Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 10, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Naugatuck Valley Financial Corp | |
Entity Central Index Key | 1,493,552 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | NVSL | |
Entity Common Stock, Shares Outstanding | 7,002,208 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from depository institutions | $ 17,391 | $ 10,940 |
Federal funds sold | 32 | 0 |
Cash and cash equivalents | 17,423 | 10,940 |
Investment securities available-for-sale, at fair value | 67,346 | 77,538 |
Investment securities held-to-maturity, at amortized cost | 11,434 | 13,441 |
Loans held for sale | 2,204 | 1,062 |
Loans receivable, net | 374,418 | 363,259 |
Accrued income receivable | 1,566 | 1,599 |
Foreclosed real estate | 39 | 335 |
Premises and equipment, net | 9,101 | 9,125 |
Bank owned life insurance | 10,525 | 10,393 |
Federal Home Loan Bank ("FHLB") of Boston stock, at cost | 4,548 | 4,548 |
Other assets | 2,170 | 2,850 |
Total assets | 500,774 | 495,090 |
Liabilities | ||
Deposits | 373,167 | 373,459 |
FHLB advances | 59,811 | 53,762 |
Mortgagors' escrow accounts | 4,385 | 4,341 |
Deferred tax liabilities | 94 | 651 |
Other liabilities | 2,135 | 2,006 |
Total liabilities | 439,592 | 434,219 |
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 June 30, 2015 and December 31, 2014, respectively | 70 | 70 |
Paid-in capital | 58,761 | 58,698 |
Retained earnings | 4,684 | 3,323 |
Unearned employee stock ownership plan ("ESOP") shares (294,387 shares at June 30, 2015 and December 31, 2014) | (2,480) | (2,480) |
Treasury Stock, at cost (158 shares at June 30, 2015 and December 31, 2014) | (1) | (1) |
Accumulated other comprehensive income, net of tax | 148 | 1,261 |
Total stockholders' equity | 61,182 | 60,871 |
Total liabilities and stockholders' equity | $ 500,774 | $ 495,090 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
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 | 7,002,208 |
Common stock, shares outstanding | 7,002,366 | 7,002,208 |
Unearned ESOP, shares | 294,387 | 294,387 |
Treasury stock, shares | 158 | 158 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income | ||||
Interest and fees on loans | $ 4,207 | $ 4,236 | $ 8,287 | $ 8,483 |
Interest and dividends on investments and deposits | 594 | 856 | 1,212 | 1,518 |
Total interest income | 4,801 | 5,092 | 9,499 | 10,001 |
Interest expense | ||||
Interest on deposits | 593 | 598 | 1,164 | 1,203 |
Interest on borrowed funds | 223 | 189 | 418 | 342 |
Total interest expense | 816 | 787 | 1,582 | 1,545 |
Net interest income | 3,985 | 4,305 | 7,917 | 8,456 |
Provision for loan losses | (1,420) | (739) | (1,420) | (739) |
Net interest income after provision for loan losses | 5,405 | 5,044 | 9,337 | 9,195 |
Noninterest income | ||||
Service charge income | 175 | 176 | 327 | 350 |
Fees for other services | 67 | 84 | 130 | 157 |
Mortgage banking income | 232 | 177 | 450 | 325 |
Income from bank owned life insurance | 66 | 63 | 132 | 129 |
Net gain on sale of investments | 413 | 34 | 829 | 193 |
Income from investment advisory services, net | 113 | 74 | 156 | 168 |
Other income | 31 | 33 | 62 | 63 |
Total noninterest income | 1,097 | 641 | 2,086 | 1,385 |
Noninterest expense | ||||
Compensation, taxes and benefits | 2,583 | 2,973 | 5,064 | 5,989 |
Occupancy | 562 | 582 | 1,102 | 1,124 |
Professional fees | 392 | 323 | 802 | 842 |
FDIC insurance premiums | 125 | 270 | 288 | 531 |
Insurance | 143 | 117 | 318 | 262 |
Computer processing | 339 | 327 | 686 | 697 |
Expenses on foreclosed real estate, net | 78 | 168 | 97 | 378 |
Writedowns on foreclosed real estate | 0 | 11 | 0 | 38 |
Directors' compensation | 78 | 70 | 172 | 172 |
Advertising | 104 | 118 | 220 | 213 |
Supplies | 46 | 60 | 112 | 129 |
Merger related expenses | 612 | 0 | 612 | 0 |
Expenses related to sale of loans | 0 | 196 | 0 | 196 |
Other expenses | 343 | 376 | 589 | 724 |
Total noninterest expense | 5,405 | 5,591 | 10,062 | 11,295 |
Income (loss) before provision (benefit) for income taxes | 1,097 | 94 | 1,361 | (715) |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | $ 1,097 | $ 94 | $ 1,361 | $ (715) |
Earnings (loss) per common share - basic and diluted (in dollars per share) | $ 0.16 | $ 0.01 | $ 0.20 | $ (0.11) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Net income (loss) | $ 1,097 | $ 94 | $ 1,361 | $ (715) | |
Other comprehensive income (loss): | |||||
Increase (decrease) in unrealized gain on available-for-sale investment securities | (1,462) | 1,262 | (841) | 1,859 | |
Reclassification adjustment for net gains recognized in net income | [1] | (413) | (34) | (829) | (193) |
Other comprehensive income (loss) before tax effect | (1,875) | 1,228 | (1,670) | 1,666 | |
Income tax benefit (expense) related to items in other comprehensive income (loss) | 730 | (418) | (557) | (537) | |
Reclassification adjustment net of tax amount | (1,145) | 810 | (1,113) | 1,129 | |
Total comprehensive income (loss) | $ (48) | $ 904 | $ 248 | $ 414 | |
[1] | Net gain (loss) on sale of investments is the affected line item in the Consolidated Statements of Operations. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Unearned Esop Shares [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2013 | $ 58,234 | $ 70 | $ 58,757 | $ 2,322 | $ (2,824) | $ (1) | $ (90) |
Net income | (715) | 0 | 0 | (715) | 0 | 0 | 0 |
Stock based compensation - options | 2 | 0 | 2 | 0 | 0 | 0 | 0 |
Other comprehensive loss | 1,129 | 0 | 0 | 0 | 0 | 0 | 1,129 |
Balance at Jun. 30, 2014 | 58,650 | 70 | 58,759 | 1,607 | (2,824) | (1) | 1,039 |
Balance at Dec. 31, 2014 | 60,871 | 70 | 58,698 | 3,323 | (2,480) | (1) | 1,261 |
Net income | 1,361 | 0 | 0 | 1,361 | 0 | 0 | 0 |
Stock based compensation - options | 63 | 0 | 63 | 0 | 0 | 0 | 0 |
Other comprehensive loss | (1,113) | 0 | 0 | 0 | 0 | 0 | (1,113) |
Balance at Jun. 30, 2015 | $ 61,182 | $ 70 | $ 58,761 | $ 4,684 | $ (2,480) | $ (1) | $ 148 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net income (loss) | $ 1,361 | $ (715) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
(Credit) provision for loan losses | (1,420) | (739) |
Depreciation and amortization expense | 405 | 369 |
Net (gain) loss on sales of foreclosed assets | 8 | 59 |
Writedowns on foreclosed real estate | 0 | 38 |
Mortgage banking activity: | ||
Gain on sales of mortgage loans | (449) | (296) |
Mortgage loans originated for sale | (8,145) | (10,682) |
Proceeds from sale of mortgage loans | 7,452 | 10,962 |
Net amortization of investment premiums and discounts | 205 | 3 |
Net gain on sale of investments | (829) | (193) |
Stock-based compensation | 63 | 2 |
Net change in: | ||
Accrued income receivable | 33 | (218) |
Deferred loan fees | 9 | (7) |
Cash surrender value of life insurance | (132) | (129) |
Other assets | 680 | (466) |
Other liabilities | 129 | 294 |
Net cash (used in)/provided by operating activities | (630) | (1,718) |
Cash flows from investing activities | ||
Proceeds from maturities, calls and repayments of available-for-sale securities | 14,849 | 17,285 |
Proceeds from sale of available-for-sale securities | 12,248 | 7,224 |
Proceeds from maturities of held-to-maturity securities | 829 | 2,569 |
Redemption of Federal Home Loan Bank stock | 0 | 234 |
Purchase of available-for-sale securities | (16,773) | (59,168) |
Loan originations net of principal payments | (9,749) | (5,938) |
Purchase of premises and equipment | (381) | (395) |
Loan proceeds held in escrow | 0 | (3,970) |
Proceeds from the sale of commercial loans | 0 | 580 |
Proceeds from the sale of foreclosed assets | 288 | 1,604 |
Net cash (used in)/provided by investing activities | 1,311 | (39,975) |
Cash flows from financing activities | ||
Net change in time deposits | (7,219) | (2,851) |
Net change in other deposit accounts | 6,927 | (2,016) |
Proceeds from FHLB advances | 15,097 | 38,000 |
Repayment of FHLB advances | (9,048) | (9,129) |
Net change in mortgagors' escrow accounts | 45 | 238 |
Change in other borrowings | 0 | (206) |
Net cash provided by/(used in) financing activities | 5,802 | 24,036 |
Net change in cash and cash equivalents | 6,483 | (17,657) |
Cash and cash equivalents at beginning of period | 10,940 | 26,374 |
Cash and cash equivalents at end of period | 17,423 | 8,717 |
Non-cash investing activities: | ||
Transfer of loans to foreclosed assets | 0 | 391 |
Transfer of commercial loans to loans held for sale | 0 | 3,957 |
Interest paid | 1,572 | 1,529 |
Unrealized (losses) gains on available for sale securities arising during the period | $ (1,670) | $ 1,666 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Naugatuck Valley Financial Corporation (“Naugatuck Valley Financial” or the “Company”) is a stock savings and loan holding company incorporated in the State of Maryland. The Company is primarily engaged in the business of planning, directing and coordinating the business activities of its wholly-owned subsidiary bank, Naugatuck Valley Savings and Loan (“Naugatuck Valley Savings” or the “Bank”). The Company became the holding company for the Bank effective June 29, 2011. Naugatuck Valley Savings is a federally chartered stock savings association and has served its customers in Connecticut since 1922. The Bank operates as a community-oriented financial institution dedicated to serving the financial services needs of consumers and businesses with a variety of deposit and lending products from its full service banking offices in the Greater Naugatuck Valley region of southwestern Connecticut. The Bank attracts deposits from the general public and uses those funds to originate one-to-four family, multi-family and commercial real estate, construction, commercial real estate, construction, commercial business and consumer loans. At June 30, 2015, Naugatuck Valley Savings had one wholly-owned subsidiary, Church Street OREO One, LLC. Church Street OREO One, LLC was established in February 2013 to hold properties acquired through foreclosure as well as from non-judicial proceedings. On June 3, 2015, the Company and Liberty Bank, a Connecticut-chartered mutual savings bank (“Liberty”), entered into an Agreement and Plan of Merger (“the Merger Agreement”) under which Liberty will acquire the Company and the Bank. Consummation of the transaction remains subject to customary closing conditions, including receipt of requisite shareholder approval and all required regulatory approvals, and is expected to occur in the first quarter of 2016. Under the terms of the Merger Agreement, Liberty will acquire all of the Company’s outstanding common stock at a price of $ 11.00 3.1 In connection with the proposed merger, the Company has incurred merger related expenses of $ 612,000 The accompanying consolidated interim financial statements are unaudited and include the accounts of the Company, the Bank, and the Bank’s In preparing the consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, deferred income taxes and the valuation of and the evaluation for other than temporary impairment (“OTTI”) on investment securities. While management uses available information to recognize losses and properly value these assets, future adjustments may be necessary based on changes in economic conditions both in Connecticut and nationally. The Company’s only business segment is Community Banking. This segment represented all the revenues, income and assets of the consolidated Company and therefore, is the only reported segment as defined by FASB ASC 820, Segment Reporting Management has evaluated subsequent events for potential recognition or disclosure in the consolidated financial statements as of the date of this filing. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Certain reclassifications have been made to the prior period amounts to conform with the June 30, 2015 consolidated financial statement presentation. These reclassifications only changed the reporting categories and did not affect the Company’s results of operations or financial position. The significant accounting policies used in preparation of our consolidated financial statements are disclosed in our 2014 Annual Report on Form 10-K. There have not been any material changes in our significant accounting policies compared with those contained in our Form 10-K disclosure for the year ended December 31, 2014. 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 became effective during the three months ended June 30, 2014. The adoption of this guidance has not had 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. The ASU became effective in January 2014 and its adoption has not had a material impact on the Company’s consolidated financial statements. Transfer and Servicing (Topic 860) Repurchase to Maturity Transactions, Repurchase Refinancings and Disclosures: In June 2014, the FASB issued ASU 2014-11. The standard introduces two new disclosure requirements. The first requires an entity to disclose information about certain transactions that are economically similar to a repurchase agreement. The second disclosure increases the transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. This standard became effective in December 2014 and its adoption has not had a material impact on the Company’s consolidated financial statements. Receivables Troubled Debt Restructurings by Creditors (Topic 310-40) Classification of Certain Government- Guaranteed Mortgage Loans Upon Foreclosure: In August 2014, the FASB issued ASU 2014-14. This guidance requires that, upon foreclosure, a government-guaranteed mortgage loan be transferred from loans to other receivables when all of the following conditions are met: (i) the loan has a government guarantee that is not separable from the loan before foreclosure; (ii) at the time of foreclosure, the creditor has the intent to convey the real property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of real estate is fixed, which is an attribute specific to VA loans. The amount of the separate other receivable shall be measured based on the amount of the loan balance, including interest, expected to be recovered from the guarantor. The standard became effective in December 2014 and its adoption has not had a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Guidance Revenue from Contracts with Customers (Topic 606 ). In May 2014, the FASB issued ASU 2014-09. This standard outlines a single comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that revenue is recognized when a customer obtains control of a good or service. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service. Transfer of control is not the same as transfer of risks and rewards, as it is considered in current guidance. The Company will also need to apply new guidance to determine whether revenue should be recognized over time or at a point in time. This standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016, with no early adoption permitted, using either of two methods: (a) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (b) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined in ASU 2014-09. The Company has not yet selected a transition method and is currently evaluating the impact of the pending adoption of ASU 2014-09 on the consolidated financial statements. Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern: In August 2014, the FASB issued ASU 2014-15 which defines management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related disclosures in the notes to the financial statements. This standard will be effective for the first annual reporting period beginning after December 15, 2016 and interim periods thereafter. Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs: In April 2015, the FASB issued ASU No. 2015-03 . |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 INVESTMENT SECURITIES Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Available-for-sale securities: U.S. Government and agency obligations $ - $ - $ - $ - U.S. Government agency mortgage-backed securities 43,471 545 (279) 43,737 U.S. Government agency collateralized mortgage obligations 6,994 75 (8) 7,061 Obligations of state and municipal subdivisions 16,639 216 (307) 16,548 Total available-for-sale securities $ 67,104 $ 836 $ (594) $ 67,346 Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Held-to-maturity securities: U.S. Government agency mortgage-backed securities $ 11,434 $ 167 $ (30) $ 11,571 Total held-to-maturity securities $ 11,434 $ 167 $ (30) $ 11,571 At December 31, 2014, the composition of the investment portfolio was: Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Available-for-sale securities: U.S. Government and agency obligations $ 5,000 $ 42 $ - $ 5,042 U.S. Government agency mortgage-backed securities 51,904 1,332 (149) 53,087 U.S. Government agency collateralized mortgage obligations 12,802 378 (1) 13,179 Obligations of state and municipal subdivisions 5,920 310 - 6,230 Total available-for-sale securities $ 75,626 $ 2,062 $ (150) $ 77,538 Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Held-to-maturity securities: U.S. Government agency mortgage-backed securities $ 13,441 $ 212 $ (20) $ 13,633 Total held-to-maturity securities $ 13,441 $ 212 $ (20) $ 13,633 For the three and six months ended June 30, 2015 and June 30, 2014, the Company realized gross gains on sales of investment securities of $ 413,000 34,000 829,000 193,000 At June 30, 2015 (In thousands) Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agency collateralized mortgage obligations $ 2,000 $ (8) $ - $ - $ 2,000 $ (8) U.S. Government agency mortgage-backed securities 21,800 (244) 1,430 (35) 23,230 (279) Obligations of state and municipal subdivisions 10,989 (307) - - 10,989 (307) Total securities in unrealized loss position $ 34,789 $ (559) $ 1,430 $ (35) $ 36,219 $ (594) At December 31, 2014 (In thousands) Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agency collateralized mortgage obligations $ 10,804 $ (55) $ 6,300 $ (94) $ 17,104 $ (149) U.S. Government agency mortgage-backed securities 1,351 (1) - - 1,351 (1) Total securities in unrealized loss position $ 12,155 $ (56) $ 6,300 $ (94) $ 18,455 $ (150) Available-for-Sale Held-to-Maturity Amortized Amortized At June 30, 2015 Cost Fair Value Cost Fair Value (In thousands) U.S. Government agency mortgage-backed securities $ 43,471 $ 43,737 $ 11,434 $ 11,571 U.S. Government agency collateralized mortgage obligations 6,994 7,061 - - Subtotal 50,465 50,798 11,434 11,571 Securities with fixed maturities: Due in one year or less - - - - Due after one year through five years - - - - Due after five years through ten years 1,904 2,014 - - Due after ten years 14,735 14,534 - - Subtotal 16,639 16,548 - - Total $ 67,104 $ 67,346 $ 11,434 $ 11,571 Available-for-Sale Held-to-Maturity Amortized Amortized At December 31, 2014 Cost Fair Value Cost Fair Value (In thousands) U.S. Government agency mortgage-backed securities $ 51,904 $ 53,087 $ 13,441 $ 13,633 U.S. Government agency collateralized mortgage obligations 12,802 13,179 - - Subtotal 64,706 66,266 13,441 13,633 Securities with fixed maturities: Due in one year or less - - - - Due after one year through five years - - - - Due after five years through ten years 1,898 2,009 - - Due after ten years 9,022 9,263 - - Subtotal 10,920 11,272 - - Total $ 75,626 $ 77,538 $ 13,441 $ 13,633 Pledged Securities June 30, 2015 December 31, 2014 Amortized Amortized Cost Fair Value Cost Fair Value (In thousands) State of Connecticut to secure public deposits $ 2,014 $ 2,024 $ 18,446 $ 18,881 Federal Home Loan Bank of Boston to secure borrowing arrangements 15,010 15,116 - - Total $ 17,024 $ 17,140 $ 18,446 $ 18,881 Effective May 4, 2015 upon the termination of the Bank’s Formal Agreement with the OCC, the collateral requirement for public deposits with the State of Connecticut was reduced from 110 10 |
LOANS RECEIVABLE
LOANS RECEIVABLE | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 LOANS RECEIVABLE June 30, December 31, (In thousands) 2015 2014 Real estate loans: One-to-four family $ 176,892 $ 180,739 Multi-family and commercial real estate 137,857 122,526 Construction and land development 3,748 3,415 Total real estate loans 318,497 306,680 Commercial business loans 21,711 25,801 Consumer loans: Home equity 31,704 28,700 Other consumer 7,143 8,144 Total consumer loans 38,847 36,844 Total loans 379,055 369,325 Less: Allowance for loan losses 4,583 6,023 Deferred loan origination fees, net 54 43 Loans receivable, net $ 374,418 $ 363,259 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. Credit quality of financing receivables Management segregates the loan portfolio into portfolio segments which are defined as the level at which the Company develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. 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. The Company has experienced a significant decrease in foreclosures on its owner occupied loan portfolio over the past year. Foreclosures are 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 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. Credit Risk Profile by Internally Assigned Grade: Multi-Family and Construction One-to-Four Commercial and Land Commercial June 30, 2015 Family Real Estate Development Business Loans Consumer Loans Total (In thousands) Risk Rating: Pass $ 173,470 $ 132,254 $ 2,355 $ 19,569 $ 38,094 $ 365,742 Special Mention 721 3,298 797 1,002 205 6,023 Substandard: - Accruing 123 1,457 - 423 74 2,077 - Nonaccruing 2,578 848 596 717 474 5,213 Subtotal - substandard 2,701 2,305 596 1,140 548 7,290 Doubtful - - - - - - Total $ 176,892 $ 137,857 $ 3,748 $ 21,711 $ 38,847 $ 379,055 Multi-Family and Commercial Real Estate Credit Risk Profile by Internally Assigned Grade: Investor Owned One-to-Four Industrial and Total Multi-Family family and multi- Warehouse Special Use and Commercial June 30, 2015 family Properties Office Buildings Retail Properties Properties Real Estate (In thousands) Risk Rating: Pass $ 33,433 $ 24,005 $ 23,201 $ 16,979 $ 34,636 $ 132,254 Special Mention 454 1,125 29 382 1,308 3,298 Substandard: - Accruing 245 - 97 146 969 1,457 - Nonaccruing 389 19 433 - 7 848 Subtotal - substandard 634 19 530 146 976 2,305 Doubtful - - - - - - Total $ 34,521 $ 25,149 $ 23,760 $ 17,507 $ 36,920 $ 137,857 Credit Risk Profile by Internally Assigned Grade: Multi-Family and Construction One-to-Four Commercial and Land Commercial Consumer December 31, 2014 Family Real Estate Development Business Loans Loans Total (In thousands) Risk Rating: Pass $ 177,598 $ 116,020 $ 1,835 $ 23,535 $ 36,348 $ 355,336 Special Mention 731 4,040 853 707 207 6,538 Substandard: - Accruing 19 1,498 - 755 74 2,346 - Nonaccruing 2,391 968 727 804 215 5,105 Subtotal - substandard 2,410 2,466 727 1,559 289 7,451 Doubtful - - - - - - Total $ 180,739 $ 122,526 $ 3,415 $ 25,801 $ 36,844 $ 369,325 Multi-Family and Commercial Real Estate Credit Risk Profile by Internally Assigned Grade: Investor Owned One-to- Total Multi- Four family Industrial and Family and and multi- Warehouse Office Retail Special Use Commercial Real December 31, 2014 family Properties Buildings Properties Properties Estate (In thousands) Risk Rating: Pass $ 23,793 $ 23,707 $ 23,503 $ 17,092 $ 27,925 $ 116,020 Special Mention 1,027 1,145 319 104 1,445 4,040 Substandard: - Accruing 252 - 100 150 996 1,498 - Nonaccruing 389 23 546 - 10 968 Subtotal - substandard 641 23 646 150 1,006 2,466 Doubtful - - - - - - Total $ 25,461 $ 24,875 $ 24,468 $ 17,346 $ 30,376 $ 122,526 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 troubled debt restructurings (“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 current for a reasonable period of time (usually six consecutive months) to establish a reliable assessment of collectability. Delinquencies Carrying Greater Amount > 90 31-60 Days 61-90 Days Than Total Past Days and As of June 30, 2015 Past Due Past Due 90 Days Due Current Total Loans Accruing (In thousands) Real estate loans One-to-four family $ 667 $ 728 $ 1,287 $ 2,682 $ 174,210 $ 176,892 $ - Construction and land development - 919 596 1,515 2,233 3,748 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family 1,663 - 389 2,052 32,469 34,521 - Industrial and Warehouse - - - - 25,149 25,149 - Office buildings - - 433 433 23,327 23,760 - Retail properties - - - - 17,507 17,507 - Special use properties - - - - 36,920 36,920 - Subtotal Multi-family and commercial real estate 1,663 - 822 2,485 135,372 137,857 - Commercial business loans - - 666 666 21,045 21,711 - Consumer loans: Home equity loans 92 199 234 525 31,179 31,704 - Other consumer loans 2 - - 2 7,141 7,143 - Subtotal Consumer 94 199 234 527 38,320 38,847 - Total $ 2,424 $ 1,846 $ 3,605 $ 7,875 $ 371,180 $ 379,055 $ - Delinquencies Carrying Greater Amount > 31-60 Days 61-90 Days Than Total Past 90 Days and As of December 31, 2014 Past Due Past Due 90 Days Due Current Total Loans Accruing (In thousands) Real estate loans One-to-four family $ 349 $ 153 $ 1,594 $ 2,096 $ 178,643 $ 180,739 $ - Construction and land development - - 726 726 2,689 3,415 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family - - 389 389 25,072 25,461 - Industrial and Warehouse - - - - 24,875 24,875 - Office buildings - - 206 206 24,262 24,468 - Retail properties - - - - 17,346 17,346 - Special use properties - - - - 30,376 30,376 - Subtotal Multi-family and commercial real estate - - 595 595 121,931 122,526 - Commercial business loans 972 - 703 1,675 24,126 25,801 - Consumer loans: Home equity loans 222 97 28 347 28,353 28,700 - Other consumer loans 6 - - 6 8,138 8,144 - Subtotal Consumer 228 97 28 353 36,491 36,844 - Total $ 1,549 $ 250 $ 3,646 $ 5,445 $ 363,880 $ 369,325 $ - Impaired loans and nonperforming assets June 30, December 31, 2015 2014 Nonperforming Assets (Dollars in thousands) Nonaccrual loans: One-to-four family $ 1,503 $ 1,414 Multi-family and commercial real estate 367 375 Construction and land development 596 726 Commercial business loans 665 804 Consumer loans 474 187 Total 3,605 3,506 Troubled debt restructurings - non-accrual 1,608 1,600 Subtotal nonperforming loans 5,213 5,106 Foreclosed real estate 39 335 Total nonperforming assets $ 5,252 $ 5,441 Total nonperforming loans to total loans 1.38 % 1.38 % Total nonperforming loans to total assets 1.04 % 1.03 % Total nonperforming assets to total assets 1.05 % 1.10 % Nonperforming loans (defined as nonaccrual loans and nonperforming TDRs) totaled $ 5.2 5.1 107,000 2.1 67,000 61,000 At June 30, 2015, the Company had 35 loans on nonaccrual status of which 14 At December 31, 2014, the Company had 34 loans on nonaccrual status of which 17 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. Recorded Recorded Investment with Investment with Unpaid No Specific Specific Total Contractual Related Specific Valuation Valuation Recorded Principal Valuation As of June 30, 2015 Allowance Allowance Investment Balance Allowance (In thousands) Real estate loans One-to-four family $ 2,863 $ 1,272 $ 4,135 $ 4,481 $ 62 Construction and land development 596 - 596 887 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family properties 389 - 389 395 - Industrial and warehouse properties 19 - 19 25 - Office buildings 433 - 433 638 - Retail properties - - - - - Special use properties 7 - 7 22 - Subtotal 848 - 848 1,080 - Commercial business loans 788 80 868 929 - Consumer loans 501 174 675 705 32 Total impaired loans $ 5,596 $ 1,526 $ 7,122 $ 8,082 $ 94 Recorded Recorded Investment with Investment with Unpaid Related No Specific Specific Total Contractual Specific Valuation Valuation Recorded Principal Valuation As of December 31, 2014 Allowance Allowance Investment Balance Allowance (In thousands) Real estate loans One-to-four family $ 2,793 $ 1,536 $ 4,329 $ 4,555 $ 59 Construction and land development 685 - 685 1,022 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family properties 389 - 389 395 - Industrial and warehouse properties 22 - 22 28 - Office buildings 546 - 546 750 - Retail properties - - - - - Special use properties 10 - 10 24 - Subtotal 967 - 967 1,197 - Commercial business loans 759 192 951 1,042 4 Consumer loans 385 133 518 521 9 Total impaired loans $ 5,589 $ 1,861 $ 7,450 $ 8,337 $ 72 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 paid by borrowers on nonaccrual loans which were recognized as principal curtailments. On those nonaccrual loans accounted for under the cost recovery method, 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. Six Months Ended June 30, 2015 2014 Average Average Recorded Interest Income Recorded Interest Income Investments Recognized Investments Recognized (In thousands) Real estate loans One-to four-family $ 4,265 $ 79 $ 5,951 $ 175 Construction 655 1 1,567 7 Multi-family and commercial real estate 928 - 2,594 90 Commercial business loans 923 7 1,661 40 Consumer loans 542 10 492 8 Total $ 7,313 $ 97 $ 12,265 $ 320 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 and on performing TDR loans using the cash-basis method. For the six month periods ended June 30, 2015 and 2014, the amount of interest payments applied to principal under the cost recovery method was $ 18,000 30,000 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. As of December 31, (In thousands) As of June 30, 2015 2014 Aggregate recorded investment of impaired loans performing under terms modified through a troubled debt restructuring: Performing (1) $ 2,254 $ 2,549 Nonperforming (2) 1,255 1,256 Total $ 3,509 $ 3,805 (1) Of the $2,254,000 in TDRs which were performing under the modified terms of their agreements at June 30, 2015, there were $392,000 in TDRs that remain on nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of the $392,000 performing TDRs and the $1,216,000 nonperforming TDRs on nonaccrual status at June 30, 2015 equal the $1,608,000 in TDRs that were on nonaccrual status at June 30, 2015. Of the $2,549,000 in TDRs which were performing under the modified terms of their agreements at December 31, 2014, there were $2,164,000 in TDRs that remain on nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of the $385,000 performing TDRs and the $1,215,000 nonperforming TDRs on nonaccrual status at December 31, 2014 equal the $1,600,000 in TDRs that were on nonaccrual status at December 31, 2014. (2) Of the $1,255,000 in TDRs that were not performing under the modified terms of their agreements at June 30, 2015, all of these loans, except for one loan in the amount of $39,000, was on nonaccrual status. All of the $1,256,000 in TDRs which were not performing under the modified terms of their agreements at December 31, 2014, except for one loan in the amount of $40,000, were on nonaccrual status. As illustrated in the table below, during the six months ended June 30, 2015, the following concession was made on one loan totaling $53,000 (measured as a percentage of loan balances on TDRs): ⋅ Extension of payment terms for 100.0 For the Six Months Ended June 30, 2015 Pre- Post- Modification Modification Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment % Extended payment terms: Commercial business loans 1 $ 53 $ 53 100.0 % Subtotal 1 53 53 100.0 % Grand Totals 1 $ 53 $ 53 100.0 % For the Six Months Ended June 30, 2014 Pre- Post- Modification Modification Number Recorded Recorded (Dollars in thousands) of Loans Investment Investment % Below market interest rate: Real estate loans: One-to-four family 1 $ 35 $ 35 6.8 % Commercial real estate loans 1 10 10 2.0 % Commercial business loans 2 20 20 3.9 % Subtotal 4 65 65 12.7 % Extended payment terms: Commercial business loans 1 98 98 19.2 % Subtotal 1 98 98 19.2 % Principal payments deferred: Real estate loans: One-to-four family 2 348 348 68.1 % Subtotal 2 348 348 68.1 % Grand Totals 7 $ 511 $ 511 100.0 % In cases where there was more than one concession granted, the modification was classified by the more dominant concession. The majority of the Bank’s TDRs are a result of principal payment deferrals to troubled credits which have already been adversely classified. The Bank grants such consessions to reassess the borrower’s financial status and to develop a plan for repayment. These modifications did not have a material effect on the Company or the Bank. 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 forbearance agreements or interest rate modifications, the Bank might not collect all the principal and interest based on the original contractual terms. The Bank applies its procedures for placing TDRs on accrual or nonaccrual status using the same general guidance as for loans. The Bank estimates the necessary allowance for loan losses on TDRs using the same guidance as for other impaired loans. There were no TDRs that had been modified during the previous twelve months ended June 30, 2015 that subsequently defaulted or were charged off during the six months ended June 30, 2015. 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 $ 6.02 4.58 1.44 23.9 1.4 20,000 20,000 7.6 2.1 161,000 2.2 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. As of and for the Six Months Multi-Family and Construction and Land Commercial Ended June 30, 2015 One-to-Four Family Commercial Real Estate Development Business Loans Consumer Loans Total (In thousands) Allowance for loan losses: Beginning balance $ 1,633 $ 3,097 $ 414 $ 592 $ 287 $ 6,023 Provision for loan losses 202 (1,172) (139) (502) 191 (1,420) Charge-offs (27) - - (21) (101) (149) Recoveries - - 50 52 27 129 Balance at June 30, 2015 $ 1,808 $ 1,925 $ 325 $ 121 $ 404 $ 4,583 Allowance related to loans: Individually evaluated for impairment $ 62 $ - $ - $ - $ 32 $ 94 Collectively evaluated for impairment 1,746 1,925 325 121 372 4,489 Total allowance $ 1,808 $ 1,925 $ 325 $ 121 $ 404 $ 4,583 Ending loan balance individually evaluated for impairment $ 4,135 $ 848 $ 596 $ 868 $ 675 $ 7,122 Ending loan balance collectively evaluated for impairment 172,757 137,009 3,152 20,843 38,172 371,933 Total loans $ 176,892 $ 137,857 $ 3,748 $ 21,711 $ 38,847 $ 379,055 Multi-Family and Commercial Real Estate As of and for the Six Months Investor One-to-Four Industrial and Warehouse Total Multi-Family and Ended June 30, 2015 Family and Multi-Family Properties Office Buildings Retail Properties Special Use Properties Commercial Real Estate (In thousands) Allowance for loan losses: Beginning balance $ 509 $ 597 $ 352 $ 548 $ 1,091 $ 3,097 Provision for loan losses (88) (268) (120) (188) (508) (1,172) Charge-offs - - - - - - Recoveries - - - - - - Balance at June 30, 2015 $ 421 $ 329 $ 232 $ 360 $ 583 $ 1,925 Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 421 329 232 360 583 1,925 Total allowance $ 421 $ 329 $ 232 $ 360 $ 583 $ 1,925 Ending loan balance individually evaluated for impairment $ 389 $ 19 $ 433 $ - $ 7 $ 848 Ending loan balance collectively evaluated for impairment 34,132 25,130 23,327 17,507 36,913 137,009 Total loans $ 34,521 $ 25,149 $ 23,760 $ 17,507 $ 36,920 $ 137,857 Multi-Family and As of and for the Six Months One-to-Four Commercial Construction and Commercial Consumer Ended June 30, 2014 Family Real Estate Land Development Business Loans Loans Total (In thousands) Allowance for loan losses: Beginning balance $ 1,849 $ 5,097 $ 1,118 $ 1,443 $ 384 $ 9,891 Provision for loan losses 306 51 (117) (845) (134) (739) Charge-offs (541) (1,306) (148) (74) (13) (2,082) Recoveries 10 19 16 96 86 227 Balance at June 30, 2014 $ 1,624 $ 3,861 $ 869 $ 620 $ 323 $ 7,297 Allowance related to loans: Individually evaluated for impairment $ 56 $ - $ 21 $ 88 $ 10 $ 175 Collectively evaluated for impairment 1,568 3,861 848 532 313 7,122 Total allowance $ 1,624 $ 3,861 $ 869 $ 620 $ 323 $ 7,297 Ending loan balance individually evaluated for impairment $ 4,061 $ 825 $ 1,272 $ 1,120 $ 397 $ 7,675 Ending loan balance collectively evaluated for impairment 177,970 120,686 3,482 23,791 36,066 361,995 Total loans $ 182,031 $ 121,511 $ 4,754 $ 24,911 $ 36,463 $ 369,670 Multi-Family and Commercial Real Estate Investor One- Total Multi- to-Four Industrial and Family and As of and for the Six Months Family and Warehouse Retail Special Use Commercial Ended June 30, 2014 Multi-Family Properties Office Buildings Properties Properties Real Estate (In thousands) Allowance for loan losses: Beginning balance $ 515 $ 1,034 $ 563 $ 856 $ 2,129 $ 5,097 Provision for loan losses 96 (64) (92) 243 (132) 51 Charge-offs (166) (234) - (491) (415) (1,306) Recoveries - - - - 19 19 Segment ending balance as of June 30, 2014 $ 445 $ 736 $ 471 $ 608 $ 1,601 $ 3,861 Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 445 736 471 608 1,601 3,861 Total allowance $ 445 $ 736 $ 471 $ 608 $ 1,601 $ 3,861 Ending loan balance individually evaluated for impairment $ 554 $ 27 $ 205 $ - $ 39 $ 825 Ending loan balance collectively evaluated for impairment 18,614 27,245 26,932 18,931 28,964 120,686 Total loans $ 19,168 $ 27,272 $ 27,137 $ 18,931 $ 29,003 $ 121,511 Multi-Family and As of and for the Year One-to-Four Commercial Construction and Commercial Consumer Total Ended December 31, 2014 Family Real Estate Land Development Business Loans Loans (In thousands) Allowance related to loans: Individually evaluated for impairment $ 59 $ - $ - $ 4 $ 9 $ 72 Collectively evaluated for impairment 1,574 3,097 414 588 278 5,951 Total allowance $ 1,633 $ 3,097 $ 414 $ 592 $ 287 $ 6,023 Ending loan balance individually evaluated for impairment $ 4,223 $ 969 $ 726 $ 978 $ 492 $ 7,388 Ending loan balance collectively evaluated for impairment 176,516 121,557 2,689 24,823 36,352 361,937 Total loans $ 180,739 $ 122,526 $ 3,415 $ 25,801 $ 36,844 $ 369,325 Multi-Family and Commercial Real Estate As of and for the Year Investor One- Industrial and Office Buildings Retail Special Use Total Multi- (In thousands) Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 509 597 352 |
MORTGAGE BANKING ACTIVITY
MORTGAGE BANKING ACTIVITY | 6 Months Ended |
Jun. 30, 2015 | |
Mortgage Banking [Abstract] | |
Mortgage Banking And Mortgage Servicing Rights Disclosure [Text Block] | NOTE 4 - MORTGAGE BANKING ACTIVITY Mortgage banking includes three components: (1) the origination of residential mortgage loans for sale in the secondary market, (2) the servicing of mortgage loans sold to investors, and (3) the sale of mortgage servicing rights. For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2015 2014 2015 2014 Gain on sales of mortgage loans $ 231 $ 179 $ 449 $ 296 Mortgage servicing income 1 (2) 1 3 Gain on sale of mortgage servicing rights - - - 26 Total $ 232 $ 177 $ 450 $ 325 The Bank originates government sponsored 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 decrease in the Bank’s mortgage servicing income for the six month period ended June 30, 2015 compared to the same period in 2014 is due to the sale of mortgage servicing rights detailed below and was the result of the Bank selling most of their loans on the secondary market on a servicing released basis. As of August 29, 2014, the Company sold its mortgage servicing rights with a book value of approximately $ 948,000 134.8 |
FORECLOSED REAL ESTATE
FORECLOSED REAL ESTATE | 6 Months Ended |
Jun. 30, 2015 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate Disclosure [Text Block] | N OTE 5 FORECLOSED REAL ESTATE For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Beginning balance $ 100 $ 1,114 $ 335 $ 1,846 Additions - 53 - 391 Proceeds from dispositions (52) (625) (288) (1,604) Gain (loss) on sales (9) 5 (8) (59) Writedowns - (11) - (38) Balance at end of period $ 39 $ 536 $ 39 $ 536 At June 30, 2015, the Bank held two properties consisting of one single family residence and one unimproved parcel zoned as residential. At June 30, 2015 and at December 31, 2014, the Bank had $ 2.8 3.2 The Company records the gain (loss) on sale of foreclosed real estate in the expenses on foreclosed properties, net category along with expenses for acquiring and maintaining foreclosed real estate properties. |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2015 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | NOTE 6 DEPOSITS June 30, 2015 December 31, 2014 (Dollars in thousands) Amount Percent Amount Percent Noninterest bearing demand deposits $ 74,529 20.0 % $ 68,957 18.5 % Interest bearing deposits Now accounts and money market accounts 51,118 13.7 % 50,738 13.6 % Savings accounts 109,463 29.3 % 108,488 29.0 % Certificates of deposit 138,057 37.0 % 145,276 38.9 % Total interest bearing deposits 298,638 80.0 % 304,502 81.5 % Total deposits $ 373,167 100.0 % $ 373,459 100.0 % At June 30, At December 31, (In thousands) 2015 2014 Through twelve months $ 51,387 $ 56,895 Twelve months through three years 52,499 55,962 Over three years 34,171 32,419 $ 138,057 $ 145,276 The aggregate amount of individual certificate of deposit accounts of $100,000 or more at June 30, 2015 and December 31, 2014 was $ 56.4 60.7 250,000 11.6 13.2 |
FHLB ADVANCES
FHLB ADVANCES | 6 Months Ended |
Jun. 30, 2015 | |
Long-Term Federal Home Loan Bank Advances [Abstract] | |
Long-term Debt [Text Block] | NOTE 7 FHLB ADVANCES The Bank is a member of the Federal Home Loan Bank of Boston (“FHLB”). At June 30, 2015, the Bank had the ability to borrow up to $ 98.5 At June 30, 2015 At December 31, 2014 Weighted Weighted Amount Average Amount Average (Dollars in thousands) Due Cost Due Cost Year of maturity: (1) 2015 $ 5,228 0.74 % $ 6,792 0.73 % 2016 16,150 0.85 % 16,068 0.85 % 2017 22,570 1.56 % 21,021 1.59 % 2018 7,748 2.53 % 5,743 2.90 % 2019 5,752 2.08 % 3,420 2.59 % 2020 - 2024 2,028 1.33 % 383 0.18 % 2025 - 2028 335 - 335 - Total FHLB advances $ 59,811 1.46 % $ 53,762 1.43 % (1) Amount due includes scheduled principal payments on amortizing advances. 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 |
OTHER BORROWED FUNDS
OTHER BORROWED FUNDS | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 8 OTHER BORROWED FUNDS The Bank utilized securities sold under agreements to repurchase to accommodate its customers’ needs to invest funds short term and as a source of borrowings. During 2014, the Bank changed product types in order to make it more advantageous for these customers to be in a deposit product. At December 31, 2014, there were no customers utilizing securities sold under agreement to repurchase as an investment. 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 June 30, 2015 and December 31, 2014, 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 7.2 7.4 At June 30, 2015, the Bank had reserve requirements with the Federal Reserve Bank of Boston amounting to $ 2.7 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 9 STOCK BASED COMPENSATION Both stock options and restricted stock awards vest at 20 (a) Stock Option Awards 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. 2015 Number of Weighted Average Shares Exercise Price Options outstanding at the beginning of year 209,808 $ 9.36 Granted 162,566 8.60 Forfeited (2,947) 9.41 Exercised - - Expired - - Options outstanding at June 30, 2015 369,427 $ 9.03 Options exercisable at June 30, 2015 98,861 $ 11.17 Weighted-average fair value of options granted during the year $ 2.61 Weighted Average Remaining Outstanding as of Contractual Life June 30, 2015 Exercise Price (in years) Exercise price for outstanding options 95,469 $ 11.12 0.08 3,392 $ 12.51 1.5 110,000 $ 7.74 8.9 160,566 $ 8.60 9.6 369,427 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 volatility of the options, the Company utilized the historical volatility of other similar companies during a period of time equal to the expected life of the options because the Company’s common shares have been publicly traded for a period less than the expected life of the options. The Company assumed no dividend payments would be made during the expected contractual term of the option period. The Company determined the expected contractual term of the options to be 6.5 The risk-free rate utilized for this calculation was based upon the U.S. Treasury yield curve in effect at the date of the options grant. Grant Date May 27, 2014 January 31, 2015 Dividend yield 0.00 % 0.00 % Expected volatility 28.42 % 26.76 % Risk-free rate 1.95 % 1.49 % Expected life in years 6.5 6.5 Weighted-average fair value of options at grant date $ 2.55 $ 2.61 Restricted Stock Awards Weighted Average Fair Number of Value on Grant Shares Date Nonvested at January 1, 2014 - $ - Granted 4,114 8.01 Vested - - Forefeited - - Nonvested at December 31, 2014 4,114 8.01 Granted - - Vested - - Forefeited - - Nonvested at June 30, 2015 4,114 $ 8.01 Weighted average remaining contractual life in years 9.4 The fair value of restricted stock awards is measured based on the number of shares granted and the closing market price of the Company’s common stock on the date of grant. The share-based compensation expense is reduced for an estimate of the restricted stock unit awards that are expected to be forfeited. The forfeiture estimate is zero based on historical data and other factors. The Company recorded stock-based compensation expense of $ 39,000 66,000 587,264 28,600 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | NOTE 10 STOCKHOLDERS’ EQUITY Income (Loss) Per Share Basic net income (loss) per common share is calculated by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed in a manner similar to basic net income (loss) per common share except that the weighted-average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. The Company’s common stock equivalents relate solely to stock option and restricted stock awards. Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. For the six months ended June 30, 2015, anti-dilutive options excluded from the calculations totaled 95,469 11.12 3,392 12.51 105,787 11.12 4,290 12.51 Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands except for per share data) Net income (loss) $ 1,097 $ 94 $ 1,361 $ (715) Weighted-average common shares outstanding: Basic 6,679,360 6,675,457 6,679,360 6,675,457 Diluted 6,725,110 6,676,391 6,714,182 6,675,457 Earnings (loss) per common share: Basic $ 0.16 $ 0.01 $ 0.20 $ (0.11) Diluted $ 0.16 $ 0.01 $ 0.20 $ (0.11) Dividends The ability of the Company to pay dividends depends, in part, on the ability of the Bank to pay dividends to the Company. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 11 REGULATORY CAPITAL REQUIREMENTS On May 4, 2015, the Office of the Comptroller of the Currency (“OCC”) notified the Bank that the Formal Agreement between the Bank and the OCC dated January 17, 2012 was terminated. In addition to the termination of the Formal Agreement, the OCC notified the Bank that it no longer requires the Bank to maintain the individual minimum capital requirements imposed on June 4, 2013. On June 11, 2015, the Federal Reserve Bank of Boston notified the Company that the Memorandum of Understanding between the Company and the Federal Reserve Bank of Boston dated May 21, 2013 was terminated. As a savings and loan holding company with consolidated assets of less than $ 1.0 As a source of strength to its subsidiary bank, the Company had liquid assets of approximately $ 3.2 11.71 Effective January 1, 2015, Basel III implementation date for community banks, the applicable capital regulations have been revised to: ⋅ Establish a new common equity Tier 1 minimum capital requirement (at 4.5 ⋅ Increase the minimum Tier 1 capital to risk-based assets requirement (from 4.0 6.0 ⋅ Change what constitutes regulatory capital including the phasing out of certain components over a transition period; ⋅ Amends the risk-weights of certain assets to better reflect credit risk and other risk exposures; and ⋅ Phase in a “capital conservation buffer” requirement beginning January 1, 2016 at 0.625 2.5 For the Bank, the new common equity Tier 1 capital ratio is the same as its Tier 1 risk-based capital ratio because the Bank’s Tier 1 capital consists only of common equity. Furthermore, as of March 31, 2015, the Bank elected to exclude its accumulated other comprehensive income (which, for the Bank, primarily consists of unrealized gains and losses on available for sale investment securities) from its Tier 1 capital. This is consistent with its previous treatment of this item. Well Capitalized At June 30, 2015 Requirements Minimum Requirements (3) Actual (Dollars in thousands) $ % $ % $ % The Company Consolidated Tier 1 Leverage Capital (1) N/A N/A N/A N/A $ 61,034 11.96 % Tier 1 Risk-Based Capital (2) N/A N/A N/A N/A 61,034 18.03 % Total Risk-Based Capital (2) N/A N/A N/A N/A 65,271 19.28 % The Bank Tier 1 Leverage Capital (1) $ 25,541 5.00 % $ 22,987 4.50 % $ 56,597 11.08 % Common Equity Tier 1 (CET1) (2) (4) 22,004 6.50 % 15,234 4.50 % 56,597 16.72 % Tier 1 Risk-Based Capital (2) 27,082 8.00 % 20,312 6.00 % 56,597 16.72 % Total Risk-Based Capital (2) 33,853 10.00 % 27,082 8.00 % 60,833 17.97 % (1) Tier 1 capital to total assets. (2) Tier 1 or total risk-based capital to risk-weighted assets. (3) Formal Agreement and related ICMRs terminated on May 4, 2015. (4) New capital requirement under Basel III effective January 1, 2015. At December 31, 2014 Adequately Capitalized Individual Minimum Actual (Dollars in thousands) $ % $ % $ % The Company Consolidated Tier 1 Leverage Capital (1) N/A N/A N/A N/A $ 59,611 12.09 % Tier 1 Risk-Based Capital (2) N/A N/A N/A N/A 59,611 18.94 % Total Risk-Based Capital (2) N/A N/A N/A N/A 63,571 20.20 % The Bank Tier 1 Leverage Capital (1) $ 19,796 4.00 % $ 44,541 9.00 % $ 55,090 11.13 % Tier 1 Risk-Based Capital (2) 12,658 4.00 % N/A N/A 55,090 17.41 % Total Risk-Based Capital (2) 25,317 8.00 % 41,139 13.00 % 59,071 18.67 % (1) Tier 1 capital to total assets. (2) Tier 1 or total risk-based capital to risk-weighted assets. (3) Imposed on June 4, 2013 and teminated on May 4, 2015. As of June 30, 2015, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Financial Instruments Disclosure [Text Block] | NOTE 12 FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the financial statements. The contractual amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The contractual amounts of commitments to extend credit represents the amounts of potential accounting loss should the contract be fully drawn upon, the customer defaults, and the value of any existing collateral becomes worthless. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments and evaluates each customer’s creditworthiness on a case-by-case basis. The Company controls the credit risk of these financial instruments through credit approvals, credit limits, monitoring procedures and the receipt of collateral that it deems necessary. Financial instruments whose contractual amounts represent credit risk at June 30, 2015 and December 31, 2014 were as follows: June 30, December 31, (In thousands) 2015 2014 Commitments to extend credit: Commercial real estate loan committments $ 20,827 $ 30,254 Unused home equity lines of credit 19,990 19,084 Commercial and industrial loan commitments 13,617 12,587 Amounts due on other commitments 4,732 7,257 Commercial letters of credit 523 588 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to extend credit generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counter-party. Collateral held varies, but may include residential and commercial property, deposits and securities. |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 13 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. 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. Federal Home Loan Bank stock The Bank is a member of the FHLB and is required to maintain an investment in capital stock of the FHLB. The carrying amount is a reasonable estimate of fair value. The Company does not record this asset at fair value on a recurring basis. Based on redemption provisions, the stock of the FHLB has no quoted market value and is carried at cost. FHLB stock is classified as Level 3 within the fair value hierarchy. Foreclosed real estate Foreclosed real estate represents real estate acquired through or in lieu of foreclosure and which are recorded at fair value on a nonrecurring basis. Fair value is based upon appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company classifies the fair value measurement as Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company classifies the fair value measurement as Level 3. The Company classified these assets as Level 3 within the fair value hierarchy. Deposit liabilities The fair value of demand deposits, savings and money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated using a discounted cash flow calculation that applies interest rates currently being offered by market participants for deposits of similar remaining maturities, estimated using local market data, to a schedule of aggregated expected maturities of such deposits. The Company does not record deposits at fair value on a recurring basis. Demand deposits, savings and money market deposits are classified as Level 1 within the fair value hierarchy. Certificates of deposit are classified as Level 2 within the fair value hierarchy. Borrowed funds The fair value of FHLB advances and other borrowed funds (repurchase agreements) are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The Company does not record this liability at fair value on a recurring basis. FHLB advances and other borrowings are classified as Level 2 within the fair value hierarchy. Accrued interest payable The carrying amounts approximates fair value. The Company does not record the liability at fair value on a recurring basis. This liability is classified as Level 1 within the fair value hierarchy. Mortgagors’ escrow accounts The carrying amount approximates fair value. The Company does not record this liability at fair value on a recurring basis. This liability is classified as Level 2 within the fair value hierarchy. June 30, 2015 December 31, 2014 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Level Value Value Value Value Financial Assets Cash and cash equivalents Level 1 $ 17,423 $ 17,423 $ 10,940 $ 10,940 Investment securities, available-for-sale Level 2 67,346 67,346 77,538 77,538 Investment securities, held-to-maturity Level 2 11,434 11,571 13,441 13,633 Loans held for sale Level 2 2,204 2,204 1,062 1,062 Loans receivable, net: Performing Level 2 367,390 371,604 355,943 359,687 Impaired Level 3 7,028 7,028 7,316 7,316 Accrued interest receivable Level 1 1,566 1,566 1,599 1,599 FHLB Stock Level 3 4,548 4,548 4,548 4,548 Financial Liabilities Demand deposits, savings, Now and money market deposits Level 1 235,110 235,110 228,183 228,183 Time deposits Level 2 138,057 139,886 145,276 147,385 FHLB advances Level 2 59,811 60,269 53,762 54,148 Mortgagors' escrow accounts Level 2 4,385 4,385 4,341 4,341 Accrued interest payable Level 1 73 73 67 67 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 June 30, 2015 and December 31, 2014 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 June 30, 2015 and December 31, 2014. Fair Value At June 30, 2015 (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 agency mortgage-backed obligations $ - $ 43,737 $ - $ 43,737 U.S. Government agency collateralized mortgage obligations - 7,061 - 7,061 Obligations of state and municipal subdivisions - 16,548 - 16,548 Fair Value At December 31, 2014 (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 $ - $ 5,042 $ - $ 5,042 U.S. Government agency mortgage-backed obligations - 53,087 - 53,087 U.S. Government agency collateralized mortgage obligations - 13,179 - 13,179 Obligations of state and municipal subdivisions - 6,230 - 6,230 Fair Value At June 30, 2015 (In thousands) Level 1 Level 2 Level 3 Total Assets measured at fair value on a non-recurring basis: Impaired loans $ - $ - $ 7,028 $ 7,028 Foreclosed real estate - - 39 39 Fair Value At December 31, 2014 (In thousands) Level 1 Level 2 Level 3 Total Assets measured at fair value on a non-recurring basis: Impaired loans $ - $ - $ 7,316 $ 7,316 Foreclosed real estate - - 335 335 During the six months ended June 30, 2015, the following fair values of those reflected in the above table were remeasured: · $ 2.8 · $ 39,000 Because broadly traded markets do not exist for most of the Company’s financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. These determinations are subjective in nature, involve uncertainties and matters of significant judgment and do not include tax ramifications; therefore, the results cannot be determined with precision, substantiated by comparison to independent markets and may not be realized in an actual sale or immediate settlement of the instruments. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. For all of these reasons, the aggregation of the fair value calculations presented herein do not represent, and should not be construed to represent, the underlying value of the Company. The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent management believes necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
DESCRIPTION OF BUSINESS AND B21
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Business Description Policy [Policy Text Block] | Nature of Operations Naugatuck Valley Financial Corporation (“Naugatuck Valley Financial” or the “Company”) is a stock savings and loan holding company incorporated in the State of Maryland. The Company is primarily engaged in the business of planning, directing and coordinating the business activities of its wholly-owned subsidiary bank, Naugatuck Valley Savings and Loan (“Naugatuck Valley Savings” or the “Bank”). The Company became the holding company for the Bank effective June 29, 2011. Naugatuck Valley Savings is a federally chartered stock savings association and has served its customers in Connecticut since 1922. The Bank operates as a community-oriented financial institution dedicated to serving the financial services needs of consumers and businesses with a variety of deposit and lending products from its full service banking offices in the Greater Naugatuck Valley region of southwestern Connecticut. The Bank attracts deposits from the general public and uses those funds to originate one-to-four family, multi-family and commercial real estate, construction, commercial real estate, construction, commercial business and consumer loans. At June 30, 2015, Naugatuck Valley Savings had one wholly-owned subsidiary, Church Street OREO One, LLC. Church Street OREO One, LLC was established in February 2013 to hold properties acquired through foreclosure as well as from non-judicial proceedings. |
Proposed Merger [Policy Text Block] | On June 3, 2015, the Company and Liberty Bank, a Connecticut-chartered mutual savings bank (“Liberty”), entered into an Agreement and Plan of Merger (“the Merger Agreement”) under which Liberty will acquire the Company and the Bank. Consummation of the transaction remains subject to customary closing conditions, including receipt of requisite shareholder approval and all required regulatory approvals, and is expected to occur in the first quarter of 2016. Under the terms of the Merger Agreement, Liberty will acquire all of the Company’s outstanding common stock at a price of $ 11.00 3.1 In connection with the proposed merger, the Company has incurred merger related expenses of $ 612,000 |
Basis Of Presentation Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated interim financial statements are unaudited and include the accounts of the Company, the Bank, and the Bank’s In preparing the consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, deferred income taxes and the valuation of and the evaluation for other than temporary impairment (“OTTI”) on investment securities. While management uses available information to recognize losses and properly value these assets, future adjustments may be necessary based on changes in economic conditions both in Connecticut and nationally. The Company’s only business segment is Community Banking. This segment represented all the revenues, income and assets of the consolidated Company and therefore, is the only reported segment as defined by FASB ASC 820, Segment Reporting Management has evaluated subsequent events for potential recognition or disclosure in the consolidated financial statements as of the date of this filing. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Certain reclassifications have been made to the prior period amounts to conform with the June 30, 2015 consolidated financial statement presentation. These reclassifications only changed the reporting categories and did not affect the Company’s results of operations or financial position. |
Basis of Accounting, Policy [Policy Text Block] | Summary of Significant Accounting Policies The significant accounting policies used in preparation of our consolidated financial statements are disclosed in our 2014 Annual Report on Form 10-K. There have not been any material changes in our significant accounting policies compared with those contained in our Form 10-K disclosure for the year ended December 31, 2014. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted 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 became effective during the three months ended June 30, 2014. The adoption of this guidance has not had 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. The ASU became effective in January 2014 and its adoption has not had a material impact on the Company’s consolidated financial statements. Transfer and Servicing (Topic 860) Repurchase to Maturity Transactions, Repurchase Refinancings and Disclosures: In June 2014, the FASB issued ASU 2014-11. The standard introduces two new disclosure requirements. The first requires an entity to disclose information about certain transactions that are economically similar to a repurchase agreement. The second disclosure increases the transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. This standard became effective in December 2014 and its adoption has not had a material impact on the Company’s consolidated financial statements. Receivables Troubled Debt Restructurings by Creditors (Topic 310-40) Classification of Certain Government- Guaranteed Mortgage Loans Upon Foreclosure: In August 2014, the FASB issued ASU 2014-14. This guidance requires that, upon foreclosure, a government-guaranteed mortgage loan be transferred from loans to other receivables when all of the following conditions are met: (i) the loan has a government guarantee that is not separable from the loan before foreclosure; (ii) at the time of foreclosure, the creditor has the intent to convey the real property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of real estate is fixed, which is an attribute specific to VA loans. The amount of the separate other receivable shall be measured based on the amount of the loan balance, including interest, expected to be recovered from the guarantor. The standard became effective in December 2014 and its adoption has not had a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Guidance Revenue from Contracts with Customers (Topic 606 ). In May 2014, the FASB issued ASU 2014-09. This standard outlines a single comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that revenue is recognized when a customer obtains control of a good or service. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service. Transfer of control is not the same as transfer of risks and rewards, as it is considered in current guidance. The Company will also need to apply new guidance to determine whether revenue should be recognized over time or at a point in time. This standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016, with no early adoption permitted, using either of two methods: (a) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (b) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined in ASU 2014-09. The Company has not yet selected a transition method and is currently evaluating the impact of the pending adoption of ASU 2014-09 on the consolidated financial statements. Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern: In August 2014, the FASB issued ASU 2014-15 which defines management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related disclosures in the notes to the financial statements. This standard will be effective for the first annual reporting period beginning after December 15, 2016 and interim periods thereafter. Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs: In April 2015, the FASB issued ASU No. 2015-03 . |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Available For Sale Securities and Held To Maturity Securities [Table Text Block] | At June 30, 2015, the composition of the investment portfolio was: Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Available-for-sale securities: U.S. Government and agency obligations $ - $ - $ - $ - U.S. Government agency mortgage-backed securities 43,471 545 (279) 43,737 U.S. Government agency collateralized mortgage obligations 6,994 75 (8) 7,061 Obligations of state and municipal subdivisions 16,639 216 (307) 16,548 Total available-for-sale securities $ 67,104 $ 836 $ (594) $ 67,346 Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Held-to-maturity securities: U.S. Government agency mortgage-backed securities $ 11,434 $ 167 $ (30) $ 11,571 Total held-to-maturity securities $ 11,434 $ 167 $ (30) $ 11,571 At December 31, 2014, the composition of the investment portfolio was: Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Available-for-sale securities: U.S. Government and agency obligations $ 5,000 $ 42 $ - $ 5,042 U.S. Government agency mortgage-backed securities 51,904 1,332 (149) 53,087 U.S. Government agency collateralized mortgage obligations 12,802 378 (1) 13,179 Obligations of state and municipal subdivisions 5,920 310 - 6,230 Total available-for-sale securities $ 75,626 $ 2,062 $ (150) $ 77,538 Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Held-to-maturity securities: U.S. Government agency mortgage-backed securities $ 13,441 $ 212 $ (20) $ 13,633 Total held-to-maturity securities $ 13,441 $ 212 $ (20) $ 13,633 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following is a summary of the fair values and related unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2015, and December 31, 2014: At June 30, 2015 (In thousands) Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agency collateralized mortgage obligations $ 2,000 $ (8) $ - $ - $ 2,000 $ (8) U.S. Government agency mortgage-backed securities 21,800 (244) 1,430 (35) 23,230 (279) Obligations of state and municipal subdivisions 10,989 (307) - - 10,989 (307) Total securities in unrealized loss position $ 34,789 $ (559) $ 1,430 $ (35) $ 36,219 $ (594) At December 31, 2014 (In thousands) Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agency collateralized mortgage obligations $ 10,804 $ (55) $ 6,300 $ (94) $ 17,104 $ (149) U.S. Government agency mortgage-backed securities 1,351 (1) - - 1,351 (1) Total securities in unrealized loss position $ 12,155 $ (56) $ 6,300 $ (94) $ 18,455 $ (150) |
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 June 30, 2015 and December 31, 2014, 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 Amortized Amortized At June 30, 2015 Cost Fair Value Cost Fair Value (In thousands) U.S. Government agency mortgage-backed securities $ 43,471 $ 43,737 $ 11,434 $ 11,571 U.S. Government agency collateralized mortgage obligations 6,994 7,061 - - Subtotal 50,465 50,798 11,434 11,571 Securities with fixed maturities: Due in one year or less - - - - Due after one year through five years - - - - Due after five years through ten years 1,904 2,014 - - Due after ten years 14,735 14,534 - - Subtotal 16,639 16,548 - - Total $ 67,104 $ 67,346 $ 11,434 $ 11,571 Available-for-Sale Held-to-Maturity Amortized Amortized At December 31, 2014 Cost Fair Value Cost Fair Value (In thousands) U.S. Government agency mortgage-backed securities $ 51,904 $ 53,087 $ 13,441 $ 13,633 U.S. Government agency collateralized mortgage obligations 12,802 13,179 - - Subtotal 64,706 66,266 13,441 13,633 Securities with fixed maturities: Due in one year or less - - - - Due after one year through five years - - - - Due after five years through ten years 1,898 2,009 - - Due after ten years 9,022 9,263 - - Subtotal 10,920 11,272 - - Total $ 75,626 $ 77,538 $ 13,441 $ 13,633 |
Schedule Of Amortized Cost And Fair value Of Available For Sale And Held To Maturity Securities [Table Text Block] | June 30, 2015 December 31, 2014 Amortized Amortized Cost Fair Value Cost Fair Value (In thousands) State of Connecticut to secure public deposits $ 2,014 $ 2,024 $ 18,446 $ 18,881 Federal Home Loan Bank of Boston to secure borrowing arrangements 15,010 15,116 - - Total $ 17,024 $ 17,140 $ 18,446 $ 18,881 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule Of Classification Of Loans Receivable [Table Text Block] | A summary of loans receivable at June 30, 2015 and December 31, 2014 is as follows: June 30, December 31, (In thousands) 2015 2014 Real estate loans: One-to-four family $ 176,892 $ 180,739 Multi-family and commercial real estate 137,857 122,526 Construction and land development 3,748 3,415 Total real estate loans 318,497 306,680 Commercial business loans 21,711 25,801 Consumer loans: Home equity 31,704 28,700 Other consumer 7,143 8,144 Total consumer loans 38,847 36,844 Total loans 379,055 369,325 Less: Allowance for loan losses 4,583 6,023 Deferred loan origination fees, net 54 43 Loans receivable, net $ 374,418 $ 363,259 |
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 June 30, 2015 and December 31, 2014: Credit Risk Profile by Internally Assigned Grade: Multi-Family and Construction One-to-Four Commercial and Land Commercial June 30, 2015 Family Real Estate Development Business Loans Consumer Loans Total (In thousands) Risk Rating: Pass $ 173,470 $ 132,254 $ 2,355 $ 19,569 $ 38,094 $ 365,742 Special Mention 721 3,298 797 1,002 205 6,023 Substandard: - Accruing 123 1,457 - 423 74 2,077 - Nonaccruing 2,578 848 596 717 474 5,213 Subtotal - substandard 2,701 2,305 596 1,140 548 7,290 Doubtful - - - - - - Total $ 176,892 $ 137,857 $ 3,748 $ 21,711 $ 38,847 $ 379,055 Multi-Family and Commercial Real Estate Credit Risk Profile by Internally Assigned Grade: Investor Owned One-to-Four Industrial and Total Multi-Family family and multi- Warehouse Special Use and Commercial June 30, 2015 family Properties Office Buildings Retail Properties Properties Real Estate (In thousands) Risk Rating: Pass $ 33,433 $ 24,005 $ 23,201 $ 16,979 $ 34,636 $ 132,254 Special Mention 454 1,125 29 382 1,308 3,298 Substandard: - Accruing 245 - 97 146 969 1,457 - Nonaccruing 389 19 433 - 7 848 Subtotal - substandard 634 19 530 146 976 2,305 Doubtful - - - - - - Total $ 34,521 $ 25,149 $ 23,760 $ 17,507 $ 36,920 $ 137,857 Credit Risk Profile by Internally Assigned Grade: Multi-Family and Construction One-to-Four Commercial and Land Commercial Consumer December 31, 2014 Family Real Estate Development Business Loans Loans Total (In thousands) Risk Rating: Pass $ 177,598 $ 116,020 $ 1,835 $ 23,535 $ 36,348 $ 355,336 Special Mention 731 4,040 853 707 207 6,538 Substandard: - Accruing 19 1,498 - 755 74 2,346 - Nonaccruing 2,391 968 727 804 215 5,105 Subtotal - substandard 2,410 2,466 727 1,559 289 7,451 Doubtful - - - - - - Total $ 180,739 $ 122,526 $ 3,415 $ 25,801 $ 36,844 $ 369,325 Multi-Family and Commercial Real Estate Credit Risk Profile by Internally Assigned Grade: Investor Owned One-to- Total Multi- Four family Industrial and Family and and multi- Warehouse Office Retail Special Use Commercial Real December 31, 2014 family Properties Buildings Properties Properties Estate (In thousands) Risk Rating: Pass $ 23,793 $ 23,707 $ 23,503 $ 17,092 $ 27,925 $ 116,020 Special Mention 1,027 1,145 319 104 1,445 4,040 Substandard: - Accruing 252 - 100 150 996 1,498 - Nonaccruing 389 23 546 - 10 968 Subtotal - substandard 641 23 646 150 1,006 2,466 Doubtful - - - - - - Total $ 25,461 $ 24,875 $ 24,468 $ 17,346 $ 30,376 $ 122,526 |
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 June 30, 2015 and December 31, 2014: Delinquencies Carrying Greater Amount > 90 31-60 Days 61-90 Days Than Total Past Days and As of June 30, 2015 Past Due Past Due 90 Days Due Current Total Loans Accruing (In thousands) Real estate loans One-to-four family $ 667 $ 728 $ 1,287 $ 2,682 $ 174,210 $ 176,892 $ - Construction and land development - 919 596 1,515 2,233 3,748 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family 1,663 - 389 2,052 32,469 34,521 - Industrial and Warehouse - - - - 25,149 25,149 - Office buildings - - 433 433 23,327 23,760 - Retail properties - - - - 17,507 17,507 - Special use properties - - - - 36,920 36,920 - Subtotal Multi-family and commercial real estate 1,663 - 822 2,485 135,372 137,857 - Commercial business loans - - 666 666 21,045 21,711 - Consumer loans: Home equity loans 92 199 234 525 31,179 31,704 - Other consumer loans 2 - - 2 7,141 7,143 - Subtotal Consumer 94 199 234 527 38,320 38,847 - Total $ 2,424 $ 1,846 $ 3,605 $ 7,875 $ 371,180 $ 379,055 $ - Delinquencies Carrying Greater Amount > 31-60 Days 61-90 Days Than Total Past 90 Days and As of December 31, 2014 Past Due Past Due 90 Days Due Current Total Loans Accruing (In thousands) Real estate loans One-to-four family $ 349 $ 153 $ 1,594 $ 2,096 $ 178,643 $ 180,739 $ - Construction and land development - - 726 726 2,689 3,415 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family - - 389 389 25,072 25,461 - Industrial and Warehouse - - - - 24,875 24,875 - Office buildings - - 206 206 24,262 24,468 - Retail properties - - - - 17,346 17,346 - Special use properties - - - - 30,376 30,376 - Subtotal Multi-family and commercial real estate - - 595 595 121,931 122,526 - Commercial business loans 972 - 703 1,675 24,126 25,801 - Consumer loans: Home equity loans 222 97 28 347 28,353 28,700 - Other consumer loans 6 - - 6 8,138 8,144 - Subtotal Consumer 228 97 28 353 36,491 36,844 - Total $ 1,549 $ 250 $ 3,646 $ 5,445 $ 363,880 $ 369,325 $ - |
Impaired Financing Receivables [Table Text Block] | The following table sets forth certain information with respect to our nonperforming assets as of June 30, 2015 and December 31, 2014: June 30, December 31, 2015 2014 Nonperforming Assets (Dollars in thousands) Nonaccrual loans: One-to-four family $ 1,503 $ 1,414 Multi-family and commercial real estate 367 375 Construction and land development 596 726 Commercial business loans 665 804 Consumer loans 474 187 Total 3,605 3,506 Troubled debt restructurings - non-accrual 1,608 1,600 Subtotal nonperforming loans 5,213 5,106 Foreclosed real estate 39 335 Total nonperforming assets $ 5,252 $ 5,441 Total nonperforming loans to total loans 1.38 % 1.38 % Total nonperforming loans to total assets 1.04 % 1.03 % Total nonperforming assets to total assets 1.05 % 1.10 % |
Schedule Of Impaired Loans Receivable [Table Text Block] | The following tables summarize impaired loans by portfolio segment as of June 30, 2015 and December 31, 2014: Recorded Recorded Investment with Investment with Unpaid No Specific Specific Total Contractual Related Specific Valuation Valuation Recorded Principal Valuation As of June 30, 2015 Allowance Allowance Investment Balance Allowance (In thousands) Real estate loans One-to-four family $ 2,863 $ 1,272 $ 4,135 $ 4,481 $ 62 Construction and land development 596 - 596 887 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family properties 389 - 389 395 - Industrial and warehouse properties 19 - 19 25 - Office buildings 433 - 433 638 - Retail properties - - - - - Special use properties 7 - 7 22 - Subtotal 848 - 848 1,080 - Commercial business loans 788 80 868 929 - Consumer loans 501 174 675 705 32 Total impaired loans $ 5,596 $ 1,526 $ 7,122 $ 8,082 $ 94 Recorded Recorded Investment with Investment with Unpaid Related No Specific Specific Total Contractual Specific Valuation Valuation Recorded Principal Valuation As of December 31, 2014 Allowance Allowance Investment Balance Allowance (In thousands) Real estate loans One-to-four family $ 2,793 $ 1,536 $ 4,329 $ 4,555 $ 59 Construction and land development 685 - 685 1,022 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family properties 389 - 389 395 - Industrial and warehouse properties 22 - 22 28 - Office buildings 546 - 546 750 - Retail properties - - - - - Special use properties 10 - 10 24 - Subtotal 967 - 967 1,197 - Commercial business loans 759 192 951 1,042 4 Consumer loans 385 133 518 521 9 Total impaired loans $ 5,589 $ 1,861 $ 7,450 $ 8,337 $ 72 |
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 six months ended June 30, 2015 and 2014: Six Months Ended June 30, 2015 2014 Average Average Recorded Interest Income Recorded Interest Income Investments Recognized Investments Recognized (In thousands) Real estate loans One-to four-family $ 4,265 $ 79 $ 5,951 $ 175 Construction 655 1 1,567 7 Multi-family and commercial real estate 928 - 2,594 90 Commercial business loans 923 7 1,661 40 Consumer loans 542 10 492 8 Total $ 7,313 $ 97 $ 12,265 $ 320 |
Impaired Loans Modified Tdr [Table Text Block] | As of December 31, (In thousands) As of June 30, 2015 2014 Aggregate recorded investment of impaired loans performing under terms modified through a troubled debt restructuring: Performing (1) $ 2,254 $ 2,549 Nonperforming (2) 1,255 1,256 Total $ 3,509 $ 3,805 (1) Of the $2,254,000 in TDRs which were performing under the modified terms of their agreements at June 30, 2015, there were $392,000 in TDRs that remain on nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of the $392,000 performing TDRs and the $1,216,000 nonperforming TDRs on nonaccrual status at June 30, 2015 equal the $1,608,000 in TDRs that were on nonaccrual status at June 30, 2015. Of the $2,549,000 in TDRs which were performing under the modified terms of their agreements at December 31, 2014, there were $2,164,000 in TDRs that remain on nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of the $385,000 performing TDRs and the $1,215,000 nonperforming TDRs on nonaccrual status at December 31, 2014 equal the $1,600,000 in TDRs that were on nonaccrual status at December 31, 2014. (2) Of the $1,255,000 in TDRs that were not performing under the modified terms of their agreements at June 30, 2015, all of these loans, except for one loan in the amount of $39,000, was on nonaccrual status. All of the $1,256,000 in TDRs which were not performing under the modified terms of their agreements at December 31, 2014, except for one loan in the amount of $40,000, were on nonaccrual status. |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following tables present a breakdown of the type of concessions made by loan class during the six months ended June 30, 2015 and June 30, 2014: For the Six Months Ended June 30, 2015 Pre- Post- Modification Modification Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment % Extended payment terms: Commercial business loans 1 $ 53 $ 53 100.0 % Subtotal 1 53 53 100.0 % Grand Totals 1 $ 53 $ 53 100.0 % For the Six Months Ended June 30, 2014 Pre- Post- Modification Modification Number Recorded Recorded (Dollars in thousands) of Loans Investment Investment % Below market interest rate: Real estate loans: One-to-four family 1 $ 35 $ 35 6.8 % Commercial real estate loans 1 10 10 2.0 % Commercial business loans 2 20 20 3.9 % Subtotal 4 65 65 12.7 % Extended payment terms: Commercial business loans 1 98 98 19.2 % Subtotal 1 98 98 19.2 % Principal payments deferred: Real estate loans: One-to-four family 2 348 348 68.1 % Subtotal 2 348 348 68.1 % Grand Totals 7 $ 511 $ 511 100.0 % |
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 June 30, 2015, December 31, 2014 and June 30, 2014, by portfolio segment, disaggregated by impairment methodology, which is then further segregated by loans evaluated for impairment individually and collectively. As of and for the Six Months Multi-Family and Construction and Land Commercial Ended June 30, 2015 One-to-Four Family Commercial Real Estate Development Business Loans Consumer Loans Total (In thousands) Allowance for loan losses: Beginning balance $ 1,633 $ 3,097 $ 414 $ 592 $ 287 $ 6,023 Provision for loan losses 202 (1,172) (139) (502) 191 (1,420) Charge-offs (27) - - (21) (101) (149) Recoveries - - 50 52 27 129 Balance at June 30, 2015 $ 1,808 $ 1,925 $ 325 $ 121 $ 404 $ 4,583 Allowance related to loans: Individually evaluated for impairment $ 62 $ - $ - $ - $ 32 $ 94 Collectively evaluated for impairment 1,746 1,925 325 121 372 4,489 Total allowance $ 1,808 $ 1,925 $ 325 $ 121 $ 404 $ 4,583 Ending loan balance individually evaluated for impairment $ 4,135 $ 848 $ 596 $ 868 $ 675 $ 7,122 Ending loan balance collectively evaluated for impairment 172,757 137,009 3,152 20,843 38,172 371,933 Total loans $ 176,892 $ 137,857 $ 3,748 $ 21,711 $ 38,847 $ 379,055 Multi-Family and Commercial Real Estate As of and for the Six Months Investor One-to-Four Industrial and Warehouse Total Multi-Family and Ended June 30, 2015 Family and Multi-Family Properties Office Buildings Retail Properties Special Use Properties Commercial Real Estate (In thousands) Allowance for loan losses: Beginning balance $ 509 $ 597 $ 352 $ 548 $ 1,091 $ 3,097 Provision for loan losses (88) (268) (120) (188) (508) (1,172) Charge-offs - - - - - - Recoveries - - - - - - Balance at June 30, 2015 $ 421 $ 329 $ 232 $ 360 $ 583 $ 1,925 Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 421 329 232 360 583 1,925 Total allowance $ 421 $ 329 $ 232 $ 360 $ 583 $ 1,925 Ending loan balance individually evaluated for impairment $ 389 $ 19 $ 433 $ - $ 7 $ 848 Ending loan balance collectively evaluated for impairment 34,132 25,130 23,327 17,507 36,913 137,009 Total loans $ 34,521 $ 25,149 $ 23,760 $ 17,507 $ 36,920 $ 137,857 Multi-Family and As of and for the Six Months One-to-Four Commercial Construction and Commercial Consumer Ended June 30, 2014 Family Real Estate Land Development Business Loans Loans Total (In thousands) Allowance for loan losses: Beginning balance $ 1,849 $ 5,097 $ 1,118 $ 1,443 $ 384 $ 9,891 Provision for loan losses 306 51 (117) (845) (134) (739) Charge-offs (541) (1,306) (148) (74) (13) (2,082) Recoveries 10 19 16 96 86 227 Balance at June 30, 2014 $ 1,624 $ 3,861 $ 869 $ 620 $ 323 $ 7,297 Allowance related to loans: Individually evaluated for impairment $ 56 $ - $ 21 $ 88 $ 10 $ 175 Collectively evaluated for impairment 1,568 3,861 848 532 313 7,122 Total allowance $ 1,624 $ 3,861 $ 869 $ 620 $ 323 $ 7,297 Ending loan balance individually evaluated for impairment $ 4,061 $ 825 $ 1,272 $ 1,120 $ 397 $ 7,675 Ending loan balance collectively evaluated for impairment 177,970 120,686 3,482 23,791 36,066 361,995 Total loans $ 182,031 $ 121,511 $ 4,754 $ 24,911 $ 36,463 $ 369,670 Multi-Family and Commercial Real Estate Investor One- Total Multi- to-Four Industrial and Family and As of and for the Six Months Family and Warehouse Retail Special Use Commercial Ended June 30, 2014 Multi-Family Properties Office Buildings Properties Properties Real Estate (In thousands) Allowance for loan losses: Beginning balance $ 515 $ 1,034 $ 563 $ 856 $ 2,129 $ 5,097 Provision for loan losses 96 (64) (92) 243 (132) 51 Charge-offs (166) (234) - (491) (415) (1,306) Recoveries - - - - 19 19 Segment ending balance as of June 30, 2014 $ 445 $ 736 $ 471 $ 608 $ 1,601 $ 3,861 Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 445 736 471 608 1,601 3,861 Total allowance $ 445 $ 736 $ 471 $ 608 $ 1,601 $ 3,861 Ending loan balance individually evaluated for impairment $ 554 $ 27 $ 205 $ - $ 39 $ 825 Ending loan balance collectively evaluated for impairment 18,614 27,245 26,932 18,931 28,964 120,686 Total loans $ 19,168 $ 27,272 $ 27,137 $ 18,931 $ 29,003 $ 121,511 Multi-Family and As of and for the Year One-to-Four Commercial Construction and Commercial Consumer Total Ended December 31, 2014 Family Real Estate Land Development Business Loans Loans (In thousands) Allowance related to loans: Individually evaluated for impairment $ 59 $ - $ - $ 4 $ 9 $ 72 Collectively evaluated for impairment 1,574 3,097 414 588 278 5,951 Total allowance $ 1,633 $ 3,097 $ 414 $ 592 $ 287 $ 6,023 Ending loan balance individually evaluated for impairment $ 4,223 $ 969 $ 726 $ 978 $ 492 $ 7,388 Ending loan balance collectively evaluated for impairment 176,516 121,557 2,689 24,823 36,352 361,937 Total loans $ 180,739 $ 122,526 $ 3,415 $ 25,801 $ 36,844 $ 369,325 Multi-Family and Commercial Real Estate As of and for the Year Investor One- Industrial and Office Buildings Retail Special Use Total Multi- (In thousands) Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 509 597 352 548 1,091 3,097 Total allowance $ 509 $ 597 $ 352 $ 548 $ 1,091 $ 3,097 Ending loan balance individually evaluated for impairment $ 389 $ 23 $ 546 $ - $ 11 $ 969 Ending loan balance collectively evaluated for impairment 25,072 24,852 23,922 17,346 30,365 121,557 Total loans $ 25,461 $ 24,875 $ 24,468 $ 17,346 $ 30,376 $ 122,526 |
MORTGAGE BANKING ACTIVITY (Tabl
MORTGAGE BANKING ACTIVITY (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Mortgage Banking [Abstract] | |
Schedule Of Non-Interest Income [Table Text Block] | The following represents the Company’s noninterest income derived from these activities: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2015 2014 2015 2014 Gain on sales of mortgage loans $ 231 $ 179 $ 449 $ 296 Mortgage servicing income 1 (2) 1 3 Gain on sale of mortgage servicing rights - - - 26 Total $ 232 $ 177 $ 450 $ 325 |
FORECLOSED REAL ESTATE (Tables)
FORECLOSED REAL ESTATE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Foreclosed Real Estate [Abstract] | |
Other Real Estate, Roll Forward [Table Text Block] | Changes in foreclosed real estate during the three and six months ended June 30, 2015 and June 30, 2014 are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Beginning balance $ 100 $ 1,114 $ 335 $ 1,846 Additions - 53 - 391 Proceeds from dispositions (52) (625) (288) (1,604) Gain (loss) on sales (9) 5 (8) (59) Writedowns - (11) - (38) Balance at end of period $ 39 $ 536 $ 39 $ 536 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deposits [Abstract] | |
Schedule Of Deposits [Table Text Block] | A summary of deposits at June 30, 2015 and December 31, 2014 consisted of the following: June 30, 2015 December 31, 2014 (Dollars in thousands) Amount Percent Amount Percent Noninterest bearing demand deposits $ 74,529 20.0 % $ 68,957 18.5 % Interest bearing deposits Now accounts and money market accounts 51,118 13.7 % 50,738 13.6 % Savings accounts 109,463 29.3 % 108,488 29.0 % Certificates of deposit 138,057 37.0 % 145,276 38.9 % Total interest bearing deposits 298,638 80.0 % 304,502 81.5 % Total deposits $ 373,167 100.0 % $ 373,459 100.0 % |
Schedule Of Maturities Deposits [Table Text Block] | Scheduled maturities of certificates of deposit are as follows: At June 30, At December 31, (In thousands) 2015 2014 Through twelve months $ 51,387 $ 56,895 Twelve months through three years 52,499 55,962 Over three years 34,171 32,419 $ 138,057 $ 145,276 |
FHLB ADVANCES (Tables)
FHLB ADVANCES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long-Term Federal Home Loan Bank Advances [Abstract] | |
Schedule of Debt [Table Text Block] | The following table presents certain information regarding our FHLB advances during the periods or at the dates indicated. At June 30, 2015 At December 31, 2014 Weighted Weighted Amount Average Amount Average (Dollars in thousands) Due Cost Due Cost Year of maturity: (1) 2015 $ 5,228 0.74 % $ 6,792 0.73 % 2016 16,150 0.85 % 16,068 0.85 % 2017 22,570 1.56 % 21,021 1.59 % 2018 7,748 2.53 % 5,743 2.90 % 2019 5,752 2.08 % 3,420 2.59 % 2020 - 2024 2,028 1.33 % 383 0.18 % 2025 - 2028 335 - 335 - Total FHLB advances $ 59,811 1.46 % $ 53,762 1.43 % (1) Amount due includes scheduled principal payments on amortizing advances. |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and changes therein was as follows: 2015 Number of Weighted Average Shares Exercise Price Options outstanding at the beginning of year 209,808 $ 9.36 Granted 162,566 8.60 Forfeited (2,947) 9.41 Exercised - - Expired - - Options outstanding at June 30, 2015 369,427 $ 9.03 Options exercisable at June 30, 2015 98,861 $ 11.17 Weighted-average fair value of options granted during the year $ 2.61 |
Schedule of Share-based Compensation, Activity [Table Text Block] | The exercise price and weighted average remaining contractual life in years for all options outstanding at June 30, 2015 are detailed below. Weighted Average Remaining Outstanding as of Contractual Life June 30, 2015 Exercise Price (in years) Exercise price for outstanding options 95,469 $ 11.12 0.08 3,392 $ 12.51 1.5 110,000 $ 7.74 8.9 160,566 $ 8.60 9.6 369,427 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions used to determine the weighted average fair value of the stock options granted were as follows: Grant Date May 27, 2014 January 31, 2015 Dividend yield 0.00 % 0.00 % Expected volatility 28.42 % 26.76 % Risk-free rate 1.95 % 1.49 % Expected life in years 6.5 6.5 Weighted-average fair value of options at grant date $ 2.55 $ 2.61 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes the restricted stock awards outstanding for the year ended December 31, 2014 and the six months ended June 30, 2015: Weighted Average Fair Number of Value on Grant Shares Date Nonvested at January 1, 2014 - $ - Granted 4,114 8.01 Vested - - Forefeited - - Nonvested at December 31, 2014 4,114 8.01 Granted - - Vested - - Forefeited - - Nonvested at June 30, 2015 4,114 $ 8.01 Weighted average remaining contractual life in years 9.4 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands except for per share data) Net income (loss) $ 1,097 $ 94 $ 1,361 $ (715) Weighted-average common shares outstanding: Basic 6,679,360 6,675,457 6,679,360 6,675,457 Diluted 6,725,110 6,676,391 6,714,182 6,675,457 Earnings (loss) per common share: Basic $ 0.16 $ 0.01 $ 0.20 $ (0.11) Diluted $ 0.16 $ 0.01 $ 0.20 $ (0.11) |
REGULATORY CAPITAL REQUIREMEN30
REGULATORY CAPITAL REQUIREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Capital Units [Table Text Block] | The following tables are summaries 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 June 30, 2015 and December 31, 2014. Well Capitalized At June 30, 2015 Requirements Minimum Requirements (3) Actual (Dollars in thousands) $ % $ % $ % The Company Consolidated Tier 1 Leverage Capital (1) N/A N/A N/A N/A $ 61,034 11.96 % Tier 1 Risk-Based Capital (2) N/A N/A N/A N/A 61,034 18.03 % Total Risk-Based Capital (2) N/A N/A N/A N/A 65,271 19.28 % The Bank Tier 1 Leverage Capital (1) $ 25,541 5.00 % $ 22,987 4.50 % $ 56,597 11.08 % Common Equity Tier 1 (CET1) (2) (4) 22,004 6.50 % 15,234 4.50 % 56,597 16.72 % Tier 1 Risk-Based Capital (2) 27,082 8.00 % 20,312 6.00 % 56,597 16.72 % Total Risk-Based Capital (2) 33,853 10.00 % 27,082 8.00 % 60,833 17.97 % (1) Tier 1 capital to total assets. (2) Tier 1 or total risk-based capital to risk-weighted assets. (3) Formal Agreement and related ICMRs terminated on May 4, 2015. (4) New capital requirement under Basel III effective January 1, 2015. At December 31, 2014 Adequately Capitalized Individual Minimum Actual (Dollars in thousands) $ % $ % $ % The Company Consolidated Tier 1 Leverage Capital (1) N/A N/A N/A N/A $ 59,611 12.09 % Tier 1 Risk-Based Capital (2) N/A N/A N/A N/A 59,611 18.94 % Total Risk-Based Capital (2) N/A N/A N/A N/A 63,571 20.20 % The Bank Tier 1 Leverage Capital (1) $ 19,796 4.00 % $ 44,541 9.00 % $ 55,090 11.13 % Tier 1 Risk-Based Capital (2) 12,658 4.00 % N/A N/A 55,090 17.41 % Total Risk-Based Capital (2) 25,317 8.00 % 41,139 13.00 % 59,071 18.67 % (1) Tier 1 capital to total assets. (2) Tier 1 or total risk-based capital to risk-weighted assets. (3) Imposed on June 4, 2013 and teminated on May 4, 2015. |
FINANCIAL INSTRUMENTS WITH OF31
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Financial instruments whose contractual amounts represent credit risk at June 30, 2015 and December 31, 2014 were as follows: June 30, December 31, (In thousands) 2015 2014 Commitments to extend credit: Commercial real estate loan committments $ 20,827 $ 30,254 Unused home equity lines of credit 19,990 19,084 Commercial and industrial loan commitments 13,617 12,587 Amounts due on other commitments 4,732 7,257 Commercial letters of credit 523 588 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Carrying Amount and Fair Values Of Financial Instruments [Table Text Block] | The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Level Value Value Value Value Financial Assets Cash and cash equivalents Level 1 $ 17,423 $ 17,423 $ 10,940 $ 10,940 Investment securities, available-for-sale Level 2 67,346 67,346 77,538 77,538 Investment securities, held-to-maturity Level 2 11,434 11,571 13,441 13,633 Loans held for sale Level 2 2,204 2,204 1,062 1,062 Loans receivable, net: Performing Level 2 367,390 371,604 355,943 359,687 Impaired Level 3 7,028 7,028 7,316 7,316 Accrued interest receivable Level 1 1,566 1,566 1,599 1,599 FHLB Stock Level 3 4,548 4,548 4,548 4,548 Financial Liabilities Demand deposits, savings, Now and money market deposits Level 1 235,110 235,110 228,183 228,183 Time deposits Level 2 138,057 139,886 145,276 147,385 FHLB advances Level 2 59,811 60,269 53,762 54,148 Mortgagors' escrow accounts Level 2 4,385 4,385 4,341 4,341 Accrued interest payable Level 1 73 73 67 67 |
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 June 30, 2015 (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 agency mortgage-backed obligations $ - $ 43,737 $ - $ 43,737 U.S. Government agency collateralized mortgage obligations - 7,061 - 7,061 Obligations of state and municipal subdivisions - 16,548 - 16,548 Fair Value At December 31, 2014 (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 $ - $ 5,042 $ - $ 5,042 U.S. Government agency mortgage-backed obligations - 53,087 - 53,087 U.S. Government agency collateralized mortgage obligations - 13,179 - 13,179 Obligations of state and municipal subdivisions - 6,230 - 6,230 |
Schedule Of Fair Value On Non Recurring Basis [Table Text Block] | The following table represents assets measured at fair value on a non-recurring basis: Fair Value At June 30, 2015 (In thousands) Level 1 Level 2 Level 3 Total Assets measured at fair value on a non-recurring basis: Impaired loans $ - $ - $ 7,028 $ 7,028 Foreclosed real estate - - 39 39 Fair Value At December 31, 2014 (In thousands) Level 1 Level 2 Level 3 Total Assets measured at fair value on a non-recurring basis: Impaired loans $ - $ - $ 7,316 $ 7,316 Foreclosed real estate - - 335 335 |
DESCRIPTION OF BUSINESS AND B33
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details Textual) - USD ($) | Jun. 03, 2015 | Jun. 30, 2015 | Jun. 30, 2015 |
Basis Of Presentation [Line Items] | |||
Business Combination, Acquisition Related Costs | $ 612,000 | $ 612,000 | |
Business Acquisition, Share Price | $ 11 | ||
Liberty Bank [Member] | |||
Basis Of Presentation [Line Items] | |||
Termination Fee | $ 3,100,000 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale securities: | ||
Amortized Cost Basis | $ 67,104 | $ 75,626 |
Gross Unrealized Gains | 836 | 2,062 |
Gross Unrealized Losses | (594) | (150) |
Fair Value | 67,346 | 77,538 |
Held-to-maturity securities: | ||
Amortized Cost Basis | 11,434 | 13,441 |
Gross Unrealized Gains | 167 | 212 |
Gross Unrealized Losses | (30) | (20) |
Fair Value | 11,571 | 13,633 |
U.S. Government and agency obligations [Member] | ||
Available-for-sale securities: | ||
Amortized Cost Basis | 0 | 5,000 |
Gross Unrealized Gains | 0 | 42 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 5,042 |
U.S. Government agency mortgage-backed securities [Member] | ||
Available-for-sale securities: | ||
Amortized Cost Basis | 43,471 | 51,904 |
Gross Unrealized Gains | 545 | 1,332 |
Gross Unrealized Losses | (279) | (149) |
Fair Value | 43,737 | 53,087 |
Held-to-maturity securities: | ||
Amortized Cost Basis | 11,434 | 13,441 |
Gross Unrealized Gains | 167 | 212 |
Gross Unrealized Losses | (30) | (20) |
Fair Value | 11,571 | 13,633 |
U.S. Government agency collateralized mortgage obligations [Member] | ||
Available-for-sale securities: | ||
Amortized Cost Basis | 6,994 | 12,802 |
Gross Unrealized Gains | 75 | 378 |
Gross Unrealized Losses | (8) | (1) |
Fair Value | 7,061 | 13,179 |
Obligations of state and municipal subdivisions [Member] | ||
Available-for-sale securities: | ||
Amortized Cost Basis | 16,639 | 5,920 |
Gross Unrealized Gains | 216 | 310 |
Gross Unrealized Losses | (307) | 0 |
Fair Value | $ 16,548 | $ 6,230 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Unrealized Loss on Investments [Line Items] | ||
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | $ 34,789 | $ 12,155 |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | (559) | (56) |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 1,430 | 6,300 |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | (35) | (94) |
Available for sale investments with unrealized losses, Total, Fair Value | 36,219 | 18,455 |
Available for sale investments with unrealized losses, Total, Unrealized Loss | (594) | (150) |
US States and Political Subdivisions Debt Securities [Member] | ||
Unrealized Loss on Investments [Line Items] | ||
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | 10,989 | |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | (307) | |
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 | 10,989 | |
Available for sale investments with unrealized losses, Total, Unrealized Loss | (307) | |
Collateralized Mortgage Backed Securities [Member] | ||
Unrealized Loss on Investments [Line Items] | ||
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | 2,000 | 10,804 |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | (8) | (55) |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 0 | 6,300 |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | 0 | (94) |
Available for sale investments with unrealized losses, Total, Fair Value | 2,000 | 17,104 |
Available for sale investments with unrealized losses, Total, Unrealized Loss | (8) | (149) |
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 | 21,800 | 1,351 |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | (244) | (1) |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 1,430 | 0 |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | (35) | 0 |
Available for sale investments with unrealized losses, Total, Fair Value | 23,230 | 1,351 |
Available for sale investments with unrealized losses, Total, Unrealized Loss | $ (279) | $ (1) |
INVESTMENT SECURITIES (Detail36
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ||
Available-for-Sale, Amortized Cost | $ 67,104 | $ 75,626 |
Available-for-Sale, Fair Value | 67,346 | 77,538 |
Held-to-maturity Securities, Amortized Cost | 11,434 | 13,441 |
Held-to-Maturity, Fair Value | 11,571 | 13,633 |
Available-for-sale Securities, Debt Maturities, Due in one year or less, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Due in one year or less, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Due after one year through five years, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Due after one year through five years, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Due after five years through ten years, Amortized Cost Basis | 1,904 | 1,898 |
Available-for-sale Securities, Debt Maturities, Due after five years through ten years, Fair Value | 2,014 | 2,009 |
Available-for-sale Securities, Debt Maturities, Due after ten years, Amortized Cost Basis | 14,735 | 9,022 |
Available-for-sale Securities, Debt Maturities Due after ten years, Fair Value | 14,534 | 9,263 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 67,104 | 75,626 |
Available-for-sale Securities, Debt Securities, Fair Value | 67,346 | 77,538 |
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, Amortized Cost Basis | 11,434 | 13,441 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 11,571 | 13,633 |
Subtotal [Member] | ||
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ||
Available-for-Sale, Amortized Cost | 50,465 | 64,706 |
Available-for-Sale, Fair Value | 50,798 | 66,266 |
Held-to-maturity Securities, Amortized Cost | 11,434 | 13,441 |
Held-to-Maturity, Fair Value | 11,571 | 13,633 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 16,639 | 10,920 |
Available-for-sale Securities, Debt Securities, Fair Value | 16,548 | 11,272 |
Held-to-maturity Securities, Debt Maturities, Amortized Cost Basis | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ||
Available-for-Sale, Amortized Cost | 43,471 | 51,904 |
Available-for-Sale, Fair Value | 43,737 | 53,087 |
Held-to-maturity Securities, Amortized Cost | 11,434 | 13,441 |
Held-to-Maturity, Fair Value | 11,571 | 13,633 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ||
Available-for-Sale, Amortized Cost | 6,994 | 12,802 |
Available-for-Sale, Fair Value | 7,061 | 13,179 |
Held-to-maturity Securities, Amortized Cost | 0 | 0 |
Held-to-Maturity, Fair Value | $ 0 | $ 0 |
INVESTMENT SECURITIES (Detail37
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | $ 67,104 | $ 75,626 |
Available-for-sale Securities, Total | 67,346 | 77,538 |
State Connecticut Public Deposits [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 2,014 | 18,446 |
Available-for-sale Securities, Total | 2,024 | 18,881 |
Federal Home Loan Bank of Boston [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 15,010 | 0 |
Available-for-sale Securities, Total | $ 15,116 | $ 0 |
INVESTMENT SECURITIES (Detail38
INVESTMENT SECURITIES (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May. 04, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Gain (Loss) on Sale of Investments, Total | $ 413 | $ 34 | $ 829 | $ 193 | |
Maximum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Deposits Uninsured Balance | 110.00% | ||||
Minimum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Deposits Uninsured Balance | 10.00% |
LOANS RECEIVABLE (Details)
LOANS RECEIVABLE (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Loans Receivable [Line Items] | ||||
Total loans | $ 379,055 | $ 369,325 | $ 369,670 | |
Allowance for loan losses | 4,583 | 6,023 | $ 7,297 | $ 9,891 |
Deferred loan origination fees | 54 | 43 | ||
Loans receivable, net | 374,418 | 363,259 | ||
Commercial business loans [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 21,711 | 25,801 | ||
Real Estate [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 318,497 | 306,680 | ||
Real Estate [Member] | One to four family [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 176,892 | 180,739 | ||
Real Estate [Member] | Multi-Family and Commercial Real Estate [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 137,857 | 122,526 | ||
Real Estate [Member] | Construction Loans [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 3,748 | 3,415 | ||
Consumer Loan [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 38,847 | 36,844 | ||
Consumer Loan [Member] | Home Equity Line of Credit [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 31,704 | 28,700 | ||
Consumer Loan [Member] | Other consumer [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | $ 7,143 | $ 8,144 |
LOANS RECEIVABLE (Details 1)
LOANS RECEIVABLE (Details 1) - Plan Asset Categories [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 379,055 | $ 369,325 | $ 369,670 |
Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 36,920 | 30,376 | 29,003 |
Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17,507 | 17,346 | 18,931 |
Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,760 | 24,468 | 27,137 |
Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 25,149 | 24,875 | 27,272 |
Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 34,521 | 25,461 | 19,168 |
Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 38,847 | 36,844 | |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 365,742 | 355,336 | |
Pass [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 34,636 | 27,925 | |
Pass [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 16,979 | 17,092 | |
Pass [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,201 | 23,503 | |
Pass [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 24,005 | 23,707 | |
Pass [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 33,433 | 23,793 | |
Pass [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 38,094 | 36,348 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,023 | 6,538 | |
Special Mention [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,308 | 1,445 | |
Special Mention [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 382 | 104 | |
Special Mention [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 29 | 319 | |
Special Mention [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,125 | 1,145 | |
Special Mention [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 454 | 1,027 | |
Special Mention [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 205 | 207 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,290 | 7,451 | |
Substandard [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 976 | 1,006 | |
Substandard [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 146 | 150 | |
Substandard [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 530 | 646 | |
Substandard [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 19 | 23 | |
Substandard [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 634 | 641 | |
Substandard [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 548 | 289 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,077 | 2,346 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 969 | 996 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 146 | 150 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 97 | 100 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 245 | 252 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 74 | 74 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,213 | 5,105 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7 | 10 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 433 | 546 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 19 | 23 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 389 | 389 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 474 | 215 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Business Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 21,711 | 25,801 | 24,911 |
Commercial Business Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 19,569 | 23,535 | |
Commercial Business Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,002 | 707 | |
Commercial Business Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,140 | 1,559 | |
Commercial Business Loans [Member] | Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 423 | 755 | |
Commercial Business Loans [Member] | Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 717 | 804 | |
Commercial Business Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Multi-Family and Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 137,857 | 122,526 | |
Multi-Family and Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 132,254 | 116,020 | |
Multi-Family and Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,298 | 4,040 | |
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,305 | 2,466 | |
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,457 | 1,498 | |
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 848 | 968 | |
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 | 176,892 | 180,739 | $ 182,031 |
One to four family [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 173,470 | 177,598 | |
One to four family [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 721 | 731 | |
One to four family [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,701 | 2,410 | |
One to four family [Member] | Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 123 | 19 | |
One to four family [Member] | Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,578 | 2,391 | |
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 | 3,748 | 3,415 | |
Construction And Land Development [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,355 | 1,835 | |
Construction And Land Development [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 797 | 853 | |
Construction And Land Development [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 596 | 727 | |
Construction And Land Development [Member] | Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Construction And Land Development [Member] | Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 596 | 727 | |
Construction And Land Development [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Total Multi family and commercial real estate member [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 137,857 | 122,526 | |
Total Multi family and commercial real estate member [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 132,254 | 116,020 | |
Total Multi family and commercial real estate member [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,298 | 4,040 | |
Total Multi family and commercial real estate member [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,305 | 2,466 | |
Total Multi family and commercial real estate member [Member] | Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,457 | 1,498 | |
Total Multi family and commercial real estate member [Member] | Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 848 | 968 | |
Total Multi family and commercial real estate member [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 0 | $ 0 |
LOANS RECEIVABLE (Details 2)
LOANS RECEIVABLE (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 7,875 | $ 5,445 | |
Current | 371,180 | 363,880 | |
Total Loans | 379,055 | 369,325 | $ 369,670 |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,424 | 1,549 | |
Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,846 | 250 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,605 | 3,646 | |
Industrial Property [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 25,149 | 24,875 | 27,272 |
Office Building [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 23,760 | 24,468 | 27,137 |
Retail Site [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 17,507 | 17,346 | 18,931 |
Special use properties [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 36,920 | 30,376 | 29,003 |
Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 34,521 | 25,461 | 19,168 |
One to four family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 176,892 | 180,739 | 182,031 |
One to four family [Member] | Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,682 | 2,096 | |
Current | 174,210 | 178,643 | |
Total Loans | 176,892 | 180,739 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
One to four family [Member] | Real Estate Loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 667 | 349 | |
One to four family [Member] | Real Estate Loans [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 728 | 153 | |
One to four family [Member] | Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,287 | 1,594 | |
Multi Family and Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,485 | 595 | |
Current | 135,372 | 121,931 | |
Total Loans | 137,857 | 122,526 | 121,511 |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,663 | 0 | |
Multi Family and Commercial Real Estate [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 822 | 595 | |
Multi Family and Commercial Real Estate [Member] | Industrial Property [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 25,149 | 24,875 | |
Total Loans | 25,149 | 24,875 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Industrial Property [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Industrial Property [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Industrial Property [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Office Building [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 433 | 206 | |
Current | 23,327 | 24,262 | |
Total Loans | 23,760 | 24,468 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Office Building [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Office Building [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Office Building [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 433 | 206 | |
Multi Family and Commercial Real Estate [Member] | Retail Site [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 17,507 | 17,346 | |
Total Loans | 17,507 | 17,346 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Retail Site [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Retail Site [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Retail Site [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 36,920 | 30,376 | |
Total Loans | 36,920 | 30,376 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Special use properties [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Special use properties [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Special use properties [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,052 | 389 | |
Current | 32,469 | 25,072 | |
Total Loans | 34,521 | 25,461 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Investor owned one to four family and multi family [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,663 | 0 | |
Multi Family and Commercial Real Estate [Member] | Investor owned one to four family and multi family [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Multi Family and Commercial Real Estate [Member] | Investor owned one to four family and multi family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 389 | 389 | |
Commercial Business Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 666 | 1,675 | |
Current | 21,045 | 24,126 | |
Total Loans | 21,711 | 25,801 | 24,911 |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Commercial Business Loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 972 | |
Commercial Business Loans [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Business Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 666 | 703 | |
Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 527 | 353 | |
Current | 38,320 | 36,491 | |
Total Loans | 38,847 | 36,844 | 36,463 |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Consumer Loan [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 94 | 228 | |
Consumer Loan [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 199 | 97 | |
Consumer Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 234 | 28 | |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 525 | 347 | |
Current | 31,179 | 28,353 | |
Total Loans | 31,704 | 28,700 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 92 | 222 | |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 199 | 97 | |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 234 | 28 | |
Consumer Loan [Member] | Other consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2 | 6 | |
Current | 7,141 | 8,138 | |
Total Loans | 7,143 | 8,144 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Consumer Loan [Member] | Other consumer [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2 | 6 | |
Consumer Loan [Member] | Other consumer [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Consumer Loan [Member] | Other consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 3,748 | 3,415 | $ 4,754 |
Construction and Land Development [Member] | Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,515 | 726 | |
Current | 2,233 | 2,689 | |
Total Loans | 3,748 | 3,415 | |
Carrying Amount > 90 Days and Accruing | 0 | 0 | |
Construction and Land Development [Member] | Real Estate Loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction and Land Development [Member] | Real Estate Loans [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 919 | 0 | |
Construction and Land Development [Member] | Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 596 | $ 726 |
LOANS RECEIVABLE (Details 3)
LOANS RECEIVABLE (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | $ 3,605 | $ 3,506 | ||||
Troubled debt restructurings - non-accrual | 1,608 | 1,600 | ||||
Subtotal nonperforming loans | 5,213 | 5,106 | ||||
Foreclosed real estate | 39 | $ 100 | 335 | $ 536 | $ 1,114 | $ 1,846 |
Total nonperforming assets | $ 5,252 | $ 5,441 | ||||
Total nonperforming loans to total loans | 1.38% | 1.38% | ||||
Total nonperforming loans to total assets | 1.04% | 1.03% | ||||
Total nonperforming assets to total assets | 1.05% | 1.10% | ||||
Commercial Business Loans [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | $ 665 | $ 804 | ||||
Consumer Loan [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | 474 | 187 | ||||
One To Four Family [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | 1,503 | 1,414 | ||||
Multi Family and Commercial Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | 367 | 375 | ||||
Construction and Land Development [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | $ 596 | $ 726 |
LOANS RECEIVABLE (Details 4)
LOANS RECEIVABLE (Details 4) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | $ 5,596 | $ 5,589 |
Recorded Investment with Specific Valuation Allowance | 1,526 | 1,861 |
Total Recorded Investment | 7,122 | 7,450 |
Unpaid Contractual Principal Balance | 8,082 | 8,337 |
Related Specific Valuation Allowance | 94 | 72 |
Commercial Business Loans [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 788 | 759 |
Recorded Investment with Specific Valuation Allowance | 80 | 192 |
Total Recorded Investment | 868 | 951 |
Unpaid Contractual Principal Balance | 929 | 1,042 |
Related Specific Valuation Allowance | 0 | 4 |
Consumer Loan [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 501 | 385 |
Recorded Investment with Specific Valuation Allowance | 174 | 133 |
Total Recorded Investment | 675 | 518 |
Unpaid Contractual Principal Balance | 705 | 521 |
Related Specific Valuation Allowance | 32 | 9 |
Multi-family and commercial real estate [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 848 | 967 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 848 | 967 |
Unpaid Contractual Principal Balance | 1,080 | 1,197 |
Related Specific Valuation Allowance | 0 | 0 |
Multi-family and commercial real estate [Member] | Industrial Property [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 19 | 22 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 19 | 22 |
Unpaid Contractual Principal Balance | 25 | 28 |
Related Specific Valuation Allowance | 0 | 0 |
Multi-family and commercial real estate [Member] | Office Building [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 433 | 546 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 433 | 546 |
Unpaid Contractual Principal Balance | 638 | 750 |
Related Specific Valuation Allowance | 0 | 0 |
Multi-family and commercial real estate [Member] | Retail Site [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 0 | 0 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Unpaid Contractual Principal Balance | 0 | 0 |
Related Specific Valuation Allowance | 0 | 0 |
Multi-family and commercial real estate [Member] | Special use properties [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 7 | 10 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 7 | 10 |
Unpaid Contractual Principal Balance | 22 | 24 |
Related Specific Valuation Allowance | 0 | 0 |
Multi-family and commercial real estate [Member] | Investor owned one to four family and multi family [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 389 | 389 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 389 | 389 |
Unpaid Contractual Principal Balance | 395 | 395 |
Related Specific Valuation Allowance | 0 | 0 |
Real Estate Loans [Member] | One To Four Family [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 2,863 | 2,793 |
Recorded Investment with Specific Valuation Allowance | 1,272 | 1,536 |
Total Recorded Investment | 4,135 | 4,329 |
Unpaid Contractual Principal Balance | 4,481 | 4,555 |
Related Specific Valuation Allowance | 62 | 59 |
Real Estate Loans [Member] | Construction and Land Development [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 596 | 685 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 596 | 685 |
Unpaid Contractual Principal Balance | 887 | 1,022 |
Related Specific Valuation Allowance | $ 0 | $ 0 |
LOANS RECEIVABLE (Details 5)
LOANS RECEIVABLE (Details 5) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | $ 7,313 | $ 12,265 |
Interest Income Recognized | 97 | 320 |
One to four family [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 4,265 | 5,951 |
Interest Income Recognized | 79 | 175 |
Construction Loans [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 655 | 1,567 |
Interest Income Recognized | 1 | 7 |
Multi Family and Commercial Real Estate [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 928 | 2,594 |
Interest Income Recognized | 0 | 90 |
Commercial Business Loans [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 923 | 1,661 |
Interest Income Recognized | 7 | 40 |
Consumer Loans [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 542 | 492 |
Interest Income Recognized | $ 10 | $ 8 |
LOANS RECEIVABLE (Details 6)
LOANS RECEIVABLE (Details 6) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans Modified Tdr [Line Items] | |||
Total | $ 3,509 | $ 3,805 | |
Performing Financing Receivable [Member] | |||
Impaired Loans Modified Tdr [Line Items] | |||
Total | [1] | 2,254 | 2,549 |
Nonperforming Financing Receivable [Member] | |||
Impaired Loans Modified Tdr [Line Items] | |||
Total | [2] | $ 1,255 | $ 1,256 |
[1] | Of the $2,254,000 in TDRs which were performing under the modified terms of their agreements at June 30, 2015, there were $392,000 in TDRs that remain on nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of the $392,000 performing TDRs and the $1,216,000 nonperforming TDRs on nonaccrual status at June 30, 2015 equal the $1,608,000 in TDRs that were on nonaccrual status at June 30, 2015. Of the $2,549,000 in TDRs which were performing under the modified terms of their agreements at December 31, 2014, there were $2,164,000 in TDRs that remain on nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of the $385,000 performing TDRs and the $1,215,000 nonperforming TDRs on nonaccrual status at December 31, 2014 equal the $1,600,000 in TDRs that were on nonaccrual status at December 31, 2014. | ||
[2] | Of the $1,255,000 in TDRs that were not performing under the modified terms of their agreements at June 30, 2015, all of these loans, except for one loan in the amount of $39,000, was on nonaccrual status. All of the $1,256,000 in TDRs which were not performing under the modified terms of their agreements at December 31, 2014, except for one loan in the amount of $40,000, were on nonaccrual status. |
LOANS RECEIVABLE (Details 7)
LOANS RECEIVABLE (Details 7) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | 7 |
Pre-Modification Recorded Investment | $ 53 | $ 511 |
Post-Modification Recorded Investment | $ 53 | $ 511 |
Percentage Of Reduced Interest Rate | 100.00% | |
Percentage Of Financing Receivable Modifications | 100.00% | |
Deferred Principal Payments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | |
Pre-Modification Recorded Investment | $ 348 | |
Post-Modification Recorded Investment | $ 348 | |
Percentage Of Reduced Interest Rate | 68.10% | |
Extended Payment Terms [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | 1 |
Pre-Modification Recorded Investment | $ 53 | $ 98 |
Post-Modification Recorded Investment | $ 53 | $ 98 |
Percentage Of Reduced Interest Rate | 19.20% | |
Percentage Of Extension of Payment Terms | 100.00% | |
Below Market Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 4 | |
Pre-Modification Recorded Investment | $ 65 | |
Post-Modification Recorded Investment | $ 65 | |
Percentage Of Reduced Interest Rate | 12.70% | |
One to four family [Member] | Deferred Principal Payments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | |
Pre-Modification Recorded Investment | $ 348 | |
Post-Modification Recorded Investment | $ 348 | |
Percentage Of Reduced Interest Rate | 68.10% | |
One to four family [Member] | Below Market Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Recorded Investment | $ 35 | |
Post-Modification Recorded Investment | $ 35 | |
Percentage Of Reduced Interest Rate | 6.80% | |
Commercial Business Loans [Member] | Extended Payment Terms [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | 1 |
Pre-Modification Recorded Investment | $ 53 | $ 98 |
Post-Modification Recorded Investment | $ 53 | $ 98 |
Percentage Of Reduced Interest Rate | 19.20% | |
Percentage Of Extension of Payment Terms | 100.00% | |
Commercial Business Loans [Member] | Below Market Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | |
Pre-Modification Recorded Investment | $ 20 | |
Post-Modification Recorded Investment | $ 20 | |
Percentage Of Reduced Interest Rate | 3.90% | |
Commercial real estate loans [Member] | Below Market Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Recorded Investment | $ 10 | |
Post-Modification Recorded Investment | $ 10 | |
Percentage Of Reduced Interest Rate | 2.00% |
LOANS RECEIVABLE (Details 8)
LOANS RECEIVABLE (Details 8) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Allowance for Loan Losses: | |||
Beginning Balance | $ 6,023 | $ 9,891 | |
Provision for loan losses | (1,420) | (739) | |
Charge-offs | (149) | (2,082) | |
Recoveries | 129 | 227 | |
Ending balance | 4,583 | 7,297 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 94 | 175 | $ 72 |
Collectively evaluated for impairment | 4,489 | 7,122 | 5,951 |
Total Allowance | 4,583 | 7,297 | 6,023 |
Ending loan balance individually evaluated for impairment | 7,122 | 7,675 | 7,388 |
Ending loan balance collectively evaluated for impairment | 371,933 | 361,995 | 361,937 |
Total Loans | 379,055 | 369,670 | 369,325 |
Industrial and warehouse properties [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 1,034 | ||
Provision for loan losses | (64) | ||
Charge-offs | (234) | ||
Recoveries | 0 | ||
Segment ending balance as of June 30, 2015 | 736 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 736 | 597 | |
Total Allowance | 736 | 597 | |
Ending loan balance individually evaluated for impairment | 27 | 23 | |
Ending loan balance collectively evaluated for impairment | 27,245 | 24,852 | |
Total Loans | 25,149 | 27,272 | 24,875 |
Office Building [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 563 | ||
Provision for loan losses | (92) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Segment ending balance as of June 30, 2015 | 471 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 471 | 352 | |
Total Allowance | 471 | 352 | |
Ending loan balance individually evaluated for impairment | 205 | 546 | |
Ending loan balance collectively evaluated for impairment | 26,932 | 23,922 | |
Total Loans | 23,760 | 27,137 | 24,468 |
Retail Site [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 856 | ||
Provision for loan losses | 243 | ||
Charge-offs | (491) | ||
Recoveries | 0 | ||
Segment ending balance as of June 30, 2015 | 608 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 608 | ||
Total Allowance | 608 | ||
Ending loan balance individually evaluated for impairment | 0 | ||
Ending loan balance collectively evaluated for impairment | 18,931 | ||
Total Loans | 17,507 | 18,931 | 17,346 |
Special use properties [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 2,129 | ||
Provision for loan losses | (132) | ||
Charge-offs | (415) | ||
Recoveries | 19 | ||
Segment ending balance as of June 30, 2015 | 1,601 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 1,601 | ||
Total Allowance | 1,601 | ||
Ending loan balance individually evaluated for impairment | 39 | ||
Ending loan balance collectively evaluated for impairment | 28,964 | ||
Total Loans | 36,920 | 29,003 | 30,376 |
Investor owned one to four family and multi family [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 515 | ||
Provision for loan losses | 96 | ||
Charge-offs | (166) | ||
Recoveries | 0 | ||
Segment ending balance as of June 30, 2015 | 445 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 445 | 509 | |
Total Allowance | 445 | 509 | |
Ending loan balance individually evaluated for impairment | 554 | 389 | |
Ending loan balance collectively evaluated for impairment | 18,614 | 25,072 | |
Total Loans | 34,521 | 19,168 | 25,461 |
One to four family [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 1,633 | 1,849 | |
Provision for loan losses | 202 | 306 | |
Charge-offs | (27) | (541) | |
Recoveries | 0 | 10 | |
Ending balance | 1,808 | 1,624 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 62 | 56 | 59 |
Collectively evaluated for impairment | 1,746 | 1,568 | 1,574 |
Total Allowance | 1,808 | 1,624 | 1,633 |
Ending loan balance individually evaluated for impairment | 4,135 | 4,061 | 4,223 |
Ending loan balance collectively evaluated for impairment | 172,757 | 177,970 | 176,516 |
Total Loans | 176,892 | 182,031 | 180,739 |
Multi Family and Commercial Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 3,097 | 5,097 | |
Provision for loan losses | (1,172) | 51 | |
Charge-offs | 0 | (1,306) | |
Recoveries | 0 | 19 | |
Ending balance | 1,925 | 3,861 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 1,925 | 3,861 | 3,097 |
Total Allowance | 1,925 | 3,861 | 3,097 |
Ending loan balance individually evaluated for impairment | 848 | 825 | 969 |
Ending loan balance collectively evaluated for impairment | 137,009 | 120,686 | 121,557 |
Total Loans | 137,857 | 121,511 | 122,526 |
Multi Family and Commercial Real Estate [Member] | Commercial Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 3,097 | 5,097 | |
Provision for loan losses | (1,172) | 51 | |
Charge-offs | 0 | (1,306) | |
Recoveries | 0 | 19 | |
Ending balance | 1,925 | ||
Segment ending balance as of June 30, 2015 | 3,861 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 1,925 | 3,861 | 3,097 |
Total Allowance | 1,925 | 3,861 | 3,097 |
Ending loan balance individually evaluated for impairment | 848 | 825 | 969 |
Ending loan balance collectively evaluated for impairment | 137,009 | 120,686 | 121,557 |
Total Loans | 137,857 | 121,511 | 122,526 |
Multi Family and Commercial Real Estate [Member] | Industrial and warehouse properties [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 597 | ||
Provision for loan losses | (268) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Ending balance | 329 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 329 | ||
Total Allowance | 329 | ||
Ending loan balance individually evaluated for impairment | 19 | ||
Ending loan balance collectively evaluated for impairment | 25,130 | ||
Total Loans | 25,149 | 24,875 | |
Multi Family and Commercial Real Estate [Member] | Office Building [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 352 | ||
Provision for loan losses | (120) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Ending balance | 232 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 232 | ||
Total Allowance | 232 | ||
Ending loan balance individually evaluated for impairment | 433 | ||
Ending loan balance collectively evaluated for impairment | 23,327 | ||
Total Loans | 23,760 | 24,468 | |
Multi Family and Commercial Real Estate [Member] | Retail Site [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 548 | ||
Provision for loan losses | (188) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Ending balance | 360 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 360 | 548 | |
Total Allowance | 360 | 548 | |
Ending loan balance individually evaluated for impairment | 0 | 0 | |
Ending loan balance collectively evaluated for impairment | 17,507 | 17,346 | |
Total Loans | 17,507 | 17,346 | |
Multi Family and Commercial Real Estate [Member] | Special use properties [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 1,091 | ||
Provision for loan losses | (508) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Ending balance | 583 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 583 | 1,091 | |
Total Allowance | 583 | 1,091 | |
Ending loan balance individually evaluated for impairment | 7 | 11 | |
Ending loan balance collectively evaluated for impairment | 36,913 | 30,365 | |
Total Loans | 36,920 | 30,376 | |
Multi Family and Commercial Real Estate [Member] | Investor owned one to four family and multi family [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 509 | ||
Provision for loan losses | (88) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Ending balance | 421 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 421 | ||
Total Allowance | 421 | ||
Ending loan balance individually evaluated for impairment | 389 | ||
Ending loan balance collectively evaluated for impairment | 34,132 | ||
Total Loans | 34,521 | 25,461 | |
Construction and Land Development [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 414 | 1,118 | |
Provision for loan losses | (139) | (117) | |
Charge-offs | 0 | (148) | |
Recoveries | 50 | 16 | |
Ending balance | 325 | 869 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 21 | 0 |
Collectively evaluated for impairment | 325 | 848 | 414 |
Total Allowance | 325 | 869 | 414 |
Ending loan balance individually evaluated for impairment | 596 | 1,272 | 726 |
Ending loan balance collectively evaluated for impairment | 3,152 | 3,482 | 2,689 |
Total Loans | 3,748 | 4,754 | 3,415 |
Commercial Business Loans [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 592 | 1,443 | |
Provision for loan losses | (502) | (845) | |
Charge-offs | (21) | (74) | |
Recoveries | 52 | 96 | |
Ending balance | 121 | 620 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 88 | 4 |
Collectively evaluated for impairment | 121 | 532 | 588 |
Total Allowance | 121 | 620 | 592 |
Ending loan balance individually evaluated for impairment | 868 | 1,120 | 978 |
Ending loan balance collectively evaluated for impairment | 20,843 | 23,791 | 24,823 |
Total Loans | 21,711 | 24,911 | 25,801 |
Consumer Loan [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 287 | 384 | |
Provision for loan losses | 191 | (134) | |
Charge-offs | (101) | (13) | |
Recoveries | 27 | 86 | |
Ending balance | 404 | 323 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 32 | 10 | 9 |
Collectively evaluated for impairment | 372 | 313 | 278 |
Total Allowance | 404 | 323 | 287 |
Ending loan balance individually evaluated for impairment | 675 | 397 | 492 |
Ending loan balance collectively evaluated for impairment | 38,172 | 36,066 | 36,352 |
Total Loans | $ 38,847 | $ 36,463 | $ 36,844 |
LOANS RECEIVABLE (Details Textu
LOANS RECEIVABLE (Details Textual) - Plan Asset Categories [Domain] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment | $ 3,509,000 | $ 3,805,000 | |||||
Maximum Percentage On Appraised Value Property | 75.00% | ||||||
Income Not Recognized On Non Performing Loans | $ 67,000 | $ 61,000 | |||||
Non Performing Loans | $ 5,213,000 | 5,106,000 | |||||
Allowance For Loan And Lease Losses Period Increase Decrease Percentage | 23.90% | ||||||
Loans and Leases Receivable, Allowance | $ 7,297,000 | $ 4,583,000 | 7,297,000 | $ 6,023,000 | $ 9,891,000 | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 1,440,000 | ||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 53,000 | 511,000 | |||||
Percentage Of Financing Receivable Modifications | 100.00% | ||||||
Loans and Leases Receivable Impaired Non Performing Non Accrual Of Interest For Less Than Ninety days Due | 14 | 17 | |||||
Impaired Financing Receivable Interest Income Cost Recovery Money Method | $ 18,000 | $ 30,000 | |||||
Financing Receivable Modifications Subsequent Default Non Accrual Status | 1,608,000 | $ 1,600,000 | |||||
Gain (Loss) on Sale of Loans and Leases | 20,000 | ||||||
Credit Provision | $ 1,400,000 | ||||||
Allowance for Loan and Lease Losses Write-offs, Net, Total | $ 20,000 | $ 7,600,000 | |||||
Adversely Classified Loan [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance For Loan And Lease Losses Period Increase Decrease Percentage | 2.20% | ||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 161,000 | ||||||
Performing Financing Receivable [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment | [1] | 2,254,000 | 2,549,000 | ||||
Financing Receivable Modifications Subsequent Default Non Accrual Status | 392,000 | 2,164,000 | |||||
Nonperforming Financing Receivable [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment | [2] | $ 1,255,000 | $ 1,256,000 | ||||
Allowance For Loan And Lease Losses Period Increase Decrease Percentage | 2.10% | 2.10% | |||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 107,000 | ||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,256,000 | ||||||
Financing Receivable Modifications Subsequent Default Non Accrual Status | $ 1,216,000 | 1,215,000 | |||||
Five Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable Modifications Subsequent Default Non Accrual Status | 51,000 | ||||||
One Loan [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment | $ 51,000 | ||||||
Percentage Of Financing Receivable Modifications | 100.00% | ||||||
One Loan [Member] | Nonperforming Financing Receivable [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable Modifications Subsequent Default Non Accrual Status | $ 40,000 | ||||||
Two Loan [Member] | Nonperforming Financing Receivable [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable Modifications Subsequent Default Non Accrual Status | $ 39,000 | ||||||
[1] | Of the $2,254,000 in TDRs which were performing under the modified terms of their agreements at June 30, 2015, there were $392,000 in TDRs that remain on nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of the $392,000 performing TDRs and the $1,216,000 nonperforming TDRs on nonaccrual status at June 30, 2015 equal the $1,608,000 in TDRs that were on nonaccrual status at June 30, 2015. Of the $2,549,000 in TDRs which were performing under the modified terms of their agreements at December 31, 2014, there were $2,164,000 in TDRs that remain on nonaccrual status because these TDRs have not yet demonstrated the requisite period of sustained performance. The combination of the $385,000 performing TDRs and the $1,215,000 nonperforming TDRs on nonaccrual status at December 31, 2014 equal the $1,600,000 in TDRs that were on nonaccrual status at December 31, 2014. | ||||||
[2] | Of the $1,255,000 in TDRs that were not performing under the modified terms of their agreements at June 30, 2015, all of these loans, except for one loan in the amount of $39,000, was on nonaccrual status. All of the $1,256,000 in TDRs which were not performing under the modified terms of their agreements at December 31, 2014, except for one loan in the amount of $40,000, were on nonaccrual status. |
MORTGAGE BANKING ACTIVITY (Deta
MORTGAGE BANKING ACTIVITY (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Non Interest Income [Line Items] | ||||
Gain on sales of mortgage loans | $ 231 | $ 179 | $ 449 | $ 296 |
Mortgage servicing income | 1 | (2) | 1 | 3 |
Gain on sale of mortgage servicing rights | 0 | 0 | 0 | 26 |
Total | $ 232 | $ 177 | $ 450 | $ 325 |
MORTGAGE BANKING ACTIVITY (De50
MORTGAGE BANKING ACTIVITY (Details Textual) | 1 Months Ended |
Aug. 29, 2014USD ($) | |
Freddie Mac [Member] | |
Mortgage Banking And Mortgage Servicing Rights [Line Items] | |
Servicing Asset at Fair Value, Disposals | $ 948,000 |
Other Institution [Member] | |
Mortgage Banking And Mortgage Servicing Rights [Line Items] | |
Servicing Asset at Fair Value, Disposals | $ 134,800,000 |
FORECLOSED REAL ESTATE (Details
FORECLOSED REAL ESTATE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Foreclosed Real Estate [Line Items] | ||||
Beginning balance | $ 100 | $ 1,114 | $ 335 | $ 1,846 |
Additions | 0 | 53 | 0 | 391 |
Proceeds from dispositions | (52) | (625) | (288) | (1,604) |
Gain (loss) on sales | (9) | 5 | (8) | (59) |
Writedowns | 0 | 11 | 0 | 38 |
Balance at end of period | $ 39 | $ 536 | $ 39 | $ 536 |
FORECLOSED REAL ESTATE (Detai52
FORECLOSED REAL ESTATE (Details Textual) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Foreclosed Real Estate [Line Items] | ||
Mortgage Loans on Real Estate | $ 2.8 | $ 3.2 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits [Line Items] | ||
Noninterest bearing demand deposits | $ 74,529 | $ 68,957 |
Interest bearing deposits | ||
Now accounts and money market accounts | 51,118 | 50,738 |
Savings accounts | 109,463 | 108,488 |
Certificates of deposit | 138,057 | 145,276 |
Total interest bearing deposits | 298,638 | 304,502 |
Total deposits | $ 373,167 | $ 373,459 |
Noninterest bearing demand deposits, Percentage | 20.00% | 18.50% |
Now accounts and money market accounts, Percentage | 13.70% | 13.60% |
Savings accounts, Percentage | 29.30% | 29.00% |
Certificates Of Deposit, Percentage | 37.00% | 38.90% |
Total interest bearing deposits, Percentage | 80.00% | 81.50% |
Total deposits | 100.00% | 100.00% |
DEPOSITS (Details 1)
DEPOSITS (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Certificate accounts maturing in: | ||
Through twelve months | $ 51,387 | $ 56,895 |
Twelve months through three years | 52,499 | 55,962 |
Over three years | 34,171 | 32,419 |
Total certificates | $ 138,057 | $ 145,276 |
DEPOSITS (Details Textual)
DEPOSITS (Details Textual) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $ 56,400,000 | $ 60,700,000 |
Cash, FDIC Insured Amount | 250,000 | |
Time Deposits, 250,000 or More | $ 11,600,000 | $ 13,200,000 |
FHLB ADVANCES (Details)
FHLB ADVANCES (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
2015, Amount Due | [1] | $ 5,228 | $ 6,792 |
2016, Amount Due | [1] | 16,150 | 16,068 |
2017, Amount Due | [1] | 22,570 | 21,021 |
2018, Amount Due | [1] | 7,748 | 5,743 |
2019, Amount Due | [1] | 5,752 | 3,420 |
2020-2024, Amount Due | [1] | 2,028 | 383 |
2025-2028, Amount Due | [1] | 335 | 335 |
Total FHLB advances, Amount Due | [1] | $ 59,811 | $ 53,762 |
2015, Weighted Average Cost | [1] | 0.74% | 0.73% |
2016, Weighted Average Cost | [1] | 0.85% | 0.85% |
2017, Weighted Average Cost | [1] | 1.56% | 1.59% |
2018, Weighted Average Cost | [1] | 2.53% | 2.90% |
2019, Weighted Average Cost | [1] | 2.08% | 2.59% |
2020-2024, Weighted Average Cost | [1] | 1.33% | 0.18% |
2025-2028, Weighted Average Cost | [1] | 0.00% | 0.00% |
Total FHLB advances, Weighted Average Cost | [1] | 1.46% | 1.43% |
[1] | Amount due includes scheduled principal payments on amortizing advances. |
FHLB ADVANCES (Details Textual)
FHLB ADVANCES (Details Textual) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Millions | Total |
Federal Home Loan Bank Advance [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 98.5 |
Federal Home Loan Bank Advances [Member] | |
Federal Home Loan Bank Advance [Line Items] | |
Sale of Stock, Price Per Share | $ 100 |
OTHER BORROWED FUNDS (Details T
OTHER BORROWED FUNDS (Details Textual) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of debt disclosure [Line Items] | ||
Federal Reserve Bank Held For Reserve Requirement | $ 2.7 | |
Federal Reserve Bank of Boston [Member] | ||
Schedule of debt disclosure [Line Items] | ||
Commercial Real Estate Loans Pledged | 7.2 | $ 7.4 |
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 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) - $ / shares | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2015 | May. 27, 2014 | Jun. 30, 2015 | |
Disclosure of equity incentive plan [Line Items] | |||
Options outstanding at beginning of year,Number of Shares | 209,808 | 209,808 | |
Granted,Number of Shares | 162,566 | ||
Forfeited,Number of Shares | (2,947) | ||
Exercised,Number of Shares | 0 | ||
Expired,Number of Shares | 0 | ||
Options outstanding at end of year,Number of Shares | 369,427 | ||
Options exercisable at end of year,Number of Shares | 98,861 | ||
Options outstanding at beginning of year, Weighted Average Exercise Price | $ 9.36 | $ 9.36 | |
Granted, Weighted Average Exercise Price | 8.60 | ||
Forfeited, Weighted Average Exercise Price | 9.41 | ||
Exercised, Weighted Average Exercise Price | 0 | ||
Expired, Weighted Average Exercise Price | 0 | ||
Options outstanding at end of year, Weighted Average Exercise Price | 9.03 | ||
Options exercisable at end of year, Weighted Average Exercise Price | 11.17 | ||
Weighted-average fair value of options granted during the year | $ 2.61 | $ 2.55 | $ 2.61 |
STOCK BASED COMPENSATION (Det60
STOCK BASED COMPENSATION (Details 1) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Disclosure of equity incentive plan [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 369,427 | 209,808 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 9.03 | $ 9.36 |
Exercise Price Range One [Member] | ||
Disclosure of equity incentive plan [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 95,469 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 11.12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 29 days | |
Exercise Price Range Two [Member] | ||
Disclosure of equity incentive plan [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,392 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 12.51 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months | |
Exercise Price Range Three [Member] | ||
Disclosure of equity incentive plan [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 110,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7.74 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 10 months 24 days | |
Exercise Price Range One Four [Member] | ||
Disclosure of equity incentive plan [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 160,566 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 8.60 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 7 months 6 days |
STOCK BASED COMPENSATION (Det61
STOCK BASED COMPENSATION (Details 2) - $ / shares | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2015 | May. 27, 2014 | Jun. 30, 2015 | |
Disclosure Of Equity Incentive Plan Line Items [Line Items] | |||
Dividend yield | 0.00% | 0.00% | |
Expected volatility | 26.76% | 28.42% | |
Risk-free rate | 1.49% | 1.95% | |
Expected life in years | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Weighted average fair value of options at grant date | $ 2.61 | $ 2.55 | $ 2.61 |
STOCK BASED COMPENSATION (Det62
STOCK BASED COMPENSATION (Details 3) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested, Number of Shares | 4,114 | 0 |
Granted, Number of Shares | 0 | 4,114 |
Vested, Number of Shares | 0 | 0 |
Forefeited, Number of Shares | 0 | 0 |
Nonvested, Number of Shares | 4,114 | 4,114 |
Nonvested, Weighted Average Fair Value on Grant Date | $ 8.01 | $ 0 |
Granted, Weighted Average Fair Value on Grant Date | 0 | 8.01 |
Vested, Weighted Average Fair Value on Grant Date | 0 | 0 |
Forefeited, Weighted Average Fair Value on Grant Date | 0 | 0 |
Nonvested, Weighted Average Fair Value on Grant Date | $ 8.01 | $ 8.01 |
Weighted average remaining contractual life in years | 9 years 4 months 24 days |
STOCK BASED COMPENSATION (Det63
STOCK BASED COMPENSATION (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jan. 31, 2015 | May. 27, 2014 | Jun. 30, 2015 | Jun. 30, 2015 | |
Disclosure of equity incentive plan [Line Items] | ||||
Stock Options And Restricted Stock Awards Percentage For Fair Value | 20.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months | 6 years 6 months | 6 years 6 months | |
Restricted Stock [Member] | ||||
Disclosure of equity incentive plan [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 28,600 | $ 28,600 | ||
Stock Options And Restricted Stock [Member] | ||||
Disclosure of equity incentive plan [Line Items] | ||||
Allocated Share-based Compensation Expense | 39,000 | 66,000 | ||
Stock Options [Member] | ||||
Disclosure of equity incentive plan [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 587,264 | $ 587,264 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Net income (loss) | $ 1,097 | $ 94 | $ 1,361 | $ (715) |
Weighted-average common shares outstanding: | ||||
Basic (Shares) | 6,679,360 | 6,675,457 | 6,679,360 | 6,675,457 |
Diluted (Shares) | 6,725,110 | 6,676,391 | 6,714,182 | 6,675,457 |
Net income (loss) per common share: | ||||
Basic (Shares) | $ 0.16 | $ 0.01 | $ 0.20 | $ (0.11) |
Diluted (Shares) | $ 0.16 | $ 0.01 | $ 0.20 | $ (0.11) |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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 | 95,469 | 105,787 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 11.12 | $ 11.12 |
12.51 Exercise Price [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,392 | 4,290 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 12.51 | $ 12.51 |
REGULATORY CAPITAL REQUIREMEN66
REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |||
Capital Unit [Line Items] | |||||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | 11.71% | ||||
Company Consolidated [Member] | |||||
Capital Unit [Line Items] | |||||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Amount | [1] | $ 0 | $ 0 | ||
Tier 1 Risk-Based Capital Required for Adequately Capital Requirements, Amount | [2] | 0 | 0 | ||
Total Risk-Based Capital Required for Adequately Capital Requirements, Amount | [2] | $ 0 | $ 0 | ||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | [1] | 0.00% | 0.00% | ||
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Percentage | [2] | 0.00% | 0.00% | ||
Total Risk-Based Capital Required for Adequately Capital Requirements, Percentage | [2] | 0.00% | 0.00% | ||
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Amount | [1] | $ 0 | [3] | $ 0 | [4] |
Tier 1 Risk-Based Capital Individudal Minimum Capital Requirements, Amount | [2] | 0 | [3] | 0 | [4] |
Total Risk-Based Capital Individual Minimum Capital Requirements, Amount | [2] | $ 0 | [3] | $ 0 | [4] |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Percentage | [1] | 0.00% | [3] | 0.00% | [4] |
Tier 1 Risk-Based Capital Individual Minimum Capital Requirements, Percentage | [2] | 0.00% | [3] | 0.00% | [4] |
Total Risk-Based Capital Individual Minimum Capital Requirements, Percentage | [2] | 0.00% | [3] | 0.00% | [4] |
Tier 1 Leverage Capital, Actual, Amount | [1] | $ 61,034 | $ 59,611 | ||
Tier 1 Risk-Based Capital Actual, Amount | [2] | 61,034 | 59,611 | ||
Total Risk-Based Capital Actual, Amount | [2] | $ 65,271 | $ 63,571 | ||
Tier 1 Leverage Capital Actual, Percentage | [1] | 11.96% | 12.09% | ||
Tier 1 Risk-Based Capital Actual, Percentage | [2] | 18.03% | 18.94% | ||
Total Risk-Based Capital Actual, Percentage | [2] | 19.28% | 20.20% | ||
Bank [Member] | |||||
Capital Unit [Line Items] | |||||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Amount | [1] | $ 25,541 | $ 19,796 | ||
Tier 1 Risk-Based Capital Required for Adequately Capital Requirements, Amount | [2] | 27,082 | 12,658 | ||
Total Risk-Based Capital Required for Adequately Capital Requirements, Amount | [2] | $ 33,853 | $ 25,317 | ||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | [1] | 5.00% | 4.00% | ||
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Percentage | [2] | 8.00% | 4.00% | ||
Total Risk-Based Capital Required for Adequately Capital Requirements, Percentage | [2] | 10.00% | 8.00% | ||
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Amount | [1] | $ 22,987 | [3] | $ 44,541 | [4] |
Tier 1 Risk-Based Capital Individudal Minimum Capital Requirements, Amount | [2] | 20,312 | [3] | 0 | [4] |
Total Risk-Based Capital Individual Minimum Capital Requirements, Amount | [2] | $ 27,082 | [3] | $ 41,139 | [4] |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Percentage | [1] | 4.50% | [3] | 9.00% | [4] |
Tier 1 Risk-Based Capital Individual Minimum Capital Requirements, Percentage | [2] | 6.00% | [3] | 0.00% | [4] |
Total Risk-Based Capital Individual Minimum Capital Requirements, Percentage | [2] | 8.00% | [3] | 13.00% | [4] |
Tier 1 Leverage Capital, Actual, Amount | [1] | $ 56,597 | $ 55,090 | ||
Tier 1 Risk-Based Capital Actual, Amount | [2] | 56,597 | 55,090 | ||
Total Risk-Based Capital Actual, Amount | [2] | $ 60,833 | $ 59,071 | ||
Tier 1 Leverage Capital Actual, Percentage | [1] | 11.08% | 11.13% | ||
Tier 1 Risk-Based Capital Actual, Percentage | [2] | 16.72% | 17.41% | ||
Total Risk-Based Capital Actual, Percentage | [2] | 17.97% | 18.67% | ||
Common Equity Tier one Adequately Capitalized Requirements | [2],[5] | $ 22,004 | |||
Common Equity Tier one Adequately Capitalized Requirements, Percentage | [2],[5] | 6.50% | |||
Common Equity Tier One Individual Minimum Capital Requirements | [2],[3],[5] | $ 15,234 | |||
Common Equity Tier One Individual Minimum Capital Requirements, Percentage | [2],[3],[5] | 4.50% | |||
Common Equity Tier One Actual | [2],[5] | $ 56,597 | |||
Common Equity Tier One Actual, Percentage | [2],[5] | 16.72% | |||
[1] | Tier 1 capital to total assets. | ||||
[2] | Tier 1 or total risk-based capital to risk-weighted assets. | ||||
[3] | Formal Agreement and related ICMRs terminated on May 4, 2015. | ||||
[4] | Imposed on June 4, 2013 and teminated on May 4, 2015. | ||||
[5] | New capital requirement under Basel III effective January 1, 2015. |
REGULATORY CAPITAL REQUIREMEN67
REGULATORY CAPITAL REQUIREMENTS (Details Textual) - Entity [Domain] - USD ($) $ in Thousands | Jan. 01, 2019 | Jan. 01, 2016 | Jun. 30, 2015 | Jan. 02, 2015 | Dec. 31, 2014 |
Regulatory Matters [Line Items] | |||||
Liquid Assets | $ 3,200 | ||||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 11.71% | ||||
Assets, Total | $ 500,774 | $ 495,090 | |||
Tier One New Common Equity Minimum Capital To Risk Weighted Assets | 4.50% | ||||
Scenario, Forecast [Member] | |||||
Regulatory Matters [Line Items] | |||||
Excess Tier One Risk Based Capital to Risk Weighted Assets | 2.50% | 0.625% | |||
Maximum [Member] | |||||
Regulatory Matters [Line Items] | |||||
Assets, Total | $ 1,000,000 | ||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | ||||
Minimum [Member] | |||||
Regulatory Matters [Line Items] | |||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% |
FINANCIAL INSTRUMENTS WITH OF68
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Commitments to extend credit: | ||
Commercial real estate loan committments | $ 20,827 | $ 30,254 |
Unused home equity lines of credit | 19,990 | 19,084 |
Commercial and industrial loan commitments | 13,617 | 12,587 |
Amounts due on other commitments | 4,732 | 7,257 |
Commercial letters of credit | $ 523 | $ 588 |
FAIR VALUE (Details)
FAIR VALUE (Details) - Investments [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Financial Assets, Carrying Value | |||||
Cash and cash equivalents, Carrying Value | $ 17,423 | $ 10,940 | $ 8,717 | $ 26,374 | |
Investment securities, available-for-sale, Carrying Value | 67,346 | 77,538 | |||
Investment securities, held-to-maturity, Carrying Value | 11,434 | 13,441 | |||
Accrued interest receivable, Carrying Value | 1,566 | 1,599 | |||
FHLB Stock, Carrying value | 4,548 | 4,548 | |||
Financial Liabilities, Carrying Value | |||||
Time deposits, Carrying Value | 138,057 | 145,276 | |||
FHLB advances, Carrying value | [1] | 59,811 | 53,762 | ||
Mortgagors' escrow accounts, Carrying Value | 4,385 | 4,341 | |||
Financial Assets, Fair Value | |||||
Investment securities, available-for-sale, Fair Value | 67,346 | 77,538 | |||
Investment securities, held-to-maturity, Fair Value | 11,571 | 13,633 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Financial Assets, Carrying Value | |||||
Cash and cash equivalents, Carrying Value | 17,423 | 10,940 | |||
Accrued interest receivable, Carrying Value | 1,566 | 1,599 | |||
Financial Liabilities, Carrying Value | |||||
Demand deposits, savings, Now and money market deposits, Carrying Value | 235,110 | 228,183 | |||
Accrued interest payable, Carrying Value | 73 | 67 | |||
Financial Assets, Fair Value | |||||
Cash and Cash Equivalents, Fair Value | 17,423 | 10,940 | |||
Accrued interest receivable, Fair Value | 1,566 | 1,599 | |||
Financial Liabilities, Fair Value | |||||
Demand deposits, savings, Now and money market deposits, Fair Value | 235,110 | 228,183 | |||
Accrued interest payable, Fair Value | 73 | 67 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Financial Assets, Carrying Value | |||||
Investment securities, available-for-sale, Carrying Value | 67,346 | 77,538 | |||
Investment securities, held-to-maturity, Carrying Value | 11,434 | 13,441 | |||
Loans held for sale, Carrying Value | 2,204 | 1,062 | |||
Performing Loans Receivables Carrying Value | 367,390 | 355,943 | |||
Financial Liabilities, Carrying Value | |||||
Time deposits, Carrying Value | 138,057 | 145,276 | |||
FHLB advances, Carrying value | 59,811 | 53,762 | |||
Mortgagors' escrow accounts, Carrying Value | 4,385 | 4,341 | |||
Financial Assets, Fair Value | |||||
Investment securities, available-for-sale, Fair Value | 67,346 | 77,538 | |||
Investment securities, held-to-maturity, Fair Value | 11,571 | 13,633 | |||
Loans held for sale, Fair Value | 2,204 | 1,062 | |||
Performing Loans receivable, net, Fair Value | 371,604 | 359,687 | |||
Financial Liabilities, Fair Value | |||||
Time deposits, Fair Value | 139,886 | 147,385 | |||
FHLB advances, Fair value | 60,269 | 54,148 | |||
Mortgagors' escrow accounts, Fair Value | 4,385 | 4,341 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Financial Assets, Carrying Value | |||||
Impaired Loans Receivables Carrying Value | 7,028 | 7,316 | |||
FHLB Stock, Carrying value | 4,548 | 4,548 | |||
Financial Assets, Fair Value | |||||
Impaired Loans Receivables Fair Value | 7,028 | 7,316 | |||
FHLB Stock, Fair Value | $ 4,548 | $ 4,548 | |||
[1] | Amount due includes scheduled principal payments on amortizing advances. |
FAIR VALUE (Details 1)
FAIR VALUE (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | $ 67,346 | $ 77,538 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 0 | 5,042 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 43,737 | 53,087 |
Collateralized Mortgage Backed Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 7,061 | 13,179 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 67,346 | 77,538 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 16,548 | 6,230 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 5,042 | |
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 | 43,737 | 53,087 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 7,061 | 13,179 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions 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] | US Government Agencies Debt Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 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 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 16,548 | 6,230 |
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 | 5,042 | |
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 | 43,737 | 53,087 |
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 | 7,061 | 13,179 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions 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] | US Government Agencies Debt Securities [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] | 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 (Details 2)
FAIR VALUE (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value On Non Recurring Basis [Line Items] | ||||||
Foreclosed real estate | $ 39 | $ 100 | $ 335 | $ 536 | $ 1,114 | $ 1,846 |
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value On Non Recurring Basis [Line Items] | ||||||
Impaired loans | 7,028 | 7,316 | ||||
Foreclosed real estate | 39 | 335 | ||||
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 | ||||
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 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value On Non Recurring Basis [Line Items] | ||||||
Impaired loans | 7,028 | 7,316 | ||||
Foreclosed real estate | $ 39 | $ 335 |
FAIR VALUE (Details Textual)
FAIR VALUE (Details Textual) - Jun. 30, 2015 - Remeasured [Member] - USD ($) | Total |
Fair Value [Line Items] | |
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value, Total | $ 2,800,000 |
Fair Value Of Foreclosed Real Estate | $ 39,000 |