 0 | 0 | ' | ' |
Mortgage servicing rights | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' |
Fair Value On Non Recurring Basis [Line Items] | ' | ' | ' | ' |
Impaired loans | 15,816 | 30,709 | ' | ' |
Foreclosed real estate | 1,846 | 735 | ' | ' |
Mortgage servicing rights | $1,598 | $1,633 | ' | ' |
FAIR_VALUE_Details_3
FAIR VALUE (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Instruments Classified in Shareholders Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance at beginning of the year | $0 | $7,244 |
Increase (decrease) in fair value of securities included in accumulated other comprehensive income | 0 | 272 |
Redemptions at par | 0 | -300 |
Transfer to Level 2 | 0 | -7,216 |
Balance at end of the year | $0 | $0 |
FAIR_VALUE_Details_Textual
FAIR VALUE (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value [Line Items] | ' | ' | ' |
Amortization Of Mortgage Servicing Rights (Msrs) | ($370,000) | ($323,000) | ($114,000) |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value [Line Items] | ' | ' | ' |
Amortization Of Mortgage Servicing Rights (Msrs) | 1,598,000 | 1,633,000 | ' |
Remeasured [Member] | ' | ' | ' |
Fair Value [Line Items] | ' | ' | ' |
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value, Total | 9,650,000 | ' | ' |
Fair Value Of Foreclosed Real Estate | 1,710,000 | ' | ' |
Amortization Of Mortgage Servicing Rights (Msrs) | $1,560,000 | ' | ' |
SELECTED_QUARTERLY_CONSOLIDATE2
SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effect of Fourth Quarter Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $4,894 | $4,683 | $5,313 | $5,370 | $5,719 | $5,888 | $6,050 | $6,466 | $6,607 | $6,933 | $6,863 | $6,762 | $20,260 | $24,123 | $27,165 |
Interest expense | 773 | 825 | 1,001 | 1,079 | 1,169 | 1,257 | 1,406 | 1,553 | 1,691 | 1,921 | 2,282 | 2,358 | 3,678 | 5,385 | 8,252 |
Net interest income | 4,121 | 3,858 | 4,312 | 4,291 | 4,550 | 4,631 | 4,644 | 4,913 | 4,916 | 5,012 | 4,581 | 4,404 | 16,582 | 18,738 | 18,913 |
Provision for loan losses | 0 | 300 | 3,550 | 300 | 720 | 10,312 | 2,148 | 4,545 | 1,620 | 1,195 | 1,040 | 438 | 4,150 | 17,725 | 4,293 |
Net interest income after provision for loan losses | 4,121 | 3,558 | 762 | 3,991 | 3,830 | -5,681 | 2,496 | 368 | 3,296 | 3,817 | 3,541 | 3,966 | 12,432 | 1,013 | 14,620 |
Noninterest income | -1,222 | 710 | 940 | 937 | 1,396 | 1,295 | 1,173 | 949 | 1,260 | 1,726 | 1,009 | 805 | 1,365 | 4,813 | 4,800 |
Noninterest expense | 4,947 | 5,299 | 6,501 | 5,519 | 5,710 | 5,013 | 4,795 | 5,408 | 4,442 | 4,434 | 3,833 | 4,219 | 22,266 | 20,926 | 16,928 |
Income before provision for income tax | -2,048 | -1,031 | -4,799 | -591 | -484 | -9,399 | -1,126 | -4,091 | 114 | 1,109 | 717 | 552 | -8,469 | -15,100 | 2,492 |
Provision for income tax | 370 | 0 | 0 | 0 | 5,212 | -3,238 | -411 | -1,415 | 120 | 362 | 212 | 156 | 370 | 148 | 850 |
Net loss | ($2,418) | ($1,031) | ($4,799) | ($591) | ($5,696) | ($6,161) | ($715) | ($2,676) | ($6) | $747 | $505 | $396 | ($8,839) | ($15,248) | $1,642 |
Earnings (loss) per share - basic and diluted (in dollars per share) | ($0.36) | ($0.16) | ($0.72) | ($0.09) | ($0.86) | ($0.93) | ($0.11) | ($0.41) | ($0.01) | $0.12 | $0.07 | $0.06 | ($1.33) | ($2.31) | $0.24 |
PARENT_COMPANY_ONLY_FINANCIAL_2
PARENT COMPANY ONLY FINANCIAL STATEMENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 29, 2011 | Dec. 31, 2010 | Sep. 30, 2004 |
In Thousands, unless otherwise specified | ||||||
ASSETS | ' | ' | ' | ' | ' | ' |
Cash on deposit with Naugatuck Valley Savings and Loan | $26,374 | $23,229 | $18,069 | ' | $14,263 | ' |
Loan to ESOP | ' | ' | ' | -2,003 | ' | -2,980 |
Other assets | 2,376 | 6,033 | ' | ' | ' | ' |
Total assets | 486,597 | 526,397 | ' | ' | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Liabilities | 428,363 | 459,489 | ' | ' | ' | ' |
Stockholders' equity | 58,234 | 66,908 | 82,314 | ' | 52,260 | ' |
Total liabilities and stockholders' equity | 486,597 | 526,397 | ' | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash on deposit with Naugatuck Valley Savings and Loan | 3,066 | 11,207 | 12,002 | ' | 1,715 | ' |
Investment in subsidiary, Naugatuck Valley Savings and Loan | 53,856 | 52,567 | ' | ' | ' | ' |
Investment securities | 0 | 901 | ' | ' | ' | ' |
Loan to ESOP | 3,142 | 3,425 | ' | ' | ' | ' |
Other assets | 1 | 662 | ' | ' | ' | ' |
Total assets | 60,065 | 68,762 | ' | ' | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Liabilities | 1,831 | 1,855 | ' | ' | ' | ' |
Stockholders' equity | 58,234 | 66,907 | ' | ' | ' | ' |
Total liabilities and stockholders' equity | $60,065 | $68,762 | ' | ' | ' | ' |
PARENT_COMPANY_ONLY_FINANCIAL_3
PARENT COMPANY ONLY FINANCIAL STATEMENTS (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $4,121 | $3,858 | $4,312 | $4,291 | $4,550 | $4,631 | $4,644 | $4,913 | $4,916 | $5,012 | $4,581 | $4,404 | $16,582 | $18,738 | $18,913 |
Income tax benefit | 370 | 0 | 0 | 0 | 5,212 | -3,238 | -411 | -1,415 | 120 | 362 | 212 | 156 | 370 | 148 | 850 |
Net income (loss) | -2,418 | -1,031 | -4,799 | -591 | -5,696 | -6,161 | -715 | -2,676 | -6 | 747 | 505 | 396 | -8,839 | -15,248 | 1,642 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148 | 167 | 152 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148 | 167 | 152 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 328 | 398 | 381 |
Loss before income tax and equity in undistributed net income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -180 | -231 | -229 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -14 | -78 |
Loss before equity in undistributed net income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -168 | -217 | -151 |
Equity in undistributed net income (loss) of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,671 | -15,031 | 1,793 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($8,839) | ($15,248) | $1,642 |
PARENT_COMPANY_ONLY_FINANCIAL_4
PARENT COMPANY ONLY FINANCIAL STATEMENTS (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($2,418) | ($1,031) | ($4,799) | ($591) | ($5,696) | ($6,161) | ($715) | ($2,676) | ($6) | $747 | $505 | $396 | ($8,839) | ($15,248) | $1,642 |
Net change in other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -431 | -2,606 | 1,006 |
Net change in other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,657 | -709 | -445 |
Net cash provided (used) by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,555 | 3,844 | 5,300 |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Paydowns and maturities of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,512 | 9,694 | 5,563 |
Net cash (used) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,285 | 32,977 | -3,117 |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 31,331 |
Common stock repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -7 | -2 |
Net cash provided (used) by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,695 | -31,661 | 1,623 |
Increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,145 | 5,160 | 3,806 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 23,229 | ' | ' | ' | 18,069 | ' | ' | ' | 14,263 | 23,229 | 18,069 | 14,263 |
Cash and cash equivalents at end of period | 26,374 | ' | ' | ' | 23,229 | ' | ' | ' | 18,069 | ' | ' | ' | 26,374 | 23,229 | 18,069 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,839 | -15,248 | 1,642 |
Equity in undistributed (earnings) losses of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,671 | 15,031 | -1,793 |
Net change in other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -65 | -103 |
Net change in other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 614 | -576 | 1,403 |
Other, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | -10 | 85 |
Subtotal - Adjustments to reconcile net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,326 | 14,380 | -408 |
Net cash provided (used) by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 487 | -868 | 1,234 |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000 | 0 | -20,312 |
Paydowns and maturities of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 857 | 169 | 180 |
Loan to ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -2,003 |
Principal payments received from ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283 | 271 | 291 |
Net cash (used) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,860 | 440 | -21,844 |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 33,379 |
Cost of issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -2,120 |
Common stock repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | -2 |
Cash dividends to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -599 | -614 |
Release of ESOP shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 232 | 233 | 254 |
Net cash provided (used) by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 232 | -367 | 30,897 |
Increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,141 | -795 | 10,287 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 11,207 | ' | ' | ' | 12,002 | ' | ' | ' | 1,715 | 11,207 | 12,002 | 1,715 |
Cash and cash equivalents at end of period | $3,066 | ' | ' | ' | $11,207 | ' | ' | ' | $12,002 | ' | ' | ' | $3,066 | $11,207 | $12,002 |