Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 02, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Entity Registrant Name | Alliance Bancorp, Inc. of Pennsylvania | ||
Entity Central Index Key | 1500711 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | ALLB | ||
Entity Common Stock, Shares Outstanding | 4,026,699 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $55 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||
Cash and cash due from depository institutions | $1,360,506 | $1,529,727 |
Interest bearing deposits with depository institutions | 45,272,420 | 43,694,283 |
Total cash and cash equivalents | 46,632,926 | 45,224,010 |
Investment securities available for sale | 15,995,700 | 21,321,240 |
Mortgage-backed securities available for sale | 3,177,497 | 4,698,480 |
Investment securities held to maturity (fair value - 2014, $25,587,126; 2013, $28,402,334) | 24,926,782 | 28,357,846 |
Loans receivable - net of allowance for loan losses - 2014, $4,464,992; 2013, $4,242,600 | 305,778,982 | 298,877,281 |
Accrued interest receivable | 1,455,308 | 1,465,235 |
Premises and equipment - net | 1,914,065 | 2,036,033 |
Other real estate owned (OREO) | 1,275,000 | 3,190,900 |
Federal Home Loan Bank (FHLB) stock-at cost | 202,500 | 647,000 |
Bank owned life insurance | 12,731,020 | 12,451,196 |
Deferred tax asset - net | 5,301,074 | 5,673,376 |
Other prepaid expenses and assets | 1,438,401 | 1,559,373 |
Total Assets | 420,829,255 | 425,501,970 |
Liabilities and Stockholders’ Equity | ||
Non-interest bearing deposits | 18,356,657 | 16,408,743 |
Interest bearing deposits | 326,423,101 | 328,969,454 |
Total deposits | 344,779,758 | 345,378,197 |
Other borrowings | 2,917,933 | 3,436,766 |
Accrued expenses and other liabilities | 6,681,024 | 6,518,484 |
Total Liabilities | 354,378,715 | 355,333,447 |
Commitments and Contingencies (Note 10) | ||
Stockholders' Equity | ||
Common stock, $.01 par value; shares authorized - 50,000,000 shares issued - 5,474,437; shares outstanding - 2014, 4,026,699; 2013, 4,467,304 | 54,747 | 54,747 |
Additional paid-in capital | 56,939,352 | 56,585,226 |
Retained earnings | 34,318,241 | 32,673,120 |
Common stock acquired by benefit plans | -2,248,846 | -2,957,306 |
Accumulated other comprehensive loss | -1,457,014 | -1,874,695 |
Treasury stock, at cost: 2014, 1,447,738 shares; 2013, 1,007,133 shares | -21,155,940 | -14,312,569 |
Total Stockholders’ Equity | 66,450,540 | 70,168,523 |
Total Liabilities and Stockholders’ Equity | $420,829,255 | $425,501,970 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair value, investment securities held to maturity (in dollars) | $25,587,126 | $28,402,334 |
Loans and Leases Receivable, Allowance (in dollars) | $4,464,992 | $4,242,600 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,474,437 | 5,474,437 |
Common stock, shares outstanding | 4,026,699 | 4,467,304 |
Treasury stock, shares | 1,447,738 | 1,007,133 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and Dividend Income | ||
Loans, including fees | $15,574,221 | $15,204,664 |
Mortgage-backed securities | 137,227 | 227,821 |
Investment securities: | ||
Taxable | 276,630 | 150,773 |
Tax - exempt | 776,496 | 825,112 |
Dividends | 24,630 | 6,907 |
Balances due from depository institutions | 100,797 | 196,443 |
Total interest and dividend income | 16,890,001 | 16,611,720 |
Interest Expense | ||
Deposits | 2,251,122 | 2,453,245 |
Other borrowings | 5,280 | 6,185 |
Total interest expense | 2,256,402 | 2,459,430 |
Net Interest Income | 14,633,599 | 14,152,290 |
Provision for Loan Losses | 450,000 | 900,000 |
Net Interest Income After Provision for Loan Losses | 14,183,599 | 13,252,290 |
Other Income | ||
Service charges on deposit accounts | 258,741 | 250,605 |
Other fee income | 205,140 | 192,509 |
Gain on sale of OREO, net | 4,107 | 8,763 |
Increase in cash surrender value of bank owned life insurance | 279,824 | 296,513 |
Rental income from OREO | 28,100 | 28,172 |
Gain on sale of premise and equipment | 10,847 | 0 |
Other | 2,312 | 540 |
Total other income | 789,071 | 777,102 |
Other Expenses | ||
Salaries and employee benefits | 6,738,766 | 6,944,570 |
Occupancy and equipment | 1,796,607 | 1,863,621 |
FDIC deposit insurance premiums | 273,269 | 299,377 |
Advertising and marketing | 256,596 | 383,908 |
Professional fees | 582,859 | 770,121 |
Loan and OREO expense | 193,754 | 119,678 |
Directors’ fees | 229,200 | 230,650 |
Provision for loss on OREO | 117,000 | 117,780 |
Other | 1,204,735 | 1,131,771 |
Total other expenses | 11,392,786 | 11,861,476 |
Income Before Income Tax Expense | 3,579,884 | 2,167,916 |
Income Tax Expense | 1,025,000 | 760,000 |
Net Income | $2,554,884 | $1,407,916 |
Basic Earnings per Share (in dollars per share) | $0.64 | $0.29 |
Dilutive Earnings per Share (in dollars per share) | $0.63 | $0.29 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income | $2,554,884 | $1,407,916 |
Other Comprehensive Income (Loss) | ||
Additional minimum liability for Retirement Plans-net of tax benefit - 2014, $14,713; 2013, $201,180; | 28,555 | 390,528 |
Unrealized gain (loss) on securities net of tax expense (benefit) 2014, $200,458; 2013, $(303,839) | 389,126 | -589,804 |
Total Other Comprehensive Income (Loss) | 417,681 | -199,276 |
Comprehensive Income | $2,972,565 | $1,208,640 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income [Parenthetical] (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Tax (benefit) expense of liability for retirement plan | $14,713 | $201,180 |
Tax (expense) benefit of unrealized holding gain (loss) on securities | $200,458 | ($303,839) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock Acquired by Benefit Plans [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2012 | $80,002,286 | $54,747 | $56,342,788 | $32,273,617 | ($3,561,708) | ($1,675,419) | ($3,431,739) |
Tax adjustment for benefit plans | 75,000 | 75,000 | |||||
ESOP shares committed to be released | 153,600 | 153,600 | |||||
Net income | 1,407,916 | 1,407,916 | |||||
Dividends declared | -1,008,413 | -1,008,413 | |||||
Stock-based compensation (stock options) | 167,438 | 167,438 | |||||
Stock-based compensation (restricted stock) | 450,802 | 450,802 | |||||
Acquisition of treasury stock | -10,880,830 | -10,880,830 | |||||
Other comprehensive income (loss) | -199,276 | -199,276 | |||||
Balance at Dec. 31, 2013 | 70,168,523 | 54,747 | 56,585,226 | 32,673,120 | -2,957,306 | -1,874,695 | -14,312,569 |
Tax adjustment for benefit plans | 144,000 | 144,000 | |||||
ESOP shares committed to be released | 176,918 | 176,918 | |||||
Net income | 2,554,884 | 2,554,884 | |||||
Dividends declared | -909,763 | -909,763 | |||||
Stock-based compensation (stock options) | 210,126 | 210,126 | |||||
Stock-based compensation (restricted stock) | 531,542 | 531,542 | |||||
Acquisition of treasury stock | -6,843,371 | -6,843,371 | |||||
Other comprehensive income (loss) | 417,681 | 417,681 | |||||
Balance at Dec. 31, 2014 | $66,450,540 | $54,747 | $56,939,352 | $34,318,241 | ($2,248,846) | ($1,457,014) | ($21,155,940) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity [Parenthetical] (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Common stock dividends declared, per share (in dollars per share) | $0.22 | $0.20 |
Treasury stock shares acquired (in shares) | 440,605 | 734,430 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow From Operating Activities | ||
Net income | $2,554,884 | $1,407,916 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Loan losses | 450,000 | 900,000 |
Depreciation and amortization | 479,533 | 600,456 |
Write down of OREO | 117,000 | 117,780 |
Stock-based compensation expense | 1,062,586 | 846,840 |
Deferred tax expense | 157,131 | 480,000 |
Gain on the sale of premises and equipment | -10,847 | 0 |
Gain on the sale of OREO | -4,107 | -8,763 |
Changes in assets and liabilities which provided (used) cash: | ||
Accrued expenses and other liabilities | 205,808 | -172,259 |
Prepaid expenses and other assets | 120,972 | 499,726 |
Increase in cash surrender value of bank owned life insurance | -279,824 | -296,513 |
Accrued interest receivable | 9,927 | 37,157 |
Net cash provided by operating activities | 4,863,063 | 4,412,340 |
Cash Flow From Investing Activities | ||
Purchase of investment securities-available for sale | -12,000,000 | -26,000,000 |
Purchase of investment securities-held to maturity | -530,000 | -4,845,000 |
Loans originated and acquired | -59,330,157 | -85,267,469 |
Proceeds from maturities and calls of investment securities | 21,961,064 | 14,812,314 |
Redemption of FHLB stock | 444,500 | 691,100 |
Principal repayments of: | ||
Loans | 51,735,456 | 61,981,279 |
Mortgage-backed securities | 1,436,107 | 2,610,308 |
Purchase of premises and equipment | -367,718 | -325,911 |
Proceeds from the sale of premises and equipment | 21,000 | 1,044,890 |
Proceeds from the sale of OREO | 2,046,007 | 1,176,763 |
Net cash provided by (used in) investing activities | 5,416,259 | -34,121,726 |
Cash Flow From Financing Activities | ||
Dividends paid | -909,763 | -1,008,413 |
Decrease in deposits | -598,439 | -25,658,530 |
Purchase of treasury stock | -6,843,371 | -10,880,830 |
(Decrease) increase in other borrowings | -518,833 | 176,233 |
Net cash used in financing activities | -8,870,406 | -37,371,540 |
Increase (Decrease) in Cash and Cash Equivalents | 1,408,916 | -67,080,926 |
Cash and cash equivalents, Beginning of Year | 45,224,010 | 112,304,936 |
Cash and Cash Equivalents, End of Year | 46,632,926 | 45,224,010 |
Supplemental Disclosures of Cash Flow Information- | ||
Interest | 2,256,581 | 2,459,248 |
Income taxes | 400,000 | 296,606 |
Supplemental Schedule of Noncash Financing and Investing Activities: | ||
Other real estate acquired in settlement of loans | 243,000 | 2,384,900 |
Deferred gain on sale of premises and equipment | $0 | $667,174 |
Organizational_Structure_and_N
Organizational Structure and Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organizational Structure and Nature Of Operations Disclosure [Text Block] | 1. Organizational Structure and Nature of Operations |
On January 18, 2011, Alliance Mutual Holding Company and Alliance Bancorp, Inc. of Pennsylvania, the federally chartered mid-tier holding company for Alliance Bank (the “Bank”) completed a reorganization and conversion (the “second step conversion”), pursuant to which Alliance Bancorp, Inc. of Pennsylvania, a new Pennsylvania corporation (“Alliance Bancorp” or the “Company”), acquired all the issued and outstanding shares of the Bank’s common stock. In connection with the second step conversion, 3,258,475 shares of common stock, par value $0.01 per share, of Alliance Bancorp were sold in subscription, community and syndicated community offerings to certain depositors of the Bank and other investors for $10 per share, or $32.6 million in the aggregate (the “Offering”), and 2,215,962 shares of common stock were issued in exchange for the outstanding shares of common stock of the mid-tier holding company, which also was known as Alliance Bancorp, Inc. of Pennsylvania, held by the “public” shareholders of the mid-tier holding company. Each share of common stock of the mid-tier holding company was converted into the right to receive 0.8200 shares of common stock of Alliance Bancorp in the second step conversion. As a result of the second step conversion, the former mutual holding company and the mid-tier company were merged into Alliance Bancorp and 548,524 (pre-conversion) treasury shares were canceled. Additionally, the Bank’s Employee Stock Ownership Plan (“ESOP”) was issued a line of credit for up to $1.9 million, which it used to purchase 50,991 shares of common stock in the Offering and 100,000 additional shares of common stock in the open market following the Offering. | |
The Bank is a community oriented savings bank headquartered in Broomall, Pennsylvania. The Bank operates a total of eight banking offices located in Delaware and Chester Counties, which are suburbs of Philadelphia. The Bank is primarily engaged in attracting deposits from the general public through its branch offices and using such deposits primarily to (i) originate and purchase loans secured by first liens on single-family (one-to-four units) residential and commercial real estate properties and (ii) invest in securities issued by the U.S. Government and agencies thereof, municipal and corporate debt securities and certain mutual funds. The Bank derives its income principally from interest earned on loans, mortgage-backed securities and investments and, to a lesser extent, from fees received in connection with the origination of loans and for other services. The Bank's primary expenses are interest expense on deposits and borrowings and general operating expenses. | |
The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities (the "Department"), as its chartering authority and primary regulator, and by the Federal Deposit Insurance Corporation (the "FDIC"), which insures the Bank's deposits up to applicable limits. The Company is supervised by the Board of Governors of the Federal Reserve System (“FRB”). | |
The Company has evaluated events and transactions occurring subsequent to December 31, 2014, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies | |||||||
Basis of Presentation and Consolidation - The consolidated financial statements of the Company include the accounts of the Bank and its three wholly-owned subsidiaries, Alliance Delaware Corp., Alliance Financial and Investment Services LLC, and 908 Hyatt Street LLC. Alliance Delaware Corp. holds and manages certain investment securities. Alliance Financial and Investment Services LLC, which is currently inactive, was formed to participate in commission fees from non-insured investment products. 908 Hyatt Street LLC was formed to own and manage certain real estate properties. As of December 31, 2014 and 2013, there were no and seven properties held by 908 Hyatt Street LLC, respectively. | ||||||||
Use of Estimates in the Preparation of Financial Statements - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets, liability and expense of employee benefit obligations, and evaluation of securities for other than temporary impairment. | ||||||||
Segment Information – The Company has one reportable segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and manage interest rate and credit risk. | ||||||||
The Company operates only in the U.S. domestic market, primarily in Pennsylvania’s Delaware and Chester Counties. For the years ended December 31, 2014 and 2013, there was no one customer that accounted for more than 10% of the Company’s revenue. | ||||||||
Cash and Cash Equivalents – For purposes of reporting cash flows, cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits, with maturities of 90 days or less, with depository institutions. As of December 31, 2014 and 2013, the Bank’s minimum required reserve balance with the Federal Reserve Bank was approximately $745,000 and $770,000, respectively. | ||||||||
Investment and Mortgage-Backed Securities - The Company classifies and accounts for debt and equity securities as follows: | ||||||||
⋅ | Securities Held to Maturity - Securities held to maturity are stated at cost, adjusted for unamortized purchase premiums and discounts, based on the positive intent and the ability to hold these securities to maturity considering all reasonably foreseeable conditions and events. | |||||||
⋅ | Securities Available for Sale - Securities available for sale, carried at fair value, are those securities management might sell in response to changes in market interest rates, increases in loan demand, changes in liquidity needs and other conditions. Unrealized gains and losses, net of tax, are reported as a net amount in other comprehensive income (loss) until realized. | |||||||
Purchase premiums and discounts are amortized to income over the life of the related security using the interest method. The adjusted cost of a specific security sold is the basis for determining the gain or loss on the sale. | ||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether or not the Company intends to sell or expects that it is more likely than not that it will be required to sell the security prior to an anticipated recovery in fair value. Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to credit loss is recognized in earnings. The amount of other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss). | ||||||||
Federal Home Loan Bank Stock- FHLB Stock, which represents the required investment in the common stock of a correspondent bank, is carried at cost. | ||||||||
Loans Receivable-Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. The loans receivable portfolio consists of single-family real estate loans, multi-family real estate loans, commercial real estate loans, land and construction real estate loans, commercial business loans, and consumer loans. | ||||||||
For all classes of loans receivable, the accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan that is 90 days or more past due may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, when a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. | ||||||||
Allowance for Loan Losses-The allowance for loan losses is increased by charges to income and decreased by chargeoffs (net of recoveries). Allowances are provided for specific loans when losses are probable and can be estimated. When this occurs, management considers the remaining principal balance, fair value and estimated net realizable value of the property collateralizing the loan. Current and future operating and/or sales conditions are also considered. These estimates are susceptible to changes that could result in material adjustments to results of operations. Recovery of the carrying value of such loans is dependent to a great extent on economic, operating and other conditions that may be beyond management’s control. | ||||||||
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | ||||||||
In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. | ||||||||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | ||||||||
The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: | ||||||||
1 | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | |||||||
2 | National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. | |||||||
3 | Nature and volume of the portfolio and terms of loans. | |||||||
4 | Experience, ability, and depth of lending management and staff. | |||||||
5 | Volume and severity of past due, classified and nonaccrual loans as well as and other loan modifications. | |||||||
6 | Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. | |||||||
7 | Existence and effect of any concentrations of credit and changes in the level of such concentrations. | |||||||
8 | Effect of external factors, such as competition and legal and regulatory requirements. | |||||||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | ||||||||
Single-family real estate loans involve certain risks such as interest rate risk and risk of non repayment. Adjustable-rate single family real estate loans decreases the interest rate risk to the Company that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy or the borrower. | ||||||||
Multi-family and commercial real estate lending entails significant risks. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for multi-family and commercial real estate as well as economic conditions generally. | ||||||||
Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property's value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Company than construction loans to individuals on their personal residences. | ||||||||
Commercial business lending is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business. In most cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance. | ||||||||
Consumer loans generally have shorter terms and higher interest rates than other lending but generally involve more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. In addition, consumer lending collections are dependent on the borrower's continuing financial stability, and thus are more likely to be adversely effected by job loss, divorce, illness and personal bankruptcy. In most cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. | ||||||||
The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. | ||||||||
Loan Impairment-A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for multi-family, commercial, and land and construction loans secured by real estate, and commercial business loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. | ||||||||
An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. | ||||||||
For multi-family, commercial, and land and construction loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | ||||||||
For commercial business loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. | ||||||||
The Company does not separately identify individual single-family loans secured by real estate and consumer loans unless such loans are the subject of a troubled debt restructuring agreement. Large groups of these smaller balance homogeneous loans are collectively evaluated for impairment. | ||||||||
Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary below market rate reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Loans classified as troubled debt restructurings are designated as impaired. | ||||||||
Accrued Interest Receivable - Interest on loans is recognized as earned. Accrual of loan interest is discontinued and a reserve established on existing accruals if management believes that after considering collateral value, economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. | ||||||||
Purchase Discounts and Premiums – Purchase discounts and premiums on loans and investment and mortgage-backed securities purchased are amortized over the expected average life of the loans and securities using the interest method. | ||||||||
Other Real Estate Owned - Other real estate acquired through, or in lieu of, foreclosure is initially recorded at fair value less cost to sell at the date of acquisition, establishing a new cost basis through a charge to the allowance for loan losses, if necessary. Revenues and expenses from operations are included in other income and other expense. Additions to the valuation allowance are included in other expense. Subsequent to foreclosure, valuations are periodically performed by management and an allowance for losses is established, if necessary, by a charge to operations if the carrying value of a property exceeds its estimated fair value less estimated costs to sell. | ||||||||
Bank Owned Life Insurance - The Bank is the beneficiary of insurance policies on the lives of certain officers of the Bank. The Bank has recognized the amount of the policy cash surrender value that could be realized under the insurance policies as an asset in the consolidated statements of financial condition. | ||||||||
Premises and Equipment – Land is carried at cost. Premises and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the related assets which range from two to 40 years. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the useful lives of the improvements or the remaining lease term. The costs of maintenance and repairs are expensed as they are incurred, and renewals and betterments are capitalized. | ||||||||
Income Taxes - The Company accounts for income taxes in accordance with the guidance set forth in FASB ASC Topic 740, Income Taxes. The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense (benefit) results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company evaluates the likelihood of realizing its deferred tax assets by estimating sources of future taxable income and the impact of tax planning strategies. | ||||||||
The Bank accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. As of December 31, 2014, the Company believes it has no uncertain tax positions. | ||||||||
The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company’s federal income and state tax returns for taxable years through December 31, 2010 have been closed for purposes of examination by the Internal Revenue Service and Pennsylvania Department of Revenue. | ||||||||
The Bank has entered into a tax sharing agreement (under the Internal Revenue Section 1552) with the Company and Alliance Delaware Corporation. The agreement provides that the tax liability shall be apportioned among the members of the group in accordance with the ratio which that portion of the consolidated taxable income attributed to each member of the group having taxable income bears to the consolidated taxable 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 (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||||||||
Employee Benefit Plans- The Company’s 401(k) plan allows eligible participants to set aside a certain percentage of their salaries before taxes. The Company may elect to match employee contributions, as a profit sharing payment, up to a specified percentage of their respective salaries in an amount determined annually by the Board of Directors. The Company’s profit sharing contribution related to the plan resulted in expenses of $98,000 and $75,000 for 2014, and 2013, respectively. | ||||||||
The Company maintains a Retirement Income Plan (“RIP”) which was curtailed as of December 31, 2014. The prepaid funded status for the RIP included in other assets was $599,000 and $99,000 at December 31, 2014 and 2013, respectively. The expense associated with the RIP for the years ended December 31, 2014, and 2013 was $210,000, and $289,000, respectively | ||||||||
The Company also maintains a Supplemental Executive Retirement Plan (“SERP”). The accrued amount for the SERP included in other liabilities was $4.0 million and $4.0 million at December 31, 2014 and 2013, respectively. The expense associated with the SERP for the years ended December 31, 2014, and 2013 was $226,000, and $288,000, respectively | ||||||||
Advertising Costs- The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising costs were approximately $257,000 and $384,000 for the years ended December 31, 2014 and December 31, 2013, respectively. | ||||||||
Earnings per Share – Earnings per share (“EPS”) consists of two separate components, basic EPS and diluted EPS. Basic EPS is computed based on the weighted average number of shares of common stock outstanding for each period presented. Diluted EPS is calculated based on the weighted average number of shares of common stock outstanding plus dilutive common stock equivalents (“CSEs”) using the treasury stock method. CSEs consist of shares that are assumed to have been purchased with the proceeds from the exercise of stock options, as well as unvested common stock awards. CSEs for which the grant price exceeds the average market price over the period have an anti-dilutive effect on EPS, and, accordingly, are excluded from the calculation. There were 32,800 and 48,000 anti-dilutive CSEs at December 31, 2014 and December 31, 2013, respectively. | ||||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation. | ||||||||
For the Years | ||||||||
Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net Income | $ | 2,554,884 | $ | 1,407,916 | ||||
Weighted average shares outstanding | 4,132,196 | 5,009,281 | ||||||
Adjusted average unearned ESOP shares | -141,694 | -155,635 | ||||||
Weighted average shares outstanding – basic | 3,990,502 | 4,853,646 | ||||||
Effect of dilutive common stock equivalents | 66,463 | 23,597 | ||||||
Adjusted weighted average shares outstanding-dilutive | 4,056,965 | 4,877,243 | ||||||
Basic earnings per share | $ | 0.64 | $ | 0.29 | ||||
Dilutive earnings per share | $ | 0.63 | $ | 0.29 | ||||
Other Comprehensive Income (Loss) – The Company is required to present, as a component of comprehensive income, the amounts from transactions and other events which currently are excluded from the statement of income and are recorded directly to stockholders’ equity. | ||||||||
The components of accumulated other comprehensive loss, net of income tax benefits, are as follows: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Net unrealized gain (loss) on available for sale securities | $ | 136,295 | $ | -252,831 | ||||
Net unrealized loss on retirement plans | -1,593,309 | -1,621,864 | ||||||
Total accumulated other comprehensive loss | $ | -1,457,014 | $ | -1,874,695 | ||||
Recent Accounting Pronouncements – In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, 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. ASU No. 2014-04 states 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. Additionally, ASU No. 2014-04 requires interim and annual disclosure 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. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | ||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 660): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40). The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect the guidance to have a material impact on the Company's consolidated financial statements. | ||||||||
In June 2014, the FASB issued ASU 2014-10, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this Update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also require enhanced disclosures. The accounting changes in this Update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. This ASU is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||||||
In August 2014, the FASB issued ASU 2014-14, Receivables–Troubled Debt Restructurings by Creditors (Subtopic 310-40). The amendments in this Update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. This ASU is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in accounting principles generally accepted in the United States of America about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This ASU is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||||||
Investment_Securities_Availabl
Investment Securities Available for Sale and Held to Maturity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities Available for Sale and Held to Maturity | |||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and the fair values of investment securities available for sale and held to maturity are shown below at the dates indicated. Where applicable, the maturity distribution and the fair value of investment securities, by contractual maturity, are shown. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Available for Sale: | Cost | Gains | Losses | Value | ||||||||||||||||
Obligations of Federal Home Loan Bank: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 3,000,000 | $ | 2,420 | $ | -7,550 | $ | 2,994,870 | ||||||||||||
Due after 5 years through 10 years | 3,000,000 | 80 | -6,320 | 2,993,760 | ||||||||||||||||
Due after 10 years | 4,000,000 | 5,160 | -680 | 4,004,480 | ||||||||||||||||
Total | $ | 10,000,000 | $ | 7,660 | $ | -14,550 | $ | 9,993,110 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
Obligations of FHLMC: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 2,000,000 | $ | — | $ | -4,820 | $ | 1,995,180 | ||||||||||||
Total | $ | 2,000,000 | $ | — | $ | -4,820 | $ | 1,995,180 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
Obligations of Fannie Mae: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 1,000,000 | $ | 450 | $ | — | $ | 1,000,450 | ||||||||||||
Due after 10 years | 3,000,000 | 6,960 | — | 3,006,960 | ||||||||||||||||
Total | $ | 4,000,000 | $ | 7,410 | $ | — | $ | 4,007,410 | ||||||||||||
Total Investment Securities Available for Sale | $ | 16,000,000 | $ | 15,070 | $ | -19,370 | $ | 15,995,700 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Held to Maturity | Cost | Gains | Losses | Value | ||||||||||||||||
Municipal Obligations: | ||||||||||||||||||||
Due in 1 year or less | $ | 200,294 | $ | 282 | — | $ | 200,576 | |||||||||||||
Due after 1 years through 5 years | 7,797,743 | 13,778 | -38,439 | 7,773,082 | ||||||||||||||||
Due after 5 years through 10 years | 5,011,365 | 41,415 | -8,422 | 5,044,358 | ||||||||||||||||
Due after 10 years | 11,917,380 | 652,666 | -936 | 12,569,110 | ||||||||||||||||
Total | $ | 24,926,782 | $ | 708,141 | $ | -47,797 | $ | 25,587,126 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Available for Sale: | Cost | Gains | Losses | Value | ||||||||||||||||
Obligations of Federal Home Loan Bank: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 3,000,000 | $ | — | $ | -39,010 | $ | 2,960,990 | ||||||||||||
Due after 5 years through 10 years | 5,000,000 | — | -247,870 | 4,752,130 | ||||||||||||||||
Due after 10 years | 4,000,000 | — | -176,480 | 3,823,520 | ||||||||||||||||
Total | $ | 12,000,000 | $ | — | $ | -463,360 | $ | 11,536,640 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
Obligations of FHLMC: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 2,000,000 | $ | 1,680 | $ | -6,850 | $ | 1,994,830 | ||||||||||||
Total | $ | 2,000,000 | $ | 1,680 | $ | -6,850 | $ | 1,994,830 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
Obligations of Fannie Mae: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 5,000,000 | $ | 580 | $ | -20,700 | $ | 4,979,880 | ||||||||||||
Due after 10 years | 3,000,000 | — | -190,110 | 2,809,890 | ||||||||||||||||
Total | $ | 8,000,000 | $ | 580 | $ | -210,810 | $ | 7,789,770 | ||||||||||||
Total Investment Securities Available for Sale | $ | 22,000,000 | $ | 2,260 | $ | -681,020 | $ | 21,321,240 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Held to Maturity | Cost | Gains | Losses | Value | ||||||||||||||||
Municipal Obligations: | ||||||||||||||||||||
Due in 1 year or less | $ | 1,435,196 | $ | 1,707 | — | $ | 1,436,903 | |||||||||||||
Due after 1 years through 5 years | 6,227,714 | 32,026 | -12,188 | 6,247,552 | ||||||||||||||||
Due after 5 years through 10 years | 6,152,302 | 23,159 | -183,666 | 5,991,795 | ||||||||||||||||
Due after 10 years | 14,542,634 | 273,122 | -89,672 | 14,726,084 | ||||||||||||||||
Total | $ | 28,357,846 | $ | 330,014 | $ | -285,526 | $ | 28,402,334 | ||||||||||||
Included in obligations of U.S. Government agencies at December 31, 2014 and December 31, 2013, were $16.0 million and $20.3 million, respectively, of structured notes. These structured notes were comprised of step-up bonds that provide the U.S. Government agencies with the right, but not the obligation, to call the bonds on certain dates. | ||||||||||||||||||||
There were no investment securities sold by the Company in 2014 or 2013. Investment securities with an aggregate carrying value of $6.0 million and $5.7 million were pledged as collateral for certain deposits at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
The following table shows the fair value and unrealized losses on securities aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
U.S. Government obligations | $ | 2,993,900 | $ | 6,100 | $ | 2,986,730 | $ | 13,270 | $ | 5,980,630 | $ | 19,370 | ||||||||
Mortgage-Backed Securities | $ | 13,833 | $ | 132 | $ | — | $ | — | $ | 13,833 | $ | 132 | ||||||||
Securities Held to Maturity | ||||||||||||||||||||
Municipal obligations | $ | 2,126,057 | $ | 13,457 | $ | 2,972,973 | $ | 34,340 | $ | 5,099,029 | $ | 47,797 | ||||||||
December 31, 2013 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
U.S. Government obligations | $ | 19,318,980 | $ | 681,020 | $ | — | $ | — | $ | 19,318,980 | $ | 681,020 | ||||||||
Securities Held to Maturity | ||||||||||||||||||||
Municipal obligations | $ | 10,209,969 | $ | 245,262 | $ | 427,312 | $ | 40,264 | $ | 10,637,281 | $ | 285,526 | ||||||||
As of December 31, 2014, management believes that the estimated fair values of the securities disclosed above are primarily dependent upon the movement in market interest rates particularly given the negligible inherent credit risk associated with these securities. These investment securities are comprised of securities that are rated investment grade by at least one bond credit rating service. Although the fair value will fluctuate as the market interest rates move, management believes that these fair values will recover as the underlying portfolios mature. As of December 31, 2014, there were 5 U.S. government obligations, 1 mortgage-backed security, and 8 municipal securities in an unrealized loss position. Of the securities in an unrealized loss position at December 31, 2014, there were 3 U.S. government obligations, no mortgage-backed securities, and 5 municipal securities in an unrealized loss position for twelve months or longer. The Company does not intend to sell and it is not more likely than not that the Company will be required to sell these securities until such time as the value recovers or the securities mature. Management does not believe any individual unrealized loss as of December 31, 2014 represents an other-than-temporary impairment. | ||||||||||||||||||||
MortgageBacked_Securities_Avai
Mortgage-Backed Securities Available for Sale | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Mortgage Backed Securities Available For Sale [Abstract] | ||||||||||||||
Mortgage Backed Securities Available For Sale [Text Block] | 4 | Mortgage-Backed Securities Available for Sale | ||||||||||||
The amortized cost, gross unrealized gains and losses, and the fair values of mortgage-backed securities available for sale are as follows: | ||||||||||||||
December 31, 2014 | ||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
Cost | Gains | Losses | Value | |||||||||||
GNMA pass-through certificates | $ | 979,046 | $ | 64,673 | $ | — | $ | 1,043,719 | ||||||
FHLMC pass-through certificates | 746,774 | 81,808 | -132 | 828,450 | ||||||||||
FNMA pass-through certificates | 1,240,870 | 64,458 | — | 1,305,328 | ||||||||||
Total | $ | 2,966,690 | $ | 210,939 | $ | -132 | $ | 3,177,497 | ||||||
December 31, 2013 | ||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
Cost | Gains | Losses | Value | |||||||||||
GNMA pass-through certificates | $ | 1,108,979 | $ | 79,972 | — | $ | 1,188,951 | |||||||
FHLMC pass-through certificates | 1,179,561 | 102,355 | — | 1,281,916 | ||||||||||
FNMA pass-through certificates | 2,114,257 | 113,356 | $ | — | 2,227,613 | |||||||||
Total | $ | 4,402,797 | $ | 295,683 | $ | — | $ | 4,698,480 | ||||||
At December 31, 2014 and 2013, the Company had no mortgage-backed securities pledged for certain customer deposits of the Company. There were no sales of mortgage-backed securities in 2014 or 2013. | ||||||||||||||
Loans_Receivable_Related_Allow
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5 | Loans Receivable, Related Allowance for Loan Losses, and Credit Quality | |||||||||||||||||||||
Loans receivable consist of the following: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Single-family | $ | 121,335,941 | $ | 124,222,742 | |||||||||||||||||||
Multi-family | 24,512,058 | 22,181,608 | |||||||||||||||||||||
Commercial | 121,069,114 | 122,813,820 | |||||||||||||||||||||
Land and construction | 25,901,911 | 19,792,113 | |||||||||||||||||||||
Commercial business | 14,402,645 | 10,403,004 | |||||||||||||||||||||
Consumer | 3,757,722 | 4,495,150 | |||||||||||||||||||||
Total loans receivable | 310,979,391 | 303,908,437 | |||||||||||||||||||||
Less: | |||||||||||||||||||||||
Deferred fees | -735,417 | -788,557 | |||||||||||||||||||||
Allowance for loan losses | -4,464,992 | -4,242,600 | |||||||||||||||||||||
Loans receivable - net | $ | 305,778,982 | $ | 298,877,280 | |||||||||||||||||||
The Company originates loans to customers located primarily in Southeastern Pennsylvania. This geographic concentration of credit exposes the Company to a higher degree of risk associated with this economic region. | |||||||||||||||||||||||
From time to time the Company will grant loans to directors and executive officers of the Bank and Company. These loans are made under the same terms and underwriting standards as to any other customer. There were outstanding balances of $434,000 and $503,000 of these loans at December 31, 2014 and December 31, 2013, respectively. During 2014, there were no new loans or lines of credit issued to directors and executive officers, $69,000 in principal repayments, and no advances on existing lines of credit. Unused lines of credit to directors and executive officers at December 31, 2014 and December 31, 2013, were $312,000 and $287,000, respectively. | |||||||||||||||||||||||
The performance and credit quality of the loan portfolio is monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2014: | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||
Receivable | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||
Than | |||||||||||||||||||||||
90 Days | |||||||||||||||||||||||
60-89 | 90 or | Total | Past Due | ||||||||||||||||||||
30-59 Days | Days | More | Total | Loans | and | ||||||||||||||||||
Past Due | Past Due | Days | Past Due | Current | Receivable | Accruing | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 346,478 | $ | 146,382 | $ | 1,082,543 | $ | 1,575,403 | $ | 119,760,538 | $ | 121,335,941 | $ | 691,385 | |||||||||
Multi-family | 146,603 | — | — | 146,603 | 24,365,455 | 24,512,058 | — | ||||||||||||||||
Commercial | 832,266 | 426,852 | 346,640 | 1,605,758 | 119,463,356 | 121,069,114 | — | ||||||||||||||||
Land and construction | — | — | — | — | 25,901,911 | 25,901,911 | — | ||||||||||||||||
Commercial business | 9,184 | — | — | 9,184 | 14,393,461 | 14,402,645 | — | ||||||||||||||||
Consumer | 200,548 | 100,472 | 235,135 | 536,155 | 3,221,567 | 3,757,722 | 235,135 | ||||||||||||||||
Total | $ | 1,535,079 | $ | 673,706 | $ | 1,664,318 | $ | 3,873,103 | $ | 307,106,288 | $ | 310,979,391 | $ | 926,520 | |||||||||
The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2013: | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||
Receivable | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||
Than | |||||||||||||||||||||||
90 Days | |||||||||||||||||||||||
60-89 | 90 or | Total | Past Due | ||||||||||||||||||||
30-59 Days | Days | More | Total | Loans | and | ||||||||||||||||||
Past Due | Past Due | Days | Past Due | Current | Receivable | Accruing | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 531,900 | $ | 158,770 | $ | 1,390,066 | $ | 2,080,736 | $ | 122,142,006 | $ | 124,222,742 | $ | 638,325 | |||||||||
Multi-family | — | — | — | — | 22,181,608 | 22,181,608 | — | ||||||||||||||||
Commercial | 455,132 | 197,971 | 744,069 | 1,397,172 | 121,416,648 | 122,813,820 | — | ||||||||||||||||
Land and construction | — | — | — | — | 19,792,113 | 19,792,113 | — | ||||||||||||||||
Commercial business | 64,188 | — | — | 64,188 | 10,338,816 | 10,403,004 | — | ||||||||||||||||
Consumer | 122,564 | 89,550 | 411,526 | 623,640 | 3,871,510 | 4,495,150 | 411,526 | ||||||||||||||||
Total | $ | 1,173,784 | $ | 446,291 | $ | 2,545,661 | $ | 4,165,736 | $ | 299,742,701 | $ | 303,908,437 | $ | 1,049,851 | |||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of December 31, 2014: | |||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||
Mention | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 119,044 | $ | 711 | $ | 1,581 | $ | — | $ | 121,336 | |||||||||||||
Multi-family | 24,512 | — | — | — | 24,512 | ||||||||||||||||||
Commercial | 113,603 | 541 | 6,925 | — | 121,069 | ||||||||||||||||||
Land and construction | 25,902 | — | — | — | 25,902 | ||||||||||||||||||
Commercial business | 14,402 | — | — | — | 14,402 | ||||||||||||||||||
Consumer | 3,758 | — | — | — | 3,758 | ||||||||||||||||||
Total | $ | 301,221 | $ | 1,252 | $ | 8,506 | $ | — | $ | 310,979 | |||||||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of December 31, 2013: | |||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||
Mention | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 122,472 | $ | 361 | $ | 1,390 | $ | — | $ | 124,223 | |||||||||||||
Multi-family | 22,181 | — | — | — | 22,181 | ||||||||||||||||||
Commercial | 113,920 | 1,479 | 7,415 | — | 122,814 | ||||||||||||||||||
Land and construction | 19,792 | — | — | — | 19,792 | ||||||||||||||||||
Commercial business | 10,403 | — | — | — | 10,403 | ||||||||||||||||||
Consumer | 4,495 | — | — | — | 4,495 | ||||||||||||||||||
Total | $ | 293,263 | $ | 1,840 | $ | 8,805 | $ | — | $ | 303,908 | |||||||||||||
The following table presents nonaccrual loans by classes of the loan portfolio. | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 391 | $ | 752 | |||||||||||||||||||
Multi-family | — | — | |||||||||||||||||||||
Commercial | 849 | 744 | |||||||||||||||||||||
Land and construction | — | — | |||||||||||||||||||||
Commercial business | — | — | |||||||||||||||||||||
Consumer | — | — | |||||||||||||||||||||
Total non-accruing loans | $ | 1,240 | $ | 1,496 | |||||||||||||||||||
If the Company’s $1.2 million of non-accruing loans at December 31, 2014 had been current in accordance with their terms during 2014, the gross income on such loans would have been approximately $73,000 for 2014. The Company actually recorded $32,000 in interest income on such loans for 2014. If the Company’s $1.5 million of non-accruing loans at December 31, 2013 had been current in accordance with their terms during 2013, the gross income on such loans would have been approximately $69,000 for 2013. The Company actually recorded $19,000 in interest income on such loans for 2013. | |||||||||||||||||||||||
The following table presents the activity in the allowance for loan losses and related recorded investment in loans receivable by classes of the loans individually and collectively evaluated for impairment as of and for the year ended December 31, 2014: | |||||||||||||||||||||||
(Dollars in thousands) | Single | Multi | Commercial | Land and | Consumer | Commercial | Total | ||||||||||||||||
Family | Family | Real Estate | Construction | Business | |||||||||||||||||||
Real | Real | ||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||
Allowance for loan losses for the year ended December 31, 2014: | |||||||||||||||||||||||
Beginning balance | $ | 833 | $ | 304 | $ | 2,259 | $ | 618 | $ | 14 | $ | 215 | $ | 4,243 | |||||||||
Charge-offs | -100 | — | -185 | — | -4 | — | -289 | ||||||||||||||||
Recoveries | 53 | — | 7 | — | 1 | — | 61 | ||||||||||||||||
Provisions | 95 | -2 | 123 | 155 | 5 | 74 | 450 | ||||||||||||||||
Ending balance | $ | 881 | $ | 302 | $ | 2,204 | $ | 773 | $ | 16 | $ | 289 | $ | 4,465 | |||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Ending balance | $ | 881 | $ | 302 | $ | 2,204 | $ | 773 | $ | 16 | $ | 289 | $ | 4,465 | |||||||||
Ending balance: | |||||||||||||||||||||||
individually evaluated for impairment | $ | 22 | $ | — | $ | 414 | $ | — | $ | — | $ | — | $ | 436 | |||||||||
Ending balance: | |||||||||||||||||||||||
collectively evaluated for impairment | $ | 859 | $ | 302 | $ | 1,790 | $ | 773 | $ | 16 | $ | 289 | $ | 4,029 | |||||||||
Loans receivable: | |||||||||||||||||||||||
Ending balance | $ | 121,336 | $ | 24,512 | $ | 121,069 | $ | 25,902 | $ | 3,758 | $ | 14,402 | $ | 310,979 | |||||||||
Ending balance: | |||||||||||||||||||||||
individually evaluated for impairment | $ | 1,041 | $ | — | $ | 7,826 | $ | — | $ | — | $ | — | $ | 8,867 | |||||||||
Ending balance: | |||||||||||||||||||||||
collectively evaluated for impairment | $ | 120,295 | $ | 24,512 | $ | 113,243 | $ | 25,902 | $ | 3,758 | $ | 14,402 | $ | 302,112 | |||||||||
The following table presents the activity in the allowance for loan losses and related recorded investment in loans receivable by classes of the loans individually and collectively evaluated for impairment as of and for the year ended December 31, 2013: | |||||||||||||||||||||||
(Dollars in thousands) | Single | Multi | Commercial | Land and | Consumer | Commercial | Total | ||||||||||||||||
Family | Family | Real Estate | Construction | Business | |||||||||||||||||||
Real | Real | ||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||
Allowance for loan losses for the year ended December 31, 2013: | |||||||||||||||||||||||
Beginning balance | $ | 1,027 | $ | 623 | $ | 2,674 | $ | 352 | $ | 18 | $ | 225 | $ | 4,919 | |||||||||
Charge-offs | -458 | -359 | -813 | — | -7 | — | -1,637 | ||||||||||||||||
Recoveries | 19 | — | 7 | 30 | 5 | — | 61 | ||||||||||||||||
Provisions | 245 | 40 | 391 | 236 | -2 | -10 | 900 | ||||||||||||||||
Ending balance | $ | 833 | $ | 304 | $ | 2,259 | $ | 618 | $ | 14 | $ | 215 | $ | 4,243 | |||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Ending balance | $ | 833 | $ | 304 | $ | 2,259 | $ | 618 | $ | 14 | $ | 215 | $ | 4,243 | |||||||||
Ending balance: | |||||||||||||||||||||||
individually evaluated for impairment | $ | 18 | $ | — | $ | 526 | $ | — | $ | — | $ | — | $ | 544 | |||||||||
Ending balance: | |||||||||||||||||||||||
collectively evaluated for impairment | $ | 815 | $ | 304 | $ | 1,733 | $ | 618 | $ | 14 | $ | 215 | $ | 3,699 | |||||||||
Loans receivable: | |||||||||||||||||||||||
Ending balance | $ | 124,223 | $ | 22,181 | $ | 122,814 | $ | 19,792 | $ | 4,495 | $ | 10,403 | $ | 303,908 | |||||||||
Ending balance: | |||||||||||||||||||||||
individually evaluated for impairment | $ | 552 | $ | — | $ | 8,895 | $ | — | $ | — | $ | — | $ | 9,447 | |||||||||
Ending balance: | |||||||||||||||||||||||
collectively evaluated for impairment | $ | 123,671 | $ | 22,181 | $ | 113,919 | $ | 19,792 | $ | 4,495 | $ | 10,403 | $ | 294,461 | |||||||||
The following table summarizes information in regards to impaired loans by loan portfolio class as of and for the year ended December 31, 2014: | |||||||||||||||||||||||
Interest | |||||||||||||||||||||||
Income | |||||||||||||||||||||||
Unpaid | Average | Recognized | |||||||||||||||||||||
Recorded | Principal | Related | Recorded | While | |||||||||||||||||||
(Dollars in Thousands) | Investment | Balance | Allowance | Investment | Impaired | ||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 850 | $ | 850 | $ | — | $ | 517 | $ | 51 | |||||||||||||
Commercial | $ | 4,121 | $ | 4,121 | $ | — | $ | 3,947 | $ | 193 | |||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 191 | $ | 191 | $ | 22 | $ | 191 | $ | 9 | |||||||||||||
Commercial | $ | 3,705 | $ | 3,705 | $ | 414 | $ | 4,155 | $ | 206 | |||||||||||||
Total: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 1,041 | $ | 1,041 | $ | 22 | $ | 708 | $ | 60 | |||||||||||||
Commercial | $ | 7,826 | $ | 7,826 | $ | 414 | $ | 8,102 | $ | 399 | |||||||||||||
The following table summarizes information in regards to impaired loans by loan portfolio class as of and for the year ended December 31, 2013: | |||||||||||||||||||||||
Interest | |||||||||||||||||||||||
Income | |||||||||||||||||||||||
Unpaid | Average | Recognized | |||||||||||||||||||||
Recorded | Principal | Related | Recorded | While | |||||||||||||||||||
(Dollars in Thousands) | Investment | Balance | Allowance | Investment | Impaired | ||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 361 | $ | 361 | $ | — | $ | 361 | $ | 13 | |||||||||||||
Commercial | $ | 3,835 | $ | 4,263 | $ | — | $ | 3,411 | $ | 239 | |||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 191 | $ | 191 | $ | 18 | $ | 191 | $ | 12 | |||||||||||||
Commercial | $ | 5,060 | $ | 5,187 | $ | 526 | $ | 4,759 | $ | 198 | |||||||||||||
Total: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 552 | $ | 552 | $ | 18 | $ | 552 | $ | 25 | |||||||||||||
Commercial | $ | 8,895 | $ | 9,450 | $ | 526 | $ | 8,170 | $ | 437 | |||||||||||||
The following table summarizes information in regards to loans classified as troubled debt restructurings during the year ended December 31, 2014: | |||||||||||||||||||||||
Post-Modification | |||||||||||||||||||||||
Pre-Modification | Outstanding | ||||||||||||||||||||||
Number of | Outstanding Recorded | Recorded | |||||||||||||||||||||
(Dollars in Thousands) | Contracts | Investments | Investments | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single family | 1 | $ | 464 | $ | 500 | ||||||||||||||||||
Commercial | 2 | $ | 2,273 | $ | 2,273 | ||||||||||||||||||
There were no troubled debt restructurings with a payment default, with the payment default occurring within 12 months of restructure and payment default occurring, during the twelve months ended December 31, 2014. | |||||||||||||||||||||||
At December 31, 2014, the Company had thirteen loans classified as performing troubled debt restructurings consisting of three single-family real estate loans which amounted to $850,000 and ten commercial real estate loans which amounted to $6.0 million. Two of the three single-family real estate loans, which amounted to $351,000 were classified as special mention in the Company’s allowance for loan losses and have no allowance against them. One of the three single family real estate loans, in the amount of $499,000 was classified as substandard and had no allowance against it. Four of the ten commercial real estate loans, in the amount of $901,000 were classified as special mention and one of the four loans had a $3,000 allowance against it. Five of the ten commercial real estate loans, which amounted to $5.1 million are classified as substandard in the Company’s allowance for loan losses and had a $219,000 allowance against them. All such loans have been performing in accordance with their restructured terms and conditions. At December 31, 2014, the Company had one single-family real estate nonperforming loan classified as a troubled debt restructuring in the amount of $191,000. The single-family real estate loan was classified as substandard in the Company’s allowance for loan losses and had a $22,000 allowance against it. All of the troubled debt restructurings consisted of changes in interest rates or maturity extensions and no principal was forgiven. | |||||||||||||||||||||||
The following table summarizes information in regards to loans classified as troubled debt restructurings during the year ended December 31, 2013: | |||||||||||||||||||||||
Post-Modification | |||||||||||||||||||||||
Pre-Modification | Outstanding | ||||||||||||||||||||||
Number of | Outstanding Recorded | Recorded | |||||||||||||||||||||
(Dollars in Thousands) | Contracts | Investments | Investments | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial | 2 | $ | 891 | $ | 921 | ||||||||||||||||||
There were no troubled debt restructurings with a payment default, with the payment default occurring within 12 months of restructure, and payment default occurring during the year ended December 31, 2013. | |||||||||||||||||||||||
At December 31, 2013, the Company had eleven loans classified as performing troubled debt restructurings consisting of two single-family loans which amounted to $361,000 and nine commercial real estate loans which amounted to $4.5 million. The two single-family loans were classified as special mention in the Company’s allowance for loan losses and have no allowance against them. Five of the nine commercial real estate loans, which amounted to $1.5 million are classified as special mention in the Company’s allowance for loan losses and have a $57,000 allowance against them. Four of the nine commercial real estate loans, which amounted to $3.0 million are classified as substandard in the Company’s allowance for loan losses and have a $220,000 allowance against them. All such loans have been performing in accordance with their restructured terms and conditions. At December 31, 2013, the Company had one single-family nonperforming loan classified as a troubled debt restructuring in the amount of $191,000. The single-family loan was classified as substandard in the Company’s allowance for loan losses and had an $18,000 allowance against it. All of the troubled debt restructurings consisted of changes in interest rates and no principal was forgiven. | |||||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 6 | Premises and Equipment | ||||||||
Premises and equipment are summarized by major classifications as follows: | ||||||||||
Estimated | December 31, | |||||||||
Useful | ||||||||||
Life in Years | 2014 | 2013 | ||||||||
Land | Indefinite | $ | 125,014 | $ | 125,014 | |||||
Buildings | 40 | 4,900,080 | 4,711,536 | |||||||
Furniture and fixtures | 7-Feb | 6,133,481 | 6,039,714 | |||||||
Total | 11,158,575 | 10,876,264 | ||||||||
Accumulated depreciation | -9,244,510 | -8,840,231 | ||||||||
Net | $ | 1,914,065 | $ | 2,036,033 | ||||||
Depreciation and amortization expense for the years ended December 31, 2014 and 2013 amounted to $480,000 and $600,000, respectively. | ||||||||||
Deposits
Deposits | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Deposits [Abstract] | ||||||||||||||
Deposit Liabilities Disclosures [Text Block] | 7 | Deposits | ||||||||||||
Deposits consist of the following major classifications: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Amount | Percent | Amount | Percent | |||||||||||
Money market deposit accounts | $ | 24,427,479 | 7.1 | % | $ | 26,433,484 | 7.6 | % | ||||||
Passbook and statement savings accounts | 51,538,256 | 15 | 52,197,435 | 15.1 | ||||||||||
Certificates of less than $100,000 | 140,834,938 | 40.9 | 144,064,208 | 41.7 | ||||||||||
Certificates of $100,000 or more | 53,184,682 | 15.4 | 53,022,110 | 15.4 | ||||||||||
NOW accounts | 56,437,746 | 16.3 | 53,252,217 | 15.4 | ||||||||||
Non-interest bearing accounts | 18,356,657 | 5.3 | 16,408,743 | 4.8 | ||||||||||
Total | $ | 344,779,758 | 100 | % | $ | 345,378,197 | 100 | % | ||||||
A summary of certificates by scheduled maturity was as follows: | ||||||||||||||
December 31, 2014 | ||||||||||||||
Amount | Percent | |||||||||||||
2015 | $ | 110,879,204 | 57.1 | % | ||||||||||
2016 | 58,698,183 | 30.3 | % | |||||||||||
2017 | 16,455,681 | 8.5 | % | |||||||||||
2018 | 3,617,242 | 1.8 | % | |||||||||||
2019 | 2,649,397 | 1.4 | % | |||||||||||
Thereafter | 1,719,913 | 0.9 | % | |||||||||||
Total | $ | 194,019,620 | 100 | % | ||||||||||
A summary of interest expense on deposits was as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Money market deposit accounts | $ | 60,959 | $ | 60,752 | ||||||||||
Other savings deposits | 102,807 | 102,704 | ||||||||||||
Certificates of less than $100,000 | 1,068,641 | 1,285,949 | ||||||||||||
Certificates of $100,000 or more | 901,148 | 886,498 | ||||||||||||
NOW accounts | 117,567 | 117,342 | ||||||||||||
Total | $ | 2,251,122 | $ | 2,453,245 | ||||||||||
Borrowings
Borrowings | 12 Months Ended | ||
Dec. 31, 2014 | |||
Debt Disclosure [Abstract] | |||
Debt Disclosure [Text Block] | 8 | Borrowings | |
At December 31, 2014 and 2013, the Company had other borrowings of $2.9 million and $3.4 million, respectively. Other borrowings consists of non-FDIC insured customer sweep investments. | |||
The FHLB offers an alternative to regular repurchase agreements. The terms are variable from overnight to one year and utilize mortgage loans as collateral in lieu of liquidity items such as government securities for collateral. The Company’s unused credit line with the FHLB amounted to approximately $20.0 million at both December 31, 2014 and 2014, respectively. In addition to the $20.0 million credit line with the FHLB, the Company had the ability to borrow an additional $161.0 million at December 31, 2014. | |||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Income Tax Disclosure [Text Block] | 9 | Income Taxes | ||||||||||||
The Company uses the experience method in computing reserves for bad debts. The bad debt deduction allowable under this method is available to small banks with assets less than $500 million. Generally, this method allows the Company to deduct an annual addition to the reserve for bad debts equal to the increase in the balance of the Company’s reserve for bad debts at the end of the year to an amount equal to the percentage of total loans at the end of the year, computed using the ratio of the previous six years’ net chargeoffs divided by the sum of the previous six years’ total outstanding loans at year end. | ||||||||||||||
Retained earnings at both December 31, 2014 and 2013 included approximately $7.1 million, representing bad debt deductions, for which no deferred income taxes have been provided. | ||||||||||||||
The Company has no liability recorded related to unrecognized tax positions. No expense has been recorded or accrued for interest or penalties. | ||||||||||||||
The Company files income tax returns in the U.S. Federal jurisdiction and in Pennsylvania. With limited exception, the Company is no longer subject to U.S. Federal and Pennsylvania examinations by tax authorities before 2011. | ||||||||||||||
The tax effect of temporary differences that give rise to significant portions of the deferred tax accounts, calculated at 34%, is as follows: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Depreciation and amortization | $ | 330,820 | $ | 287,300 | ||||||||||
Allowance for loan losses | 1,518,100 | 1,442,620 | ||||||||||||
Additional minimum liability for retirement plans | 820,796 | 835,509 | ||||||||||||
Supplemental retirement benefits | 1,366,120 | 1,355,240 | ||||||||||||
Deferred gain on the sale of premises and equipment | 208,000 | 227,000 | ||||||||||||
Stock benefit plan | 281,860 | 215,900 | ||||||||||||
Capital loss carryforwards | 210,000 | 386,000 | ||||||||||||
Alternative minimum tax | 1,459,000 | 1,676,000 | ||||||||||||
State tax loss carryforwards | 291,000 | 295,000 | ||||||||||||
Net unrealized loss on securities available for sale | — | 130,246 | ||||||||||||
Other | 142,750 | 223,681 | ||||||||||||
Total deferred tax assets | 6,628,446 | 7,074,496 | ||||||||||||
Valuation allowance | -501,000 | -681,000 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Deferred loan fees | -40,460 | -52,020 | ||||||||||||
Pension Plan | -715,700 | -668,100 | ||||||||||||
Net unrealized gain on securities available for sale | -70,212 | — | ||||||||||||
Total deferred tax liabilities | -826,372 | -720,120 | ||||||||||||
Net deferred tax asset | $ | 5,301,074 | $ | 5,673,376 | ||||||||||
The Company has considered future market growth, forecasted earnings, future taxable income, and prudent, feasible and permissible tax planning strategies in determining the realizability of deferred tax assets. If the Company were to determine that it would not be able to realize a portion of its net deferred tax assets in the future, an adjustment to the net deferred tax assets would be charged to earnings in the period such determination was made. | ||||||||||||||
As of December 31, 2014, the Company had approximately $575,000 and $44,000 of capital loss carryforwards, which result in a deferred tax asset of $210,000, expiring in 2015 and 2016, respectively. The Company recorded a full valuation allowance for these carryforwards as it is more likely than not the Company will be unable to realize these benefits. | ||||||||||||||
As of December 31, 2014, the Company had approximately $4.0 million of state net operating loss carryforwards, transferred from the MHC, expiring from 2019 through 2030. The Company has recorded a full valuation allowance for these carryforwards as projected state income at the Company is not anticipated to be sufficient to realize these benefits. | ||||||||||||||
The consolidated expense for income taxes consisted of the following for the years ended December 31: | ||||||||||||||
2014 | 2013 | |||||||||||||
Current, federal | $ | 679,869 | $ | 280,000 | ||||||||||
Deferred, federal | 157,131 | 480,000 | ||||||||||||
Current, state | 188,000 | — | ||||||||||||
Total | $ | 1,025,000 | $ | 760,000 | ||||||||||
The Company’s federal income tax expense differs from that computed at the statutory tax rate as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Percentage | Percentage | |||||||||||||
of Pretax | of Pretax | |||||||||||||
Amount | Income | Amount | Income | |||||||||||
Expense at statutory rate | $ | 1,217,161 | 34 | % | $ | 737,091 | 34 | % | ||||||
Adjustments resulting from: | ||||||||||||||
Tax-exempt income | -264,009 | -7.4 | -280,538 | -12.9 | ||||||||||
Increase in cash surrender value of life insurance | -95,140 | -2.7 | -100,814 | -4.7 | ||||||||||
State tax expense net of federal tax benefit | 124,080 | 3.5 | — | — | ||||||||||
Valuation allowance for capital loss carryforward | — | — | 386,000 | 17.8 | ||||||||||
Other | 42,908 | 1.2 | 18,261 | 0.9 | ||||||||||
Income tax expense per consolidated statements of income | $ | 1,025,000 | 28.6 | % | $ | 760,000 | 35.1 | % | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies Disclosure [Text Block] | 10 | Commitments and Contingencies | ||||||
The lending activities of the Company are subject to the written, non-discriminatory, underwriting standards and loan origination procedures established by the Company's Board of Directors and management. Loan originations are obtained by a variety of sources, including referrals from real estate brokers, builders, existing customers, advertising, walk-in customers and, to a significant extent, mortgage brokers who obtain credit reports, appraisals and other documentation involved with a loan. In most cases, property valuations are performed by independent outside appraisers. Title and hazard insurance are generally required on all security property other than property securing a home equity loan, in which case the Company obtains a title opinion. The majority of the Company's loans are secured by property located in its primary lending area. The Company had approximately $5.5 million and $3.1 million in outstanding loan commitments, excluding unused lines of credit and the undisbursed portion of loans in process, at December 31, 2014 and 2013, respectively, which were expected to fund within the next three months. Unused commitments under unused lines of credit amounted to $36.6 million and $30.0 million at December 31, 2014 and December 31, 2013, respectively. In addition, the Company had $1.1 million and $1.5 million in standby letters of credit at December 31, 2014 and 2013, respectively, which were secured by cash, marketable securities and real estate. All commitments are issued using the Company’s current loan policies and underwriting guidelines and the breakdown between fixed-rate and adjustable-rate loans is as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Fixed-rate (ranging from 1.99% to 5.25%) | $ | 2,831,000 | $ | 1,867,450 | ||||
Adjustable-rate | 2,700,000 | 1,200,000 | ||||||
Total | $ | 5,531,000 | $ | 3,067,450 | ||||
The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer defaults and the value of any existing collateral becomes worthless. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Financial instruments whose contract amounts represent credit risk at the dates indicated are as follows: | ||||||||
At December 31, | ||||||||
2014 | 2013 | |||||||
Future loan commitments | $ | 5,531,000 | $ | 3,067,450 | ||||
Undisbursed construction loans | 18,053,123 | 14,247,660 | ||||||
Undisbursed home equity lines of credit | 4,702,969 | 4,259,993 | ||||||
Undisbursed commercial lines of credit | 13,712,440 | 11,270,226 | ||||||
Overdraft protection lines | 176,219 | 184,383 | ||||||
Standby letters of credit | 1,133,889 | 1,511,730 | ||||||
Total | $ | 43,309,640 | $ | 34,541,442 | ||||
Depending on cash flow, interest rate risk, risk management and other considerations, longer term fixed-rate residential loans may be sold in the secondary market. There were no outstanding commitments to sell loans at December 31, 2014. | ||||||||
The Company is involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such proceedings and litigation currently pending will not materially affect the Company consolidated financial statements. However, there can be no assurance that any of the outstanding legal proceedings and litigation to which the Company is a party will not be decided adversely to the Company’s interests and have a material adverse effect on the consolidated financial statements. | ||||||||
Expenses related to rent for office buildings for 2014 and 2013 were $471,000 and $461,000, respectively. The Company maintains offices at eight locations, including six bank offices which it rents under leases expiring over the next 13 years. The following is a summary of future minimum rental payments required under all non-cancellable operating leases as of December 31, 2014: | ||||||||
Year Ending December 31, | ||||||||
2015 | $ | 476,406 | ||||||
2016 | 397,240 | |||||||
2017 | 392,529 | |||||||
2018 | 394,119 | |||||||
2019 | 402,227 | |||||||
Thereafter | 1,599,373 | |||||||
Total minimum rental payments | $ | 3,661,894 | ||||||
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11 | Retirement Plans | ||||||||||||
The Company has a defined benefit pension plan and a defined contribution plan under Section 401(k) of the Internal Revenue Code, all of which cover all full-time employees meeting certain eligibility requirements. The plans may be terminated at any time at the discretion of the Company’s Board of Directors. At December 31, 2014 the defined benefit pension plan was curtailed and as a result the participants will no longer accrue benefits. The Company is responsible for the future payments to the participants. | ||||||||||||||
Pension expense was $210,000 and $289,000, in 2014 and 2013, respectively. | ||||||||||||||
The net pension costs for the years ended December 31, 2014 and 2013 included the following components: | ||||||||||||||
2014 | 2013 | |||||||||||||
Net Periodic Benefit Cost | ||||||||||||||
Service Cost | $ | 290,115 | $ | 295,577 | ||||||||||
Interest Cost | 321,686 | 261,131 | ||||||||||||
Expected Return on Plan Assets | -574,806 | -504,112 | ||||||||||||
Amortization of Prior Service Cost | 12,685 | 12,685 | ||||||||||||
Curtailment | 50,742 | — | ||||||||||||
Amortization of Loss | 109,584 | 223,797 | ||||||||||||
Net Periodic Benefit Cost | $ | 210,006 | $ | 289,078 | ||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ||||||||||||||
Net gain | $ | -186,866 | $ | -202,807 | ||||||||||
Amortization of net loss | -109,584 | -223,797 | ||||||||||||
Amortization of prior service cost | -63,427 | -12,685 | ||||||||||||
Total recognized in other comprehensive income (loss) | $ | -359,877 | $ | -439,289 | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | -149,871 | $ | -150,211 | ||||||||||
The estimated net loss and prior service cost for the defined benefit pension plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year are $49,385 and $-0-, respectively. | ||||||||||||||
Key Assumptions | 2014 | 2013 | ||||||||||||
Discount Rate for Net Periodic Benefit Cost | 4.25 | % | 3.5 | % | ||||||||||
Salary Scale for Net Periodic Benefit Cost | 3 | % | 2.5 | % | ||||||||||
Expected Return on Plan Assets | 7.5 | % | 8 | % | ||||||||||
Discount Rate for Plan Obligations | 3.5 | % | 4.25 | % | ||||||||||
Salary Scale for Plan Obligations | N/A | 3 | % | |||||||||||
During 2014, the Company adopted the new mortality tables reflecting longer life expectancy published by the Society of Actuaries on October 27, 2014. These revised tables resulted in an increase in the pension plan's projected benefit obligation of approximately $300,000 as of December 31, 2014. | ||||||||||||||
A summary of reconciliation and disclosure information required under FASB ASC Topic 715, Compensation-Retirement Benefits, for the defined benefit pension plan is as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||
Projected Benefit Obligation at Beginning of Year | $ | 7,597,479 | $ | 6,656,322 | ||||||||||
Service Cost | 290,115 | 295,577 | ||||||||||||
Interest Cost | 321,686 | 261,131 | ||||||||||||
Curtailment | -1,267,296 | — | ||||||||||||
Benefits paid | -353,289 | -195,187 | ||||||||||||
Actuarial Loss | 1,091,740 | 579,636 | ||||||||||||
Projected Benefit Obligation at End of Year | 7,680,435 | 7,597,479 | ||||||||||||
Change in Plan Assets During Year | ||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 7,696,447 | 6,005,079 | ||||||||||||
Actual Return on Plan Assets | 586,116 | 1,286,555 | ||||||||||||
Employer Contributions | 350,000 | 600,000 | ||||||||||||
Benefits Paid | -353,289 | -195,187 | ||||||||||||
Fair Value of Plan Assets at End of Year | 8,279,274 | 7,696,447 | ||||||||||||
Funded Status at End of Year, included in other assets | $ | 598,839 | $ | 98,968 | ||||||||||
Benefit Obligations at End of Year | ||||||||||||||
Accumulated Benefit Obligation | $ | 7,680,435 | $ | 6,369,762 | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | ||||||||||||||
Net loss | $ | 1,240,288 | $ | 1,536,738 | ||||||||||
Prior service cost | — | 63,427 | ||||||||||||
Total | $ | 1,240,288 | $ | 1,600,165 | ||||||||||
Expected Contributions to the Plan | ||||||||||||||
The Company plans to contribute $-0- to the pension plan in 2015. | ||||||||||||||
Expected Benefit Payments From the Plan | ||||||||||||||
2015 | $ | 106,793 | ||||||||||||
2016 | 1,670,455 | |||||||||||||
2017 | 282,045 | |||||||||||||
2018 | 1,118,637 | |||||||||||||
2019 | 87,889 | |||||||||||||
2020-2024 | 2,162,485 | |||||||||||||
Target asset allocation for the pension plan includes equity securities ranging from 55% to 75%, debt securities ranging from 25% to 45% and cash and cash equivalents ranging from 0% to 10%. The following table shows the asset allocation as of December 31, 2014. | ||||||||||||||
Percentage | ||||||||||||||
Investment Class | of Assets | |||||||||||||
Fixed Income Investments-mutual funds | $ | 2,403,320 | 29 | % | ||||||||||
Equity Investments-mutual funds | 5,083,809 | 61.4 | % | |||||||||||
Cash and Cash Equivalents | 792,145 | 9.6 | % | |||||||||||
Fair Value as of December 31, 2014 | $ | 8,279,274 | 100 | % | ||||||||||
Fixed income investments are 50.7% invested in a total return bond fund and 49.3% invested in a short term investment grade fund. The equity investments consist of 11.1% small-cap mutual funds, 13.3% mid-cap mutual funds, and 75.6% large-cap mutual funds. | ||||||||||||||
The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||
Quoted Prices in | Significant | (Level 3) | ||||||||||||
Active Markets | Other | Significant | ||||||||||||
for Identical | Observable | Unobservable | ||||||||||||
Description | Total | Assets | Inputs | Inputs | ||||||||||
Cash and Cash Equivalents | $ | 792,145 | $ | 792,145 | $ | — | $ | — | ||||||
Mutual Funds | 7,487,129 | 7,487,129 | — | — | ||||||||||
Total | $ | 8,279,274 | $ | 8,279,274 | $ | — | $ | — | ||||||
The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||
Quoted Prices in | Significant | (Level 3) | ||||||||||||
Active Markets | Other | Significant | ||||||||||||
for Identical | Observable | Unobservable | ||||||||||||
Description | Total | Assets | Inputs | Inputs | ||||||||||
Cash and Cash Equivalents | $ | 805,065 | $ | 805,065 | $ | — | $ | — | ||||||
Mutual Funds | 6,891,382 | 6,891,382 | — | — | ||||||||||
Total | $ | 7,696,447 | $ | 7,696,447 | $ | — | $ | — | ||||||
The Company has an unfunded Nonqualified Retirement and Death Benefit Agreement (the “Agreement”) with certain officers of the Company. The purpose of the Agreement is to provide the officers with supplemental retirement benefits equal to a specified fixed amount. A summary of the reconciliation and disclosure information required under FASB Topic ASC 715, Compensation-Retirement Benefits, for the Agreement is as follows: | ||||||||||||||
Year Ended | ||||||||||||||
December 31, | ||||||||||||||
Change in benefit obligation during year | 2014 | 2013 | ||||||||||||
Benefit obligation at beginning of year | $ | 4,842,687 | $ | 4,865,765 | ||||||||||
Service cost | — | 54,821 | ||||||||||||
Interest cost | 201,150 | 198,442 | ||||||||||||
Benefit payments | -193,718 | -158,792 | ||||||||||||
Actuarial (gain) loss | 341,471 | -117,549 | ||||||||||||
Benefit obligation at end of year | 5,191,590 | 4,842,687 | ||||||||||||
Change in plan assets during year | ||||||||||||||
Fair value of plan assets at beginning of year | — | — | ||||||||||||
Employer contributions | 193,718 | 158,792 | ||||||||||||
Benefit payments | -193,718 | -158,792 | ||||||||||||
Fair value of plan assets at end of year | — | — | ||||||||||||
Funded status | ||||||||||||||
Funded status (included in other liabilities) | -5,191,590 | -4,842,689 | ||||||||||||
Unrecognized net loss | 1,173,817 | 857,209 | ||||||||||||
Unrecognized prior service cost | — | — | ||||||||||||
Net liability recognized | $ | -4,017,773 | $ | -3,985,480 | ||||||||||
Change in accumulated other comprehensive loss | ||||||||||||||
Accumulated other comprehensive loss at beginning of year | $ | 857,208 | $ | 1,009,627 | ||||||||||
Amortization of net loss | 24,862 | 34,870 | ||||||||||||
Actuarial gain (loss) | -341,471 | 117,549 | ||||||||||||
Amortization of prior service cost | — | — | ||||||||||||
Net change in other comprehensive loss | 316,609 | -152,419 | ||||||||||||
Accumulated other comprehensive loss at end of year | $ | 1,173,817 | $ | 857,208 | ||||||||||
Expected cash-flow information for years after current fiscal year | ||||||||||||||
2015 | $ | 257,092 | ||||||||||||
2016 | 377,441 | |||||||||||||
2017 | 377,441 | |||||||||||||
2018 | 377,441 | |||||||||||||
2019 | 377,441 | |||||||||||||
2020-2024 | 1,887,205 | |||||||||||||
2014 | 2013 | |||||||||||||
Net periodic benefit cost | ||||||||||||||
Service cost | $ | — | $ | 54,821 | ||||||||||
Interest cost | 201,150 | 198,443 | ||||||||||||
Amortization of prior service cost | — | — | ||||||||||||
Amortization of net loss | 24,862 | 34,870 | ||||||||||||
Net periodic benefit cost | $ | 226,012 | $ | 288,134 | ||||||||||
Key Assumptions | ||||||||||||||
Discount rate during the year | 4.25 | % | 4 | % | ||||||||||
Discount rate at end of year | 3.5 | % | 4.25 | % | ||||||||||
Employee Stock Ownership Plan | ||||||||||||||
The Bank has an Employee Stock Ownership Plan (“ESOP”) for the benefit of employees who meet the eligibility requirements as defined in the ESOP. The ESOP purchased 74,073 shares of common stock in the offering completed on January 30, 2007 using proceeds of a loan from the former mid-tier holding company. The Bank makes quarterly payments of principal and interest over a term of 15 years at a rate of 8.25% to the Company. The ESOP has a second loan from the Company to fund the purchase of 150,991 additional shares in connection with the second step conversion completed on January 18, 2011 under which the Bank makes quarterly payments of principal and interest over a term of 20 years at a rate of 3.25% to the Company. The loans are secured by the shares of the stock purchased. | ||||||||||||||
As the debt is repaid, shares are released from collateral and allocated to qualified employees. As shares are released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. The compensation expense for the ESOP for the years ended December 31, 2014 and December 31, 2013 was $236,000 and $189,000, respectively. | ||||||||||||||
The following table presents the components of the ESOP shares inclusive of shares purchased prior to 2007: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Shares released for allocation | 178,325 | 172,856 | ||||||||||||
Unearned shares | 134,734 | 148,675 | ||||||||||||
Total ESOP shares | 313,059 | 321,531 | ||||||||||||
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | 12 | Regulatory Capital Requirements | ||||||||||||||||||
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 Bank’s 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. Qualitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total and Tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2014, that the Bank meets all capital adequacy requirements to which it is subject. | ||||||||||||||||||||
As of December 31, 2014, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. | ||||||||||||||||||||
The Bank’s actual capital amounts and ratios are presented in the table below: | ||||||||||||||||||||
To Be Well | ||||||||||||||||||||
Capitalized Under | ||||||||||||||||||||
For Capital Adequacy | Prompt Corrective | |||||||||||||||||||
Actual | Purposes | Action Provisions | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of December 31, 2014: | (Dollars in thousands) | |||||||||||||||||||
Tier 1 Capital | $ | 60,152 | 14.39 | % | $ | 16,725 | 4 | % | $ | 20,906 | 5 | % | ||||||||
(to average assets) | ||||||||||||||||||||
Tier 1 Capital | 60,152 | 21.94 | 10,969 | 4 | 16,454 | 6 | ||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||
Total Capital | 63,593 | 23.19 | 21,938 | 8 | 27,423 | 10 | ||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||
As of December 31, 2013: | (Dollars in thousands) | |||||||||||||||||||
Tier 1 Capital | $ | 56,693 | 13.25 | % | $ | 17,114 | 4 | % | $ | 21,393 | 5 | % | ||||||||
(to average assets) | ||||||||||||||||||||
Tier 1 Capital | 56,693 | 20.87 | 10,867 | 4 | 16,301 | 6 | ||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||
Total Capital | 60,099 | 22.12 | 21,734 | 8 | 27,168 | 10 | ||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||
The Bank’s capital at December 31, 2014 and 2013 for financial statement purposes differs from regulatory Tier 1 capital amounts by $137,000 and $253,000, respectively, representing the exclusion for regulatory purposes of unrealized gains and losses on securities available for sale and by $1.6 million and $1.6 million, respectively, representing the exclusion of amounts in accumulated other comprehensive loss from the application of FASB ASC Topic 715 (Compensation-Retirement Benefits), and $3.7 million and $4.6 million, respectively representing the exclusion for regulatory purposes of certain deferred tax assets. | ||||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Stock-Based Compensation | |||||||
Recognition and Retention Plan and Trust | ||||||||
In July of 2011, the shareholders of the Company approved the adoption of the 2011 Recognition and Retention Plan and Trust (the “2011 RRP”). Pursuant to the terms of the 2011 RRP, awards of up to 218,977 shares of restricted common stock may be granted to employees and directors. In order to fund the 2011 RRP, the 2011 RRP acquired 218,977 shares of the Company’s common stock in the open market for approximately $2.4 million at an average price of $11.14 per share. During 2012 and 2011, the Company made sufficient contributions to the 2011 RRP to fund the purchase of these shares. Pursuant to the terms of the 2011 RRP, no additional shares will need to be acquired. On July 20, 2011, July 20, 2012, and December 11, 2013, a total of 208,200, 3,000, and 7,750 shares of 2011 RRP awards were granted, respectively. The 2011 RRP shares generally vest at the rate of 20% per year over five years. | ||||||||
A summary of the status of the shares under the 2011 RRP as of December 31, 2014 and December 31, 2013 and changes during the years ended December 31, 2014 and December 31, 2013 are presented below: | ||||||||
Year Ended December 31, 2014 | ||||||||
Weighted | ||||||||
Number of | average grant | |||||||
shares | date fair value | |||||||
Restricted at the beginning of period | 135,070 | $ | 11.22 | |||||
Granted | — | — | ||||||
Vested | -51,610 | $ | 11.17 | |||||
Forfeited | -1,500 | $ | 15.34 | |||||
Restricted at the end of period | 81,960 | $ | 11.34 | |||||
Year Ended December 31, 2013 | ||||||||
Weighted | ||||||||
Number of | average grant | |||||||
shares | date fair value | |||||||
Restricted at the beginning of the period | 169,560 | $ | 11.08 | |||||
Granted | 7,750 | $ | 15.34 | |||||
Vested | -42,240 | $ | 11.07 | |||||
Forfeited | — | — | ||||||
Restricted at the end of the period | 135,070 | $ | 11.22 | |||||
Compensation expense on the 2011 RRP shares granted is recognized ratably over the five year vesting period in an amount which totals the market price of the common stock at the date of grant. During the year ended December 31, 2014, approximately 51,610 shares were amortized to expense, based on the proportional and accelerated vesting of the awarded shares, resulting in recognition of approximately $532,000 in compensation expense with a related tax benefit of $181,000. Of the $532,000 in compensation expense, approximately $102,000 related to the accelerated vesting of certain awarded shares. As of December 31, 2014, approximately $688,000 in additional compensation expense is scheduled to be recognized over the remaining weighted average vesting period of 2.25 years. During the year ended December 31, 2013, approximately 42,219 shares were amortized to expense, based on the proportional vesting of the awarded shares, resulting in recognition of approximately $451,000 in compensation expense with a related tax benefit of $153,000. As of December 31, 2013, approximately $1.2 million in additional compensation expense was scheduled to be recognized over the remaining weighted average vesting period of 3.25 years. Under the terms of the 2011 RRP, any unvested awards will become fully vested upon a change in control of the Company resulting in the full recognition of any unrecognized expense. | ||||||||
Stock Options | ||||||||
In July 2011, the shareholders of the Company also approved the adoption of the 2011 Stock Option Plan (the “2011 Option Plan”). Pursuant to the 2011 Option Plan, options to acquire 325,842 shares of common stock may be granted to employees and directors. Under the 2011 Option Plan, options generally become vested and exercisable at the rate of 20% per year over five years and are generally exercisable for a period of ten years after the grant date. On July 20, 2011, July 20, 2012, and December 11, 2013 options to purchase 277,750, 9,500, and 38,500 shares of common stock were awarded, respectively. As of December 31, 2014, a total of 5,792 shares of common stock have been reserved for future grant pursuant to the 2011 Option Plan. | ||||||||
A summary of the status of the Company’s stock options under the 2011 Option Plan as of December 31, 2014 and December 31, 2013, and changes during the years ended December 31, 2014 and December 31, 2013, are presented below: | ||||||||
Year Ended December 31, 2014 | ||||||||
Weighted | ||||||||
Number of | average | |||||||
shares | exercise price | |||||||
Options outstanding at the beginning of period | 325,750 | $ | 11.6 | |||||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Forfeited | -5,700 | $ | 15.34 | |||||
Options outstanding at the end of period | 320,050 | $ | 11.53 | |||||
Exercisable at end of the period | 186,150 | $ | 11.23 | |||||
Year Ended December 31, 2013 | ||||||||
Weighted | ||||||||
Number of | average | |||||||
Shares | exercise price | |||||||
Options outstanding at the beginning of period | 287,250 | $ | 11.1 | |||||
Granted | 38,500 | $ | 15.34 | |||||
Exercised | — | — | ||||||
Forfeited | — | — | ||||||
Options outstanding at the end of the period | 325,750 | $ | 11.6 | |||||
Exercisable at the end of the period | 113,000 | $ | 11.07 | |||||
The fair value of each option grant is estimated using the Black-Scholes pricing model with the following weighted average assumptions for the options granted in 2013: dividend yield of 2.0%, risk-free interest rate of 1.53%, expected life of 7.0 years, and volatility of 28.35%. The calculated fair value of options granted in 2013 was $4.12. | ||||||||
The weighted average contractual term of the options outstanding was 7.5 years and 8.2 years at December 31, 2014 and December 31, 2013, respectively. | ||||||||
During the years ended December 31, 2014 and December 31, 2013, respectively, approximately $210,000, of which approximately $31,000 related to the accelerated vesting of certain awards, and $167,000 was recognized in compensation expense for the 2011 Option Plan. At December 31, 2014 and December 31, 2013, respectively, approximately $335,000 and $568,000 in additional compensation expense for awarded options remained unrecognized. The weighted average period over which this expense will be recognized is approximately 2.25 years and 3.25 years at December 31, 2014 and December 31, 2013, respectively. | ||||||||
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Disclosures [Text Block] | 14. Fair Value Measurements and Fair Values of Financial Instruments | |||||||||||||
Management uses its best judgment in estimating the fair value of the Company financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. | ||||||||||||||
FASB ASC Topic 820, Fair Value Measurement establishes a fair value hierarchy that prioritizes the inputs to validation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of fair value hierarchy under FASB ASC Topic 820 are as follows: | ||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to fair value measurement and unobservable (i.e. support with little or no market value activity). | ||||||||||||||
An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||
The following methods and assumptions were used to estimate the fair value of certain Company assets and liabilities: | ||||||||||||||
Cash and Cash Equivalents (Carried at Cost), The carrying amounts reported in the consolidated statements of financial condition for cash and short-term instruments approximate those assets’ fair values. | ||||||||||||||
Investment and Mortgage-Backed Securities, The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges for identical securities (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. | ||||||||||||||
Loans Receivable (Carried at Cost), The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. | ||||||||||||||
Impaired Loans (Generally Carried at Fair Value). Impaired loans are those in which the Bank has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. Appraised values may be discounted based upon management’s historical knowledge and changes in the market conditions from the time of the appraisal. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions we consider fair values of impaired loans to be highly sensitive to market conditions. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value of the impaired loans consists of the loan balances, net of any valuation allowance. At December 31, 2014 and December 31, 2013, the fair value of the impaired loans consists of loan balances of $3.9 million and $5.3 million, respectively, net of valuation allowances of $436,000 and $544,000, respectively; and loan balances of $-0- and $728,000, respectively, net of partial charge-offs of $-0- and $428,000, respectively. | ||||||||||||||
Other Real Estate Owned (“OREO”). OREO assets are originally recorded at fair value upon transfer of the loans to OREO, net of estimated cost to dispose of the assets. Subsequently, OREO assets are carried at the lower of carrying value or fair value. The fair value of OREO is based on independent appraisals less selling costs. Appraised values may be discounted based upon management’s historical knowledge and changes in the market conditions from the time of the appraisal. Because of the high degree of judgment required in estimating the fair value of OREO and because of the relationship between fair value and general economic conditions, the Company considers fair values of OREO to be highly sensitive to market conditions. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. At December 31, 2014 and December 31, 2013 the fair value consists of OREO balances of $1.0 million and $1.1 million, respectively, net of valuation allowances of $131,000 and $155,000, respectively. These amounts differ from the balances disclosed on the Statement of Financial Condition due to certain OREO assets being carried at carrying value, as they have not required additional write-downs subsequent to transfer. | ||||||||||||||
FHLB Stock (Carried at Cost). The carrying amount of FHLB stock approximates fair value, and considers the limited marketability of such securities. | ||||||||||||||
Accrued Interest Receivable and Payable (Carried at Cost). The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. | ||||||||||||||
Deposits (Carried at Cost). The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. | ||||||||||||||
Borrowings (Carried at Cost). The carrying amount of overnight sweep accounts generally approximate fair value. | ||||||||||||||
Off-Balance Sheet Financial Instruments, Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. | ||||||||||||||
The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Prices in | Significant | Significant | ||||||||||||
Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | |||||||||||||
Assets | ||||||||||||||
Investment security obligations of FHLB | $ | 9,993 | $ | — | $ | 9,993 | $ | — | ||||||
Investment security obligations of Fannie Mae | 4,007 | — | 4,007 | — | ||||||||||
Investment security obligations of Freddie Mac | 1,995 | — | 1,995 | — | ||||||||||
Mortgaged backed security obligations of GNMA | 1,044 | — | 1,044 | — | ||||||||||
Mortgaged backed security obligations of FHLMC | 829 | — | 829 | — | ||||||||||
Mortgaged backed security obligations of FNMA | 1,305 | — | 1,305 | — | ||||||||||
Total | $ | 19,173 | $ | — | $ | 19,173 | $ | — | ||||||
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2014 (in thousands) are as follows: | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Prices in Active | Significant | Significant | ||||||||||||
Markets for | Other | Unobservable | ||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||
Inputs | ||||||||||||||
Impaired loans | $ | 3,460 | $ | — | $ | — | $ | 3,460 | ||||||
Other real estate owned | 870 | — | — | 870 | ||||||||||
Total | $ | 4,330 | $ | — | $ | — | $ | 4,330 | ||||||
The following table presents quantitative information with regards to Level 3 fair value measurements at December 31, 2014. | ||||||||||||||
Description | Fair Value at | Valuation | Unobservable | Range | ||||||||||
December 31, | Technique | Input | (Weighted | |||||||||||
2014 | Average) | |||||||||||||
Impaired loans | $ | 3,460 | Appraisal of collateral | Appraisal adjustments (1) | 5%-30% (20%) | |||||||||
Other real estate owned | 870 | Appraisal of collateral | Appraisal adjustments (1) | 10%-0% (4%) | ||||||||||
Total | $ | 4,330 | ||||||||||||
_________________ | ||||||||||||||
-1 | Appraisals may be adjusted by management for qualitative factors, including estimated liquidation expenses. The range and weighted average adjustments are presented as a percentage of the appraisal. | |||||||||||||
The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Prices in | Significant | Significant | ||||||||||||
Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | |||||||||||||
Assets | ||||||||||||||
Investment security obligations of FHLB | $ | 11,537 | $ | — | $ | 11,537 | $ | — | ||||||
Investment security obligations of Fannie Mae | 7,789 | — | 7,789 | — | ||||||||||
Investment security obligations of Freddie Mac | 1,995 | — | 1,995 | — | ||||||||||
Mortgaged backed security obligations of GNMA | 1,189 | — | 1,189 | — | ||||||||||
Mortgaged backed security obligations of FHLMC | 1,282 | — | 1,282 | — | ||||||||||
Mortgaged backed security obligations of FNMA | 2,228 | — | 2,228 | — | ||||||||||
Total | $ | 26,020 | $ | — | $ | 26,020 | $ | — | ||||||
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2013 (in thousands) are as follows: | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Prices in Active | Significant | Significant | ||||||||||||
Markets for | Other | Unobservable | ||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||
Inputs | ||||||||||||||
Impaired loans | $ | 5,008 | $ | — | $ | — | $ | 5,008 | ||||||
Other real estate owned | 978 | — | — | 978 | ||||||||||
Total | $ | 5,986 | $ | — | $ | — | $ | 5,986 | ||||||
The following table presents quantitative information with regards to Level 3 fair value measurements at December 31, 2013. | ||||||||||||||
Range | ||||||||||||||
Fair Value at | Valuation | Unobservable | (Weighted) | |||||||||||
Description | December 31, 2013 | Technique | Input | Average) | ||||||||||
Impaired loans | $ | 5,008 | Appraisal of collateral | Appraisal adjustments (1) | 5%-30% (18%) | |||||||||
Other real estate owned | 987 | Appraisal of collateral | Appraisal adjustments (1) | 10%-5% (4%) | ||||||||||
Total | $ | 5,986 | ||||||||||||
_________________ | ||||||||||||||
-1 | Appraisals may be adjusted by management for qualitative factors, including estimated liquidation expenses. The range and weighted average adjustments are presented as a percentage of the appraisal. | |||||||||||||
The carrying amount and estimated fair values of the Company’s assets and liabilities were as follows as of the dates indicated. | ||||||||||||||
At December 31, 2014 | ||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | |||||||||||
Amount | Fair Value | Fair Value | Fair Value | |||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | 1,361 | $ | 1,361 | $ | — | $ | — | ||||||
Interest bearing deposits at banks | 45,272 | 45,272 | — | — | ||||||||||
Investment securities | 40,922 | — | 41,583 | — | ||||||||||
Mortgage-backed securities | 3,177 | — | 3,177 | — | ||||||||||
Loans receivable | 305,779 | — | — | 305,849 | ||||||||||
FHLB stock | 203 | — | 203 | — | ||||||||||
Accrued interest receivable | 1,455 | — | 1,455 | — | ||||||||||
Liabilities: | ||||||||||||||
NOW and MMDA deposits (1) | $ | 99,222 | $ | — | $ | 99,222 | $ | — | ||||||
Other savings deposits | 51,538 | — | 51,538 | — | ||||||||||
Certificate accounts | 194,020 | — | 194,305 | — | ||||||||||
Borrowings | 2,918 | — | 2,918 | — | ||||||||||
Accrued interest payable | 9 | — | 9 | — | ||||||||||
Off balance sheet instruments | — | — | — | — | ||||||||||
_______________________ | ||||||||||||||
(1) Includes non-interest bearing accounts totaling $18,357. | ||||||||||||||
At December 31, 2013 | ||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | |||||||||||
Amount | Fair Value | Fair Value | Fair Value | |||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | 1,530 | $ | 1,530 | $ | — | $ | — | ||||||
Interest bearing deposits at banks | 43,694 | 43,694 | — | — | ||||||||||
Investment securities | 49,679 | — | 49,724 | — | ||||||||||
Mortgage-backed securities | 4,698 | — | 4,698 | — | ||||||||||
Loans receivable | 298,878 | — | — | 300,029 | ||||||||||
FHLB stock | 647 | — | 647 | — | ||||||||||
Accrued interest receivable | 1,465 | — | 1,465 | — | ||||||||||
Liabilities: | ||||||||||||||
NOW and MMDA deposits (1) | $ | 96,044 | $ | — | $ | 96,044 | $ | — | ||||||
Other savings deposits | 52,197 | — | 52,197 | — | ||||||||||
Certificate accounts | 197,086 | — | 196,901 | — | ||||||||||
Borrowings | 3,437 | — | 3,437 | — | ||||||||||
Accrued interest payable | 9 | — | 9 | — | ||||||||||
Off balance sheet instruments | — | — | — | — | ||||||||||
_______________________ | ||||||||||||||
(1) Includes non-interest bearing accounts totaling $16,409. | ||||||||||||||
Condensed_Financial_Informatio
Condensed Financial Information - Parent Corporation Only | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Additional Financial Information Disclosure [Text Block] | 15. Condensed Financial Information – Parent Corporation Only | |||||||
CONDENSED BALANCE SHEETS-PARENT CORPORATION ONLY | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
ASSETS: | ||||||||
Cash and cash equivalents | $ | 2,871,165 | $ | 9,729,594 | ||||
Loan receivable – ESOP | 1,582,865 | 1,730,808 | ||||||
Premises and equipment, net | 10,000 | 10,000 | ||||||
Other assets | 271,616 | 261,930 | ||||||
Investment in Alliance Bank | 62,406,029 | 59,370,438 | ||||||
Total assets | $ | 67,141,675 | $ | 71,102,770 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES: | ||||||||
Accrued tax payable | $ | 11,727 | $ | 185,041 | ||||
Deferred gain on the sale of premises and equipment | 611,577 | 667,174 | ||||||
Deferred directors retirement plan | 67,831 | 82,032 | ||||||
Total liabilities | $ | 691,135 | $ | 934,247 | ||||
STOCKHOLDERS’ EQUITY | ||||||||
Total stockholders' equity | 66,450,540 | 70,168,523 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 67,141,675 | $ | 71,102,770 | ||||
CONDENSED INCOME STATEMENTS-PARENT CORPORATION ONLY | ||||||||
Years Ended December 31, | ||||||||
2014 | 2013 | |||||||
INCOME: | ||||||||
Interest income | $ | 67,463 | $ | 98,756 | ||||
Rental income | — | 38,500 | ||||||
Amortization of deferred gain | 55,597 | — | ||||||
Dividend from subsidiary | 1,000,000 | 4,500,000 | ||||||
Total income | 1,123,060 | 4,637,256 | ||||||
EXPENSES: | ||||||||
Directors retirement plan | 10,800 | 10,800 | ||||||
Depreciation | — | 12,229 | ||||||
Legal fees | 48,000 | 45,000 | ||||||
Stock related expense | 57,000 | 56,000 | ||||||
Capital stock tax | — | 5,446 | ||||||
Other | 7,700 | 7,700 | ||||||
Total expenses | 123,500 | 137,175 | ||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY IN UNDISTRUBUTED NET INCOME OF SUBSIDIARY | 999,560 | 4,500,081 | ||||||
EQUITY IN UNDISTRUBUTED NET INCOME (LOSS) OF SUBSIDIARY | 1,555,324 | -2,920,165 | ||||||
Income Tax Expense | — | 172,000 | ||||||
NET INCOME | $ | 2,554,884 | $ | 1,407,916 | ||||
CONDENSED STATEMENTS OF CASH FLOWS-PARENT CORPORATION ONLY | ||||||||
Years Ended December 31, | ||||||||
2014 | 2013 | |||||||
OPERATING ACTIVITIES: | ||||||||
Net income | $ | 2,554,884 | $ | 1,407,916 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Undistributed net (income) loss of subsidiary | -1,555,324 | 2,920,165 | ||||||
Depreciation | — | 12,229 | ||||||
(Increase) decrease in other assets | -9,686 | 170,773 | ||||||
Decrease in other liabilities | -243,112 | -71,258 | ||||||
Net cash provided by operating activities | 746,762 | 4,439,825 | ||||||
INVESTING ACTIVITIES: | ||||||||
Principal repayments on ESOP loan | 147,943 | 139,349 | ||||||
Proceeds from the sale of premises and equipment | — | 1,044,890 | ||||||
Net cash provided by investing activities | 147,943 | 1,184,239 | ||||||
FINANCING ACTIVITIES: | ||||||||
Purchase of treasury stock | -6,843,371 | -10,880,830 | ||||||
Dividends paid | -909,763 | -1,008,413 | ||||||
Net cash used in financing activities | -7,753,134 | -11,889,243 | ||||||
Net decrease in cash and cash equivalents | -6,858,429 | -6,265,179 | ||||||
Cash and cash equivalents – beginning of period | 9,729,594 | 15,994,773 | ||||||
Cash and cash equivalents – end of period | $ | 2,871,165 | $ | 9,729,594 | ||||
Supplemental Schedule of Noncash Financing and Investing Activities: | ||||||||
Deferred gain on sale of premises and equipment | $ | — | $ | 667,174 | ||||
Entry_into_a_Material_Definiti
Entry into a Material Definitive Agreement | 12 Months Ended |
Dec. 31, 2014 | |
Entry Into Material Definitive Agreement [Abstract] | |
Entry Into Material Definitive Agreement [Text Block] | 16. Entry into a Material Definitive Agreement |
On March 3, 2015, Alliance Bancorp, Inc. of Pennsylvania (“Alliance”) announced that it entered into an Agreement and Plan of Reorganization (the “Agreement”) with WSFS Financial Corporation (“WSFS”) providing for, among other things, the merger of Alliance with and into WSFS (the “Merger”) and the merger of Greater Delaware Valley Savings Bank d/b/a Alliance Bank, a Pennsylvania-chartered savings bank and a wholly owned subsidiary of Alliance, with and into Wilmington Savings Fund Society, FSB, a federal savings bank and wholly owned subsidiary of WSFS. Under the terms of the Agreement, all shares of Alliance common stock will be exchanged in the aggregate for approximately $26.6 million in cash and 816,151 shares of WSFS common stock. Each stockholder of Alliance will be able to elect to receive, for each of their shares of Alliance Bancorp, Inc. of Pennsylvania common stock, either 0.28955 shares of WSFS common stock or $22.00 in cash. The Merger is subject to customary closing conditions, including regulatory approvals and approval from Alliance’s shareholders. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation and Consolidation - The consolidated financial statements of the Company include the accounts of the Bank and its three wholly-owned subsidiaries, Alliance Delaware Corp., Alliance Financial and Investment Services LLC, and 908 Hyatt Street LLC. Alliance Delaware Corp. holds and manages certain investment securities. Alliance Financial and Investment Services LLC, which is currently inactive, was formed to participate in commission fees from non-insured investment products. 908 Hyatt Street LLC was formed to own and manage certain real estate properties. As of December 31, 2014 and 2013, there were no and seven properties held by 908 Hyatt Street LLC, respectively. | |||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets, liability and expense of employee benefit obligations, and evaluation of securities for other than temporary impairment. | |||||||
Segment Reporting, Policy [Policy Text Block] | Segment Information – The Company has one reportable segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and manage interest rate and credit risk. | |||||||
The Company operates only in the U.S. domestic market, primarily in Pennsylvania’s Delaware and Chester Counties. For the years ended December 31, 2014 and 2013, there was no one customer that accounted for more than 10% of the Company’s revenue. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents – For purposes of reporting cash flows, cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits, with maturities of 90 days or less, with depository institutions. As of December 31, 2014 and 2013, the Bank’s minimum required reserve balance with the Federal Reserve Bank was approximately $745,000 and $770,000, respectively. | |||||||
Investment And Mortgage Backed Securities [Policy Text Block] | Investment and Mortgage-Backed Securities - The Company classifies and accounts for debt and equity securities as follows: | |||||||
⋅ | Securities Held to Maturity - Securities held to maturity are stated at cost, adjusted for unamortized purchase premiums and discounts, based on the positive intent and the ability to hold these securities to maturity considering all reasonably foreseeable conditions and events. | |||||||
⋅ | Securities Available for Sale - Securities available for sale, carried at fair value, are those securities management might sell in response to changes in market interest rates, increases in loan demand, changes in liquidity needs and other conditions. Unrealized gains and losses, net of tax, are reported as a net amount in other comprehensive income (loss) until realized. | |||||||
Purchase premiums and discounts are amortized to income over the life of the related security using the interest method. The adjusted cost of a specific security sold is the basis for determining the gain or loss on the sale. | ||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether or not the Company intends to sell or expects that it is more likely than not that it will be required to sell the security prior to an anticipated recovery in fair value. Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to credit loss is recognized in earnings. The amount of other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss). | ||||||||
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock- FHLB Stock, which represents the required investment in the common stock of a correspondent bank, is carried at cost. | |||||||
Policy Loans Receivable, Policy [Policy Text Block] | Loans Receivable-Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. The loans receivable portfolio consists of single-family real estate loans, multi-family real estate loans, commercial real estate loans, land and construction real estate loans, commercial business loans, and consumer loans. | |||||||
For all classes of loans receivable, the accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan that is 90 days or more past due may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, when a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. | ||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses-The allowance for loan losses is increased by charges to income and decreased by chargeoffs (net of recoveries). Allowances are provided for specific loans when losses are probable and can be estimated. When this occurs, management considers the remaining principal balance, fair value and estimated net realizable value of the property collateralizing the loan. Current and future operating and/or sales conditions are also considered. These estimates are susceptible to changes that could result in material adjustments to results of operations. Recovery of the carrying value of such loans is dependent to a great extent on economic, operating and other conditions that may be beyond management’s control. | |||||||
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | ||||||||
In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. | ||||||||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | ||||||||
The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: | ||||||||
1 | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | |||||||
2 | National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. | |||||||
3 | Nature and volume of the portfolio and terms of loans. | |||||||
4 | Experience, ability, and depth of lending management and staff. | |||||||
5 | Volume and severity of past due, classified and nonaccrual loans as well as and other loan modifications. | |||||||
6 | Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. | |||||||
7 | Existence and effect of any concentrations of credit and changes in the level of such concentrations. | |||||||
8 | Effect of external factors, such as competition and legal and regulatory requirements. | |||||||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | ||||||||
Single-family real estate loans involve certain risks such as interest rate risk and risk of non repayment. Adjustable-rate single family real estate loans decreases the interest rate risk to the Company that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy or the borrower. | ||||||||
Multi-family and commercial real estate lending entails significant risks. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for multi-family and commercial real estate as well as economic conditions generally. | ||||||||
Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property's value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Company than construction loans to individuals on their personal residences. | ||||||||
Commercial business lending is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business. In most cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance. | ||||||||
Consumer loans generally have shorter terms and higher interest rates than other lending but generally involve more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. In addition, consumer lending collections are dependent on the borrower's continuing financial stability, and thus are more likely to be adversely effected by job loss, divorce, illness and personal bankruptcy. In most cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. | ||||||||
The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. | ||||||||
Loan Impairment [Policy Text Block] | Loan Impairment-A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for multi-family, commercial, and land and construction loans secured by real estate, and commercial business loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. | |||||||
An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. | ||||||||
For multi-family, commercial, and land and construction loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | ||||||||
For commercial business loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. | ||||||||
The Company does not separately identify individual single-family loans secured by real estate and consumer loans unless such loans are the subject of a troubled debt restructuring agreement. Large groups of these smaller balance homogeneous loans are collectively evaluated for impairment. | ||||||||
Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary below market rate reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Loans classified as troubled debt restructurings are designated as impaired. | ||||||||
Accrued Interest Receivable [Policy Text Block] | Accrued Interest Receivable - Interest on loans is recognized as earned. Accrual of loan interest is discontinued and a reserve established on existing accruals if management believes that after considering collateral value, economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. | |||||||
Loans and Leases Receivable, Origination Fees, Discounts or Premiums, and Direct Costs to Acquire Loans Policy [Policy Text Block] | Purchase Discounts and Premiums – Purchase discounts and premiums on loans and investment and mortgage-backed securities purchased are amortized over the expected average life of the loans and securities using the interest method. | |||||||
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned - Other real estate acquired through, or in lieu of, foreclosure is initially recorded at fair value less cost to sell at the date of acquisition, establishing a new cost basis through a charge to the allowance for loan losses, if necessary. Revenues and expenses from operations are included in other income and other expense. Additions to the valuation allowance are included in other expense. Subsequent to foreclosure, valuations are periodically performed by management and an allowance for losses is established, if necessary, by a charge to operations if the carrying value of a property exceeds its estimated fair value less estimated costs to sell. | |||||||
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance - The Bank is the beneficiary of insurance policies on the lives of certain officers of the Bank. The Bank has recognized the amount of the policy cash surrender value that could be realized under the insurance policies as an asset in the consolidated statements of financial condition. | |||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment – Land is carried at cost. Premises and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the related assets which range from two to 40 years. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the useful lives of the improvements or the remaining lease term. The costs of maintenance and repairs are expensed as they are incurred, and renewals and betterments are capitalized. | |||||||
Income Tax, Policy [Policy Text Block] | Income Taxes - The Company accounts for income taxes in accordance with the guidance set forth in FASB ASC Topic 740, Income Taxes. The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense (benefit) results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company evaluates the likelihood of realizing its deferred tax assets by estimating sources of future taxable income and the impact of tax planning strategies. | |||||||
The Bank accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. As of December 31, 2014, the Company believes it has no uncertain tax positions. | ||||||||
The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company’s federal income and state tax returns for taxable years through December 31, 2010 have been closed for purposes of examination by the Internal Revenue Service and Pennsylvania Department of Revenue. | ||||||||
The Bank has entered into a tax sharing agreement (under the Internal Revenue Section 1552) with the Company and Alliance Delaware Corporation. The agreement provides that the tax liability shall be apportioned among the members of the group in accordance with the ratio which that portion of the consolidated taxable income attributed to each member of the group having taxable income bears to the consolidated taxable income. | ||||||||
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets- Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Employee Benefit Plans- The Company’s 401(k) plan allows eligible participants to set aside a certain percentage of their salaries before taxes. The Company may elect to match employee contributions, as a profit sharing payment, up to a specified percentage of their respective salaries in an amount determined annually by the Board of Directors. The Company’s profit sharing contribution related to the plan resulted in expenses of $98,000 and $75,000 for 2014, and 2013, respectively. | |||||||
The Company maintains a Retirement Income Plan (“RIP”) which was curtailed as of December 31, 2014. The prepaid funded status for the RIP included in other assets was $599,000 and $99,000 at December 31, 2014 and 2013, respectively. The expense associated with the RIP for the years ended December 31, 2014, and 2013 was $210,000, and $289,000, respectively | ||||||||
The Company also maintains a Supplemental Executive Retirement Plan (“SERP”). The accrued amount for the SERP included in other liabilities was $4.0 million and $4.0 million at December 31, 2014 and 2013, respectively. The expense associated with the SERP for the years ended December 31, 2014, and 2013 was $226,000, and $288,000, respectively | ||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Costs- The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising costs were approximately $257,000 and $384,000 for the years ended December 31, 2014 and December 31, 2013, respectively. | |||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share – Earnings per share (“EPS”) consists of two separate components, basic EPS and diluted EPS. Basic EPS is computed based on the weighted average number of shares of common stock outstanding for each period presented. Diluted EPS is calculated based on the weighted average number of shares of common stock outstanding plus dilutive common stock equivalents (“CSEs”) using the treasury stock method. CSEs consist of shares that are assumed to have been purchased with the proceeds from the exercise of stock options, as well as unvested common stock awards. CSEs for which the grant price exceeds the average market price over the period have an anti-dilutive effect on EPS, and, accordingly, are excluded from the calculation. There were 32,800 and 48,000 anti-dilutive CSEs at December 31, 2014 and December 31, 2013, respectively. | |||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation. | ||||||||
For the Years | ||||||||
Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net Income | $ | 2,554,884 | $ | 1,407,916 | ||||
Weighted average shares outstanding | 4,132,196 | 5,009,281 | ||||||
Adjusted average unearned ESOP shares | -141,694 | -155,635 | ||||||
Weighted average shares outstanding – basic | 3,990,502 | 4,853,646 | ||||||
Effect of dilutive common stock equivalents | 66,463 | 23,597 | ||||||
Adjusted weighted average shares outstanding-dilutive | 4,056,965 | 4,877,243 | ||||||
Basic earnings per share | $ | 0.64 | $ | 0.29 | ||||
Dilutive earnings per share | $ | 0.63 | $ | 0.29 | ||||
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss) – The Company is required to present, as a component of comprehensive income, the amounts from transactions and other events which currently are excluded from the statement of income and are recorded directly to stockholders’ equity. | |||||||
The components of accumulated other comprehensive loss, net of income tax benefits, are as follows: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Net unrealized gain (loss) on available for sale securities | $ | 136,295 | $ | -252,831 | ||||
Net unrealized loss on retirement plans | -1,593,309 | -1,621,864 | ||||||
Total accumulated other comprehensive loss | $ | -1,457,014 | $ | -1,874,695 | ||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements – In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, 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. ASU No. 2014-04 states 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. Additionally, ASU No. 2014-04 requires interim and annual disclosure 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. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 660): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40). The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect the guidance to have a material impact on the Company's consolidated financial statements. | ||||||||
In June 2014, the FASB issued ASU 2014-10, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this Update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also require enhanced disclosures. The accounting changes in this Update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. This ASU is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||||||
In August 2014, the FASB issued ASU 2014-14, Receivables–Troubled Debt Restructurings by Creditors (Subtopic 310-40). The amendments in this Update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. This ASU is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in accounting principles generally accepted in the United States of America about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This ASU is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation. | |||||||
For the Years | ||||||||
Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net Income | $ | 2,554,884 | $ | 1,407,916 | ||||
Weighted average shares outstanding | 4,132,196 | 5,009,281 | ||||||
Adjusted average unearned ESOP shares | -141,694 | -155,635 | ||||||
Weighted average shares outstanding – basic | 3,990,502 | 4,853,646 | ||||||
Effect of dilutive common stock equivalents | 66,463 | 23,597 | ||||||
Adjusted weighted average shares outstanding-dilutive | 4,056,965 | 4,877,243 | ||||||
Basic earnings per share | $ | 0.64 | $ | 0.29 | ||||
Dilutive earnings per share | $ | 0.63 | $ | 0.29 | ||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss, net of income tax benefits, are as follows: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Net unrealized gain (loss) on available for sale securities | $ | 136,295 | $ | -252,831 | ||||
Net unrealized loss on retirement plans | -1,593,309 | -1,621,864 | ||||||
Total accumulated other comprehensive loss | $ | -1,457,014 | $ | -1,874,695 | ||||
Investment_Securities_Availabl1
Investment Securities Available for Sale and Held to Maturity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost, gross unrealized gains and losses, and the fair values of investment securities available for sale and held to maturity are shown below at the dates indicated. Where applicable, the maturity distribution and the fair value of investment securities, by contractual maturity, are shown. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Available for Sale: | Cost | Gains | Losses | Value | ||||||||||||||||
Obligations of Federal Home Loan Bank: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 3,000,000 | $ | 2,420 | $ | -7,550 | $ | 2,994,870 | ||||||||||||
Due after 5 years through 10 years | 3,000,000 | 80 | -6,320 | 2,993,760 | ||||||||||||||||
Due after 10 years | 4,000,000 | 5,160 | -680 | 4,004,480 | ||||||||||||||||
Total | $ | 10,000,000 | $ | 7,660 | $ | -14,550 | $ | 9,993,110 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
Obligations of FHLMC: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 2,000,000 | $ | — | $ | -4,820 | $ | 1,995,180 | ||||||||||||
Total | $ | 2,000,000 | $ | — | $ | -4,820 | $ | 1,995,180 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
Obligations of Fannie Mae: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 1,000,000 | $ | 450 | $ | — | $ | 1,000,450 | ||||||||||||
Due after 10 years | 3,000,000 | 6,960 | — | 3,006,960 | ||||||||||||||||
Total | $ | 4,000,000 | $ | 7,410 | $ | — | $ | 4,007,410 | ||||||||||||
Total Investment Securities Available for Sale | $ | 16,000,000 | $ | 15,070 | $ | -19,370 | $ | 15,995,700 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Held to Maturity | Cost | Gains | Losses | Value | ||||||||||||||||
Municipal Obligations: | ||||||||||||||||||||
Due in 1 year or less | $ | 200,294 | $ | 282 | — | $ | 200,576 | |||||||||||||
Due after 1 years through 5 years | 7,797,743 | 13,778 | -38,439 | 7,773,082 | ||||||||||||||||
Due after 5 years through 10 years | 5,011,365 | 41,415 | -8,422 | 5,044,358 | ||||||||||||||||
Due after 10 years | 11,917,380 | 652,666 | -936 | 12,569,110 | ||||||||||||||||
Total | $ | 24,926,782 | $ | 708,141 | $ | -47,797 | $ | 25,587,126 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Available for Sale: | Cost | Gains | Losses | Value | ||||||||||||||||
Obligations of Federal Home Loan Bank: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 3,000,000 | $ | — | $ | -39,010 | $ | 2,960,990 | ||||||||||||
Due after 5 years through 10 years | 5,000,000 | — | -247,870 | 4,752,130 | ||||||||||||||||
Due after 10 years | 4,000,000 | — | -176,480 | 3,823,520 | ||||||||||||||||
Total | $ | 12,000,000 | $ | — | $ | -463,360 | $ | 11,536,640 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
Obligations of FHLMC: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 2,000,000 | $ | 1,680 | $ | -6,850 | $ | 1,994,830 | ||||||||||||
Total | $ | 2,000,000 | $ | 1,680 | $ | -6,850 | $ | 1,994,830 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
Obligations of Fannie Mae: | ||||||||||||||||||||
Due after 1 year through 5 years | $ | 5,000,000 | $ | 580 | $ | -20,700 | $ | 4,979,880 | ||||||||||||
Due after 10 years | 3,000,000 | — | -190,110 | 2,809,890 | ||||||||||||||||
Total | $ | 8,000,000 | $ | 580 | $ | -210,810 | $ | 7,789,770 | ||||||||||||
Total Investment Securities Available for Sale | $ | 22,000,000 | $ | 2,260 | $ | -681,020 | $ | 21,321,240 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||
Held to Maturity | Cost | Gains | Losses | Value | ||||||||||||||||
Municipal Obligations: | ||||||||||||||||||||
Due in 1 year or less | $ | 1,435,196 | $ | 1,707 | — | $ | 1,436,903 | |||||||||||||
Due after 1 years through 5 years | 6,227,714 | 32,026 | -12,188 | 6,247,552 | ||||||||||||||||
Due after 5 years through 10 years | 6,152,302 | 23,159 | -183,666 | 5,991,795 | ||||||||||||||||
Due after 10 years | 14,542,634 | 273,122 | -89,672 | 14,726,084 | ||||||||||||||||
Total | $ | 28,357,846 | $ | 330,014 | $ | -285,526 | $ | 28,402,334 | ||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table shows the fair value and unrealized losses on securities aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
U.S. Government obligations | $ | 2,993,900 | $ | 6,100 | $ | 2,986,730 | $ | 13,270 | $ | 5,980,630 | $ | 19,370 | ||||||||
Mortgage-Backed Securities | $ | 13,833 | $ | 132 | $ | — | $ | — | $ | 13,833 | $ | 132 | ||||||||
Securities Held to Maturity | ||||||||||||||||||||
Municipal obligations | $ | 2,126,057 | $ | 13,457 | $ | 2,972,973 | $ | 34,340 | $ | 5,099,029 | $ | 47,797 | ||||||||
December 31, 2013 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
U.S. Government obligations | $ | 19,318,980 | $ | 681,020 | $ | — | $ | — | $ | 19,318,980 | $ | 681,020 | ||||||||
Securities Held to Maturity | ||||||||||||||||||||
Municipal obligations | $ | 10,209,969 | $ | 245,262 | $ | 427,312 | $ | 40,264 | $ | 10,637,281 | $ | 285,526 | ||||||||
MortgageBacked_Securities_Avai1
Mortgage-Backed Securities Available for Sale (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Mortgage Backed Securities Available For Sale [Abstract] | ||||||||||||||
Investment Holdings, Schedule of Investments [Table Text Block] | The amortized cost, gross unrealized gains and losses, and the fair values of mortgage-backed securities available for sale are as follows: | |||||||||||||
December 31, 2014 | ||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
Cost | Gains | Losses | Value | |||||||||||
GNMA pass-through certificates | $ | 979,046 | $ | 64,673 | $ | — | $ | 1,043,719 | ||||||
FHLMC pass-through certificates | 746,774 | 81,808 | -132 | 828,450 | ||||||||||
FNMA pass-through certificates | 1,240,870 | 64,458 | — | 1,305,328 | ||||||||||
Total | $ | 2,966,690 | $ | 210,939 | $ | -132 | $ | 3,177,497 | ||||||
December 31, 2013 | ||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||
Cost | Gains | Losses | Value | |||||||||||
GNMA pass-through certificates | $ | 1,108,979 | $ | 79,972 | — | $ | 1,188,951 | |||||||
FHLMC pass-through certificates | 1,179,561 | 102,355 | — | 1,281,916 | ||||||||||
FNMA pass-through certificates | 2,114,257 | 113,356 | $ | — | 2,227,613 | |||||||||
Total | $ | 4,402,797 | $ | 295,683 | $ | — | $ | 4,698,480 | ||||||
Loans_Receivable_Related_Allow1
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||
Schedule Of Classification Of Loans Receivable [Table Text Block] | Loans receivable consist of the following: | ||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Single-family | $ | 121,335,941 | $ | 124,222,742 | |||||||||||||||||||
Multi-family | 24,512,058 | 22,181,608 | |||||||||||||||||||||
Commercial | 121,069,114 | 122,813,820 | |||||||||||||||||||||
Land and construction | 25,901,911 | 19,792,113 | |||||||||||||||||||||
Commercial business | 14,402,645 | 10,403,004 | |||||||||||||||||||||
Consumer | 3,757,722 | 4,495,150 | |||||||||||||||||||||
Total loans receivable | 310,979,391 | 303,908,437 | |||||||||||||||||||||
Less: | |||||||||||||||||||||||
Deferred fees | -735,417 | -788,557 | |||||||||||||||||||||
Allowance for loan losses | -4,464,992 | -4,242,600 | |||||||||||||||||||||
Loans receivable - net | $ | 305,778,982 | $ | 298,877,280 | |||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | The performance and credit quality of the loan portfolio is monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2014: | ||||||||||||||||||||||
Loans | |||||||||||||||||||||||
Receivable | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||
Than | |||||||||||||||||||||||
90 Days | |||||||||||||||||||||||
60-89 | 90 or | Total | Past Due | ||||||||||||||||||||
30-59 Days | Days | More | Total | Loans | and | ||||||||||||||||||
Past Due | Past Due | Days | Past Due | Current | Receivable | Accruing | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 346,478 | $ | 146,382 | $ | 1,082,543 | $ | 1,575,403 | $ | 119,760,538 | $ | 121,335,941 | $ | 691,385 | |||||||||
Multi-family | 146,603 | — | — | 146,603 | 24,365,455 | 24,512,058 | — | ||||||||||||||||
Commercial | 832,266 | 426,852 | 346,640 | 1,605,758 | 119,463,356 | 121,069,114 | — | ||||||||||||||||
Land and construction | — | — | — | — | 25,901,911 | 25,901,911 | — | ||||||||||||||||
Commercial business | 9,184 | — | — | 9,184 | 14,393,461 | 14,402,645 | — | ||||||||||||||||
Consumer | 200,548 | 100,472 | 235,135 | 536,155 | 3,221,567 | 3,757,722 | 235,135 | ||||||||||||||||
Total | $ | 1,535,079 | $ | 673,706 | $ | 1,664,318 | $ | 3,873,103 | $ | 307,106,288 | $ | 310,979,391 | $ | 926,520 | |||||||||
The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2013: | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||
Receivable | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||
Than | |||||||||||||||||||||||
90 Days | |||||||||||||||||||||||
60-89 | 90 or | Total | Past Due | ||||||||||||||||||||
30-59 Days | Days | More | Total | Loans | and | ||||||||||||||||||
Past Due | Past Due | Days | Past Due | Current | Receivable | Accruing | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 531,900 | $ | 158,770 | $ | 1,390,066 | $ | 2,080,736 | $ | 122,142,006 | $ | 124,222,742 | $ | 638,325 | |||||||||
Multi-family | — | — | — | — | 22,181,608 | 22,181,608 | — | ||||||||||||||||
Commercial | 455,132 | 197,971 | 744,069 | 1,397,172 | 121,416,648 | 122,813,820 | — | ||||||||||||||||
Land and construction | — | — | — | — | 19,792,113 | 19,792,113 | — | ||||||||||||||||
Commercial business | 64,188 | — | — | 64,188 | 10,338,816 | 10,403,004 | — | ||||||||||||||||
Consumer | 122,564 | 89,550 | 411,526 | 623,640 | 3,871,510 | 4,495,150 | 411,526 | ||||||||||||||||
Total | $ | 1,173,784 | $ | 446,291 | $ | 2,545,661 | $ | 4,165,736 | $ | 299,742,701 | $ | 303,908,437 | $ | 1,049,851 | |||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of December 31, 2014: | ||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||
Mention | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 119,044 | $ | 711 | $ | 1,581 | $ | — | $ | 121,336 | |||||||||||||
Multi-family | 24,512 | — | — | — | 24,512 | ||||||||||||||||||
Commercial | 113,603 | 541 | 6,925 | — | 121,069 | ||||||||||||||||||
Land and construction | 25,902 | — | — | — | 25,902 | ||||||||||||||||||
Commercial business | 14,402 | — | — | — | 14,402 | ||||||||||||||||||
Consumer | 3,758 | — | — | — | 3,758 | ||||||||||||||||||
Total | $ | 301,221 | $ | 1,252 | $ | 8,506 | $ | — | $ | 310,979 | |||||||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of December 31, 2013: | |||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||
Mention | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 122,472 | $ | 361 | $ | 1,390 | $ | — | $ | 124,223 | |||||||||||||
Multi-family | 22,181 | — | — | — | 22,181 | ||||||||||||||||||
Commercial | 113,920 | 1,479 | 7,415 | — | 122,814 | ||||||||||||||||||
Land and construction | 19,792 | — | — | — | 19,792 | ||||||||||||||||||
Commercial business | 10,403 | — | — | — | 10,403 | ||||||||||||||||||
Consumer | 4,495 | — | — | — | 4,495 | ||||||||||||||||||
Total | $ | 293,263 | $ | 1,840 | $ | 8,805 | $ | — | $ | 303,908 | |||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents nonaccrual loans by classes of the loan portfolio. | ||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 391 | $ | 752 | |||||||||||||||||||
Multi-family | — | — | |||||||||||||||||||||
Commercial | 849 | 744 | |||||||||||||||||||||
Land and construction | — | — | |||||||||||||||||||||
Commercial business | — | — | |||||||||||||||||||||
Consumer | — | — | |||||||||||||||||||||
Total non-accruing loans | $ | 1,240 | $ | 1,496 | |||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table presents the activity in the allowance for loan losses and related recorded investment in loans receivable by classes of the loans individually and collectively evaluated for impairment as of and for the year ended December 31, 2014: | ||||||||||||||||||||||
(Dollars in thousands) | Single | Multi | Commercial | Land and | Consumer | Commercial | Total | ||||||||||||||||
Family | Family | Real Estate | Construction | Business | |||||||||||||||||||
Real | Real | ||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||
Allowance for loan losses for the year ended December 31, 2014: | |||||||||||||||||||||||
Beginning balance | $ | 833 | $ | 304 | $ | 2,259 | $ | 618 | $ | 14 | $ | 215 | $ | 4,243 | |||||||||
Charge-offs | -100 | — | -185 | — | -4 | — | -289 | ||||||||||||||||
Recoveries | 53 | — | 7 | — | 1 | — | 61 | ||||||||||||||||
Provisions | 95 | -2 | 123 | 155 | 5 | 74 | 450 | ||||||||||||||||
Ending balance | $ | 881 | $ | 302 | $ | 2,204 | $ | 773 | $ | 16 | $ | 289 | $ | 4,465 | |||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Ending balance | $ | 881 | $ | 302 | $ | 2,204 | $ | 773 | $ | 16 | $ | 289 | $ | 4,465 | |||||||||
Ending balance: | |||||||||||||||||||||||
individually evaluated for impairment | $ | 22 | $ | — | $ | 414 | $ | — | $ | — | $ | — | $ | 436 | |||||||||
Ending balance: | |||||||||||||||||||||||
collectively evaluated for impairment | $ | 859 | $ | 302 | $ | 1,790 | $ | 773 | $ | 16 | $ | 289 | $ | 4,029 | |||||||||
Loans receivable: | |||||||||||||||||||||||
Ending balance | $ | 121,336 | $ | 24,512 | $ | 121,069 | $ | 25,902 | $ | 3,758 | $ | 14,402 | $ | 310,979 | |||||||||
Ending balance: | |||||||||||||||||||||||
individually evaluated for impairment | $ | 1,041 | $ | — | $ | 7,826 | $ | — | $ | — | $ | — | $ | 8,867 | |||||||||
Ending balance: | |||||||||||||||||||||||
collectively evaluated for impairment | $ | 120,295 | $ | 24,512 | $ | 113,243 | $ | 25,902 | $ | 3,758 | $ | 14,402 | $ | 302,112 | |||||||||
The following table presents the activity in the allowance for loan losses and related recorded investment in loans receivable by classes of the loans individually and collectively evaluated for impairment as of and for the year ended December 31, 2013: | |||||||||||||||||||||||
(Dollars in thousands) | Single | Multi | Commercial | Land and | Consumer | Commercial | Total | ||||||||||||||||
Family | Family | Real Estate | Construction | Business | |||||||||||||||||||
Real | Real | ||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||
Allowance for loan losses for the year ended December 31, 2013: | |||||||||||||||||||||||
Beginning balance | $ | 1,027 | $ | 623 | $ | 2,674 | $ | 352 | $ | 18 | $ | 225 | $ | 4,919 | |||||||||
Charge-offs | -458 | -359 | -813 | — | -7 | — | -1,637 | ||||||||||||||||
Recoveries | 19 | — | 7 | 30 | 5 | — | 61 | ||||||||||||||||
Provisions | 245 | 40 | 391 | 236 | -2 | -10 | 900 | ||||||||||||||||
Ending balance | $ | 833 | $ | 304 | $ | 2,259 | $ | 618 | $ | 14 | $ | 215 | $ | 4,243 | |||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Ending balance | $ | 833 | $ | 304 | $ | 2,259 | $ | 618 | $ | 14 | $ | 215 | $ | 4,243 | |||||||||
Ending balance: | |||||||||||||||||||||||
individually evaluated for impairment | $ | 18 | $ | — | $ | 526 | $ | — | $ | — | $ | — | $ | 544 | |||||||||
Ending balance: | |||||||||||||||||||||||
collectively evaluated for impairment | $ | 815 | $ | 304 | $ | 1,733 | $ | 618 | $ | 14 | $ | 215 | $ | 3,699 | |||||||||
Loans receivable: | |||||||||||||||||||||||
Ending balance | $ | 124,223 | $ | 22,181 | $ | 122,814 | $ | 19,792 | $ | 4,495 | $ | 10,403 | $ | 303,908 | |||||||||
Ending balance: | |||||||||||||||||||||||
individually evaluated for impairment | $ | 552 | $ | — | $ | 8,895 | $ | — | $ | — | $ | — | $ | 9,447 | |||||||||
Ending balance: | |||||||||||||||||||||||
collectively evaluated for impairment | $ | 123,671 | $ | 22,181 | $ | 113,919 | $ | 19,792 | $ | 4,495 | $ | 10,403 | $ | 294,461 | |||||||||
Impaired Financing Receivables [Table Text Block] | The following table summarizes information in regards to impaired loans by loan portfolio class as of and for the year ended December 31, 2014: | ||||||||||||||||||||||
Interest | |||||||||||||||||||||||
Income | |||||||||||||||||||||||
Unpaid | Average | Recognized | |||||||||||||||||||||
Recorded | Principal | Related | Recorded | While | |||||||||||||||||||
(Dollars in Thousands) | Investment | Balance | Allowance | Investment | Impaired | ||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 850 | $ | 850 | $ | — | $ | 517 | $ | 51 | |||||||||||||
Commercial | $ | 4,121 | $ | 4,121 | $ | — | $ | 3,947 | $ | 193 | |||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 191 | $ | 191 | $ | 22 | $ | 191 | $ | 9 | |||||||||||||
Commercial | $ | 3,705 | $ | 3,705 | $ | 414 | $ | 4,155 | $ | 206 | |||||||||||||
Total: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 1,041 | $ | 1,041 | $ | 22 | $ | 708 | $ | 60 | |||||||||||||
Commercial | $ | 7,826 | $ | 7,826 | $ | 414 | $ | 8,102 | $ | 399 | |||||||||||||
The following table summarizes information in regards to impaired loans by loan portfolio class as of and for the year ended December 31, 2013: | |||||||||||||||||||||||
Interest | |||||||||||||||||||||||
Income | |||||||||||||||||||||||
Unpaid | Average | Recognized | |||||||||||||||||||||
Recorded | Principal | Related | Recorded | While | |||||||||||||||||||
(Dollars in Thousands) | Investment | Balance | Allowance | Investment | Impaired | ||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 361 | $ | 361 | $ | — | $ | 361 | $ | 13 | |||||||||||||
Commercial | $ | 3,835 | $ | 4,263 | $ | — | $ | 3,411 | $ | 239 | |||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 191 | $ | 191 | $ | 18 | $ | 191 | $ | 12 | |||||||||||||
Commercial | $ | 5,060 | $ | 5,187 | $ | 526 | $ | 4,759 | $ | 198 | |||||||||||||
Total: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family | $ | 552 | $ | 552 | $ | 18 | $ | 552 | $ | 25 | |||||||||||||
Commercial | $ | 8,895 | $ | 9,450 | $ | 526 | $ | 8,170 | $ | 437 | |||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table summarizes information in regards to loans classified as troubled debt restructurings during the year ended December 31, 2014: | ||||||||||||||||||||||
Post-Modification | |||||||||||||||||||||||
Pre-Modification | Outstanding | ||||||||||||||||||||||
Number of | Outstanding Recorded | Recorded | |||||||||||||||||||||
(Dollars in Thousands) | Contracts | Investments | Investments | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single family | 1 | $ | 464 | $ | 500 | ||||||||||||||||||
Commercial | 2 | $ | 2,273 | $ | 2,273 | ||||||||||||||||||
The following table summarizes information in regards to loans classified as troubled debt restructurings during the year ended December 31, 2013: | |||||||||||||||||||||||
Post-Modification | |||||||||||||||||||||||
Pre-Modification | Outstanding | ||||||||||||||||||||||
Number of | Outstanding Recorded | Recorded | |||||||||||||||||||||
(Dollars in Thousands) | Contracts | Investments | Investments | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial | 2 | $ | 891 | $ | 921 | ||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment [Table Text Block] | Premises and equipment are summarized by major classifications as follows: | |||||||||
Estimated | December 31, | |||||||||
Useful | ||||||||||
Life in Years | 2014 | 2013 | ||||||||
Land | Indefinite | $ | 125,014 | $ | 125,014 | |||||
Buildings | 40 | 4,900,080 | 4,711,536 | |||||||
Furniture and fixtures | 7-Feb | 6,133,481 | 6,039,714 | |||||||
Total | 11,158,575 | 10,876,264 | ||||||||
Accumulated depreciation | -9,244,510 | -8,840,231 | ||||||||
Net | $ | 1,914,065 | $ | 2,036,033 | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Deposits [Abstract] | ||||||||||||||
Schedule Of Deposits Classification [Table Text Block] | Deposits consist of the following major classifications: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Amount | Percent | Amount | Percent | |||||||||||
Money market deposit accounts | $ | 24,427,479 | 7.1 | % | $ | 26,433,484 | 7.6 | % | ||||||
Passbook and statement savings accounts | 51,538,256 | 15 | 52,197,435 | 15.1 | ||||||||||
Certificates of less than $100,000 | 140,834,938 | 40.9 | 144,064,208 | 41.7 | ||||||||||
Certificates of $100,000 or more | 53,184,682 | 15.4 | 53,022,110 | 15.4 | ||||||||||
NOW accounts | 56,437,746 | 16.3 | 53,252,217 | 15.4 | ||||||||||
Non-interest bearing accounts | 18,356,657 | 5.3 | 16,408,743 | 4.8 | ||||||||||
Total | $ | 344,779,758 | 100 | % | $ | 345,378,197 | 100 | % | ||||||
Schedule Of Maturities Of Deposits [Table Text Block] | A summary of certificates by scheduled maturity was as follows: | |||||||||||||
December 31, 2014 | ||||||||||||||
Amount | Percent | |||||||||||||
2015 | $ | 110,879,204 | 57.1 | % | ||||||||||
2016 | 58,698,183 | 30.3 | % | |||||||||||
2017 | 16,455,681 | 8.5 | % | |||||||||||
2018 | 3,617,242 | 1.8 | % | |||||||||||
2019 | 2,649,397 | 1.4 | % | |||||||||||
Thereafter | 1,719,913 | 0.9 | % | |||||||||||
Total | $ | 194,019,620 | 100 | % | ||||||||||
Schedule Of Interest Expense On Deposits [Table Text Block] | A summary of interest expense on deposits was as follows: | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Money market deposit accounts | $ | 60,959 | $ | 60,752 | ||||||||||
Other savings deposits | 102,807 | 102,704 | ||||||||||||
Certificates of less than $100,000 | 1,068,641 | 1,285,949 | ||||||||||||
Certificates of $100,000 or more | 901,148 | 886,498 | ||||||||||||
NOW accounts | 117,567 | 117,342 | ||||||||||||
Total | $ | 2,251,122 | $ | 2,453,245 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effect of temporary differences that give rise to significant portions of the deferred tax accounts, calculated at 34%, is as follows: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Depreciation and amortization | $ | 330,820 | $ | 287,300 | ||||||||||
Allowance for loan losses | 1,518,100 | 1,442,620 | ||||||||||||
Additional minimum liability for retirement plans | 820,796 | 835,509 | ||||||||||||
Supplemental retirement benefits | 1,366,120 | 1,355,240 | ||||||||||||
Deferred gain on the sale of premises and equipment | 208,000 | 227,000 | ||||||||||||
Stock benefit plan | 281,860 | 215,900 | ||||||||||||
Capital loss carryforwards | 210,000 | 386,000 | ||||||||||||
Alternative minimum tax | 1,459,000 | 1,676,000 | ||||||||||||
State tax loss carryforwards | 291,000 | 295,000 | ||||||||||||
Net unrealized loss on securities available for sale | — | 130,246 | ||||||||||||
Other | 142,750 | 223,681 | ||||||||||||
Total deferred tax assets | 6,628,446 | 7,074,496 | ||||||||||||
Valuation allowance | -501,000 | -681,000 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Deferred loan fees | -40,460 | -52,020 | ||||||||||||
Pension Plan | -715,700 | -668,100 | ||||||||||||
Net unrealized gain on securities available for sale | -70,212 | — | ||||||||||||
Total deferred tax liabilities | -826,372 | -720,120 | ||||||||||||
Net deferred tax asset | $ | 5,301,074 | $ | 5,673,376 | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The consolidated expense for income taxes consisted of the following for the years ended December 31: | |||||||||||||
2014 | 2013 | |||||||||||||
Current, federal | $ | 679,869 | $ | 280,000 | ||||||||||
Deferred, federal | 157,131 | 480,000 | ||||||||||||
Current, state | 188,000 | — | ||||||||||||
Total | $ | 1,025,000 | $ | 760,000 | ||||||||||
Schedule Of Income Tax Reconciliation And Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s federal income tax expense differs from that computed at the statutory tax rate as follows: | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Percentage | Percentage | |||||||||||||
of Pretax | of Pretax | |||||||||||||
Amount | Income | Amount | Income | |||||||||||
Expense at statutory rate | $ | 1,217,161 | 34 | % | $ | 737,091 | 34 | % | ||||||
Adjustments resulting from: | ||||||||||||||
Tax-exempt income | -264,009 | -7.4 | -280,538 | -12.9 | ||||||||||
Increase in cash surrender value of life insurance | -95,140 | -2.7 | -100,814 | -4.7 | ||||||||||
State tax expense net of federal tax benefit | 124,080 | 3.5 | — | — | ||||||||||
Valuation allowance for capital loss carryforward | — | — | 386,000 | 17.8 | ||||||||||
Other | 42,908 | 1.2 | 18,261 | 0.9 | ||||||||||
Income tax expense per consolidated statements of income | $ | 1,025,000 | 28.6 | % | $ | 760,000 | 35.1 | % | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Schedule Of Fixed Rate And Adjusted Rate [Table Text Block] | All commitments are issued using the Company’s current loan policies and underwriting guidelines and the breakdown between fixed-rate and adjustable-rate loans is as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Fixed-rate (ranging from 1.99% to 5.25%) | $ | 2,831,000 | $ | 1,867,450 | ||||
Adjustable-rate | 2,700,000 | 1,200,000 | ||||||
Total | $ | 5,531,000 | $ | 3,067,450 | ||||
Schedule Of Financial Instruments Credit Risk [Table Text Block] | We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Financial instruments whose contract amounts represent credit risk at the dates indicated are as follows: | |||||||
At December 31, | ||||||||
2014 | 2013 | |||||||
Future loan commitments | $ | 5,531,000 | $ | 3,067,450 | ||||
Undisbursed construction loans | 18,053,123 | 14,247,660 | ||||||
Undisbursed home equity lines of credit | 4,702,969 | 4,259,993 | ||||||
Undisbursed commercial lines of credit | 13,712,440 | 11,270,226 | ||||||
Overdraft protection lines | 176,219 | 184,383 | ||||||
Standby letters of credit | 1,133,889 | 1,511,730 | ||||||
Total | $ | 43,309,640 | $ | 34,541,442 | ||||
Operating Leases of Lessee Disclosure [Table Text Block] | The following is a summary of future minimum rental payments required under all non-cancellable operating leases as of December 31, 2014: | |||||||
Year Ending December 31, | ||||||||
2015 | $ | 476,406 | ||||||
2016 | 397,240 | |||||||
2017 | 392,529 | |||||||
2018 | 394,119 | |||||||
2019 | 402,227 | |||||||
Thereafter | 1,599,373 | |||||||
Total minimum rental payments | $ | 3,661,894 | ||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | The net pension costs for the years ended December 31, 2014 and 2013 included the following components: | |||||||||||||
2014 | 2013 | |||||||||||||
Net Periodic Benefit Cost | ||||||||||||||
Service Cost | $ | 290,115 | $ | 295,577 | ||||||||||
Interest Cost | 321,686 | 261,131 | ||||||||||||
Expected Return on Plan Assets | -574,806 | -504,112 | ||||||||||||
Amortization of Prior Service Cost | 12,685 | 12,685 | ||||||||||||
Curtailment | 50,742 | — | ||||||||||||
Amortization of Loss | 109,584 | 223,797 | ||||||||||||
Net Periodic Benefit Cost | $ | 210,006 | $ | 289,078 | ||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||||||||||||
Net gain | $ | -186,866 | $ | -202,807 | ||||||||||
Amortization of net loss | -109,584 | -223,797 | ||||||||||||
Amortization of prior service cost | -63,427 | -12,685 | ||||||||||||
Total recognized in other comprehensive income (loss) | $ | -359,877 | $ | -439,289 | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | -149,871 | $ | -150,211 | ||||||||||
Schedule Of Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Table Text Block] | Key Assumptions | 2014 | 2013 | |||||||||||
Discount Rate for Net Periodic Benefit Cost | 4.25 | % | 3.5 | % | ||||||||||
Salary Scale for Net Periodic Benefit Cost | 3 | % | 2.5 | % | ||||||||||
Expected Return on Plan Assets | 7.5 | % | 8 | % | ||||||||||
Discount Rate for Plan Obligations | 3.5 | % | 4.25 | % | ||||||||||
Salary Scale for Plan Obligations | N/A | 3 | % | |||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | A summary of reconciliation and disclosure information required under FASB ASC Topic 715, Compensation-Retirement Benefits, for the defined benefit pension plan is as follows: | |||||||||||||
2014 | 2013 | |||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||
Projected Benefit Obligation at Beginning of Year | $ | 7,597,479 | $ | 6,656,322 | ||||||||||
Service Cost | 290,115 | 295,577 | ||||||||||||
Interest Cost | 321,686 | 261,131 | ||||||||||||
Curtailment | -1,267,296 | — | ||||||||||||
Benefits paid | -353,289 | -195,187 | ||||||||||||
Actuarial Loss | 1,091,740 | 579,636 | ||||||||||||
Projected Benefit Obligation at End of Year | 7,680,435 | 7,597,479 | ||||||||||||
Change in Plan Assets During Year | ||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 7,696,447 | 6,005,079 | ||||||||||||
Actual Return on Plan Assets | 586,116 | 1,286,555 | ||||||||||||
Employer Contributions | 350,000 | 600,000 | ||||||||||||
Benefits Paid | -353,289 | -195,187 | ||||||||||||
Fair Value of Plan Assets at End of Year | 8,279,274 | 7,696,447 | ||||||||||||
Funded Status at End of Year, included in other assets | $ | 598,839 | $ | 98,968 | ||||||||||
Benefit Obligations at End of Year | ||||||||||||||
Accumulated Benefit Obligation | $ | 7,680,435 | $ | 6,369,762 | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | ||||||||||||||
Net loss | $ | 1,240,288 | $ | 1,536,738 | ||||||||||
Prior service cost | — | 63,427 | ||||||||||||
Total | $ | 1,240,288 | $ | 1,600,165 | ||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Expected Benefit Payments From the Plan | |||||||||||||
2015 | $ | 106,793 | ||||||||||||
2016 | 1,670,455 | |||||||||||||
2017 | 282,045 | |||||||||||||
2018 | 1,118,637 | |||||||||||||
2019 | 87,889 | |||||||||||||
2020-2024 | 2,162,485 | |||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The following table shows the asset allocation as of December 31, 2014. | |||||||||||||
Percentage | ||||||||||||||
Investment Class | of Assets | |||||||||||||
Fixed Income Investments-mutual funds | $ | 2,403,320 | 29 | % | ||||||||||
Equity Investments-mutual funds | 5,083,809 | 61.4 | % | |||||||||||
Cash and Cash Equivalents | 792,145 | 9.6 | % | |||||||||||
Fair Value as of December 31, 2014 | $ | 8,279,274 | 100 | % | ||||||||||
Fair Value Assets Measured Recurring Basis [Table Text Block] | The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. | |||||||||||||
(Level 1) | (Level 2) | |||||||||||||
Quoted Prices in | Significant | (Level 3) | ||||||||||||
Active Markets | Other | Significant | ||||||||||||
for Identical | Observable | Unobservable | ||||||||||||
Description | Total | Assets | Inputs | Inputs | ||||||||||
Cash and Cash Equivalents | $ | 792,145 | $ | 792,145 | $ | — | $ | — | ||||||
Mutual Funds | 7,487,129 | 7,487,129 | — | — | ||||||||||
Total | $ | 8,279,274 | $ | 8,279,274 | $ | — | $ | — | ||||||
The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||
Quoted Prices in | Significant | (Level 3) | ||||||||||||
Active Markets | Other | Significant | ||||||||||||
for Identical | Observable | Unobservable | ||||||||||||
Description | Total | Assets | Inputs | Inputs | ||||||||||
Cash and Cash Equivalents | $ | 805,065 | $ | 805,065 | $ | — | $ | — | ||||||
Mutual Funds | 6,891,382 | 6,891,382 | — | — | ||||||||||
Total | $ | 7,696,447 | $ | 7,696,447 | $ | — | $ | — | ||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | The following table presents the components of the ESOP shares inclusive of shares purchased prior to 2007: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Shares released for allocation | 178,325 | 172,856 | ||||||||||||
Unearned shares | 134,734 | 148,675 | ||||||||||||
Total ESOP shares | 313,059 | 321,531 | ||||||||||||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | A summary of the reconciliation and disclosure information required under FASB Topic ASC 715, Compensation-Retirement Benefits, for the Agreement is as follows: | |||||||||||||
Year Ended | ||||||||||||||
December 31, | ||||||||||||||
Change in benefit obligation during year | 2014 | 2013 | ||||||||||||
Benefit obligation at beginning of year | $ | 4,842,687 | $ | 4,865,765 | ||||||||||
Service cost | — | 54,821 | ||||||||||||
Interest cost | 201,150 | 198,442 | ||||||||||||
Benefit payments | -193,718 | -158,792 | ||||||||||||
Actuarial (gain) loss | 341,471 | -117,549 | ||||||||||||
Benefit obligation at end of year | 5,191,590 | 4,842,687 | ||||||||||||
Change in plan assets during year | ||||||||||||||
Fair value of plan assets at beginning of year | — | — | ||||||||||||
Employer contributions | 193,718 | 158,792 | ||||||||||||
Benefit payments | -193,718 | -158,792 | ||||||||||||
Fair value of plan assets at end of year | — | — | ||||||||||||
Funded status | ||||||||||||||
Funded status (included in other liabilities) | -5,191,590 | -4,842,689 | ||||||||||||
Unrecognized net loss | 1,173,817 | 857,209 | ||||||||||||
Unrecognized prior service cost | — | — | ||||||||||||
Net liability recognized | $ | -4,017,773 | $ | -3,985,480 | ||||||||||
Change in accumulated other comprehensive loss | ||||||||||||||
Accumulated other comprehensive loss at beginning of year | $ | 857,208 | $ | 1,009,627 | ||||||||||
Amortization of net loss | 24,862 | 34,870 | ||||||||||||
Actuarial gain (loss) | -341,471 | 117,549 | ||||||||||||
Amortization of prior service cost | — | — | ||||||||||||
Net change in other comprehensive loss | 316,609 | -152,419 | ||||||||||||
Accumulated other comprehensive loss at end of year | $ | 1,173,817 | $ | 857,208 | ||||||||||
Expected cash-flow information for years after current fiscal year | ||||||||||||||
2015 | $ | 257,092 | ||||||||||||
2016 | 377,441 | |||||||||||||
2017 | 377,441 | |||||||||||||
2018 | 377,441 | |||||||||||||
2019 | 377,441 | |||||||||||||
2020-2024 | 1,887,205 | |||||||||||||
2014 | 2013 | |||||||||||||
Net periodic benefit cost | ||||||||||||||
Service cost | $ | — | $ | 54,821 | ||||||||||
Interest cost | 201,150 | 198,443 | ||||||||||||
Amortization of prior service cost | — | — | ||||||||||||
Amortization of net loss | 24,862 | 34,870 | ||||||||||||
Net periodic benefit cost | $ | 226,012 | $ | 288,134 | ||||||||||
Key Assumptions | ||||||||||||||
Discount rate during the year | 4.25 | % | 4 | % | ||||||||||
Discount rate at end of year | 3.5 | % | 4.25 | % | ||||||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Bank’s actual capital amounts and ratios are presented in the table below: | |||||||||||||||||||
To Be Well | ||||||||||||||||||||
Capitalized Under | ||||||||||||||||||||
For Capital Adequacy | Prompt Corrective | |||||||||||||||||||
Actual | Purposes | Action Provisions | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of December 31, 2014: | (Dollars in thousands) | |||||||||||||||||||
Tier 1 Capital | $ | 60,152 | 14.39 | % | $ | 16,725 | 4 | % | $ | 20,906 | 5 | % | ||||||||
(to average assets) | ||||||||||||||||||||
Tier 1 Capital | 60,152 | 21.94 | 10,969 | 4 | 16,454 | 6 | ||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||
Total Capital | 63,593 | 23.19 | 21,938 | 8 | 27,423 | 10 | ||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||
As of December 31, 2013: | (Dollars in thousands) | |||||||||||||||||||
Tier 1 Capital | $ | 56,693 | 13.25 | % | $ | 17,114 | 4 | % | $ | 21,393 | 5 | % | ||||||||
(to average assets) | ||||||||||||||||||||
Tier 1 Capital | 56,693 | 20.87 | 10,867 | 4 | 16,301 | 6 | ||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||
Total Capital | 60,099 | 22.12 | 21,734 | 8 | 27,168 | 10 | ||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the status of the shares under the 2011 RRP as of December 31, 2014 and December 31, 2013 and changes during the years ended December 31, 2014 and December 31, 2013 are presented below: | |||||||
Year Ended December 31, 2014 | ||||||||
Weighted | ||||||||
Number of | average grant | |||||||
shares | date fair value | |||||||
Restricted at the beginning of period | 135,070 | $ | 11.22 | |||||
Granted | — | — | ||||||
Vested | -51,610 | $ | 11.17 | |||||
Forfeited | -1,500 | $ | 15.34 | |||||
Restricted at the end of period | 81,960 | $ | 11.34 | |||||
Year Ended December 31, 2013 | ||||||||
Weighted | ||||||||
Number of | average grant | |||||||
shares | date fair value | |||||||
Restricted at the beginning of the period | 169,560 | $ | 11.08 | |||||
Granted | 7,750 | $ | 15.34 | |||||
Vested | -42,240 | $ | 11.07 | |||||
Forfeited | — | — | ||||||
Restricted at the end of the period | 135,070 | $ | 11.22 | |||||
Schedule Of Share Based Compensation Stock Options Activity [Table Text Block] | A summary of the status of the Company’s stock options under the 2011 Option Plan as of December 31, 2014 and December 31, 2013, and changes during the years ended December 31, 2014 and December 31, 2013, are presented below: | |||||||
Year Ended December 31, 2014 | ||||||||
Weighted | ||||||||
Number of | average | |||||||
shares | exercise price | |||||||
Options outstanding at the beginning of period | 325,750 | $ | 11.6 | |||||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Forfeited | -5,700 | $ | 15.34 | |||||
Options outstanding at the end of period | 320,050 | $ | 11.53 | |||||
Exercisable at end of the period | 186,150 | $ | 11.23 | |||||
Year Ended December 31, 2013 | ||||||||
Weighted | ||||||||
Number of | average | |||||||
Shares | exercise price | |||||||
Options outstanding at the beginning of period | 287,250 | $ | 11.1 | |||||
Granted | 38,500 | $ | 15.34 | |||||
Exercised | — | — | ||||||
Forfeited | — | — | ||||||
Options outstanding at the end of the period | 325,750 | $ | 11.6 | |||||
Exercisable at the end of the period | 113,000 | $ | 11.07 | |||||
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Prices in | Significant | Significant | ||||||||||||
Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | |||||||||||||
Assets | ||||||||||||||
Investment security obligations of FHLB | $ | 9,993 | $ | — | $ | 9,993 | $ | — | ||||||
Investment security obligations of Fannie Mae | 4,007 | — | 4,007 | — | ||||||||||
Investment security obligations of Freddie Mac | 1,995 | — | 1,995 | — | ||||||||||
Mortgaged backed security obligations of GNMA | 1,044 | — | 1,044 | — | ||||||||||
Mortgaged backed security obligations of FHLMC | 829 | — | 829 | — | ||||||||||
Mortgaged backed security obligations of FNMA | 1,305 | — | 1,305 | — | ||||||||||
Total | $ | 19,173 | $ | — | $ | 19,173 | $ | — | ||||||
The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Prices in | Significant | Significant | ||||||||||||
Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | |||||||||||||
Assets | ||||||||||||||
Investment security obligations of FHLB | $ | 11,537 | $ | — | $ | 11,537 | $ | — | ||||||
Investment security obligations of Fannie Mae | 7,789 | — | 7,789 | — | ||||||||||
Investment security obligations of Freddie Mac | 1,995 | — | 1,995 | — | ||||||||||
Mortgaged backed security obligations of GNMA | 1,189 | — | 1,189 | — | ||||||||||
Mortgaged backed security obligations of FHLMC | 1,282 | — | 1,282 | — | ||||||||||
Mortgaged backed security obligations of FNMA | 2,228 | — | 2,228 | — | ||||||||||
Total | $ | 26,020 | $ | — | $ | 26,020 | $ | — | ||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2014 (in thousands) are as follows: | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Prices in Active | Significant | Significant | ||||||||||||
Markets for | Other | Unobservable | ||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||
Inputs | ||||||||||||||
Impaired loans | $ | 3,460 | $ | — | $ | — | $ | 3,460 | ||||||
Other real estate owned | 870 | — | — | 870 | ||||||||||
Total | $ | 4,330 | $ | — | $ | — | $ | 4,330 | ||||||
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2013 (in thousands) are as follows: | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Prices in Active | Significant | Significant | ||||||||||||
Markets for | Other | Unobservable | ||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||
Inputs | ||||||||||||||
Impaired loans | $ | 5,008 | $ | — | $ | — | $ | 5,008 | ||||||
Other real estate owned | 978 | — | — | 978 | ||||||||||
Total | $ | 5,986 | $ | — | $ | — | $ | 5,986 | ||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The following table presents quantitative information with regards to Level 3 fair value measurements at December 31, 2014. | |||||||||||||
Description | Fair Value at | Valuation | Unobservable | Range | ||||||||||
December 31, | Technique | Input | (Weighted | |||||||||||
2014 | Average) | |||||||||||||
Impaired loans | $ | 3,460 | Appraisal of collateral | Appraisal adjustments (1) | 5%-30% (20%) | |||||||||
Other real estate owned | 870 | Appraisal of collateral | Appraisal adjustments (1) | 10%-0% (4%) | ||||||||||
Total | $ | 4,330 | ||||||||||||
_________________ | ||||||||||||||
-1 | Appraisals may be adjusted by management for qualitative factors, including estimated liquidation expenses. The range and weighted average adjustments are presented as a percentage of the appraisal. | |||||||||||||
The following table presents quantitative information with regards to Level 3 fair value measurements at December 31, 2013. | ||||||||||||||
Range | ||||||||||||||
Fair Value at | Valuation | Unobservable | (Weighted) | |||||||||||
Description | December 31, 2013 | Technique | Input | Average) | ||||||||||
Impaired loans | $ | 5,008 | Appraisal of collateral | Appraisal adjustments (1) | 5%-30% (18%) | |||||||||
Other real estate owned | 987 | Appraisal of collateral | Appraisal adjustments (1) | 10%-5% (4%) | ||||||||||
Total | $ | 5,986 | ||||||||||||
_________________ | ||||||||||||||
-1 | Appraisals may be adjusted by management for qualitative factors, including estimated liquidation expenses. The range and weighted average adjustments are presented as a percentage of the appraisal. | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amount and estimated fair values of the Company’s assets and liabilities were as follows as of the dates indicated. | |||||||||||||
At December 31, 2014 | ||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | |||||||||||
Amount | Fair Value | Fair Value | Fair Value | |||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | 1,361 | $ | 1,361 | $ | — | $ | — | ||||||
Interest bearing deposits at banks | 45,272 | 45,272 | — | — | ||||||||||
Investment securities | 40,922 | — | 41,583 | — | ||||||||||
Mortgage-backed securities | 3,177 | — | 3,177 | — | ||||||||||
Loans receivable | 305,779 | — | — | 305,849 | ||||||||||
FHLB stock | 203 | — | 203 | — | ||||||||||
Accrued interest receivable | 1,455 | — | 1,455 | — | ||||||||||
Liabilities: | ||||||||||||||
NOW and MMDA deposits (1) | $ | 99,222 | $ | — | $ | 99,222 | $ | — | ||||||
Other savings deposits | 51,538 | — | 51,538 | — | ||||||||||
Certificate accounts | 194,020 | — | 194,305 | — | ||||||||||
Borrowings | 2,918 | — | 2,918 | — | ||||||||||
Accrued interest payable | 9 | — | 9 | — | ||||||||||
Off balance sheet instruments | — | — | — | — | ||||||||||
_______________________ | ||||||||||||||
(1) Includes non-interest bearing accounts totaling $18,357. | ||||||||||||||
At December 31, 2013 | ||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | |||||||||||
Amount | Fair Value | Fair Value | Fair Value | |||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Cash and due from banks | $ | 1,530 | $ | 1,530 | $ | — | $ | — | ||||||
Interest bearing deposits at banks | 43,694 | 43,694 | — | — | ||||||||||
Investment securities | 49,679 | — | 49,724 | — | ||||||||||
Mortgage-backed securities | 4,698 | — | 4,698 | — | ||||||||||
Loans receivable | 298,878 | — | — | 300,029 | ||||||||||
FHLB stock | 647 | — | 647 | — | ||||||||||
Accrued interest receivable | 1,465 | — | 1,465 | — | ||||||||||
Liabilities: | ||||||||||||||
NOW and MMDA deposits (1) | $ | 96,044 | $ | — | $ | 96,044 | $ | — | ||||||
Other savings deposits | 52,197 | — | 52,197 | — | ||||||||||
Certificate accounts | 197,086 | — | 196,901 | — | ||||||||||
Borrowings | 3,437 | — | 3,437 | — | ||||||||||
Accrued interest payable | 9 | — | 9 | — | ||||||||||
Off balance sheet instruments | — | — | — | — | ||||||||||
_______________________ | ||||||||||||||
(1) Includes non-interest bearing accounts totaling $16,409. | ||||||||||||||
Condensed_Financial_Informatio1
Condensed Financial Information - Parent Corporation Only (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Condensed Balance Sheet [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
ASSETS: | ||||||||
Cash and cash equivalents | $ | 2,871,165 | $ | 9,729,594 | ||||
Loan receivable – ESOP | 1,582,865 | 1,730,808 | ||||||
Premises and equipment, net | 10,000 | 10,000 | ||||||
Other assets | 271,616 | 261,930 | ||||||
Investment in Alliance Bank | 62,406,029 | 59,370,438 | ||||||
Total assets | $ | 67,141,675 | $ | 71,102,770 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES: | ||||||||
Accrued tax payable | $ | 11,727 | $ | 185,041 | ||||
Deferred gain on the sale of premises and equipment | 611,577 | 667,174 | ||||||
Deferred directors retirement plan | 67,831 | 82,032 | ||||||
Total liabilities | $ | 691,135 | $ | 934,247 | ||||
STOCKHOLDERS’ EQUITY | ||||||||
Total stockholders' equity | 66,450,540 | 70,168,523 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 67,141,675 | $ | 71,102,770 | ||||
Condensed Income Statement [Table Text Block] | Years Ended December 31, | |||||||
2014 | 2013 | |||||||
INCOME: | ||||||||
Interest income | $ | 67,463 | $ | 98,756 | ||||
Rental income | — | 38,500 | ||||||
Amortization of deferred gain | 55,597 | — | ||||||
Dividend from subsidiary | 1,000,000 | 4,500,000 | ||||||
Total income | 1,123,060 | 4,637,256 | ||||||
EXPENSES: | ||||||||
Directors retirement plan | 10,800 | 10,800 | ||||||
Depreciation | — | 12,229 | ||||||
Legal fees | 48,000 | 45,000 | ||||||
Stock related expense | 57,000 | 56,000 | ||||||
Capital stock tax | — | 5,446 | ||||||
Other | 7,700 | 7,700 | ||||||
Total expenses | 123,500 | 137,175 | ||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY IN UNDISTRUBUTED NET INCOME OF SUBSIDIARY | 999,560 | 4,500,081 | ||||||
EQUITY IN UNDISTRUBUTED NET INCOME (LOSS) OF SUBSIDIARY | 1,555,324 | -2,920,165 | ||||||
Income Tax Expense | — | 172,000 | ||||||
NET INCOME | $ | 2,554,884 | $ | 1,407,916 | ||||
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, | |||||||
2014 | 2013 | |||||||
OPERATING ACTIVITIES: | ||||||||
Net income | $ | 2,554,884 | $ | 1,407,916 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Undistributed net (income) loss of subsidiary | -1,555,324 | 2,920,165 | ||||||
Depreciation | — | 12,229 | ||||||
(Increase) decrease in other assets | -9,686 | 170,773 | ||||||
Decrease in other liabilities | -243,112 | -71,258 | ||||||
Net cash provided by operating activities | 746,762 | 4,439,825 | ||||||
INVESTING ACTIVITIES: | ||||||||
Principal repayments on ESOP loan | 147,943 | 139,349 | ||||||
Proceeds from the sale of premises and equipment | — | 1,044,890 | ||||||
Net cash provided by investing activities | 147,943 | 1,184,239 | ||||||
FINANCING ACTIVITIES: | ||||||||
Purchase of treasury stock | -6,843,371 | -10,880,830 | ||||||
Dividends paid | -909,763 | -1,008,413 | ||||||
Net cash used in financing activities | -7,753,134 | -11,889,243 | ||||||
Net decrease in cash and cash equivalents | -6,858,429 | -6,265,179 | ||||||
Cash and cash equivalents – beginning of period | 9,729,594 | 15,994,773 | ||||||
Cash and cash equivalents – end of period | $ | 2,871,165 | $ | 9,729,594 | ||||
Supplemental Schedule of Noncash Financing and Investing Activities: | ||||||||
Deferred gain on sale of premises and equipment | $ | — | $ | 667,174 | ||||
Organizational_Structure_and_N1
Organizational Structure and Nature of Operations (Details Textual) (USD $) | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 18, 2011 | Dec. 31, 2014 | Dec. 31, 2013 |
Organizational Structure And Nature Of Operations [Line Items] | |||
Common Stock, Shares Subscribed but Unissued (in shares) | 3,258,475 | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Stock Offerings Price Per Share (in dollar per share) | $10 | ||
Proceeds from Issuance or Sale of Equity | $32.60 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 2,215,962 | ||
Business Acquisition Equity Interests Conversion Basis | 0.82 | ||
Treasury Stock, Shares, Retired (in shares) | 548,524 | ||
Employee Stock Ownership Plan (ESOP) Plan [Member] | |||
Organizational Structure And Nature Of Operations [Line Items] | |||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Employer Cash Payments Used for Debt Service | $1.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award (in shares) | 50,991 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 100,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Net Income | $2,554,884 | $1,407,916 |
Weighted average shares outstanding | 4,132,196 | 5,009,281 |
Adjusted average unearned ESOP shares | -141,694 | -155,635 |
Weighted average shares outstanding - basic | 3,990,502 | 4,853,646 |
Effect of dilutive common stock equivalents | 66,463 | 23,597 |
Adjusted weighted average shares outstanding-dilutive | 4,056,965 | 4,877,243 |
Basic earnings per share (in dollars per share) | $0.64 | $0.29 |
Dilutive earnings per share (in dollars per share) | $0.63 | $0.29 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Net unrealized gain (loss) on available for sale securities | $136,295 | ($252,831) |
Net unrealized loss on retirement plans | -1,593,309 | -1,621,864 |
Total accumulated other comprehensive loss | ($1,457,014) | ($1,874,695) |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Minimum Reserve Balance | $745,000 | $770,000 |
Profit Sharing Contribution Amount | 98,000 | 75,000 |
Advertising Revenue Cost | 257,000 | 384,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 32,800 | 48,000 |
SERP [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other Postretirement Benefits Payable, Noncurrent | 4,000,000 | 4,000,000 |
Postemployment Benefits, Period Expense | 226,000 | 288,000 |
RIP [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other Postretirement Benefits Payable, Noncurrent | 599,000 | 99,000 |
Postemployment Benefits, Period Expense | $210,000 | $289,000 |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years |
Investment_Securities_Availabl2
Investment Securities Available for Sale and Held to Maturity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total - Fair value, investment securities held to maturity | $25,587,126 | $28,402,334 |
Available-for-sale Securities [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total Amortized Cost | 16,000,000 | 22,000,000 |
Total-Gross Unrealized Gains | 15,070 | 2,260 |
Total-Gross Unrealized Losses | -19,370 | -681,020 |
Total-Fair Value | 15,995,700 | 21,321,240 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | Available-for-sale Securities [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Due after 1 year through 5 years-Amortized Cost | 3,000,000 | 3,000,000 |
Due after 5 years through 10 years-Amortized Cost | 3,000,000 | 5,000,000 |
Due after 10 years-Amortized Cost | 4,000,000 | 4,000,000 |
Total Amortized Cost | 10,000,000 | 12,000,000 |
Due after 1 year through 5 years-Gross Unrealized Gain | 2,420 | 0 |
Due after 5 years through 10 years-Gross Unrealized Gain | 80 | 0 |
Due after 10 years-Gross Unrealized Gain | 5,160 | 0 |
Total-Gross Unrealized Gains | 7,660 | 0 |
Due after 1 year through 5 years-Gross Unrealized Losses | -7,550 | -39,010 |
Due after 5 years through 10 years-Gross Unrealized Losses | -6,320 | -247,870 |
Due after 10 years-Unrealized losses | -680 | -176,480 |
Total-Gross Unrealized Losses | -14,550 | -463,360 |
Due after 1 year through 5 years-Fair Value | 2,994,870 | 2,960,990 |
Due after 5 years through 10 years-Fair Value | 2,993,760 | 4,752,130 |
Due after 10 years-Fair Value | 4,004,480 | 3,823,520 |
Total-Fair Value | 9,993,110 | 11,536,640 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Available-for-sale Securities [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Due after 1 year through 5 years-Amortized Cost | 2,000,000 | 2,000,000 |
Total Amortized Cost | 2,000,000 | 2,000,000 |
Due after 1 year through 5 years-Gross Unrealized Gain | 0 | 1,680 |
Total-Gross Unrealized Gains | 0 | 1,680 |
Due after 1 year through 5 years-Gross Unrealized Losses | -4,820 | -6,850 |
Total-Gross Unrealized Losses | -4,820 | -6,850 |
Due after 1 year through 5 years-Fair Value | 1,995,180 | 1,994,830 |
Total-Fair Value | 1,995,180 | 1,994,830 |
Investment Security Obligations Of Fannie Mae [Member] | Available-for-sale Securities [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Due after 1 year through 5 years-Amortized Cost | 1,000,000 | 5,000,000 |
Due after 10 years-Amortized Cost | 3,000,000 | 3,000,000 |
Total Amortized Cost | 4,000,000 | 8,000,000 |
Due after 1 year through 5 years-Gross Unrealized Gain | 450 | 580 |
Due after 10 years-Gross Unrealized Gain | 6,960 | 0 |
Total-Gross Unrealized Gains | 7,410 | 580 |
Due after 1 year through 5 years-Gross Unrealized Losses | 0 | -20,700 |
Due after 10 years-Unrealized losses | 0 | -190,110 |
Total-Gross Unrealized Losses | 0 | -210,810 |
Due after 1 year through 5 years-Fair Value | 1,000,450 | 4,979,880 |
Due after 10 years-Fair Value | 3,006,960 | 2,809,890 |
Total-Fair Value | 4,007,410 | 7,789,770 |
Municipal obligations [Member] | Held-to-maturity Securities [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Due in 1 year or less-Amortized Cost | 200,294 | 1,435,196 |
Due after 1 years through 5 years-Amortized Cost | 7,797,743 | 6,227,714 |
Due after 5 years through 10 years-Amortized Cost | 5,011,365 | 6,152,302 |
Due after 10 years-Amortized Cost | 11,917,380 | 14,542,634 |
Total-Amortized Cost | 24,926,782 | 28,357,846 |
Due in 1 year or less-Gross Unrealized Gains | 282 | 1,707 |
Due after 1 years through 5 years-Gross Unrealized Gains | 13,778 | 32,026 |
Due after 5 years through 10 years-Gross Unrealized Gains | 41,415 | 23,159 |
Due after 10 years-Gross Unrealized Gains | 652,666 | 273,122 |
Total-Gross Unrealized Gains | 708,141 | 330,014 |
Due in 1 year or less-Gross Unrealized Losses | 0 | 0 |
Due after 1 years through 5 years-Gross Unrealized Losses | -38,439 | -12,188 |
Due after 5 years through 10 years-Gross Unrealized Losses | -8,422 | -183,666 |
Due after 10 years-Gross Unrealized Losses | -936 | -89,672 |
Total-Gross Unrealized Gains(Losses) | -47,797 | -285,526 |
Due in 1 year or less-Fair Value | 200,576 | 1,436,903 |
Due after 1 years through 5 years-Fair Value | 7,773,082 | 6,247,552 |
Due after 5 years through 10 years-Fair Value | 5,044,358 | 5,991,795 |
Due after 10 years-Fair Value | 12,569,110 | 14,726,084 |
Total - Fair value, investment securities held to maturity | $25,587,126 | $28,402,334 |
Investment_Securities_Availabl3
Investment Securities Available for Sale and Held to Maturity (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Government obligations [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $2,993,900 | $19,318,980 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 6,100 | 681,020 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,986,730 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Gross Unrealized Losses | 13,270 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,980,630 | 19,318,980 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | 19,370 | 681,020 |
Mortgage-backed securities [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 13,833 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 132 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 13,833 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | 132 | |
Municipal obligations [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 2,126,057 | 10,209,969 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 13,457 | 245,262 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,972,973 | 427,312 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Gross Unrealized Losses | 34,340 | 40,264 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 5,099,029 | 10,637,281 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | $47,797 | $285,526 |
Investment_Securities_Availabl4
Investment Securities Available for Sale and Held to Maturity (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
US Treasury Bond Securities [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than 12months | $16 | $20.30 |
Securities Investment [Member] | ||
Schedule of Available For Sale And Held To Maturity Securities [Line Items] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | $6 | $5.70 |
MortgageBacked_Securities_Avai2
Mortgage-Backed Securities Available for Sale (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage Backed Securities Available For Sale [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $3,177,497 | $4,698,480 |
Mortgage-backed securities [Member] | ||
Mortgage Backed Securities Available For Sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 2,966,690 | 4,402,797 |
Available-for-sale Securities, Gross Unrealized Gains | 210,939 | 295,683 |
Available-for-sale Securities, Gross Unrealized Losses | -132 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 3,177,497 | 4,698,480 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Mortgage-backed securities [Member] | ||
Mortgage Backed Securities Available For Sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 979,046 | 1,108,979 |
Available-for-sale Securities, Gross Unrealized Gains | 64,673 | 79,972 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 1,043,719 | 1,188,951 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Mortgage-backed securities [Member] | ||
Mortgage Backed Securities Available For Sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 746,774 | 1,179,561 |
Available-for-sale Securities, Gross Unrealized Gains | 81,808 | 102,355 |
Available-for-sale Securities, Gross Unrealized Losses | -132 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 828,450 | 1,281,916 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Mortgage-backed securities [Member] | ||
Mortgage Backed Securities Available For Sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,240,870 | 2,114,257 |
Available-for-sale Securities, Gross Unrealized Gains | 64,458 | 113,356 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | $1,305,328 | $2,227,613 |
Loans_Receivable_Related_Allow2
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | $310,979,391 | $303,908,437 |
Deferred fees | -735,417 | -788,557 |
Allowance for loan losses | -4,464,992 | -4,242,600 |
Loans receivable - net | 305,778,982 | 298,877,280 |
Single-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | 121,335,941 | 124,222,742 |
Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | 24,512,058 | 22,181,608 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | 121,069,114 | 122,813,820 |
Land and Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | 25,901,911 | 19,792,113 |
Commercial Business [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | 14,402,645 | 10,403,004 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans receivable | $3,757,722 | $4,495,150 |
Loans_Receivable_Related_Allow3
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | $1,535,079 | $1,173,784 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 673,706 | 446,291 |
Financing Receivable, Recorded Investment, 90 or More Days | 1,664,318 | 2,545,661 |
Financing Receivable, Recorded Investment, Total Past Due | 3,873,103 | 4,165,736 |
Financing Receivable, Recorded Investment, Current | 307,106,288 | 299,742,701 |
Total loans receivable | 310,979,391 | 303,908,437 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Accruing | 926,520 | 1,049,851 |
Single-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 346,478 | 531,900 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 146,382 | 158,770 |
Financing Receivable, Recorded Investment, 90 or More Days | 1,082,543 | 1,390,066 |
Financing Receivable, Recorded Investment, Total Past Due | 1,575,403 | 2,080,736 |
Financing Receivable, Recorded Investment, Current | 119,760,538 | 122,142,006 |
Total loans receivable | 121,335,941 | 124,222,742 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Accruing | 691,385 | 638,325 |
Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 146,603 | 0 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, 90 or More Days | 0 | 0 |
Financing Receivable, Recorded Investment, Total Past Due | 146,603 | 0 |
Financing Receivable, Recorded Investment, Current | 24,365,455 | 22,181,608 |
Total loans receivable | 24,512,058 | 22,181,608 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Accruing | 0 | 0 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 832,266 | 455,132 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 426,852 | 197,971 |
Financing Receivable, Recorded Investment, 90 or More Days | 346,640 | 744,069 |
Financing Receivable, Recorded Investment, Total Past Due | 1,605,758 | 1,397,172 |
Financing Receivable, Recorded Investment, Current | 119,463,356 | 121,416,648 |
Total loans receivable | 121,069,114 | 122,813,820 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Accruing | 0 | 0 |
Land and construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, 90 or More Days | 0 | 0 |
Financing Receivable, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Current | 25,901,911 | 19,792,113 |
Total loans receivable | 25,901,911 | 19,792,113 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Accruing | 0 | 0 |
Commercial business [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 9,184 | 64,188 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, 90 or More Days | 0 | 0 |
Financing Receivable, Recorded Investment, Total Past Due | 9,184 | 64,188 |
Financing Receivable, Recorded Investment, Current | 14,393,461 | 10,338,816 |
Total loans receivable | 14,402,645 | 10,403,004 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Accruing | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 200,548 | 122,564 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 100,472 | 89,550 |
Financing Receivable, Recorded Investment, 90 or More Days | 235,135 | 411,526 |
Financing Receivable, Recorded Investment, Total Past Due | 536,155 | 623,640 |
Financing Receivable, Recorded Investment, Current | 3,221,567 | 3,871,510 |
Total loans receivable | 3,757,722 | 4,495,150 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Accruing | $235,135 | $411,526 |
Loans_Receivable_Related_Allow4
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $310,979,391 | $303,908,437 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 301,221,000 | 293,263,000 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,252,000 | 1,840,000 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 8,506,000 | 8,805,000 |
Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Single-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 121,335,941 | 124,222,742 |
Single-family [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 119,044,000 | 122,472,000 |
Single-family [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 711,000 | 361,000 |
Single-family [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,581,000 | 1,390,000 |
Single-family [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 24,512,058 | 22,181,608 |
Multi-family [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 24,512,000 | 22,181,000 |
Multi-family [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Multi-family [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Multi-family [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 121,069,114 | 122,813,820 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 113,603,000 | 113,920,000 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 541,000 | 1,479,000 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 6,925,000 | 7,415,000 |
Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Land and construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 25,901,911 | 19,792,113 |
Land and construction [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 25,902,000 | 19,792,000 |
Land and construction [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Land and construction [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Land and construction [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Commercial business [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 14,402,645 | 10,403,004 |
Commercial business [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 14,402,000 | 10,403,000 |
Commercial business [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Commercial business [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Commercial business [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,757,722 | 4,495,150 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,758,000 | 4,495,000 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Consumer [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $0 | $0 |
Loans_Receivable_Related_Allow5
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total non-accruing loans | $1,240 | $1,496 |
Single-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total non-accruing loans | 391 | 752 |
Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total non-accruing loans | 0 | 0 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total non-accruing loans | 849 | 744 |
Land and construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total non-accruing loans | 0 | 0 |
Commercial business [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total non-accruing loans | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total non-accruing loans | $0 | $0 |
Loans_Receivable_Related_Allow6
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Details 4) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for loan losses | ||
Beginning balance | $4,242,600 | $4,919,000 |
Charge-offs | -289,000 | -1,637,000 |
Recoveries | 61,000 | 61,000 |
Provisions | 450,000 | 900,000 |
Ending balance | 4,464,992 | 4,242,600 |
Ending balance: | ||
individually evaluated for impairment | 436,000 | 544,000 |
collectively evaluated for impairment | 4,029,000 | 3,699,000 |
Loans receivable: | ||
Ending balance | 310,979,391 | 303,908,437 |
individually evaluated for impairment | 8,867,000 | 9,447,000 |
collectively evaluated for impairment | 302,112,000 | 294,461,000 |
Single Family [Member] | ||
Allowance for loan losses | ||
Beginning balance | 833,000 | 1,027,000 |
Charge-offs | -100,000 | -458,000 |
Recoveries | 53,000 | 19,000 |
Provisions | 95,000 | 245,000 |
Ending balance | 881,000 | 833,000 |
Ending balance: | ||
individually evaluated for impairment | 22,000 | 18,000 |
collectively evaluated for impairment | 859,000 | 815,000 |
Loans receivable: | ||
Ending balance | 121,335,941 | 124,222,742 |
individually evaluated for impairment | 1,041,000 | 552,000 |
collectively evaluated for impairment | 120,295,000 | 123,671,000 |
Multi Family [Member] | ||
Allowance for loan losses | ||
Beginning balance | 304,000 | 623,000 |
Charge-offs | 0 | -359,000 |
Recoveries | 0 | 0 |
Provisions | -2,000 | 40,000 |
Ending balance | 302,000 | 304,000 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
collectively evaluated for impairment | 302,000 | 304,000 |
Loans receivable: | ||
Ending balance | 24,512,058 | 22,181,608 |
individually evaluated for impairment | 0 | 0 |
collectively evaluated for impairment | 24,512,000 | 22,181,000 |
Commercial Real Estate [Member] | ||
Allowance for loan losses | ||
Beginning balance | 2,259,000 | 2,674,000 |
Charge-offs | -185,000 | -813,000 |
Recoveries | 7,000 | 7,000 |
Provisions | 123,000 | 391,000 |
Ending balance | 2,204,000 | 2,259,000 |
Ending balance: | ||
individually evaluated for impairment | 414,000 | 526,000 |
collectively evaluated for impairment | 1,790,000 | 1,733,000 |
Loans receivable: | ||
Ending balance | 121,069,114 | 122,813,820 |
individually evaluated for impairment | 7,826,000 | 8,895,000 |
collectively evaluated for impairment | 113,243,000 | 113,919,000 |
Land and Construction [Member] | ||
Allowance for loan losses | ||
Beginning balance | 618,000 | 352,000 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 30,000 |
Provisions | 155,000 | 236,000 |
Ending balance | 773,000 | 618,000 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
collectively evaluated for impairment | 773,000 | 618,000 |
Loans receivable: | ||
Ending balance | 25,901,911 | 19,792,113 |
individually evaluated for impairment | 0 | 0 |
collectively evaluated for impairment | 25,902,000 | 19,792,000 |
Consumer [Member] | ||
Allowance for loan losses | ||
Beginning balance | 14,000 | 18,000 |
Charge-offs | -4,000 | -7,000 |
Recoveries | 1,000 | 5,000 |
Provisions | 5,000 | -2,000 |
Ending balance | 16,000 | 14,000 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
collectively evaluated for impairment | 16,000 | 14,000 |
Loans receivable: | ||
Ending balance | 3,757,722 | 4,495,150 |
individually evaluated for impairment | 0 | 0 |
collectively evaluated for impairment | 3,758,000 | 4,495,000 |
Commercial Business [Member] | ||
Allowance for loan losses | ||
Beginning balance | 215,000 | 225,000 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 74,000 | -10,000 |
Ending balance | 289,000 | 215,000 |
Ending balance: | ||
individually evaluated for impairment | 0 | 0 |
collectively evaluated for impairment | 289,000 | 215,000 |
Loans receivable: | ||
Ending balance | 14,402,645 | 10,403,004 |
individually evaluated for impairment | 0 | 0 |
collectively evaluated for impairment | $14,402,000 | $10,403,000 |
Loans_Receivable_Related_Allow7
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, With Related Allowance, Related Allowance | $436 | $544 |
Impaired Financing Receivable, Recorded Investment | 0 | 728 |
Impaired Financing Receivable, Related Allowance | 436 | 544 |
Single-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, With No Related Allowance, Recorded Investment | 850 | 361 |
Impaired Financing Receivable, With No Related Allowance, Unpaid Principal Balance | 850 | 361 |
Impaired Financing Receivable, With No Related Allowance, Average Recorded Investment | 517 | 361 |
Impaired Financing Receivable, With No Related Allowance, Interest Income, Accrual Method | 51 | 13 |
Impaired Financing Receivable, With Related Allowance, Recorded Investment | 191 | 191 |
Impaired Financing Receivable, With Related Allowance, Unpaid Principal Balance | 191 | 191 |
Impaired Financing Receivable, With Related Allowance, Related Allowance | 22 | 18 |
Impaired Financing Receivable, With Related Allowance, Average Recorded Investment | 191 | 191 |
Impaired Financing Receivable, With Related Allowance, Interest Income, Accrual Method | 9 | 12 |
Impaired Financing Receivable, Recorded Investment | 1,041 | 552 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,041 | 552 |
Impaired Financing Receivable, Related Allowance | 22 | 18 |
Impaired Financing Receivable, Average Recorded Investment | 708 | 552 |
Impaired Financing Receivable, Interest Income, Accrual Method | 60 | 25 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, With No Related Allowance, Recorded Investment | 4,121 | 3,835 |
Impaired Financing Receivable, With No Related Allowance, Unpaid Principal Balance | 4,121 | 4,263 |
Impaired Financing Receivable, With No Related Allowance, Average Recorded Investment | 3,947 | 3,411 |
Impaired Financing Receivable, With No Related Allowance, Interest Income, Accrual Method | 193 | 239 |
Impaired Financing Receivable, With Related Allowance, Recorded Investment | 3,705 | 5,060 |
Impaired Financing Receivable, With Related Allowance, Unpaid Principal Balance | 3,705 | 5,187 |
Impaired Financing Receivable, With Related Allowance, Related Allowance | 414 | 526 |
Impaired Financing Receivable, With Related Allowance, Average Recorded Investment | 4,155 | 4,759 |
Impaired Financing Receivable, With Related Allowance, Interest Income, Accrual Method | 206 | 198 |
Impaired Financing Receivable, Recorded Investment | 7,826 | 8,895 |
Impaired Financing Receivable, Unpaid Principal Balance | 7,826 | 9,450 |
Impaired Financing Receivable, Related Allowance | 414 | 526 |
Impaired Financing Receivable, Average Recorded Investment | 8,102 | 8,170 |
Impaired Financing Receivable, Interest Income, Accrual Method | $399 | $437 |
Loans_Receivable_Related_Allow8
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Number | Number | |
Single-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number Of Contracts | 1 | |
Financing Receivable Modifications, Pre Modification Recorded Investments | $464 | |
Financing Receivable Modifications, Post Modification Recorded Investments | 500 | |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number Of Contracts | 2 | 2 |
Financing Receivable Modifications, Pre Modification Recorded Investments | 2,273 | 891 |
Financing Receivable Modifications, Post Modification Recorded Investments | $2,273 | $921 |
Loans_Receivable_Related_Allow9
Loans Receivable, Related Allowance for Loan Losses, and Credit Quality (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for Loan and Lease Losses | $450,000 | $900,000 |
Long-term Line of Credit | 434,000 | 503,000 |
Line of Credit Facility, Periodic Payment, Principal | 69,000 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,240,000 | 1,496,000 |
Income On Non Accruing Loans | 73,000 | 69,000 |
Interest Income Received | 32,000 | 19,000 |
Director and Executive Officers [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Line Of Credit Unused Line Of Credit | 312,000 | 287,000 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for Loan and Lease Losses | 219,000 | 18,000 |
One Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for Loan and Lease Losses | 3,000 | |
Single-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for Loan and Lease Losses | 95,000 | 245,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 391,000 | 752,000 |
Multi Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for Loan and Lease Losses | -2,000 | 40,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
One Single Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 191,000 | 191,000 |
Provision for Loan and Lease Losses | 22,000 | |
Nine Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 4,500,000 | |
Nine Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for Loan and Lease Losses | 220,000 | |
Nine Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for Loan and Lease Losses | 57,000 | |
Nine Commercial Real Estate [Member] | Five Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 1,500,000 | |
Nine Commercial Real Estate [Member] | Four Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 3,000,000 | |
Two Single-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 361,000 | |
Two Single-family [Member] | Two Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 351,000 | |
Three Single Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 850,000 | |
Three Single Family [Member] | One Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 499,000 | |
Ten Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 6,000,000 | |
Ten Commercial Real Estate [Member] | Five Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | 5,100,000 | |
Ten Commercial Real Estate [Member] | Four Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Other | $901,000 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $11,158,575 | $10,876,264 |
Accumulated depreciation | -9,244,510 | -8,840,231 |
Net | 1,914,065 | 2,036,033 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 125,014 | 125,014 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,900,080 | 4,711,536 |
Property, Plant and Equipment, Estimated Useful Lives | 40 Years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $6,133,481 | $6,039,714 |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 Years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 2 Years |
Premises_and_Equipment_Details1
Premises and Equipment (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation, Amortization and Accretion, Net, Total | $479,533 | $600,456 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Line Items] | ||
Money market deposit accounts | $24,427,479 | $26,433,484 |
Passbook and statement savings accounts | 51,538,256 | 52,197,435 |
Certificates of less than $100,000 | 140,834,938 | 144,064,208 |
Certificates of $100,000 or more | 53,184,682 | 53,022,110 |
NOW accounts | 56,437,746 | 53,252,217 |
Non-interest bearing accounts | 18,356,657 | 16,408,743 |
Total deposits | $344,779,758 | $345,378,197 |
Money market deposit accounts - Percent | 7.10% | 7.60% |
Passbook and statement savings accounts - Percent | 15.00% | 15.10% |
Certificates of less than $100,000 - Percent | 40.90% | 41.70% |
Certificates of $100,000 or more - Percent | 15.40% | 15.40% |
NOW accounts - Percent | 16.30% | 15.40% |
Non-interest bearing accounts - Percent | 5.30% | 4.80% |
Total - Percent | 100.00% | 100.00% |
Deposits_Details_1
Deposits (Details 1) (USD $) | Dec. 31, 2014 |
Deposits [Line Items] | |
2015 | $110,879,204 |
2016 | 58,698,183 |
2017 | 16,455,681 |
2018 | 3,617,242 |
2019 | 2,649,397 |
Thereafter | 1,719,913 |
Total | $194,019,620 |
2015 - Percent | 57.10% |
2016 - Percent | 30.30% |
2017 - Percent | 8.50% |
2018 - Percent | 1.80% |
2019 - Percent | 1.40% |
Thereafter - Percent | 0.90% |
Total - Percent | 100.00% |
Deposits_Details_2
Deposits (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Deposits [Line Items] | ||
Money market deposit accounts | $60,959 | $60,752 |
Other savings deposits | 102,807 | 102,704 |
Certificates of less than $100,000 | 1,068,641 | 1,285,949 |
Certificates of $100,000 or more | 901,148 | 886,498 |
NOW accounts | 117,567 | 117,342 |
Total | $2,251,122 | $2,453,245 |
Borrowings_Details_Textual
Borrowings (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Borrowings [Line Items] | ||
Other Borrowings | $2,917,933 | $3,436,766 |
Line Of Credit Facility Unused Capacity | 20,000,000 | 20,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $161,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Depreciation and amortization | $330,820 | $287,300 |
Allowance for loan losses | 1,518,100 | 1,442,620 |
Additional minimum liability for retirement plans | 820,796 | 835,509 |
Supplemental retirement benefits | 1,366,120 | 1,355,240 |
Deferred gain on the sale of premises and equipment | 208,000 | 227,000 |
Stock benefit plan | 281,860 | 215,900 |
Capital loss carryforwards | 210,000 | 386,000 |
Alternative minimum tax | 1,459,000 | 1,676,000 |
State tax loss carryforwards | 291,000 | 295,000 |
Net unrealized loss on securities available for sale | 0 | 130,246 |
Other | 142,750 | 223,681 |
Total deferred tax assets | 6,628,446 | 7,074,496 |
Valuation allowance | -501,000 | -681,000 |
Deferred tax liabilities: | ||
Deferred loan fees | -40,460 | -52,020 |
Pension Plan | -715,700 | -668,100 |
Net unrealized gain on securities available for sale | -70,212 | 0 |
Total deferred tax liabilities | -826,372 | -720,120 |
Net deferred tax asset | $5,301,074 | $5,673,376 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | ||
Current, federal | $679,869 | $280,000 |
Deferred, federal | 157,131 | 480,000 |
Current, state | 188,000 | 0 |
Total | $1,025,000 | $760,000 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | ||
Expense at statutory rate | $1,217,161 | $737,091 |
Adjustments resulting from: | ||
Tax-exempt income | -264,009 | -280,538 |
Increase in cash surrender value of life insurance | -95,140 | -100,814 |
State tax expense net of federal tax benefit | 124,080 | 0 |
Valuation allowance for capital loss carryforward | 0 | 386,000 |
Other | 42,908 | 18,261 |
Income tax expense per consolidated statements of income | $1,025,000 | $760,000 |
Expense at statutory rate - Percent | 34.00% | 34.00% |
Tax-exempt income - Percent | -7.40% | -12.90% |
Increase in cash surrender value of life insurance - Percent | -2.70% | -4.70% |
State tax expense net of federal tax benefit - percent | 3.50% | 0.00% |
Valuation allowance for capital loss carryforward - Percent | 0.00% | 17.80% |
Other - Percent | 1.20% | 0.90% |
Income tax expense per consolidated statements of income - Percent | 28.60% | 35.10% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | ||
Description Of Bad Debt Deduction Allowable | The bad debt deduction allowable under this method is available to small banks with assets less than $500 million. | |
Retained Earnings (Accumulated Deficit), Total | $34,318,241 | $32,673,120 |
Deferred Tax Assets Carry Forward | 210,000 | |
Operating Loss Carry Forwards State And Local | 4,000,000 | |
Deferred Tax Account Percentage | 34.00% | |
Expiring In 2015 [Member] | ||
Income Tax [Line Items] | ||
Capital Loss Carry Forwards | 575,000 | |
Expiring In 2016 [Member] | ||
Income Tax [Line Items] | ||
Capital Loss Carry Forwards | 44,000 | |
Bad Debt [Member] | ||
Income Tax [Line Items] | ||
Retained Earnings (Accumulated Deficit), Total | $7,100,000 | $7,100,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments And Contingencies [Line Items] | ||
Commitments Issued Using Current Loan Policies And Underwriting Guidelines | $5,531,000 | $3,067,450 |
Fixed Rate [Member] | ||
Commitments And Contingencies [Line Items] | ||
Commitments Issued Using Current Loan Policies And Underwriting Guidelines | 2,831,000 | 1,867,450 |
Adjustable Rate [Member] | ||
Commitments And Contingencies [Line Items] | ||
Commitments Issued Using Current Loan Policies And Underwriting Guidelines | $2,700,000 | $1,200,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments And Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $43,309,640 | $34,541,442 |
Future Loan Commitments [Member] | ||
Commitments And Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 5,531,000 | 3,067,450 |
Undisbursed Construction Loans [Member] | ||
Commitments And Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 18,053,123 | 14,247,660 |
Undisbursed Home Equity Lines Of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 4,702,969 | 4,259,993 |
Undisbursed Commercial Lines Of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 13,712,440 | 11,270,226 |
Overdraft Protection Lines [Member] | ||
Commitments And Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 176,219 | 184,383 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $1,133,889 | $1,511,730 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 2) (USD $) | Dec. 31, 2014 |
Commitments And Contingencies [Line Items] | |
2015 | $476,406 |
2016 | 397,240 |
2017 | 392,529 |
2018 | 394,119 |
2019 | 402,227 |
Thereafter | 1,599,373 |
Total minimum rental payments | $3,661,894 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Line Items] | ||
Outstanding Loan Commitments Excluding Unused Lines Of Credit And Undisbursed Portion Of Loans | $5,500,000 | $3,100,000 |
Line Of Credit Facility Unused Capacity Commitments | 36,600,000 | 30,000,000 |
Secured Stand by Line Of Credit | 1,100,000 | 1,500,000 |
Minimum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Fixed Rate Commitments Issued Using Current Loan Policies And Underwriting Guidelines | 1.99% | |
Maximum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Fixed Rate Commitments Issued Using Current Loan Policies And Underwriting Guidelines | 5.25% | |
Office Equipment [Member] | ||
Commitments And Contingencies [Line Items] | ||
Operating Leases, Rent Expense, Net, Total | $471,000 | $461,000 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net Periodic Benefit Cost | ||
Service Cost | $290,115 | $295,577 |
Interest Cost | 321,686 | 261,131 |
Expected Return on Plan Assets | -574,806 | -504,112 |
Amortization of Prior Service Cost | 12,685 | 12,685 |
Curtailment | 50,742 | 0 |
Amortization of Loss | 109,584 | 223,797 |
Net Periodic Benefit Cost | $210,006 | $289,078 |
Retirement_Plans_Details_1
Retirement Plans (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ||
Net gain | ($186,866) | ($202,807) |
Amortization of net loss | -109,584 | -223,797 |
Amortization of prior service cost | -63,427 | -12,685 |
Total recognized in other comprehensive income (loss) | -359,877 | -439,289 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | ($149,871) | ($150,211) |
Retirement_Plans_Details_2
Retirement Plans (Details 2) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans [Line Items] | ||
Discount Rate for Net Periodic Benefit Cost | 4.25% | 3.50% |
Salary Scale for Net Periodic Benefit Cost | 3.00% | 2.50% |
Expected Return on Plan Assets | 7.50% | 8.00% |
Discount Rate for Plan Obligations | 3.50% | 4.25% |
Salary Scale for Plan Obligations | 3.00% |
Retirement_Plans_Details_3
Retirement Plans (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans [Line Items] | ||
Projected Benefit Obligation at Beginning of Year | $7,597,479 | $6,656,322 |
Service Cost | 290,115 | 295,577 |
Interest Cost | 321,686 | 261,131 |
Curtailment | -1,267,296 | 0 |
Benefits paid | -353,289 | -195,187 |
Actuarial Loss | 1,091,740 | 579,636 |
Projected Benefit Obligation at End of Year | 7,680,435 | 7,597,479 |
Change in Plan Assets During Year | ||
Fair Value of Plan Assets at Beginning of Year | 7,696,447 | 6,005,079 |
Actual Return on Plan Assets | 586,116 | 1,286,555 |
Employer Contributions | 350,000 | 600,000 |
Benefits paid | -353,289 | -195,187 |
Fair Value of Plan Assets at End of Year | 8,279,274 | 7,696,447 |
Funded Status at End of Year, included in other assets | 598,839 | 98,968 |
Benefit Obligations at End of Year | ||
Accumulated Benefit Obligation | 7,680,435 | 6,369,762 |
Amounts Recognized in Accumulated Other Comprehensive Loss | ||
Net loss | 1,240,288 | 1,536,738 |
Prior service cost | 0 | 63,427 |
Total | $1,240,288 | $1,600,165 |
Retirement_Plans_Details_4
Retirement Plans (Details 4) (USD $) | Dec. 31, 2014 |
Expected Benefit Payments From the Plan | |
2015 | $106,793 |
2016 | 1,670,455 |
2017 | 282,045 |
2018 | 1,118,637 |
2019 | 87,889 |
2020-2024 | $2,162,485 |
Retirement_Plans_Details_5
Retirement Plans (Details 5) (USD $) | Dec. 31, 2014 |
Retirement Plans [Line Items] | |
Fixed Income Investments-mutual funds | $2,403,320 |
Equity Investments-mutual funds | 5,083,809 |
Cash and Cash Equivalents | 792,145 |
Fair Value as of December 31, 2014 | $8,279,274 |
Fixed Income Investments-mutual funds - Percentage of Assets | 29.00% |
Equity Investments-mutual funds - Percentage of Assets | 61.40% |
Cash and Cash Equivalents - Percentage of Assets | 9.60% |
Fair Value as of December 31, 2014 - Percentage of Assets | 100.00% |
Retirement_Plans_Details_6
Retirement Plans (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Retirement Plans [Line Items] | |||
Cash and Cash Equivalents | $792,145 | $805,065 | |
Mutual Funds | 7,487,129 | 6,891,382 | |
Total | 8,279,274 | 7,696,447 | 6,005,079 |
Fair Value, Inputs, Level 1 [Member] | |||
Retirement Plans [Line Items] | |||
Cash and Cash Equivalents | 792,145 | 805,065 | |
Mutual Funds | 7,487,129 | 6,891,382 | |
Total | 8,279,274 | 7,696,447 | |
Fair Value, Inputs, Level 2 [Member] | |||
Retirement Plans [Line Items] | |||
Cash and Cash Equivalents | 0 | 0 | |
Mutual Funds | 0 | 0 | |
Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Retirement Plans [Line Items] | |||
Cash and Cash Equivalents | 0 | 0 | |
Mutual Funds | 0 | 0 | |
Total | $0 | $0 |
Retirement_Plans_Details_7
Retirement Plans (Details 7) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation during year | ||
Projected Benefit Obligation at Beginning of Year | $7,597,479 | $6,656,322 |
Service cost | 290,115 | 295,577 |
Interest cost | 321,686 | 261,131 |
Benefit payments | -353,289 | -195,187 |
Actuarial (gain) loss | 1,091,740 | 579,636 |
Projected Benefit Obligation at End of Year | 7,680,435 | 7,597,479 |
Change in plan assets during year | ||
Fair Value of Plan Assets at Beginning of Year | 7,696,447 | 6,005,079 |
Employer contributions | 350,000 | 600,000 |
Benefit payments | -353,289 | -195,187 |
Fair Value of Plan Assets at End of Year | 8,279,274 | 7,696,447 |
Funded status | ||
Funded status (included in other liabilities) | -598,839 | -98,968 |
Change in accumulated other comprehensive loss | ||
Accumulated other comprehensive loss at beginning of year | 1,600,165 | |
Amortization of net loss | -109,584 | -223,797 |
Actuarial gain (loss) | -1,091,740 | -579,636 |
Amortization of prior service cost | 12,685 | 12,685 |
Accumulated other comprehensive loss at end of year | 1,240,288 | 1,600,165 |
Net periodic benefit cost | ||
Service cost | 290,115 | 295,577 |
Interest cost | 321,686 | 261,131 |
Amortization of prior service cost | 12,685 | 12,685 |
Amortization of net loss | -109,584 | -223,797 |
Net periodic benefit cost | 210,006 | 289,078 |
Key Assumptions | ||
Discount rate during the year | 4.25% | 3.50% |
Discount rate at end of year | 3.50% | 4.25% |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||
Change in benefit obligation during year | ||
Projected Benefit Obligation at Beginning of Year | 4,842,687 | 4,865,765 |
Service cost | 0 | 54,821 |
Interest cost | 201,150 | 198,442 |
Benefit payments | -193,718 | -158,792 |
Actuarial (gain) loss | 341,471 | -117,549 |
Projected Benefit Obligation at End of Year | 5,191,590 | 4,842,687 |
Change in plan assets during year | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 |
Employer contributions | 193,718 | 158,792 |
Benefit payments | -193,718 | -158,792 |
Fair Value of Plan Assets at End of Year | 0 | 0 |
Funded status | ||
Funded status (included in other liabilities) | -5,191,590 | -4,842,689 |
Unrecognized net loss | 1,173,817 | 857,209 |
Unrecognized prior service cost | 0 | 0 |
Net liability recognized | -4,017,773 | -3,985,480 |
Change in accumulated other comprehensive loss | ||
Accumulated other comprehensive loss at beginning of year | 857,208 | 1,009,627 |
Amortization of net loss | 24,862 | 34,870 |
Actuarial gain (loss) | -341,471 | 117,549 |
Amortization of prior service cost | 0 | 0 |
Net change in other comprehensive loss | 316,609 | -152,419 |
Accumulated other comprehensive loss at end of year | 1,173,817 | 857,208 |
Expected cash-flow information for years after current fiscal year | ||
2015 | 257,092 | |
2016 | 377,441 | |
2017 | 377,441 | |
2018 | 377,441 | |
2019 | 377,441 | |
2020-2024 | 1,887,205 | |
Net periodic benefit cost | ||
Service cost | 0 | 54,821 |
Interest cost | 201,150 | 198,442 |
Amortization of prior service cost | 0 | 0 |
Amortization of net loss | 24,862 | 34,870 |
Net periodic benefit cost | $226,012 | $288,134 |
Key Assumptions | ||
Discount rate during the year | 4.25% | 4.00% |
Discount rate at end of year | 3.50% | 4.25% |
Retirement_Plans_Details_8
Retirement Plans (Details 8) | Dec. 31, 2014 | Dec. 31, 2013 |
Retirement Plans [Line Items] | ||
Shares released for allocation | 178,325 | 172,856 |
Unearned shares | 134,734 | 148,675 |
Total ESOP shares | 313,059 | 321,531 |
Retirement_Plans_Details_Textu
Retirement Plans (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jan. 18, 2011 | Jan. 30, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans [Line Items] | ||||
Defined Benefit Plan Amortization Of Gains Losses | ($109,584) | ($223,797) | ||
Defined Benefit Plan, Contributions by Employer | 350,000 | 600,000 | ||
Percentage Of Fixed Income Investments In Total Return Bond Fund | 50.70% | |||
Percentage Of Fixed Income Investments In Short Term Investment Grade Fund | 49.30% | |||
Percentage Of Fixed Income Investments In Small Cap Mutual Funds | 11.10% | |||
Percentage Of Fixed Income Investments In Mid Cap Mutual Funds | 13.30% | |||
Percentage Of Fixed Income Investments In Large Cap Mutual Funds | 75.60% | |||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 150,991 | 74,073 | ||
Payment Of Principal and Interest Term | 20 years | 15 years | ||
Employee Stock Ownership Plan Interest Rate | 3.25% | 8.25% | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 236,000 | 189,000 | ||
Pension Expense | 210,000 | 289,000 | ||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 300,000 | |||
Subsequent Event [Member] | ||||
Retirement Plans [Line Items] | ||||
Defined Benefit Plan Amortization Of Gains Losses | 49,385 | 0 | ||
Defined Benefit Plan, Contributions by Employer | $0 | |||
Cash and Cash Equivalents [Member] | ||||
Retirement Plans [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | |||
Equity Securities [Member] | ||||
Retirement Plans [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 55.00% | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 75.00% | |||
Debt Securities [Member] | ||||
Retirement Plans [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 25.00% | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 45.00% |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Capital Requirements [Line Items] | ||
Tier One Leverage Capital | $60,152 | $56,693 |
Tier One Risk Based Capital | 60,152 | 56,693 |
Capital | 63,593 | 60,099 |
Tier One Leverage Capital Required for Capital Adequacy | 16,725 | 17,114 |
Tier One Risk Based Capital Required for Capital Adequacy | 10,969 | 10,867 |
Capital Required for Capital Adequacy | 21,938 | 21,734 |
Tier One Leverage Capital Required to be Well Capitalized | 20,906 | 21,393 |
Tier One Risk Based Capital Required to be Well Capitalized | 16,454 | 16,301 |
Capital Required to be Well Capitalized | $27,423 | $27,168 |
Tier One Leverage Capital to Average Assets | 14.39% | 13.25% |
Tier One Risk Based Capital to Risk Weighted Assets | 21.94% | 20.87% |
Capital to Risk Weighted Assets | 23.19% | 22.12% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Regulatory_Capital_Requirement3
Regulatory Capital Requirements (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Regulatory Capital Requirements [Line Items] | ||
Bank Capital | $137,000 | $253,000 |
Exclusion Of Amount In Other Comprehensive Income | 1,600,000 | 1,600,000 |
Compensation Retirement Benefits Exclusion For Certain Deferred Tax Assets | $3,700,000 | $4,600,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (RRP 2011 [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
RRP 2011 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted at the beginning of period-Number of shares | 135,070 | 169,560 |
Granted-Number of shares | 0 | 7,750 |
Vested-Number of shares | -51,610 | -42,240 |
Forfeited-Number of shares | -1,500 | 0 |
Restricted at the end of period-Number of shares | 81,960 | 135,070 |
Restricted at the beginning of period-Weighted average grant date fair value | $11.22 | $11.08 |
Granted-Weighted average grant date fair value | $0 | $15.34 |
Vested-Weighted average grant date fair value | $11.17 | $11.07 |
Forfeited-Weighted average grant date fair value | $15.34 | $0 |
Restricted at the end of period-Weighted average grant date fair value | $11.34 | $11.22 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (Stock Option Plan 2011 [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Option Plan 2011 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding at the beginning of period-Number of shares | 325,750 | 287,250 |
Granted-Number of shares | 0 | 38,500 |
Exercised-Number of shares | 0 | 0 |
Forfeited-Number of shares | -5,700 | 0 |
Options outstanding at the end of period-Number of shares | 320,050 | 325,750 |
Exercisable at end of the period-Number of shares | 186,150 | 113,000 |
Options outstanding at the beginning of period-Weighted average exercise price | $11.60 | $11.10 |
Granted-Weighted average exercise price | $0 | $15.34 |
Exercised-Weighted average exercise price | $0 | $0 |
Forfeited-Weighted average exercise price | $15.34 | $0 |
Options outstanding at the end of period-Weighted average exercise price | $11.53 | $11.60 |
Exercisable at the end of the period-Weighted average exercise price | $11.23 | $11.07 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 11, 2013 | Jul. 20, 2012 | Jul. 20, 2011 | Jul. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 3 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.53% | |||||
Share Based Compensation Arrangement By Share Based Payment Award Fairvalue Assumptions Expected Terms | 7 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28.35% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $4.12 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Terms1 | 7 years 6 months | 8 years 2 months 12 days | ||||
Stock-based compensation expense | $1,062,586 | $846,840 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 335,000 | 568,000 | ||||
Stock Issued During Period, Shares, Issued for Services | 210,000 | 210,000 | ||||
Share Based Compensation Arrangement by Share Based Payment Award Accelerated Vesting Value | 31,000 | 31,000 | ||||
2011 Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 38,500 | 9,500 | 277,750 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5,792 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Terms1 | 2 years 3 months | 3 years 3 months | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Rate | 20.00% | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 1.2 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized To Purchase | 325,842 | |||||
Share Based Compensation Arrangement by Share Based Payment Award Accelerated Vesting Value | 102,000 | |||||
Recognition and Retention Plan and Trust [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award (in shares) | 218,977 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award Value | 2,400,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollar per share) | $11.14 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 7,750 | 3,000 | 208,200 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 51,610 | 42,219 | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award Accelerated Compensation Cost | 532,000 | 451,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Term | 688,000 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Rate | 20.00% | |||||
Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost Related Tax Benefit | 181,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $153,000 |
Fair_Value_Measurements_and_Fa2
Fair Value Measurements and Fair Values of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $19,173 | $26,020 |
Investment security obligations of FHLB [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 9,993 | 11,537 |
Investment security obligations of Fannie Mae [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 4,007 | 7,789 |
Investment security obligations of Freddie Mac [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 1,995 | 1,995 |
Mortgaged backed security obligations of GNMA [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 1,044 | 1,189 |
Mortgaged backed security obligations of FHLMC [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 829 | 1,282 |
Mortgaged backed security obligations of FNMA [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 1,305 | 2,228 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Investment security obligations of FHLB [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Investment security obligations of Fannie Mae [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Investment security obligations of Freddie Mac [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgaged backed security obligations of GNMA [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgaged backed security obligations of FHLMC [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgaged backed security obligations of FNMA [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 19,173 | 26,020 |
Fair Value, Inputs, Level 2 [Member] | Investment security obligations of FHLB [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 9,993 | 11,537 |
Fair Value, Inputs, Level 2 [Member] | Investment security obligations of Fannie Mae [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 4,007 | 7,789 |
Fair Value, Inputs, Level 2 [Member] | Investment security obligations of Freddie Mac [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 1,995 | 1,995 |
Fair Value, Inputs, Level 2 [Member] | Mortgaged backed security obligations of GNMA [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 1,044 | 1,189 |
Fair Value, Inputs, Level 2 [Member] | Mortgaged backed security obligations of FHLMC [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 829 | 1,282 |
Fair Value, Inputs, Level 2 [Member] | Mortgaged backed security obligations of FNMA [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 1,305 | 2,228 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Investment security obligations of FHLB [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Investment security obligations of Fannie Mae [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Investment security obligations of Freddie Mac [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgaged backed security obligations of GNMA [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgaged backed security obligations of FHLMC [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgaged backed security obligations of FNMA [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $0 | $0 |
Fair_Value_Measurements_and_Fa3
Fair Value Measurements and Fair Values of Financial Instruments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total | $4,330 | $5,986 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | 3,460 | 5,008 |
Other real estate owned | 870 | 978 |
Total | 4,330 | 5,986 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | 3,460 | 5,008 |
Other real estate owned | 870 | 978 |
Total | $4,330 | $5,986 |
Fair_Value_Measurements_and_Fa4
Fair Value Measurements and Fair Values of Financial Instruments (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Total | $4,330 | $5,986 | ||
Impaired Loan [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Measurements Unobservable Inputs | Appraisal adjustments | [1] | Appraisal adjustments | [1] |
Impaired loans | 3,460 | 5,008 | ||
Fair Value Measurements, Valuation Techniques | Appraisal of collateral | Appraisal of collateral | ||
Fair Value Assumptions, Weighted Average | 20.00% | 18.00% | ||
Impaired Loan [Member] | Maximum [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Assumptions, Weighted Average | 30.00% | 30.00% | ||
Impaired Loan [Member] | Minimum [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Assumptions, Weighted Average | 5.00% | 5.00% | ||
Other Real Estate Owned [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Measurements Unobservable Inputs | Appraisal adjustments | [1] | Appraisal adjustments | [1] |
Other real estate owned | $870 | $987 | ||
Fair Value Measurements, Valuation Techniques | Appraisal of collateral | Appraisal of collateral | ||
Fair Value Assumptions, Weighted Average | 4.00% | 4.00% | ||
Other Real Estate Owned [Member] | Maximum [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Assumptions, Weighted Average | 10.00% | 10.00% | ||
Other Real Estate Owned [Member] | Minimum [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Assumptions, Weighted Average | 0.00% | 5.00% | ||
[1] | Appraisals may be adjusted by management for qualitative factors, including estimated liquidation expenses. The range and weighted average adjustments are presented as a percentage of the appraisal. |
Fair_Value_Measurements_and_Fa5
Fair Value Measurements and Fair Values of Financial Instruments (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Assets: | ||||
Cash and due from banks | $1,360,506 | $1,529,727 | ||
Interest bearing deposits at banks | 45,272,420 | 43,694,283 | ||
Investment securities | 15,995,700 | 21,321,240 | ||
Mortgage-backed securities | 3,177,497 | 4,698,480 | ||
Loans receivable | 305,778,982 | 298,877,281 | ||
FHLB stock | 202,500 | 647,000 | ||
Accrued interest receivable | 1,455,308 | 1,465,235 | ||
Liabilities: | ||||
NOW and MMDA deposits | 99,222,000 | [1] | 96,044,000 | [2] |
Other savings deposits | 51,538,000 | 52,197,000 | ||
Certificate accounts | 194,020,000 | 197,086,000 | ||
Borrowings | 2,917,933 | 3,436,766 | ||
Accrued interest payable | 9,000 | 9,000 | ||
Off balance sheet instruments | 43,309,640 | 34,541,442 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets: | ||||
Cash and due from banks | 1,361,000 | 1,530,000 | ||
Interest bearing deposits at banks | 45,272,000 | 43,694,000 | ||
Investment securities | 0 | 0 | ||
Mortgage-backed securities | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
FHLB stock | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Liabilities: | ||||
NOW and MMDA deposits | 0 | [1] | 0 | [2] |
Other savings deposits | 0 | 0 | ||
Certificate accounts | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Off balance sheet instruments | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets: | ||||
Cash and due from banks | 0 | 0 | ||
Interest bearing deposits at banks | 0 | 0 | ||
Investment securities | 41,583,000 | 49,724,000 | ||
Mortgage-backed securities | 3,177,000 | 4,698,000 | ||
Loans receivable | 0 | 0 | ||
FHLB stock | 203,000 | 647,000 | ||
Accrued interest receivable | 1,455,000 | 1,465,000 | ||
Liabilities: | ||||
NOW and MMDA deposits | 99,222,000 | [1] | 96,044,000 | [2] |
Other savings deposits | 51,538,000 | 52,197,000 | ||
Certificate accounts | 194,305,000 | 196,901,000 | ||
Borrowings | 2,918,000 | 3,437,000 | ||
Accrued interest payable | 9,000 | 9,000 | ||
Off balance sheet instruments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets: | ||||
Cash and due from banks | 0 | 0 | ||
Interest bearing deposits at banks | 0 | 0 | ||
Investment securities | 0 | 0 | ||
Mortgage-backed securities | 0 | 0 | ||
Loans receivable | 305,849,000 | 300,029,000 | ||
FHLB stock | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Liabilities: | ||||
NOW and MMDA deposits | 0 | [1] | 0 | [2] |
Other savings deposits | 0 | 0 | ||
Certificate accounts | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Off balance sheet instruments | $0 | $0 | ||
[1] | Includes non-interest bearing accounts totaling $18,357. | |||
[2] | Includes non-interest bearing accounts totaling $16,409. |
Fair_Value_Measurements_and_Fa6
Fair Value Measurements and Fair Values of Financial Instruments (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loan Receivable Net Of Allowances At Fair Value | $3,900,000 | $5,300,000 |
Impaired Financing Receivable, Related Allowance | 436,000 | 544,000 |
Non-interest bearing deposits | 18,356,657 | 16,408,743 |
Other Real Estate, Total | 1,000,000 | 1,100,000 |
Other Real Estate, Valuation Adjustments | 131,000 | 155,000 |
Impaired Financing Receivable, Recorded Investment, Total | 0 | 728,000 |
Impaired Loans Net Of Partial Charge Offs | $0 | $428,000 |
Condensed_Financial_Informatio2
Condensed Financial Information - Parent Corporation Only (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS: | |||
Cash and cash equivalents | $46,632,926 | $45,224,010 | $112,304,936 |
Premises and equipment, net | 1,914,065 | 2,036,033 | |
Total assets | 420,829,255 | 425,501,970 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Total liabilities | 354,378,715 | 355,333,447 | |
STOCKHOLDERS' EQUITY | |||
Total stockholders' equity | 66,450,540 | 70,168,523 | 80,002,286 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 420,829,255 | 425,501,970 | |
Parent Company [Member] | |||
ASSETS: | |||
Cash and cash equivalents | 2,871,165 | 9,729,594 | 15,994,773 |
Loan receivable - ESOP | 1,582,865 | 1,730,808 | |
Premises and equipment, net | 10,000 | 10,000 | |
Other assets | 271,616 | 261,930 | |
Investment in Alliance Bank | 62,406,029 | 59,370,438 | |
Total assets | 67,141,675 | 71,102,770 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Accrued tax payable | 11,727 | 185,041 | |
Deferred gain on the sale of premises and equipment | 611,577 | 667,174 | |
Deferred directors retirement plan | 67,831 | 82,032 | |
Total liabilities | 691,135 | 934,247 | |
STOCKHOLDERS' EQUITY | |||
Total stockholders' equity | 66,450,540 | 70,168,523 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $67,141,675 | $71,102,770 |
Condensed_Financial_Informatio3
Condensed Financial Information - Parent Corporation Only (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
INCOME: | ||
Rental income | $28,100 | $28,172 |
EXPENSES: | ||
Other | 1,204,735 | 1,131,771 |
Total expenses | 11,392,786 | 11,861,476 |
Income Tax Expense | 1,025,000 | 760,000 |
NET INCOME | 2,554,884 | 1,407,916 |
Parent Company [Member] | ||
INCOME: | ||
Interest income | 67,463 | 98,756 |
Rental income | 0 | 38,500 |
Amortization of deferred gain | 55,597 | 0 |
Dividend from subsidiary | 1,000,000 | 4,500,000 |
Total income | 1,123,060 | 4,637,256 |
EXPENSES: | ||
Directors retirement plan | 10,800 | 10,800 |
Depreciation | 0 | 12,229 |
Legal fees | 48,000 | 45,000 |
Stock related expense | 57,000 | 56,000 |
Capital stock tax | 0 | 5,446 |
Other | 7,700 | 7,700 |
Total expenses | 123,500 | 137,175 |
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY IN UNDISTRUBUTED NET INCOME OF SUBSIDIARY | 999,560 | 4,500,081 |
EQUITY IN UNDISTRUBUTED NET INCOME (LOSS) OF SUBSIDIARY | 1,555,324 | -2,920,165 |
Income Tax Expense | 0 | 172,000 |
NET INCOME | $2,554,884 | $1,407,916 |
Condensed_Financial_Informatio4
Condensed Financial Information - Parent Corporation Only (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | ||
Net income | $2,554,884 | $1,407,916 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Net cash provided by operating activities | 4,863,063 | 4,412,340 |
INVESTING ACTIVITIES: | ||
Proceeds from the sale of premises and equipment | 21,000 | 1,044,890 |
Net cash provided by investing activities | 5,416,259 | -34,121,726 |
FINANCING ACTIVITIES: | ||
Purchase of treasury stock | -6,843,371 | -10,880,830 |
Net cash used in financing activities | -8,870,406 | -37,371,540 |
Net decrease in cash and cash equivalents | 1,408,916 | -67,080,926 |
Cash and cash equivalents, Beginning of Year | 45,224,010 | 112,304,936 |
Cash and Cash Equivalents, End of Year | 46,632,926 | 45,224,010 |
Parent Company [Member] | ||
OPERATING ACTIVITIES: | ||
Net income | 2,554,884 | 1,407,916 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Undistributed net (income) loss of subsidiary | -1,555,324 | 2,920,165 |
Depreciation | 0 | 12,229 |
(Increase) decrease in other assets | -9,686 | 170,773 |
Decrease in other liabilities | -243,112 | -71,258 |
Net cash provided by operating activities | 746,762 | 4,439,825 |
INVESTING ACTIVITIES: | ||
Principal repayments on ESOP loan | 147,943 | 139,349 |
Proceeds from the sale of premises and equipment | 0 | 1,044,890 |
Net cash provided by investing activities | 147,943 | 1,184,239 |
FINANCING ACTIVITIES: | ||
Purchase of treasury stock | -6,843,371 | -10,880,830 |
Dividends paid | -909,763 | -1,008,413 |
Net cash used in financing activities | -7,753,134 | -11,889,243 |
Net decrease in cash and cash equivalents | -6,858,429 | -6,265,179 |
Cash and cash equivalents, Beginning of Year | 9,729,594 | 15,994,773 |
Cash and Cash Equivalents, End of Year | 2,871,165 | 9,729,594 |
Supplemental Schedule of Noncash Financing and Investing Activities: | ||
Deferred gain on sale of premises and equipment | $0 | $667,174 |
Entry_into_a_Material_Definiti1
Entry into a Material Definitive Agreement (Details Textual) (USD $) | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 03, 2015 |
Entry Into Material Definitive Agreement [Line Items] | |
Stock Issued During Period, Value, Acquisitions | $26.60 |
Stock Issued During Period, Shares, Acquisitions | 816,151 |
Material Definitive Agreement Description | Each stockholder of Alliance will be able to elect to receive, for each of their shares of Alliance Bancorp, Inc. of Pennsylvania common stock, either 0.28955 shares of WSFS common stock or $22.00 in cash. |