Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 03, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'SI Financial Group, Inc. | ' |
Entity Central Index Key | '0001500213 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 12,801,657 |
Entity Public Float | $141,572,811 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and due from banks: | ' | ' |
Noninterest-bearing | $20,554 | $16,364 |
Interest-bearing | 4,849 | 21,325 |
Federal funds sold | 1,918 | 0 |
Total cash and cash equivalents | 27,321 | 37,689 |
Available for sale securities, at fair value | 170,220 | 176,513 |
Loans held for sale | 1,764 | 5,069 |
Loans receivable (net of allowance for loan losses of $6,916 and $6,387 at December 31, 2013 and 2012, respectively) | 1,047,410 | 685,163 |
Federal Home Loan Bank stock, at cost | 13,109 | 8,078 |
Bank-owned life insurance | 20,726 | 9,060 |
Premises and equipment, net | 21,090 | 11,216 |
Goodwill and other intangibles | 19,566 | 3,451 |
Accrued interest receivable | 4,021 | 3,215 |
Deferred tax asset, net | 9,705 | 4,639 |
Other real estate owned, net | 2,429 | 1,293 |
Prepaid FDIC deposit insurance assessment | 0 | 1,312 |
Other assets | 9,018 | 6,182 |
Total assets | 1,346,379 | 952,880 |
Deposits: | ' | ' |
Noninterest-bearing | 139,428 | 89,834 |
Interest-bearing | 845,321 | 615,314 |
Total deposits | 984,749 | 705,148 |
Mortgagors' and investors' escrow accounts | 3,214 | 3,207 |
Federal Home Loan Bank advances | 176,272 | 97,699 |
Junior subordinated debt owed to unconsolidated trust | 8,248 | 8,248 |
Accrued expenses and other liabilities | 21,054 | 12,819 |
Total liabilities | 1,193,537 | 827,121 |
Commitments and contingencies (Notes 6, 11 and 12) | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred stock ($0.01 par value per share; 1,000,000 shares authorized; none issued) | 0 | 0 |
Common stock ($0.01 par value per share; 35,000,000 shares authorized; 12,798,461 shares and 10,112,310 shares issued and outstanding at December 31, 2013 and 2012, respectively) | 128 | 101 |
Additional paid-in-capital | 125,277 | 94,810 |
Unallocated common shares held by ESOP | -4,608 | -5,088 |
Unearned restricted shares | -1,751 | -2,210 |
Retained earnings | 34,644 | 36,733 |
Accumulated other comprehensive (loss) income | -848 | 1,413 |
Total shareholders' equity | 152,842 | 125,759 |
Total liabilities and shareholders' equity | $1,346,379 | $952,880 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS: | ' | ' |
Loans receivable, allowance for loan losses | $6,916 | $6,387 |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized (in shares) | 35,000,000 | 35,000,000 |
Common stock, shares issued | 12,798,461 | 10,112,310 |
Common stock, outstanding (in shares) | 12,798,461 | 10,112,310 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and dividend income: | ' | ' | ' |
Loans, including fees | $33,989 | $30,462 | $30,969 |
Securities: | ' | ' | ' |
Taxable interest | 4,030 | 5,267 | 6,702 |
Tax-exempt interest | 103 | 3 | 5 |
Dividends | 27 | 46 | 79 |
Other | 43 | 46 | 65 |
Total interest and dividend income | 38,192 | 35,824 | 37,820 |
Interest expense: | ' | ' | ' |
Deposits | 5,212 | 6,019 | 7,262 |
Federal Home Loan Bank advances | 2,897 | 3,276 | 3,779 |
Subordinated debt and other borrowings | 345 | 338 | 336 |
Total interest expense | 8,454 | 9,633 | 11,377 |
Net interest income | 29,738 | 26,191 | 26,443 |
Provision for loan losses | 1,319 | 2,896 | 1,558 |
Net interest income after provision for loan losses | 28,419 | 23,295 | 24,885 |
Noninterest income: | ' | ' | ' |
Total other-than-temporary impairment losses on securities | -8 | -239 | -1,841 |
Portion of losses recognized in other comprehensive income | 0 | 116 | 1,693 |
Net impairment losses recognized in earnings | -8 | -123 | -148 |
Service fees | 5,766 | 4,935 | 4,820 |
Wealth management fees | 1,157 | 1,975 | 4,108 |
Increase in cash surrender value of bank-owned life insurance | 400 | 284 | 289 |
Net (loss) gain on sale of securities | -1,155 | 273 | 486 |
Mortgage banking | 1,083 | 1,893 | 814 |
Net gain (loss) on trading securities and derivatives | 205 | -358 | 195 |
Net loss on disposal of SI Trust Servicing operations | 0 | -698 | 0 |
Impairment loss on long-lived assets | 0 | -392 | 0 |
Net loss on disposal of equipment | 0 | -5 | -41 |
Other | 857 | 933 | 604 |
Total noninterest income | 8,305 | 8,717 | 11,127 |
Noninterest expenses: | ' | ' | ' |
Salaries and employee benefits | 17,924 | 15,868 | 16,043 |
Occupancy and equipment | 5,971 | 5,480 | 5,838 |
Computer and electronic banking services | 4,177 | 3,738 | 3,867 |
Outside professional services | 1,296 | 1,309 | 1,054 |
Marketing and advertising | 705 | 705 | 823 |
Supplies | 459 | 442 | 467 |
FDIC deposit insurance and regulatory assessments | 1,058 | 933 | 894 |
Contribution to SI Financial Group Foundation | 0 | 0 | 500 |
Merger expenses | 2,608 | 0 | 0 |
Other | 3,479 | 2,178 | 3,106 |
Total noninterest expenses | 37,677 | 30,653 | 32,592 |
(Loss) income before income tax (benefit) provision | -953 | 1,359 | 3,420 |
(Loss) income tax (benefit) provision | -98 | 241 | 1,003 |
Net (loss) income | ($855) | $1,118 | $2,417 |
(Loss) earnings per share: | ' | ' | ' |
Basic | ($0.08) | $0.11 | $0.24 |
Diluted | ($0.08) | $0.11 | $0.24 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net (loss) income | ($855) | $1,118 | $2,417 | |||
Net unrealized (loss) gain on available for sale securities: | ' | ' | ' | |||
Net unrealized holding (loss) gain on available for sale securities | -3,308 | 1,258 | 2,018 | |||
Reclassification adjustment for losses (gains) recognized in net (loss) income(1) | 762 | [1] | -180 | [1] | -321 | [1] |
Plus: credit portion of OTTI losses recognized in net (loss) income(2) | 5 | [2] | 81 | [2] | 98 | [2] |
Plus: noncredit portion of OTTI gains (losses) on available for sale securities | 176 | 934 | -1,142 | |||
Net unrealized holding (loss) gain on available for sale securities | -2,365 | 2,093 | 653 | |||
Net unrealized gain (loss) on interest-rate swap derivative | 104 | -5 | -220 | |||
Other comprehensive (loss) income | -2,261 | 2,088 | 433 | |||
Comprehensive (loss) income | -3,116 | 3,206 | 2,850 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | -393 | 93 | 165 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax | ($3) | ($42) | ($50) | |||
[1] | (1) Amounts are included in net gain (loss) on the sale of securities in noninterest income on the consolidated statements of operations. Income tax expense (benefit) associated with the reclassification adjustment for the years ended DecemberB 31, 2013, 2012 and 2011 was $(393,000), $93,000 and $165,000, respectively. | |||||
[2] | (2) Amounts are included in net impairment losses recognized in noninterest income on the consolidated statements of operations. Income tax benefit associated with the reclassification adjustment for the years ended DecemberB 31, 2013, 2012 and 2011 totaled $3,000, $42,000 and $50,000, respectively |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Unallocated Common Shares Held By ESOP [Member] | Unearned Restricted Shares [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at Dec. 31, 2010 | $81,104 | $126 | $52,198 | ($2,907) | ($25) | $40,859 | ($1,108) | ($8,039) |
Balance (in shares) at Dec. 31, 2010 | ' | 12,563,750 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 2,850 | ' | ' | ' | ' | 2,417 | 433 | ' |
Exchange of common stock pursant to reorganization and concurrent second step stock offering (shares) | ' | -1,986,901 | ' | ' | ' | ' | ' | ' |
Exchange of common stock pursuant to reorganization and concurrent stock offering | 50,330 | -20 | 42,311 | ' | ' | ' | ' | 8,039 |
Cash dividends declared ($0.12 per share) | -1,191 | ' | ' | ' | ' | -1,191 | ' | ' |
Restricted shares activity | 0 | ' | 22 | ' | -22 | ' | ' | ' |
Equity incentive plan compensation | 100 | ' | 91 | ' | 9 | ' | ' | ' |
Shares purchased by ESOP pursuant to reorganization (392,670 shares) | -3,141 | ' | ' | -3,141 | ' | ' | ' | ' |
Allocation of 48,637 ESOP shares | 467 | ' | -13 | 480 | ' | ' | ' | ' |
Tax benefit from share-based compensation | 3 | ' | 3 | ' | ' | ' | ' | ' |
Treasury stock purchased, shares | ' | -547 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased | -5 | ' | ' | ' | ' | -5 | ' | ' |
Balance at Dec. 31, 2011 | 130,517 | 106 | 94,612 | -5,568 | -38 | 42,080 | -675 | 0 |
Balance (in shares) at Dec. 31, 2011 | ' | 10,576,302 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 3,206 | ' | ' | ' | ' | 1,118 | 2,088 | ' |
Cash dividends declared ($0.12 per share) | -1,171 | ' | ' | ' | ' | -1,171 | ' | ' |
Restricted shares activity | -2,238 | ' | ' | ' | -2,226 | -12 | ' | ' |
Equity incentive plan compensation | 189 | ' | 135 | ' | 54 | ' | ' | ' |
Allocation of 48,637 ESOP shares | 543 | ' | 63 | 480 | ' | ' | ' | ' |
Tax benefit from share-based compensation | 4 | ' | 4 | ' | ' | ' | ' | ' |
Stock Options exercised, shares | 1,796 | 1,796 | ' | ' | ' | ' | ' | ' |
Stock options exercised | 10 | ' | -4 | ' | ' | 14 | ' | ' |
Common shares repurchased, Shares | ' | -465,788 | ' | ' | ' | ' | ' | ' |
Common shares repurchased | -5,301 | -5 | ' | ' | ' | -5,296 | ' | ' |
Balance at Dec. 31, 2012 | 125,759 | 101 | 94,810 | -5,088 | -2,210 | 36,733 | 1,413 | 0 |
Balance (in shares) at Dec. 31, 2012 | ' | 10,112,310 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | -3,116 | ' | ' | ' | ' | -855 | -2,261 | ' |
Acquisition of Newport Federal Savings Bank, Shares | ' | 2,683,099 | ' | ' | ' | ' | ' | ' |
Acquisition of Newport Federal Savings Bank | 30,105 | 27 | 30,078 | ' | ' | ' | ' | ' |
Cash dividends declared ($0.12 per share) | -1,227 | ' | ' | ' | ' | -1,227 | ' | ' |
Restricted shares activity | 0 | ' | 5 | ' | -5 | ' | ' | ' |
Equity incentive plan compensation | 757 | ' | 293 | ' | 464 | ' | ' | ' |
Allocation of 48,637 ESOP shares | 559 | ' | 79 | 480 | ' | ' | ' | ' |
Tax benefit from share-based compensation | 9 | ' | 9 | ' | ' | ' | ' | ' |
Stock Options exercised, shares | 11,388 | 11,388 | ' | ' | ' | ' | ' | ' |
Stock options exercised | 94 | ' | 94 | ' | ' | ' | ' | ' |
Common shares repurchased, Shares | ' | -8,336 | ' | ' | ' | ' | ' | ' |
Common shares repurchased | -98 | ' | -91 | ' | ' | -7 | ' | ' |
Balance at Dec. 31, 2013 | $152,842 | $128 | $125,277 | ($4,608) | ($1,751) | $34,644 | ($848) | $0 |
Balance (in shares) at Dec. 31, 2013 | ' | 12,798,461 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash dividends declared per share | $0.12 | $0.12 | $0.12 |
Allocation of ESOP shares | 48,637 | 48,637 | 48,637 |
Purchase of shares by ESOP pursuant to reorganization, shares | ' | ' | 392,670 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net (loss) income | ($855) | $1,118 | $2,417 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 1,319 | 2,896 | 1,558 |
Employee stock ownership plan expense | 559 | 543 | 467 |
Equity incentive plan expense | 757 | 189 | 100 |
Excess tax benefit from share-based compensation | -9 | -4 | -3 |
Amortization of investment premiums and discounts, net | 1,259 | 1,168 | 650 |
Amortization of loan premiums and discounts, net | 1,473 | 1,423 | 1,458 |
Depreciation and amortization of premises and equipment | 1,992 | 1,852 | 1,947 |
Amortization of core deposit intangible | 220 | 11 | 21 |
Amortization of deferred debt issue costs | 262 | 211 | 203 |
Net loss (gain) on sale of securities | 1,155 | -273 | -486 |
Other-than-temporary impairment losses on securities | 8 | 123 | 148 |
Net (gain) loss on trading securities and derivatives | -205 | 358 | -195 |
Deferred income tax (benefit) provision | -1,073 | -1,100 | 891 |
Loans originated for sale | -46,239 | -53,552 | -47,134 |
Proceeds from sale of loans held for sale | 49,985 | 55,260 | 49,098 |
Net gain on sale of loans held for sale | -835 | -1,646 | -611 |
Net loss on disposal of SI Trust Servicing operations | 0 | 698 | 0 |
Net gain on sale of loans held for investment | -201 | 0 | -275 |
Net loss on disposal of equipment | 0 | 5 | 41 |
Impairment loss on long-lived assets | 0 | 392 | 0 |
Net loss on sales or write-downs of other real estate owned | 43 | 60 | 236 |
Increase in cash surrender value of bank-owned life insurance | -400 | -284 | -289 |
Gain on bank-owned life insurance proceeds | 0 | -349 | -122 |
Change in operating assets and liabilities: | ' | ' | ' |
Accrued interest receivable | 42 | 324 | -443 |
Other assets | -609 | 1,585 | 1,580 |
Accrued expenses and other liabilities | 1,509 | 1,232 | 62 |
Net cash provided by operating activities | 10,157 | 12,240 | 11,319 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of available for sale securities | -54,671 | -41,721 | -139,919 |
Proceeds from sales of available for sale securities | 26,115 | 44,033 | 36,883 |
Proceeds from maturities of and principal repayments on available for sale securities | 45,275 | 54,452 | 53,366 |
Redemption of Federal Home Loan Bank stock | 325 | 0 | 0 |
Loan principal collections (originations), net | 13,585 | -22,875 | 23,016 |
Purchases of loans | -22,950 | -49,768 | -46,999 |
Proceeds from sale of loans held for investment | 3,189 | 0 | 7,966 |
Proceeds from sale of other real estate owned | 1,314 | 1,361 | 954 |
Purchases of premises and equipment | -2,140 | -1,472 | -2,516 |
Proceeds from bank-owned life insurance | 0 | 585 | 603 |
Net cash paid for Newport acquisition | -8,935 | 0 | 0 |
Net cash provided by (used in) investing activities | 1,107 | -15,405 | -66,646 |
Cash flows from financing activities: | ' | ' | ' |
Net (decrease) increase in deposits | -8,836 | 3,222 | 41,212 |
Net increase (decrease) in mortgagors' and investors' escrow accounts | 7 | -84 | -134 |
Proceeds from Federal Home Loan Bank advances | 63,000 | 7,000 | 23,000 |
Repayments of Federal Home Loan Bank advances, net of amortization of discount | -59,509 | -9,000 | -37,100 |
Repayments of other borrowings, net of amortization of discount | -15,072 | 0 | 0 |
Net proceeds from common stock offering | 0 | 0 | 2,774 |
Excess tax benefit from share-based compensation | 9 | 4 | 3 |
Purchase of shares by ESOP pursuant to reorganization | 0 | 0 | -3,141 |
Purchase of shares for equity plan | 0 | -2,238 | 0 |
Stock options exercised | 94 | 10 | 0 |
Cash dividends on common stock | -1,227 | -1,171 | -1,191 |
Common shares repurchased | -98 | -5,301 | -5 |
Net cash (used in) provided by financing activities | -21,632 | -7,558 | 25,418 |
Net change in cash and cash equivalents | -10,368 | -10,723 | -29,909 |
Cash and cash equivalents at beginning of year | 37,689 | 48,412 | 78,321 |
Cash and cash equivalents at end of year | 27,321 | 37,689 | 48,412 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid | 8,335 | 9,682 | 11,440 |
Income taxes paid (received), net | 1,562 | -321 | 790 |
Transfer of stock offering escrow for issuance of common shares | 0 | 0 | 47,556 |
Transfer of loans to other real estate owned | 2,393 | 1,787 | 881 |
Fair value of non-cash tangible assets acquired | 408,136 | 0 | 0 |
Goodwill and core deposit intangibles | 16,335 | 0 | 0 |
Fair value of liabilities assumed | 385,431 | 0 | 0 |
Value of common shares issued | $30,105 | $0 | $0 |
NATURE_OF_BUSINESS_AND_SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Nature of Business | |||||||||||||
SI Financial Group, Inc. (the “Company”) is the holding company for Savings Institute Bank and Trust Company (the “Bank”). Established in 1842, the Bank is a community-oriented financial institution headquartered in Willimantic, Connecticut. The Bank provides a variety of financial services to individuals, businesses and municipalities through its twenty-six offices in eastern Connecticut and Rhode Island. Its primary products include savings, checking and certificate of deposit accounts, residential and commercial mortgage loans, commercial business loans and consumer loans. In addition, wealth management services, which include trust, financial planning, life insurance and investment services, are offered to individuals and businesses through the Bank’s offices. The Company does not conduct any material business other than owning all of the stock of the Bank and making payments on the subordinated debentures held by the Company. | |||||||||||||
The Company is the successor to the former federally-chartered SI Financial Group, Inc., the former holding company for the Bank when the Bank was organized in the mutual holding company structure. In January 2011, the Company completed a public stock offering and concurrent conversion of the Bank from the mutual holding company to the stock form of organization. A total of 6,544,493 shares of common stock were sold at $8.00 per share. Additional shares totaling 4,032,356 were issued in exchange for shares of the former federally-chartered SI Financial Group, Inc., at an exchange ratio of 0.8981. Shares outstanding after the stock offering and the exchange totaled 10,576,849. | |||||||||||||
On September 6, 2013, the Company acquired Newport Bancorp, Inc. ("Newport"), the holding company for Newport Federal Savings Bank. The acquisition added six full-service banking offices located in eastern Connecticut and Rhode Island. See Note 22 - Acquisition of Newport Bancorp, Inc. for additional details. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, 803 Financial Corp., SI Mortgage Company and SI Realty Company, Inc. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Basis of Financial Statement Presentation | |||||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the date of the balance sheets and reported amounts of revenues and expenses for the years presented. 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, other-than-temporary impairment (“OTTI”) of securities, deferred income taxes and the impairment of long-lived assets. | |||||||||||||
Reclassifications | |||||||||||||
Certain amounts in the Company’s prior year consolidated financial statements were reclassified to conform to the current year presentation. Such reclassifications had no effect on net income (loss). | |||||||||||||
Significant Group Concentrations of Credit Risk | |||||||||||||
A majority of the Company’s activities are with customers located within eastern Connecticut and Rhode Island. The Company does not have any significant concentrations in any one industry or customer. See Notes 3 and 4 for details relating to the Company’s investment and lending activities. | |||||||||||||
Cash and Cash Equivalents and Statements of Cash Flows | |||||||||||||
Cash and due from banks, federal funds sold and short-term investments with maturities at date of purchase of less than 90 days are recognized as cash equivalents in the statements of cash flows. Federal funds sold generally mature in one day. For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash flows from loans and deposits are reported on a net basis. The Company maintains amounts due from banks and federal funds sold that, at times, may exceed federally insured limits. The Company has not experienced any losses from such concentrations. | |||||||||||||
Fair Value Hierarchy | |||||||||||||
The Company groups its assets and liabilities in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. | |||||||||||||
Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. | |||||||||||||
Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||
Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||
Transfers between levels are recognized at the end of a reporting period, if applicable. | |||||||||||||
Securities | |||||||||||||
Management determines the appropriate classification of securities at the date individual securities are acquired, and the appropriateness of such classification is reassessed at each reporting date. | |||||||||||||
Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities that are held principally for the purpose of trading in the near term are classified as “trading securities.” Trading securities are carried at fair value, with unrealized gains and losses recognized in earnings. Interest and dividends are included in net interest income. Securities not classified as held to maturity or trading, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of taxes. | |||||||||||||
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |||||||||||||
At each reporting period, the Company evaluates securities with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other than temporary. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition, such as the type of security, length of time and extent to which the fair value has been less than cost and near-term prospects of the issuers. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is more likely than not that the Company will be | |||||||||||||
required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other-than-temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and noncredit-related OTTI is recognized in other comprehensive income (loss), net of applicable taxes. See Notes 3 and 15 for more details. | |||||||||||||
Federal Home Loan Bank Stock | |||||||||||||
The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLB”), is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on its stock. The stock is redeemable at par by the FHLB and the Company’s ability to redeem the shares owned is dependent on the redemption practices of the FHLB. The Company reviews its investment in FHLB stock for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. No impairment charges were recognized for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Loans Held for Sale | |||||||||||||
Loans originated and intended for sale in the secondary market are carried at the lower of amortized cost or fair value, as determined by aggregate outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold on the trade date and reported within mortgage banking activities on the accompanying consolidated statements of operations. | |||||||||||||
Loans Receivable | |||||||||||||
Loans receivable are stated at current unpaid principal balances, net of the allowance for loan losses and deferred loan origination fees and costs. Management has the ability and intent to hold its loans receivable for the foreseeable future or until maturity or pay-off. | |||||||||||||
A loan is impaired when, based on current information and events, it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Impairment is measured on a loan by loan basis for residential and commercial mortgage loans and commercial business loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not typically identify individual consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. | |||||||||||||
The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and concessions have been made to the original contractual terms, such as reductions of interest rates or deferral of interest or principal payments, due to the borrower’s financial condition, the modification is considered a troubled debt restructuring (“TDR”). | |||||||||||||
Management considers all nonaccrual loans, with the exception of certain consumer loans, to be impaired. Also, all TDRs are initially classified as impaired. In most cases, loan payments less than 90 days past due are considered minor collection delays and the related loans are generally not considered impaired. | |||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses, a material estimate which could change significantly in the near-term, is established through a provision for loan losses charged to earnings to account for losses that are inherent in the loan portfolio and estimated to occur, and is maintained at a level that management considers adequate to absorb losses in the | |||||||||||||
loan portfolio. Loan losses are charged against the allowance for loan losses when management believes that the uncollectibility of the principal loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for loan losses when received. In the determination of the allowance for loan losses, management may obtain independent appraisals for significant properties, if necessary. | |||||||||||||
Management's judgment in determining the adequacy of the allowance is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is evaluated on a monthly basis by management and is based on the evaluation of the known and inherent risk characteristics and size and composition of the loan portfolio, the assessment of current economic and real estate market conditions, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, historical loan loss experience, the level and trends of nonperforming loans, delinquencies, classified assets and loan charge-offs and evaluations of loans and other relevant factors. | |||||||||||||
The allowance for loan losses consists of the following key elements: | |||||||||||||
◦ | Specific allowance for identified impaired loans. For loans that are identified as impaired, an allowance is established when the present value of expected cash flows (or observable market price of the loan or fair value of the collateral if the loan is collateral dependent) of the impaired loan is lower than the carrying value of that loan. | ||||||||||||
◦ | General valuation allowance. The general component represents a valuation allowance on the remainder of the loan portfolio, after excluding impaired loans. For this portion of the allowance, loans are segregated by category and assigned an allowance percentage based on historical loan loss experience adjusted for qualitative factors stratified by the following loan segments: residential one- to four-family, multi-family and commercial real estate, construction, commercial business and consumer. Management uses a rolling average of historical losses based on the time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies, classified loans and nonaccrual loans; level of loan charge-offs; trends in volume, nature and terms of loans; existence and effect of/or changes in the level of credit concentrations; effects of changes in risk selection, underwriting standards and other changes in lending policies, procedures and practices; experience/ability and depth of lending management and staff, national and local economic trends and conditions and impact on value of underlying collateral for collateral dependent loans. | ||||||||||||
The qualitative factors are determined based on the following various risk characteristics for each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | |||||||||||||
Residential – One- to Four-Family – The Bank primarily originates conventional loans with loan-to-value ratios less than 95% and generally originates loans with loan-to-value ratios in excess of 80% only when secured by first liens on owner-occupied one- to four-family residences. Loans with loan-to-value ratios in excess of 80% generally require private mortgage insurance or additional collateral. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, | |||||||||||||
including unemployment rates and housing prices, will have an effect on the credit quality of this segment. | |||||||||||||
Multi-family and Commercial – Loans in this segment are originated for the purpose of acquiring, developing, improving or refinancing multi-family and commercial real estate where the property is the primary collateral securing the loan, and the income generated from the property is the primary repayment source. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Payments on loans secured by income-producing properties often depend on the successful operation and management of the properties. Management continually monitors the cash flows of these loans. | |||||||||||||
Construction – This segment includes loans to individuals, and to a lesser extent builders, to finance the construction of residential dwellings. The Bank also originates construction loans for commercial development projects. Upon the completion of construction, the loan generally converts to a permanent mortgage loan. Credit risk is affected by cost overruns, time to sell at an adequate price and market conditions. | |||||||||||||
Commercial Business – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy and reduced viability of the industry in which the customer operates will have a negative impact on the credit quality in this segment. To a lesser but increasing extent, the Bank provides loans to investors in the time share industry, which are secured by consumer receivables, and provides loans for capital improvements to condominium associations, which are secured by the assigned rights to levy special assessments to condominium owners. | |||||||||||||
Consumer – Loans in this segment primarily include home equity lines of credit (representing both first and second liens), and indirect automobile loans and, to a lesser extent, loans secured by marketable securities, passbook or certificate accounts, motorcycles, automobiles and recreational vehicles, as well as unsecured loans. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore, are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. | |||||||||||||
In computing the allowance for loan losses, we do not assign a general valuation allowance to the Small Business Administration ("SBA") and United States Department of Agriculture ("USDA") loans that we purchase as such loans are fully guaranteed. These loans are included in commercial business loans. See Note 4 for details. | |||||||||||||
The majority of the Company's loans are collateralized by real estate located in eastern Connecticut and Rhode Island. To a lesser extent, certain commercial real estate loans are secured by collateral located outside of our primary market area. Accordingly, the collateral value of a substantial portion of the Company's loan portfolio and real estate acquired through foreclosure is susceptible to changes in market conditions. | |||||||||||||
Although management believes that it uses the best information available to establish the allowance for loan losses, future adjustments to the allowance for loan losses may be necessary and the Company’s results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Furthermore, while management believes it has established the allowance for loan losses in conformity with GAAP, the regulatory agencies, in reviewing the loan portfolio, may request us to increase our allowance for loan losses based on judgments different from ours. In addition, because future events affecting borrowers and collateral cannot be predicted with certainty, the existing allowance for loan losses may not be adequate or increases may be necessary should the quality of any loans deteriorate as a result of the factors discussed above. Any material increase in the allowance for loan losses would adversely affect the Company’s financial condition and results of operations. | |||||||||||||
Loans Acquired with Deteriorating Credit Quality | |||||||||||||
Loans acquired in a transfer, including business combinations, where there is evidence of credit deterioration since origination and it is probable at the date of acquisition the Company will not collect all contractually required principal and interest payments, are accounted for under accounting guidance for purchased credit-impaired loans. This guidance provides that the excess of the cash flows initially expected to be collected over the fair value of the loans at the acquisition date (i.e., the accretable yield) is accreted into interest income over the estimated remaining life of the loans, provided that the timing and amount of future cash flows is reasonably estimable. Accordingly, such loans are not classified as impaired and they are considered to be accruing because their interest income relates to the accretable yield and not to contractual interest payments. The difference between the contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. Subsequent to acquisition, probable decreases in expected cash flows are recognized through a provision for loan losses, resulting in an increase to the allowance for loan losses. If the Company has probable and significant increases in cash flows expected to be collected, the Company will first reverse any previously established allowance for loan losses and then increase interest income as a prospective yield adjustment. | |||||||||||||
Interest and Fees on Loans | |||||||||||||
Interest on loans is accrued and included in net interest income based on contractual rates applied to principal amounts outstanding. Accrual of interest is discontinued when loan payments are 90 days or more past due, based on contractual terms, or when, in the judgment of management, collectibility of the loan or loan interest becomes uncertain. Subsequent recognition of income occurs only to the extent payment is received subject to management's assessment of the collectibility of the remaining interest and principal. A nonaccrual loan is restored to accrual status when it is no longer delinquent and collectibility of interest and principal is no longer in doubt and the borrower has made regular payments in accordance with the terms of the loan over a period of at least six months. Interest collected on nonaccrual loans is recognized only to the extent cash payments are received, and may be recorded as a reduction to principal if the collectibility of the principal balance of the loan is unlikely. | |||||||||||||
Loan origination fees and direct loan origination costs are deferred, and the net amount is recognized as an adjustment of the related loan's yield utilizing the interest method over the contractual life of the loan. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheets and measured at fair value. | |||||||||||||
Interest Rate Swap Agreements - The Company uses interest rate swap agreements as part of its interest rate risk management strategy. Interest rate swaps are contracts in which a series of interest rate flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. The Company’s swap agreements are derivative instruments and convert a portion of the Company’s variable-rate debt to a fixed-rate. | |||||||||||||
Interest rate derivative financial instruments receive hedge accounting treatment only if they are designated as a hedge and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. If periodic assessment indicates derivatives no longer provide an effective hedge, the derivative contracts would be closed out and settled, or classified as a trading activity. For cash flow hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the hedged debt is deferred and amortized into net interest income over the life of the hedged debt. The portion, if any, of the net settlement amount that did not offset changes in the value of the hedged asset or liability is recognized immediately in noninterest income. | |||||||||||||
The Company has characterized one of its interest rate swaps as a cash flow hedge. Cash flow hedges are used to minimize the variability in cash flows of assets or liabilities, or forecasted transactions caused by interest rate fluctuations, and are recorded at fair value in other assets or liabilities within the Company’s balance sheets. Changes in the fair value of these cash flow hedges are initially recorded as a component of other comprehensive income (loss) and subsequently reclassified into earnings when the hedged transaction affects earnings. The ineffective portion of the gain or loss on derivative instruments, if any, is recognized in earnings. | |||||||||||||
Cash flows resulting from the derivative financial instruments that are accounted for as hedges of assets and liabilities are classified in the cash flow statement in the same category as the cash flows of the items being hedged. | |||||||||||||
Certain derivative instruments do not meet the requirements to be accounted for as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheets at fair value, with changes in fair value recorded in other noninterest income. One of the Company's interest rate swap agreements is not designated as a hedge. | |||||||||||||
Derivative Loan Commitments - Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheets in other assets and other liabilities with changes in their fair values recorded in noninterest income. | |||||||||||||
Forward Loan Sale Commitments - To protect against the price risk inherent in derivative loan commitments, the Company utilizes “mandatory delivery” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery contracts are accounted for as derivative instruments. Mandatory delivery forward loan sale commitments are recognized at fair value on the consolidated balance sheets in other assets and other liabilities with changes in their fair values recorded in noninterest income. | |||||||||||||
Transfers of Financial Assets | |||||||||||||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets and no condition both constrains the transferee from taking advantage of that right and provides more than a trivial benefit for the transferor and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity or (b) the ability to unilaterally cause the holder to return specific assets. | |||||||||||||
During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. | |||||||||||||
Other Real Estate Owned | |||||||||||||
Other real estate owned consists of properties acquired through, or in lieu of, loan foreclosure or other proceedings and is initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, the properties are held for sale and are carried at the lower of carrying amount or fair value less estimated costs of disposal. Any write-down to fair value at the time of acquisition is charged to the allowance for loan losses. Properties are evaluated regularly to ensure the recorded amounts are supported by current fair values, and a charge to operations is recorded as necessary to reduce the carrying amount to fair value less estimated costs to dispose. Revenue and expense from the operation of other real estate owned and the provision to establish and adjust valuation allowances are included in noninterest expenses. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. Gains or losses are included in noninterest expenses upon disposal. See Note 5 for additional details related to other real estate owned. | |||||||||||||
Premises and Equipment | |||||||||||||
Land is carried at cost. Premises and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is charged to operations using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the estimated economic lives of the improvements or the expected lease terms. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. | |||||||||||||
The estimated useful lives of the assets are as follows: | |||||||||||||
Classification | Estimated Useful Lives | ||||||||||||
Buildings | 5 to 40 years | ||||||||||||
Furniture and equipment | 3 to 10 years | ||||||||||||
Leasehold improvements | 5 to 20 years | ||||||||||||
Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. | |||||||||||||
Bank-owned Life Insurance | |||||||||||||
Bank-owned life insurance policies are presented on the consolidated balance sheets at cash surrender value. Changes in cash surrender value, as well as gains on the surrender of policies, are reflected in noninterest income in the consolidated statements of operations and are not subject to income taxes. See Note 11 for additional discussion. | |||||||||||||
Servicing | |||||||||||||
The Company services mortgage loans for others. Mortgage servicing assets are recognized as separate assets at fair value when rights are acquired through purchase or retained through the sale of financial assets. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into mortgage banking income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. | |||||||||||||
Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to the amortized cost. Impairment is determined by stratifying rights by predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that the fair value is less than the capitalized amount for the stratum. Changes in the valuation allowance are reported in loan servicing fee income. | |||||||||||||
Servicing fee income is recorded for fees earned for servicing loans, which is included in mortgage banking income. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. | |||||||||||||
Impairment of Long-lived Assets | |||||||||||||
Long-lived assets, including premises and equipment and certain identifiable intangible assets that are held and used by the Company, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is indicated by that review, the asset is written down to its estimated fair value through a charge to earnings. | |||||||||||||
Goodwill is measured as the excess of the cost of a business combination over the sum of the amounts assigned to identifiable intangible assets acquired less liabilities assumed. Goodwill is not amortized but rather assessed for impairment annually or more frequently if circumstances warrant. | |||||||||||||
Management has the option of first assessing qualitative factors, such as events and circumstances, to determine whether it is more likely than not, meaning a likelihood of more than 50%, the value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, management determines it is not more likely than not the fair value of a reporting unit is less than its carrying amount, then performing an impairment test is unnecessary. For the year ended December 31, 2013, management determined that it was not more likely than not the fair value of the reporting unit (the consolidated Company, in our case) was less than its carrying amount. If management had determined otherwise, the two-step process would have been completed to determine the impairment and necessary write-down of goodwill. | |||||||||||||
Other Investments | |||||||||||||
The Company is a limited partner in three Small Business Investment Companies (“SBICs”), which are licensed by the Small Business Administration. They provide mezzanine financing and private equity investments to small companies which may not otherwise qualify for standard bank financing. The Company records its investment in the SBICs at cost and evaluates its investment for impairment on a quarterly basis. Impairment that is considered by management to be other-than-temporary results in a write-down of the investment which is recognized as a charge to earnings. See Note 12 regarding the Bank's investment in and outstanding capital commitments to the limited partnerships. | |||||||||||||
Trust Assets | |||||||||||||
Trust assets held in a fiduciary or agency capacity, other than trust cash on deposit at the Bank, are not included in these consolidated financial statements because they are not assets of the Company. Trust fees are recognized on the accrual basis of accounting. | |||||||||||||
Related Party Transactions | |||||||||||||
Directors, officers and affiliates of the Company and the Bank have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Management believes that all deposit accounts, loans, services and commitments comprising such transactions were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers who were not directors, officers or affiliates. In the opinion of management, the transactions with related parties did not involve more than the normal risk of collectibility, favored treatment or terms or present other unfavorable features. See Note 13 for details regarding related party transactions. | |||||||||||||
Employee Stock Ownership Plan | |||||||||||||
The loans to the Employee Stock Ownership Plan ("ESOP") are repaid from the Bank’s contributions to the ESOP and dividends payable on common stock held by the ESOP over an initial period of 15 years for the first loan and 20 years for the second loan. Unearned compensation applicable to the ESOP is reflected as a reduction of shareholders’ equity on the consolidated balance sheets. Compensation expense is recognized as ESOP shares are committed to be released and is based on the average fair market value of the shares during the period. The difference between the average fair value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. Unallocated ESOP shares are not considered outstanding for calculating earnings per share. Dividends paid on allocated ESOP shares are charged to retained earnings and dividends paid on unallocated ESOP shares are used to satisfy debt service. See Note 11 for additional discussion. | |||||||||||||
Equity Incentive Plan | |||||||||||||
The Company measures and recognizes compensation cost relating to share-based compensation based on the grant date fair value of the equity instruments issued. Share-based compensation is recognized on a straight-line basis over the period of service or performance for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted based on actual forfeiture experience. The fair value of each restricted stock allocation, equal to the market price at the date of grant, is recorded as unearned restricted shares. The fair value of each stock option award is determined on the date of grant using the Black-Scholes option pricing model, which includes several assumptions such as expected volatility, dividends, term and risk-free rate for each stock option award. See Note 11 for additional discussion. | |||||||||||||
Income Taxes | |||||||||||||
Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities. These judgments require the Company to make projections of future taxable income. These judgments and estimates, which are inherently subjective, are reviewed periodically as regulatory and business factors change. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized. | |||||||||||||
The Company does not have any uncertain tax positions which require accrual or disclosure at December 31, 2013 or 2012. In accordance with the provisions of applicable accounting guidance, in future periods, the Company may record a liability for unrecognized tax benefits related to the recognition, derecognition or change in measurement of a tax position as a result of new tax positions, changes in management’s judgment about the level of uncertainty of existing tax positions, expiration of open income tax returns due to the statutes of limitation, status of examinations and litigation and legislative activity. The Company has elected to report future interest and penalties related to unrecognized tax benefits, if any, as income tax expense in the Company’s consolidated statements of operations. No interest or penalties were recorded for the years ended December 31, 2013, 2012 or 2011. | |||||||||||||
Income tax benefits related to stock compensation in excess of grant date fair value less any proceeds on exercise are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount. | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and certain cash flow hedges, are reported as a separate component of shareholders’ equity, such items, along with net income (loss), are components of comprehensive income (loss). See Note 15 for components of other comprehensive income (loss) and the related tax effects. | |||||||||||||
Common Share Repurchases | |||||||||||||
The Company is chartered in the state of Maryland. Maryland law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized but unissued shares. Accounting principles generally accepted in the United States of America state that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company has been allocated to common stock and retained earnings balances. | |||||||||||||
Earnings (Loss) Per Share | |||||||||||||
Basic earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Unvested restricted shares are considered outstanding in the computation of basic earnings (loss) per share since the shares participate in dividends and the rights to the dividends are non-forfeitable. Diluted earnings (loss) per share is computed in a manner similar to basic earnings (loss) per 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 options. Repurchased common shares and unallocated common shares held by the Bank's ESOP are not deemed outstanding for earnings (loss) | |||||||||||||
per share calculations. | |||||||||||||
Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the weighted average market value for the periods presented, and are not considered in diluted earnings (loss) per share calculations. The Company had 554,029, 323,011 and 443,026 anti-dilutive common shares outstanding for the years ended December 31, 2013, 2012 and 2011, respectively. The computation of earnings (loss) per share is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars In Thousands, Except Per Share Amounts) | |||||||||||||
Net (loss) income | $ | (855 | ) | $ | 1,118 | $ | 2,417 | ||||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 10,434,191 | 9,730,797 | 9,988,322 | ||||||||||
Effect of dilutive stock options | — | 24,895 | 20,538 | ||||||||||
Diluted | 10,434,191 | 9,755,692 | 10,008,860 | ||||||||||
(Loss) earnings per share: | |||||||||||||
Basic | $ | (0.08 | ) | $ | 0.11 | $ | 0.24 | ||||||
Diluted | $ | (0.08 | ) | $ | 0.11 | $ | 0.24 | ||||||
Business Segment Reporting | |||||||||||||
Public companies are required to report (i) certain financial and descriptive information about “reportable operating segments,” as defined, and (ii) certain enterprise-wide financial information about products and services, geographic areas and major customers. An operating segment is a component of a business for which separate financial information is available and evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and evaluate performance. The Company’s operations are limited to financial services provided within the framework of a community bank, and decisions are generally based on specific market areas and or product offerings. Accordingly, based on the financial information presently evaluated by the Company’s chief operating decision-maker, the Company’s operations are aggregated in one reportable operating segment. | |||||||||||||
Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
Comprehensive Income - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income - In February 2013, the Financial Accounting Standards Board ("FASB") issued an amendment to improve the transparency of reporting these reclassifications by requiring an organization to 1) present the effects on the line items of net income (loss) of significant amounts reclassified out of accumulated other comprehensive income (loss) and 2) cross-reference to other disclosures currently required under GAAP for other reclassification items to be reclassified directly to net income (loss) in their entirety in the same reporting period. The amendments were effective for reporting periods beginning after December 15, 2012. The adoption of this amendment did not have a material impact on the Company's consolidated financial statements. See Consolidated Statements of Comprehensive Income (Loss). | |||||||||||||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure - In January 2014, the FASB issued amended guidance that clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amended guidance clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. In addition, the amended guidance requires interim and annual disclosures of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amended guidance may be applied prospectively or through a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The adoption of the amended guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
RESTRICTIONS_ON_CASH_AND_AMOUN
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2013 | |
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS [Abstract] | ' |
Cash and Cash Equivalents Disclosure [Text Block] | ' |
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS | |
The Bank is required to maintain cash reserve balances against its respective transaction accounts and non-personal time deposits. At December 31, 2013 and 2012, the Bank was required to maintain cash and liquid asset reserves of $1.4 million and $700,000, respectively. |
SECURITIES
SECURITIES | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||
SECURITIES | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and fair values of available for sale securities at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 54,228 | $ | 485 | $ | (168 | ) | $ | 54,545 | |||||||||||||||
Government-sponsored enterprises | 26,551 | 134 | (393 | ) | 26,292 | |||||||||||||||||||
Mortgage-backed securities:(1) | ||||||||||||||||||||||||
Agency - residential | 77,037 | 889 | (1,809 | ) | 76,117 | |||||||||||||||||||
Non-agency - residential | 530 | 26 | (2 | ) | 554 | |||||||||||||||||||
Corporate debt securities | 3,708 | 90 | — | 3,798 | ||||||||||||||||||||
Collateralized debt obligations | 1,210 | — | (19 | ) | 1,191 | |||||||||||||||||||
Obligations of state and political subdivisions | 4,063 | 141 | (81 | ) | 4,123 | |||||||||||||||||||
Tax-exempt securities | 3,841 | — | (266 | ) | 3,575 | |||||||||||||||||||
Foreign government securities | 25 | — | — | 25 | ||||||||||||||||||||
Total available for sale securities | $ | 171,193 | $ | 1,765 | $ | (2,738 | ) | $ | 170,220 | |||||||||||||||
(1) Agency securities refer to debt obligations issued or guaranteed by government corporations or government-sponsored enterprises (“GSEs”). Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by one of the GSEs or the U.S. Government. | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost (1) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 55,027 | $ | 1,255 | $ | (23 | ) | $ | 56,259 | |||||||||||||||
Government-sponsored enterprises | 23,388 | 579 | — | 23,967 | ||||||||||||||||||||
Mortgage-backed securities:(2) | ||||||||||||||||||||||||
Agency - residential | 69,399 | 2,211 | (66 | ) | 71,544 | |||||||||||||||||||
Non-agency - residential | 4,784 | 52 | (124 | ) | 4,712 | |||||||||||||||||||
Non-agency - HELOC | 2,555 | — | (78 | ) | 2,477 | |||||||||||||||||||
Corporate debt securities | 7,555 | 188 | (49 | ) | 7,694 | |||||||||||||||||||
Collateralized debt obligations | 5,993 | — | (1,597 | ) | 4,396 | |||||||||||||||||||
Obligations of state and political subdivisions | 5,152 | 262 | — | 5,414 | ||||||||||||||||||||
Foreign government securities | 50 | — | — | 50 | ||||||||||||||||||||
Total available for sale securities | $ | 173,903 | $ | 4,547 | $ | (1,937 | ) | $ | 176,513 | |||||||||||||||
(1) Net of OTTI write-downs recognized in earnings. | ||||||||||||||||||||||||
(2) Agency securities refer to debt obligations issued or guaranteed by government corporations or government-sponsored enterprises (“GSEs”) Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by one of the GSEs or the U.S. Government. | ||||||||||||||||||||||||
At December 31, 2013 and 2012, U.S. government and agency obligations and government-sponsored enterprise securities with an amortized cost of $6.0 million and $4.5 million, respectively, and a fair value of $6.0 million and $4.6 million, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. | ||||||||||||||||||||||||
The amortized cost and fair value of debt securities by contractual maturities at December 31, 2013 are presented below. Maturities are based on the final contractual payment dates, and do not reflect the impact of potential prepayments or early redemptions. Because mortgage-backed securities ("MBS") are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary. | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Within 1 year | $ | 5,783 | $ | 5,875 | ||||||||||||||||||||
After 1 but within 5 years | 27,381 | 27,498 | ||||||||||||||||||||||
After 5 but within 10 years | 18,259 | 18,095 | ||||||||||||||||||||||
After 10 years | 42,203 | 42,081 | ||||||||||||||||||||||
93,626 | 93,549 | |||||||||||||||||||||||
Mortgage-backed securities | 77,567 | 76,671 | ||||||||||||||||||||||
Total debt securities | $ | 171,193 | $ | 170,220 | ||||||||||||||||||||
The following is a summary of realized gains and losses on the sale of securities for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Gross gains on sales | $ | 626 | $ | 798 | $ | 589 | ||||||||||||||||||
Gross losses on sales | (1,781 | ) | (525 | ) | (103 | ) | ||||||||||||||||||
Net (loss) gain on sale of securities | $ | (1,155 | ) | $ | 273 | $ | 486 | |||||||||||||||||
The tax provision (benefit) applicable to the above net realized gains (losses) amounted to $(393,000), $93,000 and $165,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Proceeds from the sale of available for sale securities totaled $26.1 million, $44.0 million and $36.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
The following tables present information pertaining to securities with gross unrealized losses at December 31, 2013 and 2012, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2013: | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 21,921 | $ | 142 | $ | 883 | $ | 26 | $ | 22,804 | $ | 168 | ||||||||||||
Government-sponsored enterprises | 12,376 | 393 | — | — | 12,376 | 393 | ||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Agency - residential | 38,119 | 1,772 | 2,686 | 37 | 40,805 | 1,809 | ||||||||||||||||||
Non-agency - residential | 169 | 2 | — | — | 169 | 2 | ||||||||||||||||||
Collateralized debt obligations | — | — | 1,191 | 19 | 1,191 | 19 | ||||||||||||||||||
Obligations of state and political subdivisions | 1,187 | 81 | — | — | 1,187 | 81 | ||||||||||||||||||
Tax-exempt securities | 3,575 | 266 | — | — | 3,575 | 266 | ||||||||||||||||||
Total | $ | 77,347 | $ | 2,656 | $ | 4,760 | $ | 82 | $ | 82,107 | $ | 2,738 | ||||||||||||
Less Than 12 Months | 12 Months Or More | Total | ||||||||||||||||||||||
December 31, 2012: | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | — | $ | — | $ | 1,367 | $ | 23 | $ | 1,367 | $ | 23 | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Agency - residential | 6,923 | 37 | 1,404 | 29 | 8,327 | 66 | ||||||||||||||||||
Non-agency - residential | 1,926 | 8 | 1,417 | 116 | 3,343 | 124 | ||||||||||||||||||
Non-agency - HELOC | — | — | 2,477 | 78 | 2,477 | 78 | ||||||||||||||||||
Corporate debt securities | — | — | 946 | 49 | 946 | 49 | ||||||||||||||||||
Collateralized debt obligations | — | — | 4,396 | 1,597 | 4,396 | 1,597 | ||||||||||||||||||
Total | $ | 8,849 | $ | 45 | $ | 12,007 | $ | 1,892 | $ | 20,856 | $ | 1,937 | ||||||||||||
For debt securities with OTTI losses, the Company estimated the portion of loss attributable to credit using a discounted cash flow model in accordance with applicable guidance. Significant inputs for the non-agency mortgage-backed securities included the estimated cash flows of the underlying collateral based on key assumptions, such as default rate, loss severity and prepayment rate. Assumptions used can vary widely from loan to loan, and are influenced by such factors as loan interest rate, geographical location of the borrower, borrower characteristics and collateral type. Significant inputs for the collateralized debt obligations included estimated cash flows and prospective deferrals, defaults and recoveries based on the underlying seniority status and subordination structure of the pooled trust preferred debt tranche at the time of measurement. Prospective deferral, default and recovery estimates affecting projected cash flows were based on an analysis of the underlying financial condition of the individual issuers, with consideration of the account’s capital adequacy, credit quality, lending concentrations and other factors. All cash flow estimates were based on the securities’ tranche structure and contractual rate and maturity terms. The Company utilized the services of an independent third-party valuation firm to obtain information about the structure in order to determine how the underlying collateral cash flows will be distributed to each security issued from the structure. The present value of the expected cash flows | ||||||||||||||||||||||||
was compared to the Company’s holdings to determine the credit-related impairment loss, if any. | ||||||||||||||||||||||||
To the extent that continued changes in interest rates, credit movements and other factors that influence fair value of investments occur, the Company may be required to record additional impairment charges for OTTI in future periods. | ||||||||||||||||||||||||
At December 31, 2013, forty-one debt securities with gross unrealized losses had aggregate depreciation of approximately 3.2% of the Company’s amortized cost basis. The majority of the unrealized losses related to the Company’s mortgage-backed securities. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $8,000, $123,000 and $148,000, respectively, of net impairment charges on investments deemed other-than-temporarily impaired. The following summarizes, by security type, the basis for management’s determination during the preparation of the financial statements of whether the applicable investments within the Company’s securities portfolio were other-than-temporarily impaired at December 31, 2013. | ||||||||||||||||||||||||
U.S. Government and Agency Obligations. The unrealized losses on the Company’s U.S. Government and agency obligations related primarily to a widening of the rate spread to comparable treasury securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell these securities and it is not more likely than not the Company will be required to sell the securities before their anticipated recovery, which may be at maturity, the Company did not consider these securities to be other-than-temporarily impaired at December 31, 2013. | ||||||||||||||||||||||||
Mortgage-backed Securities - Agency - Residential. The unrealized losses on the Company’s agency–residential mortgage-backed securities were caused by increases in the rate spread to comparable treasury securities. The Company does not expect these securities to settle at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before the recovery of their amortized cost basis, which may be at maturity, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2013. | ||||||||||||||||||||||||
Collateralized Debt Obligations. The unrealized losses on the Company’s collateralized debt obligations relate to one investment in a pooled trust preferred security (“PTPS”). The PTPS market has stabilized at depressed market values as a result of market saturation. Transactions for PTPS have been limited and have occurred primarily as a result of distressed or forced liquidation sales. The securities were widely held by hedge funds and European banks and used to offset interest rate exposure tied to LIBOR. As the positions have unwound, an excess supply of these securities have saturated the market. | ||||||||||||||||||||||||
Management evaluated current credit ratings, credit support and stress testing for future defaults related to the Company’s PTPS. Management also reviewed analytics provided by the trustee and independent OTTI reviews and associated cash flow analyses performed by an independent third party. The unrealized losses on the Company’s PTPS investment were caused by a lack of liquidity, credit downgrades and decreasing credit support. The increased number of bank and insurance company failures has decreased the level of credit support for this investment. A number of lower tranches have foregone payments or have received payment in kind through increased principal allocations. However, the number of deferring securities has been decreasing and a number of reinstatements have occurred recently. The Company's PTPS was upgraded to investment grade and based on its senior credit profile, management does not believe this investment will suffer from any further credit-related losses. Because the Company does not intend to sell the investment and it is not more likely than not the Company will be required to sell the investment before recovery of its amortized cost basis, which may be at maturity, the Company did not record impairment losses as of December 31, 2013. | ||||||||||||||||||||||||
The following table presents a roll-forward of the balance of credit losses on the Company’s debt securities for which a portion of OTTI was recognized in other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance at beginning of year | $ | 259 | $ | 1,207 | $ | 1,093 | ||||||||||||||||||
Amounts related to credit losses for which OTTI losses were not previously recognized | 8 | — | 148 | |||||||||||||||||||||
Additional credit losses for which OTTI losses were previously recognized | — | 123 | — | |||||||||||||||||||||
Reduction for permanent loss in value of securities during the period | — | (1,071 | ) | — | ||||||||||||||||||||
Reduction for securities sold during the period (realized) | (267 | ) | — | (34 | ) | |||||||||||||||||||
Balance at end of year | $ | — | $ | 259 | $ | 1,207 | ||||||||||||||||||
LOANS_RECEIVABLE_AND_ALLOWANCE
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure | ' | |||||||||||||||||||||||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||
Loan Portfolio | ||||||||||||||||||||||||||||
The composition of the Company's loan portfolio at December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 449,812 | $ | 230,664 | ||||||||||||||||||||||||
Multi-family and commercial | 285,660 | 201,951 | ||||||||||||||||||||||||||
Construction | 10,162 | 3,284 | ||||||||||||||||||||||||||
Total real estate loans | 745,634 | 435,899 | ||||||||||||||||||||||||||
Commercial business loans: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 137,578 | 148,385 | ||||||||||||||||||||||||||
Time share | 28,615 | 23,310 | ||||||||||||||||||||||||||
Condominium association | 18,442 | 15,493 | ||||||||||||||||||||||||||
Other | 69,705 | 26,339 | ||||||||||||||||||||||||||
Total commercial business loans | 254,340 | 213,527 | ||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity | 44,284 | 28,375 | ||||||||||||||||||||||||||
Indirect automobile | 6,354 | 9,652 | ||||||||||||||||||||||||||
Other | 2,116 | 2,353 | ||||||||||||||||||||||||||
Total consumer loans | 52,754 | 40,380 | ||||||||||||||||||||||||||
Total loans | 1,052,728 | 689,806 | ||||||||||||||||||||||||||
Deferred loan origination costs, net of fees | 1,598 | 1,744 | ||||||||||||||||||||||||||
Allowance for loan losses | (6,916 | ) | (6,387 | ) | ||||||||||||||||||||||||
Loans receivable, net | $ | 1,047,410 | $ | 685,163 | ||||||||||||||||||||||||
The Company has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore, not included in the Company's accompanying consolidated balance sheets. The Company and participating lenders share ratably in cash flows and any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties. At December 31, 2013 and 2012, the Company was servicing loans for participations aggregating $7.7 million and $7.9 million, respectively. | ||||||||||||||||||||||||||||
The Company purchased commercial business loans totaling $23.0 million and $42.9 million during 2013 and 2012, respectively. During 2012, the Company purchased consumer loans totaling $6.9 million. | ||||||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Residential - 1 to 4 Family | Multi-family and Commercial | Construction | Commercial Business | Consumer | Total | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 915 | $ | 2,700 | $ | 64 | $ | 790 | $ | 330 | $ | 4,799 | ||||||||||||||||
Provision for loan losses | 530 | 228 | 15 | 588 | 197 | 1,558 | ||||||||||||||||||||||
Loans charged-off | (686 | ) | (606 | ) | (83 | ) | (267 | ) | (84 | ) | (1,726 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | — | 15 | 284 | 37 | 3 | 339 | ||||||||||||||||||||||
Balance at December 31, 2011 | 759 | 2,337 | 280 | 1,148 | 446 | 4,970 | ||||||||||||||||||||||
Provision (credit) for loan losses | 561 | 1,818 | (258 | ) | 556 | 219 | 2,896 | |||||||||||||||||||||
Loans charged-off | (299 | ) | (1,267 | ) | — | — | (251 | ) | (1,817 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 104 | 140 | — | 31 | 63 | 338 | ||||||||||||||||||||||
Balance at December 31, 2012 | 1,125 | 3,028 | 22 | 1,735 | 477 | 6,387 | ||||||||||||||||||||||
Provision for loan losses | 522 | 523 | 56 | 159 | 59 | 1,319 | ||||||||||||||||||||||
Loans charged-off | (712 | ) | (228 | ) | — | (22 | ) | (95 | ) | (1,057 | ) | |||||||||||||||||
Recoveries of loans previously charged-off | 40 | 72 | 91 | 3 | 61 | 267 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 975 | $ | 3,395 | $ | 169 | $ | 1,875 | $ | 502 | $ | 6,916 | ||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||
December 31, 2013 | Residential - 1 to 4 Family | Multi-family and Commercial | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Allowance for loans individually evaluated and deemed to be impaired | $ | 341 | $ | 185 | $ | — | $ | 4 | $ | — | $ | 530 | ||||||||||||||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 634 | 3,210 | 169 | 1,871 | 502 | 6,386 | ||||||||||||||||||||||
Allowance for loans acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||
Total loan loss allowance | $ | 975 | $ | 3,395 | $ | 169 | $ | 1,875 | $ | 502 | $ | 6,916 | ||||||||||||||||
Loans individually evaluated and deemed to be impaired | $ | 5,695 | $ | 3,036 | $ | — | $ | 385 | $ | — | $ | 9,116 | ||||||||||||||||
Loans individually or collectively evaluated and not deemed to be impaired | 443,734 | 277,483 | 10,162 | 252,930 | 52,754 | 1,037,063 | ||||||||||||||||||||||
Amount of loans acquired with deteriorated credit quality | 383 | 5,141 | — | 1,025 | — | 6,549 | ||||||||||||||||||||||
Total loans | $ | 449,812 | $ | 285,660 | $ | 10,162 | $ | 254,340 | $ | 52,754 | $ | 1,052,728 | ||||||||||||||||
December 31, 2012 | Residential - 1 to 4 Family | Multi-family and Commercial | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Allowance for loans individually evaluated and deemed to be impaired | $ | 454 | $ | 88 | $ | — | $ | 39 | $ | — | $ | 581 | ||||||||||||||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 671 | 2,940 | 22 | 1,696 | 477 | 5,806 | ||||||||||||||||||||||
Total loan loss allowance | $ | 1,125 | $ | 3,028 | $ | 22 | $ | 1,735 | $ | 477 | $ | 6,387 | ||||||||||||||||
Loans individually evaluated and deemed to be impaired | $ | 6,991 | $ | 5,873 | $ | — | $ | 618 | $ | 361 | $ | 13,843 | ||||||||||||||||
Loans individually or collectively evaluated and not deemed to be impaired | 223,673 | 196,078 | 3,284 | 212,909 | 40,019 | 675,963 | ||||||||||||||||||||||
Total loans | $ | 230,664 | $ | 201,951 | $ | 3,284 | $ | 213,527 | $ | 40,380 | $ | 689,806 | ||||||||||||||||
Past Due Loans | ||||||||||||||||||||||||||||
The following represents an aging of loans at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
December 31, 2013 | 30-59 | 60-89 | 90 Days | Total 30 | Current | Total | ||||||||||||||||||||||
Days | Days | or More | Days or More | Loans | ||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 5,402 | $ | 783 | $ | 1,473 | $ | 7,658 | $ | 442,154 | $ | 449,812 | ||||||||||||||||
Multi-family and commercial | 1,057 | — | 1,388 | 2,445 | 283,215 | 285,660 | ||||||||||||||||||||||
Construction | — | — | — | — | 10,162 | 10,162 | ||||||||||||||||||||||
Commercial Business: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 7,266 | 1,161 | 66 | 8,493 | 129,085 | 137,578 | ||||||||||||||||||||||
Time share | — | — | — | — | 28,615 | 28,615 | ||||||||||||||||||||||
Condominium association | — | — | — | — | 18,442 | 18,442 | ||||||||||||||||||||||
Other | — | 171 | 338 | 509 | 69,196 | 69,705 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 258 | 36 | 49 | 343 | 43,941 | 44,284 | ||||||||||||||||||||||
Indirect automobile | 80 | 47 | 16 | 143 | 6,211 | 6,354 | ||||||||||||||||||||||
Other | 1 | 1 | — | 2 | 2,114 | 2,116 | ||||||||||||||||||||||
Total | $ | 14,064 | $ | 2,199 | $ | 3,330 | $ | 19,593 | $ | 1,033,135 | $ | 1,052,728 | ||||||||||||||||
December 31, 2012 | 30-59 | 60-89 | 90 Days | Total 30 | Current | Total | ||||||||||||||||||||||
Days | Days | or More | Days or More | Loans | ||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 3,245 | $ | 1,725 | $ | 3,285 | $ | 8,255 | $ | 222,409 | $ | 230,664 | ||||||||||||||||
Multi-family and commercial | 4,149 | — | 1,266 | 5,415 | 196,536 | 201,951 | ||||||||||||||||||||||
Construction | — | — | — | — | 3,284 | 3,284 | ||||||||||||||||||||||
Commercial Business: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 5,014 | 1,087 | — | 6,101 | 142,284 | 148,385 | ||||||||||||||||||||||
Time share | — | — | — | — | 23,310 | 23,310 | ||||||||||||||||||||||
Condominium association | — | — | — | — | 15,493 | 15,493 | ||||||||||||||||||||||
Other | — | — | 541 | 541 | 25,798 | 26,339 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 216 | — | 361 | 577 | 27,798 | 28,375 | ||||||||||||||||||||||
Indirect automobile | 19 | — | — | 19 | 9,633 | 9,652 | ||||||||||||||||||||||
Other | 21 | — | — | 21 | 2,332 | 2,353 | ||||||||||||||||||||||
Total | $ | 12,664 | $ | 2,812 | $ | 5,453 | $ | 20,929 | $ | 668,877 | $ | 689,806 | ||||||||||||||||
The Company did not have any loans that were past due 90 days or more and still accruing at December 31, 2013 or 2012. | ||||||||||||||||||||||||||||
Impaired and Nonaccrual Loans | ||||||||||||||||||||||||||||
The following is a summary of impaired and nonaccrual loans at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
Impaired Loans (1) | ||||||||||||||||||||||||||||
31-Dec-13 | Recorded | Unpaid | Related | Nonaccrual | ||||||||||||||||||||||||
Investment | Principal | Allowance | Loans | |||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Impaired loans without valuation allowance: (2) | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 3,641 | $ | 3,822 | $ | — | $ | 3,241 | ||||||||||||||||||||
Multi-family and commercial | 6,853 | 7,050 | — | 1,655 | ||||||||||||||||||||||||
Commercial business - Other | 1,402 | 1,402 | — | 377 | ||||||||||||||||||||||||
Consumer - Home equity | — | — | — | 53 | ||||||||||||||||||||||||
Consumer - Indirect automobile | — | — | — | 16 | ||||||||||||||||||||||||
Total impaired loans without valuation allowance | 11,896 | 12,274 | — | 5,342 | ||||||||||||||||||||||||
Impaired loans with valuation allowance: | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | 2,437 | 2,448 | 341 | 319 | ||||||||||||||||||||||||
Multi-family and commercial | 1,324 | 1,414 | 185 | 1,324 | ||||||||||||||||||||||||
Commercial business - Other | 8 | 8 | 4 | 8 | ||||||||||||||||||||||||
Total impaired loans with valuation allowance | 3,769 | 3,870 | 530 | 1,651 | ||||||||||||||||||||||||
Total impaired loans | $ | 15,665 | $ | 16,144 | $ | 530 | $ | 6,993 | ||||||||||||||||||||
(1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. | ||||||||||||||||||||||||||||
(2) Includes loans acquired with deteriorated credit quality from the Newport merger. | ||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
December 31, 2012 | Recorded | Unpaid | Related | Nonaccrual | ||||||||||||||||||||||||
Investment | Principal | Allowance | Loans | |||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Impaired loans without valuation allowance: | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 3,866 | $ | 4,013 | $ | — | $ | 3,855 | ||||||||||||||||||||
Multi-family and commercial | 4,407 | 4,407 | — | 1,522 | ||||||||||||||||||||||||
Commercial business - Other | 546 | 546 | — | 470 | ||||||||||||||||||||||||
Consumer - Home equity | 361 | 435 | — | 366 | ||||||||||||||||||||||||
Total impaired loans without valuation allowance | 9,180 | 9,401 | — | 6,213 | ||||||||||||||||||||||||
Impaired loans with valuation allowance: | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | 3,125 | 3,125 | 454 | 1,133 | ||||||||||||||||||||||||
Multi-family and commercial | 1,466 | 1,556 | 88 | 236 | ||||||||||||||||||||||||
Commercial business - Other | 72 | 72 | 39 | 72 | ||||||||||||||||||||||||
Total impaired loans with valuation allowance | 4,663 | 4,753 | 581 | 1,441 | ||||||||||||||||||||||||
Total impaired loans | $ | 13,843 | $ | 14,154 | $ | 581 | $ | 7,654 | ||||||||||||||||||||
The Company reviews and establishes, if necessary, an allowance for certain impaired loans for the amount by which the present value of expected cash flows (or observable market price of loan or fair value of the collateral if the loan is collateral dependent) are lower than the carrying value of the loan. For the periods presented, the Company concluded that certain impaired loans required no valuation allowance as a result of management’s measurement of impairment. No additional funds are committed to be advanced to those borrowers whose loans are deemed impaired. | ||||||||||||||||||||||||||||
Additional information related to impaired loans is as follows: | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Interest Income Recognized on Cash Basis | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 6,940 | $ | 257 | $ | 180 | ||||||||||||||||||||||
Multi-family and commercial | 5,653 | 164 | — | |||||||||||||||||||||||||
Commercial business - Other | 924 | 23 | 5 | |||||||||||||||||||||||||
Consumer - Home equity | 224 | 36 | 36 | |||||||||||||||||||||||||
Total | $ | 13,741 | $ | 480 | $ | 221 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 6,113 | $ | 151 | $ | 126 | ||||||||||||||||||||||
Multi-family and commercial | 8,048 | 260 | 32 | |||||||||||||||||||||||||
Commercial business - Other | 602 | 4 | 2 | |||||||||||||||||||||||||
Consumer - Home equity | 413 | 4 | 4 | |||||||||||||||||||||||||
Total | $ | 15,176 | $ | 419 | $ | 164 | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 5,739 | $ | 64 | $ | 29 | ||||||||||||||||||||||
Multi-family and commercial | 8,035 | 312 | — | |||||||||||||||||||||||||
Commercial business - Other | 421 | — | — | |||||||||||||||||||||||||
Consumer - Home equity | 196 | — | — | |||||||||||||||||||||||||
Total | $ | 14,391 | $ | 376 | $ | 29 | ||||||||||||||||||||||
Credit Quality Information | ||||||||||||||||||||||||||||
The Company utilizes an eight-grade internal loan rating system for all loans in the portfolio, with the exception of its purchased SBA and USDA commercial business loans that are fully guaranteed by the U.S. government, as follows: | ||||||||||||||||||||||||||||
◦ | Pass (Ratings 1-4): Loans in these categories are considered low to average risk. | |||||||||||||||||||||||||||
◦ | Special Mention (Rating 5): Loans in this category are starting to show signs of potential weakness and are being closely monitored by management. | |||||||||||||||||||||||||||
◦ | Substandard (Rating 6): Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. | |||||||||||||||||||||||||||
◦ | Doubtful (Rating 7): Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. | |||||||||||||||||||||||||||
◦ | Loss (Rating 8): Loans in this category are considered uncollectible and of such little value that their continuance as loans is not warranted. | |||||||||||||||||||||||||||
Management periodically reviews the ratings described above and the Company’s internal audit function reviews components of the credit files, including the assigned risk ratings, of certain commercial loans as part of its loan review. | ||||||||||||||||||||||||||||
The following tables present the Company’s loans by risk rating at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||
December 31, 2013 | Not Rated | Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | — | $ | 441,646 | $ | 1,296 | $ | 6,870 | $ | — | $ | — | $ | 449,812 | ||||||||||||||
Multi-family and commercial | — | 250,667 | 18,363 | 16,630 | — | — | 285,660 | |||||||||||||||||||||
Construction | — | 10,162 | — | — | — | — | 10,162 | |||||||||||||||||||||
Total real estate loans | — | 702,475 | 19,659 | 23,500 | — | — | 745,634 | |||||||||||||||||||||
Commercial business loans: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 137,578 | — | — | — | — | — | 137,578 | |||||||||||||||||||||
Time share | — | 28,615 | — | — | — | — | 28,615 | |||||||||||||||||||||
Condominium association | — | 18,442 | — | — | — | — | 18,442 | |||||||||||||||||||||
Other | — | 63,959 | 2,230 | 3,516 | — | — | 69,705 | |||||||||||||||||||||
Total commercial business loans | 137,578 | 111,016 | 2,230 | 3,516 | — | — | 254,340 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity | — | 44,117 | 66 | 101 | — | — | 44,284 | |||||||||||||||||||||
Indirect automobile | — | 6,338 | — | 16 | — | — | 6,354 | |||||||||||||||||||||
Other | — | 2,116 | — | — | — | — | 2,116 | |||||||||||||||||||||
Total consumer loans | — | 52,571 | 66 | 117 | — | — | 52,754 | |||||||||||||||||||||
Total loans | $ | 137,578 | $ | 866,062 | $ | 21,955 | $ | 27,133 | $ | — | $ | — | $ | 1,052,728 | ||||||||||||||
December 31, 2012 | Not Rated | Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | — | $ | 222,262 | $ | 723 | $ | 7,679 | $ | — | $ | — | $ | 230,664 | ||||||||||||||
Multi-family and commercial | — | 185,141 | 5,321 | 11,489 | — | — | 201,951 | |||||||||||||||||||||
Construction | — | 3,284 | — | — | — | — | 3,284 | |||||||||||||||||||||
Total real estate loans | — | 410,687 | 6,044 | 19,168 | — | — | 435,899 | |||||||||||||||||||||
Commercial business loans: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 148,385 | — | — | — | — | — | 148,385 | |||||||||||||||||||||
Time share | — | 23,310 | — | — | — | — | 23,310 | |||||||||||||||||||||
Condominium association | — | 15,493 | — | — | — | — | 15,493 | |||||||||||||||||||||
Other | — | 22,244 | 3,399 | 696 | — | — | 26,339 | |||||||||||||||||||||
Total commercial business loans | 148,385 | 61,047 | 3,399 | 696 | — | — | 213,527 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity | — | 27,960 | — | 415 | — | — | 28,375 | |||||||||||||||||||||
Indirect automobile | — | 9,652 | — | — | — | — | 9,652 | |||||||||||||||||||||
Other | — | 2,353 | — | — | — | — | 2,353 | |||||||||||||||||||||
Total consumer loans | — | 39,965 | — | 415 | — | — | 40,380 | |||||||||||||||||||||
Total loans | $ | 148,385 | $ | 511,699 | $ | 9,443 | $ | 20,279 | $ | — | $ | — | $ | 689,806 | ||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||
A modified loan is considered a TDR when two conditions are met: 1) the borrower is experiencing documented financial difficulty and 2) concessions are made by the Company that would not otherwise be considered for a borrower with similar risk characteristics. The most common types of modifications include below market interest rate reductions, deferrals of principal and maturity extensions. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is handled by the Company's Collections Department for resolution, which may result in foreclosure. The Company's determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification. | ||||||||||||||||||||||||||||
The Company's nonaccrual policy is followed for TDRs. If the loan was current prior to modification, nonaccrual status would not be required. If the loan was on nonaccrual prior to modification or if the payment amount significantly increases, the loan will remain on nonaccrual for a period of at least six months. Loans qualify for return to accrual status once the borrower has demonstrated the willingness and the ability to perform in accordance with the restructured terms of the loan agreement for a period of not less than six consecutive months. | ||||||||||||||||||||||||||||
All TDRs are initially reported as impaired. Impaired classification may be removed after the year of restructure if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar risk characteristics at the time of restructuring. | ||||||||||||||||||||||||||||
The following table provides information on loans modified as a TDR during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Allowance for | Allowance for | |||||||||||||||||||||||||||
Number | Recorded | Loan Losses | Number | Recorded | Loan Losses | |||||||||||||||||||||||
of Loans | Investment | (End of Period) | of Loans | Investment | (End of Period) | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | 1 | $ | 152 | $ | 17 | 16 | $ | 2,507 | $ | 296 | ||||||||||||||||||
Multi-family and commercial | — | — | — | 1 | 77 | — | ||||||||||||||||||||||
Total | 1 | $ | 152 | $ | 17 | 17 | $ | 2,584 | $ | 296 | ||||||||||||||||||
During the modification process, there were no loan charge-offs or principal reductions for loans included in the table above for all periods presented. | ||||||||||||||||||||||||||||
The following table provides the recorded investment, by type of modification, for modified loans identified as TDRs during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Interest rate adjustments | $ | — | $ | 917 | ||||||||||||||||||||||||
Combination of rate and payment (1) | — | 869 | ||||||||||||||||||||||||||
Combination of rate and maturity (2) | 152 | 721 | ||||||||||||||||||||||||||
Maturity only | — | 77 | ||||||||||||||||||||||||||
Total | $ | 152 | $ | 2,584 | ||||||||||||||||||||||||
(1) Terms include combination of interest rate adjustments and interest-only payments with deferral of principal. | ||||||||||||||||||||||||||||
(2) Terms include combination of interest rate adjustments and extensions of maturity. | ||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, there were no TDRs that were in payment default (defined as 90 days or more past due). | ||||||||||||||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | ||||||||||||||||||||||||||||
The following is a summary of loans acquired with evidence of credit deterioration from Newport as of | ||||||||||||||||||||||||||||
December 31, 2013. | ||||||||||||||||||||||||||||
Contractual Required Payments Receivable | Cash Expected To Be Collected | Non-Accretable Discount | Accretable Yield | Loans Receivable | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Balance at acquisition date of September 6, 2013 | $ | 8,112 | $ | 6,885 | $ | 1,227 | $ | — | $ | 6,885 | ||||||||||||||||||
2013 Collections | (336 | ) | (336 | ) | — | — | (336 | ) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 7,776 | $ | 6,549 | $ | 1,227 | $ | — | $ | 6,549 | ||||||||||||||||||
Related Party Loans | ||||||||||||||||||||||||||||
Related party transactions, including loans with related parties, are discussed in further detail in Note 13. | ||||||||||||||||||||||||||||
Loans Held for Sale | ||||||||||||||||||||||||||||
Total loans held for sale amounted to $1.8 million and $5.1 million, consisting of fixed-rate residential mortgage loans, at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Residential Mortgage Loans Serviced for Others | ||||||||||||||||||||||||||||
The Company services certain loans that it has sold with and without recourse to third parties and other loans for which the Company acquired the servicing rights. Loans serviced for others are not included in the Company’s consolidated balance sheets. The risks inherent in mortgage servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The fair value of servicing rights was determined using a discount rate of 10.59%, prepayment speeds ranging from 110% to 373% and minimal anticipated credit losses. At December 31, 2013, 2012 and 2011, the aggregate of residential mortgage loans serviced for others amounted to $218.0 million, $195.5 million and $178.5 million, respectively. | ||||||||||||||||||||||||||||
The following summarizes activity in capitalized mortgage servicing rights: | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,313 | $ | 1,177 | $ | 977 | ||||||||||||||||||||||
Additions | 384 | 427 | 460 | |||||||||||||||||||||||||
Amortization | (343 | ) | (291 | ) | (260 | ) | ||||||||||||||||||||||
Balance at end of year | $ | 1,354 | $ | 1,313 | $ | 1,177 | ||||||||||||||||||||||
Fair value of mortgage servicing assets | $ | 1,918 | $ | 1,349 | $ | 1,462 | ||||||||||||||||||||||
Contractually specified servicing fees included in mortgage banking income were $587,000, $531,000 and $463,000 for the years ended December 31, 2013, 2012 and 2011, respectively. |
OTHER_REAL_ESTATE_OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Real Estate Owned [Abstract] | ' | |||||||||||
Real Estate Owned [Text Block] | ' | |||||||||||
OTHER REAL ESTATE OWNED | ||||||||||||
At December 31, 2013, other real estate owned consisted of eight residential and four commercial real estate properties. At December 31, 2012, other real estate owned consisted of three residential and three commercial real estate properties which were held for sale. A summary of expenses applicable to other real estate operations for the years ended December 31, 2013, 2012 and 2011, is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Net loss from sales or write-downs of other real estate owned | $ | 43 | $ | 60 | $ | 236 | ||||||
Other real estate expense, net of rental income | 521 | 441 | 540 | |||||||||
Expense from other real estate operations, net | $ | 564 | $ | 501 | $ | 776 | ||||||
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure | ' | |||||||
PREMISES AND EQUIPMENT | ||||||||
Premises and equipment at December 31, 2013 and 2012 are summarized as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Land | $ | 4,311 | $ | 2,098 | ||||
Buildings | 11,497 | 7,052 | ||||||
Leasehold improvements | 10,762 | 7,563 | ||||||
Furniture and equipment | 12,549 | 10,867 | ||||||
Construction in process | 45 | 84 | ||||||
39,164 | 27,664 | |||||||
Accumulated depreciation and amortization | (18,074 | ) | (16,448 | ) | ||||
Premises and equipment, net | $ | 21,090 | $ | 11,216 | ||||
At December 31, 2013 and 2012, construction in process related to design and site costs associated with a new branch location. At December 31, 2012, the Company had an outstanding commitment for the purchase of land totaling $450,000, which was purchased during the quarter ended March 31, 2013. | ||||||||
Depreciation and amortization expense was $2.0 million, $1.9 million and $1.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. See Note 12 for a schedule of future minimum rental commitments pursuant to the terms of noncancelable lease agreements. |
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets Disclosure | ' | |||||||||||
GOODWILL AND OTHER INTANGIBLES | ||||||||||||
Goodwill | ||||||||||||
Goodwill for the years ended December 31, 2013, 2012 and 2011 is summarized as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Balance at beginning of year | $ | 3,451 | $ | 4,094 | $ | 4,094 | ||||||
Acquisition of Newport | 7,762 | — | — | |||||||||
Disposal of SI Trust Servicing | — | (643 | ) | — | ||||||||
Balance at end of year | $ | 11,213 | $ | 3,451 | $ | 4,094 | ||||||
At December 31, 2013, the Company’s goodwill related to the acquisition of Newport in 2013 and two branch locations acquired in 2008. During 2012, the Company sold its SI Trust Servicing operations and, in connection with the sale, disposed of the associated goodwill. Annually, or more frequently if events or changes in circumstances warrant such evaluation, the Company evaluates its goodwill for impairment. No goodwill impairment was recorded for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Core Deposit Intangibles | ||||||||||||
In connection with the assumption of $288.4 million of deposit liabilities from the Newport acquisition in September 2013, of which $216.2 million were core deposits, the Bank recorded a core deposit intangible of $8.6 million. The resulting core deposit intangible is amortized over thirteen years using the straight-line method. In connection with the assumption of $18.4 million of deposit liabilities from the Colchester, Connecticut branch office acquisition in January 2008, the Bank recorded a core deposit intangible of $159,000. The resulting core deposit intangible was amortized over five years using the sum-of-the-years-digits method and was fully amortized as of December 31, 2012. Core deposit intangibles are summarized as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In Thousands) | ||||||||||||
Core deposit intangible | $ | 8,573 | $ | 159 | ||||||||
Accumulated amortization | (220 | ) | (159 | ) | ||||||||
Core deposit intangible, net | $ | 8,353 | $ | — | ||||||||
Amortization expense was $220,000, $11,000 and $21,000 for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, future amortization of the core deposit intangible totals $659,000 for each of the next five years and $5.1 million thereafter. |
DEPOSITS
DEPOSITS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deposits [Abstract] | ' | ||||||||||||
Deposit Liabilities Disclosures | ' | ||||||||||||
DEPOSITS | |||||||||||||
A summary of deposit balances, by type, at December 31, 2013 and 2012 is as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Noninterest-bearing demand deposits | $ | 139,428 | $ | 89,834 | |||||||||
Interest-bearing accounts: | |||||||||||||
Business checking | — | 2 | |||||||||||
NOW and money market accounts | 449,675 | 300,050 | |||||||||||
Savings accounts | 45,090 | 38,026 | |||||||||||
Certificates of deposit (1) | 350,556 | 277,236 | |||||||||||
Total interest-bearing accounts | 845,321 | 615,314 | |||||||||||
Total deposits | $ | 984,749 | $ | 705,148 | |||||||||
( 1) Includes brokered deposits of $20.7 million and $4.2 million at December 31, 2013 and 2012, respectively. | |||||||||||||
Certificates of deposit in denominations of $100,000 or more were $150.4 million and $112.4 million at December 31, 2013 and 2012, respectively. Effective July 21, 2010, with the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FDIC permanently raised deposit insurance levels to $250,000 per depositor. Prior to the increase, deposits in excess of $100,000, with the exception of self-directed retirement accounts which are insured up to $250,000, were not federally insured. | |||||||||||||
Contractual maturities of certificates of deposit as of December 31, 2013 are summarized below (in thousands). | |||||||||||||
2014 | $ | 135,371 | |||||||||||
2015 | 96,386 | ||||||||||||
2016 | 61,252 | ||||||||||||
2017 | 31,951 | ||||||||||||
2018 | 22,219 | ||||||||||||
Thereafter | 3,377 | ||||||||||||
Total certificates of deposit | $ | 350,556 | |||||||||||
A summary of interest expense, by account type, for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
NOW and money market accounts | $ | 504 | $ | 627 | $ | 1,294 | |||||||
Savings accounts (1) | 75 | 106 | 197 | ||||||||||
Certificates of deposit (2) | 4,633 | 5,286 | 5,771 | ||||||||||
Total | $ | 5,212 | $ | 6,019 | $ | 7,262 | |||||||
(1) Includes interest expense on mortgagors' and investors' escrow accounts. | |||||||||||||
(2) Includes interest expense on brokered deposits. | |||||||||||||
Related Party Deposits | |||||||||||||
Reference Note 13 for a discussion of related party transactions, including deposits from related parties. |
BORROWINGS
BORROWINGS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Borrowings [Abstract] | ' | ||||||||||||
Borrowings | ' | ||||||||||||
BORROWINGS | |||||||||||||
Federal Home Loan Bank Advances | |||||||||||||
As a member of the FHLB, the Bank has access to a pre-approved secured line of credit with the FHLB of $10.0 million and the capacity to obtain additional advances up to a certain percentage of the value of its qualified collateral, as defined in the FHLB Statement of Credit Policy. FHLB advances are secured by qualified collateral, which is based on a percentage of its outstanding residential first mortgage loans. In accordance with an agreement with the FHLB, the qualified collateral must be free and clear of liens, pledges and encumbrances. At December 31, 2013 and 2012, there were no advances outstanding under the line of credit. Other outstanding advances from the FHLB aggregated $176.3 million and $97.7 million at December 31, 2013 and 2012, respectively, at interest rates ranging from 0.20% to 3.99% and 0.80% to 4.97%, respectively. | |||||||||||||
Junior Subordinated Debt Owed to Unconsolidated Trust | |||||||||||||
SI Capital Trust II (the “Trust”), a wholly-owned subsidiary of the Company, was formed on August 31, 2006. The Trust had no independent assets or operations, and was formed to issue $8.0 million of trust securities and invest the proceeds thereof in an equivalent amount of junior subordinated debentures issued by the Company. The trust preferred securities mature in 2036 and bear interest at three-month LIBOR plus 1.70%. The Company may redeem the trust preferred securities, in whole or in part. | |||||||||||||
The Company entered into an interest rate swap agreement on July 1, 2010 to effectively convert the floating rate interest on its junior subordinated debentures to a fixed interest rate. See Note 17 for a discussion of derivative instruments and hedging activities. | |||||||||||||
The subordinated debt securities are unsecured obligations of the Company and are subordinate and junior in right of payment to all present and future senior indebtedness of the Company. The Company has entered into a guarantee, which together with its obligations under the subordinated debt securities and the declaration of trust governing the Trust, including its obligations to pay costs, expenses, debts and liabilities, other than trust securities, provides a full and unconditional guarantee of amounts on the capital securities. If the Company defers interest payments on the junior subordinated debt securities, or otherwise is in default of the obligations, the Company would be prohibited from making dividend payments to its shareholders. | |||||||||||||
The contractual maturities of borrowings, by year, at December 31, 2013 are as follows: | |||||||||||||
FHLB | Subordinated | Total | |||||||||||
Advances | Debt | ||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | $ | 38,736 | $ | — | $ | 38,736 | |||||||
2015 | 53,940 | — | 53,940 | ||||||||||
2016 | 42,306 | — | 42,306 | ||||||||||
2017 (1) | 29,290 | — | 29,290 | ||||||||||
2018 | 10,000 | — | 10,000 | ||||||||||
Thereafter | 2,000 | 8,248 | 10,248 | ||||||||||
Total | $ | 176,272 | $ | 8,248 | $ | 184,520 | |||||||
Weighted average rate | 1.57 | % | 4.14 | % | 1.69 | % | |||||||
(1) Includes FHLB advance of $21.5 million that is callable during 2014. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Disclosure | ' | |||||||||||
INCOME TAXES | ||||||||||||
The components of the income tax provision (benefit) for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Current income tax provision: | ||||||||||||
Federal | $ | 971 | $ | 1,338 | $ | 108 | ||||||
State | 4 | 3 | 4 | |||||||||
Total current income tax provision | 975 | 1,341 | 112 | |||||||||
Deferred income tax (benefit) provision: | ||||||||||||
Federal | (1,073 | ) | (1,100 | ) | 891 | |||||||
Total deferred income tax (benefit) provision | (1,073 | ) | (1,100 | ) | 891 | |||||||
Total income tax (benefit) provision | $ | (98 | ) | $ | 241 | $ | 1,003 | |||||
A reconciliation of the anticipated income tax provision (benefit), based on the statutory tax rate of 34.0%, to the income tax provision (benefit) as reported in the consolidated statements of operations is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in Thousands) | ||||||||||||
Income tax (benefit) provision at statutory tax rate | $ | (324 | ) | $ | 462 | $ | 1,162 | |||||
Increase (decrease) resulting from: | ||||||||||||
Dividends received deduction | (7 | ) | (2 | ) | (13 | ) | ||||||
Bank-owned life insurance | (136 | ) | (215 | ) | (139 | ) | ||||||
Tax-exempt income | (56 | ) | (26 | ) | (39 | ) | ||||||
Compensation and employee benefit plans | 162 | 81 | 35 | |||||||||
Nondeductible expenses | 317 | 5 | 8 | |||||||||
Tax credits/adjustments | (56 | ) | (63 | ) | — | |||||||
State taxes, net of federal tax benefit | 2 | 2 | 2 | |||||||||
Other | — | (3 | ) | (13 | ) | |||||||
Total income tax (benefit) provision | $ | (98 | ) | $ | 241 | $ | 1,003 | |||||
Effective tax rate | 10.3 | % | 17.8 | % | 29.3 | % | ||||||
The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In Thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 3,919 | $ | 2,303 | ||||||||
Unrealized losses on available for sale securities | 931 | 659 | ||||||||||
Depreciation of premises and equipment | 2,331 | 765 | ||||||||||
Other-than-temporary impairment | 455 | 452 | ||||||||||
Impairment - long lived asset | — | 133 | ||||||||||
Deferred compensation | 5,686 | 2,313 | ||||||||||
Employee benefit plans | 904 | 380 | ||||||||||
Capital loss carry-forward | 303 | 65 | ||||||||||
Alternative minimum tax credit carry-forward | 168 | — | ||||||||||
Net operating loss carry-forward | 81 | — | ||||||||||
Interest receivable on nonaccrual loans | 139 | 159 | ||||||||||
Deferred other real estate owned expenses | 21 | 38 | ||||||||||
Net unrealized loss on derivative instruments | 160 | 284 | ||||||||||
Other | 361 | 304 | ||||||||||
Total deferred tax assets | 15,459 | 7,855 | ||||||||||
Less valuation allowance | (349 | ) | (49 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | 15,110 | 7,806 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized gains on available for sale securities | 600 | 1,546 | ||||||||||
Goodwill and other intangibles | 3,377 | 330 | ||||||||||
Deferred loan costs | 407 | 844 | ||||||||||
Mortgage servicing asset | 460 | 447 | ||||||||||
Merger expenses and purchase adjustments | 561 | — | ||||||||||
Total deferred tax liabilities | 5,405 | 3,167 | ||||||||||
Deferred tax asset, net | $ | 9,705 | $ | 4,639 | ||||||||
Due to the uncertainties of realization, the Company maintains a valuation allowance of $349,000 related to capital loss carry-forwards and other-than-temporary impairment losses on certain securities at December 31, 2013. The increase in the valuation allowance from December 31, 2012 to December 31, 2013 is attributed to capital losses acquired in the Newport merger that were considered not realizable and continue to be not realizable at December 31, 2013. At December 31, 2012, the Company maintained a charitable contribution carry-forward, primarily related to a cash contribution paid to SI Financial Group Foundation, Inc. in 2011. The utilization of charitable contributions for any tax year is limited to 10% of taxable income without regard to charitable contributions, net operating losses and dividend received deductions. An organization is permitted to carry over contributions that exceed the annual 10% limitation as a deduction to the five succeeding tax years provided the organization has sufficient earnings. | ||||||||||||
Retained earnings at December 31, 2013 and 2012 includes a contingency reserve for loan losses of $3.7 million, which represents the tax reserve balance existing at December 31, 1987, and is maintained in accordance with provisions of the Internal Revenue Code applicable to savings banks. Amounts transferred to the reserve have been claimed as deductions from taxable income, and, if the reserve is used for purposes other than to absorb losses on loans, a federal income tax liability could be incurred. It is not anticipated that the Company will incur a federal income tax liability relating to this reserve balance, and accordingly, deferred income taxes of approximately $1.3 million at December 31, 2013 and 2012 have not been recognized. | ||||||||||||
Financial service companies doing business in Connecticut are permitted to establish a “passive investment company” (“PIC”) to hold and manage loans secured by real property. PICs are exempt from Connecticut corporation business tax, and dividends received by the financial services companies from PICs are not taxable. In January 1999, the Bank established a PIC, as a wholly-owned subsidiary, and in June 2000, transferred a portion of its residential and commercial mortgage loan portfolios from the Bank to the PIC. A substantial portion of the Company’s interest income is now derived from the PIC, an entity whose net income is exempt from State of Connecticut taxes, and accordingly, state income taxes are minimal. The Bank’s ability to continue to realize the tax benefits of the PIC is subject to the PIC continuing to comply with all statutory requirements related to the operations of the PIC. | ||||||||||||
With limited exception, the Company is no longer subject to United States federal, state and local income tax examinations by the tax authorities for the years prior to 2010. |
BENEFIT_PLANS
BENEFIT PLANS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Compensation and Employee Benefit Plans [Text Block] | ' | ||||||||
BENEFIT PLANS | |||||||||
Defined Benefit Plan | |||||||||
As a result of the Newport acquisition, the Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (the "Pentegra DB Plan"), a tax-qualified defined benefit pension plan. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multi-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. In connection with the Newport acquisition, the plan was frozen effective September 6, 2013. | |||||||||
The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. | |||||||||
The funded status (market value of plan assets divided by funding target) of the Pentegra DB Plan, as of July 1, 2013 was 95.56% per the valuation reports. Market value of plan assets reflects any contributions received through June 30, 2013. | |||||||||
The Bank's contributions to the Pentegra DB Plan are not more than 5% of the total contributions to the Pentegra DB Plan. During the year ended December 31, 2013, total contributions of $163,000 were paid by either the Bank or Newport. The Bank did not recognize pension expense under the plan for the year ended December 31, 2013. | |||||||||
Defined Contribution Plan | |||||||||
The Bank’s Profit Sharing and 401(k) Savings Plan (the “Plan”) is a tax-qualified defined contribution plan for the benefit of its eligible employees. The Bank’s profit sharing contribution to the Plan is a discretionary amount authorized by the Board of Directors, based on the financial results of the Bank. An employee’s share of the profit sharing contribution represents the ratio of the employee’s salary to the total salary expense of the Bank. Participants vest in the Bank’s discretionary profit sharing contributions based on years of service, with 100% | |||||||||
vesting attained upon five years of service. There were no profit sharing contributions for the years ended December 31, 2013, 2012 and 2011. | |||||||||
The Plan also includes a 401(k) feature. Eligible participants may make salary deferral contributions of up to 100% of earnings subject to Internal Revenue Services limitations. The Bank makes matching contributions equal to 50% of the participants’ contributions up to 6% of the participants’ earnings. Participants are immediately vested in their salary deferral contributions, employer matching contributions and earnings thereon. Bank contributions were $250,000, $248,000 and $260,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Group Term Replacement Plan | |||||||||
The Bank maintains the Group Term Replacement Plan to provide a death benefit to executives designated by the Compensation Committee of the Board of Directors. The death benefits are funded through certain insurance policies that are owned by the Bank on the lives of the participating executives. The Bank pays the life insurance premiums, which fund the death benefits from its general assets, and is the beneficiary of any death benefits exceeding any executive’s maximum dollar amount specified in his or her split-dollar endorsement policy. The maximum dollar amount of each executive’s split-dollar death benefit equals three times the executive’s annual compensation less amount of pre-retirement life insurance benefit and three times final annual compensation post-retirement not to exceed a specified dollar amount. For purposes of the plan, annual compensation includes an executive’s base compensation, commissions and cash bonuses earned under the Bank’s bonus plan. Participation in the plan ceases if an executive is terminated for cause or the executive terminates employment for reasons other than death, disability or retirement. If the Bank wishes to maintain the insurance after a participant’s termination in the plan, the Bank will be the direct beneficiary of the entire death proceeds of the insurance policies. Total expense recognized under this plan was $106,000, $47,000 and $40,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Executive Supplemental Retirement Agreements – Defined Benefit | |||||||||
The Bank maintains unfunded supplemental defined benefit retirement agreements with its directors and certain members of senior management, as well as certain former officers and directors of Newport. These agreements provide for supplemental retirement benefits to certain executives based upon average annual compensation and years of service. Entitlement of benefits commence upon the earlier of the executive’s termination of employment (other than for cause), at or after attaining age 65 or, depending on the executive, on the date when the executive’s years of service and age total 80 or 78. Total expense incurred under these agreements for the years ended December 31, 2013, 2012 and 2011 was $737,000, $725,000 and $882,000, respectively. | |||||||||
Performance-Based Incentive Plan | |||||||||
The Bank has an incentive plan whereby all employees are eligible to receive a bonus tied to both the Company and individual performance. Non-discretionary contributions to the plan require the approval of the Board of Directors’ Compensation Committee. Total expense recognized was $112,000, $339,000 and $366,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Supplemental Executive Retirement Plan | |||||||||
The Bank maintains the Supplemental Executive Retirement Plan to provide restorative payments to executives, designated by the Board of Directors, who are prevented from receiving the full benefits of the Bank’s Profit Sharing and 401(k) Savings Plan and Employee Stock Ownership Plan. The supplemental executive retirement plan also provides supplemental benefits to participants upon a change in control prior to the complete scheduled repayment of the ESOP loan. For the years ended December 31, 2013, 2012 and 2011, the President and Chief Executive Officer and the Chief Financial Officer were designated by the Board of Directors to participate in the plan. Total expense incurred under this plan was $13,000, $19,000 and $11,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Employee Stock Ownership Plan | |||||||||
In September 2004, the Bank established an ESOP for the benefit of its eligible employees. The Company provided a loan to the Savings Institute Bank and Trust Company Employee Stock Ownership Plan of $4.9 million which was used to purchase 492,499 shares of the Company’s outstanding stock. The loan bears interest equal to 4.75% and provides for annual payments of interest and principal over the 15-year term of the loan. | |||||||||
In January 2011, the Company completed its public stock offering. At that time, the Company provided an additional loan to the Savings Institute Bank and Trust Employee Stock Ownership Plan of $3.1 million, which was used to purchase 392,670 shares of the Company's common stock. The new loan bears interest equal to 3.25% and provides for annual payments of interest and principal over the 20-year term of the loan. | |||||||||
At December 31, 2013, the remaining principal balance on the ESOP debt is payable as follows (in thousands): | |||||||||
2014 | $ | 475 | |||||||
2015 | 495 | ||||||||
2016 | 516 | ||||||||
2017 | 539 | ||||||||
2018 | 563 | ||||||||
Thereafter | 2,557 | ||||||||
Total | $ | 5,145 | |||||||
The Bank has committed to make contributions to the ESOP sufficient to support the debt service of the loans. The loans are secured by the shares purchased, which are held in a suspense account for allocation among participants as the loans are repaid. Shares held by the ESOP include the following at December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars In Thousands) | |||||||||
Allocated | 214,146 | 184,674 | |||||||
Committed to be allocated | 48,637 | 48,637 | |||||||
Unallocated | 507,801 | 556,438 | |||||||
Total shares | 770,584 | 789,749 | |||||||
Fair value of unallocated shares | $ | 6,119 | $ | 6,399 | |||||
Total compensation expense recognized in connection with the ESOP was $559,000, $543,000 and $467,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Equity Incentive Plans | |||||||||
The Company's equity incentive plans consist of stock options and shares of restricted stock that may be granted to its employees, officers, directors and directors emeritus. Both incentive stock options and non-statutory stock options may be granted under these plans. The 2005 Equity Incentive Plan allows the Company to grant up to 552,891 stock options and 221,154 shares of restricted stock. The 2012 Equity Incentive Plan allows the Company to grant up to 504,794 stock options and 201,918 shares of restricted stock. All options have a contractual life of ten years and vest equally over a period of five years beginning on the first anniversary of the date of grant. Under the 2012 Equity Incentive Plan, both performance and time-based restricted stock awards may be granted under the plan. At December 31, 2013, a total of 191,456 stock options and 31,191 shares of restricted stock were available for future grants under the plans. | |||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recognized share-based compensation expense related to the stock option and restricted stock awards of $757,000, $189,000 and $100,000, respectively. | |||||||||
The Company granted stock options totaling 412,500 and 67,500 during the years ended December 31, 2012 and 2011, respectively. No stock options were granted during the year ended December 31, 2013. The fair value of each option was determined at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions: | |||||||||
2012 | 2011 | ||||||||
Expected term (years) | 10 | 10 | |||||||
Expected dividend yield | 1.45 | % | 1.7 | % | |||||
Expected volatility | 24.06 | % | 39.27 | % | |||||
Risk-free interest rate | 1.86 | % | 3.36 | % | |||||
Fair value of options granted | $ | 2.96 | $ | 4.04 | |||||
The expected term was based on the estimated life of the stock options. The dividend yield assumption was based on the Company’s historical and expected dividend pay-outs. The expected volatility represents the Company’s historical volatility. The risk-free interest rate was based on the implied yields of U.S. Treasury zero-coupon issues for periods within the contractual life of the awards in effect at the time of the stock option grants. | |||||||||
The following is a summary of activity for the Company’s stock options for the year ended December 31, 2013: | |||||||||
Shares | Weighted | Weighted | |||||||
Average | Average | ||||||||
Exercise | Remaining | ||||||||
Price | Contractual | ||||||||
Term | |||||||||
(in years) | |||||||||
Options outstanding at beginning of year | 905,599 | $ | 10.73 | ||||||
Options exercised | (11,388 | ) | 8.22 | ||||||
Options forfeited | (41,166 | ) | 10.55 | ||||||
Options outstanding at end of year | 853,045 | 10.78 | 5.37 | ||||||
Options exercisable at end of year | 499,096 | 10.95 | 3.18 | ||||||
There were 11,388 and 1,796 options exercised during the year ended December 31, 2013 and 2012, respectively. The intrinsic value of stock options outstanding and exercisable at December 31, 2013 was $1.1 million and $604,000, respectively. At December 31, 2013, there was $955,000 of total unrecognized compensation costs related to outstanding stock options, which is expected to be recognized over a weighted average period of 2.1 years. | |||||||||
The following table presents the summary of activity for the Company’s unvested restricted shares for the year ended December 31, 2013. | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Grant | |||||||||
Date Fair | |||||||||
Value | |||||||||
Unvested restricted shares at beginning of year | 173,102 | $ | 10.87 | ||||||
Restricted shares granted | 8,000 | 11.77 | |||||||
Restricted shares vested | (25,334 | ) | 10.58 | ||||||
Restricted shares forfeited | (5,273 | ) | 9.91 | ||||||
Unvested restricted shares at end of year | 150,495 | 11.01 | |||||||
The aggregate fair value of restricted stock awards that vested during the years ended December 31, 2013, 2012 and 2011 was $296,000, $23,000 and $15,000, respectively. At December 31, 2013, there was $1.4 million of total unrecognized compensation costs related to unvested restricted stock awards granted under the incentive plans, which are expected to be recognized over a weighted average period of 1.8 years. | |||||||||
Bank-Owned Life Insurance | |||||||||
The Company has an investment in, and is the beneficiary of, life insurance policies on the lives of certain officers and former officers and directors of Newport. The purpose of these life insurance investments is to provide income through the appreciation in cash surrender value of the policies, which is used to offset the costs of various benefit and retirement plans. The Company’s investment in bank-owned life insurance does not exceed the regulatory limitation of 25 percent of Tier 1 capital plus the allowance for loan and lease losses. The aggregate cash surrender value of all policies owned by the Company amounted to $20.7 million and $9.1 million at December 31, 2013 and 2012, respectively. Income earned on these life insurance policies aggregated $400,000, $284,000 and $289,000 for the years ended December 31, 2013, 2012 and 2011, respectively. The Company recognized gains of $349,000 and $122,000 on death benefit proceeds received from a bank-owned life insurance policy during the years ended December 31, 2012 and 2011, respectively. There were no gains recognized on death benefit proceeds received during the year ended December 31, 2013. |
OTHER_COMMITMENTS_AND_CONTINGE
OTHER COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies Disclosure | ' | |||||||
OTHER COMMITMENTS AND CONTINGENCIES | ||||||||
In the normal course of business, there are outstanding commitments and contingencies that are not reflected in the accompanying consolidated financial statements. 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 standby letters of credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized on the balance sheets. The contractual amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. | ||||||||
Loan Commitments and Letters of Credit | ||||||||
The contractual amounts of commitments to extend credit represent the amount of potential loss should the contract be fully drawn upon, the customer defaults and the value of any existing collateral be determined as worthless. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | ||||||||
Financial instruments whose contract amounts represent credit risk at December 31, 2013 and 2012 were as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Commitments to extend credit: | ||||||||
Commitments to originate loans | $ | 8,742 | $ | 11,123 | ||||
Undisbursed construction loans | 9,193 | 3,406 | ||||||
Undisbursed home equity lines of credit | 41,031 | 23,019 | ||||||
Undisbursed commercial lines of credit | 59,930 | 23,842 | ||||||
Overdraft protection lines | 1,221 | 1,190 | ||||||
Standby letters of credit | 81 | 611 | ||||||
Total commitments | $ | 120,198 | $ | 63,191 | ||||
Commitments to originate loans at December 31, 2013 and 2012 included fixed rate loan commitments of $6.9 million and $10.6 million, respectively, at interest rates ranging from 2.75% to 5.75% and 2.63% to 7.00%, respectively. | ||||||||
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 generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies but may include residential and commercial property, accounts receivable, inventory, property, plant and equipment, deposits and securities. | ||||||||
Undisbursed commitments under construction, home equity or commercial lines of credit are commitments for future extensions of credit to existing customers. Total undisbursed amounts on lines of credit may expire without being fully drawn upon and therefore, do not necessarily represent future cash requirements. | ||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Letters of credit are primarily issued to support public or private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. | ||||||||
Operating Lease Commitments | ||||||||
The Company leases certain of its branch offices and equipment under operating lease agreements that expire at various dates through 2039. At December 31, 2013, future minimum rental commitments pursuant to the terms of noncancelable lease agreements, by year and in the aggregate, are as follows (in thousands): | ||||||||
2014 | $ | 1,617 | ||||||
2015 | 1,452 | |||||||
2016 | 1,291 | |||||||
2017 | 1,130 | |||||||
2018 | 1,013 | |||||||
Thereafter | 8,424 | |||||||
Total | $ | 14,927 | ||||||
Certain leases contain options to extend for periods of 5 to 30 years. The cost of such extensions is not included in the above amounts. Rental expense charged to operations for cancelable and noncancelable operating leases was $1.3 million, $1.3 million and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Rental Income Under Subleases | ||||||||
The Company is subleasing excess office space under a noncancelable operating lease that expires on June 24, 2024. At December 31, 2013, future minimum lease payments receivable for the noncancelable lease agreement is as follows: | ||||||||
2014 | $ | 19 | ||||||
2015 | 19 | |||||||
2016 | 19 | |||||||
2017 | 19 | |||||||
2018 | 19 | |||||||
Thereafter | 106 | |||||||
Total | $ | 201 | ||||||
Rental income under the noncancelable lease agreement was $19,200, $18,500 and $17,400 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Legal Matters | ||||||||
Various legal claims arise from time to time in the normal course of business. Management believes that the resolution of these matters will not have a material effect on the Company’s financial condition or results of operations. | ||||||||
Investment Commitments | ||||||||
The Bank is a limited partner in three SBICs and committed to contribute capital of $3.0 million to the limited partnerships. The Bank recognized write-downs totaling $72,000 and $12,000 on its investment in the SBICs during the years ended December 31, 2012 and 2011, respectively. There were no write-downs on the Bank's investment in SBICs during the year ended December 31, 2013. The SBICs, with a combined net book value of $1.3 million at December 31, 2013 and 2012, net of impairment charges and distributions are included in other assets. At December 31, 2013, the Bank’s remaining off-balance sheet commitment for capital investment in the SBICs was $766,000. |
RELATED_PARTY_TRANSACTIONS_REL
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions Disclosure | ' | |||||||
RELATED PARTY TRANSACTIONS | ||||||||
Loans Receivable | ||||||||
In the normal course of business, the Bank grants loans to related parties. Related parties include directors and certain officers of the Company and its subsidiaries and their immediate family members and respective affiliates in which they have a controlling interest. These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with customers, and did not involve more than the normal risk of collectibility. At December 31, 2013 and 2012, all related party loans were performing in accordance with their terms. | ||||||||
Changes in loans outstanding to such related parties during the years ended December 31, 2013 and 2012 are as follows: | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Balance at beginning of year | $ | 1,948 | $ | 2,063 | ||||
Additions | 426 | 362 | ||||||
Repayments | (345 | ) | (477 | ) | ||||
Balance at end of year | $ | 2,029 | $ | 1,948 | ||||
Deposits | ||||||||
Deposit accounts of directors, certain officers and other related parties aggregated $2.0 million and $1.3 million at December 31, 2013 and 2012, respectively. |
REGULATORY_CAPITAL
REGULATORY CAPITAL | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||
Regulatory Capital | ' | ||||||||||||||||||||
REGULATORY CAPITAL | |||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items, as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital (as defined) to total assets (as defined). As of December 31, 2013 and 2012, the Bank met the conditions to be classified as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since then that management believes have changed the Bank’s regulatory category. As a savings and loan holding company regulated by the FRB, the Company is not currently subject to any separate regulatory capital requirements. The Dodd-Frank Act, however, requires the FRB to promulgate consolidated capital requirements for depository institution holding companies that are no less stringent, quantitatively in terms of components of capital, than those applicable to institutions themselves. There is a five-year transition period before the capital requirements will apply to savings and loan holding companies. | |||||||||||||||||||||
The Bank's actual capital amounts and ratios at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||
December 31, 2013 | Actual | For Capital | To Be Well | ||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Tier I Capital Ratio | $ | 117,477 | 8.94 | % | $ | 52,550 | 4 | % | $ | 65,688 | 5 | % | |||||||||
Tier I Risk-based Capital Ratio | 117,477 | 14.71 | 31,936 | 4 | 47,905 | 6 | |||||||||||||||
Total Risk-based Capital Ratio | 124,964 | 15.65 | 63,873 | 8 | 79,841 | 10 | |||||||||||||||
Tangible Equity Ratio | 117,477 | 8.94 | 19,706 | 1.5 | N/A | N/A | |||||||||||||||
December 31, 2012 | Actual | For Capital | To Be Well | ||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Tier I Capital Ratio | $ | 103,547 | 11.08 | % | $ | 37,382 | 4 | % | $ | 46,727 | 5 | % | |||||||||
Tier I Risk-based Capital Ratio | 103,547 | 20.2 | 20,504 | 4 | 30,757 | 6 | |||||||||||||||
Total Risk-based Capital Ratio | 109,751 | 21.41 | 41,009 | 8 | 51,262 | 10 | |||||||||||||||
Tangible Equity Ratio | 103,547 | 11.08 | 14,018 | 1.5 | N/A | N/A | |||||||||||||||
Reconciliations of the Company’s total capital to the Bank’s regulatory capital are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Total capital per consolidated financial statements | $ | 152,842 | $ | 125,759 | |||||||||||||||||
Holding company equity not available for regulatory capital | (14,336 | ) | (15,811 | ) | |||||||||||||||||
Accumulated losses (gains) on available for sale securities | 689 | (1,619 | ) | ||||||||||||||||||
Intangible assets | (19,566 | ) | (3,451 | ) | |||||||||||||||||
Disallowed servicing asset | — | (100 | ) | ||||||||||||||||||
Disallowed deferred tax asset | (2,152 | ) | (1,231 | ) | |||||||||||||||||
Total tier 1 capital | 117,477 | 103,547 | |||||||||||||||||||
Adjustments for total capital: | |||||||||||||||||||||
Allowance for loan and credit losses | 7,487 | 6,204 | |||||||||||||||||||
Total capital per regulatory reporting | $ | 124,964 | $ | 109,751 | |||||||||||||||||
OTHER_COMPREHENSIVE_INCOME_LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities are reported as a separate component of shareholders' equity on the balance sheet, such items along with net income (loss) are components of comprehensive income (loss). | ||||||||||||
Components of other comprehensive income (loss) and related tax effects are as follows: | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Securities: | ||||||||||||
Unrealized holding losses on available for sale securities | $ | (5,012 | ) | $ | 1,704 | $ | (3,308 | ) | ||||
Reclassification adjustment for losses realized in net loss | 1,155 | (393 | ) | 762 | ||||||||
Credit portion of OTTI losses recognized in net loss | 8 | (3 | ) | 5 | ||||||||
Noncredit portion of OTTI gains on available for sale securities | 266 | (90 | ) | 176 | ||||||||
Unrealized holding losses on available for sale securities, net of taxes | (3,583 | ) | 1,218 | (2,365 | ) | |||||||
Derivative instrument: | ||||||||||||
Change in fair value of effective cash flow hedging derivative | 158 | (54 | ) | 104 | ||||||||
Other comprehensive loss | $ | (3,425 | ) | $ | 1,164 | $ | (2,261 | ) | ||||
Year Ended December 31, 2012 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Securities: | ||||||||||||
Unrealized holding gains on available for sale securities | $ | 1,905 | $ | (647 | ) | $ | 1,258 | |||||
Reclassification adjustment for gains realized in net income | (273 | ) | 93 | (180 | ) | |||||||
Credit portion of OTTI losses recognized in net income | 123 | (42 | ) | 81 | ||||||||
Noncredit portion of OTTI gains on available for sale securities | 1,416 | (482 | ) | 934 | ||||||||
Unrealized holding gains on available for sale securities, net of taxes | 3,171 | (1,078 | ) | 2,093 | ||||||||
Derivative instrument: | ||||||||||||
Change in fair value of effective cash flow hedging derivative | (8 | ) | 3 | (5 | ) | |||||||
Other comprehensive income | $ | 3,163 | $ | (1,075 | ) | $ | 2,088 | |||||
Year Ended December 31, 2011 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Securities: | ||||||||||||
Unrealized holding gains on available for sale securities | $ | 3,058 | $ | (1,040 | ) | $ | 2,018 | |||||
Reclassification adjustment for gains realized in net income | (486 | ) | 165 | (321 | ) | |||||||
Credit portion of OTTI losses recognized in net income | 148 | (50 | ) | 98 | ||||||||
Noncredit portion of OTTI losses on available for sale securities | (1,730 | ) | 588 | (1,142 | ) | |||||||
Unrealized holding gains on available for sale securities, net of taxes | 990 | (337 | ) | 653 | ||||||||
Derivative instrument: | ||||||||||||
Change in fair value of effective cash flow hedging derivative | (333 | ) | 113 | (220 | ) | |||||||
Other comprehensive loss | $ | 657 | $ | (224 | ) | $ | 433 | |||||
The components of accumulated other comprehensive (loss) income included in shareholders’ equity are as follows: | ||||||||||||
December 31, 2013 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Net unrealized losses on available for sale securities | $ | (973 | ) | $ | 331 | $ | (642 | ) | ||||
Net unrealized loss on effective cash flow hedging derivative | (312 | ) | 106 | (206 | ) | |||||||
Accumulated other comprehensive loss | $ | (1,285 | ) | $ | 437 | $ | (848 | ) | ||||
December 31, 2012 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Net unrealized gains on available for sale securities | $ | 2,876 | $ | (977 | ) | $ | 1,899 | |||||
Noncredit portion of OTTI losses on available for sale securities | (266 | ) | 90 | (176 | ) | |||||||
Net unrealized loss on effective cash flow hedging derivative | (470 | ) | 160 | (310 | ) | |||||||
Accumulated other comprehensive income | $ | 2,140 | $ | (727 | ) | $ | 1,413 | |||||
FAIR_VALUE_OF_ASSETS_AND_LIABI
FAIR VALUE OF ASSETS AND LIABILITIES | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | ||||||||||||||||||||||||
Determination of Fair Value | ||||||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | ||||||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair value disclosures of its financial instruments: | ||||||||||||||||||||||||
◦ | Cash and cash equivalents. The carrying amounts of cash and short-term instruments approximate the fair values based on the short-term nature of the assets. | |||||||||||||||||||||||
◦ | Securities available for sale. Included in the available for sale category are both debt and equity securities. The securities measured at fair value in Level 1 are based on quoted market prices in an active exchange market. Securities measured at fair value in Level 2 are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. The Company utilizes a nationally-recognized third-party pricing service to estimate fair value measurements for the majority of its portfolio. The pricing service evaluates each asset class based on relevant market information considering observable data, but these prices do not represent binding quotes. The fair value prices on all investments are reviewed for reasonableness by management. Securities measured at fair value in Level 3 include collateralized debt obligations that are backed by trust preferred securities issued by banks, thrifts and insurance companies. Management determined that an orderly and active market for these securities and similar securities did not exist based on a significant reduction in trading volume and widening spreads relative to historical levels. The Company estimates future cash flows discounted using a rate management believes is representative of current market conditions. Factors in determining the discount rate include the current level of deferrals and/or defaults, changes in credit rating and the financial condition of the debtors within the underlying securities, broker quotes for securities with similar structure and credit risk, interest rate movements and pricing for new issuances. | |||||||||||||||||||||||
◦ | Federal Home Loan Bank stock. The carrying value of FHLB stock approximates fair value based on the redemption provisions of the FHLB. | |||||||||||||||||||||||
◦ | Loans held for sale. The fair value of loans held for sale is estimated using quoted market prices. | |||||||||||||||||||||||
◦ | Loans receivable. For variable rate loans that reprice frequently and have no significant change in credit risk, fair values are based on carrying values. The fair value of fixed-rate loans are estimated by discounting the future cash flows using the rates at the end of the period in which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. | |||||||||||||||||||||||
◦ | Accrued interest receivable. The carrying amount of accrued interest approximates fair value. | |||||||||||||||||||||||
◦ | Deposits. The fair value of demand deposits, negotiable orders of withdrawal, regular savings, certain money market deposits and mortgagors’ and investors’ escrow accounts is the amount payable on demand at the reporting date. The fair value of certificates of deposit and other time deposits is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities to a schedule of aggregated expected maturities on such deposits. | |||||||||||||||||||||||
◦ | Federal Home Loan Bank advances. The fair value of the advances is estimated using a discounted cash flow calculation that applies current FHLB interest rates for advances of similar maturity to a schedule of maturities of such advances. | |||||||||||||||||||||||
◦ | Junior subordinated debt owed to unconsolidated trust. Rates currently available for debt with similar terms and remaining maturities are used to estimate fair value of existing debt. | |||||||||||||||||||||||
◦ | Interest rate swap agreements. The fair value of the Company’s interest rate swaps are obtained from a third-party pricing service and are determined using a discounted cash flow analysis on the expected cash flows of the derivative. The pricing analysis is based on observable inputs for the contractual term of the derivative, including the period to maturity and interest rate curves. | |||||||||||||||||||||||
◦ | Forward loan sale commitments and derivative loan commitments. Forward loan sale commitments and derivative loan commitments are based on the fair values of the underlying mortgage loans, including the servicing rights for derivative loan commitments, and the probability of such commitments being exercised. Significant management judgment and estimation is required in determining these fair value measurements. | |||||||||||||||||||||||
◦ | Off-balance sheet instruments. Fair values for off-balance sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standings. | |||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
The following table presents assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012. The Company had no significant transfers into or out of Levels 1, 2 or 3 during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 8,975 | $ | 45,570 | $ | — | $ | 54,545 | ||||||||||||||||
Government-sponsored enterprises | — | 26,292 | — | 26,292 | ||||||||||||||||||||
Mortgage-backed securities | — | 76,671 | — | 76,671 | ||||||||||||||||||||
Corporate debt securities | — | 3,798 | — | 3,798 | ||||||||||||||||||||
Collateralized debt obligations | — | — | 1,191 | 1,191 | ||||||||||||||||||||
Obligations of state and political subdivisions | — | 4,123 | — | 4,123 | ||||||||||||||||||||
Tax-exempt securities | — | 3,575 | — | 3,575 | ||||||||||||||||||||
Foreign government securities | — | 25 | — | 25 | ||||||||||||||||||||
Forward loan sale commitments and derivative loan commitments | — | — | 22 | 22 | ||||||||||||||||||||
Total assets | $ | 8,975 | $ | 160,054 | $ | 1,213 | $ | 170,242 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate swap agreements | $ | — | $ | 486 | $ | — | $ | 486 | ||||||||||||||||
Total liabilities | $ | — | $ | 486 | $ | — | $ | 486 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 1,035 | $ | 55,224 | $ | — | $ | 56,259 | ||||||||||||||||
Government-sponsored enterprises | — | 23,967 | — | 23,967 | ||||||||||||||||||||
Mortgage-backed securities | — | 78,733 | — | 78,733 | ||||||||||||||||||||
Corporate debt securities | — | 7,694 | — | 7,694 | ||||||||||||||||||||
Collateralized debt obligations | — | — | 4,396 | 4,396 | ||||||||||||||||||||
Obligations of state and political subdivisions | — | 5,414 | — | 5,414 | ||||||||||||||||||||
Foreign government securities | — | 50 | — | 50 | ||||||||||||||||||||
Forward loan sale commitments and derivative loan commitments | — | — | 17 | 17 | ||||||||||||||||||||
Total assets | $ | 1,035 | $ | 171,082 | $ | 4,413 | $ | 176,530 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Forward loan sale commitments and derivative loan commitments | $ | — | $ | — | $ | 4 | $ | 4 | ||||||||||||||||
Interest rate swap agreement | — | 849 | — | 849 | ||||||||||||||||||||
Total liabilities | $ | — | $ | 849 | $ | 4 | $ | 853 | ||||||||||||||||
The following table shows a reconciliation of the beginning and ending balances for Level 3 assets (liabilities): | ||||||||||||||||||||||||
Collateralized | Derivatives and | |||||||||||||||||||||||
Debt | Forward Loan Sale | |||||||||||||||||||||||
Obligations | Commitments, Net | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 2,917 | $ | (8 | ) | |||||||||||||||||||
Total unrealized gains included in other comprehensive income | 1,479 | 21 | ||||||||||||||||||||||
Balance at December 31, 2012 | 4,396 | 13 | ||||||||||||||||||||||
Total unrealized (losses) gains included in other comprehensive loss | (17 | ) | 9 | |||||||||||||||||||||
Sales | (3,188 | ) | — | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,191 | $ | 22 | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
The Company may also be required, from time to time, to measure certain other financial assets on a nonrecurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets as of December 31, 2013 and 2012. There were no liabilities measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 1,384 | $ | — | $ | — | $ | 1,616 | ||||||||||||
Other real estate owned | — | — | 2,429 | — | — | 1,293 | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | 3,813 | $ | — | $ | — | $ | 2,909 | ||||||||||||
The following table summarizes losses resulting from fair value adjustments for assets measured at fair value on a nonrecurring basis. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Impaired loans | $ | 404 | $ | 367 | $ | 998 | ||||||||||||||||||
Other real estate owned | 39 | 28 | 175 | |||||||||||||||||||||
Total assets | $ | 443 | $ | 395 | $ | 1,173 | ||||||||||||||||||
The Company measures the impairment of loans that are collateral dependent based on the fair value of the collateral (Level 3). The fair value of collateral used by the Company represents the amount expected to be received from the sale of the property, net of selling costs, as determined by an independent, licensed or certified appraiser using observable market data. This data includes information such as selling price of similar properties, expected future cash flows or earnings of the subject property based on current market expectations and relevant legal, physical and economic factors. The appraised values of collateral are adjusted as necessary by management based on unobservable inputs for specific properties. Losses applicable to write-downs of impaired loans are based on the appraised market value of the underlying collateral, assuming foreclosure of these loans is imminent. | ||||||||||||||||||||||||
The amount of other real estate owned represents the carrying value of the collateral based on the appraised value of the underlying collateral less estimated selling costs. The loss on foreclosed assets represents adjustments in the valuation recorded during the time period indicated and not for losses incurred on sales. | ||||||||||||||||||||||||
In accordance with applicable accounting guidance, the Company evaluates its goodwill for impairment. Based on this evaluation, no goodwill impairment was recorded during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Summary of Fair Values of Financial Instruments | ||||||||||||||||||||||||
The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are presented in the following table. Certain financial instruments and all nonfinancial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. | ||||||||||||||||||||||||
Management uses its best judgment in estimating the fair value of the Company's financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at December 31, 2013 or 2012. The estimated fair value amounts for 2013 and 2012 have been measured as of their respective year-ends, and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company's assets. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company's disclosures and those of other banks may not be meaningful. | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, the recorded carrying amounts and estimated fair values of the Company's financial instruments are as follows: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Amount | ||||||||||||||||||||||||
Financial Assets: | (In Thousands) | |||||||||||||||||||||||
Cash and cash equivalents | $ | 27,321 | $ | 27,321 | $ | — | $ | — | $ | 27,321 | ||||||||||||||
Available for sale securities | 170,220 | 8,975 | 160,054 | 1,191 | 170,220 | |||||||||||||||||||
Loans held for sale | 1,764 | — | — | 1,766 | 1,766 | |||||||||||||||||||
Loans receivable, net | 1,047,410 | — | — | 1,050,834 | 1,050,834 | |||||||||||||||||||
Federal Home Loan Bank stock | 13,109 | — | — | 13,109 | 13,109 | |||||||||||||||||||
Accrued interest receivable | 4,021 | — | — | 4,021 | 4,021 | |||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Deposits | 984,749 | — | — | 987,705 | 987,705 | |||||||||||||||||||
Mortgagors' and investors' escrow accounts | 3,214 | — | — | 3,214 | 3,214 | |||||||||||||||||||
Federal Home Loan Bank advances | 176,272 | — | 178,448 | — | 178,448 | |||||||||||||||||||
Junior subordinated debt owed to unconsolidated trust | 8,248 | — | 6,337 | — | 6,337 | |||||||||||||||||||
On-balance Sheet Derivative Financial Instruments: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Derivative loan commitments | 14 | — | — | 14 | 14 | |||||||||||||||||||
Forward loan sale commitments | 8 | — | — | 8 | 8 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate swap agreements | 486 | — | 486 | — | 486 | |||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Amount | ||||||||||||||||||||||||
Financial Assets: | (In Thousands) | |||||||||||||||||||||||
Cash and cash equivalents | $ | 37,689 | $ | 37,689 | $ | — | $ | — | $ | 37,689 | ||||||||||||||
Available for sale securities | 176,513 | 1,035 | 171,082 | 4,396 | 176,513 | |||||||||||||||||||
Loans held for sale | 5,069 | — | — | 5,232 | 5,232 | |||||||||||||||||||
Loans receivable, net | 685,163 | — | — | 703,925 | 703,925 | |||||||||||||||||||
Federal Home Loan Bank stock | 8,078 | — | — | 8,078 | 8,078 | |||||||||||||||||||
Accrued interest receivable | 3,215 | — | — | 3,215 | 3,215 | |||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Deposits | 705,148 | — | — | 709,357 | 709,357 | |||||||||||||||||||
Mortgagors' and investors' escrow accounts | 3,207 | — | — | 3,207 | 3,207 | |||||||||||||||||||
Federal Home Loan Bank advances | 97,699 | — | 102,919 | — | 102,919 | |||||||||||||||||||
Junior subordinated debt owed to unconsolidated trust | 8,248 | — | 5,268 | — | 5,268 | |||||||||||||||||||
On-balance Sheet Derivative Financial Instruments: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Derivative loan commitments | 13 | — | — | 13 | 13 | |||||||||||||||||||
Forward loan sale commitments | 4 | — | — | 4 | 4 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative loan commitments | 3 | — | — | 3 | 3 | |||||||||||||||||||
Forward loan sale commitments | 1 | — | — | 1 | 1 | |||||||||||||||||||
Interest rate swap agreement | 849 | — | 849 | — | 849 | |||||||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The Company has stand-alone derivative financial instruments in the form of interest rate swap agreements, which derive their value from underlying interest rates. These transactions involve both credit and market risk. The notional amounts are amounts on which calculations, payments and the value of the derivatives are based. Notional amounts do not represent direct credit exposures. Direct credit exposure is limited to the net difference between the calculated amounts to be received and paid, if any. Such difference, which represents the fair value of the derivative instruments, is reflected on the Company’s balance sheets as other assets and other liabilities. | |||||||||||||||||
The Company is exposed to credit-related losses in the event of nonperformance by the counterparties to these agreements. The Company controls the credit risk of its financial contracts through credit approvals, limits and monitoring procedures and does not expect any counterparties to fail their obligations. | |||||||||||||||||
Derivative instruments are generally either negotiated over-the-counter contracts or standardized contracts executed on a recognized exchange. Negotiated over-the-counter derivative contracts are generally entered into between two counterparties that negotiate specific agreement terms, including the underlying instrument, amount, exercise prices and maturity. | |||||||||||||||||
Derivative Instruments Designated As Hedging Instruments | |||||||||||||||||
The Company uses long-term variable rate debt as a source of funds for use in the Company’s lending and investment activities and other general business purposes. These debt obligations expose the Company to variability in interest payments due to changes in interest rates. If interest rates increase, interest expense increases. Conversely, if interest rates decrease, interest expense decreases. Management believes it is prudent to limit the variability of a portion of its interest payments and, therefore, generally hedges a portion of its variable-rate interest payments. To meet this objective, management entered into an interest rate swap agreement, characterized as a cash flow hedge, whereby the Company receives variable interest rate payments determined by three-month LIBOR in exchange for making payments at a fixed interest rate. | |||||||||||||||||
At December 31, 2013 and 2012, the information pertaining to the outstanding interest rate swap agreement used to hedge variable rate debt is as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Notional amount | $ | 8,000 | $ | 8,000 | |||||||||||||
Weighted average fixed pay rate | 2.44 | % | 2.44 | % | |||||||||||||
Weighted average variable receive rate | 0.24 | % | 0.31 | % | |||||||||||||
Weighted average maturity in years | 2 | 3 | |||||||||||||||
Unrealized loss relating to interest rate swap | $ | 312 | $ | 470 | |||||||||||||
At December 31, 2013 and 2012, the unrealized loss related to the above mentioned interest rate swap was recorded as a derivative liability. Changes in the fair value of an interest rate swap designated as a hedging instrument of the variability of cash flows associated with long-term debt are reported in other comprehensive income (loss). These amounts are subsequently reclassified into interest expense as a yield adjustment in the same period in which the related interest on the long-term debt affects earnings. | |||||||||||||||||
Risk management results for the years ended December 31, 2013 and 2012 related to the balance sheet hedging of long-term debt indicate that the hedge was 100% effective and that there was no component of the derivative instrument’s loss which was excluded from the assessment of hedge effectiveness. | |||||||||||||||||
The Company’s derivative contract contains a provision establishing a collateral requirement (subject to minimum collateral posting thresholds) based on the Company’s external credit rating. If the Company’s junior subordinated debt rating was to fall below the level generally recognized as investment grade, the counterparty to such derivative contract could require additional collateral on the derivative transaction in a net liability position (after considering the effect of bilateral netting arrangements and posted collateral). The Company had previously posted collateral of $600,000 in the normal course of business for a derivative instrument, with a credit-related contingent feature, that was in a net liability position at December 31, 2012. During the fourth quarter of 2013, the posted collateral was reduced to $400,000 for the derivative instrument, with a credit-related contingent feature, that was in a net liability position at December 31, 2013. | |||||||||||||||||
Derivative Instruments Not Designated As Hedging Instruments | |||||||||||||||||
Certain derivative instruments do not meet the requirements to be accounted for as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheets at fair value, with changes in fair value recorded in other noninterest income. | |||||||||||||||||
Interest Rate Swap Agreement - During the first quarter of 2012, management entered into an interest rate swap agreement that does not meet the strict hedge accounting requirements of FASB's "Derivatives and Hedging" standard to manage the Company's exposure to interest rate movements and other identified risks. Changes in fair value of this instrument are recorded as a component of noninterest income. At December 31, 2013 and 2012 information pertaining to the Company's interest rate swap agreement not designated as a hedge is as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Notional amount | $ | 15,000 | $ | 15,000 | |||||||||||||
Weighted average fixed pay rate | 1.26 | % | 1.26 | % | |||||||||||||
Weighted average variable receive rate | 0.25 | % | 0.35 | % | |||||||||||||
Weighted average maturity in years | 3 | 4 | |||||||||||||||
Unrealized loss relating to interest rate swap | $ | 174 | $ | 379 | |||||||||||||
The Company reported a gain in fair value on the interest rate swap not designated as a hedge of $205,000 in noninterest income for the year ended December 31, 2013 and a loss in fair value of $379,000 in noninterest income for the year ended December 31, 2012. | |||||||||||||||||
Derivative Loan Commitments - Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A mortgage loan commitment binds the Company to lend funds to a potential borrower at a specified interest rate and within a specified period of time, generally up to 60 days after inception of the rate lock. | |||||||||||||||||
Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decrease. Conversely, if interest rates decrease, the value of these loan commitments increase. The notional amount of undesignated mortgage loan commitments was $3.1 million and $7.8 million at December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, the fair values of such commitments were a net asset of $14,000 and $10,000, respectively. | |||||||||||||||||
Forward Loan Sale Commitments - To protect against the price risk inherent in derivative loan commitments, the Company utilizes “mandatory delivery” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. | |||||||||||||||||
With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. | |||||||||||||||||
The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. The notional amount of undesignated forward loan sale commitments was $3.6 million and $5.9 million at December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, the fair value of such commitments were a net asset of $8,000 and $3,000, respectively. | |||||||||||||||||
Interest Rate Risk Management - Derivative Instruments | |||||||||||||||||
The following table presents the fair values of derivative instruments as well as their classification on the consolidated balance sheets at December 31, 2013 and 2012. | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Balance Sheet Location | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | |||||||||||||
(In Thousands) | |||||||||||||||||
Derivative designated as hedging instrument: | |||||||||||||||||
Interest rate swap | Other Liabilities | $ | 8,000 | $ | (312 | ) | $ | 8,000 | (470 | ) | |||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap | Other Liabilities | 15,000 | (174 | ) | 15,000 | (379 | ) | ||||||||||
Derivative loan commitments | Other Assets | 3,129 | 14 | 7,844 | 10 | ||||||||||||
Forward loan sale commitments | Other Assets | 3,581 | 8 | 5,919 | 3 | ||||||||||||
RESTRICTIONS_ON_DIVIDENDS_LOAN
RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES | 12 Months Ended |
Dec. 31, 2013 | |
Restrictions on Dividends, Loans and Advances [Abstract] | ' |
Restrictions on Dividends, Loans and Advances | ' |
RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES | |
Federal regulations place certain restrictions on dividends paid and loans or advances made by the Bank to the Company. The total amount of dividends which may be declared in a given calendar year without regulatory approval is generally limited to the net income of the Bank for that year plus retained net income for the preceding two years. | |
At December 31, 2013 and 2012, the Bank’s retained earnings available for payment of dividends was $3.9 million and $6.4 million, respectively. Accordingly, $134.6 million and $103.5 million of the Company’s equity in the net assets of the Bank were restricted at December 31, 2013 and 2012, respectively. | |
In addition, the Company is further restricted, under its junior subordinated debt obligation, from paying dividends to its shareholders if the Company has deferred interest payments or has otherwise defaulted on its junior subordinated debt obligation. | |
Under federal regulation, the Bank is also limited to the amount it may loan to the Company, unless such loans are collateralized by specific obligations. Loans or advances to the Company by the Bank are limited to 10% of the Bank’s capital stock and surplus on a secured basis. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof, would cause the Bank’s capital to be reduced below applicable minimum capital requirements. |
COMMON_STOCK_REPURCHASE_PROGRA
COMMON STOCK REPURCHASE PROGRAM | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock Repurchase Program [Abstract] | ' |
Common Stock | ' |
COMMON STOCK REPURCHASE PROGRAM | |
The Company repurchases stock primarily to create economic value for its shareholders and to provide additional liquidity to the stock. In accordance with applicable regulations, the Company could not repurchase shares of its common stock during the first year following the completion of its public offering and concurrent conversion in January 2011, except to fund equity benefit plans other than stock options, or, with prior regulatory approval, when extraordinary circumstances exist. The Company repurchased 547 shares of the Company's common stock withheld on behalf of plan participants to satisfy tax withholding obligations related to the vesting of restricted shares at a cost of $5,000 during the year ended December 31, 2011. | |
In May 2012, the Board of Directors approved a plan to repurchase up to 5%, or approximately 528,815 shares, of the Company’s common stock through open market purchases or privately negotiated transactions. Shares repurchased under the program are retired and reflected as a reduction in shareholders’ equity. As of December 31, 2012, the Company repurchased 465,788 shares at a cost of approximately $5.3 million under this plan. The Company repurchased 8,336 shares of the Company's common stock withheld on behalf of plan participants to satisfy tax withholding obligations related to the vesting of restricted shares at a cost of $98,000 during the year ended December 31, 2013. |
CONDENSED_FINANCIAL_STATEMENTS
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure | ' | |||||||||||
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | ||||||||||||
Condensed financial information pertaining only to the parent company, SI Financial Group, Inc., is as follows: | ||||||||||||
December 31, | ||||||||||||
Condensed Balance Sheets | 2013 | 2012 | ||||||||||
Assets: | (In Thousands) | |||||||||||
Cash and cash equivalents | $ | 6,589 | $ | 9,591 | ||||||||
Available for sale securities | 5,082 | 8,380 | ||||||||||
Investment in Savings Institute Bank and Trust Company | 138,506 | 109,948 | ||||||||||
ESOP note receivable | 5,145 | 5,600 | ||||||||||
Taxes receivable | 3,885 | — | ||||||||||
Other assets | 2,322 | 991 | ||||||||||
Total assets | $ | 161,529 | $ | 134,510 | ||||||||
Liabilities and Shareholders' Equity: | ||||||||||||
Liabilities | $ | 8,687 | $ | 8,751 | ||||||||
Shareholders' equity | 152,842 | 125,759 | ||||||||||
Total liabilities and shareholders' equity | $ | 161,529 | $ | 134,510 | ||||||||
Condensed Statements of Operations | Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Dividend from subsidiary | $ | 24,400 | $ | — | $ | — | ||||||
Interest and dividends on investments | 123 | 159 | 248 | |||||||||
Other income | 276 | 399 | 484 | |||||||||
Total income | 24,799 | 558 | 732 | |||||||||
Operating expenses | 2,152 | 758 | 1,275 | |||||||||
Income (loss) before income taxes and equity in undistributed net income | 22,647 | (200 | ) | (543 | ) | |||||||
Income tax benefit | (418 | ) | (35 | ) | (185 | ) | ||||||
Income (loss) before equity in undistributed net (loss) income of subsidiary | 23,065 | (165 | ) | (358 | ) | |||||||
Equity in undistributed net (loss) income of subsidiary | (23,920 | ) | 1,283 | 2,775 | ||||||||
Net (loss) income | $ | (855 | ) | $ | 1,118 | $ | 2,417 | |||||
Condensed Statements of Cash Flows | Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | (In Thousands) | |||||||||||
Net (loss) income | $ | (855 | ) | $ | 1,118 | $ | 2,417 | |||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||
Equity in undistributed (loss) income of subsidiary | 23,920 | (1,283 | ) | (2,775 | ) | |||||||
Excess tax benefit from share-based payment arrangements | (9 | ) | (4 | ) | (3 | ) | ||||||
Deferred income taxes | (1,050 | ) | 60 | (104 | ) | |||||||
Other, net | 211 | 163 | (497 | ) | ||||||||
Cash provided by (used in) operating activities | 22,217 | 54 | (962 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of available for sale securities | — | (1,907 | ) | (8,277 | ) | |||||||
Proceeds from maturities of available for sale securities | 3,165 | 2,069 | 2,000 | |||||||||
Proceeds from sale of available for sale securities | — | 2,025 | 2,300 | |||||||||
Net cash paid for Newport acquisition | (28,272 | ) | — | — | ||||||||
Payments received on ESOP note receivable | 455 | 435 | 421 | |||||||||
Issuance of ESOP note receivable | — | — | (3,141 | ) | ||||||||
Investment in subsidiary | 655 | 499 | (29,450 | ) | ||||||||
Cash (used in) provided by investing activities | (23,997 | ) | 3,121 | (36,147 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Purchase of shares for equity plan | — | (2,238 | ) | — | ||||||||
Stock options exercised | 94 | 10 | — | |||||||||
Common shares repurchased | (98 | ) | (5,301 | ) | (5 | ) | ||||||
Cash dividends on common stock | (1,227 | ) | (1,171 | ) | (1,191 | ) | ||||||
Excess tax benefit from share-based payment arrangements | 9 | 4 | 3 | |||||||||
Net proceeds from common stock offering | — | — | 51,099 | |||||||||
Cash (used in) provided by financing activities | (1,222 | ) | (8,696 | ) | 49,906 | |||||||
Net change in cash and cash equivalents | (3,002 | ) | (5,521 | ) | 12,797 | |||||||
Cash and cash equivalents at beginning of year | 9,591 | 15,112 | 2,315 | |||||||||
Cash and cash equivalents at end of year | $ | 6,589 | $ | 9,591 | $ | 15,112 | ||||||
QUARTERLY_DATA_UNAUDITED
QUARTERLY DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
QUARTERLY DATA (UNAUDITED) | |||||||||||||||||||||||||||||||||
Quarterly results of operations for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||
(In Thousands, Except Share Amounts) | |||||||||||||||||||||||||||||||||
Interest and dividend income | $ | 12,184 | $ | 9,151 | $ | 8,302 | $ | 8,555 | $ | 8,863 | $ | 8,862 | $ | 8,878 | $ | 9,221 | |||||||||||||||||
Interest expense | 2,097 | 2,064 | 2,083 | 2,210 | 2,322 | 2,368 | 2,392 | 2,551 | |||||||||||||||||||||||||
Net interest and dividend income | 10,087 | 7,087 | 6,219 | 6,345 | 6,541 | 6,494 | 6,486 | 6,670 | |||||||||||||||||||||||||
Provision for loan losses | 686 | 443 | 55 | 135 | 646 | 1,334 | 432 | 484 | |||||||||||||||||||||||||
Net interest and dividend income after provision for loan losses | 9,401 | 6,644 | 6,164 | 6,210 | 5,895 | 5,160 | 6,054 | 6,186 | |||||||||||||||||||||||||
Noninterest income | 2,560 | 1,233 | 2,072 | 2,440 | 2,398 | 1,232 | 2,326 | 2,761 | |||||||||||||||||||||||||
Noninterest expenses | 10,513 | 10,374 | 8,209 | 8,581 | 7,338 | 7,408 | 7,557 | 8,350 | |||||||||||||||||||||||||
Income (loss) before income taxes | 1,448 | (2,497 | ) | 27 | 69 | 955 | (1,016 | ) | 823 | 597 | |||||||||||||||||||||||
Income tax provision (benefit) | 424 | (755 | ) | 87 | 146 | 210 | (316 | ) | 153 | 194 | |||||||||||||||||||||||
Net income (loss) | $ | 1,024 | $ | (1,742 | ) | $ | (60 | ) | $ | (77 | ) | $ | 745 | $ | (700 | ) | $ | 670 | $ | 403 | |||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 0.08 | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.08 | $ | (0.07 | ) | $ | 0.07 | $ | 0.04 | |||||||||||||
Diluted | $ | 0.08 | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.08 | $ | (0.07 | ) | $ | 0.07 | $ | 0.04 | |||||||||||||
Quarterly per share data may not add to annual data due to rounding |
ACQUISITION_OF_NEWPORT_BANCORP
ACQUISITION OF NEWPORT BANCORP, INC. | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
On September 6, 2013, the Company acquired Newport. The primary purpose of the acquisition with Newport was to expand the Company's presence in Rhode Island and diversify its market area. The transaction qualified as a tax-free reorganization for federal income tax purposes. Merger consideration paid in the transaction to shareholders of Newport totaled $61.0 million, consisting of 2,683,099 shares of Company common stock and $30.9 million in cash. | |||||||||
The Company accounted for the transaction using the acquisition method. Accordingly, the Company recorded acquisition expenses totaling $2.6 million (pre-tax) during 2013. The acquisition method requires an acquirer to recognize the assets acquired and the liabilities assumed at fair value as of the acquisition date. Additionally, the Company's results of operations include Newport's operating results from the date of acquisition. | |||||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition (in thousands). | |||||||||
Assets: | |||||||||
Cash and cash equivalents | $ | 21,955 | |||||||
Investment securities | 16,431 | ||||||||
Loans receivable, net | 361,055 | ||||||||
Premises and equipment | 9,726 | ||||||||
Federal Home Loan Bank stock | 5,356 | ||||||||
Goodwill | 7,762 | ||||||||
Core deposit intangible | 8,573 | ||||||||
Other real estate owned | 100 | ||||||||
Bank-owned life insurance | 11,266 | ||||||||
Accrued interest receivable | 848 | ||||||||
Deferred tax asset, net | 2,829 | ||||||||
Other assets | 525 | ||||||||
Total assets acquired | 446,426 | ||||||||
Liabilities: | |||||||||
Deposits | 288,437 | ||||||||
FHLB advances | 74,820 | ||||||||
Repurchase agreement | 15,072 | ||||||||
Accrued expense and other liabilities | 7,102 | ||||||||
Total liabilities assumed | 385,431 | ||||||||
Net assets acquired | $ | 60,995 | |||||||
` | |||||||||
As noted above, the Company acquired loans with a fair value of $361.1 million. Included in this amount was $6.9 million of loans with evidence of deterioration of credit quality since origination for which it was probable, at the time of the acquisition, that the Company would be unable to collect all contractually required payments receivable. The Company recorded an aggregate nonaccretable credit discount of $1.2 million, which is defined as the loans' contractually required payments receivable in excess of the amount of its cash flows expected to be collected. The Company considered factors such as payment history, collateral values and accrual status when determining whether there was evidence of deterioration of the loans' credit quality at the acquisition date. | |||||||||
The following table summarizes the unaudited pro forma financial results of operations as if the Company acquired Newport on January 1, 2012. Newport's operating results for 2013 included activity through September 6, 2013. | |||||||||
Years Ended December 31, | |||||||||
(In Thousands, Except Per Share Amounts) | 2013 | 2012 | |||||||
Net interest income | $ | 39,735 | $ | 41,614 | |||||
Net income | 2,324 | 3,322 | |||||||
Earnings per share - Basic | 0.19 | 0.27 | |||||||
Earnings per share - Diluted | 0.19 | 0.27 | |||||||
NATURE_OF_BUSINESS_AND_SUMMARY1
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, 803 Financial Corp., SI Mortgage Company and SI Realty Company, Inc. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||
Basis of Financial Statement Presentation | |||||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the date of the balance sheets and reported amounts of revenues and expenses for the years presented. 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, other-than-temporary impairment (“OTTI”) of securities, deferred income taxes and the impairment of long-lived assets. | |||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain amounts in the Company’s prior year consolidated financial statements were reclassified to conform to the current year presentation. Such reclassifications had no effect on net income (loss). | |||||||||||||
Significant Group Concentrations of Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
Significant Group Concentrations of Credit Risk | |||||||||||||
A majority of the Company’s activities are with customers located within eastern Connecticut and Rhode Island. The Company does not have any significant concentrations in any one industry or customer. See Notes 3 and 4 for details relating to the Company’s investment and lending activities. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents and Statements of Cash Flows | |||||||||||||
Cash and due from banks, federal funds sold and short-term investments with maturities at date of purchase of less than 90 days are recognized as cash equivalents in the statements of cash flows. Federal funds sold generally mature in one day. For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash flows from loans and deposits are reported on a net basis. The Company maintains amounts due from banks and federal funds sold that, at times, may exceed federally insured limits. The Company has not experienced any losses from such concentrations. | |||||||||||||
Fair Value Hierarchy, Policy [Policy Text Block] | ' | ||||||||||||
Fair Value Hierarchy | |||||||||||||
The Company groups its assets and liabilities in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. | |||||||||||||
Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. | |||||||||||||
Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||
Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||
Securities, Policy [Policy Text Block] | ' | ||||||||||||
Securities | |||||||||||||
Management determines the appropriate classification of securities at the date individual securities are acquired, and the appropriateness of such classification is reassessed at each reporting date. | |||||||||||||
Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities that are held principally for the purpose of trading in the near term are classified as “trading securities.” Trading securities are carried at fair value, with unrealized gains and losses recognized in earnings. Interest and dividends are included in net interest income. Securities not classified as held to maturity or trading, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of taxes. | |||||||||||||
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |||||||||||||
At each reporting period, the Company evaluates securities with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other than temporary. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition, such as the type of security, length of time and extent to which the fair value has been less than cost and near-term prospects of the issuers. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is more likely than not that the Company will be | |||||||||||||
required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other-than-temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and noncredit-related OTTI is recognized in other comprehensive income (loss), net of applicable taxes. See Notes 3 and 15 for more details. | |||||||||||||
Federal Home Loan Bank Stock, Policy [Policy Text Block] | ' | ||||||||||||
Federal Home Loan Bank Stock | |||||||||||||
The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLB”), is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on its stock. The stock is redeemable at par by the FHLB and the Company’s ability to redeem the shares owned is dependent on the redemption practices of the FHLB. The Company reviews its investment in FHLB stock for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. No impairment charges were recognized for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Loans Held-for-sale, Policy [Policy Text Block] | ' | ||||||||||||
Loans Held for Sale | |||||||||||||
Loans originated and intended for sale in the secondary market are carried at the lower of amortized cost or fair value, as determined by aggregate outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold on the trade date and reported within mortgage banking activities on the accompanying consolidated statements of operations. | |||||||||||||
Loans Receivable, Policy [Policy Text Block] | ' | ||||||||||||
Loans Receivable | |||||||||||||
Loans receivable are stated at current unpaid principal balances, net of the allowance for loan losses and deferred loan origination fees and costs. Management has the ability and intent to hold its loans receivable for the foreseeable future or until maturity or pay-off. | |||||||||||||
A loan is impaired when, based on current information and events, it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Impairment is measured on a loan by loan basis for residential and commercial mortgage loans and commercial business loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not typically identify individual consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. | |||||||||||||
The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and concessions have been made to the original contractual terms, such as reductions of interest rates or deferral of interest or principal payments, due to the borrower’s financial condition, the modification is considered a troubled debt restructuring (“TDR”). | |||||||||||||
Management considers all nonaccrual loans, with the exception of certain consumer loans, to be impaired. Also, all TDRs are initially classified as impaired. In most cases, loan payments less than 90 days past due are considered minor collection delays and the related loans are generally not considered impaired. | |||||||||||||
Allowance for Loan Losses, Policy [Policy Text Block] | ' | ||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses, a material estimate which could change significantly in the near-term, is established through a provision for loan losses charged to earnings to account for losses that are inherent in the loan portfolio and estimated to occur, and is maintained at a level that management considers adequate to absorb losses in the | |||||||||||||
loan portfolio. Loan losses are charged against the allowance for loan losses when management believes that the uncollectibility of the principal loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for loan losses when received. In the determination of the allowance for loan losses, management may obtain independent appraisals for significant properties, if necessary. | |||||||||||||
Management's judgment in determining the adequacy of the allowance is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is evaluated on a monthly basis by management and is based on the evaluation of the known and inherent risk characteristics and size and composition of the loan portfolio, the assessment of current economic and real estate market conditions, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, historical loan loss experience, the level and trends of nonperforming loans, delinquencies, classified assets and loan charge-offs and evaluations of loans and other relevant factors. | |||||||||||||
The allowance for loan losses consists of the following key elements: | |||||||||||||
◦ | Specific allowance for identified impaired loans. For loans that are identified as impaired, an allowance is established when the present value of expected cash flows (or observable market price of the loan or fair value of the collateral if the loan is collateral dependent) of the impaired loan is lower than the carrying value of that loan. | ||||||||||||
◦ | General valuation allowance. The general component represents a valuation allowance on the remainder of the loan portfolio, after excluding impaired loans. For this portion of the allowance, loans are segregated by category and assigned an allowance percentage based on historical loan loss experience adjusted for qualitative factors stratified by the following loan segments: residential one- to four-family, multi-family and commercial real estate, construction, commercial business and consumer. Management uses a rolling average of historical losses based on the time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies, classified loans and nonaccrual loans; level of loan charge-offs; trends in volume, nature and terms of loans; existence and effect of/or changes in the level of credit concentrations; effects of changes in risk selection, underwriting standards and other changes in lending policies, procedures and practices; experience/ability and depth of lending management and staff, national and local economic trends and conditions and impact on value of underlying collateral for collateral dependent loans. | ||||||||||||
The qualitative factors are determined based on the following various risk characteristics for each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | |||||||||||||
Residential – One- to Four-Family – The Bank primarily originates conventional loans with loan-to-value ratios less than 95% and generally originates loans with loan-to-value ratios in excess of 80% only when secured by first liens on owner-occupied one- to four-family residences. Loans with loan-to-value ratios in excess of 80% generally require private mortgage insurance or additional collateral. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, | |||||||||||||
including unemployment rates and housing prices, will have an effect on the credit quality of this segment. | |||||||||||||
Multi-family and Commercial – Loans in this segment are originated for the purpose of acquiring, developing, improving or refinancing multi-family and commercial real estate where the property is the primary collateral securing the loan, and the income generated from the property is the primary repayment source. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Payments on loans secured by income-producing properties often depend on the successful operation and management of the properties. Management continually monitors the cash flows of these loans. | |||||||||||||
Construction – This segment includes loans to individuals, and to a lesser extent builders, to finance the construction of residential dwellings. The Bank also originates construction loans for commercial development projects. Upon the completion of construction, the loan generally converts to a permanent mortgage loan. Credit risk is affected by cost overruns, time to sell at an adequate price and market conditions. | |||||||||||||
Commercial Business – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy and reduced viability of the industry in which the customer operates will have a negative impact on the credit quality in this segment. To a lesser but increasing extent, the Bank provides loans to investors in the time share industry, which are secured by consumer receivables, and provides loans for capital improvements to condominium associations, which are secured by the assigned rights to levy special assessments to condominium owners. | |||||||||||||
Consumer – Loans in this segment primarily include home equity lines of credit (representing both first and second liens), and indirect automobile loans and, to a lesser extent, loans secured by marketable securities, passbook or certificate accounts, motorcycles, automobiles and recreational vehicles, as well as unsecured loans. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore, are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. | |||||||||||||
In computing the allowance for loan losses, we do not assign a general valuation allowance to the Small Business Administration ("SBA") and United States Department of Agriculture ("USDA") loans that we purchase as such loans are fully guaranteed. These loans are included in commercial business loans. See Note 4 for details. | |||||||||||||
The majority of the Company's loans are collateralized by real estate located in eastern Connecticut and Rhode Island. To a lesser extent, certain commercial real estate loans are secured by collateral located outside of our primary market area. Accordingly, the collateral value of a substantial portion of the Company's loan portfolio and real estate acquired through foreclosure is susceptible to changes in market conditions. | |||||||||||||
Although management believes that it uses the best information available to establish the allowance for loan losses, future adjustments to the allowance for loan losses may be necessary and the Company’s results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Furthermore, while management believes it has established the allowance for loan losses in conformity with GAAP, the regulatory agencies, in reviewing the loan portfolio, may request us to increase our allowance for loan losses based on judgments different from ours. In addition, because future events affecting borrowers and collateral cannot be predicted with certainty, the existing allowance for loan losses may not be adequate or increases may be necessary should the quality of any loans deteriorate as a result of the factors discussed above. Any material increase in the allowance for loan losses would adversely affect the Company’s financial condition and results of operations. | |||||||||||||
Interest and Fees on Loans, Policy [Policy Text Block] | ' | ||||||||||||
Interest and Fees on Loans | |||||||||||||
Interest on loans is accrued and included in net interest income based on contractual rates applied to principal amounts outstanding. Accrual of interest is discontinued when loan payments are 90 days or more past due, based on contractual terms, or when, in the judgment of management, collectibility of the loan or loan interest becomes uncertain. Subsequent recognition of income occurs only to the extent payment is received subject to management's assessment of the collectibility of the remaining interest and principal. A nonaccrual loan is restored to accrual status when it is no longer delinquent and collectibility of interest and principal is no longer in doubt and the borrower has made regular payments in accordance with the terms of the loan over a period of at least six months. Interest collected on nonaccrual loans is recognized only to the extent cash payments are received, and may be recorded as a reduction to principal if the collectibility of the principal balance of the loan is unlikely. | |||||||||||||
Loan origination fees and direct loan origination costs are deferred, and the net amount is recognized as an adjustment of the related loan's yield utilizing the interest method over the contractual life of the loan. | |||||||||||||
Derivative Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||
Derivative Financial Instruments | |||||||||||||
Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheets and measured at fair value. | |||||||||||||
Interest Rate Swap Agreements - The Company uses interest rate swap agreements as part of its interest rate risk management strategy. Interest rate swaps are contracts in which a series of interest rate flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. The Company’s swap agreements are derivative instruments and convert a portion of the Company’s variable-rate debt to a fixed-rate. | |||||||||||||
Interest rate derivative financial instruments receive hedge accounting treatment only if they are designated as a hedge and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. If periodic assessment indicates derivatives no longer provide an effective hedge, the derivative contracts would be closed out and settled, or classified as a trading activity. For cash flow hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the hedged debt is deferred and amortized into net interest income over the life of the hedged debt. The portion, if any, of the net settlement amount that did not offset changes in the value of the hedged asset or liability is recognized immediately in noninterest income. | |||||||||||||
The Company has characterized one of its interest rate swaps as a cash flow hedge. Cash flow hedges are used to minimize the variability in cash flows of assets or liabilities, or forecasted transactions caused by interest rate fluctuations, and are recorded at fair value in other assets or liabilities within the Company’s balance sheets. Changes in the fair value of these cash flow hedges are initially recorded as a component of other comprehensive income (loss) and subsequently reclassified into earnings when the hedged transaction affects earnings. The ineffective portion of the gain or loss on derivative instruments, if any, is recognized in earnings. | |||||||||||||
Cash flows resulting from the derivative financial instruments that are accounted for as hedges of assets and liabilities are classified in the cash flow statement in the same category as the cash flows of the items being hedged. | |||||||||||||
Certain derivative instruments do not meet the requirements to be accounted for as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheets at fair value, with changes in fair value recorded in other noninterest income. One of the Company's interest rate swap agreements is not designated as a hedge. | |||||||||||||
Derivative Loan Commitments - Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheets in other assets and other liabilities with changes in their fair values recorded in noninterest income. | |||||||||||||
Forward Loan Sale Commitments - To protect against the price risk inherent in derivative loan commitments, the Company utilizes “mandatory delivery” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery contracts are accounted for as derivative instruments. Mandatory delivery forward loan sale commitments are recognized at fair value on the consolidated balance sheets in other assets and other liabilities with changes in their fair values recorded in noninterest income. | |||||||||||||
Transfer of Financial Assets, Policy [Policy Text Block] | ' | ||||||||||||
Transfers of Financial Assets | |||||||||||||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets and no condition both constrains the transferee from taking advantage of that right and provides more than a trivial benefit for the transferor and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity or (b) the ability to unilaterally cause the holder to return specific assets. | |||||||||||||
During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. | |||||||||||||
Other Real Estate Owned, Policy [Policy Text Block] | ' | ||||||||||||
Other Real Estate Owned | |||||||||||||
Other real estate owned consists of properties acquired through, or in lieu of, loan foreclosure or other proceedings and is initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, the properties are held for sale and are carried at the lower of carrying amount or fair value less estimated costs of disposal. Any write-down to fair value at the time of acquisition is charged to the allowance for loan losses. Properties are evaluated regularly to ensure the recorded amounts are supported by current fair values, and a charge to operations is recorded as necessary to reduce the carrying amount to fair value less estimated costs to dispose. Revenue and expense from the operation of other real estate owned and the provision to establish and adjust valuation allowances are included in noninterest expenses. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. Gains or losses are included in noninterest expenses upon disposal. See Note 5 for additional details related to other real estate owned. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Premises and Equipment | |||||||||||||
Land is carried at cost. Premises and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is charged to operations using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the estimated economic lives of the improvements or the expected lease terms. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. | |||||||||||||
The estimated useful lives of the assets are as follows: | |||||||||||||
Classification | Estimated Useful Lives | ||||||||||||
Buildings | 5 to 40 years | ||||||||||||
Furniture and equipment | 3 to 10 years | ||||||||||||
Leasehold improvements | 5 to 20 years | ||||||||||||
Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. | |||||||||||||
Bank-owned Life Insurance, Policy [Policy Text Block] | ' | ||||||||||||
Bank-owned Life Insurance | |||||||||||||
Bank-owned life insurance policies are presented on the consolidated balance sheets at cash surrender value. Changes in cash surrender value, as well as gains on the surrender of policies, are reflected in noninterest income in the consolidated statements of operations and are not subject to income taxes. See Note 11 for additional discussion. | |||||||||||||
Mortgage Servicing Assets, Policy [Policy Text Block] | ' | ||||||||||||
Servicing | |||||||||||||
The Company services mortgage loans for others. Mortgage servicing assets are recognized as separate assets at fair value when rights are acquired through purchase or retained through the sale of financial assets. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into mortgage banking income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. | |||||||||||||
Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to the amortized cost. Impairment is determined by stratifying rights by predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that the fair value is less than the capitalized amount for the stratum. Changes in the valuation allowance are reported in loan servicing fee income. | |||||||||||||
Servicing fee income is recorded for fees earned for servicing loans, which is included in mortgage banking income. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
Impairment of Long-lived Assets | |||||||||||||
Long-lived assets, including premises and equipment and certain identifiable intangible assets that are held and used by the Company, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is indicated by that review, the asset is written down to its estimated fair value through a charge to earnings. | |||||||||||||
Goodwill is measured as the excess of the cost of a business combination over the sum of the amounts assigned to identifiable intangible assets acquired less liabilities assumed. Goodwill is not amortized but rather assessed for impairment annually or more frequently if circumstances warrant. | |||||||||||||
Management has the option of first assessing qualitative factors, such as events and circumstances, to determine whether it is more likely than not, meaning a likelihood of more than 50%, the value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, management determines it is not more likely than not the fair value of a reporting unit is less than its carrying amount, then performing an impairment test is unnecessary. For the year ended December 31, 2013, management determined that it was not more likely than not the fair value of the reporting unit (the consolidated Company, in our case) was less than its carrying amount. If management had determined otherwise, the two-step process would have been completed to determine the impairment and necessary write-down of goodwill. | |||||||||||||
Cost Method Investments, Policy [Policy Text Block] | ' | ||||||||||||
Other Investments | |||||||||||||
The Company is a limited partner in three Small Business Investment Companies (“SBICs”), which are licensed by the Small Business Administration. They provide mezzanine financing and private equity investments to small companies which may not otherwise qualify for standard bank financing. The Company records its investment in the SBICs at cost and evaluates its investment for impairment on a quarterly basis. Impairment that is considered by management to be other-than-temporary results in a write-down of the investment which is recognized as a charge to earnings. See Note 12 regarding the Bank's investment in and outstanding capital commitments to the limited partnerships. | |||||||||||||
Trust Assets, Policy [Policy Text Block] | ' | ||||||||||||
Trust Assets | |||||||||||||
Trust assets held in a fiduciary or agency capacity, other than trust cash on deposit at the Bank, are not included in these consolidated financial statements because they are not assets of the Company. Trust fees are recognized on the accrual basis of accounting. | |||||||||||||
Related Party Transactions, Policy [Policy Text Block] | ' | ||||||||||||
Related Party Transactions | |||||||||||||
Directors, officers and affiliates of the Company and the Bank have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Management believes that all deposit accounts, loans, services and commitments comprising such transactions were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers who were not directors, officers or affiliates. In the opinion of management, the transactions with related parties did not involve more than the normal risk of collectibility, favored treatment or terms or present other unfavorable features. See Note 13 for details regarding related party transactions. | |||||||||||||
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | ' | ||||||||||||
Employee Stock Ownership Plan | |||||||||||||
The loans to the Employee Stock Ownership Plan ("ESOP") are repaid from the Bank’s contributions to the ESOP and dividends payable on common stock held by the ESOP over an initial period of 15 years for the first loan and 20 years for the second loan. Unearned compensation applicable to the ESOP is reflected as a reduction of shareholders’ equity on the consolidated balance sheets. Compensation expense is recognized as ESOP shares are committed to be released and is based on the average fair market value of the shares during the period. The difference between the average fair value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. Unallocated ESOP shares are not considered outstanding for calculating earnings per share. Dividends paid on allocated ESOP shares are charged to retained earnings and dividends paid on unallocated ESOP shares are used to satisfy debt service. See Note 11 for additional discussion. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Equity Incentive Plan | |||||||||||||
The Company measures and recognizes compensation cost relating to share-based compensation based on the grant date fair value of the equity instruments issued. Share-based compensation is recognized on a straight-line basis over the period of service or performance for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted based on actual forfeiture experience. The fair value of each restricted stock allocation, equal to the market price at the date of grant, is recorded as unearned restricted shares. The fair value of each stock option award is determined on the date of grant using the Black-Scholes option pricing model, which includes several assumptions such as expected volatility, dividends, term and risk-free rate for each stock option award. See Note 11 for additional discussion. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes | |||||||||||||
Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities. These judgments require the Company to make projections of future taxable income. These judgments and estimates, which are inherently subjective, are reviewed periodically as regulatory and business factors change. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized. | |||||||||||||
The Company does not have any uncertain tax positions which require accrual or disclosure at December 31, 2013 or 2012. In accordance with the provisions of applicable accounting guidance, in future periods, the Company may record a liability for unrecognized tax benefits related to the recognition, derecognition or change in measurement of a tax position as a result of new tax positions, changes in management’s judgment about the level of uncertainty of existing tax positions, expiration of open income tax returns due to the statutes of limitation, status of examinations and litigation and legislative activity. The Company has elected to report future interest and penalties related to unrecognized tax benefits, if any, as income tax expense in the Company’s consolidated statements of operations. No interest or penalties were recorded for the years ended December 31, 2013, 2012 or 2011. | |||||||||||||
Income tax benefits related to stock compensation in excess of grant date fair value less any proceeds on exercise are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount. | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and certain cash flow hedges, are reported as a separate component of shareholders’ equity, such items, along with net income (loss), are components of comprehensive income (loss). See Note 15 for components of other comprehensive income (loss) and the related tax effects. | |||||||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities are reported as a separate component of shareholders' equity on the balance sheet, such items along with net income (loss) are components of comprehensive income (loss). | |||||||||||||
Stockholders' Equity, Policy [Policy Text Block] | ' | ||||||||||||
Common Share Repurchases | |||||||||||||
The Company is chartered in the state of Maryland. Maryland law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized but unissued shares. Accounting principles generally accepted in the United States of America state that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company has been allocated to common stock and retained earnings balances. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
Earnings (Loss) Per Share | |||||||||||||
Basic earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Unvested restricted shares are considered outstanding in the computation of basic earnings (loss) per share since the shares participate in dividends and the rights to the dividends are non-forfeitable. Diluted earnings (loss) per share is computed in a manner similar to basic earnings (loss) per 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 options. Repurchased common shares and unallocated common shares held by the Bank's ESOP are not deemed outstanding for earnings (loss) | |||||||||||||
per share calculations. | |||||||||||||
Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the weighted average market value for the periods presented, and are not considered in diluted earnings (loss) per share calculations. The Company had 554,029, 323,011 and 443,026 anti-dilutive common shares outstanding for the years ended December 31, 2013, 2012 and 2011, respectively. The computation of earnings (loss) per share is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars In Thousands, Except Per Share Amounts) | |||||||||||||
Net (loss) income | $ | (855 | ) | $ | 1,118 | $ | 2,417 | ||||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 10,434,191 | 9,730,797 | 9,988,322 | ||||||||||
Effect of dilutive stock options | — | 24,895 | 20,538 | ||||||||||
Diluted | 10,434,191 | 9,755,692 | 10,008,860 | ||||||||||
(Loss) earnings per share: | |||||||||||||
Basic | $ | (0.08 | ) | $ | 0.11 | $ | 0.24 | ||||||
Diluted | $ | (0.08 | ) | $ | 0.11 | $ | 0.24 | ||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||||
Business Segment Reporting | |||||||||||||
Public companies are required to report (i) certain financial and descriptive information about “reportable operating segments,” as defined, and (ii) certain enterprise-wide financial information about products and services, geographic areas and major customers. An operating segment is a component of a business for which separate financial information is available and evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and evaluate performance. The Company’s operations are limited to financial services provided within the framework of a community bank, and decisions are generally based on specific market areas and or product offerings. Accordingly, based on the financial information presently evaluated by the Company’s chief operating decision-maker, the Company’s operations are aggregated in one reportable operating segment. | |||||||||||||
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | ' | ||||||||||||
Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
Comprehensive Income - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income - In February 2013, the Financial Accounting Standards Board ("FASB") issued an amendment to improve the transparency of reporting these reclassifications by requiring an organization to 1) present the effects on the line items of net income (loss) of significant amounts reclassified out of accumulated other comprehensive income (loss) and 2) cross-reference to other disclosures currently required under GAAP for other reclassification items to be reclassified directly to net income (loss) in their entirety in the same reporting period. The amendments were effective for reporting periods beginning after December 15, 2012. The adoption of this amendment did not have a material impact on the Company's consolidated financial statements. See Consolidated Statements of Comprehensive Income (Loss). | |||||||||||||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure - In January 2014, the FASB issued amended guidance that clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amended guidance clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. In addition, the amended guidance requires interim and annual disclosures of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amended guidance may be applied prospectively or through a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The adoption of the amended guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
NATURE_OF_BUSINESS_AND_SUMMARY2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Classification | Estimated Useful Lives | ||||||||||||
Buildings | 5 to 40 years | ||||||||||||
Furniture and equipment | 3 to 10 years | ||||||||||||
Leasehold improvements | 5 to 20 years | ||||||||||||
Premises and equipment at December 31, 2013 and 2012 are summarized as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Land | $ | 4,311 | $ | 2,098 | |||||||||
Buildings | 11,497 | 7,052 | |||||||||||
Leasehold improvements | 10,762 | 7,563 | |||||||||||
Furniture and equipment | 12,549 | 10,867 | |||||||||||
Construction in process | 45 | 84 | |||||||||||
39,164 | 27,664 | ||||||||||||
Accumulated depreciation and amortization | (18,074 | ) | (16,448 | ) | |||||||||
Premises and equipment, net | $ | 21,090 | $ | 11,216 | |||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||
The computation of earnings (loss) per share is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars In Thousands, Except Per Share Amounts) | |||||||||||||
Net (loss) income | $ | (855 | ) | $ | 1,118 | $ | 2,417 | ||||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 10,434,191 | 9,730,797 | 9,988,322 | ||||||||||
Effect of dilutive stock options | — | 24,895 | 20,538 | ||||||||||
Diluted | 10,434,191 | 9,755,692 | 10,008,860 | ||||||||||
(Loss) earnings per share: | |||||||||||||
Basic | $ | (0.08 | ) | $ | 0.11 | $ | 0.24 | ||||||
Diluted | $ | (0.08 | ) | $ | 0.11 | $ | 0.24 | ||||||
SECURITIES_Tables
SECURITIES (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | |||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and fair values of available for sale securities at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 54,228 | $ | 485 | $ | (168 | ) | $ | 54,545 | |||||||||||||||
Government-sponsored enterprises | 26,551 | 134 | (393 | ) | 26,292 | |||||||||||||||||||
Mortgage-backed securities:(1) | ||||||||||||||||||||||||
Agency - residential | 77,037 | 889 | (1,809 | ) | 76,117 | |||||||||||||||||||
Non-agency - residential | 530 | 26 | (2 | ) | 554 | |||||||||||||||||||
Corporate debt securities | 3,708 | 90 | — | 3,798 | ||||||||||||||||||||
Collateralized debt obligations | 1,210 | — | (19 | ) | 1,191 | |||||||||||||||||||
Obligations of state and political subdivisions | 4,063 | 141 | (81 | ) | 4,123 | |||||||||||||||||||
Tax-exempt securities | 3,841 | — | (266 | ) | 3,575 | |||||||||||||||||||
Foreign government securities | 25 | — | — | 25 | ||||||||||||||||||||
Total available for sale securities | $ | 171,193 | $ | 1,765 | $ | (2,738 | ) | $ | 170,220 | |||||||||||||||
(1) Agency securities refer to debt obligations issued or guaranteed by government corporations or government-sponsored enterprises (“GSEs”). Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by one of the GSEs or the U.S. Government. | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost (1) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 55,027 | $ | 1,255 | $ | (23 | ) | $ | 56,259 | |||||||||||||||
Government-sponsored enterprises | 23,388 | 579 | — | 23,967 | ||||||||||||||||||||
Mortgage-backed securities:(2) | ||||||||||||||||||||||||
Agency - residential | 69,399 | 2,211 | (66 | ) | 71,544 | |||||||||||||||||||
Non-agency - residential | 4,784 | 52 | (124 | ) | 4,712 | |||||||||||||||||||
Non-agency - HELOC | 2,555 | — | (78 | ) | 2,477 | |||||||||||||||||||
Corporate debt securities | 7,555 | 188 | (49 | ) | 7,694 | |||||||||||||||||||
Collateralized debt obligations | 5,993 | — | (1,597 | ) | 4,396 | |||||||||||||||||||
Obligations of state and political subdivisions | 5,152 | 262 | — | 5,414 | ||||||||||||||||||||
Foreign government securities | 50 | — | — | 50 | ||||||||||||||||||||
Total available for sale securities | $ | 173,903 | $ | 4,547 | $ | (1,937 | ) | $ | 176,513 | |||||||||||||||
(1) Net of OTTI write-downs recognized in earnings. | ||||||||||||||||||||||||
(2) Agency securities refer to debt obligations issued or guaranteed by government corporations or government-sponsored enterprises (“GSEs”) Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by one of the GSEs or the U.S. Government. | ||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||||||||||||
The amortized cost and fair value of debt securities by contractual maturities at December 31, 2013 are presented below. Maturities are based on the final contractual payment dates, and do not reflect the impact of potential prepayments or early redemptions. Because mortgage-backed securities ("MBS") are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary. | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Within 1 year | $ | 5,783 | $ | 5,875 | ||||||||||||||||||||
After 1 but within 5 years | 27,381 | 27,498 | ||||||||||||||||||||||
After 5 but within 10 years | 18,259 | 18,095 | ||||||||||||||||||||||
After 10 years | 42,203 | 42,081 | ||||||||||||||||||||||
93,626 | 93,549 | |||||||||||||||||||||||
Mortgage-backed securities | 77,567 | 76,671 | ||||||||||||||||||||||
Total debt securities | $ | 171,193 | $ | 170,220 | ||||||||||||||||||||
Realized Gain (Loss) on Investments | ' | |||||||||||||||||||||||
The following is a summary of realized gains and losses on the sale of securities for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Gross gains on sales | $ | 626 | $ | 798 | $ | 589 | ||||||||||||||||||
Gross losses on sales | (1,781 | ) | (525 | ) | (103 | ) | ||||||||||||||||||
Net (loss) gain on sale of securities | $ | (1,155 | ) | $ | 273 | $ | 486 | |||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | |||||||||||||||||||||||
The following tables present information pertaining to securities with gross unrealized losses at December 31, 2013 and 2012, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2013: | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 21,921 | $ | 142 | $ | 883 | $ | 26 | $ | 22,804 | $ | 168 | ||||||||||||
Government-sponsored enterprises | 12,376 | 393 | — | — | 12,376 | 393 | ||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Agency - residential | 38,119 | 1,772 | 2,686 | 37 | 40,805 | 1,809 | ||||||||||||||||||
Non-agency - residential | 169 | 2 | — | — | 169 | 2 | ||||||||||||||||||
Collateralized debt obligations | — | — | 1,191 | 19 | 1,191 | 19 | ||||||||||||||||||
Obligations of state and political subdivisions | 1,187 | 81 | — | — | 1,187 | 81 | ||||||||||||||||||
Tax-exempt securities | 3,575 | 266 | — | — | 3,575 | 266 | ||||||||||||||||||
Total | $ | 77,347 | $ | 2,656 | $ | 4,760 | $ | 82 | $ | 82,107 | $ | 2,738 | ||||||||||||
Less Than 12 Months | 12 Months Or More | Total | ||||||||||||||||||||||
December 31, 2012: | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | — | $ | — | $ | 1,367 | $ | 23 | $ | 1,367 | $ | 23 | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Agency - residential | 6,923 | 37 | 1,404 | 29 | 8,327 | 66 | ||||||||||||||||||
Non-agency - residential | 1,926 | 8 | 1,417 | 116 | 3,343 | 124 | ||||||||||||||||||
Non-agency - HELOC | — | — | 2,477 | 78 | 2,477 | 78 | ||||||||||||||||||
Corporate debt securities | — | — | 946 | 49 | 946 | 49 | ||||||||||||||||||
Collateralized debt obligations | — | — | 4,396 | 1,597 | 4,396 | 1,597 | ||||||||||||||||||
Total | $ | 8,849 | $ | 45 | $ | 12,007 | $ | 1,892 | $ | 20,856 | $ | 1,937 | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings | ' | |||||||||||||||||||||||
The following table presents a roll-forward of the balance of credit losses on the Company’s debt securities for which a portion of OTTI was recognized in other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance at beginning of year | $ | 259 | $ | 1,207 | $ | 1,093 | ||||||||||||||||||
Amounts related to credit losses for which OTTI losses were not previously recognized | 8 | — | 148 | |||||||||||||||||||||
Additional credit losses for which OTTI losses were previously recognized | — | 123 | — | |||||||||||||||||||||
Reduction for permanent loss in value of securities during the period | — | (1,071 | ) | — | ||||||||||||||||||||
Reduction for securities sold during the period (realized) | (267 | ) | — | (34 | ) | |||||||||||||||||||
Balance at end of year | $ | — | $ | 259 | $ | 1,207 | ||||||||||||||||||
LOANS_RECEIVABLE_AND_ALLOWANCE1
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Composition of the Company's loan portfolio | ' | |||||||||||||||||||||||||||
The composition of the Company's loan portfolio at December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 449,812 | $ | 230,664 | ||||||||||||||||||||||||
Multi-family and commercial | 285,660 | 201,951 | ||||||||||||||||||||||||||
Construction | 10,162 | 3,284 | ||||||||||||||||||||||||||
Total real estate loans | 745,634 | 435,899 | ||||||||||||||||||||||||||
Commercial business loans: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 137,578 | 148,385 | ||||||||||||||||||||||||||
Time share | 28,615 | 23,310 | ||||||||||||||||||||||||||
Condominium association | 18,442 | 15,493 | ||||||||||||||||||||||||||
Other | 69,705 | 26,339 | ||||||||||||||||||||||||||
Total commercial business loans | 254,340 | 213,527 | ||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity | 44,284 | 28,375 | ||||||||||||||||||||||||||
Indirect automobile | 6,354 | 9,652 | ||||||||||||||||||||||||||
Other | 2,116 | 2,353 | ||||||||||||||||||||||||||
Total consumer loans | 52,754 | 40,380 | ||||||||||||||||||||||||||
Total loans | 1,052,728 | 689,806 | ||||||||||||||||||||||||||
Deferred loan origination costs, net of fees | 1,598 | 1,744 | ||||||||||||||||||||||||||
Allowance for loan losses | (6,916 | ) | (6,387 | ) | ||||||||||||||||||||||||
Loans receivable, net | $ | 1,047,410 | $ | 685,163 | ||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||||||||||||
Changes in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Residential - 1 to 4 Family | Multi-family and Commercial | Construction | Commercial Business | Consumer | Total | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 915 | $ | 2,700 | $ | 64 | $ | 790 | $ | 330 | $ | 4,799 | ||||||||||||||||
Provision for loan losses | 530 | 228 | 15 | 588 | 197 | 1,558 | ||||||||||||||||||||||
Loans charged-off | (686 | ) | (606 | ) | (83 | ) | (267 | ) | (84 | ) | (1,726 | ) | ||||||||||||||||
Recoveries of loans previously charged-off | — | 15 | 284 | 37 | 3 | 339 | ||||||||||||||||||||||
Balance at December 31, 2011 | 759 | 2,337 | 280 | 1,148 | 446 | 4,970 | ||||||||||||||||||||||
Provision (credit) for loan losses | 561 | 1,818 | (258 | ) | 556 | 219 | 2,896 | |||||||||||||||||||||
Loans charged-off | (299 | ) | (1,267 | ) | — | — | (251 | ) | (1,817 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off | 104 | 140 | — | 31 | 63 | 338 | ||||||||||||||||||||||
Balance at December 31, 2012 | 1,125 | 3,028 | 22 | 1,735 | 477 | 6,387 | ||||||||||||||||||||||
Provision for loan losses | 522 | 523 | 56 | 159 | 59 | 1,319 | ||||||||||||||||||||||
Loans charged-off | (712 | ) | (228 | ) | — | (22 | ) | (95 | ) | (1,057 | ) | |||||||||||||||||
Recoveries of loans previously charged-off | 40 | 72 | 91 | 3 | 61 | 267 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 975 | $ | 3,395 | $ | 169 | $ | 1,875 | $ | 502 | $ | 6,916 | ||||||||||||||||
Additional Information on Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||
December 31, 2013 | Residential - 1 to 4 Family | Multi-family and Commercial | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Allowance for loans individually evaluated and deemed to be impaired | $ | 341 | $ | 185 | $ | — | $ | 4 | $ | — | $ | 530 | ||||||||||||||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 634 | 3,210 | 169 | 1,871 | 502 | 6,386 | ||||||||||||||||||||||
Allowance for loans acquired with deteriorated credit quality | — | — | — | — | — | — | ||||||||||||||||||||||
Total loan loss allowance | $ | 975 | $ | 3,395 | $ | 169 | $ | 1,875 | $ | 502 | $ | 6,916 | ||||||||||||||||
Loans individually evaluated and deemed to be impaired | $ | 5,695 | $ | 3,036 | $ | — | $ | 385 | $ | — | $ | 9,116 | ||||||||||||||||
Loans individually or collectively evaluated and not deemed to be impaired | 443,734 | 277,483 | 10,162 | 252,930 | 52,754 | 1,037,063 | ||||||||||||||||||||||
Amount of loans acquired with deteriorated credit quality | 383 | 5,141 | — | 1,025 | — | 6,549 | ||||||||||||||||||||||
Total loans | $ | 449,812 | $ | 285,660 | $ | 10,162 | $ | 254,340 | $ | 52,754 | $ | 1,052,728 | ||||||||||||||||
December 31, 2012 | Residential - 1 to 4 Family | Multi-family and Commercial | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Allowance for loans individually evaluated and deemed to be impaired | $ | 454 | $ | 88 | $ | — | $ | 39 | $ | — | $ | 581 | ||||||||||||||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 671 | 2,940 | 22 | 1,696 | 477 | 5,806 | ||||||||||||||||||||||
Total loan loss allowance | $ | 1,125 | $ | 3,028 | $ | 22 | $ | 1,735 | $ | 477 | $ | 6,387 | ||||||||||||||||
Loans individually evaluated and deemed to be impaired | $ | 6,991 | $ | 5,873 | $ | — | $ | 618 | $ | 361 | $ | 13,843 | ||||||||||||||||
Loans individually or collectively evaluated and not deemed to be impaired | 223,673 | 196,078 | 3,284 | 212,909 | 40,019 | 675,963 | ||||||||||||||||||||||
Total loans | $ | 230,664 | $ | 201,951 | $ | 3,284 | $ | 213,527 | $ | 40,380 | $ | 689,806 | ||||||||||||||||
Past Due Loans Receivables | ' | |||||||||||||||||||||||||||
The following represents an aging of loans at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
December 31, 2013 | 30-59 | 60-89 | 90 Days | Total 30 | Current | Total | ||||||||||||||||||||||
Days | Days | or More | Days or More | Loans | ||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 5,402 | $ | 783 | $ | 1,473 | $ | 7,658 | $ | 442,154 | $ | 449,812 | ||||||||||||||||
Multi-family and commercial | 1,057 | — | 1,388 | 2,445 | 283,215 | 285,660 | ||||||||||||||||||||||
Construction | — | — | — | — | 10,162 | 10,162 | ||||||||||||||||||||||
Commercial Business: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 7,266 | 1,161 | 66 | 8,493 | 129,085 | 137,578 | ||||||||||||||||||||||
Time share | — | — | — | — | 28,615 | 28,615 | ||||||||||||||||||||||
Condominium association | — | — | — | — | 18,442 | 18,442 | ||||||||||||||||||||||
Other | — | 171 | 338 | 509 | 69,196 | 69,705 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 258 | 36 | 49 | 343 | 43,941 | 44,284 | ||||||||||||||||||||||
Indirect automobile | 80 | 47 | 16 | 143 | 6,211 | 6,354 | ||||||||||||||||||||||
Other | 1 | 1 | — | 2 | 2,114 | 2,116 | ||||||||||||||||||||||
Total | $ | 14,064 | $ | 2,199 | $ | 3,330 | $ | 19,593 | $ | 1,033,135 | $ | 1,052,728 | ||||||||||||||||
December 31, 2012 | 30-59 | 60-89 | 90 Days | Total 30 | Current | Total | ||||||||||||||||||||||
Days | Days | or More | Days or More | Loans | ||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 3,245 | $ | 1,725 | $ | 3,285 | $ | 8,255 | $ | 222,409 | $ | 230,664 | ||||||||||||||||
Multi-family and commercial | 4,149 | — | 1,266 | 5,415 | 196,536 | 201,951 | ||||||||||||||||||||||
Construction | — | — | — | — | 3,284 | 3,284 | ||||||||||||||||||||||
Commercial Business: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 5,014 | 1,087 | — | 6,101 | 142,284 | 148,385 | ||||||||||||||||||||||
Time share | — | — | — | — | 23,310 | 23,310 | ||||||||||||||||||||||
Condominium association | — | — | — | — | 15,493 | 15,493 | ||||||||||||||||||||||
Other | — | — | 541 | 541 | 25,798 | 26,339 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity | 216 | — | 361 | 577 | 27,798 | 28,375 | ||||||||||||||||||||||
Indirect automobile | 19 | — | — | 19 | 9,633 | 9,652 | ||||||||||||||||||||||
Other | 21 | — | — | 21 | 2,332 | 2,353 | ||||||||||||||||||||||
Total | $ | 12,664 | $ | 2,812 | $ | 5,453 | $ | 20,929 | $ | 668,877 | $ | 689,806 | ||||||||||||||||
Impaired Financing Receivables | ' | |||||||||||||||||||||||||||
The following is a summary of impaired and nonaccrual loans at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
Impaired Loans (1) | ||||||||||||||||||||||||||||
31-Dec-13 | Recorded | Unpaid | Related | Nonaccrual | ||||||||||||||||||||||||
Investment | Principal | Allowance | Loans | |||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Impaired loans without valuation allowance: (2) | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 3,641 | $ | 3,822 | $ | — | $ | 3,241 | ||||||||||||||||||||
Multi-family and commercial | 6,853 | 7,050 | — | 1,655 | ||||||||||||||||||||||||
Commercial business - Other | 1,402 | 1,402 | — | 377 | ||||||||||||||||||||||||
Consumer - Home equity | — | — | — | 53 | ||||||||||||||||||||||||
Consumer - Indirect automobile | — | — | — | 16 | ||||||||||||||||||||||||
Total impaired loans without valuation allowance | 11,896 | 12,274 | — | 5,342 | ||||||||||||||||||||||||
Impaired loans with valuation allowance: | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | 2,437 | 2,448 | 341 | 319 | ||||||||||||||||||||||||
Multi-family and commercial | 1,324 | 1,414 | 185 | 1,324 | ||||||||||||||||||||||||
Commercial business - Other | 8 | 8 | 4 | 8 | ||||||||||||||||||||||||
Total impaired loans with valuation allowance | 3,769 | 3,870 | 530 | 1,651 | ||||||||||||||||||||||||
Total impaired loans | $ | 15,665 | $ | 16,144 | $ | 530 | $ | 6,993 | ||||||||||||||||||||
(1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. | ||||||||||||||||||||||||||||
(2) Includes loans acquired with deteriorated credit quality from the Newport merger. | ||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
December 31, 2012 | Recorded | Unpaid | Related | Nonaccrual | ||||||||||||||||||||||||
Investment | Principal | Allowance | Loans | |||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Impaired loans without valuation allowance: | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 3,866 | $ | 4,013 | $ | — | $ | 3,855 | ||||||||||||||||||||
Multi-family and commercial | 4,407 | 4,407 | — | 1,522 | ||||||||||||||||||||||||
Commercial business - Other | 546 | 546 | — | 470 | ||||||||||||||||||||||||
Consumer - Home equity | 361 | 435 | — | 366 | ||||||||||||||||||||||||
Total impaired loans without valuation allowance | 9,180 | 9,401 | — | 6,213 | ||||||||||||||||||||||||
Impaired loans with valuation allowance: | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | 3,125 | 3,125 | 454 | 1,133 | ||||||||||||||||||||||||
Multi-family and commercial | 1,466 | 1,556 | 88 | 236 | ||||||||||||||||||||||||
Commercial business - Other | 72 | 72 | 39 | 72 | ||||||||||||||||||||||||
Total impaired loans with valuation allowance | 4,663 | 4,753 | 581 | 1,441 | ||||||||||||||||||||||||
Total impaired loans | $ | 13,843 | $ | 14,154 | $ | 581 | $ | 7,654 | ||||||||||||||||||||
Additional Information Related to Impaired Loans | ' | |||||||||||||||||||||||||||
Additional information related to impaired loans is as follows: | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Interest Income Recognized on Cash Basis | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 6,940 | $ | 257 | $ | 180 | ||||||||||||||||||||||
Multi-family and commercial | 5,653 | 164 | — | |||||||||||||||||||||||||
Commercial business - Other | 924 | 23 | 5 | |||||||||||||||||||||||||
Consumer - Home equity | 224 | 36 | 36 | |||||||||||||||||||||||||
Total | $ | 13,741 | $ | 480 | $ | 221 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 6,113 | $ | 151 | $ | 126 | ||||||||||||||||||||||
Multi-family and commercial | 8,048 | 260 | 32 | |||||||||||||||||||||||||
Commercial business - Other | 602 | 4 | 2 | |||||||||||||||||||||||||
Consumer - Home equity | 413 | 4 | 4 | |||||||||||||||||||||||||
Total | $ | 15,176 | $ | 419 | $ | 164 | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | 5,739 | $ | 64 | $ | 29 | ||||||||||||||||||||||
Multi-family and commercial | 8,035 | 312 | — | |||||||||||||||||||||||||
Commercial business - Other | 421 | — | — | |||||||||||||||||||||||||
Consumer - Home equity | 196 | — | — | |||||||||||||||||||||||||
Total | $ | 14,391 | $ | 376 | $ | 29 | ||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | |||||||||||||||||||||||||||
The following tables present the Company’s loans by risk rating at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||
December 31, 2013 | Not Rated | Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | — | $ | 441,646 | $ | 1,296 | $ | 6,870 | $ | — | $ | — | $ | 449,812 | ||||||||||||||
Multi-family and commercial | — | 250,667 | 18,363 | 16,630 | — | — | 285,660 | |||||||||||||||||||||
Construction | — | 10,162 | — | — | — | — | 10,162 | |||||||||||||||||||||
Total real estate loans | — | 702,475 | 19,659 | 23,500 | — | — | 745,634 | |||||||||||||||||||||
Commercial business loans: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 137,578 | — | — | — | — | — | 137,578 | |||||||||||||||||||||
Time share | — | 28,615 | — | — | — | — | 28,615 | |||||||||||||||||||||
Condominium association | — | 18,442 | — | — | — | — | 18,442 | |||||||||||||||||||||
Other | — | 63,959 | 2,230 | 3,516 | — | — | 69,705 | |||||||||||||||||||||
Total commercial business loans | 137,578 | 111,016 | 2,230 | 3,516 | — | — | 254,340 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity | — | 44,117 | 66 | 101 | — | — | 44,284 | |||||||||||||||||||||
Indirect automobile | — | 6,338 | — | 16 | — | — | 6,354 | |||||||||||||||||||||
Other | — | 2,116 | — | — | — | — | 2,116 | |||||||||||||||||||||
Total consumer loans | — | 52,571 | 66 | 117 | — | — | 52,754 | |||||||||||||||||||||
Total loans | $ | 137,578 | $ | 866,062 | $ | 21,955 | $ | 27,133 | $ | — | $ | — | $ | 1,052,728 | ||||||||||||||
December 31, 2012 | Not Rated | Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | $ | — | $ | 222,262 | $ | 723 | $ | 7,679 | $ | — | $ | — | $ | 230,664 | ||||||||||||||
Multi-family and commercial | — | 185,141 | 5,321 | 11,489 | — | — | 201,951 | |||||||||||||||||||||
Construction | — | 3,284 | — | — | — | — | 3,284 | |||||||||||||||||||||
Total real estate loans | — | 410,687 | 6,044 | 19,168 | — | — | 435,899 | |||||||||||||||||||||
Commercial business loans: | ||||||||||||||||||||||||||||
SBA and USDA guaranteed | 148,385 | — | — | — | — | — | 148,385 | |||||||||||||||||||||
Time share | — | 23,310 | — | — | — | — | 23,310 | |||||||||||||||||||||
Condominium association | — | 15,493 | — | — | — | — | 15,493 | |||||||||||||||||||||
Other | — | 22,244 | 3,399 | 696 | — | — | 26,339 | |||||||||||||||||||||
Total commercial business loans | 148,385 | 61,047 | 3,399 | 696 | — | — | 213,527 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity | — | 27,960 | — | 415 | — | — | 28,375 | |||||||||||||||||||||
Indirect automobile | — | 9,652 | — | — | — | — | 9,652 | |||||||||||||||||||||
Other | — | 2,353 | — | — | — | — | 2,353 | |||||||||||||||||||||
Total consumer loans | — | 39,965 | — | 415 | — | — | 40,380 | |||||||||||||||||||||
Total loans | $ | 148,385 | $ | 511,699 | $ | 9,443 | $ | 20,279 | $ | — | $ | — | $ | 689,806 | ||||||||||||||
Loans Modified as Troubled Debt Restructurings | ' | |||||||||||||||||||||||||||
The following table provides information on loans modified as a TDR during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Allowance for | Allowance for | |||||||||||||||||||||||||||
Number | Recorded | Loan Losses | Number | Recorded | Loan Losses | |||||||||||||||||||||||
of Loans | Investment | (End of Period) | of Loans | Investment | (End of Period) | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Residential - 1 to 4 family | 1 | $ | 152 | $ | 17 | 16 | $ | 2,507 | $ | 296 | ||||||||||||||||||
Multi-family and commercial | — | — | — | 1 | 77 | — | ||||||||||||||||||||||
Total | 1 | $ | 152 | $ | 17 | 17 | $ | 2,584 | $ | 296 | ||||||||||||||||||
Schedule of Loans Acquired with Evidence of Deteriorated Credit Quality [Table Text Block] | ' | |||||||||||||||||||||||||||
The following is a summary of loans acquired with evidence of credit deterioration from Newport as of | ||||||||||||||||||||||||||||
December 31, 2013. | ||||||||||||||||||||||||||||
Contractual Required Payments Receivable | Cash Expected To Be Collected | Non-Accretable Discount | Accretable Yield | Loans Receivable | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Balance at acquisition date of September 6, 2013 | $ | 8,112 | $ | 6,885 | $ | 1,227 | $ | — | $ | 6,885 | ||||||||||||||||||
2013 Collections | (336 | ) | (336 | ) | — | — | (336 | ) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 7,776 | $ | 6,549 | $ | 1,227 | $ | — | $ | 6,549 | ||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | |||||||||||||||||||||||||||
The following table provides the recorded investment, by type of modification, for modified loans identified as TDRs during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Interest rate adjustments | $ | — | $ | 917 | ||||||||||||||||||||||||
Combination of rate and payment (1) | — | 869 | ||||||||||||||||||||||||||
Combination of rate and maturity (2) | 152 | 721 | ||||||||||||||||||||||||||
Maturity only | — | 77 | ||||||||||||||||||||||||||
Total | $ | 152 | $ | 2,584 | ||||||||||||||||||||||||
(1) Terms include combination of interest rate adjustments and interest-only payments with deferral of principal. | ||||||||||||||||||||||||||||
(2) Terms include combination of interest rate adjustments and extensions of maturity. | ||||||||||||||||||||||||||||
Schedule of Servicing Assets at Amortized Value | ' | |||||||||||||||||||||||||||
The following summarizes activity in capitalized mortgage servicing rights: | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,313 | $ | 1,177 | $ | 977 | ||||||||||||||||||||||
Additions | 384 | 427 | 460 | |||||||||||||||||||||||||
Amortization | (343 | ) | (291 | ) | (260 | ) | ||||||||||||||||||||||
Balance at end of year | $ | 1,354 | $ | 1,313 | $ | 1,177 | ||||||||||||||||||||||
Fair value of mortgage servicing assets | $ | 1,918 | $ | 1,349 | $ | 1,462 | ||||||||||||||||||||||
OTHER_REAL_ESTATE_OWNED_Other_
OTHER REAL ESTATE OWNED Other Real Estate Owned (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Real Estate Owned [Abstract] | ' | |||||||||||
Other Real Estate Owned [Table Text Block] | ' | |||||||||||
A summary of expenses applicable to other real estate operations for the years ended December 31, 2013, 2012 and 2011, is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Net loss from sales or write-downs of other real estate owned | $ | 43 | $ | 60 | $ | 236 | ||||||
Other real estate expense, net of rental income | 521 | 441 | 540 | |||||||||
Expense from other real estate operations, net | $ | 564 | $ | 501 | $ | 776 | ||||||
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Classification | Estimated Useful Lives | |||||||
Buildings | 5 to 40 years | |||||||
Furniture and equipment | 3 to 10 years | |||||||
Leasehold improvements | 5 to 20 years | |||||||
Premises and equipment at December 31, 2013 and 2012 are summarized as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Land | $ | 4,311 | $ | 2,098 | ||||
Buildings | 11,497 | 7,052 | ||||||
Leasehold improvements | 10,762 | 7,563 | ||||||
Furniture and equipment | 12,549 | 10,867 | ||||||
Construction in process | 45 | 84 | ||||||
39,164 | 27,664 | |||||||
Accumulated depreciation and amortization | (18,074 | ) | (16,448 | ) | ||||
Premises and equipment, net | $ | 21,090 | $ | 11,216 | ||||
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of Goodwill | ' | |||||||||||
Goodwill for the years ended December 31, 2013, 2012 and 2011 is summarized as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Balance at beginning of year | $ | 3,451 | $ | 4,094 | $ | 4,094 | ||||||
Acquisition of Newport | 7,762 | — | — | |||||||||
Disposal of SI Trust Servicing | — | (643 | ) | — | ||||||||
Balance at end of year | $ | 11,213 | $ | 3,451 | $ | 4,094 | ||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||
Core deposit intangibles are summarized as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In Thousands) | ||||||||||||
Core deposit intangible | $ | 8,573 | $ | 159 | ||||||||
Accumulated amortization | (220 | ) | (159 | ) | ||||||||
Core deposit intangible, net | $ | 8,353 | $ | — | ||||||||
DEPOSITS_DEPOSITS_Tables
DEPOSITS DEPOSITS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deposits [Abstract] | ' | ||||||||||||
Schedule Of Deposits | ' | ||||||||||||
A summary of deposit balances, by type, at December 31, 2013 and 2012 is as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Noninterest-bearing demand deposits | $ | 139,428 | $ | 89,834 | |||||||||
Interest-bearing accounts: | |||||||||||||
Business checking | — | 2 | |||||||||||
NOW and money market accounts | 449,675 | 300,050 | |||||||||||
Savings accounts | 45,090 | 38,026 | |||||||||||
Certificates of deposit (1) | 350,556 | 277,236 | |||||||||||
Total interest-bearing accounts | 845,321 | 615,314 | |||||||||||
Total deposits | $ | 984,749 | $ | 705,148 | |||||||||
( 1) Includes brokered deposits of $20.7 million and $4.2 million at December 31, 2013 and 2012, respectively. | |||||||||||||
Schedule Of Time Deposits Maturities | ' | ||||||||||||
Contractual maturities of certificates of deposit as of December 31, 2013 are summarized below (in thousands). | |||||||||||||
2014 | $ | 135,371 | |||||||||||
2015 | 96,386 | ||||||||||||
2016 | 61,252 | ||||||||||||
2017 | 31,951 | ||||||||||||
2018 | 22,219 | ||||||||||||
Thereafter | 3,377 | ||||||||||||
Total certificates of deposit | $ | 350,556 | |||||||||||
Schedule of Deposit Interest Expense | ' | ||||||||||||
A summary of interest expense, by account type, for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
NOW and money market accounts | $ | 504 | $ | 627 | $ | 1,294 | |||||||
Savings accounts (1) | 75 | 106 | 197 | ||||||||||
Certificates of deposit (2) | 4,633 | 5,286 | 5,771 | ||||||||||
Total | $ | 5,212 | $ | 6,019 | $ | 7,262 | |||||||
(1) Includes interest expense on mortgagors' and investors' escrow accounts. | |||||||||||||
(2) Includes interest expense on brokered deposits. |
BORROWINGS_Tables
BORROWINGS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Borrowings [Abstract] | ' | ||||||||||||
Contratual Maturities of Borrowings | ' | ||||||||||||
The contractual maturities of borrowings, by year, at December 31, 2013 are as follows: | |||||||||||||
FHLB | Subordinated | Total | |||||||||||
Advances | Debt | ||||||||||||
(Dollars in Thousands) | |||||||||||||
2014 | $ | 38,736 | $ | — | $ | 38,736 | |||||||
2015 | 53,940 | — | 53,940 | ||||||||||
2016 | 42,306 | — | 42,306 | ||||||||||
2017 (1) | 29,290 | — | 29,290 | ||||||||||
2018 | 10,000 | — | 10,000 | ||||||||||
Thereafter | 2,000 | 8,248 | 10,248 | ||||||||||
Total | $ | 176,272 | $ | 8,248 | $ | 184,520 | |||||||
Weighted average rate | 1.57 | % | 4.14 | % | 1.69 | % | |||||||
(1) Includes FHLB advance of $21.5 million that is callable during 2014. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The components of the income tax provision (benefit) for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Current income tax provision: | ||||||||||||
Federal | $ | 971 | $ | 1,338 | $ | 108 | ||||||
State | 4 | 3 | 4 | |||||||||
Total current income tax provision | 975 | 1,341 | 112 | |||||||||
Deferred income tax (benefit) provision: | ||||||||||||
Federal | (1,073 | ) | (1,100 | ) | 891 | |||||||
Total deferred income tax (benefit) provision | (1,073 | ) | (1,100 | ) | 891 | |||||||
Total income tax (benefit) provision | $ | (98 | ) | $ | 241 | $ | 1,003 | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
A reconciliation of the anticipated income tax provision (benefit), based on the statutory tax rate of 34.0%, to the income tax provision (benefit) as reported in the consolidated statements of operations is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in Thousands) | ||||||||||||
Income tax (benefit) provision at statutory tax rate | $ | (324 | ) | $ | 462 | $ | 1,162 | |||||
Increase (decrease) resulting from: | ||||||||||||
Dividends received deduction | (7 | ) | (2 | ) | (13 | ) | ||||||
Bank-owned life insurance | (136 | ) | (215 | ) | (139 | ) | ||||||
Tax-exempt income | (56 | ) | (26 | ) | (39 | ) | ||||||
Compensation and employee benefit plans | 162 | 81 | 35 | |||||||||
Nondeductible expenses | 317 | 5 | 8 | |||||||||
Tax credits/adjustments | (56 | ) | (63 | ) | — | |||||||
State taxes, net of federal tax benefit | 2 | 2 | 2 | |||||||||
Other | — | (3 | ) | (13 | ) | |||||||
Total income tax (benefit) provision | $ | (98 | ) | $ | 241 | $ | 1,003 | |||||
Effective tax rate | 10.3 | % | 17.8 | % | 29.3 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In Thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 3,919 | $ | 2,303 | ||||||||
Unrealized losses on available for sale securities | 931 | 659 | ||||||||||
Depreciation of premises and equipment | 2,331 | 765 | ||||||||||
Other-than-temporary impairment | 455 | 452 | ||||||||||
Impairment - long lived asset | — | 133 | ||||||||||
Deferred compensation | 5,686 | 2,313 | ||||||||||
Employee benefit plans | 904 | 380 | ||||||||||
Capital loss carry-forward | 303 | 65 | ||||||||||
Alternative minimum tax credit carry-forward | 168 | — | ||||||||||
Net operating loss carry-forward | 81 | — | ||||||||||
Interest receivable on nonaccrual loans | 139 | 159 | ||||||||||
Deferred other real estate owned expenses | 21 | 38 | ||||||||||
Net unrealized loss on derivative instruments | 160 | 284 | ||||||||||
Other | 361 | 304 | ||||||||||
Total deferred tax assets | 15,459 | 7,855 | ||||||||||
Less valuation allowance | (349 | ) | (49 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | 15,110 | 7,806 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized gains on available for sale securities | 600 | 1,546 | ||||||||||
Goodwill and other intangibles | 3,377 | 330 | ||||||||||
Deferred loan costs | 407 | 844 | ||||||||||
Mortgage servicing asset | 460 | 447 | ||||||||||
Merger expenses and purchase adjustments | 561 | — | ||||||||||
Total deferred tax liabilities | 5,405 | 3,167 | ||||||||||
Deferred tax asset, net | $ | 9,705 | $ | 4,639 | ||||||||
BENEFIT_PLANS_Tables
BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Maturities of ESOP Debt [Table Text Block] | ' | ||||||||
At December 31, 2013, the remaining principal balance on the ESOP debt is payable as follows (in thousands): | |||||||||
2014 | $ | 475 | |||||||
2015 | 495 | ||||||||
2016 | 516 | ||||||||
2017 | 539 | ||||||||
2018 | 563 | ||||||||
Thereafter | 2,557 | ||||||||
Total | $ | 5,145 | |||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | ' | ||||||||
Shares held by the ESOP include the following at December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars In Thousands) | |||||||||
Allocated | 214,146 | 184,674 | |||||||
Committed to be allocated | 48,637 | 48,637 | |||||||
Unallocated | 507,801 | 556,438 | |||||||
Total shares | 770,584 | 789,749 | |||||||
Fair value of unallocated shares | $ | 6,119 | $ | 6,399 | |||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
The fair value of each option was determined at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions: | |||||||||
2012 | 2011 | ||||||||
Expected term (years) | 10 | 10 | |||||||
Expected dividend yield | 1.45 | % | 1.7 | % | |||||
Expected volatility | 24.06 | % | 39.27 | % | |||||
Risk-free interest rate | 1.86 | % | 3.36 | % | |||||
Fair value of options granted | $ | 2.96 | $ | 4.04 | |||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
The following is a summary of activity for the Company’s stock options for the year ended December 31, 2013: | |||||||||
Shares | Weighted | Weighted | |||||||
Average | Average | ||||||||
Exercise | Remaining | ||||||||
Price | Contractual | ||||||||
Term | |||||||||
(in years) | |||||||||
Options outstanding at beginning of year | 905,599 | $ | 10.73 | ||||||
Options exercised | (11,388 | ) | 8.22 | ||||||
Options forfeited | (41,166 | ) | 10.55 | ||||||
Options outstanding at end of year | 853,045 | 10.78 | 5.37 | ||||||
Options exercisable at end of year | 499,096 | 10.95 | 3.18 | ||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||
The following table presents the summary of activity for the Company’s unvested restricted shares for the year ended December 31, 2013. | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Grant | |||||||||
Date Fair | |||||||||
Value | |||||||||
Unvested restricted shares at beginning of year | 173,102 | $ | 10.87 | ||||||
Restricted shares granted | 8,000 | 11.77 | |||||||
Restricted shares vested | (25,334 | ) | 10.58 | ||||||
Restricted shares forfeited | (5,273 | ) | 9.91 | ||||||
Unvested restricted shares at end of year | 150,495 | 11.01 | |||||||
OTHER_COMMITMENTS_AND_CONTINGE1
OTHER COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Outstanding Financial Instruments Contract Amounts Represent Credit Risk | ' | |||||||
Financial instruments whose contract amounts represent credit risk at December 31, 2013 and 2012 were as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Commitments to extend credit: | ||||||||
Commitments to originate loans | $ | 8,742 | $ | 11,123 | ||||
Undisbursed construction loans | 9,193 | 3,406 | ||||||
Undisbursed home equity lines of credit | 41,031 | 23,019 | ||||||
Undisbursed commercial lines of credit | 59,930 | 23,842 | ||||||
Overdraft protection lines | 1,221 | 1,190 | ||||||
Standby letters of credit | 81 | 611 | ||||||
Total commitments | $ | 120,198 | $ | 63,191 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||
At December 31, 2013, future minimum rental commitments pursuant to the terms of noncancelable lease agreements, by year and in the aggregate, are as follows (in thousands): | ||||||||
2014 | $ | 1,617 | ||||||
2015 | 1,452 | |||||||
2016 | 1,291 | |||||||
2017 | 1,130 | |||||||
2018 | 1,013 | |||||||
Thereafter | 8,424 | |||||||
Total | $ | 14,927 | ||||||
Schedule of Future Minimum Rental Payments Receivable [Table Text Block] | ' | |||||||
At December 31, 2013, future minimum lease payments receivable for the noncancelable lease agreement is as follows: | ||||||||
2014 | $ | 19 | ||||||
2015 | 19 | |||||||
2016 | 19 | |||||||
2017 | 19 | |||||||
2018 | 19 | |||||||
Thereafter | 106 | |||||||
Total | $ | 201 | ||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule of Related Party Transactions | ' | |||||||
Changes in loans outstanding to such related parties during the years ended December 31, 2013 and 2012 are as follows: | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Balance at beginning of year | $ | 1,948 | $ | 2,063 | ||||
Additions | 426 | 362 | ||||||
Repayments | (345 | ) | (477 | ) | ||||
Balance at end of year | $ | 2,029 | $ | 1,948 | ||||
REGULATORY_CAPITAL_Tables
REGULATORY CAPITAL (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | ||||||||||||||||||||
The Bank's actual capital amounts and ratios at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||
December 31, 2013 | Actual | For Capital | To Be Well | ||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Tier I Capital Ratio | $ | 117,477 | 8.94 | % | $ | 52,550 | 4 | % | $ | 65,688 | 5 | % | |||||||||
Tier I Risk-based Capital Ratio | 117,477 | 14.71 | 31,936 | 4 | 47,905 | 6 | |||||||||||||||
Total Risk-based Capital Ratio | 124,964 | 15.65 | 63,873 | 8 | 79,841 | 10 | |||||||||||||||
Tangible Equity Ratio | 117,477 | 8.94 | 19,706 | 1.5 | N/A | N/A | |||||||||||||||
December 31, 2012 | Actual | For Capital | To Be Well | ||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Tier I Capital Ratio | $ | 103,547 | 11.08 | % | $ | 37,382 | 4 | % | $ | 46,727 | 5 | % | |||||||||
Tier I Risk-based Capital Ratio | 103,547 | 20.2 | 20,504 | 4 | 30,757 | 6 | |||||||||||||||
Total Risk-based Capital Ratio | 109,751 | 21.41 | 41,009 | 8 | 51,262 | 10 | |||||||||||||||
Tangible Equity Ratio | 103,547 | 11.08 | 14,018 | 1.5 | N/A | N/A | |||||||||||||||
Reconciliation of US GAAP and Bank Equity | ' | ||||||||||||||||||||
Reconciliations of the Company’s total capital to the Bank’s regulatory capital are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Total capital per consolidated financial statements | $ | 152,842 | $ | 125,759 | |||||||||||||||||
Holding company equity not available for regulatory capital | (14,336 | ) | (15,811 | ) | |||||||||||||||||
Accumulated losses (gains) on available for sale securities | 689 | (1,619 | ) | ||||||||||||||||||
Intangible assets | (19,566 | ) | (3,451 | ) | |||||||||||||||||
Disallowed servicing asset | — | (100 | ) | ||||||||||||||||||
Disallowed deferred tax asset | (2,152 | ) | (1,231 | ) | |||||||||||||||||
Total tier 1 capital | 117,477 | 103,547 | |||||||||||||||||||
Adjustments for total capital: | |||||||||||||||||||||
Allowance for loan and credit losses | 7,487 | 6,204 | |||||||||||||||||||
Total capital per regulatory reporting | $ | 124,964 | $ | 109,751 | |||||||||||||||||
OTHER_COMPREHENSIVE_INCOME_LOS1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||
Components of other comprehensive income (loss) and related tax effects are as follows: | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Securities: | ||||||||||||
Unrealized holding losses on available for sale securities | $ | (5,012 | ) | $ | 1,704 | $ | (3,308 | ) | ||||
Reclassification adjustment for losses realized in net loss | 1,155 | (393 | ) | 762 | ||||||||
Credit portion of OTTI losses recognized in net loss | 8 | (3 | ) | 5 | ||||||||
Noncredit portion of OTTI gains on available for sale securities | 266 | (90 | ) | 176 | ||||||||
Unrealized holding losses on available for sale securities, net of taxes | (3,583 | ) | 1,218 | (2,365 | ) | |||||||
Derivative instrument: | ||||||||||||
Change in fair value of effective cash flow hedging derivative | 158 | (54 | ) | 104 | ||||||||
Other comprehensive loss | $ | (3,425 | ) | $ | 1,164 | $ | (2,261 | ) | ||||
Year Ended December 31, 2012 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Securities: | ||||||||||||
Unrealized holding gains on available for sale securities | $ | 1,905 | $ | (647 | ) | $ | 1,258 | |||||
Reclassification adjustment for gains realized in net income | (273 | ) | 93 | (180 | ) | |||||||
Credit portion of OTTI losses recognized in net income | 123 | (42 | ) | 81 | ||||||||
Noncredit portion of OTTI gains on available for sale securities | 1,416 | (482 | ) | 934 | ||||||||
Unrealized holding gains on available for sale securities, net of taxes | 3,171 | (1,078 | ) | 2,093 | ||||||||
Derivative instrument: | ||||||||||||
Change in fair value of effective cash flow hedging derivative | (8 | ) | 3 | (5 | ) | |||||||
Other comprehensive income | $ | 3,163 | $ | (1,075 | ) | $ | 2,088 | |||||
Year Ended December 31, 2011 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Securities: | ||||||||||||
Unrealized holding gains on available for sale securities | $ | 3,058 | $ | (1,040 | ) | $ | 2,018 | |||||
Reclassification adjustment for gains realized in net income | (486 | ) | 165 | (321 | ) | |||||||
Credit portion of OTTI losses recognized in net income | 148 | (50 | ) | 98 | ||||||||
Noncredit portion of OTTI losses on available for sale securities | (1,730 | ) | 588 | (1,142 | ) | |||||||
Unrealized holding gains on available for sale securities, net of taxes | 990 | (337 | ) | 653 | ||||||||
Derivative instrument: | ||||||||||||
Change in fair value of effective cash flow hedging derivative | (333 | ) | 113 | (220 | ) | |||||||
Other comprehensive loss | $ | 657 | $ | (224 | ) | $ | 433 | |||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The components of accumulated other comprehensive (loss) income included in shareholders’ equity are as follows: | ||||||||||||
December 31, 2013 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Net unrealized losses on available for sale securities | $ | (973 | ) | $ | 331 | $ | (642 | ) | ||||
Net unrealized loss on effective cash flow hedging derivative | (312 | ) | 106 | (206 | ) | |||||||
Accumulated other comprehensive loss | $ | (1,285 | ) | $ | 437 | $ | (848 | ) | ||||
December 31, 2012 | ||||||||||||
Before Tax | Tax | Net of Tax | ||||||||||
Amount | Effects | Amount | ||||||||||
(In Thousands) | ||||||||||||
Net unrealized gains on available for sale securities | $ | 2,876 | $ | (977 | ) | $ | 1,899 | |||||
Noncredit portion of OTTI losses on available for sale securities | (266 | ) | 90 | (176 | ) | |||||||
Net unrealized loss on effective cash flow hedging derivative | (470 | ) | 160 | (310 | ) | |||||||
Accumulated other comprehensive income | $ | 2,140 | $ | (727 | ) | $ | 1,413 | |||||
FAIR_VALUE_OF_ASSETS_AND_LIABI1
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||
The following table presents assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012. The Company had no significant transfers into or out of Levels 1, 2 or 3 during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 8,975 | $ | 45,570 | $ | — | $ | 54,545 | ||||||||||||||||
Government-sponsored enterprises | — | 26,292 | — | 26,292 | ||||||||||||||||||||
Mortgage-backed securities | — | 76,671 | — | 76,671 | ||||||||||||||||||||
Corporate debt securities | — | 3,798 | — | 3,798 | ||||||||||||||||||||
Collateralized debt obligations | — | — | 1,191 | 1,191 | ||||||||||||||||||||
Obligations of state and political subdivisions | — | 4,123 | — | 4,123 | ||||||||||||||||||||
Tax-exempt securities | — | 3,575 | — | 3,575 | ||||||||||||||||||||
Foreign government securities | — | 25 | — | 25 | ||||||||||||||||||||
Forward loan sale commitments and derivative loan commitments | — | — | 22 | 22 | ||||||||||||||||||||
Total assets | $ | 8,975 | $ | 160,054 | $ | 1,213 | $ | 170,242 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate swap agreements | $ | — | $ | 486 | $ | — | $ | 486 | ||||||||||||||||
Total liabilities | $ | — | $ | 486 | $ | — | $ | 486 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 1,035 | $ | 55,224 | $ | — | $ | 56,259 | ||||||||||||||||
Government-sponsored enterprises | — | 23,967 | — | 23,967 | ||||||||||||||||||||
Mortgage-backed securities | — | 78,733 | — | 78,733 | ||||||||||||||||||||
Corporate debt securities | — | 7,694 | — | 7,694 | ||||||||||||||||||||
Collateralized debt obligations | — | — | 4,396 | 4,396 | ||||||||||||||||||||
Obligations of state and political subdivisions | — | 5,414 | — | 5,414 | ||||||||||||||||||||
Foreign government securities | — | 50 | — | 50 | ||||||||||||||||||||
Forward loan sale commitments and derivative loan commitments | — | — | 17 | 17 | ||||||||||||||||||||
Total assets | $ | 1,035 | $ | 171,082 | $ | 4,413 | $ | 176,530 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Forward loan sale commitments and derivative loan commitments | $ | — | $ | — | $ | 4 | $ | 4 | ||||||||||||||||
Interest rate swap agreement | — | 849 | — | 849 | ||||||||||||||||||||
Total liabilities | $ | — | $ | 849 | $ | 4 | $ | 853 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||
The following table shows a reconciliation of the beginning and ending balances for Level 3 assets (liabilities): | ||||||||||||||||||||||||
Collateralized | Derivatives and | |||||||||||||||||||||||
Debt | Forward Loan Sale | |||||||||||||||||||||||
Obligations | Commitments, Net | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 2,917 | $ | (8 | ) | |||||||||||||||||||
Total unrealized gains included in other comprehensive income | 1,479 | 21 | ||||||||||||||||||||||
Balance at December 31, 2012 | 4,396 | 13 | ||||||||||||||||||||||
Total unrealized (losses) gains included in other comprehensive loss | (17 | ) | 9 | |||||||||||||||||||||
Sales | (3,188 | ) | — | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,191 | $ | 22 | ||||||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | |||||||||||||||||||||||
The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets as of December 31, 2013 and 2012. There were no liabilities measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 1,384 | $ | — | $ | — | $ | 1,616 | ||||||||||||
Other real estate owned | — | — | 2,429 | — | — | 1,293 | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | 3,813 | $ | — | $ | — | $ | 2,909 | ||||||||||||
Fair Value, Nonrecurring Gain Loss Adjustments | ' | |||||||||||||||||||||||
The following table summarizes losses resulting from fair value adjustments for assets measured at fair value on a nonrecurring basis. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Impaired loans | $ | 404 | $ | 367 | $ | 998 | ||||||||||||||||||
Other real estate owned | 39 | 28 | 175 | |||||||||||||||||||||
Total assets | $ | 443 | $ | 395 | $ | 1,173 | ||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||||||
As of December 31, 2013 and 2012, the recorded carrying amounts and estimated fair values of the Company's financial instruments are as follows: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Amount | ||||||||||||||||||||||||
Financial Assets: | (In Thousands) | |||||||||||||||||||||||
Cash and cash equivalents | $ | 27,321 | $ | 27,321 | $ | — | $ | — | $ | 27,321 | ||||||||||||||
Available for sale securities | 170,220 | 8,975 | 160,054 | 1,191 | 170,220 | |||||||||||||||||||
Loans held for sale | 1,764 | — | — | 1,766 | 1,766 | |||||||||||||||||||
Loans receivable, net | 1,047,410 | — | — | 1,050,834 | 1,050,834 | |||||||||||||||||||
Federal Home Loan Bank stock | 13,109 | — | — | 13,109 | 13,109 | |||||||||||||||||||
Accrued interest receivable | 4,021 | — | — | 4,021 | 4,021 | |||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Deposits | 984,749 | — | — | 987,705 | 987,705 | |||||||||||||||||||
Mortgagors' and investors' escrow accounts | 3,214 | — | — | 3,214 | 3,214 | |||||||||||||||||||
Federal Home Loan Bank advances | 176,272 | — | 178,448 | — | 178,448 | |||||||||||||||||||
Junior subordinated debt owed to unconsolidated trust | 8,248 | — | 6,337 | — | 6,337 | |||||||||||||||||||
On-balance Sheet Derivative Financial Instruments: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Derivative loan commitments | 14 | — | — | 14 | 14 | |||||||||||||||||||
Forward loan sale commitments | 8 | — | — | 8 | 8 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate swap agreements | 486 | — | 486 | — | 486 | |||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Amount | ||||||||||||||||||||||||
Financial Assets: | (In Thousands) | |||||||||||||||||||||||
Cash and cash equivalents | $ | 37,689 | $ | 37,689 | $ | — | $ | — | $ | 37,689 | ||||||||||||||
Available for sale securities | 176,513 | 1,035 | 171,082 | 4,396 | 176,513 | |||||||||||||||||||
Loans held for sale | 5,069 | — | — | 5,232 | 5,232 | |||||||||||||||||||
Loans receivable, net | 685,163 | — | — | 703,925 | 703,925 | |||||||||||||||||||
Federal Home Loan Bank stock | 8,078 | — | — | 8,078 | 8,078 | |||||||||||||||||||
Accrued interest receivable | 3,215 | — | — | 3,215 | 3,215 | |||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Deposits | 705,148 | — | — | 709,357 | 709,357 | |||||||||||||||||||
Mortgagors' and investors' escrow accounts | 3,207 | — | — | 3,207 | 3,207 | |||||||||||||||||||
Federal Home Loan Bank advances | 97,699 | — | 102,919 | — | 102,919 | |||||||||||||||||||
Junior subordinated debt owed to unconsolidated trust | 8,248 | — | 5,268 | — | 5,268 | |||||||||||||||||||
On-balance Sheet Derivative Financial Instruments: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Derivative loan commitments | 13 | — | — | 13 | 13 | |||||||||||||||||||
Forward loan sale commitments | 4 | — | — | 4 | 4 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative loan commitments | 3 | — | — | 3 | 3 | |||||||||||||||||||
Forward loan sale commitments | 1 | — | — | 1 | 1 | |||||||||||||||||||
Interest rate swap agreement | 849 | — | 849 | — | 849 | |||||||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments Designated as Hedging Instruments [Table Text Block] | ' | ||||||||||||||||
At December 31, 2013 and 2012, the information pertaining to the outstanding interest rate swap agreement used to hedge variable rate debt is as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Notional amount | $ | 8,000 | $ | 8,000 | |||||||||||||
Weighted average fixed pay rate | 2.44 | % | 2.44 | % | |||||||||||||
Weighted average variable receive rate | 0.24 | % | 0.31 | % | |||||||||||||
Weighted average maturity in years | 2 | 3 | |||||||||||||||
Unrealized loss relating to interest rate swap | $ | 312 | $ | 470 | |||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||
At December 31, 2013 and 2012 information pertaining to the Company's interest rate swap agreement not designated as a hedge is as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Notional amount | $ | 15,000 | $ | 15,000 | |||||||||||||
Weighted average fixed pay rate | 1.26 | % | 1.26 | % | |||||||||||||
Weighted average variable receive rate | 0.25 | % | 0.35 | % | |||||||||||||
Weighted average maturity in years | 3 | 4 | |||||||||||||||
Unrealized loss relating to interest rate swap | $ | 174 | $ | 379 | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||
The following table presents the fair values of derivative instruments as well as their classification on the consolidated balance sheets at December 31, 2013 and 2012. | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Balance Sheet Location | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | |||||||||||||
(In Thousands) | |||||||||||||||||
Derivative designated as hedging instrument: | |||||||||||||||||
Interest rate swap | Other Liabilities | $ | 8,000 | $ | (312 | ) | $ | 8,000 | (470 | ) | |||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap | Other Liabilities | 15,000 | (174 | ) | 15,000 | (379 | ) | ||||||||||
Derivative loan commitments | Other Assets | 3,129 | 14 | 7,844 | 10 | ||||||||||||
Forward loan sale commitments | Other Assets | 3,581 | 8 | 5,919 | 3 | ||||||||||||
CONDENSED_FINANCIAL_STATEMENTS1
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule of Parent Company Information Balance Sheet | ' | |||||||||||
December 31, | ||||||||||||
Condensed Balance Sheets | 2013 | 2012 | ||||||||||
Assets: | (In Thousands) | |||||||||||
Cash and cash equivalents | $ | 6,589 | $ | 9,591 | ||||||||
Available for sale securities | 5,082 | 8,380 | ||||||||||
Investment in Savings Institute Bank and Trust Company | 138,506 | 109,948 | ||||||||||
ESOP note receivable | 5,145 | 5,600 | ||||||||||
Taxes receivable | 3,885 | — | ||||||||||
Other assets | 2,322 | 991 | ||||||||||
Total assets | $ | 161,529 | $ | 134,510 | ||||||||
Liabilities and Shareholders' Equity: | ||||||||||||
Liabilities | $ | 8,687 | $ | 8,751 | ||||||||
Shareholders' equity | 152,842 | 125,759 | ||||||||||
Total liabilities and shareholders' equity | $ | 161,529 | $ | 134,510 | ||||||||
Schedule of Parent Company Information Income Statement | ' | |||||||||||
Condensed Statements of Operations | Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Dividend from subsidiary | $ | 24,400 | $ | — | $ | — | ||||||
Interest and dividends on investments | 123 | 159 | 248 | |||||||||
Other income | 276 | 399 | 484 | |||||||||
Total income | 24,799 | 558 | 732 | |||||||||
Operating expenses | 2,152 | 758 | 1,275 | |||||||||
Income (loss) before income taxes and equity in undistributed net income | 22,647 | (200 | ) | (543 | ) | |||||||
Income tax benefit | (418 | ) | (35 | ) | (185 | ) | ||||||
Income (loss) before equity in undistributed net (loss) income of subsidiary | 23,065 | (165 | ) | (358 | ) | |||||||
Equity in undistributed net (loss) income of subsidiary | (23,920 | ) | 1,283 | 2,775 | ||||||||
Net (loss) income | $ | (855 | ) | $ | 1,118 | $ | 2,417 | |||||
Schedule of Parent Company Information Cash Flow | ' | |||||||||||
Condensed Statements of Cash Flows | Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | (In Thousands) | |||||||||||
Net (loss) income | $ | (855 | ) | $ | 1,118 | $ | 2,417 | |||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||
Equity in undistributed (loss) income of subsidiary | 23,920 | (1,283 | ) | (2,775 | ) | |||||||
Excess tax benefit from share-based payment arrangements | (9 | ) | (4 | ) | (3 | ) | ||||||
Deferred income taxes | (1,050 | ) | 60 | (104 | ) | |||||||
Other, net | 211 | 163 | (497 | ) | ||||||||
Cash provided by (used in) operating activities | 22,217 | 54 | (962 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of available for sale securities | — | (1,907 | ) | (8,277 | ) | |||||||
Proceeds from maturities of available for sale securities | 3,165 | 2,069 | 2,000 | |||||||||
Proceeds from sale of available for sale securities | — | 2,025 | 2,300 | |||||||||
Net cash paid for Newport acquisition | (28,272 | ) | — | — | ||||||||
Payments received on ESOP note receivable | 455 | 435 | 421 | |||||||||
Issuance of ESOP note receivable | — | — | (3,141 | ) | ||||||||
Investment in subsidiary | 655 | 499 | (29,450 | ) | ||||||||
Cash (used in) provided by investing activities | (23,997 | ) | 3,121 | (36,147 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Purchase of shares for equity plan | — | (2,238 | ) | — | ||||||||
Stock options exercised | 94 | 10 | — | |||||||||
Common shares repurchased | (98 | ) | (5,301 | ) | (5 | ) | ||||||
Cash dividends on common stock | (1,227 | ) | (1,171 | ) | (1,191 | ) | ||||||
Excess tax benefit from share-based payment arrangements | 9 | 4 | 3 | |||||||||
Net proceeds from common stock offering | — | — | 51,099 | |||||||||
Cash (used in) provided by financing activities | (1,222 | ) | (8,696 | ) | 49,906 | |||||||
Net change in cash and cash equivalents | (3,002 | ) | (5,521 | ) | 12,797 | |||||||
Cash and cash equivalents at beginning of year | 9,591 | 15,112 | 2,315 | |||||||||
Cash and cash equivalents at end of year | $ | 6,589 | $ | 9,591 | $ | 15,112 | ||||||
QUARTERLY_DATA_UNAUDITED_Table
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
Quarterly results of operations for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||
(In Thousands, Except Share Amounts) | |||||||||||||||||||||||||||||||||
Interest and dividend income | $ | 12,184 | $ | 9,151 | $ | 8,302 | $ | 8,555 | $ | 8,863 | $ | 8,862 | $ | 8,878 | $ | 9,221 | |||||||||||||||||
Interest expense | 2,097 | 2,064 | 2,083 | 2,210 | 2,322 | 2,368 | 2,392 | 2,551 | |||||||||||||||||||||||||
Net interest and dividend income | 10,087 | 7,087 | 6,219 | 6,345 | 6,541 | 6,494 | 6,486 | 6,670 | |||||||||||||||||||||||||
Provision for loan losses | 686 | 443 | 55 | 135 | 646 | 1,334 | 432 | 484 | |||||||||||||||||||||||||
Net interest and dividend income after provision for loan losses | 9,401 | 6,644 | 6,164 | 6,210 | 5,895 | 5,160 | 6,054 | 6,186 | |||||||||||||||||||||||||
Noninterest income | 2,560 | 1,233 | 2,072 | 2,440 | 2,398 | 1,232 | 2,326 | 2,761 | |||||||||||||||||||||||||
Noninterest expenses | 10,513 | 10,374 | 8,209 | 8,581 | 7,338 | 7,408 | 7,557 | 8,350 | |||||||||||||||||||||||||
Income (loss) before income taxes | 1,448 | (2,497 | ) | 27 | 69 | 955 | (1,016 | ) | 823 | 597 | |||||||||||||||||||||||
Income tax provision (benefit) | 424 | (755 | ) | 87 | 146 | 210 | (316 | ) | 153 | 194 | |||||||||||||||||||||||
Net income (loss) | $ | 1,024 | $ | (1,742 | ) | $ | (60 | ) | $ | (77 | ) | $ | 745 | $ | (700 | ) | $ | 670 | $ | 403 | |||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 0.08 | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.08 | $ | (0.07 | ) | $ | 0.07 | $ | 0.04 | |||||||||||||
Diluted | $ | 0.08 | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.08 | $ | (0.07 | ) | $ | 0.07 | $ | 0.04 | |||||||||||||
ACQUISITION_OF_NEWPORT_BANCORP1
ACQUISITION OF NEWPORT BANCORP, INC. Acquisition of Newport Bancorp, Inc. (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition (in thousands). | |||||||||
Assets: | |||||||||
Cash and cash equivalents | $ | 21,955 | |||||||
Investment securities | 16,431 | ||||||||
Loans receivable, net | 361,055 | ||||||||
Premises and equipment | 9,726 | ||||||||
Federal Home Loan Bank stock | 5,356 | ||||||||
Goodwill | 7,762 | ||||||||
Core deposit intangible | 8,573 | ||||||||
Other real estate owned | 100 | ||||||||
Bank-owned life insurance | 11,266 | ||||||||
Accrued interest receivable | 848 | ||||||||
Deferred tax asset, net | 2,829 | ||||||||
Other assets | 525 | ||||||||
Total assets acquired | 446,426 | ||||||||
Liabilities: | |||||||||
Deposits | 288,437 | ||||||||
FHLB advances | 74,820 | ||||||||
Repurchase agreement | 15,072 | ||||||||
Accrued expense and other liabilities | 7,102 | ||||||||
Total liabilities assumed | 385,431 | ||||||||
Net assets acquired | $ | 60,995 | |||||||
` | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
The following table summarizes the unaudited pro forma financial results of operations as if the Company acquired Newport on January 1, 2012. Newport's operating results for 2013 included activity through September 6, 2013. | |||||||||
Years Ended December 31, | |||||||||
(In Thousands, Except Per Share Amounts) | 2013 | 2012 | |||||||
Net interest income | $ | 39,735 | $ | 41,614 | |||||
Net income | 2,324 | 3,322 | |||||||
Earnings per share - Basic | 0.19 | 0.27 | |||||||
Earnings per share - Diluted | 0.19 | 0.27 | |||||||
NATURE_OF_BUSINESS_AND_SUMMARY3
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 12, 2011 | Dec. 31, 2013 | Sep. 06, 2013 | Dec. 31, 2012 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' | ' |
Year Founded | ' | '1842 | ' | ' |
Number of Branch Offices | ' | 26 | ' | ' |
Stock Issued During Period, Shares, New Issues | 6,544,493 | ' | ' | ' |
Sale of Stock, Price Per Share | $8 | ' | ' | ' |
Conversion of Stock, Shares Converted | 4,032,356 | ' | ' | ' |
Conversion of Stock, Exchange Ratio Per Share | $0.90 | ' | ' | ' |
Common Stock, Shares, Outstanding | 10,576,849 | 12,798,461 | ' | 10,112,310 |
Business Acquisition, Effective Date of Acquisition | ' | 6-Sep-13 | ' | ' |
Business Acquisition, Number of Branch Offices Added | ' | ' | 6 | ' |
NATURE_OF_BUSINESS_AND_SUMMARY4
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building and Building Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 |
Building and Building Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '40 |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10 |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '20 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 554,029 | 323,011 | 443,026 |
Net (loss) income | $1,024 | ($1,742) | ($60) | ($77) | $745 | ($700) | $670 | $403 | ($855) | $1,118 | $2,417 |
Weighted average common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 10,434,191 | 9,730,797 | 9,988,322 |
Effect of dilutive stock options | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 24,895 | 20,538 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 10,434,191 | 9,755,692 | 10,008,860 |
(Loss) earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.08 | ($0.17) | ($0.01) | ($0.01) | $0.08 | ($0.07) | $0.07 | $0.04 | ($0.08) | $0.11 | $0.24 |
Diluted | $0.08 | ($0.17) | ($0.01) | ($0.01) | $0.08 | ($0.07) | $0.07 | $0.04 | ($0.08) | $0.11 | $0.24 |
RESTRICTIONS_ON_CASH_AND_AMOUN1
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $1,356 | $700 |
Summary_of_Available_for_Sale_
Summary of Available for Sale Securities (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $171,193 | $173,903 | [1] | |
Gross Unrealized Gains | 1,765 | 4,547 | ||
Gross Unrealized Losses | -2,738 | -1,937 | ||
Fair Value | 170,220 | 176,513 | ||
U.S. Government and agency obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 54,228 | 55,027 | [1] | |
Gross Unrealized Gains | 485 | 1,255 | ||
Gross Unrealized Losses | -168 | -23 | ||
Fair Value | 54,545 | 56,259 | ||
Government-sponsored enterprises [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 26,551 | 23,388 | [1] | |
Gross Unrealized Gains | 134 | 579 | ||
Gross Unrealized Losses | -393 | 0 | ||
Fair Value | 26,292 | 23,967 | ||
Mortgage-backed Securities, Agency - residential [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 77,037 | [2] | 69,399 | [1],[2] |
Gross Unrealized Gains | 889 | [2] | 2,211 | [2] |
Gross Unrealized Losses | -1,809 | [2] | -66 | [2] |
Fair Value | 76,117 | [2] | 71,544 | [2] |
Mortgage-backed Securities, Non-agency - residential [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 530 | [2] | 4,784 | [1],[2] |
Gross Unrealized Gains | 26 | [2] | 52 | [2] |
Gross Unrealized Losses | -2 | [2] | -124 | [2] |
Fair Value | 554 | [2] | 4,712 | [2] |
Mortgage-backed Securities, Non-agency - HELOC [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | ' | 2,555 | [1],[2] | |
Gross Unrealized Gains | ' | 0 | [2] | |
Gross Unrealized Losses | ' | -78 | [2] | |
Fair Value | ' | 2,477 | [2] | |
Corporate debt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 3,708 | 7,555 | [1] | |
Gross Unrealized Gains | 90 | 188 | ||
Gross Unrealized Losses | 0 | -49 | ||
Fair Value | 3,798 | 7,694 | ||
Collateralized debt obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 1,210 | 5,993 | [1] | |
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | -19 | -1,597 | ||
Fair Value | 1,191 | 4,396 | ||
Obligations of state and political subdivisions [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 4,063 | 5,152 | [1] | |
Gross Unrealized Gains | 141 | 262 | ||
Gross Unrealized Losses | -81 | 0 | ||
Fair Value | 4,123 | 5,414 | ||
Tax-exempt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 3,841 | ' | ||
Gross Unrealized Gains | 0 | ' | ||
Gross Unrealized Losses | -266 | ' | ||
Fair Value | 3,575 | ' | ||
Foreign government securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 25 | 50 | [1] | |
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair Value | $25 | $50 | ||
[1] | (1) Net of OTTI write-downs recognized in earnings. | |||
[2] | (1) Agency securities refer to debt obligations issued or guaranteed by government corporations or government-sponsored enterprises (bGSEsb). Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by one of the GSEs or the U.S. Government. |
Securities_Narrative_Details
Securities (Narrative) (Details) (US Government and Agency Obligations and Government-sponsored Enterprises [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
US Government and Agency Obligations and Government-sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Pledged Assets Not Separately Reported Securities Pledged for Public Deposits, Amortized Cost | $6 | $4.50 |
Pledged Assets Not Separately Reported Securities Pledged for Public Deposits, Fair Value | $6 | $4.60 |
Debt_Securities_by_Contractual
Debt Securities by Contractual Maturities (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | ' |
Within 1 year, Amortized Cost | $5,783 |
Within 1 year, Fair Value | 5,875 |
After 1 but within 5 years, Amortized Cost | 27,381 |
After 1 but within 5 years, Fair Value | 27,498 |
After 5 but within 10 years, Amortized Cost | 18,259 |
After 5 but within 10 years, Fair Value | 18,095 |
After 10 years, Amortized Cost | 42,203 |
After 10 years, Fair Value | 42,081 |
Available-for-Sale Securities, Debt Maturities, excluding Mortgage-Backed Securities, Amortized Cost | 93,626 |
Available-for-Sale, Debt Securities, excluding Mortgage-Backed Securities | 93,549 |
Mortgage-backed securities, Amortized Cost | 77,567 |
Mortgage-backed securities, Fair Value | 76,671 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 171,193 |
Available-for-sale Securities, Debt Securities | $170,220 |
Summary_of_Realized_GainsLosse
Summary of Realized Gains/Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Gross gains on sales | $626 | $798 | $589 |
Gross losses on sales | -1,781 | -525 | -103 |
Net (loss) gain on sale of securities | -1,155 | 273 | 486 |
Tax provision (benefit) applicable to net gains (losses) on sale of securities | -393 | 93 | 165 |
Proceeds from sales of available for sale securities | $26,115 | $44,033 | $36,883 |
Securities_in_Continuous_Loss_
Securities in Continuous Loss Position (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $77,347 | $8,849 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 2,656 | 45 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,760 | 12,007 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 82 | 1,892 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 82,107 | 20,856 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 2,738 | 1,937 | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 41 | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Other | '0.0323 | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | -8 | -123 | -148 |
U.S. Government and agency obligations [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 21,921 | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 142 | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 883 | 1,367 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 26 | 23 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 22,804 | 1,367 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 168 | 23 | ' |
Government-sponsored enterprises [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,376 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 393 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,376 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 393 | ' | ' |
Mortgage-backed Securities, Agency - residential [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 38,119 | 6,923 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 1,772 | 37 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,686 | 1,404 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 37 | 29 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 40,805 | 8,327 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1,809 | 66 | ' |
Mortgage-backed Securities, Non-agency - residential [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 169 | 1,926 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 2 | 8 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 1,417 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 116 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 169 | 3,343 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 2 | 124 | ' |
Mortgage-backed Securities, Non-agency - HELOC [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 2,477 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 78 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 2,477 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ' | 78 | ' |
Corporate debt securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 946 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 49 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 946 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ' | 49 | ' |
Collateralized debt obligations [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,191 | 4,396 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 19 | 1,597 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,191 | 4,396 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 19 | 1,597 | ' |
Obligations of state and political subdivisions [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,187 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 81 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,187 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 81 | ' | ' |
Tax-exempt securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,575 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 266 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,575 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $266 | ' | ' |
Securities_OTTI_RollForward_De
Securities OTTI Roll-Forward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $259 | $1,207 | $1,093 |
Amounts related to credit losses for which OTTI losses were not previously recognized | 8 | 0 | 148 |
Additional credit losses for which OTTI losses were previously recognized | 0 | 123 | 0 |
Reduction for permanent loss in value of securities during period | 0 | -1,071 | 0 |
Reduction for securities sold during the period (realized) | -267 | 0 | -34 |
Balance at end of period | $0 | $259 | $1,207 |
Loan_Portfolio_Details
Loan Portfolio (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | $1,052,728 | $689,806 | ' | ' |
Allowance for loan losses | -6,916 | -6,387 | ' | ' |
Loans receivable, net | 1,047,410 | 685,163 | ' | ' |
Total real estate loans [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 745,634 | 435,899 | ' | ' |
Real estate: Residential - 1 to 4 family [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 449,812 | 230,664 | ' | ' |
Allowance for loan losses | -975 | -1,125 | -759 | -915 |
Aggregate of loans serviced for others | 217,967 | 195,500 | 178,500 | ' |
Real estate: Multi-family and commercial [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 285,660 | 201,951 | ' | ' |
Allowance for loan losses | -3,395 | -3,028 | -2,337 | -2,700 |
Aggregate of loans serviced for others | 7,700 | 7,900 | ' | ' |
Real estate: Construction [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 10,162 | 3,284 | ' | ' |
Allowance for loan losses | -169 | -22 | -280 | -64 |
Total commercial business loans [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 254,340 | 213,527 | ' | ' |
Allowance for loan losses | -1,875 | -1,735 | -1,148 | -790 |
Financing Receivable, Significant Purchases | 23,000 | 42,900 | ' | ' |
Commercial business: SBA and USDA guaranteed [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 137,578 | 148,385 | ' | ' |
Commercial Business: Time Share Loans [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 28,615 | 23,310 | ' | ' |
Commercial Business: Condominium Loans [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 18,442 | 15,493 | ' | ' |
Commercial business: Other [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 69,705 | 26,339 | ' | ' |
Total consumer loans [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 52,754 | 40,380 | ' | ' |
Allowance for loan losses | -502 | -477 | -446 | -330 |
Consumer: Home equity [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 44,284 | 28,375 | ' | ' |
Consumer: Indirect automobile [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 6,354 | 9,652 | ' | ' |
Financing Receivable, Significant Purchases | ' | 6,861 | ' | ' |
Consumer: Other [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 2,116 | 2,353 | ' | ' |
Deferred loan origination costs, net of fees [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Deferred loan origination costs, net of fees | 1,598 | 1,744 | ' | ' |
Allowance for loan losses [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Allowance for loan losses | ($6,916) | ($6,387) | ($4,970) | ($4,799) |
Allowance_for_Loan_Losses_Deta
Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | $6,387 | ' | ' | ' | ' | $6,387 | ' | ' |
Provision for loan losses | 686 | 443 | 55 | 135 | 646 | 1,334 | 432 | 484 | 1,319 | 2,896 | 1,558 |
Balance at end of period | 6,916 | ' | ' | ' | 6,387 | ' | ' | ' | 6,916 | 6,387 | ' |
Allowance for loan losses [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 6,387 | ' | ' | ' | 4,970 | 6,387 | 4,970 | 4,799 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,319 | 2,896 | 1,558 |
Loans charged-off | ' | ' | ' | ' | ' | ' | ' | ' | -1,057 | -1,817 | -1,726 |
Recoveries of loans previously charged-off | ' | ' | ' | ' | ' | ' | ' | ' | 267 | 338 | 339 |
Balance at end of period | 6,916 | ' | ' | ' | 6,387 | ' | ' | ' | 6,916 | 6,387 | 4,970 |
Real estate: Residential - 1 to 4 family [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 1,125 | ' | ' | ' | 759 | 1,125 | 759 | 915 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 522 | 561 | 530 |
Loans charged-off | ' | ' | ' | ' | ' | ' | ' | ' | -712 | -299 | -686 |
Recoveries of loans previously charged-off | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 104 | 0 |
Balance at end of period | 975 | ' | ' | ' | 1,125 | ' | ' | ' | 975 | 1,125 | 759 |
Real estate: Multi-family and commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 3,028 | ' | ' | ' | 2,337 | 3,028 | 2,337 | 2,700 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 523 | 1,818 | 228 |
Loans charged-off | ' | ' | ' | ' | ' | ' | ' | ' | -228 | -1,267 | -606 |
Recoveries of loans previously charged-off | ' | ' | ' | ' | ' | ' | ' | ' | 72 | 140 | 15 |
Balance at end of period | 3,395 | ' | ' | ' | 3,028 | ' | ' | ' | 3,395 | 3,028 | 2,337 |
Real estate: Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 22 | ' | ' | ' | 280 | 22 | 280 | 64 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 56 | 258 | 15 |
Loans charged-off | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -83 |
Recoveries of loans previously charged-off | ' | ' | ' | ' | ' | ' | ' | ' | 91 | 0 | 284 |
Balance at end of period | 169 | ' | ' | ' | 22 | ' | ' | ' | 169 | 22 | 280 |
Commercial Business [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 1,735 | ' | ' | ' | 1,148 | 1,735 | 1,148 | 790 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 159 | 556 | 588 |
Loans charged-off | ' | ' | ' | ' | ' | ' | ' | ' | -22 | 0 | -267 |
Recoveries of loans previously charged-off | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 31 | 37 |
Balance at end of period | 1,875 | ' | ' | ' | 1,735 | ' | ' | ' | 1,875 | 1,735 | 1,148 |
Consumer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 477 | ' | ' | ' | 446 | 477 | 446 | 330 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 219 | 197 |
Loans charged-off | ' | ' | ' | ' | ' | ' | ' | ' | -95 | -251 | -84 |
Recoveries of loans previously charged-off | ' | ' | ' | ' | ' | ' | ' | ' | 61 | 63 | 3 |
Balance at end of period | $502 | ' | ' | ' | $477 | ' | ' | ' | $502 | $477 | $446 |
Allowance_for_Loan_Losses_Futh
Allowance for Loan Losses, Futher Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Allowance for loans individually evaluated and deemed to be impaired | $530 | $581 | ' | ' |
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 6,386 | 5,806 | ' | ' |
Allowance for loans acquired with deteriorated credit quality | 0 | ' | ' | ' |
Total loan loss allowance | 6,916 | 6,387 | ' | ' |
Loans individually evaluated and deemed to be impaired | 9,116 | 13,843 | ' | ' |
Loans individually or collectively evaluated and not deemed to be impaired | 1,037,063 | 675,963 | ' | ' |
Amount of loans acquired with deteriorated credit quality | 6,549 | ' | ' | ' |
Total Loans | 1,052,728 | 689,806 | ' | ' |
Real estate: Residential - 1 to 4 family [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Allowance for loans individually evaluated and deemed to be impaired | 341 | 454 | ' | ' |
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 634 | 671 | ' | ' |
Allowance for loans acquired with deteriorated credit quality | 0 | ' | ' | ' |
Total loan loss allowance | 975 | 1,125 | 759 | 915 |
Loans individually evaluated and deemed to be impaired | 5,695 | 6,991 | ' | ' |
Loans individually or collectively evaluated and not deemed to be impaired | 443,734 | 223,673 | ' | ' |
Amount of loans acquired with deteriorated credit quality | 383 | ' | ' | ' |
Total Loans | 449,812 | 230,664 | ' | ' |
Real estate: Multi-family and commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Allowance for loans individually evaluated and deemed to be impaired | 185 | 88 | ' | ' |
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 3,210 | 2,940 | ' | ' |
Allowance for loans acquired with deteriorated credit quality | 0 | ' | ' | ' |
Total loan loss allowance | 3,395 | 3,028 | 2,337 | 2,700 |
Loans individually evaluated and deemed to be impaired | 3,036 | 5,873 | ' | ' |
Loans individually or collectively evaluated and not deemed to be impaired | 277,483 | 196,078 | ' | ' |
Amount of loans acquired with deteriorated credit quality | 5,141 | ' | ' | ' |
Total Loans | 285,660 | 201,951 | ' | ' |
Real estate: Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Allowance for loans individually evaluated and deemed to be impaired | 0 | 0 | ' | ' |
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 169 | 22 | ' | ' |
Allowance for loans acquired with deteriorated credit quality | 0 | ' | ' | ' |
Total loan loss allowance | 169 | 22 | 280 | 64 |
Loans individually evaluated and deemed to be impaired | 0 | 0 | ' | ' |
Loans individually or collectively evaluated and not deemed to be impaired | 10,162 | 3,284 | ' | ' |
Amount of loans acquired with deteriorated credit quality | 0 | ' | ' | ' |
Total Loans | 10,162 | 3,284 | ' | ' |
Commercial Business [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Allowance for loans individually evaluated and deemed to be impaired | 4 | 39 | ' | ' |
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 1,871 | 1,696 | ' | ' |
Allowance for loans acquired with deteriorated credit quality | 0 | ' | ' | ' |
Total loan loss allowance | 1,875 | 1,735 | 1,148 | 790 |
Loans individually evaluated and deemed to be impaired | 385 | 618 | ' | ' |
Loans individually or collectively evaluated and not deemed to be impaired | 252,930 | 212,909 | ' | ' |
Amount of loans acquired with deteriorated credit quality | 1,025 | ' | ' | ' |
Total Loans | 254,340 | 213,527 | ' | ' |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Allowance for loans individually evaluated and deemed to be impaired | 0 | 0 | ' | ' |
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 502 | 477 | ' | ' |
Allowance for loans acquired with deteriorated credit quality | 0 | ' | ' | ' |
Total loan loss allowance | 502 | 477 | 446 | 330 |
Loans individually evaluated and deemed to be impaired | 0 | 361 | ' | ' |
Loans individually or collectively evaluated and not deemed to be impaired | 52,754 | 40,019 | ' | ' |
Amount of loans acquired with deteriorated credit quality | 0 | ' | ' | ' |
Total Loans | $52,754 | $40,380 | ' | ' |
Past_Due_Loans_Receivable_Deta
Past Due Loans Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | $14,064 | $12,664 |
60 to 89 Days Past Due | 2,199 | 2,812 |
90 Days or More Past Due | 3,330 | 5,453 |
Total 30 Days or More Past Due | 19,593 | 20,929 |
Current and Not Past Due | 1,033,135 | 668,877 |
Total Loans | 1,052,728 | 689,806 |
Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 5,402 | 3,245 |
60 to 89 Days Past Due | 783 | 1,725 |
90 Days or More Past Due | 1,473 | 3,285 |
Total 30 Days or More Past Due | 7,658 | 8,255 |
Current and Not Past Due | 442,154 | 222,409 |
Total Loans | 449,812 | 230,664 |
Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 1,057 | 4,149 |
60 to 89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 1,388 | 1,266 |
Total 30 Days or More Past Due | 2,445 | 5,415 |
Current and Not Past Due | 283,215 | 196,536 |
Total Loans | 285,660 | 201,951 |
Real estate: Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 0 | 0 |
60 to 89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Total 30 Days or More Past Due | 0 | 0 |
Current and Not Past Due | 10,162 | 3,284 |
Total Loans | 10,162 | 3,284 |
Commercial business: SBA and USDA guaranteed [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 7,266 | 5,014 |
60 to 89 Days Past Due | 1,161 | 1,087 |
90 Days or More Past Due | 66 | 0 |
Total 30 Days or More Past Due | 8,493 | 6,101 |
Current and Not Past Due | 129,085 | 142,284 |
Total Loans | 137,578 | 148,385 |
Commercial Business: Time Share Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 0 | 0 |
60 to 89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Total 30 Days or More Past Due | 0 | 0 |
Current and Not Past Due | 28,615 | 23,310 |
Total Loans | 28,615 | 23,310 |
Commercial Business: Condominium Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 0 | 0 |
60 to 89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Total 30 Days or More Past Due | 0 | 0 |
Current and Not Past Due | 18,442 | 15,493 |
Total Loans | 18,442 | 15,493 |
Commercial business: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 0 | 0 |
60 to 89 Days Past Due | 171 | 0 |
90 Days or More Past Due | 338 | 541 |
Total 30 Days or More Past Due | 509 | 541 |
Current and Not Past Due | 69,196 | 25,798 |
Total Loans | 69,705 | 26,339 |
Consumer: Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 258 | 216 |
60 to 89 Days Past Due | 36 | 0 |
90 Days or More Past Due | 49 | 361 |
Total 30 Days or More Past Due | 343 | 577 |
Current and Not Past Due | 43,941 | 27,798 |
Total Loans | 44,284 | 28,375 |
Consumer: Indirect automobile [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 80 | 19 |
60 to 89 Days Past Due | 47 | 0 |
90 Days or More Past Due | 16 | 0 |
Total 30 Days or More Past Due | 143 | 19 |
Current and Not Past Due | 6,211 | 9,633 |
Total Loans | 6,354 | 9,652 |
Consumer: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 to 59 Days Past Due | 1 | 21 |
60 to 89 Days Past Due | 1 | 0 |
90 Days or More Past Due | 0 | 0 |
Total 30 Days or More Past Due | 2 | 21 |
Current and Not Past Due | 2,114 | 2,332 |
Total Loans | $2,116 | $2,353 |
Impaired_Loans_and_Non_Accrual
Impaired Loans and Non Accrual Loans by Class (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Financing Receivable, Impaired [Line Items] | ' | ' | |
Total impaired loans, Recorded Investment | $15,665 | [1] | $13,843 |
Total impaired loans, Unpaid Principal Balance | 16,144 | [1] | 14,154 |
Impaired loans, Related Allowance | 530 | [1] | 581 |
Total impaired loans, Nonaccrual Loans | 6,993 | 7,654 | |
Real estate: Residential - 1 to 4 family [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans with valuation allowance, Recorded Investment | 2,437 | [1] | 3,125 |
Impaired loans with valuation allowance, Unpaid Principal Balance | 2,448 | [1] | 3,125 |
Impaired loans, Related Allowance | 341 | [1] | 454 |
Impaired loans with valuation allowance, Nonaccrual Loans | 319 | 1,133 | |
Real estate: Multi-family and commercial [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans with valuation allowance, Recorded Investment | 1,324 | [1] | 1,466 |
Impaired loans with valuation allowance, Unpaid Principal Balance | 1,414 | [1] | 1,556 |
Impaired loans, Related Allowance | 185 | [1] | 88 |
Impaired loans with valuation allowance, Nonaccrual Loans | 1,324 | 236 | |
Commercial business: Other [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans with valuation allowance, Recorded Investment | 8 | [1] | 72 |
Impaired loans with valuation allowance, Unpaid Principal Balance | 8 | [1] | 72 |
Impaired loans, Related Allowance | 4 | [1] | 39 |
Impaired loans with valuation allowance, Nonaccrual Loans | 8 | 72 | |
Total impaired loans with valuation allowance [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans with valuation allowance, Recorded Investment | 3,769 | [1] | 4,663 |
Impaired loans with valuation allowance, Unpaid Principal Balance | 3,870 | [1] | 4,753 |
Impaired loans, Related Allowance | 530 | [1] | 581 |
Impaired loans with valuation allowance, Nonaccrual Loans | 1,651 | 1,441 | |
Real estate: Residential - 1 to 4 family [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans without valuation allowance, Recorded Investment | 3,641 | [1],[2] | 3,866 |
Impaired loans without valuation allowance, Unpaid Principal Balance | 3,822 | [1],[2] | 4,013 |
Impaired loans, Related Allowance | 0 | [1],[2] | 0 |
Impaired loans without valuation allowance, Nonaccrual Loans | 3,241 | 3,855 | |
Real estate: Multi-family and commercial [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans without valuation allowance, Recorded Investment | 6,853 | [1],[2] | 4,407 |
Impaired loans without valuation allowance, Unpaid Principal Balance | 7,050 | [1],[2] | 4,407 |
Impaired loans, Related Allowance | 0 | [1],[2] | 0 |
Impaired loans without valuation allowance, Nonaccrual Loans | 1,655 | 1,522 | |
Commercial business: Other [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans without valuation allowance, Recorded Investment | 1,402 | [1],[2] | 546 |
Impaired loans without valuation allowance, Unpaid Principal Balance | 1,402 | [1],[2] | 546 |
Impaired loans, Related Allowance | 0 | [1],[2] | 0 |
Impaired loans without valuation allowance, Nonaccrual Loans | 377 | 470 | |
Consumer: Home equity [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans without valuation allowance, Recorded Investment | 0 | [1],[2] | 361 |
Impaired loans without valuation allowance, Unpaid Principal Balance | 0 | [1],[2] | 435 |
Impaired loans, Related Allowance | 0 | [1],[2] | 0 |
Impaired loans without valuation allowance, Nonaccrual Loans | 53 | 366 | |
Consumer: Indirect automobile [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans without valuation allowance, Recorded Investment | 0 | [1],[2] | ' |
Impaired loans without valuation allowance, Unpaid Principal Balance | 0 | [1],[2] | ' |
Impaired loans, Related Allowance | 0 | [1],[2] | ' |
Impaired loans without valuation allowance, Nonaccrual Loans | 16 | ' | |
Total impaired loans without valuation allowance [Member] | ' | ' | |
Financing Receivable, Impaired [Line Items] | ' | ' | |
Impaired loans without valuation allowance, Recorded Investment | 11,896 | [1],[2] | 9,180 |
Impaired loans without valuation allowance, Unpaid Principal Balance | 12,274 | [1],[2] | 9,401 |
Impaired loans, Related Allowance | 0 | [1],[2] | 0 |
Impaired loans without valuation allowance, Nonaccrual Loans | $5,342 | $6,213 | |
[1] | (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. | ||
[2] | (2) Includes loans acquired with deteriorated credit quality from the Newport merger |
Additional_Info_Related_to_Imp
Additional Info Related to Impaired Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | $13,741 | $15,176 | $14,391 |
Interest Income Recognized | 480 | 419 | 376 |
Interest Income Recognized on Cash Basis | 221 | 164 | 29 |
Real estate: Residential - 1 to 4 family [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 6,940 | 6,113 | 5,739 |
Interest Income Recognized | 257 | 151 | 64 |
Interest Income Recognized on Cash Basis | 180 | 126 | 29 |
Real estate: Multi-family and commercial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 5,653 | 8,048 | 8,035 |
Interest Income Recognized | 164 | 260 | 312 |
Interest Income Recognized on Cash Basis | 0 | 32 | 0 |
Commercial business: Other [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 924 | 602 | 421 |
Interest Income Recognized | 23 | 4 | 0 |
Interest Income Recognized on Cash Basis | 5 | 2 | 0 |
Consumer: Home equity [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 224 | 413 | 196 |
Interest Income Recognized | 36 | 4 | 0 |
Interest Income Recognized on Cash Basis | $36 | $4 | $0 |
Credit_Quality_Information_Det
Credit Quality Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $1,052,728 | $689,806 |
Total real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 745,634 | 435,899 |
Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 449,812 | 230,664 |
Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 285,660 | 201,951 |
Real estate: Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 10,162 | 3,284 |
Total commercial business loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 254,340 | 213,527 |
Commercial business: SBA and USDA guaranteed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 137,578 | 148,385 |
Commercial Business: Time Share Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 28,615 | 23,310 |
Commercial Business: Condominium Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 18,442 | 15,493 |
Commercial business: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 69,705 | 26,339 |
Total consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 52,754 | 40,380 |
Consumer: Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 44,284 | 28,375 |
Consumer: Indirect automobile [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 6,354 | 9,652 |
Consumer: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 2,116 | 2,353 |
Loss | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Total real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Real estate: Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Total commercial business loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Commercial business: SBA and USDA guaranteed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Commercial Business: Time Share Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Commercial Business: Condominium Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Commercial business: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Total consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Consumer: Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Consumer: Indirect automobile [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loss | Consumer: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Total real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Real estate: Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Total commercial business loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Commercial business: SBA and USDA guaranteed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Commercial Business: Time Share Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Commercial Business: Condominium Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Commercial business: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Total consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Consumer: Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Consumer: Indirect automobile [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful | Consumer: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 27,133 | 20,279 |
Substandard | Total real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 23,500 | 19,168 |
Substandard | Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 6,870 | 7,679 |
Substandard | Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 16,630 | 11,489 |
Substandard | Real estate: Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard | Total commercial business loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 3,516 | 696 |
Substandard | Commercial business: SBA and USDA guaranteed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard | Commercial Business: Time Share Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard | Commercial Business: Condominium Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard | Commercial business: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 3,516 | 696 |
Substandard | Total consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 117 | 415 |
Substandard | Consumer: Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 101 | 415 |
Substandard | Consumer: Indirect automobile [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 16 | 0 |
Substandard | Consumer: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 21,955 | 9,443 |
Special Mention | Total real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 19,659 | 6,044 |
Special Mention | Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,296 | 723 |
Special Mention | Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 18,363 | 5,321 |
Special Mention | Real estate: Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention | Total commercial business loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 2,230 | 3,399 |
Special Mention | Commercial business: SBA and USDA guaranteed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention | Commercial Business: Time Share Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention | Commercial Business: Condominium Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention | Commercial business: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 2,230 | 3,399 |
Special Mention | Total consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 66 | 0 |
Special Mention | Consumer: Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 66 | 0 |
Special Mention | Consumer: Indirect automobile [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention | Consumer: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 866,062 | 511,699 |
Pass | Total real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 702,475 | 410,687 |
Pass | Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 441,646 | 222,262 |
Pass | Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 250,667 | 185,141 |
Pass | Real estate: Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 10,162 | 3,284 |
Pass | Total commercial business loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 111,016 | 61,047 |
Pass | Commercial business: SBA and USDA guaranteed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Pass | Commercial Business: Time Share Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 28,615 | 23,310 |
Pass | Commercial Business: Condominium Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 18,442 | 15,493 |
Pass | Commercial business: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 63,959 | 22,244 |
Pass | Total consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 52,571 | 39,965 |
Pass | Consumer: Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 44,117 | 27,960 |
Pass | Consumer: Indirect automobile [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 6,338 | 9,652 |
Pass | Consumer: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 2,116 | 2,353 |
Not Rated | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 137,578 | 148,385 |
Not Rated | Total real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Real estate: Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Total commercial business loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 137,578 | 148,385 |
Not Rated | Commercial business: SBA and USDA guaranteed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 137,578 | 148,385 |
Not Rated | Commercial Business: Time Share Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Commercial Business: Condominium Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Commercial business: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Total consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Consumer: Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Consumer: Indirect automobile [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated | Consumer: Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $0 | $0 |
Loans_Modified_as_TDRs_Details
Loans Modified as TDRs (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 17 |
Recorded Investment | $152 | $2,584 |
Allowance for Loan Losses | 17 | 296 |
Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 16 |
Recorded Investment | 152 | 2,507 |
Allowance for Loan Losses | 17 | 296 |
Real estate: Multi-family and commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 0 | 1 |
Recorded Investment | 0 | 77 |
Allowance for Loan Losses | $0 | $0 |
TDR_By_Type_of_Modification_De
TDR - By Type of Modification (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Loans Modified As Troubled Debt Restructurings During Period | $152 | $2,584 | ||
Adjusted Interest Rate [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Loans Modified As Troubled Debt Restructurings During Period | 0 | 917 | ||
Combination of Rate and Payment [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Loans Modified As Troubled Debt Restructurings During Period | 0 | [1] | 869 | [1] |
Combination Of Rate And Maturity [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Loans Modified As Troubled Debt Restructurings During Period | 152 | [2] | 721 | [2] |
Extension of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Loans Modified As Troubled Debt Restructurings During Period | $0 | $77 | ||
[1] | ) Terms include combination of interest rate adjustments and interest-only payments with deferral of principal. | |||
[2] | (2) Terms include combination of interest rate adjustments and extensions of maturity. |
Loans_Acquired_with_Evidence_o
Loans Acquired with Evidence of Credit Deterioration (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 06, 2013 |
Contractual Required Payments Receivable [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] [Roll Forward] | ' | ' |
Balance at beginning of period | ' | $8,112 |
2013 Collections | -336 | ' |
Balance at end of period | 7,776 | 8,112 |
Cash Expected to be Collected [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] [Roll Forward] | ' | ' |
Balance at beginning of period | ' | 6,885 |
2013 Collections | -336 | ' |
Balance at end of period | 6,549 | 6,885 |
Non-Accretable Discount [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] [Roll Forward] | ' | ' |
Balance at beginning of period | ' | 1,227 |
2013 Collections | 0 | ' |
Balance at end of period | 1,227 | 1,227 |
Accretable Yield [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] [Roll Forward] | ' | ' |
Balance at beginning of period | ' | 0 |
2013 Collections | 0 | ' |
Balance at end of period | 0 | 0 |
Loans Receivable [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] [Roll Forward] | ' | ' |
Balance at beginning of period | ' | 6,885 |
2013 Collections | -336 | ' |
Balance at end of period | $6,549 | $6,885 |
Loans_Held_for_Sale_Narrative_
Loans Held for Sale - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for sale | $1,764 | $5,069 |
Loans_Serviced_for_Others_Deta
Loans Serviced for Others (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Servicing Assets at Amortized Cost, Assumptions Used to Estimate Fair Value, Discount Rate | 10.59% | ' | ' |
Contractually Specified Servicing Fees, Amount | $587 | $531 | $463 |
Servicing Asset at Amortized Value, Balance [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 1,313 | 1,177 | 977 |
Additions | 384 | 427 | 460 |
Amortization | -343 | -291 | -260 |
Balance at end of period | 1,354 | 1,313 | 1,177 |
Fair value of mortgage servicing assets | 1,918 | 1,349 | 1,462 |
Minimum [Member] | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Servicing Assets at Amortized Cost, Assumptions Used to Estimate Fair Value, Prepayment Speed | 110.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Servicing Assets at Amortized Cost, Assumptions Used to Estimate Fair Value, Prepayment Speed | 373.00% | ' | ' |
Real estate: Residential - 1 to 4 family [Member] | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Aggregate of loans serviced for others | $217,967 | $195,500 | $178,500 |
Other_Real_Estate_Owned_Narrat
Other Real Estate Owned - Narrative (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate: Residential - 1 to 4 family [Member] | ' | ' |
Other Real Estate Owned [Line Items] | ' | ' |
Number of Properties, Other Real Estate Owned | 8 | 3 |
Real estate: Multi-family and commercial [Member] | ' | ' |
Other Real Estate Owned [Line Items] | ' | ' |
Number of Properties, Other Real Estate Owned | 4 | 3 |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Real Estate Owned [Abstract] | ' | ' | ' |
Net (gain) loss on sales or write-downs of other real estate owned | $43 | $60 | $236 |
Other real estate expense, net of rental income | 521 | 441 | 540 |
Expense from other real estate operations, net | $564 | $501 | $776 |
PREMISES_AND_EQUIPMENT_Details
PREMISES AND EQUIPMENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land | $4,311 | $2,098 |
Buildings | 11,497 | 7,052 |
Leasehold Improvements | 10,762 | 7,563 |
Furniture and Equipment | 12,549 | 10,867 |
Construction in Process | 45 | 84 |
Total | 39,164 | 27,664 |
Accumulated depreciation and amortization | -18,074 | -16,448 |
Premises and equipment, net | $21,090 | $11,216 |
Premises_and_Equipment_Narrati
Premises and Equipment - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Purchase Obligation | ' | $450 | ' |
Depreciation and amortization of premises and equipment | $1,992 | $1,852 | $1,947 |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $3,451 | $4,094 | $4,094 |
Acquisition of Newport | 7,762 | 0 | 0 |
Disposal of SI Trust Servicing | 0 | -643 | 0 |
Balance at end of year | 11,213 | 3,451 | 4,094 |
Goodwill, Impairment Loss | $0 | $0 | $0 |
Core_Deposit_Intangible_Detail
Core Deposit Intangible (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 14, 2008 | Sep. 06, 2013 |
Core Deposits [Member] | Core Deposits [Member] | Colchester, Connecticut branch office [Member] | NewportBancorpInc [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of Deposit Liabilities | ' | ' | ' | ' | ' | ' | $18,400 | $288,400 |
Finite-Lived Core Deposits, Gross | ' | ' | ' | 216,200 | ' | ' | ' | ' |
Core deposit intangible | ' | ' | ' | ' | 8,573 | 159 | 159 | 8,600 |
Accumulated amortization | ' | ' | ' | ' | -220 | -159 | ' | ' |
Core deposit intangible, net | ' | ' | ' | ' | 8,353 | 0 | ' | ' |
Amortization of core deposit intangible | 220 | 11 | 21 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 659 | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 659 | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 659 | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 659 | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 659 | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $5,100 | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Deposit_Balances_De
Summary of Deposit Balances (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Deposits [Abstract] | ' | ' | ||
Noninterest-bearing demand deposit | $139,428 | $89,834 | ||
Interest-bearing accounts: [Abstract] | ' | ' | ||
Business checking | 0 | 2 | ||
NOW and money market accounts | 449,675 | 300,050 | ||
Savings accounts | 45,090 | 38,026 | ||
Certificates of deposit | 350,556 | [1] | 277,236 | [1] |
Total interest-bearing accounts | 845,321 | 615,314 | ||
Total deposits | 984,749 | 705,148 | ||
Brokered deposits | 20,682 | 4,209 | ||
Certificates of Deposit, $100,000 or More | $150,365 | $112,446 | ||
[1] | ( 1) Includes brokered deposits of $20.7 million and $4.2 million at DecemberB 31, 2013 and 2012, respectively. |
Contractual_Maturities_of_Cert
Contractual Maturities of Certificates of Deposit (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Deposits [Abstract] | ' | ' | ||
Time Deposit Maturities, Next Twelve Months | $135,371 | ' | ||
Time Deposit Maturities, Year Two | 96,386 | ' | ||
Time Deposit Maturities, Year Three | 61,252 | ' | ||
Time Deposit Maturities, Year Four | 31,951 | ' | ||
Time Deposit Maturities, Year Five | 22,219 | ' | ||
Time Deposit Maturities, after Year Five | 3,377 | ' | ||
Total certificates of deposit | $350,556 | [1] | $277,236 | [1] |
[1] | ( 1) Includes brokered deposits of $20.7 million and $4.2 million at DecemberB 31, 2013 and 2012, respectively. |
Summary_of_Interest_Expense_De
Summary of Interest Expense (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Deposits [Abstract] | ' | ' | ' | |||
NOW and money market accounts | $504 | $627 | $1,294 | |||
Savings accounts | 75 | [1] | 106 | [1] | 197 | [1] |
Certificates of deposit | 4,633 | [2] | 5,286 | [2] | 5,771 | [2] |
Total interest expense | $5,212 | $6,019 | $7,262 | |||
[1] | (1) Includes interest expense on mortgagors' and investors' escrow accounts. | |||||
[2] | (2) Includes interest expense on brokered deposits. |
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Borrowings [Abstract] | ' | ' |
Secured line of credit with the FHLB | $10,000 | ' |
Federal Home Loan Bank advances | $176,272 | $97,699 |
FHLB advances interest rate range from | 0.20% | 0.80% |
FHLB advances interest rate range to | 3.99% | 4.97% |
Junior_Subordinated_Debt_Owed_
Junior Subordinated Debt Owed to Unconsolidated Trust - Narrative (Details) (Junior Subordinated Debt [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Junior Subordinated Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | $8 |
Debt Instrument, Description of Variable Rate Basis | 'three-month LIBOR |
Debt Instrument, Basis Spread on Variable Rate | 1.70% |
Contractual_Maturities_of_Borr
Contractual Maturities of Borrowings (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $38,736 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 53,940 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 42,306 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 29,290 | [1] |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 10,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 10,248 | |
Long-term Debt | 184,520 | |
Long-term Debt, Weighted Average Interest Rate | 1.69% | |
FHLB Advances, maturity in year four, callable during 2014 | 21,500 | |
Federal Home Loan Bank Advances [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 38,736 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 53,940 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 42,306 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 29,290 | [1] |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 10,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,000 | |
Long-term Debt | 176,272 | |
Long-term Debt, Weighted Average Interest Rate | 1.57% | |
Junior Subordinated Debt [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 8,248 | |
Long-term Debt | $8,248 | |
Long-term Debt, Weighted Average Interest Rate | 4.14% | |
[1] | (1) Includes FHLB advance of $21.5 million that is callable during 2014. |
Components_of_Income_Tax_Provi
Components of Income Tax Provision (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Provision (Benefit) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $971 | $1,338 | $108 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3 | 4 |
Total current income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 975 | 1,341 | 112 |
Deferred Income Tax Provision (Benefit) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -1,073 | -1,100 | 891 |
Total deferred income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -1,073 | -1,100 | 891 |
Total income tax provision (benefit) | $424 | ($755) | $87 | $146 | $210 | ($316) | $153 | $194 | ($98) | $241 | $1,003 |
Reconciliation_of_the_Anticipa
Reconciliation of the Anticipated Income Tax Provision (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | ' | ' |
Income tax provision (benefit) at statutory tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ($324) | $462 | $1,162 |
Dividends received deduction | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -2 | -13 |
Bank-owned life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -136 | -215 | -139 |
Tax-exempt income | ' | ' | ' | ' | ' | ' | ' | ' | -56 | -26 | -39 |
Compensation and employee benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | 162 | 81 | 35 |
Nondeductible expenses | ' | ' | ' | ' | ' | ' | ' | ' | 317 | 5 | 8 |
Tax credits/adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -56 | -63 | 0 |
State taxes, net of federal tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3 | -13 |
Total income tax provision (benefit) | $424 | ($755) | $87 | $146 | $210 | ($316) | $153 | $194 | ($98) | $241 | $1,003 |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 10.30% | 17.80% | 29.30% |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Allowance for loan losses | $3,919 | $2,303 |
Unrealized losses on available for sale securities | 931 | 659 |
Depreciation of premises and equipment | 2,331 | 765 |
Other-than-temporary impairment | 455 | 452 |
Impairment - long lived asset | 0 | 133 |
Deferred compensation | 5,686 | 2,313 |
Employee benefit plans | 904 | 380 |
Capital loss carry-forward | 303 | 65 |
Alternative minimum tax credit carry-forward | 168 | 0 |
Net operating loss carry-forward | 81 | 0 |
Interest receivable on nonaccrual loans | 139 | 159 |
Deferred other real estate owned expenses | 21 | 38 |
Net unrealized loss on derivative instruments | 160 | 284 |
Other | 361 | 304 |
Total deferred tax assets | 15,459 | 7,855 |
Less valuation allowance | -349 | -49 |
Total deferred tax assets, net of valuation allowance | 15,110 | 7,806 |
Deferred Tax Liabilities, Gross [Abstract] | ' | ' |
Unrealized gains on available for sale securities | 600 | 1,546 |
Goodwill and other intangibles | 3,377 | 330 |
Deferred loan costs | 407 | 844 |
Mortgage servicing asset | 460 | 447 |
Merger expenses and purchase adjustments | 561 | 0 |
Total deferred tax liabilities | 5,405 | 3,167 |
Deferred tax assets, net | $9,705 | $4,639 |
INCOME_TAXES_Narrative_Details
INCOME TAXES Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Contingency Reserve for Loan Losses | $3.70 | $3.70 |
Deferred Income Taxes Related to Contingency Reserve | $1.30 | $1.30 |
BENEFIT_PLANS_Narrative_Detail
BENEFIT PLANS - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Percentage of Employer Match for up to Six Percent of Participants Earnings | 50.00% | ' | ' |
Percentage of Employee Match for Employer Contribution | 6.00% | ' | ' |
Defined Contribution Plan, Cost Recognized | $250,000 | $248,000 | $260,000 |
Group Term Replacement Plan, Cost Recognized | 106,000 | 47,000 | 40,000 |
Executive Supplemental Retirement Agreements, Cost Recognized | 737,000 | 725,000 | 882,000 |
Performance-Based Incentive Plan Expense | 112,000 | 339,000 | 366,000 |
Supplemental Executive Retirement Plan, Cost Recognized | $13,000 | $19,000 | $11,000 |
BENEFIT_PLANS_Defined_Benefit_
BENEFIT PLANS Defined Benefit Plan - Narrative (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' |
Defined Benefit Plan, Funded Percentage | 95.56% |
Percent Limit on Company Contributions | 5.00% |
Pension and Other Postretirement Benefit Contributions | $163 |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 12, 2011 | Sep. 30, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | $3,100 | $4,900 | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 392,670 | 492,499 | ' | ' | ' |
ESOP Loan, Interest Rate, Stated Percentage | 3.25% | 4.75% | ' | ' | ' |
ESOP Loan, Maturity in Years | '20 years 0 months 0 days | '15 years 0 months 0 days | ' | ' | ' |
Employee stock ownership plan expense | ' | ' | $559 | $543 | $467 |
Schedule_of_ESOP_Debt_Payable_
Schedule of ESOP Debt Payable (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
ESOP Loan [Line Items] | ' |
ESOP Loan, Principal balance payable in 2014 | $475 |
ESOP Loan, Principal balance payable in 2015 | 495 |
ESOP Loan, Principal balance payable in 2016 | 516 |
ESOP Loan, Principal balance payable in 2017 | 539 |
ESOP Loan, Principal balance payable in 2018 | 563 |
ESOP Loan, Principal balance payable Thereafter | 2,557 |
ESOP Loan | $5,145 |
Shares_Held_by_ESOP_Details
Shares Held by ESOP (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Allocated | 214,146 | 184,674 |
Committed to be allocated | 48,637 | 48,637 |
Unallocated | 507,801 | 556,438 |
Total shares | 770,584 | 789,749 |
Fair value of unallocated shares | $6,119 | $6,399 |
Equity_Incentive_Plans_Narrati
Equity Incentive Plans - Narrative (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 12, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $757 | $189 | $100 | ' |
Conversion of Stock, Exchange Ratio Per Share | ' | ' | ' | $0.90 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share Based Compensation Arrangement, Maximum Contractual Term | '10 years 0 months 0 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years 0 months 0 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 191,456 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 412,500 | 67,500 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 955 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 1 month 0 days | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 31,191 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $1,400 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 9 months 3 days | ' | ' | ' |
The 2005 Equity Incentive Plan [Member] | Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 552,891 | ' | ' | ' |
The 2005 Equity Incentive Plan [Member] | Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 221,154 | ' | ' | ' |
The 2012 Equity Incentive Plan [Member] | Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 504,794 | ' | ' | ' |
The 2012 Equity Incentive Plan [Member] | Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 201,918 | ' | ' | ' |
Weighted_Average_Assumptions_S
Weighted Average Assumptions - Stock Options (Details) (Stock Options [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected Term | '10 years 0 months 0 days | '10 years 0 months 0 days |
Expected Dividend Yield | 1.45% | 1.70% |
Expected Volatility | 24.06% | 39.27% |
Risk Free Interest Rate | 1.86% | 3.36% |
Fair Value of Options Granted | $2.96 | $4.04 |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Options outstanding at beginning of year | 905,599 | ' |
Options exercised | -11,388 | -1,796 |
Options forfeited | -41,166 | ' |
Options outstanding at end of year | 853,045 | 905,599 |
Options exercisable at end of year | 499,096 | ' |
Options outstanding at beginning of year, Weighted Average Exercise Price | $10.73 | ' |
Options exercised, Weighted Average Exercise Price | $8.22 | ' |
Options forfeited, Weighted Average Exercise Price | $10.55 | ' |
Options outstanding at end of year, Weighted Average Exercise Price | $10.78 | $10.73 |
Options exercisable at end of year, Weighted Average Exercise Price | $10.95 | ' |
Options outstanding at end of year, Weighted Average Remaining Contractual Term | '5 years 4 months 12 days | ' |
Options exercisable at end of year, Weighted Average Remaining Contractual Term | '3 years 2 months 6 days | ' |
Options outstanding, Intrinsic Value | $1,100 | ' |
Options Exercisable, Intrinsic Value | $604 | ' |
Summary_of_Activity_for_Unvest
Summary of Activity for Unvested Restricted Shares (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Unvested restricted shares at beginning of year | 173,102 | ' | ' |
Restricted shares granted | 8,000 | ' | ' |
Restricted shares vested | -25,334 | ' | ' |
Restricted shares forfeited | -5,273 | ' | ' |
Unvested restricted shares at end of year | 150,495 | 173,102 | ' |
Unvested restricted shares at beginning of year, Weighted Average Grant Date Fair Value | $10.87 | ' | ' |
Restricted shares granted, Weighted Average Grant Date Fair Value | $11.77 | ' | ' |
Restricted shares vested, Weighted Average Grant Date Fair Value | $10.58 | ' | ' |
Restricted shares forfeited, Weighted Average Grant Date Fair Value | $9.91 | ' | ' |
Unvested restricted shares at end of year, Weighted Average Grant Date Fair Value | $11.01 | $10.87 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $296 | $23 | $15 |
BankOwned_Life_Insurance_Detai
Bank-Owned Life Insurance (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Bank-owned life insurance | $20,726 | $9,060 | ' |
Bank Owned Life Insurance Income | 400 | 284 | 289 |
Gain On Bank Owned Life Insurance | $0 | $349 | $122 |
Loan_Commitments_and_Letters_o
Loan Commitments and Letters of Credit (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Commitments to originate loans | $8,742 | $11,123 |
Undisbursed construction loans | 9,193 | 3,406 |
Undisbursed home equity lines of credit | 41,031 | 23,019 |
Undisbursed commercial lines of credit | 59,930 | 23,842 |
Overdraft protection lines | 1,221 | 1,190 |
Standby letters of credit | 81 | 611 |
Total loan commitments and letters of credit | 120,198 | 63,191 |
Future fixed rate loan commitments | $6,900 | $10,600 |
Future fixed rate loan commitments rate, stated percentage rate range, minimum | 2.75% | 2.63% |
Future fixed rate loan commitments rate, stated percentage rate range, maximum | 5.75% | 7.00% |
Operating_Lease_Commitments_De
Operating Lease Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $1,617 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,452 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,291 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,130 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,013 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 8,424 | ' | ' |
Operating Leases, Future Minimum Payments Due | 14,927 | ' | ' |
Operating Leases, Rent Expense | $1,300 | $1,300 | $1,400 |
Rental_Income_Under_Subleases_
Rental Income Under Subleases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating Leases, Income Statement, Lease Revenue | $19 | $19 | $17 |
Operating Leases, Future Minimum Payments Receivable, Current | 19 | ' | ' |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 19 | ' | ' |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 19 | ' | ' |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 19 | ' | ' |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 19 | ' | ' |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 106 | ' | ' |
Operating Leases, Future Minimum Payments Receivable | $201 | ' | ' |
Investment_Commitments_Details
Investment Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Commitments [Abstract] | ' | ' | ' |
Number of Small Business Investment Companies in which the Bank is a limited partner | 3 | ' | ' |
Other Commitment | $3,000 | ' | ' |
Cost-method Investments, Other than Temporary Impairment | 0 | 72 | 12 |
Cost-method Investments, Aggregate Carrying Amount | 1,300 | 1,300 | ' |
Other Commitment, Remaining Minimum Amount Committed | $766 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' |
Balance at beginning of year, loans receivable, related parties | $1,948 | $2,063 |
Loans and Leases Receivable, Related Parties, Additions | 426 | 362 |
Loans and Leases Receivable, Related Parties, Collections | -345 | -477 |
Balance at end of year, loans receivable, related parties | 2,029 | 1,948 |
Related Party Deposit Liabilities | $2,000 | $1,300 |
REGULATORY_CAPITAL_Details
REGULATORY CAPITAL (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier One Leverage Capital | $117,477 | $103,547 |
Tier One Leverage Capital to Average Assets | 8.94% | 11.08% |
Tier One Leverage Capital Required for Capital Adequacy | 52,550 | 37,382 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | 65,688 | 46,727 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Tier One Risk Based Capital | 117,477 | 103,547 |
Tier One Risk Based Capital to Risk Weighted Assets | 14.71% | 20.20% |
Tier One Risk Based Capital Required for Capital Adequacy | 31,936 | 20,504 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 47,905 | 30,757 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Capital | 124,964 | 109,751 |
Capital to Risk Weighted Assets | 15.65% | 21.41% |
Capital Required for Capital Adequacy | 63,873 | 41,009 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 79,841 | 51,262 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tangible Capital | 117,477 | 103,547 |
Tangible Capital to Tangible Assets | 8.94% | 11.08% |
Tangible Capital Required for Capital Adequacy | $19,706 | $14,018 |
Tangible Capital Required for Capital Adequacy to Tangible Assets | 1.50% | 1.50% |
Reconciliation_of_Regulatory_C
Reconciliation of Regulatory Capital (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Reconciliation of Company's Total Capital to Bank's Regulatory Capital [Line Items] | ' | ' | ' | ' |
Total capital per consolidated financial statements | $152,842 | $125,759 | $130,517 | $81,104 |
Holding company equity not available for regulatory capital | -14,336 | -15,811 | ' | ' |
Accumulated losses (gains) on available for sale securities | 689 | -1,619 | ' | ' |
Intangible assets | -19,566 | -3,451 | ' | ' |
Disallowed servicing asset | 0 | -100 | ' | ' |
Disallowed deferred tax asset | -2,152 | -1,231 | ' | ' |
Total tier 1 capital | 117,477 | 103,547 | ' | ' |
Allowance for loan and credit losses reduced by excess allowance per regulatory requirements | 7,487 | 6,204 | ' | ' |
Total capital per regulatory reporting | $124,964 | $109,751 | ' | ' |
Components_of_Other_Comprehens
Components of Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Securities: [Abstract] | ' | ' | ' | |||
Unrealized holding (losses) gains on available for sale securities, Before Tax Amount | ($5,012) | $1,905 | $3,058 | |||
Unrealized holding (losses) gains on available for sale securities, Tax Effects | 1,704 | -647 | -1,040 | |||
Unrealized holding (losses) gains on available for sale securities, Net of Tax Amount | -3,308 | 1,258 | 2,018 | |||
Reclassification adjustment for losses (gains) realized in net income, Before Tax Amount | 1,155 | -273 | -486 | |||
Reclassification adjustment for losses (gains) realized in net income, Tax Effects | -393 | 93 | 165 | |||
Reclassification adjustment for losses (gains) realized in net income, Net of Tax Amount | 762 | [1] | -180 | [1] | -321 | [1] |
Credit portion of OTTI losses recognized in net income, Before Tax Amount | 8 | 123 | 148 | |||
Credit portion of OTTI losses recognized in net income, Tax Effects | -3 | -42 | -50 | |||
Credit portion of OTTI losses recognized in net income, Net of Tax Amount | 5 | 81 | 98 | |||
Noncredit portion of OTTI gains (losses) on available for sale securities, Before Tax Amount | 266 | 1,416 | -1,730 | |||
Noncredit portion of OTTI gains (losses) on available for sale securities, Tax Effects | -90 | -482 | 588 | |||
Noncredit portion of OTTI gains (losses) on available for sale securities, Net of Tax Amount | 176 | 934 | -1,142 | |||
Net unrealized holding (losses) gains on available for sale securities, Before Tax Amount | -3,583 | 3,171 | 990 | |||
Net unrealized holding (losses) gains on available for sale securities, Tax Effects | 1,218 | -1,078 | -337 | |||
Net unrealized holding (loss) gain on available for sale securities | -2,365 | 2,093 | 653 | |||
Derivative instrument: [Abstract] | ' | ' | ' | |||
Change in fair value of effective cash flow hedging derivative, Before Tax Amount | 158 | -8 | -333 | |||
Change in fair value of effective cash flow hedgeing derivative, Tax Effects | -54 | 3 | 113 | |||
Change in fair value of effective cash flow hedging derivative, Net of Tax Amount | 104 | -5 | -220 | |||
Other comprehensive income, Before Tax Amount | -3,425 | 3,163 | 657 | |||
Other comprehensive income, Tax Effects | 1,164 | -1,075 | -224 | |||
Other comprehensive (loss) income | ($2,261) | $2,088 | $433 | |||
[1] | (1) Amounts are included in net gain (loss) on the sale of securities in noninterest income on the consolidated statements of operations. Income tax expense (benefit) associated with the reclassification adjustment for the years ended DecemberB 31, 2013, 2012 and 2011 was $(393,000), $93,000 and $165,000, respectively. |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Stockholders' Equity Note [Abstract] | ' | ' |
Net unrealized (losses) gains on available for sale securities, Before Tax Amount | ($973) | $2,876 |
Net unrealized (losses) gains on available for sale securities, Tax Effects | 331 | -977 |
Net unrealized (losses) gains on available for sale securities, Net of Tax Amount | -642 | 1,899 |
Noncredit portion of OTTI losses on available for sale securities, Before Tax Amount | ' | -266 |
Noncredit portion of OTTI losses on available for sale securities, Tax Effects | ' | 90 |
Noncredit portion of OTTI losses on available for sale securities, Net of Tax Amount | ' | -176 |
Net unrealized loss on effective cash flow hedging derivative, Before Tax Amount | -312 | -470 |
Net unrealized loss on effective cash flow hedge derivative, Tax Effects | 106 | 160 |
Net unrealized loss on effective cash flow hedging derivative, Net of Tax Amount | -206 | -310 |
Accumulated Other Comprehensive Income (Loss), Before Tax Amount | -1,285 | 2,140 |
Accumulated Other Comprehensive Income (Loss), Tax Effects | 437 | -727 |
Accumulated other comprehensive income (loss), Net of Tax | ($848) | $1,413 |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $170,242 | $176,530 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 486 | 853 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 8,975 | 1,035 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 160,054 | 171,082 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 486 | 849 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,213 | 4,413 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 0 | 4 |
Forward loan sale commitments and derivative loan commitments [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 22 | 17 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | ' | 4 |
Forward loan sale commitments and derivative loan commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | ' | 0 |
Forward loan sale commitments and derivative loan commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | ' | 0 |
Forward loan sale commitments and derivative loan commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 22 | 17 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | ' | 4 |
Interest rate swap agreement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 486 | 849 |
Interest rate swap agreement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Interest rate swap agreement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 486 | 849 |
Interest rate swap agreement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
U.S. Government and agency obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 54,545 | 56,259 |
U.S. Government and agency obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 8,975 | 1,035 |
U.S. Government and agency obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 45,570 | 55,224 |
U.S. Government and agency obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Government-sponsored enterprises [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 26,292 | 23,967 |
Government-sponsored enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Government-sponsored enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 26,292 | 23,967 |
Government-sponsored enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 76,671 | 78,733 |
Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 76,671 | 78,733 |
Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Corporate debt securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 3,798 | 7,694 |
Corporate debt securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Corporate debt securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 3,798 | 7,694 |
Corporate debt securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,191 | 4,396 |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,191 | 4,396 |
Obligations of state and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 4,123 | 5,414 |
Obligations of state and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Obligations of state and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 4,123 | 5,414 |
Obligations of state and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Tax-exempt securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | ' |
Tax-exempt securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 3,575 | ' |
Tax-exempt securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | ' |
Tax-exempt securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 3,575 | ' |
Foreign government securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 25 | 50 |
Foreign government securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Foreign government securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 25 | 50 |
Foreign government securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $0 | $0 |
Reconciliation_of_Level_3_Asse
Reconciliation of Level 3 Assets and Liabilities - Recurring (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ' | ' |
Beginning balance | $4,396 | $2,917 |
Total realized gains (losses) included in other comprehensive income | -17 | 1,479 |
Sales | -3,188 | ' |
Ending balance | 1,191 | 4,396 |
Derivative Loan and Forward Loan Sale Commitments, Net [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ' | ' |
Beginning balance | 13 | -8 |
Total realized gains (losses) included in other comprehensive income | 9 | 21 |
Sales | 0 | ' |
Ending balance | $22 | $13 |
Fair_Value_Nonrecurring_Hierar
Fair Value - Nonrecurring Hierarchy (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other real estate owned, net | $2,429 | $1,293 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Total assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Total assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 1,384 | 1,616 |
Other real estate owned, net | 2,429 | 1,293 |
Total assets, Fair Value Disclosure, Nonrecurring | $3,813 | $2,909 |
Fair_Value_Nonrecurring_GainLo
Fair Value - Nonrecurring Gain/Loss Adjustments (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impaired loans | $404 | $367 | $998 |
Other real estate owned | 39 | 28 | 175 |
Total Losses from Fair Value Adjustments, Assets Measured on a Nonrecurring Basis | $443 | $395 | $1,173 |
Fair_Value_Financial_Instrumen
Fair Value - Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financial Assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $27,321 | $37,689 | $48,412 | $78,321 |
Available for sale securities, at fair value | 170,220 | 176,513 | ' | ' |
Loans held for sale | 1,764 | 5,069 | ' | ' |
Loans and Leases Receivable, Net Amount | 1,047,410 | 685,163 | ' | ' |
Federal Home Loan Bank Stock | 13,109 | 8,078 | ' | ' |
Accrued interest receivable | 4,021 | 3,215 | ' | ' |
Financial Liabilities [Abstract] | ' | ' | ' | ' |
Deposits | 984,749 | 705,148 | ' | ' |
Mortgagors' and investors' escrow accounts | 3,214 | 3,207 | ' | ' |
Federal Home Loan Bank advances | 176,272 | 97,699 | ' | ' |
Junior subordinated debt owed to unconsolidated trust | 8,248 | 8,248 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 27,321 | 37,689 | ' | ' |
Available for sale securities, at fair value | 170,220 | 176,513 | ' | ' |
Loans held for sale | 1,764 | 5,069 | ' | ' |
Loans and Leases Receivable, Net Amount | 1,047,410 | 685,163 | ' | ' |
Federal Home Loan Bank Stock | 13,109 | 8,078 | ' | ' |
Accrued interest receivable | 4,021 | 3,215 | ' | ' |
Financial Liabilities [Abstract] | ' | ' | ' | ' |
Deposits | 984,749 | 705,148 | ' | ' |
Mortgagors' and investors' escrow accounts | 3,214 | 3,207 | ' | ' |
Federal Home Loan Bank advances | 176,272 | 97,699 | ' | ' |
Junior subordinated debt owed to unconsolidated trust | 8,248 | 8,248 | ' | ' |
Derivative Assets [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments | 14 | 13 | ' | ' |
Forward Sale Loan Commitments, Asset | 8 | 4 | ' | ' |
Derivative Liabilities [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments, Liability | ' | 3 | ' | ' |
Forward Sale Loan Commitments, Liability | ' | 1 | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 486 | 849 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 27,321 | 37,689 | ' | ' |
Available for sale securities, Fair Value Disclosure | 170,220 | 176,513 | ' | ' |
Loans Held-for-sale, Fair Value Disclosure | 1,766 | 5,232 | ' | ' |
Loans Receivable, Fair Value Disclosure | 1,050,834 | 703,925 | ' | ' |
Federal Home Loan Bank Stock, Fair Value Disclosure | 13,109 | 8,078 | ' | ' |
Accrued interest receivable, Fair Value Disclosure | 4,021 | 3,215 | ' | ' |
Financial Liabilities [Abstract] | ' | ' | ' | ' |
Deposits, Fair Value Disclosure | 987,705 | 709,357 | ' | ' |
Mortgagors' and investors' escrow accounts, Fair Value Disclosure | 3,214 | 3,207 | ' | ' |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 178,448 | 102,919 | ' | ' |
Junior subordinated debt owed to unconsolidated trust, Fair Value Disclosure | 6,337 | 5,268 | ' | ' |
Derivative Assets [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments | 14 | 13 | ' | ' |
Forward Sale Loan Commitments, Asset | 8 | 4 | ' | ' |
Derivative Liabilities [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments, Liability | ' | 3 | ' | ' |
Forward Sale Loan Commitments, Liability | ' | 1 | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 486 | 849 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 27,321 | 37,689 | ' | ' |
Available for sale securities, Fair Value Disclosure | 8,975 | 1,035 | ' | ' |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | ' | ' |
Loans Receivable, Fair Value Disclosure | 0 | 0 | ' | ' |
Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | ' | ' |
Accrued interest receivable, Fair Value Disclosure | 0 | 0 | ' | ' |
Financial Liabilities [Abstract] | ' | ' | ' | ' |
Deposits, Fair Value Disclosure | 0 | 0 | ' | ' |
Mortgagors' and investors' escrow accounts, Fair Value Disclosure | 0 | 0 | ' | ' |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | ' | ' |
Junior subordinated debt owed to unconsolidated trust, Fair Value Disclosure | 0 | 0 | ' | ' |
Derivative Assets [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments | 0 | 0 | ' | ' |
Forward Sale Loan Commitments, Asset | 0 | 0 | ' | ' |
Derivative Liabilities [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments, Liability | ' | 0 | ' | ' |
Forward Sale Loan Commitments, Liability | ' | 0 | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ' | ' |
Available for sale securities, Fair Value Disclosure | 160,054 | 171,082 | ' | ' |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | ' | ' |
Loans Receivable, Fair Value Disclosure | 0 | 0 | ' | ' |
Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | ' | ' |
Accrued interest receivable, Fair Value Disclosure | 0 | 0 | ' | ' |
Financial Liabilities [Abstract] | ' | ' | ' | ' |
Deposits, Fair Value Disclosure | 0 | 0 | ' | ' |
Mortgagors' and investors' escrow accounts, Fair Value Disclosure | 0 | 0 | ' | ' |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 178,448 | 102,919 | ' | ' |
Junior subordinated debt owed to unconsolidated trust, Fair Value Disclosure | 6,337 | 5,268 | ' | ' |
Derivative Assets [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments | 0 | 0 | ' | ' |
Forward Sale Loan Commitments, Asset | 0 | 0 | ' | ' |
Derivative Liabilities [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments, Liability | ' | 0 | ' | ' |
Forward Sale Loan Commitments, Liability | ' | 0 | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 486 | 849 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ' | ' |
Available for sale securities, Fair Value Disclosure | 1,191 | 4,396 | ' | ' |
Loans Held-for-sale, Fair Value Disclosure | 1,766 | 5,232 | ' | ' |
Loans Receivable, Fair Value Disclosure | 1,050,834 | 703,925 | ' | ' |
Federal Home Loan Bank Stock, Fair Value Disclosure | 13,109 | 8,078 | ' | ' |
Accrued interest receivable, Fair Value Disclosure | 4,021 | 3,215 | ' | ' |
Financial Liabilities [Abstract] | ' | ' | ' | ' |
Deposits, Fair Value Disclosure | 987,705 | 709,357 | ' | ' |
Mortgagors' and investors' escrow accounts, Fair Value Disclosure | 3,214 | 3,207 | ' | ' |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | ' | ' |
Junior subordinated debt owed to unconsolidated trust, Fair Value Disclosure | 0 | 0 | ' | ' |
Derivative Assets [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments | 14 | 13 | ' | ' |
Forward Sale Loan Commitments, Asset | 8 | 4 | ' | ' |
Derivative Liabilities [Abstract] | ' | ' | ' | ' |
Derivative Loan Commitments, Liability | ' | 3 | ' | ' |
Forward Sale Loan Commitments, Liability | ' | 1 | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | $0 | $0 | ' | ' |
Derivative_Instrument_Cash_Flo
Derivative Instrument - Cash Flow Hedge (Details) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Hedging [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | $8,000 | $8,000 |
Weighted average fixed pay rate | 2.44% | 2.44% |
Weighted average variable receive rate | 0.24% | 0.31% |
Weighted average maturity in years | '2 years 0 months 0 days | '3 years 0 months 0 days |
Unrealized loss relating to interest rate swap | 312 | 470 |
Collateral Already Posted, Aggregate Fair Value | $400 | $600 |
Derivative_Instrument_Nonhedge
Derivative Instrument - Nonhedge (Details) (Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | $15,000 | $15,000 |
Weighted average fixed pay rate | 1.26% | 1.26% |
Weighted average variable receive rate | 0.25% | 0.35% |
Weighted average maturity in years | '3 years 0 months 0 days | '4 years 0 months 0 days |
Unrealized loss relating to interest rate swap | 174 | 379 |
Derivative Instruments Not Designated as Hedging Instruments, Gain | 205 | ' |
Derivative Instruments Not Designated as Hedging Instruments, Loss | ' | -379 |
Derivative Loan Commitments, Notional Amount, Net | 3,129 | 7,844 |
Derivative Loan Commitments, Fair Value, Net | 14 | 10 |
Forward Sale Loan Commitments, Notional Amount, Net | 3,581 | 5,919 |
Forward Sale Loan Commitments, Fair Value, Net | $8 | $3 |
Derivative_Fair_Value_and_Bala
Derivative Fair Value and Balance Sheet Classification (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Description of Location of Interest Rate Derivatives on Balance Sheet | 'Other Liabilities | ' |
Notional Amount | $8,000 | $8,000 |
Interest Rate Cash Flow Hedge Liability at Fair Value | -312 | -470 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 15,000 | 15,000 |
Description of Location of Interest Rate Derivative Instruments Not Designated as Hedging Instruments on Balance Sheet | 'Other Liabilities | ' |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | -174 | -379 |
Description of Location of Derivative Loan Commitments Not Designated as Hedging Instruments on Balance Sheet | 'Other Assets | ' |
Derivative Loan Commitments, Notional Amount, Net | 3,129 | 7,844 |
Derivative Loan Commitments, Fair Value, Net | 14 | 10 |
Description of Location of Forward Sale Loan Commitments Not Designated as Hedging Instruments on Balance Sheet | 'Other Assets | ' |
Forward Sale Loan Commitments, Notional Amount, Net | 3,581 | 5,919 |
Forward Sale Loan Commitments, Fair Value, Net | $8 | $3 |
RESTRICTIONS_ON_DIVIDENDS_LOAN1
RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Restrictions on Dividends, Loans and Advances [Abstract] | ' | ' |
Amount Available for Dividend Distribution without Prior Approval from Regulatory Agency | $3.90 | $6.40 |
Equity Restrictions | $134.60 | $103.50 |
COMMON_STOCK_REPURCHASE_PROGRA1
COMMON STOCK REPURCHASE PROGRAM (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 8-May-12 |
Common Stock Repurchase Program [Abstract] | ' | ' | ' | ' |
Stock Repurchase Program, Up to 5% Percent of Company's Stock to be Repurchased | ' | ' | ' | 5.00% |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | 528,815 |
Stock Repurchased During Period, Shares | 8,336 | 465,788 | 547 | ' |
Stock Repurchased During Period, Value | $98 | $5,300 | $5 | ' |
Parent_Company_Balance_Sheet_D
Parent Company Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $27,321 | $37,689 | $48,412 | $78,321 |
Available for sale securities, at fair value | 170,220 | 176,513 | ' | ' |
Other assets | 9,018 | 6,182 | ' | ' |
Total assets | 1,346,379 | 952,880 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ' | ' | ' | ' |
Liabilities | 1,193,537 | 827,121 | ' | ' |
Shareholders' equity | 152,842 | 125,759 | 130,517 | 81,104 |
Total liabilities and shareholders' equity | 1,346,379 | 952,880 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 6,589 | 9,591 | 15,112 | 2,315 |
Available for sale securities, at fair value | 5,082 | 8,380 | ' | ' |
Investment In Savings Institute Bank and Trust Company | 138,506 | 109,948 | ' | ' |
ESOP note receivable | 5,145 | 5,600 | ' | ' |
Income Taxes Receivable | 3,885 | 0 | ' | ' |
Other assets | 2,322 | 991 | ' | ' |
Total assets | 161,529 | 134,510 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ' | ' | ' | ' |
Liabilities | 8,687 | 8,751 | ' | ' |
Shareholders' equity | 152,842 | 125,759 | ' | ' |
Total liabilities and shareholders' equity | $161,529 | $134,510 | ' | ' |
Parent_Company_Statements_of_I
Parent Company Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before taxes and equity in undistributed net income | $1,448 | ($2,497) | $27 | $69 | $955 | ($1,016) | $823 | $597 | ($953) | $1,359 | $3,420 |
Income Tax Expense (Benefit) | 424 | -755 | 87 | 146 | 210 | -316 | 153 | 194 | -98 | 241 | 1,003 |
Net (loss) income | 1,024 | -1,742 | -60 | -77 | 745 | -700 | 670 | 403 | -855 | 1,118 | 2,417 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend from SIBT | ' | ' | ' | ' | ' | ' | ' | ' | 24,400 | 0 | 0 |
Interest and dividends on investments | ' | ' | ' | ' | ' | ' | ' | ' | 123 | 159 | 248 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 276 | 399 | 484 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 24,799 | 558 | 732 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,152 | 758 | 1,275 |
Income (loss) before taxes and equity in undistributed net income | ' | ' | ' | ' | ' | ' | ' | ' | 22,647 | -200 | -543 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -418 | -35 | -185 |
Income (loss) before equity in undistributed net income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 23,065 | -165 | -358 |
Equity in undistributed net income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -23,920 | 1,283 | 2,775 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ($855) | $1,118 | $2,417 |
Parent_Company_Statements_of_C
Parent Company Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net (loss) income | ($855) | $1,118 | $2,417 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities: | ' | ' | ' |
Excess tax (benefit) expense from share-based compensation | -9 | -4 | -3 |
Deferred income tax provision (benefit) | -1,073 | -1,100 | 891 |
Net cash provided by operating activities | 10,157 | 12,240 | 11,319 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of available for sale securities | -54,671 | -41,721 | -139,919 |
Proceeds from maturities of and principal repayments on available for sale securities | 45,275 | 54,452 | 53,366 |
Proceeds from sales of available for sale securities | 26,115 | 44,033 | 36,883 |
Net cash paid for Newport acquisition | -8,935 | 0 | 0 |
Net cash provided by (used in) investing activities | 1,107 | -15,405 | -66,646 |
Cash flows from financing activities: | ' | ' | ' |
Purchase of shares for equity plan | 0 | -2,238 | 0 |
Stock options exercised | 94 | 10 | 0 |
Common shares repurchased | -98 | -5,301 | -5 |
Cash dividends on common stock | -1,227 | -1,171 | -1,191 |
Excess tax benefit (expense) from share-based compensation | 9 | 4 | 3 |
Net proceeds from common stock offering | 0 | 0 | 2,774 |
Net cash (used in) provided by financing activities | -21,632 | -7,558 | 25,418 |
Net change in cash and cash equivalents | -10,368 | -10,723 | -29,909 |
Cash and cash equivalents at beginning of year | 37,689 | 48,412 | 78,321 |
Cash and cash equivalents at end of year | 27,321 | 37,689 | 48,412 |
Parent Company [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net (loss) income | -855 | 1,118 | 2,417 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities: | ' | ' | ' |
Equity in undistributed net income of subsidiary | 23,920 | -1,283 | -2,775 |
Excess tax (benefit) expense from share-based compensation | -9 | -4 | -3 |
Deferred income tax provision (benefit) | -1,050 | 60 | -104 |
Other, net | 211 | 163 | -497 |
Net cash provided by operating activities | 22,217 | 54 | -962 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of available for sale securities | 0 | -1,907 | -8,277 |
Proceeds from maturities of and principal repayments on available for sale securities | 3,165 | 2,069 | 2,000 |
Proceeds from sales of available for sale securities | 0 | 2,025 | 2,300 |
Net cash paid for Newport acquisition | -28,272 | 0 | 0 |
Payments received on ESOP note receivable | 455 | 435 | 421 |
Issuance of ESOP note receivable | 0 | 0 | -3,141 |
Investment in subsidiary | 655 | 499 | -29,450 |
Net cash provided by (used in) investing activities | -23,997 | 3,121 | -36,147 |
Cash flows from financing activities: | ' | ' | ' |
Purchase of shares for equity plan | 0 | -2,238 | 0 |
Stock options exercised | 94 | 10 | 0 |
Common shares repurchased | -98 | -5,301 | -5 |
Cash dividends on common stock | -1,227 | -1,171 | -1,191 |
Excess tax benefit (expense) from share-based compensation | 9 | 4 | 3 |
Net proceeds from common stock offering | 0 | 0 | 51,099 |
Net cash (used in) provided by financing activities | -1,222 | -8,696 | 49,906 |
Net change in cash and cash equivalents | -3,002 | -5,521 | 12,797 |
Cash and cash equivalents at beginning of year | 9,591 | 15,112 | 2,315 |
Cash and cash equivalents at end of year | $6,589 | $9,591 | $15,112 |
QUARTERLY_DATA_UNAUDITED_Detai
QUARTERLY DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and dividend income | $12,184 | $9,151 | $8,302 | $8,555 | $8,863 | $8,862 | $8,878 | $9,221 | $38,192 | $35,824 | $37,820 |
Interest expense | 2,097 | 2,064 | 2,083 | 2,210 | 2,322 | 2,368 | 2,392 | 2,551 | 8,454 | 9,633 | 11,377 |
Net interest and dividend income | 10,087 | 7,087 | 6,219 | 6,345 | 6,541 | 6,494 | 6,486 | 6,670 | 29,738 | 26,191 | 26,443 |
Provision for loan losses | 686 | 443 | 55 | 135 | 646 | 1,334 | 432 | 484 | 1,319 | 2,896 | 1,558 |
Net interest and dividend income after provision for loan losses | 9,401 | 6,644 | 6,164 | 6,210 | 5,895 | 5,160 | 6,054 | 6,186 | 28,419 | 23,295 | 24,885 |
Noninterest income | 2,560 | 1,233 | 2,072 | 2,440 | 2,398 | 1,232 | 2,326 | 2,761 | 8,305 | 8,717 | 11,127 |
Noninterest expenses | 10,513 | 10,374 | 8,209 | 8,581 | 7,338 | 7,408 | 7,557 | 8,350 | 37,677 | 30,653 | 32,592 |
(Loss) income before income tax (benefit) provision | 1,448 | -2,497 | 27 | 69 | 955 | -1,016 | 823 | 597 | -953 | 1,359 | 3,420 |
Income Tax Expense (Benefit) | 424 | -755 | 87 | 146 | 210 | -316 | 153 | 194 | -98 | 241 | 1,003 |
Net income (loss) | $1,024 | ($1,742) | ($60) | ($77) | $745 | ($700) | $670 | $403 | ($855) | $1,118 | $2,417 |
Earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.08 | ($0.17) | ($0.01) | ($0.01) | $0.08 | ($0.07) | $0.07 | $0.04 | ($0.08) | $0.11 | $0.24 |
Diluted | $0.08 | ($0.17) | ($0.01) | ($0.01) | $0.08 | ($0.07) | $0.07 | $0.04 | ($0.08) | $0.11 | $0.24 |
ACQUISITION_OF_NEWPORT_BANCORP2
ACQUISITION OF NEWPORT BANCORP, INC. Acquisition of Newport Bancorp, Inc. (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Sep. 06, 2013 |
NewportBancorpInc [Member] | NewportBancorpInc [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | 6-Sep-13 | ' | ' | ' | 6-Sep-13 | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | $61,000 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | 2,683,099 | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | 30,900 | ' |
Merger expenses | 2,608 | 0 | 0 | ' | 2,600 | ' |
ASSETS: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | 21,955 |
Investment securities | ' | ' | ' | ' | ' | 16,431 |
Loans receivable, net | ' | ' | ' | ' | ' | 361,055 |
Premises and equipment | ' | ' | ' | ' | ' | 9,726 |
Federal Home Loan Bank stock | ' | ' | ' | ' | ' | 5,356 |
Goodwill | 11,213 | 3,451 | 4,094 | 4,094 | ' | 7,762 |
Core deposit intangible | ' | ' | ' | ' | ' | 8,573 |
Other real estate owned | ' | ' | ' | ' | ' | 100 |
Bank-owned life insurance | ' | ' | ' | ' | ' | 11,266 |
Accrued interest receivable | ' | ' | ' | ' | ' | 848 |
Deferred tax assets, net | ' | ' | ' | ' | ' | 2,829 |
Other assets | ' | ' | ' | ' | ' | 525 |
Total assets acquired | ' | ' | ' | ' | ' | 446,426 |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | ' | 288,437 |
FHLB advances | ' | ' | ' | ' | ' | 74,820 |
Repurchase agreement | ' | ' | ' | ' | ' | 15,072 |
Accrued expense and other liabilities | ' | ' | ' | ' | ' | 7,102 |
Total liabilities assumed | ' | ' | ' | ' | ' | 385,431 |
Net assets acquired | ' | ' | ' | ' | ' | 60,995 |
Amount of loans acquired with deteriorated credit quality | 6,549 | ' | ' | ' | ' | 6,900 |
Non Accretable Credit Discount | ' | ' | ' | ' | ' | $1,200 |
ACQUISITION_OF_NEWPORT_BANCORP3
ACQUISITION OF NEWPORT BANCORP, INC. Pro forma financial results of operations (Details) (NewportBancorpInc [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
NewportBancorpInc [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net interest income | $39,735 | $41,614 |
Net Income (Loss) | $2,324 | $3,322 |
Earnings Per Share, Basic | $0.19 | $0.27 |
Earnings Per Share, Diluted | $0.19 | $0.27 |