Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from depository institutions | $ 17,910 | $ 10,940 |
Federal funds sold | 276 | 0 |
Cash and cash equivalents | 18,186 | 10,940 |
Investment securities available-for-sale, at fair value | 53,783 | 77,538 |
Investment securities held-to-maturity, at amortized cost | 10,490 | 13,441 |
Loans held for sale | 1,878 | 1,062 |
Loans receivable, net | 381,008 | 363,259 |
Accrued income receivable | 1,509 | 1,599 |
Foreclosed real estate | 423 | 335 |
Premises and equipment, net | 8,919 | 9,125 |
Bank owned life insurance | 10,590 | 10,393 |
Federal Home Loan Bank ("FHLB") of Boston stock, at cost | 4,548 | 4,548 |
Other assets | 2,377 | 2,850 |
Total assets | 493,711 | 495,090 |
Liabilities | ||
Deposits | 369,804 | 373,459 |
FHLB advances | 57,731 | 53,762 |
Mortgagors' escrow accounts | 2,141 | 4,341 |
Deferred tax liabilities | 111 | 651 |
Other liabilities | 2,163 | 2,006 |
Total liabilities | 431,950 | 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 September 30, 2015 and December 31, 2014, respectively | 70 | 70 |
Paid-in capital | 58,797 | 58,698 |
Retained earnings | 5,202 | 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 September 30, 2015 and December 31, 2014) | (1) | (1) |
Accumulated other comprehensive income, net of tax | 173 | 1,261 |
Total stockholders' equity | 61,761 | 60,871 |
Total liabilities and stockholders' equity | $ 493,711 | $ 495,090 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares | Sep. 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 | 7,002,366 |
Common stock, shares outstanding | 7,002,208 | 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income | ||||
Interest and fees on loans | $ 4,365 | $ 4,261 | $ 12,652 | $ 12,743 |
Interest and dividends on investments and deposits | 464 | 758 | 1,676 | 2,276 |
Total interest income | 4,829 | 5,019 | 14,328 | 15,019 |
Interest expense | ||||
Interest on deposits | 539 | 597 | 1,703 | 1,799 |
Interest on borrowed funds | 221 | 188 | 639 | 530 |
Total interest expense | 760 | 785 | 2,342 | 2,329 |
Net interest income | 4,069 | 4,234 | 11,986 | 12,690 |
Provision (credit) for loan losses | 0 | (50) | (1,420) | (789) |
Net interest income after provision/credit for loan losses | 4,069 | 4,284 | 13,406 | 13,479 |
Noninterest income | ||||
Service charge income | 186 | 186 | 512 | 535 |
Fees for other services | 68 | 75 | 198 | 232 |
Mortgage banking income | 215 | 506 | 664 | 831 |
Income from bank owned life insurance | 65 | 66 | 197 | 195 |
Net gain on sale of investments | 545 | 1,034 | 1,373 | 1,227 |
Income from investment advisory services, net | 49 | 79 | 206 | 246 |
Other income | 30 | 33 | 93 | 97 |
Total noninterest income | 1,158 | 1,979 | 3,243 | 3,363 |
Noninterest expense | ||||
Compensation, taxes and benefits | 2,510 | 2,879 | 7,574 | 8,868 |
Occupancy | 522 | 568 | 1,624 | 1,692 |
Computer processing | 381 | 343 | 1,066 | 1,039 |
Professional fees | 314 | 421 | 1,116 | 1,263 |
FDIC insurance premiums | 102 | 88 | 389 | 619 |
Insurance | 85 | 175 | 403 | 437 |
Advertising | 92 | 101 | 313 | 314 |
Expenses (recoveries) on foreclosed real estate, net | (57) | 63 | 40 | 441 |
Writedowns on foreclosed real estate | 0 | 0 | 0 | 38 |
Directors' compensation | 51 | 54 | 224 | 226 |
Supplies | 33 | 68 | 146 | 197 |
Merger related expenses | 335 | 0 | 947 | 0 |
Expenses related to sale of loans | 0 | 51 | 0 | 247 |
Other expenses | 341 | 396 | 928 | 1,120 |
Total noninterest expense | 4,709 | 5,207 | 14,770 | 16,501 |
Income before provision for income taxes | 518 | 1,056 | 1,879 | 341 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income | $ 518 | $ 1,056 | $ 1,879 | $ 341 |
Earnings (loss) per common share - basic and diluted (in dollars per share) | $ 0.08 | $ 0.16 | $ 0.28 | $ 0.05 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Net income | $ 518 | $ 1,056 | $ 1,879 | $ 341 | |
Other comprehensive income (loss): | |||||
Increase (decrease) in unrealized gain on available-for-sale investment securities | 588 | 593 | (254) | 2,453 | |
Reclassification adjustment for net gains recognized in net income | [1] | (545) | (1,034) | (1,373) | (1,227) |
Other comprehensive income (loss) before tax effect | 43 | (441) | (1,627) | 1,226 | |
Income tax benefit (expense) related to items in other comprehensive income (loss) | (18) | 151 | 539 | (387) | |
Reclassification adjustment net of tax amount | 25 | (290) | (1,088) | 839 | |
Total comprehensive income (loss) | $ 543 | $ 766 | $ 791 | $ 1,180 | |
[1] | Net gain 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 | 341 | 0 | 0 | 341 | 0 | 0 | 0 |
Stock based compensation - options | 19 | 0 | 19 | 0 | 0 | 0 | 0 |
Other comprehensive loss | 839 | 0 | 0 | 0 | 0 | 0 | 839 |
Balance at Sep. 30, 2014 | 59,433 | 70 | 58,776 | 2,663 | (2,824) | (1) | 749 |
Balance at Dec. 31, 2014 | 60,871 | 70 | 58,698 | 3,323 | (2,480) | (1) | 1,261 |
Net income | 1,879 | 0 | 0 | 1,879 | 0 | 0 | 0 |
Stock based compensation - options | 99 | 0 | 99 | 0 | 0 | 0 | 0 |
Other comprehensive loss | (1,088) | 0 | 0 | 0 | 0 | 0 | (1,088) |
Balance at Sep. 30, 2015 | $ 61,761 | $ 70 | $ 58,797 | $ 5,202 | $ (2,480) | $ (1) | $ 173 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income (loss) | $ 1,879 | $ 341 |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
(Credit) provision for loan losses | (1,420) | (789) |
Depreciation and amortization expense | 605 | 566 |
Net (gain) loss on sales of foreclosed assets | (95) | 60 |
Writedowns on foreclosed real estate | 0 | 38 |
Gain on sale of mortgage servicing rights | 0 | (281) |
Mortgage banking activity: | ||
Gain on sales of mortgage loans | (663) | (484) |
Mortgage loans originated for sale | (24,259) | (25,359) |
Proceeds from sale of mortgage loans | 24,106 | 26,087 |
Net amortization of investment premiums and discounts | 335 | 4 |
Net gain on sale of investments | (1,373) | (1,227) |
Stock-based compensation | 99 | 19 |
Cash surrender value of bank owned life insurance | (197) | (195) |
Net change in: | ||
Accrued income receivable | 90 | (104) |
Deferred loan fees | 16 | (21) |
Other assets | 473 | (628) |
Other liabilities | 158 | (356) |
Net cash (used in)/provided by operating activities | (246) | (2,329) |
Cash flows from investing activities | ||
Proceeds from maturities, calls and repayments of available-for-sale securities | 14,512 | 27,403 |
Proceeds from sale of available-for-sale securities | 25,600 | 18,124 |
Proceeds from principal repayments and maturities of held-to-maturity securities | 2,791 | 3,643 |
Redemption of Federal Home Loan Bank stock | 0 | 896 |
Purchase of available-for-sale securities | (16,787) | (72,129) |
Loan originations net of principal payments | (16,768) | (842) |
Purchase of premises and equipment | (399) | (472) |
Proceeds from the sale of mortgage servicing rights | 0 | 1,217 |
Proceeds from the sale of commercial loans | 0 | 4,580 |
Proceeds from the sale of foreclosed assets | 430 | 1,681 |
Net cash (used in)/provided by investing activities | 9,379 | (15,899) |
Cash flows from financing activities | ||
Net change in time deposits | (7,408) | (8,041) |
Net change in other deposit accounts | 3,752 | (5,895) |
Proceeds from FHLB advances | 21,597 | 47,500 |
Repayment of FHLB advances | (17,628) | (26,237) |
Net change in mortgagors' escrow accounts | (2,200) | (2,013) |
Change in other borrowings | 0 | (4,173) |
Net cash provided by/(used in) financing activities | (1,887) | 1,141 |
Net change in cash and cash equivalents | 7,246 | (17,087) |
Cash and cash equivalents at beginning of period | 10,940 | 26,374 |
Cash and cash equivalents at end of period | 18,186 | 9,287 |
Non-cash investing activities: | ||
Transfer of loans to foreclosed assets | 423 | 391 |
Transfer of commercial loans to loans held for sale | 0 | 3,957 |
Interest paid | 2,332 | 2,313 |
Unrealized (losses) gains on available for sale securities arising during the period | $ (1,627) | $ 1,226 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 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 September 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. Subsequent to September 30, 2015, this pending merger transaction received all required regulatory approvals and shareholder approval 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 $ 335,000 947,000 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 nine months ended September 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 September 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: Receivables Troubled Debt Restructurings by Creditors Transfer and Servicing (Topic 860) Repurchase to Maturity Transactions, Repurchase Refinancings and Disclosures: Receivables Troubled Debt Restructurings by Creditors (Topic 310-40) Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure: Recently Issued Accounting Guidance Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern: Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs: . Revenue from Contracts with Customers (Topic 606). All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance 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. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 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 agency mortgage-backed securities $ 23,738 $ 167 $ (149) $ 23,756 U.S. Government agency collateralized mortgage obligations 9,015 191 - 9,206 Obligations of state and municipal subdivisions 20,745 278 (202) 20,821 Total available-for-sale securities $ 53,498 $ 636 $ (351) $ 53,783 Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Held-to-maturity securities: U.S. Government agency mortgage-backed securities $ 10,490 $ 169 $ (29) $ 10,630 Total held-to-maturity securities $ 10,490 $ 169 $ (29) $ 10,630 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 nine months ended September 30, 2015 and September 30, 2014, the Company realized gross gains on sales of investment securities of $ 545,000 1,034,000 1,373,000 1,227,000 At September 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 mortgage-backed securities $ 9,545 $ (114) $ 2,801 $ (35) $ 12,346 $ (148) Obligations of state and municipal subdivisions 10,530 (189) 1722 (13) 12,252 (202) Total securities in unrealized loss position $ 20,075 $ (303) $ 4,523 $ (48) $ 24,598 $ (351) 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 September 30, 2015 Cost Fair Value Cost Fair Value (In thousands) U.S. Government agency mortgage-backed securities $ 23,738 $ 23,756 $ 10,490 $ 10,630 U.S. Government agency collateralized mortgage obligations 9,015 9,206 - - Subtotal 32,753 32,962 10,490 10,630 Securities with fixed maturities: Due in one year or less - - - - Due after one year through five years - - - - Due after five years through ten years 8,225 8,289 - - Due after ten years 12,520 12,532 - - Subtotal 20,745 20,821 - - Total $ 53,498 $ 53,783 $ 10,490 $ 10,630 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 September 30, 2015 December 31, 2014 Amortized Amortized Cost Fair Value Cost Fair Value (In thousands) State of Connecticut to secure public deposits $ 4,638 $ 4,549 $ 18,446 $ 18,881 Total $ 4,638 $ 4,549 $ 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 | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 LOANS RECEIVABLE September 30, December 31, (In thousands) 2015 2014 Real estate loans: One-to-four family $ 179,603 $ 180,739 Multi-family and commercial real estate 137,581 122,526 Construction and land development 3,427 3,415 Total real estate loans 320,611 306,680 Commercial business loans 24,896 25,801 Consumer loans: Home equity 33,246 28,700 Other consumer 6,942 8,144 Total consumer loans 40,188 36,844 Total loans 385,695 369,325 Less: Allowance for loan losses 4,615 6,023 Deferred loan origination fees, net 72 43 Loans receivable, net $ 381,008 $ 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 September 30, 2015 Family Real Estate Development Business Loans Consumer Loans Total (In thousands) Risk Rating: Pass $ 176,383 $ 132,158 $ 2,063 $ 22,470 $ 39,665 $ 372,739 Special Mention 993 3,662 768 1,452 203 7,078 Substandard: - Accruing 122 1,023 - 260 72 1,477 - Nonaccruing 2,105 738 596 714 248 4,401 Subtotal - substandard 2,227 1,761 596 974 320 5,878 Doubtful - - - - - - Total $ 179,603 $ 137,581 $ 3,427 $ 24,896 $ 40,188 $ 385,695 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 September 30, 2015 family Properties Office Buildings Retail Properties Properties Real Estate (In thousands) Risk Rating: Pass $ 30,856 $ 23,608 $ 27,989 $ 16,094 $ 33,611 $ 132,158 Special Mention 446 1,115 22 369 1,710 3,662 Substandard: - Accruing 241 - 95 144 543 1,023 - Nonaccruing 389 17 326 - 6 738 Subtotal - substandard 630 17 421 144 549 1,761 Doubtful - - - - - - Total $ 31,932 $ 24,740 $ 28,432 $ 16,607 $ 35,870 $ 137,581 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 September 30, 2015 Past Due Past Due 90 Days Due Current Total Loans Accruing (In thousands) Real estate loans One-to-four family $ 927 $ 41 $ 1,566 $ 2,534 $ 177,069 $ 179,603 $ - Construction and land development - - 596 596 2,831 3,427 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family 632 - 389 1,021 30,911 31,932 - Industrial and Warehouse 389 - - 389 24,351 24,740 - Office buildings - - 326 326 28,106 28,432 - Retail properties - - - - 16,607 16,607 - Special use properties 223 - - 223 35,647 35,870 - Subtotal Multi-family and commercial real estate 1,244 - 715 1,959 135,622 137,581 - Commercial business loans 294 - 665 959 23,937 24,896 - Consumer loans: Home equity loans 228 - 164 392 32,854 33,246 - Other consumer loans 1 - - 1 6,941 6,942 - Subtotal Consumer 229 - 164 393 39,795 40,188 - Total $ 2,694 $ 41 $ 3,706 $ 6,441 $ 379,254 $ 385,695 $ - 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 September 30, December 31, 2015 2014 Nonperforming Assets (Dollars in thousands) Nonaccrual loans: One-to-four family $ 1,094 $ 1,414 Multi-family and commercial real estate 350 375 Construction and land development 596 726 Commercial business loans 666 804 Consumer loans 247 187 Total 2,953 3,506 Troubled debt restructurings - non-accrual 1,448 1,600 Subtotal nonperforming loans 4,401 5,106 Foreclosed real estate 423 335 Total nonperforming assets $ 4,824 $ 5,441 Total nonperforming loans to total loans 1.14 % 1.38 % Total nonperforming loans to total assets 0.89 % 1.03 % Total nonperforming assets to total assets 0.98 % 1.10 % Nonperforming loans (defined as nonaccrual loans and nonperforming TDRs) totaled $ 4.4 5.1 705,000 12.9 87,000 31,000 At September 30, 2015, the Company had 28 loans on nonaccrual status of which nine 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 September 30, 2015 Allowance Allowance Investment Balance Allowance (In thousands) Real estate loans One-to-four family $ 2,923 $ 1,006 $ 3,929 $ 4,319 $ 26 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 18 - 18 23 - Office buildings 326 - 326 346 - Retail properties - - - - - Special use properties 7 - 7 21 - Subtotal 740 - 740 785 - Commercial business loans 783 77 860 923 - Consumer loans 318 100 418 448 4 Total impaired loans $ 5,360 $ 1,183 $ 6,543 $ 7,362 $ 30 Recorded Recorded Investment with Investment with Unpaid No Specific Specific Total Contractual Related 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. Nine Months Ended September 30, 2015 2014 Average Average Recorded Interest Income Recorded Interest Income Investments Recognized Investments Recognized (In thousands) Real estate loans One-to four-family $ 4,180 $ 127 $ 5,567 $ 237 Construction 641 1 1,400 9 Multi-family and commercial real estate 880 - 2,109 111 Commercial business loans 908 10 1,554 85 Consumer loans 511 17 498 17 Total $ 7,120 $ 155 $ 11,128 $ 459 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 nine month periods ended September 30, 2015 and 2014, the amount of interest payments applied to principal under the cost recovery method was $ 23,000 37,000 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 September 30, As of December 31, (In thousands) 2015 2014 Aggregate recorded investment of impaired loans performing under terms modified through a troubled debt restructuring: Performing (1) $ 2,480 $ 2,549 Nonperforming (2) 1,102 1,256 Total $ 3,582 $ 3,805 (1) Of the $ 2,480,000 385 1,063 1,448 Of the $ 2,549,000 2,164 1,215 1,600 (2) All of the $ 1,102,000 39 All of the $ 1,256,000 40 As illustrated in the table below, during the nine months ended September 30, 2015, the following concessions were made on two loans totaling $ 331,000 ⋅ Extension of payment terms for 16.0 53,000 ⋅ Deferral of principal payments for 84.0 278,000 For the Nine Months Ended September 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 16.0 % Principal payments deferred: Real estate loans: One-to-four family 1 278 278 84.0 % Grand Totals 2 $ 331 $ 331 100.0 % As illustrated in the table below, during the nine months ended September 30, 2014, the following concessions were made on nine loans totaling $ 602 ⋅ Deferral of principal payments for 72.9 439 ⋅ Reduced interst rate for 10.8 65 ⋅ Extension of payment terms for 16.03 98 For the Nine Months Ended September 30, 2014 Pre- Post- Modification Modification Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment % Below market interest rate: Real estate loans: One-to-four family 1 $ 35 $ 35 5.8 % Commercial business loans 3 30 30 5.0 % Subtotal 4 65 65 10.8 % Extended payment terms: Commercial business loans 1 98 98 16.3 % Subtotal 1 98 98 16.3 % Principal payments deferred: Consumer loans - home equity 1 28 28 4.7 % Real estate loans: One-to-four family 3 411 411 68.2 % Subtotal 4 439 439 72.9 % Grand Totals 9 $ 602 $ 602 100.0 % 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 September 30, 2015 that subsequently defaulted or were charged off during the nine months ended September 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 4.62 1.40 23.4 1.42 12,000 33,000 705,000 12.9 1,574,000 21.1 The Company continues to monitor and modify its allowance for loan losses as conditions dictate. No assurances can be given that the level of allowance for loan losses will cover all of the inherent losses on the loans or that future adjustments to the allowance for loan losses will not be necessary if economic and other conditions differ substantially from the economic and other conditions used by management to determine the current level of the allowance for loan losses. The following tables set forth the balance of and transactions in the allowance for loan losses at September 30, 2015, September 30, 2014, and December 31, 2014, by portfolio segment, disaggregated by impairment methodology, which is then further segregated by loans evaluated for impairment individually and collectively. Multi-Family and As of and for the Nine Months One-to-Four Commercial Construction and Commercial Consumer Ended September 30, 2015 Family Real Estate Land Development Business Loans Loans Total (In thousands) Allowance for loan losses: Beginning balance $ 1,633 $ 3,097 $ 414 $ 592 $ 287 $ 6,023 Provision for loan losses 398 (1,221) (404) (456) 263 (1,420) Charge-offs (104) (14) - (24) (159) (301) Recoveries 1 43 168 75 26 313 Balance at September 30, 2015 $ 1,928 $ 1,905 $ 178 $ 187 $ 417 $ 4,615 Allowance related to loans: Individually evaluated for impairment $ 26 $ - $ - $ - $ 4 $ 30 Collectively evaluated for impairment 1,902 1,905 178 187 413 4,585 Total allowance $ 1,928 $ 1,905 $ 178 $ 187 $ 417 $ 4,615 Ending loan balance individually evaluated for impairment $ 3,929 $ 740 $ 596 $ 860 $ 418 $ 6,543 Ending loan balance collectively evaluated for impairment 175,674 136,841 2,831 24,036 39,770 379,152 Total loans $ 179,603 $ 137,581 $ 3,427 $ 24,896 $ 40,188 $ 385,695 Multi-Family and Commercial Real Estate Investor One- Total Multi- to-Four Industrial and Family and As of and for the Nine Months Family and Warehouse Retail Special Use Commercial Ended September 30, 2015 Multi-Family Properties Office Buildings Properties Properties Real Estate (In thousands) Allowance for loan losses: Beginning balance $ 509 $ 597 $ 352 $ 548 $ 1,091 $ 3,097 Provision for loan losses (126) (247) (103) (208) (537) (1,221) Charge-offs - - (14) - - (14) Recoveries - - 43 - - 43 Balance at September 30, 2015 $ 383 $ 350 $ 278 $ 340 $ 554 $ 1,905 Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 383 350 278 340 554 1,905 Total allowance $ 383 $ 350 $ 278 $ 340 $ 554 $ 1,905 Ending loan balance individually evaluated for impairment $ 389 $ 18 $ 326 $ - $ 7 $ 740 Ending loan balance collectively evaluated for impairment 31,543 24,722 28,106 16,607 35,863 136,841 Total loans $ 31,932 $ 24,740 $ 28,432 $ 16,607 $ 35,870 $ 137,581 Multi-Family and As of and for the Nine Months One-to-Four Commercial Construction and Commercial Consumer Ended September 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 326 (205) (23) (757) (130) (789) Charge-offs (541) (1,306) (442) (133) (13) (2,435) Recoveries 10 25 44 139 86 304 Balance at September 30, 2014 $ 1,644 $ 3,611 $ 697 $ 692 $ 327 $ 6,971 Allowance related to loans: Individually evaluated for impairment $ 26 $ - $ - $ 97 $ 8 $ 131 Collectively evaluated for impairment 1,618 3,611 697 595 319 6,840 Total allowance $ 1,644 $ 3,611 $ 697 $ 692 $ 327 $ 6,971 Ending loan balance individually evaluated for impairment $ 4,415 $ 657 $ 898 $ 1,233 $ 514 $ 7,717 Ending loan balance collectively evaluated for impairment 174,662 117,778 4,144 23,592 36,362 356,538 Total loans $ 179,077 $ 118,435 $ 5,042 $ 24,825 $ 36,876 $ 364,255 Multi-Family and Commercial Real Estate Investor One- Total Multi- to-Four Industrial and Family and As of and for the Nine Months Family and Warehouse Retail Special Use Commercial Ended September 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 136 (60) (187) 185 (279) (205) Charge-offs (166) (234) - (491) (415) (1,306) Recoveries 1 5 - - 19 25 Segment ending balance as of September 30, 2014 $ 486 $ 745 $ 376 $ 550 $ 1,454 $ 3,611 Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 486 745 376 550 1,454 3,611 Total allowance $ 486 $ 745 $ 376 $ 550 $ 1,454 $ 3,611 Ending loan balance individually evaluated for impairment $ 389 $ 25 $ 206 $ - $ 37 $ 657 Ending loan balance collectively evaluated for impairment 21,499 27,695 22,408 17,527 28,649 117,778 Total loans $ 21,888 $ 27,720 $ 22,614 $ 17,527 $ 28,686 $ 118,435 Multi-Family and One-to-Four Commercial Construction and Commercial Consumer Family Real Estate Land Development Business Loans Loans Total As of December 31, 2014 (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 Investor One- Total Multi- to-Four Industrial and Family and Family and Warehouse Retail Special Use Commercial Multi-Family Properties Office Buildings Properties Properties Real Estate As of December 31, 2014 (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 $ 30,3 |
MORTGAGE BANKING ACTIVITY
MORTGAGE BANKING ACTIVITY | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, Ended September 30, (In thousands) 2015 2014 2015 2014 Gain on sales of mortgage loans $ 214 $ 188 $ 663 $ 484 Mortgage servicing income 1 63 1 66 Gain on sale of mortgage servicing rights - 255 - 281 Total $ 215 $ 506 $ 664 $ 831 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 nine month period ended September 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 | 9 Months Ended |
Sep. 30, 2015 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate Disclosure [Text Block] | N OTE 5 FORECLOSED REAL ESTATE For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Beginning balance $ 39 $ 536 $ 335 $ 1,846 Additions 423 - 423 391 Proceeds from dispositions (142) (77) (430) (1,681) Gain (loss) on sales 103 (1) 95 (60) Writedowns - - - (38) Balance at end of period $ 423 $ 458 $ 423 $ 458 At September 30, 2015, the Bank held three properties consisting of single family residences. At September 30, 2015 and at December 31, 2014, the Bank had $ 3.4 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 | 9 Months Ended |
Sep. 30, 2015 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | NOTE 6 DEPOSITS September 30, 2015 December 31, 2014 (Dollars in thousands) Amount Percent Amount Percent Noninterest bearing demand deposits $ 76,618 20.7 % $ 68,957 18.5 % Interest bearing deposits Now accounts and money market accounts 48,798 13.2 % 50,738 13.6 % Savings accounts 106,520 28.8 % 108,488 29.0 % Certificates of deposit 137,868 37.3 % 145,276 38.9 % Total interest bearing deposits 293,186 79.3 % 304,502 81.5 % Total deposits $ 369,804 100.0 % $ 373,459 100.0 % At September At December (In thousands) 30, 2015 31, 2014 Through twelve months $ 55,946 $ 56,895 Twelve months through three years 55,697 55,962 Over three years 26,225 32,419 $ 137,868 $ 145,276 The aggregate amount of individual certificate of deposit accounts of $100,000 or more at September 30, 2015 and December 31, 2014 was $ 58.3 60.7 250,000 15.0 13.2 |
FHLB ADVANCES
FHLB ADVANCES | 9 Months Ended |
Sep. 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 September 30, 2015, the Bank had the ability to borrow up to $ 81.8 At September 30, 2015 At December 31, 2014 Weighted Weighted Amount Average Amount Average (Dollars in thousands) Due Cost Due Cost Year of maturity: (1) 2015 $ 3,365 0.78 % $ 6,792 0.73 % 2016 16,150 0.85 % 16,068 0.85 % 2017 22,402 1.57 % 21,021 1.59 % 2018 7,748 2.53 % 5,743 2.90 % 2019 5,703 2.09 % 3,420 2.59 % 2020 - 2024 2,028 1.33 % 383 0.18 % 2025 - 2028 335 - 335 - Total FHLB advances $ 57,731 1.48 % $ 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 | 9 Months Ended |
Sep. 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 September 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 6.8 7.4 At September 30, 2015, the Bank had reserve requirements with the Federal Reserve Bank of Boston amounting to $ 1.8 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 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 (95,469) 11.12 Options outstanding at September 30, 2015 273,958 $ 8.30 Options exercisable at September 30, 2015 25,392 $ 8.38 Weighted-average fair value of options granted during the year $ 2.61 Weighted Average Outstanding as of Remaining September 30, Contractual Life 2015 Exercise Price (in years) 3,392 $ 12.51 1.5 110,000 $ 7.74 8.7 160,566 $ 8.60 9.3 273,958 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 Shares Grant 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 September 30, 2015 4,114 $ 8.01 Weighted average remaining contractual life in years 4.1 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 $ 36,000 99,000 552,674 27,109 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | NOTE 10 STOCKHOLDERS’ EQUITY Income Per Share Basic net income per common share is calculated by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is computed in a manner similar to basic net income per common share except that the weighted-average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. The Company’s common stock equivalents relate solely to stock option and restricted stock awards. Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. For the nine months ended September 30, 2015, anti-dilutive options excluded from the calculations totaled 3,392 12.51 97,163 11.12 3,392 12.51 Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in thousands except for per share data) Net income $ 518 $ 1,056 $ 1,879 $ 341 Weighted-average common shares outstanding: Basic 6,707,821 6,675,457 6,707,821 6,675,457 Diluted 6,775,090 6,680,475 6,753,459 6,677,441 Earnings per common share: Basic $ 0.08 $ 0.16 $ 0.28 $ 0.05 Diluted $ 0.08 $ 0.16 $ 0.28 $ 0.05 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 | 9 Months Ended |
Sep. 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 $ 3.1 12.05 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 September 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 $ 61,587 12.29 % Tier 1 Risk-Based Capital (2) N/A N/A N/A N/A 61,587 17.95 % Total Risk-Based Capital (2) N/A N/A N/A N/A 65,271 19.20 % The Bank Tier 1 Leverage Capital (1) $ 25,047 5.00 % $ 22,542 4.50 % $ 57,297 11.44 % Common Equity Tier 1 (CET1) (2) (4) 22,298 6.50 % 15,437 4.50 % 27,297 16.70 % Tier 1 Risk-Based Capital (2) 27,443 8.00 % 20,582 6.00 % 27,297 16.70 % Total Risk-Based Capital (2) 34,304 10.00 % 27,443 8.00 % 61,589 17.95 % (1) Tier 1 capital to total average 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. Adequately Capitalized Individual Minimum At December 31, 2014 Requirements Capital Requirements (3) 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 September 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 | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, (In thousands) 2015 2014 Commitments to extend credit: Commercial real estate loan committments $ 12,573 $ 30,254 Unused home equity lines of credit 21,081 19,084 Commercial and industrial loan commitments 12,080 12,587 Amounts due on other commitments 9,805 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 | 9 Months Ended |
Sep. 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. September 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 $ 18,186 $ 18,186 $ 10,940 $ 10,940 Investment securities, available-for-sale Level 2 53,783 53,783 77,538 77,538 Investment securities, held-to-maturity Level 2 10,490 10,630 13,441 13,633 Loans held for sale Level 2 1,878 1,878 1,062 1,062 Loans receivable, net: Performing Level 2 374,495 379,568 355,943 359,687 Impaired Level 3 6,513 6,513 7,316 7,316 Accrued interest receivable Level 1 1,509 1,509 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 1 231,936 231,936 228,183 228,183 Time deposits Level 2 137,868 139,708 145,276 147,385 FHLB advances Level 2 57,731 58,306 53,762 54,148 Mortgagors' escrow accounts Level 2 2,141 2,141 4,341 4,341 Accrued interest payable Level 1 77 77 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 September 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 September 30, 2015 and December 31, 2014. Fair Value At September 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 $ - $ 23,756 $ - $ 23,756 U.S. Government agency collateralized mortgage obligations - 9,206 - 9,206 Obligations of state and municipal subdivisions - 20,821 - 20,821 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 September 30, 2015 (In thousands) Level 1 Level 2 Level 3 Total Assets measured at fair value on a non-recurring basis: Impaired loans $ - $ - $ 6,513 $ 6,513 Foreclosed real estate - - 423 423 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 nine months ended September 30, 2015, the following fair values of those reflected in the above table were remeasured: ⋅ $ 3.4 ⋅ $ 423,000 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. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 14 SUBSEQUENT EVENT In October 2015, the Board of Directors of the Bank voted to terminate the Naugatuck Valley Savings and Loan KSOP Plan (“the Plan”) effective December 2015, due to the impending merger with Liberty Bank. Such termination will require the Bank to contribute to the Plan an amount equal to the unearned employee stock ownership plan shares based on the fair value of the shares as of September 30, 2015. The financial impact of this plan termination amounts to approximately $ 2.95 |
DESCRIPTION OF BUSINESS AND B22
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 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 September 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] | Proposed Merger 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. Subsequent to September 30, 2015, this pending merger transaction received all required regulatory approvals and shareholder approval 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 $ 335,000 947,000 |
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: Receivables Troubled Debt Restructurings by Creditors Transfer and Servicing (Topic 860) Repurchase to Maturity Transactions, Repurchase Refinancings and Disclosures: Receivables Troubled Debt Restructurings by Creditors (Topic 310-40) Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure: Recently Issued Accounting Guidance Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern: Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs: . Revenue from Contracts with Customers (Topic 606). All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance 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. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Available For Sale Securities and Held To Maturity Securities [Table Text Block] | At September 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 agency mortgage-backed securities $ 23,738 $ 167 $ (149) $ 23,756 U.S. Government agency collateralized mortgage obligations 9,015 191 - 9,206 Obligations of state and municipal subdivisions 20,745 278 (202) 20,821 Total available-for-sale securities $ 53,498 $ 636 $ (351) $ 53,783 Amortized Gross Unrealized Fair (In thousands) Cost Basis Gains Losses Value Held-to-maturity securities: U.S. Government agency mortgage-backed securities $ 10,490 $ 169 $ (29) $ 10,630 Total held-to-maturity securities $ 10,490 $ 169 $ (29) $ 10,630 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 September 30, 2015, and December 31, 2014: At September 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 mortgage-backed securities $ 9,545 $ (114) $ 2,801 $ (35) $ 12,346 $ (148) Obligations of state and municipal subdivisions 10,530 (189) 1722 (13) 12,252 (202) Total securities in unrealized loss position $ 20,075 $ (303) $ 4,523 $ (48) $ 24,598 $ (351) 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 September 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 September 30, 2015 Cost Fair Value Cost Fair Value (In thousands) U.S. Government agency mortgage-backed securities $ 23,738 $ 23,756 $ 10,490 $ 10,630 U.S. Government agency collateralized mortgage obligations 9,015 9,206 - - Subtotal 32,753 32,962 10,490 10,630 Securities with fixed maturities: Due in one year or less - - - - Due after one year through five years - - - - Due after five years through ten years 8,225 8,289 - - Due after ten years 12,520 12,532 - - Subtotal 20,745 20,821 - - Total $ 53,498 $ 53,783 $ 10,490 $ 10,630 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] | The following table summarizes the amortized cost and fair value of available for sale and held to maturity securities that are pledged as collateral for the following obligations: September 30, 2015 December 31, 2014 Amortized Amortized Cost Fair Value Cost Fair Value (In thousands) State of Connecticut to secure public deposits $ 4,638 $ 4,549 $ 18,446 $ 18,881 Total $ 4,638 $ 4,549 $ 18,446 $ 18,881 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule Of Classification Of Loans Receivable [Table Text Block] | A summary of loans receivable at September 30, 2015 and December 31, 2014 is as follows: September 30, December 31, (In thousands) 2015 2014 Real estate loans: One-to-four family $ 179,603 $ 180,739 Multi-family and commercial real estate 137,581 122,526 Construction and land development 3,427 3,415 Total real estate loans 320,611 306,680 Commercial business loans 24,896 25,801 Consumer loans: Home equity 33,246 28,700 Other consumer 6,942 8,144 Total consumer loans 40,188 36,844 Total loans 385,695 369,325 Less: Allowance for loan losses 4,615 6,023 Deferred loan origination fees, net 72 43 Loans receivable, net $ 381,008 $ 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 September 30, 2015 and December 31, 2014: Credit Risk Profile by Internally Assigned Grade: Multi-Family and Construction One-to-Four Commercial and Land Commercial September 30, 2015 Family Real Estate Development Business Loans Consumer Loans Total (In thousands) Risk Rating: Pass $ 176,383 $ 132,158 $ 2,063 $ 22,470 $ 39,665 $ 372,739 Special Mention 993 3,662 768 1,452 203 7,078 Substandard: - Accruing 122 1,023 - 260 72 1,477 - Nonaccruing 2,105 738 596 714 248 4,401 Subtotal - substandard 2,227 1,761 596 974 320 5,878 Doubtful - - - - - - Total $ 179,603 $ 137,581 $ 3,427 $ 24,896 $ 40,188 $ 385,695 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 September 30, 2015 family Properties Office Buildings Retail Properties Properties Real Estate (In thousands) Risk Rating: Pass $ 30,856 $ 23,608 $ 27,989 $ 16,094 $ 33,611 $ 132,158 Special Mention 446 1,115 22 369 1,710 3,662 Substandard: - Accruing 241 - 95 144 543 1,023 - Nonaccruing 389 17 326 - 6 738 Subtotal - substandard 630 17 421 144 549 1,761 Doubtful - - - - - - Total $ 31,932 $ 24,740 $ 28,432 $ 16,607 $ 35,870 $ 137,581 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 September 30, 2015 and December 31, 2014: Delinquencies Carrying Greater Amount > 90 31-60 Days 61-90 Days Than Total Past Days and As of September 30, 2015 Past Due Past Due 90 Days Due Current Total Loans Accruing (In thousands) Real estate loans One-to-four family $ 927 $ 41 $ 1,566 $ 2,534 $ 177,069 $ 179,603 $ - Construction and land development - - 596 596 2,831 3,427 - Multi-family and commercial real estate: Investor owned one-to-four family and multi-family 632 - 389 1,021 30,911 31,932 - Industrial and Warehouse 389 - - 389 24,351 24,740 - Office buildings - - 326 326 28,106 28,432 - Retail properties - - - - 16,607 16,607 - Special use properties 223 - - 223 35,647 35,870 - Subtotal Multi-family and commercial real estate 1,244 - 715 1,959 135,622 137,581 - Commercial business loans 294 - 665 959 23,937 24,896 - Consumer loans: Home equity loans 228 - 164 392 32,854 33,246 - Other consumer loans 1 - - 1 6,941 6,942 - Subtotal Consumer 229 - 164 393 39,795 40,188 - Total $ 2,694 $ 41 $ 3,706 $ 6,441 $ 379,254 $ 385,695 $ - 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 September 30, 2015 and December 31, 2014: September 30, December 31, 2015 2014 Nonperforming Assets (Dollars in thousands) Nonaccrual loans: One-to-four family $ 1,094 $ 1,414 Multi-family and commercial real estate 350 375 Construction and land development 596 726 Commercial business loans 666 804 Consumer loans 247 187 Total 2,953 3,506 Troubled debt restructurings - non-accrual 1,448 1,600 Subtotal nonperforming loans 4,401 5,106 Foreclosed real estate 423 335 Total nonperforming assets $ 4,824 $ 5,441 Total nonperforming loans to total loans 1.14 % 1.38 % Total nonperforming loans to total assets 0.89 % 1.03 % Total nonperforming assets to total assets 0.98 % 1.10 % |
Schedule Of Impaired Loans Receivable [Table Text Block] | Recorded Recorded Investment with Investment with Unpaid No Specific Specific Total Contractual Related Specific Valuation Valuation Recorded Principal Valuation As of September 30, 2015 Allowance Allowance Investment Balance Allowance (In thousands) Real estate loans One-to-four family $ 2,923 $ 1,006 $ 3,929 $ 4,319 $ 26 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 18 - 18 23 - Office buildings 326 - 326 346 - Retail properties - - - - - Special use properties 7 - 7 21 - Subtotal 740 - 740 785 - Commercial business loans 783 77 860 923 - Consumer loans 318 100 418 448 4 Total impaired loans $ 5,360 $ 1,183 $ 6,543 $ 7,362 $ 30 Recorded Recorded Investment with Investment with Unpaid No Specific Specific Total Contractual Related 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] | Nine Months Ended September 30, 2015 2014 Average Average Recorded Interest Income Recorded Interest Income Investments Recognized Investments Recognized (In thousands) Real estate loans One-to four-family $ 4,180 $ 127 $ 5,567 $ 237 Construction 641 1 1,400 9 Multi-family and commercial real estate 880 - 2,109 111 Commercial business loans 908 10 1,554 85 Consumer loans 511 17 498 17 Total $ 7,120 $ 155 $ 11,128 $ 459 |
Impaired Loans Modified Tdr [Table Text Block] | The recorded investment balance of performing and nonperforming TDRs as of September 30, 2015 and December 31, 2014 are as follows: As of September 30, As of December 31, (In thousands) 2015 2014 Aggregate recorded investment of impaired loans performing under terms modified through a troubled debt restructuring: Performing (1) $ 2,480 $ 2,549 Nonperforming (2) 1,102 1,256 Total $ 3,582 $ 3,805 (1) Of the $ 2,480,000 385 1,063 1,448 Of the $ 2,549,000 2,164 1,215 1,600 (2) All of the $ 1,102,000 39 All of the $ 1,256,000 40 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | For the Nine Months Ended September 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 16.0 % Principal payments deferred: Real estate loans: One-to-four family 1 278 278 84.0 % Grand Totals 2 $ 331 $ 331 100.0 % For the Nine Months Ended September 30, 2014 Pre- Post- Modification Modification Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment % Below market interest rate: Real estate loans: One-to-four family 1 $ 35 $ 35 5.8 % Commercial business loans 3 30 30 5.0 % Subtotal 4 65 65 10.8 % Extended payment terms: Commercial business loans 1 98 98 16.3 % Subtotal 1 98 98 16.3 % Principal payments deferred: Consumer loans - home equity 1 28 28 4.7 % Real estate loans: One-to-four family 3 411 411 68.2 % Subtotal 4 439 439 72.9 % Grand Totals 9 $ 602 $ 602 100.0 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Multi-Family and As of and for the Nine Months One-to-Four Commercial Construction and Commercial Consumer Ended September 30, 2015 Family Real Estate Land Development Business Loans Loans Total (In thousands) Allowance for loan losses: Beginning balance $ 1,633 $ 3,097 $ 414 $ 592 $ 287 $ 6,023 Provision for loan losses 398 (1,221) (404) (456) 263 (1,420) Charge-offs (104) (14) - (24) (159) (301) Recoveries 1 43 168 75 26 313 Balance at September 30, 2015 $ 1,928 $ 1,905 $ 178 $ 187 $ 417 $ 4,615 Allowance related to loans: Individually evaluated for impairment $ 26 $ - $ - $ - $ 4 $ 30 Collectively evaluated for impairment 1,902 1,905 178 187 413 4,585 Total allowance $ 1,928 $ 1,905 $ 178 $ 187 $ 417 $ 4,615 Ending loan balance individually evaluated for impairment $ 3,929 $ 740 $ 596 $ 860 $ 418 $ 6,543 Ending loan balance collectively evaluated for impairment 175,674 136,841 2,831 24,036 39,770 379,152 Total loans $ 179,603 $ 137,581 $ 3,427 $ 24,896 $ 40,188 $ 385,695 Multi-Family and Commercial Real Estate Investor One- Total Multi- to-Four Industrial and Family and As of and for the Nine Months Family and Warehouse Retail Special Use Commercial Ended September 30, 2015 Multi-Family Properties Office Buildings Properties Properties Real Estate (In thousands) Allowance for loan losses: Beginning balance $ 509 $ 597 $ 352 $ 548 $ 1,091 $ 3,097 Provision for loan losses (126) (247) (103) (208) (537) (1,221) Charge-offs - - (14) - - (14) Recoveries - - 43 - - 43 Balance at September 30, 2015 $ 383 $ 350 $ 278 $ 340 $ 554 $ 1,905 Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 383 350 278 340 554 1,905 Total allowance $ 383 $ 350 $ 278 $ 340 $ 554 $ 1,905 Ending loan balance individually evaluated for impairment $ 389 $ 18 $ 326 $ - $ 7 $ 740 Ending loan balance collectively evaluated for impairment 31,543 24,722 28,106 16,607 35,863 136,841 Total loans $ 31,932 $ 24,740 $ 28,432 $ 16,607 $ 35,870 $ 137,581 Multi-Family and As of and for the Nine Months One-to-Four Commercial Construction and Commercial Consumer Ended September 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 326 (205) (23) (757) (130) (789) Charge-offs (541) (1,306) (442) (133) (13) (2,435) Recoveries 10 25 44 139 86 304 Balance at September 30, 2014 $ 1,644 $ 3,611 $ 697 $ 692 $ 327 $ 6,971 Allowance related to loans: Individually evaluated for impairment $ 26 $ - $ - $ 97 $ 8 $ 131 Collectively evaluated for impairment 1,618 3,611 697 595 319 6,840 Total allowance $ 1,644 $ 3,611 $ 697 $ 692 $ 327 $ 6,971 Ending loan balance individually evaluated for impairment $ 4,415 $ 657 $ 898 $ 1,233 $ 514 $ 7,717 Ending loan balance collectively evaluated for impairment 174,662 117,778 4,144 23,592 36,362 356,538 Total loans $ 179,077 $ 118,435 $ 5,042 $ 24,825 $ 36,876 $ 364,255 Multi-Family and Commercial Real Estate Investor One- Total Multi- to-Four Industrial and Family and As of and for the Nine Months Family and Warehouse Retail Special Use Commercial Ended September 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 136 (60) (187) 185 (279) (205) Charge-offs (166) (234) - (491) (415) (1,306) Recoveries 1 5 - - 19 25 Segment ending balance as of September 30, 2014 $ 486 $ 745 $ 376 $ 550 $ 1,454 $ 3,611 Allowance related to loans: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 486 745 376 550 1,454 3,611 Total allowance $ 486 $ 745 $ 376 $ 550 $ 1,454 $ 3,611 Ending loan balance individually evaluated for impairment $ 389 $ 25 $ 206 $ - $ 37 $ 657 Ending loan balance collectively evaluated for impairment 21,499 27,695 22,408 17,527 28,649 117,778 Total loans $ 21,888 $ 27,720 $ 22,614 $ 17,527 $ 28,686 $ 118,435 Multi-Family and One-to-Four Commercial Construction and Commercial Consumer Family Real Estate Land Development Business Loans Loans Total As of December 31, 2014 (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 Investor One- Total Multi- to-Four Industrial and Family and Family and Warehouse Retail Special Use Commercial Multi-Family Properties Office Buildings Properties Properties Real Estate As of December 31, 2014 (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) | 9 Months Ended |
Sep. 30, 2015 | |
Mortgage Banking [Abstract] | |
Schedule Of Non-Interest Income [Table Text Block] | For the Three Months For the Nine Months Ended September 30, Ended September 30, (In thousands) 2015 2014 2015 2014 Gain on sales of mortgage loans $ 214 $ 188 $ 663 $ 484 Mortgage servicing income 1 63 1 66 Gain on sale of mortgage servicing rights - 255 - 281 Total $ 215 $ 506 $ 664 $ 831 |
FORECLOSED REAL ESTATE (Tables)
FORECLOSED REAL ESTATE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Foreclosed Real Estate [Abstract] | |
Other Real Estate, Roll Forward [Table Text Block] | Changes in foreclosed real estate during the three and nine months ended September 30, 2015 and September 30, 2014 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Beginning balance $ 39 $ 536 $ 335 $ 1,846 Additions 423 - 423 391 Proceeds from dispositions (142) (77) (430) (1,681) Gain (loss) on sales 103 (1) 95 (60) Writedowns - - - (38) Balance at end of period $ 423 $ 458 $ 423 $ 458 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Deposits [Abstract] | |
Schedule Of Deposits [Table Text Block] | A summary of deposits at September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (Dollars in thousands) Amount Percent Amount Percent Noninterest bearing demand deposits $ 76,618 20.7 % $ 68,957 18.5 % Interest bearing deposits Now accounts and money market accounts 48,798 13.2 % 50,738 13.6 % Savings accounts 106,520 28.8 % 108,488 29.0 % Certificates of deposit 137,868 37.3 % 145,276 38.9 % Total interest bearing deposits 293,186 79.3 % 304,502 81.5 % Total deposits $ 369,804 100.0 % $ 373,459 100.0 % |
Schedule Of Interest Expenses [Table Text Block] | Scheduled maturities of certificates of deposit are as follows: At September At December (In thousands) 30, 2015 31, 2014 Through twelve months $ 55,946 $ 56,895 Twelve months through three years 55,697 55,962 Over three years 26,225 32,419 $ 137,868 $ 145,276 |
FHLB ADVANCES (Tables)
FHLB ADVANCES (Tables) | 9 Months Ended |
Sep. 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 September 30, 2015 At December 31, 2014 Weighted Weighted Amount Average Amount Average (Dollars in thousands) Due Cost Due Cost Year of maturity: (1) 2015 $ 3,365 0.78 % $ 6,792 0.73 % 2016 16,150 0.85 % 16,068 0.85 % 2017 22,402 1.57 % 21,021 1.59 % 2018 7,748 2.53 % 5,743 2.90 % 2019 5,703 2.09 % 3,420 2.59 % 2020 - 2024 2,028 1.33 % 383 0.18 % 2025 - 2028 335 - 335 - Total FHLB advances $ 57,731 1.48 % $ 53,762 1.43 % (1) Amount due includes scheduled principal payments on amortizing advances. |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 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 September 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 (95,469) 11.12 Options outstanding at September 30, 2015 273,958 $ 8.30 Options exercisable at September 30, 2015 25,392 $ 8.38 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 September 30, 2015 are detailed below. Weighted Average Outstanding as of Remaining September 30, Contractual Life 2015 Exercise Price (in years) 3,392 $ 12.51 1.5 110,000 $ 7.74 8.7 160,566 $ 8.60 9.3 273,958 |
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 nine months ended September 30, 2015: Weighted Average Fair Number of Value on Shares Grant 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 September 30, 2015 4,114 $ 8.01 Weighted average remaining contractual life in years 4.1 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Unreleased common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating either basic or diluted net income per common share. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (in thousands except for per share data) Net income $ 518 $ 1,056 $ 1,879 $ 341 Weighted-average common shares outstanding: Basic 6,707,821 6,675,457 6,707,821 6,675,457 Diluted 6,775,090 6,680,475 6,753,459 6,677,441 Earnings per common share: Basic $ 0.08 $ 0.16 $ 0.28 $ 0.05 Diluted $ 0.08 $ 0.16 $ 0.28 $ 0.05 |
REGULATORY CAPITAL REQUIREMEN31
REGULATORY CAPITAL REQUIREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Capital Units [Table Text Block] | Well Capitalized At September 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 $ 61,587 12.29 % Tier 1 Risk-Based Capital (2) N/A N/A N/A N/A 61,587 17.95 % Total Risk-Based Capital (2) N/A N/A N/A N/A 65,271 19.20 % The Bank Tier 1 Leverage Capital (1) $ 25,047 5.00 % $ 22,542 4.50 % $ 57,297 11.44 % Common Equity Tier 1 (CET1) (2) (4) 22,298 6.50 % 15,437 4.50 % 27,297 16.70 % Tier 1 Risk-Based Capital (2) 27,443 8.00 % 20,582 6.00 % 27,297 16.70 % Total Risk-Based Capital (2) 34,304 10.00 % 27,443 8.00 % 61,589 17.95 % (1) Tier 1 capital to total average 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. Adequately Capitalized Individual Minimum At December 31, 2014 Requirements Capital Requirements (3) 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 OF32
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables) | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, (In thousands) 2015 2014 Commitments to extend credit: Commercial real estate loan committments $ 12,573 $ 30,254 Unused home equity lines of credit 21,081 19,084 Commercial and industrial loan commitments 12,080 12,587 Amounts due on other commitments 9,805 7,257 Commercial letters of credit 523 588 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014: September 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 $ 18,186 $ 18,186 $ 10,940 $ 10,940 Investment securities, available-for-sale Level 2 53,783 53,783 77,538 77,538 Investment securities, held-to-maturity Level 2 10,490 10,630 13,441 13,633 Loans held for sale Level 2 1,878 1,878 1,062 1,062 Loans receivable, net: Performing Level 2 374,495 379,568 355,943 359,687 Impaired Level 3 6,513 6,513 7,316 7,316 Accrued interest receivable Level 1 1,509 1,509 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 1 231,936 231,936 228,183 228,183 Time deposits Level 2 137,868 139,708 145,276 147,385 FHLB advances Level 2 57,731 58,306 53,762 54,148 Mortgagors' escrow accounts Level 2 2,141 2,141 4,341 4,341 Accrued interest payable Level 1 77 77 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 September 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 $ - $ 23,756 $ - $ 23,756 U.S. Government agency collateralized mortgage obligations - 9,206 - 9,206 Obligations of state and municipal subdivisions - 20,821 - 20,821 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 September 30, 2015 (In thousands) Level 1 Level 2 Level 3 Total Assets measured at fair value on a non-recurring basis: Impaired loans $ - $ - $ 6,513 $ 6,513 Foreclosed real estate - - 423 423 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 B34
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details Textual) - USD ($) | Jun. 03, 2015 | Sep. 30, 2015 | Sep. 30, 2015 |
Basis Of Presentation [Line Items] | |||
Business Combination, Acquisition Related Costs | $ 335,000 | $ 947,000 | |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale securities: | ||
Amortized Cost Basis | $ 53,498 | $ 75,626 |
Gross Unrealized Gains | 636 | 2,062 |
Gross Unrealized Losses | (351) | (150) |
Fair Value | 53,783 | 77,538 |
Held-to-maturity securities: | ||
Amortized Cost Basis | 10,490 | 13,441 |
Gross Unrealized Gains | 169 | 212 |
Gross Unrealized Losses | (29) | (20) |
Fair Value | 10,630 | 13,633 |
U.S. Government and agency obligations [Member] | ||
Available-for-sale securities: | ||
Amortized Cost Basis | 5,000 | |
Gross Unrealized Gains | 42 | |
Gross Unrealized Losses | 0 | |
Fair Value | 5,042 | |
U.S. Government agency mortgage-backed securities [Member] | ||
Available-for-sale securities: | ||
Amortized Cost Basis | 23,738 | 51,904 |
Gross Unrealized Gains | 167 | 1,332 |
Gross Unrealized Losses | (149) | (149) |
Fair Value | 23,756 | 53,087 |
Held-to-maturity securities: | ||
Amortized Cost Basis | 10,490 | 13,441 |
Gross Unrealized Gains | 169 | 212 |
Gross Unrealized Losses | (29) | (20) |
Fair Value | 10,630 | 13,633 |
U.S. Government agency collateralized mortgage obligations [Member] | ||
Available-for-sale securities: | ||
Amortized Cost Basis | 9,015 | 12,802 |
Gross Unrealized Gains | 191 | 378 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 9,206 | 13,179 |
Obligations of state and municipal subdivisions [Member] | ||
Available-for-sale securities: | ||
Amortized Cost Basis | 20,745 | 5,920 |
Gross Unrealized Gains | 278 | 310 |
Gross Unrealized Losses | (202) | 0 |
Fair Value | $ 20,821 | $ 6,230 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Unrealized Loss on Investments [Line Items] | ||
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | $ 20,075 | $ 12,155 |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | (303) | (56) |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 4,523 | 6,300 |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | (48) | (94) |
Available for sale investments with unrealized losses, Total, Fair Value | 24,598 | 18,455 |
Available for sale investments with unrealized losses, Total, Unrealized Loss | (351) | (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 | 10,530 | |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | (189) | |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 1,722 | |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | (13) | |
Available for sale investments with unrealized losses, Total, Fair Value | 12,252 | |
Available for sale investments with unrealized losses, Total, Unrealized Loss | (202) | |
Collateralized Mortgage Backed Securities [Member] | ||
Unrealized Loss on Investments [Line Items] | ||
Available for sale investments with unrealized losses, Less than 12 Months, Fair Value | 10,804 | |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | (55) | |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 6,300 | |
Available for sale investments with unrealized losses, Greater than 12 months, Unrealized Loss | (94) | |
Available for sale investments with unrealized losses, Total, Fair Value | 17,104 | |
Available for sale investments with unrealized losses, Total, Unrealized Loss | (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 | 9,545 | 1,351 |
Available for sale investments with unrealized losses, Less than 12 Months, Unrealized Loss | (114) | (1) |
Available for sale investments with unrealized losses, Greater than 12 months, Fair Value | 2,801 | 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 | 12,346 | 1,351 |
Available for sale investments with unrealized losses, Total, Unrealized Loss | $ (148) | $ (1) |
INVESTMENT SECURITIES (Detail37
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ||
Available-for-Sale, Amortized Cost | $ 53,498 | $ 75,626 |
Available-for-Sale, Fair Value | 53,783 | 77,538 |
Held-to-maturity Securities, Amortized Cost | 10,490 | 13,441 |
Held-to-Maturity, Fair Value | 10,630 | 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 | 8,225 | 1,898 |
Available-for-sale Securities, Debt Maturities, Due after five years through ten years, Fair Value | 8,289 | 2,009 |
Available-for-sale Securities, Debt Maturities, Due after ten years, Amortized Cost Basis | 12,520 | 9,022 |
Available-for-sale Securities, Debt Maturities Due after ten years, Fair Value | 12,532 | 9,263 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 53,498 | 75,626 |
Available-for-sale Securities, Debt Securities, Fair Value | 53,783 | 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 | 10,490 | 13,441 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 10,630 | 13,633 |
Subtotal [Member] | ||
Amortized Cost and Fair Value Of Securities and Held To Maturity [Line Items] | ||
Available-for-Sale, Amortized Cost | 32,753 | 64,706 |
Available-for-Sale, Fair Value | 32,962 | 66,266 |
Held-to-maturity Securities, Amortized Cost | 10,490 | 13,441 |
Held-to-Maturity, Fair Value | 10,630 | 13,633 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 20,745 | 10,920 |
Available-for-sale Securities, Debt Securities, Fair Value | 20,821 | 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 | 23,738 | 51,904 |
Available-for-Sale, Fair Value | 23,756 | 53,087 |
Held-to-maturity Securities, Amortized Cost | 10,490 | 13,441 |
Held-to-Maturity, Fair Value | 10,630 | 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 | 9,015 | 12,802 |
Available-for-Sale, Fair Value | 9,206 | 13,179 |
Held-to-maturity Securities, Amortized Cost | 0 | 0 |
Held-to-Maturity, Fair Value | $ 0 | $ 0 |
INVESTMENT SECURITIES (Detail38
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | $ 53,498 | $ 75,626 |
Available-for-sale Securities, Total | 53,783 | 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 | 4,638 | 18,446 |
Available-for-sale Securities, Total | $ 4,549 | $ 18,881 |
INVESTMENT SECURITIES (Detail39
INVESTMENT SECURITIES (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May. 04, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Gain (Loss) on Sale of Investments, Total | $ 545 | $ 1,034 | $ 1,373 | $ 1,227 | |
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 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Loans Receivable [Line Items] | ||||
Total loans | $ 385,695 | $ 369,325 | $ 364,255 | |
Allowance for loan losses | 4,615 | 6,023 | $ 6,971 | $ 9,891 |
Deferred loan origination fees | 72 | 43 | ||
Loans receivable, net | 381,008 | 363,259 | ||
Commercial business loans [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 24,896 | 25,801 | ||
Real Estate [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 320,611 | 306,680 | ||
Real Estate [Member] | One to four family [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 179,603 | 180,739 | ||
Real Estate [Member] | Multi-Family and Commercial Real Estate [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 137,581 | 122,526 | ||
Real Estate [Member] | Construction Loans [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 3,427 | 3,415 | ||
Consumer Loan [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 40,188 | 36,844 | ||
Consumer Loan [Member] | Home Equity Line of Credit [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | 33,246 | 28,700 | ||
Consumer Loan [Member] | Other consumer [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans | $ 6,942 | $ 8,144 |
LOANS RECEIVABLE (Details 1)
LOANS RECEIVABLE (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 385,695 | $ 369,325 | $ 364,255 |
Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 31,932 | 25,461 | |
Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 24,740 | 24,875 | |
Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 28,432 | 24,468 | |
Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 16,607 | 17,346 | |
Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 35,870 | 30,376 | |
Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 40,188 | 36,844 | |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 372,739 | 355,336 | |
Pass [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 30,856 | 23,793 | |
Pass [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,608 | 23,707 | |
Pass [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 27,989 | 23,503 | |
Pass [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 16,094 | 17,092 | |
Pass [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 33,611 | 27,925 | |
Pass [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 39,665 | 36,348 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,078 | 6,538 | |
Special Mention [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 446 | 1,027 | |
Special Mention [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,115 | 1,145 | |
Special Mention [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 22 | 319 | |
Special Mention [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 369 | 104 | |
Special Mention [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,710 | 1,445 | |
Special Mention [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 203 | 207 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,878 | 7,451 | |
Substandard [Member] | Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 630 | 641 | |
Substandard [Member] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17 | 23 | |
Substandard [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 421 | 646 | |
Substandard [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 144 | 150 | |
Substandard [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 549 | 1,006 | |
Substandard [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 320 | 289 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,477 | 2,346 | |
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 | 241 | 252 | |
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] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 95 | 100 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Retail properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 144 | 150 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 543 | 996 | |
Substandard [Member] | Accruing Credit Risk Profile [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 72 | 74 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,401 | 5,105 | |
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] | Industrial and warehouse properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17 | 23 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | Office Buildings [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 326 | 546 | |
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] | Special use properties [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6 | 10 | |
Substandard [Member] | NonAccruing Credit Risk Profile [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 248 | 215 | |
Doubtful [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] | Industrial and warehouse 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] | Retail properties [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] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
One to four family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 179,603 | 180,739 | 179,077 |
One to four family [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 176,383 | 177,598 | |
One to four family [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 993 | 731 | |
One to four family [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,227 | 2,410 | |
One to four family [Member] | Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 122 | 19 | |
One to four family [Member] | Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,105 | 2,391 | |
One to four family [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 | 137,581 | 122,526 | |
Multi-Family and Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 132,158 | 116,020 | |
Multi-Family and Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,662 | 4,040 | |
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,761 | 2,466 | |
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,023 | 1,498 | |
Multi-Family and Commercial Real Estate [Member] | Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 738 | 968 | |
Multi-Family and Commercial Real Estate [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 | 3,427 | 3,415 | |
Construction And Land Development [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,063 | 1,835 | |
Construction And Land Development [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 768 | 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 | |
Commercial Business Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 24,896 | 25,801 | $ 24,825 |
Commercial Business Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 22,470 | 23,535 | |
Commercial Business Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,452 | 707 | |
Commercial Business Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 974 | 1,559 | |
Commercial Business Loans [Member] | Substandard [Member] | Accruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 260 | 755 | |
Commercial Business Loans [Member] | Substandard [Member] | NonAccruing Credit Risk Profile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 714 | 804 | |
Commercial Business Loans [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 | 137,581 | 122,526 | |
Total Multi family and commercial real estate member [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 132,158 | 116,020 | |
Total Multi family and commercial real estate member [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,662 | 4,040 | |
Total Multi family and commercial real estate member [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,761 | 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 | 1,023 | 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 | 738 | 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 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 6,441 | $ 5,445 | |
Current | 379,254 | 363,880 | |
Total Loans | 385,695 | 369,325 | $ 364,255 |
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 | 2,694 | 1,549 | |
Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 41 | 250 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,706 | 3,646 | |
Industrial Property [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 24,740 | 24,875 | |
Office Building [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 28,432 | 24,468 | |
Retail Site [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 16,607 | 17,346 | |
Special use properties [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 35,870 | 30,376 | |
Investor owned one to four family and multi family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 31,932 | 25,461 | |
One to four family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 179,603 | 180,739 | 179,077 |
One to four family [Member] | Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,534 | 2,096 | |
Current | 177,069 | 178,643 | |
Total Loans | 179,603 | 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 | 927 | 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 | 41 | 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 | 1,566 | 1,594 | |
Multi Family and Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,959 | 595 | |
Current | 135,622 | 121,931 | |
Total Loans | 137,581 | 122,526 | 118,435 |
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 | 1,244 | 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 | 715 | 595 | |
Multi Family and Commercial Real Estate [Member] | Industrial Property [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 389 | 0 | |
Current | 24,351 | 24,875 | |
Total Loans | 24,740 | 24,875 | 27,720 |
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 | 389 | 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 | 326 | 206 | |
Current | 28,106 | 24,262 | |
Total Loans | 28,432 | 24,468 | 22,614 |
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 | 326 | 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 | 16,607 | 17,346 | |
Total Loans | 16,607 | 17,346 | 17,527 |
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 | 223 | 0 | |
Current | 35,647 | 30,376 | |
Total Loans | 35,870 | 30,376 | 28,686 |
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 | 223 | 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 | 1,021 | 389 | |
Current | 30,911 | 25,072 | |
Total Loans | 31,932 | 25,461 | 21,888 |
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 | 632 | 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 | 959 | 1,675 | |
Current | 23,937 | 24,126 | |
Total Loans | 24,896 | 25,801 | 24,825 |
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 | 294 | 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 | 665 | 703 | |
Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 393 | 353 | |
Current | 39,795 | 36,491 | |
Total Loans | 40,188 | 36,844 | 36,876 |
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 | 229 | 228 | |
Consumer Loan [Member] | Financing Receivables, 61 to 90Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 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 | 164 | 28 | |
Consumer Loan [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 392 | 347 | |
Current | 32,854 | 28,353 | |
Total Loans | 33,246 | 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 | 228 | 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 | 0 | 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 | 164 | 28 | |
Consumer Loan [Member] | Other consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1 | 6 | |
Current | 6,941 | 8,138 | |
Total Loans | 6,942 | 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 | 1 | 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 | 3,427 | 3,415 | $ 5,042 |
Construction and Land Development [Member] | Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 596 | 726 | |
Current | 2,831 | 2,689 | |
Total Loans | 3,427 | 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 | 0 | 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 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | $ 2,953 | $ 3,506 | ||||
Troubled debt restructurings - non-accrual | 1,448 | 1,600 | ||||
Subtotal nonperforming loans | 4,401 | 5,106 | ||||
Foreclosed real estate | 423 | $ 39 | 335 | $ 458 | $ 536 | $ 1,846 |
Total nonperforming assets | $ 4,824 | $ 5,441 | ||||
Total nonperforming loans to total loans | 1.14% | 1.38% | ||||
Total nonperforming loans to total assets | 0.89% | 1.03% | ||||
Total nonperforming assets to total assets | 0.98% | 1.10% | ||||
Commercial Business Loans [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | $ 666 | $ 804 | ||||
Consumer Loan [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | 247 | 187 | ||||
One To Four Family [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | 1,094 | 1,414 | ||||
Multi Family and Commercial Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Nonaccrual loans | 350 | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | $ 5,360 | $ 5,589 |
Recorded Investment with Specific Valuation Allowance | 1,183 | 1,861 |
Total Recorded Investment | 6,543 | 7,450 |
Unpaid Contractual Principal Balance | 7,362 | 8,337 |
Related Specific Valuation Allowance | 30 | 72 |
Commercial Business Loans [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 783 | 759 |
Recorded Investment with Specific Valuation Allowance | 77 | 192 |
Total Recorded Investment | 860 | 951 |
Unpaid Contractual Principal Balance | 923 | 1,042 |
Related Specific Valuation Allowance | 0 | 4 |
Consumer Loan [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 318 | 385 |
Recorded Investment with Specific Valuation Allowance | 100 | 133 |
Total Recorded Investment | 418 | 518 |
Unpaid Contractual Principal Balance | 448 | 521 |
Related Specific Valuation Allowance | 4 | 9 |
Multi-family and commercial real estate [Member] | ||
Impaired Loans Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 740 | 967 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 740 | 967 |
Unpaid Contractual Principal Balance | 785 | 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 | 18 | 22 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 18 | 22 |
Unpaid Contractual Principal Balance | 23 | 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 | 326 | 546 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 326 | 546 |
Unpaid Contractual Principal Balance | 346 | 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 | 21 | 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 | 2,923 | 2,793 |
Recorded Investment with Specific Valuation Allowance | 1,006 | 1,536 |
Total Recorded Investment | 3,929 | 4,329 |
Unpaid Contractual Principal Balance | 4,319 | 4,555 |
Related Specific Valuation Allowance | 26 | 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 | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | $ 7,120 | $ 11,128 |
Interest Income Recognized | 155 | 459 |
One to four family [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 4,180 | 5,567 |
Interest Income Recognized | 127 | 237 |
Construction Loans [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 641 | 1,400 |
Interest Income Recognized | 1 | 9 |
Multi Family and Commercial Real Estate [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 880 | 2,109 |
Interest Income Recognized | 0 | 111 |
Commercial Business Loans [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 908 | 1,554 |
Interest Income Recognized | 10 | 85 |
Consumer Loans [Member] | ||
Interest Income Recognized By Class Of Impaired Loans [Line Items] | ||
Average Recorded Investments | 511 | 498 |
Interest Income Recognized | $ 17 | $ 17 |
LOANS RECEIVABLE (Details 6)
LOANS RECEIVABLE (Details 6) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans Modified Tdr [Line Items] | |||
Total | $ 3,582 | $ 3,805 | |
Performing Financing Receivable [Member] | |||
Impaired Loans Modified Tdr [Line Items] | |||
Total | [1] | 2,480 | 2,549 |
Nonperforming Financing Receivable [Member] | |||
Impaired Loans Modified Tdr [Line Items] | |||
Total | [2] | $ 1,102 | $ 1,256 |
[1] | Of the $2,480,000 in TDRs which were performing under the modified terms of their agreements at September 30, 2015, there were $385,000 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 $1,063,000 nonperforming TDRs on nonaccrual status at September 30, 2015 equal the $1,448,000 in TDRs that were on nonaccrual status at September 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] | All of the $1,102,000 in TDRs that were not performing under the modified terms of their agreements at September 30, 2015, except for one loan in the amount of $39,000, were 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 | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | 9 |
Pre-Modification Recorded Investment | $ 331 | $ 602 |
Post-Modification Recorded Investment | $ 331 | $ 602 |
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 | 4 | |
Pre-Modification Recorded Investment | $ 439 | |
Post-Modification Recorded Investment | $ 439 | |
Percentage Of Reduced Interest Rate | 72.90% | |
Extended Payment Terms [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Recorded Investment | $ 98 | |
Post-Modification Recorded Investment | $ 98 | |
Percentage Of Reduced Interest Rate | 16.30% | |
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 | 10.80% | |
One to four family [Member] | Deferred Principal Payments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | 3 |
Pre-Modification Recorded Investment | $ 278 | $ 411 |
Post-Modification Recorded Investment | $ 278 | $ 411 |
Percentage Of Reduced Interest Rate | 68.20% | |
Percentage Of Financing Receivable Modifications | 84.00% | |
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 | 5.80% | |
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 | 16.30% | |
Percentage Of Extension of Payment Terms | 16.00% | |
Commercial Business Loans [Member] | Below Market Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 3 | |
Pre-Modification Recorded Investment | $ 30 | |
Post-Modification Recorded Investment | $ 30 | |
Percentage Of Reduced Interest Rate | 5.00% | |
Home Equity Line of Credit [Member] | Deferred Principal Payments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Recorded Investment | $ 28 | |
Post-Modification Recorded Investment | $ 28 | |
Percentage Of Reduced Interest Rate | 4.70% |
LOANS RECEIVABLE (Details 8)
LOANS RECEIVABLE (Details 8) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for Loan Losses: | |||
Beginning Balance | $ 6,023 | $ 9,891 | |
Provision for loan losses | (1,420) | (789) | |
Charge-offs | (301) | (2,435) | |
Recoveries | 313 | 304 | |
Ending balance | 4,615 | 6,971 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 30 | 131 | $ 72 |
Collectively evaluated for impairment | 4,585 | 6,840 | 5,951 |
Total Allowance | 4,615 | 6,971 | 6,023 |
Ending loan balance individually evaluated for impairment | 6,543 | 7,717 | 7,388 |
Ending loan balance collectively evaluated for impairment | 379,152 | 356,538 | 361,937 |
Total Loans | 385,695 | 364,255 | 369,325 |
Industrial and warehouse properties [Member] | |||
Allowance related to loans: | |||
Total Loans | 24,740 | 24,875 | |
Office Building [Member] | |||
Allowance related to loans: | |||
Total Loans | 28,432 | 24,468 | |
Retail Site [Member] | |||
Allowance related to loans: | |||
Total Loans | 16,607 | 17,346 | |
Special use properties [Member] | |||
Allowance related to loans: | |||
Total Loans | 35,870 | 30,376 | |
Investor owned one to four family and multi family [Member] | |||
Allowance related to loans: | |||
Total Loans | 31,932 | 25,461 | |
One to four family [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 1,633 | 1,849 | |
Provision for loan losses | 398 | 326 | |
Charge-offs | (104) | (541) | |
Recoveries | 1 | 10 | |
Ending balance | 1,928 | 1,644 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 26 | 26 | 59 |
Collectively evaluated for impairment | 1,902 | 1,618 | 1,574 |
Total Allowance | 1,928 | 1,644 | 1,633 |
Ending loan balance individually evaluated for impairment | 3,929 | 4,415 | 4,223 |
Ending loan balance collectively evaluated for impairment | 175,674 | 174,662 | 176,516 |
Total Loans | 179,603 | 179,077 | 180,739 |
Multi Family and Commercial Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 3,097 | 5,097 | |
Provision for loan losses | (1,221) | (205) | |
Charge-offs | (14) | (1,306) | |
Recoveries | 43 | 25 | |
Ending balance | 1,905 | 3,611 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 1,905 | 3,611 | 3,097 |
Total Allowance | 1,905 | 3,611 | 3,097 |
Ending loan balance individually evaluated for impairment | 740 | 657 | 969 |
Ending loan balance collectively evaluated for impairment | 136,841 | 117,778 | 121,557 |
Total Loans | 137,581 | 118,435 | 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 | (1,221) | (205) | |
Charge-offs | (14) | (1,306) | |
Recoveries | 43 | 25 | |
Ending balance | 1,905 | ||
Segment ending balance as of June 30, 2015 | 3,611 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 1,905 | 3,611 | 3,097 |
Total Allowance | 1,905 | 3,611 | 3,097 |
Ending loan balance individually evaluated for impairment | 740 | 657 | 969 |
Ending loan balance collectively evaluated for impairment | 136,841 | 117,778 | 121,557 |
Total Loans | 137,581 | 118,435 | 122,526 |
Multi Family and Commercial Real Estate [Member] | Industrial and warehouse properties [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 597 | 1,034 | |
Provision for loan losses | (247) | (60) | |
Charge-offs | 0 | (234) | |
Recoveries | 0 | 5 | |
Ending balance | 350 | ||
Segment ending balance as of June 30, 2015 | 745 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 350 | 745 | 597 |
Total Allowance | 350 | 745 | 597 |
Ending loan balance individually evaluated for impairment | 18 | 25 | 23 |
Ending loan balance collectively evaluated for impairment | 24,722 | 27,695 | 24,852 |
Total Loans | 24,740 | 27,720 | 24,875 |
Multi Family and Commercial Real Estate [Member] | Office Building [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 352 | 563 | |
Provision for loan losses | (103) | (187) | |
Charge-offs | (14) | 0 | |
Recoveries | 43 | 0 | |
Ending balance | 278 | ||
Segment ending balance as of June 30, 2015 | 376 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 278 | 376 | 352 |
Total Allowance | 278 | 376 | 352 |
Ending loan balance individually evaluated for impairment | 326 | 206 | 546 |
Ending loan balance collectively evaluated for impairment | 28,106 | 22,408 | 23,922 |
Total Loans | 28,432 | 22,614 | 24,468 |
Multi Family and Commercial Real Estate [Member] | Retail Site [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 548 | 856 | |
Provision for loan losses | (208) | 185 | |
Charge-offs | 0 | (491) | |
Recoveries | 0 | 0 | |
Ending balance | 340 | ||
Segment ending balance as of June 30, 2015 | 550 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 340 | 550 | 548 |
Total Allowance | 340 | 550 | 548 |
Ending loan balance individually evaluated for impairment | 0 | 0 | 0 |
Ending loan balance collectively evaluated for impairment | 16,607 | 17,527 | 17,346 |
Total Loans | 16,607 | 17,527 | 17,346 |
Multi Family and Commercial Real Estate [Member] | Special use properties [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 1,091 | 2,129 | |
Provision for loan losses | (537) | (279) | |
Charge-offs | 0 | (415) | |
Recoveries | 0 | 19 | |
Ending balance | 554 | ||
Segment ending balance as of June 30, 2015 | 1,454 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 554 | 1,454 | 1,091 |
Total Allowance | 554 | 1,454 | 1,091 |
Ending loan balance individually evaluated for impairment | 7 | 37 | 11 |
Ending loan balance collectively evaluated for impairment | 35,863 | 28,649 | 30,365 |
Total Loans | 35,870 | 28,686 | 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 | 515 | |
Provision for loan losses | (126) | 136 | |
Charge-offs | 0 | (166) | |
Recoveries | 0 | 1 | |
Ending balance | 383 | ||
Segment ending balance as of June 30, 2015 | 486 | ||
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 383 | 486 | 509 |
Total Allowance | 383 | 486 | 509 |
Ending loan balance individually evaluated for impairment | 389 | 389 | 389 |
Ending loan balance collectively evaluated for impairment | 31,543 | 21,499 | 25,072 |
Total Loans | 31,932 | 21,888 | 25,461 |
Construction and Land Development [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 414 | 1,118 | |
Provision for loan losses | (404) | (23) | |
Charge-offs | 0 | (442) | |
Recoveries | 168 | 44 | |
Ending balance | 178 | 697 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 178 | 697 | 414 |
Total Allowance | 178 | 697 | 414 |
Ending loan balance individually evaluated for impairment | 596 | 898 | 726 |
Ending loan balance collectively evaluated for impairment | 2,831 | 4,144 | 2,689 |
Total Loans | 3,427 | 5,042 | 3,415 |
Commercial Business Loans [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 592 | 1,443 | |
Provision for loan losses | (456) | (757) | |
Charge-offs | (24) | (133) | |
Recoveries | 75 | 139 | |
Ending balance | 187 | 692 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 0 | 97 | 4 |
Collectively evaluated for impairment | 187 | 595 | 588 |
Total Allowance | 187 | 692 | 592 |
Ending loan balance individually evaluated for impairment | 860 | 1,233 | 978 |
Ending loan balance collectively evaluated for impairment | 24,036 | 23,592 | 24,823 |
Total Loans | 24,896 | 24,825 | 25,801 |
Consumer Loan [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 287 | 384 | |
Provision for loan losses | 263 | (130) | |
Charge-offs | (159) | (13) | |
Recoveries | 26 | 86 | |
Ending balance | 417 | 327 | |
Allowance related to loans: | |||
Individually evaluated for impairment | 4 | 8 | 9 |
Collectively evaluated for impairment | 413 | 319 | 278 |
Total Allowance | 417 | 327 | 287 |
Ending loan balance individually evaluated for impairment | 418 | 514 | 492 |
Ending loan balance collectively evaluated for impairment | 39,770 | 36,362 | 36,352 |
Total Loans | $ 40,188 | $ 36,876 | $ 36,844 |
LOANS RECEIVABLE (Details Textu
LOANS RECEIVABLE (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | $ 3,582,000 | $ 3,582,000 | $ 3,805,000 | |||
Maximum Percentage On Appraised Value Property | 75.00% | |||||
Income Not Recognized On Non Performing Loans | $ 87,000 | $ 31,000 | ||||
Non Performing Loans | 4,401,000 | $ 4,401,000 | 5,106,000 | |||
Allowance For Loan And Lease Losses Period Increase Decrease Percentage | 23.40% | |||||
Loans and Leases Receivable, Allowance | 4,615,000 | $ 4,615,000 | 6,971,000 | 6,023,000 | $ 9,891,000 | |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 705,000 | |||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 331,000 | $ 602,000 | ||||
Percentage Of Financing Receivable Modifications | 100.00% | |||||
Financing Receivable Modifications Subsequent Default Non Accrual Status | 1,448,000 | $ 1,448,000 | 1,600,000 | |||
Gain (Loss) on Sale of Loans and Leases | 33,000 | 12,000 | ||||
Credit Provision | $ 1,420,000 | |||||
Adversely Classified Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance For Loan And Lease Losses Period Increase Decrease Percentage | 21.10% | |||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 1,574,000 | |||||
Performing Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | [1] | 2,480,000 | 2,480,000 | 2,549,000 | ||
Financing Receivable Modifications Subsequent Default Non Accrual Status | 385,000 | 385,000 | 2,164,000 | |||
Nonperforming Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | [2] | 1,102,000 | $ 1,102,000 | $ 1,256,000 | ||
Allowance For Loan And Lease Losses Period Increase Decrease Percentage | 12.90% | 12.90% | ||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 705,000 | |||||
Financing Receivable Modifications Subsequent Default Non Accrual Status | 1,063,000 | $ 1,063,000 | 1,215,000 | |||
One Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 53,000 | $ 53,000 | ||||
Percentage Of Financing Receivable Modifications | 16.00% | |||||
One Loan [Member] | Extension Of Payment Terms [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 98,000 | $ 98,000 | ||||
Percentage Of Financing Receivable Modifications | 16.03% | |||||
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 | |||||
One Loan [Member] | Interest Rate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 278,000 | $ 278,000 | ||||
Percentage Of Financing Receivable Modifications | 84.00% | |||||
Two Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 331,000 | |||||
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 | 39,000 | ||||
Four Loans [Member] | Deferral Principal Payments [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 439,000 | $ 439,000 | ||||
Percentage Of Financing Receivable Modifications | 72.90% | |||||
Four Loans [Member] | Reduced Interst Rate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | $ 65,000 | $ 65,000 | ||||
Percentage Of Financing Receivable Modifications | 10.80% | |||||
Nine loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 602,000 | |||||
[1] | Of the $2,480,000 in TDRs which were performing under the modified terms of their agreements at September 30, 2015, there were $385,000 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 $1,063,000 nonperforming TDRs on nonaccrual status at September 30, 2015 equal the $1,448,000 in TDRs that were on nonaccrual status at September 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] | All of the $1,102,000 in TDRs that were not performing under the modified terms of their agreements at September 30, 2015, except for one loan in the amount of $39,000, were 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Non Interest Income [Line Items] | ||||
Gain on sales of mortgage loans | $ 214 | $ 188 | $ 663 | $ 484 |
Mortgage servicing income | 1 | 63 | 1 | 66 |
Gain on sale of mortgage servicing rights | 0 | 255 | 0 | 281 |
Total | $ 215 | $ 506 | $ 664 | $ 831 |
MORTGAGE BANKING ACTIVITY (De51
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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Foreclosed Real Estate [Line Items] | ||||
Beginning balance | $ 39 | $ 536 | $ 335 | $ 1,846 |
Additions | 423 | 0 | 423 | 391 |
Proceeds from dispositions | (142) | (77) | (430) | (1,681) |
Gain (loss) on sales | 103 | (1) | 95 | (60) |
Writedowns | 0 | 0 | 0 | 38 |
Balance at end of period | $ 423 | $ 458 | $ 423 | $ 458 |
FORECLOSED REAL ESTATE (Detai53
FORECLOSED REAL ESTATE (Details Textual) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Foreclosed Real Estate [Line Items] | ||
Mortgage Loans on Real Estate | $ 3.4 | $ 3.2 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deposits [Line Items] | ||
Noninterest bearing demand deposits | $ 76,618 | $ 68,957 |
Interest bearing deposits | ||
Now accounts and money market accounts | 48,798 | 50,738 |
Savings accounts | 106,520 | 108,488 |
Certificates of deposit | 137,868 | 145,276 |
Total interest bearing deposits | 293,186 | 304,502 |
Total deposits | $ 369,804 | $ 373,459 |
Noninterest bearing demand deposits, Percentage | 20.70% | 18.50% |
Now accounts and money market accounts, Percentage | 13.20% | 13.60% |
Savings accounts, Percentage | 28.80% | 29.00% |
Certificates Of Deposit, Percentage | 37.30% | 38.90% |
Total interest bearing deposits, Percentage | 79.30% | 81.50% |
Total deposits | 100.00% | 100.00% |
DEPOSITS (Details 1)
DEPOSITS (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Certificate accounts maturing in: | ||
Through twelve months | $ 55,946 | $ 56,895 |
Twelve months through three years | 55,697 | 55,962 |
Over three years | 26,225 | 32,419 |
Total certificates | $ 137,868 | $ 145,276 |
DEPOSITS (Details Textual)
DEPOSITS (Details Textual) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $ 58,300,000 | $ 60,700,000 |
Cash, FDIC Insured Amount | 250,000 | |
Time Deposits, 250,000 or More | $ 15,000,000 | $ 13,200,000 |
FHLB ADVANCES (Details)
FHLB ADVANCES (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
2015, Amount Due | [1] | $ 3,365 | $ 6,792 |
2016, Amount Due | [1] | 16,150 | 16,068 |
2017, Amount Due | [1] | 22,402 | 21,021 |
2018, Amount Due | [1] | 7,748 | 5,743 |
2019, Amount Due | [1] | 5,703 | 3,420 |
2020-2024, Amount Due | [1] | 2,028 | 383 |
2025-2028, Amount Due | [1] | 335 | 335 |
Total FHLB advances, Amount Due | [1] | $ 57,731 | $ 53,762 |
2015, Weighted Average Cost | [1] | 0.78% | 0.73% |
2016, Weighted Average Cost | [1] | 0.85% | 0.85% |
2017, Weighted Average Cost | [1] | 1.57% | 1.59% |
2018, Weighted Average Cost | [1] | 2.53% | 2.90% |
2019, Weighted Average Cost | [1] | 2.09% | 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] | 1.48% | 1.43% |
[1] | Amount due includes scheduled principal payments on amortizing advances. |
FHLB ADVANCES (Details Textual)
FHLB ADVANCES (Details Textual) $ / shares in Units, $ in Millions | Sep. 30, 2015USD ($)$ / shares |
Federal Home Loan Bank Advance [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 81.8 |
Federal Home Loan Bank Advances [Member] | |
Federal Home Loan Bank Advance [Line Items] | |
Sale of Stock, Price Per Share | $ / shares | $ 100 |
OTHER BORROWED FUNDS (Details T
OTHER BORROWED FUNDS (Details Textual) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of debt disclosure [Line Items] | ||
Federal Reserve Bank Held For Reserve Requirement | $ 1.8 | |
Federal Reserve Bank of Boston [Member] | ||
Schedule of debt disclosure [Line Items] | ||
Commercial Real Estate Loans Pledged | 6.8 | $ 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 | 9 Months Ended | |
Jan. 31, 2015 | May. 27, 2014 | Sep. 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 | (95,469) | ||
Options outstanding at end of year,Number of Shares | 273,958 | ||
Options exercisable at end of year,Number of Shares | 25,392 | ||
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 | 11.12 | ||
Options outstanding at end of year, Weighted Average Exercise Price | 8.30 | ||
Options exercisable at end of year, Weighted Average Exercise Price | 8.38 | ||
Weighted-average fair value of options granted during the year | $ 2.61 | $ 2.55 | $ 2.61 |
STOCK BASED COMPENSATION (Det61
STOCK BASED COMPENSATION (Details 1) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disclosure of equity incentive plan [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 273,958 | 209,808 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 8.30 | $ 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 | 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 Two [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 8 months 12 days | |
Exercise Price Range Three [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 3 months 18 days |
STOCK BASED COMPENSATION (Det62
STOCK BASED COMPENSATION (Details 2) - $ / shares | 1 Months Ended | 9 Months Ended | |
Jan. 31, 2015 | May. 27, 2014 | Sep. 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 (Det63
STOCK BASED COMPENSATION (Details 3) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 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 | 4 years 1 month 6 days |
STOCK BASED COMPENSATION (Det64
STOCK BASED COMPENSATION (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2015 | May. 27, 2014 | Sep. 30, 2015 | Sep. 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 | $ 27,109 | $ 27,109 | ||
Stock Options And Restricted Stock [Member] | ||||
Disclosure of equity incentive plan [Line Items] | ||||
Allocated Share-based Compensation Expense | 36,000 | 99,000 | ||
Stock Options [Member] | ||||
Disclosure of equity incentive plan [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 552,674 | $ 552,674 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Net income | $ 518 | $ 1,056 | $ 1,879 | $ 341 |
Weighted-average common shares outstanding: | ||||
Basic (Shares) | 6,707,821 | 6,675,457 | 6,707,821 | 6,675,457 |
Diluted (Shares) | 6,775,090 | 6,680,475 | 6,753,459 | 6,677,441 |
Earnings per common share: | ||||
Basic (Shares) | $ 0.08 | $ 0.16 | $ 0.28 | $ 0.05 |
Diluted (Shares) | $ 0.08 | $ 0.16 | $ 0.28 | $ 0.05 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 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 | 3,392 | 97,163 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 12.51 | $ 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 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 12.51 |
REGULATORY CAPITAL REQUIREMEN67
REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |||
Capital Unit [Line Items] | |||||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | 12.05% | ||||
Company Consolidated [Member] | |||||
Capital Unit [Line Items] | |||||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Amount | $ 0 | [1] | $ 0 | [2] | |
Tier 1 Risk-Based Capital Required for Adequately Capital Requirements, Amount | [3] | 0 | 0 | ||
Total Risk-Based Capital Required for Adequately Capital Requirements, Amount | [3] | $ 0 | $ 0 | ||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | 0.00% | [1] | 0.00% | [2] | |
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Percentage | [3] | 0.00% | 0.00% | ||
Total Risk-Based Capital Required for Adequately Capital Requirements, Percentage | [3] | 0.00% | 0.00% | ||
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Amount | $ 0 | [1],[4] | $ 0 | [2],[5] | |
Tier 1 Risk-Based Capital Individudal Minimum Capital Requirements, Amount | [3] | 0 | [4] | 0 | [5] |
Total Risk-Based Capital Individual Minimum Capital Requirements, Amount | [3] | $ 0 | [4] | $ 0 | [5] |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Percentage | 0.00% | [1],[4] | 0.00% | [2],[5] | |
Tier 1 Risk-Based Capital Individual Minimum Capital Requirements, Percentage | [3] | 0.00% | [4] | 0.00% | [5] |
Total Risk-Based Capital Individual Minimum Capital Requirements, Percentage | [3] | 0.00% | [4] | 0.00% | [5] |
Tier 1 Leverage Capital, Actual, Amount | $ 61,587 | [1] | $ 59,611 | [2] | |
Tier 1 Risk-Based Capital Actual, Amount | [3] | 61,587 | 59,611 | ||
Total Risk-Based Capital Actual, Amount | [3] | $ 65,271 | $ 63,571 | ||
Tier 1 Leverage Capital Actual, Percentage | 12.29% | [1] | 12.09% | [2] | |
Tier 1 Risk-Based Capital Actual, Percentage | [3] | 17.95% | 18.94% | ||
Total Risk-Based Capital Actual, Percentage | [3] | 19.20% | 20.20% | ||
Bank [Member] | |||||
Capital Unit [Line Items] | |||||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Amount | $ 25,047 | [1] | $ 19,796 | [2] | |
Tier 1 Risk-Based Capital Required for Adequately Capital Requirements, Amount | [3] | 27,443 | 12,658 | ||
Total Risk-Based Capital Required for Adequately Capital Requirements, Amount | [3] | $ 34,304 | $ 25,317 | ||
Tier 1 Leverage Capital Required for Adequately Capital Requirements, Percentage | 5.00% | [1] | 4.00% | [2] | |
Tier 1 Risk Based Capital Required for Adequately Capital Requirements, Percentage | [3] | 8.00% | 4.00% | ||
Total Risk-Based Capital Required for Adequately Capital Requirements, Percentage | [3] | 10.00% | 8.00% | ||
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Amount | $ 22,542 | [1],[4] | $ 44,541 | [2],[5] | |
Tier 1 Risk-Based Capital Individudal Minimum Capital Requirements, Amount | [3] | 20,582 | [4] | 0 | [5] |
Total Risk-Based Capital Individual Minimum Capital Requirements, Amount | [3] | $ 27,443 | [4] | $ 41,139 | [5] |
Tier 1 Leverage Capital, Individual Minimum Capital Requirements, Percentage | 4.50% | [1],[4] | 9.00% | [2],[5] | |
Tier 1 Risk-Based Capital Individual Minimum Capital Requirements, Percentage | [3] | 6.00% | [4] | 0.00% | [5] |
Total Risk-Based Capital Individual Minimum Capital Requirements, Percentage | [3] | 8.00% | [4] | 13.00% | [5] |
Tier 1 Leverage Capital, Actual, Amount | $ 57,297 | [1] | $ 55,090 | [2] | |
Tier 1 Risk-Based Capital Actual, Amount | [3] | 27,297 | 55,090 | ||
Total Risk-Based Capital Actual, Amount | [3] | $ 61,589 | $ 59,071 | ||
Tier 1 Leverage Capital Actual, Percentage | 11.44% | [1] | 11.13% | [2] | |
Tier 1 Risk-Based Capital Actual, Percentage | [3] | 16.70% | 17.41% | ||
Total Risk-Based Capital Actual, Percentage | [3] | 17.95% | 18.67% | ||
Common Equity Tier one Adequately Capitalized Requirements | [3],[6] | $ 22,298 | |||
Common Equity Tier one Adequately Capitalized Requirements, Percentage | [3],[6] | 6.50% | |||
Common Equity Tier One Individual Minimum Capital Requirements | [3],[4],[6] | $ 15,437 | |||
Common Equity Tier One Individual Minimum Capital Requirements, Percentage | [3],[4],[6] | 4.50% | |||
Common Equity Tier One Actual | [3],[6] | $ 27,297 | |||
Common Equity Tier One Actual, Percentage | [3],[6] | 16.70% | |||
[1] | Tier 1 capital to total average assets. | ||||
[2] | Tier 1 capital to total assets. | ||||
[3] | Tier 1 or total risk-based capital to risk-weighted assets. | ||||
[4] | Formal Agreement and related ICMRs terminated on May 4, 2015. | ||||
[5] | Imposed on June 4, 2013 and teminated on May 4, 2015. | ||||
[6] | New capital requirement under Basel III effective January 1, 2015. |
REGULATORY CAPITAL REQUIREMEN68
REGULATORY CAPITAL REQUIREMENTS (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Jan. 01, 2016 | Sep. 30, 2015 | Jan. 02, 2015 | Dec. 31, 2014 |
Regulatory Matters [Line Items] | |||||
Liquid Assets | $ 3,100 | ||||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 12.05% | ||||
Assets, Total | $ 493,711 | $ 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 OF69
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Commitments to extend credit: | ||
Commercial real estate loan commitments | $ 12,573 | $ 30,254 |
Unused home equity lines of credit | 21,081 | 19,084 |
Commercial and industrial loan commitments | 12,080 | 12,587 |
Amounts due on other commitments | 9,805 | 7,257 |
Commercial letters of credit | $ 523 | $ 588 |
FAIR VALUE (Details)
FAIR VALUE (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Financial Assets, Carrying Value | |||||
Cash and cash equivalents, Carrying Value | $ 18,186 | $ 10,940 | $ 9,287 | $ 26,374 | |
Investment securities, available-for-sale, Carrying Value | 53,783 | 77,538 | |||
Investment securities, held-to-maturity, Carrying Value | 10,490 | 13,441 | |||
Accrued interest receivable, Carrying Value | 1,509 | 1,599 | |||
FHLB Stock, Carrying value | 4,548 | 4,548 | |||
Financial Liabilities, Carrying Value | |||||
Time deposits, Carrying Value | 137,868 | 145,276 | |||
FHLB advances, Carrying value | [1] | 57,731 | 53,762 | ||
Mortgagors' escrow accounts, Carrying Value | 2,141 | 4,341 | |||
Financial Assets, Fair Value | |||||
Investment securities, available-for-sale, Fair Value | 53,783 | 77,538 | |||
Investment securities, held-to-maturity, Fair Value | 10,630 | 13,633 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Financial Assets, Carrying Value | |||||
Cash and cash equivalents, Carrying Value | 18,186 | 10,940 | |||
Accrued interest receivable, Carrying Value | 1,509 | 1,599 | |||
Financial Liabilities, Carrying Value | |||||
Demand deposits, savings, Now and money market deposits, Carrying Value | 231,936 | 228,183 | |||
Accrued interest payable, Carrying Value | 77 | 67 | |||
Financial Assets, Fair Value | |||||
Cash and Cash Equivalents, Fair Value | 18,186 | 10,940 | |||
Accrued interest receivable, Fair Value | 1,509 | 1,599 | |||
Financial Liabilities, Fair Value | |||||
Demand deposits, savings, Now and money market deposits, Fair Value | 231,936 | 228,183 | |||
Accrued interest payable, Fair Value | 77 | 67 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Financial Assets, Carrying Value | |||||
Investment securities, available-for-sale, Carrying Value | 53,783 | 77,538 | |||
Investment securities, held-to-maturity, Carrying Value | 10,490 | 13,441 | |||
Loans held for sale, Carrying Value | 1,878 | 1,062 | |||
Performing Loans Receivables Carrying Value | 374,495 | 355,943 | |||
Financial Liabilities, Carrying Value | |||||
Time deposits, Carrying Value | 137,868 | 145,276 | |||
FHLB advances, Carrying value | 57,731 | 53,762 | |||
Mortgagors' escrow accounts, Carrying Value | 2,141 | 4,341 | |||
Financial Assets, Fair Value | |||||
Investment securities, available-for-sale, Fair Value | 53,783 | 77,538 | |||
Investment securities, held-to-maturity, Fair Value | 10,630 | 13,633 | |||
Loans held for sale, Fair Value | 1,878 | 1,062 | |||
Performing Loans receivable, net, Fair Value | 379,568 | 359,687 | |||
Financial Liabilities, Fair Value | |||||
Time deposits, Fair Value | 139,708 | 147,385 | |||
FHLB advances, Fair value | 58,306 | 54,148 | |||
Mortgagors' escrow accounts, Fair Value | 2,141 | 4,341 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Financial Assets, Carrying Value | |||||
Impaired Loans Receivables Carrying Value | 6,513 | 7,316 | |||
FHLB Stock, Carrying value | 4,548 | 4,548 | |||
Financial Assets, Fair Value | |||||
Impaired Loans Receivables Fair Value | 6,513 | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | $ 53,783 | $ 77,538 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 5,042 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 23,756 | 53,087 |
Collateralized Mortgage Backed Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 9,206 | 13,179 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 53,783 | 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 | 20,821 | 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 | 53,087 | |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 9,206 | 13,179 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 23,756 | |
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 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 0 | |
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 | 20,821 | 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 | 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 | 9,206 | 13,179 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 23,756 | |
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 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||
Fair Value, Total | $ 0 |
FAIR VALUE (Details 2)
FAIR VALUE (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value On Non Recurring Basis [Line Items] | ||||||
Foreclosed real estate | $ 423 | $ 39 | $ 335 | $ 458 | $ 536 | $ 1,846 |
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value On Non Recurring Basis [Line Items] | ||||||
Impaired loans | 6,513 | 7,316 | ||||
Foreclosed real estate | 423 | 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 | 6,513 | 7,316 | ||||
Foreclosed real estate | $ 423 | $ 335 |
FAIR VALUE (Details Textual)
FAIR VALUE (Details Textual) - Remeasured [Member] | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value [Line Items] | |
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value, Total | $ 3,400,000 |
Fair Value Of Foreclosed Real Estate | $ 423,000 |
SUBSEQUENT EVENT (Details Textu
SUBSEQUENT EVENT (Details Textual) $ in Thousands | 3 Months Ended |
Dec. 31, 2015USD ($) | |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Defined Benefit Plan, Cost of Providing Special or Contractual Termination Benefits Recognized During Period | $ 2,950 |