Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 30, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'WBKC | ' |
Entity Registrant Name | 'WOLVERINE BANCORP, INC. | ' |
Entity Central Index Key | '0001500836 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 2,268,306 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $518 | $791 |
Interest-earning demand deposits | 32,403 | 25,390 |
Cash and cash equivalents | 32,921 | 26,181 |
Held to maturity securities | ' | 123 |
Loans held for sale | 852 | 1,325 |
Loans, net of allowance for loan losses of $8,492 and $7,597 | 294,607 | 259,381 |
Premises and equipment, net | 1,442 | 1,569 |
Federal Home Loan Bank stock | 3,320 | 3,320 |
Other real estate owned | 473 | 872 |
Accrued interest receivable | 844 | 699 |
Other assets | 4,212 | 4,291 |
Total assets | 338,671 | 297,761 |
Liabilities | ' | ' |
Deposits | 220,510 | 172,983 |
Federal Home Loan Bank advances | 50,000 | 61,994 |
Fed funds purchased | 3,000 | ' |
Interest payable and other liabilities | 3,700 | 2,459 |
Total liabilities | 277,210 | 237,436 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Common Stock, $0.01 par value per share: Authorized - 100,000,000 shares Issued and outstanding - 2,272,306 and 2,297,725 at September 30, 2014 and December 31, 2013 | 23 | 23 |
Additional paid-in capital | 18,554 | 18,952 |
Unearned employee stock ownership plan (ESOP) | -1,666 | -1,666 |
Retained earnings | 44,550 | 43,016 |
Total stockholders' equity | 61,461 | 60,325 |
Total liabilities and stockholders' equity | $338,671 | $297,761 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for loan losses | $8,492 | $7,597 |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 2,272,306 | 2,297,725 |
Common Stock, shares outstanding | 2,272,306 | 2,297,725 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest and Dividend Income | ' | ' | ' | ' |
Loans | $3,754 | $3,208 | $10,719 | $9,839 |
Investment securities and other | 44 | 73 | 160 | 201 |
Total interest and dividend income | 3,798 | 3,281 | 10,879 | 10,040 |
Interest Expense | ' | ' | ' | ' |
Deposits | 305 | 204 | 790 | 637 |
Borrowings | 512 | 595 | 1,549 | 1,764 |
Total interest expense | 817 | 799 | 2,339 | 2,401 |
Net Interest Income | 2,981 | 2,482 | 8,540 | 7,639 |
Provision for Loan Losses | 300 | 115 | 795 | 790 |
Net Interest Income After Provision for Loan Losses | 2,681 | 2,367 | 7,745 | 6,849 |
Noninterest Income | ' | ' | ' | ' |
Service charges and fees | 68 | 60 | 173 | 170 |
Net gain on loan sales | 181 | 347 | 472 | 1,326 |
Net (loss) gain on sale of real estate owned | -40 | -2 | -37 | 106 |
Other | 49 | 49 | 126 | 157 |
Total noninterest income | 258 | 454 | 734 | 1,759 |
Noninterest Expense | ' | ' | ' | ' |
Salaries and employee benefits | 1,035 | 1,399 | 3,564 | 4,039 |
Net occupancy and equipment expense | 227 | 227 | 675 | 636 |
Information technology expense | 59 | 58 | 181 | 172 |
Federal deposit insurance corporation premiums | 49 | 56 | 163 | 165 |
Professional and services fees | 93 | 68 | 345 | 252 |
Other real estate owned expense | 7 | 21 | 65 | 50 |
Loan legal expense | -20 | 24 | 27 | 123 |
Advertising expense | 38 | 65 | 130 | 199 |
Michigan business tax | 43 | 47 | 140 | 140 |
Other | 244 | 248 | 796 | 787 |
Total noninterest expense | 1,775 | 2,213 | 6,086 | 6,563 |
Income Before Income Tax | 1,164 | 608 | 2,393 | 2,045 |
Provision for Income Taxes | 415 | 214 | 859 | 690 |
Net Income and Comprehensive Income | $749 | $394 | $1,534 | $1,355 |
Earnings Per Share: | ' | ' | ' | ' |
Basic | $0.36 | $0.18 | $0.73 | $0.60 |
Diluted | $0.35 | $0.18 | $0.72 | $0.60 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net income | $1,534 | $1,355 |
Items not requiring (providing) cash | ' | ' |
Depreciation | 191 | 159 |
Provision for Loan Losses | 795 | 790 |
Amortization of Federal Home Loan Bank advance prepayment penalty | 6 | 51 |
Loss (gain) on other real estate owned | 37 | -91 |
Loans originated for sale | -14,421 | -43,923 |
Proceeds from loans sold | 15,269 | 47,380 |
Net gain on sale of loans | -472 | -1,315 |
Share based compensation | 235 | 249 |
Changes in Interest receivable and other assets | 99 | -400 |
Interest payable and other liabilities | 1,239 | -55 |
Net cash provided by operating activities | 4,512 | 4,200 |
Investing Activities | ' | ' |
Proceeds from calls, maturities and pay-downs of held to maturity securities | 123 | 118 |
Net change in loans | -36,275 | 14,643 |
Proceeds from sale of real estate owned | 551 | 657 |
Purchase of premises and equipment | -63 | -158 |
Net cash provided (used) by investing activities | -35,664 | 15,260 |
Financing Activities | ' | ' |
Net change in demand deposits, money market, checking and savings accounts | 14,009 | -1,606 |
Net change in certificates of deposit | 33,517 | 7,109 |
Net change in Fed funds purchased | 3,000 | ' |
Repayment of Federal Home Loan Bank advances | -12,000 | ' |
Proceeds from stock options exercised | 28 | ' |
Purchase of common stock | -662 | -958 |
Net cash provided (used) by financing activities | 37,892 | 4,545 |
Change in Cash and Cash Equivalents | 6,740 | 24,005 |
Cash and Cash Equivalents, Beginning of Period | 26,181 | 16,552 |
Cash and Cash Equivalents, End of Period | 32,921 | 40,557 |
Supplemental Disclosures of Cash Flows Information | ' | ' |
Interest paid | 2,335 | 2,405 |
Income taxes paid | 910 | 710 |
Loans transferred to real estate owned | $255 | $523 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Change in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Unearned ESOP Shares | Retained Earnings |
In Thousands | |||||
Balances at Dec. 31, 2013 | $60,325 | $23 | $18,952 | ($1,666) | $43,016 |
Net income | 1,534 | ' | ' | ' | 1,534 |
Purchase of 29,541 shares of common stock | -662 | ' | -662 | ' | ' |
Share based compensation expense | 235 | ' | 235 | ' | ' |
Exercised options | 29 | ' | 29 | ' | ' |
Balances at Sep. 30, 2014 | $61,461 | $23 | $18,554 | ($1,666) | $44,550 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Change in Stockholders' Equity (Parenthetical) | 9 Months Ended |
Sep. 30, 2014 | |
Treasury stock, shares purchased | 29,541 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation | ' |
Note 1: Basis of Presentation | |
The unaudited condensed consolidated financial statements of Wolverine Bancorp, Inc. (the “Company”), the holding company of Wolverine Bank (the “Bank”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) believed necessary for a fair presentation have been included. The condensed consolidated balance sheet of the Company as of December 31, 2013 has been derived from the audited consolidated balance sheet of the Company as of that date. Operating results for the nine month period ended September 30, 2014 is not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto filed as part of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 31, 2014. |
Accounting_Developments
Accounting Developments | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Developments | ' |
Note 2: Accounting Developments | |
Financial Accounting Standards Board (“FASB”) | |
In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” to reduce diversity by clarifying when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects,” to permit entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The ASU modifies the conditions that an entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. | |
Accounting Standards Update No. 2014-08- Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity – In April 2014, FASB issued ASU 2014-08. This update seeks to better define the groups of assets which qualify for discontinued operations, in order to ease the burden and cost for prepares and stakeholders. This issue changed “the criteria for reporting discontinued operations” and related reporting requirements, including the provision for disclosures about the “disposal of and individually significant component of an entity that does not qualify for discontinued operations presentation.” | |
The amendments in this Update are effective for fiscal years beginning after December 15, 2014. Early adoption is permitted only for disposals or classifications as held for sale. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
Accounting Standards Update No. 2014-09- Revenue from Contracts with Customers – In May 2014, FASB, in joint cooperation with IASB, issued ASU 2014-09. The topic of Revenue Recognition had become broad, with several other regulatory agencies issuing standards which lacked cohesion. The new guidance establishes a “common framework” and “reduces the number of requirements to which an entity must consider in recognizing revenue” and yet provides improved disclosures to assist stakeholders reviewing financial statements. | |
The amendments in this Update are effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
Accounting Standards Update No. 2014-11- Transfers and Servicing – In June 2014, FASB, issued ASU 2014-11. This update addresses the concerns of stakeholders’ by changing the accounting practices surrounding repurchase agreements. The new guidance changes the “accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements.” | |
The amendments in this Update are effective for annual reporting periods beginning after December 15, 2015. Early adoption is prohibited. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
Accounting Standards Update No. 2014-12- Compensation – Stock Compensation – In June 2014, FASB, issued ASU 2014-12. This update defines the accounting treatment for share-based payments and “resolves the diverse accounting treatment of those awards in practice.” The new requirement mandates that “a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition.” Compensation cost will now be recognized in the period in which it becomes likely that the performance target will be met. | |
The amendments in this Update are effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. |
Securities
Securities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Securities | ' | ||||||||||||||||
Note 3: Securities | |||||||||||||||||
The amortized cost and approximate fair values of securities are as follows: | |||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Held to Maturity Securities: | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Municipal | $ | — | $ | — | $ | — | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
Municipal | $ | 123 | $ | — | $ | — | $ | 123 | |||||||||
There were no sales of securities during the three or nine months ended September 30, 2014 and 2013. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4: Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||
Categories of loans include: | |||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||
One-to four-family | $ | 45,959 | $ | 49,726 | |||||||||||||||||||||||||||||||||||||
Home equity | 6,991 | 7,912 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 149,929 | 126,154 | |||||||||||||||||||||||||||||||||||||||
Multifamily | 61,017 | 62,790 | |||||||||||||||||||||||||||||||||||||||
Land | 10,257 | 9,734 | |||||||||||||||||||||||||||||||||||||||
Construction | 23,291 | 8,669 | |||||||||||||||||||||||||||||||||||||||
Commercial Non-mortgage | 15,344 | 7,226 | |||||||||||||||||||||||||||||||||||||||
Consumer | 1,132 | 1,167 | |||||||||||||||||||||||||||||||||||||||
Total loans | 313,920 | 273,378 | |||||||||||||||||||||||||||||||||||||||
Less | |||||||||||||||||||||||||||||||||||||||||
Net deferred loan fees, premiums and discounts | 578 | 467 | |||||||||||||||||||||||||||||||||||||||
Undisbursed portion of loans | 10,243 | 5,933 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | 8,492 | 7,597 | |||||||||||||||||||||||||||||||||||||||
Net loans | $ | 294,607 | $ | 259,381 | |||||||||||||||||||||||||||||||||||||
The risk characteristics of each loan portfolio segment are as follows: | |||||||||||||||||||||||||||||||||||||||||
1-4 Family, Home Equity, and Consumer | |||||||||||||||||||||||||||||||||||||||||
With respect to residential loans that are secured by one-to four-family residences and are primarily owner-occupied, we generally establish a maximum loan-to-value ratio and require PMI if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in one-to four-family residences, and consumer loans are typically secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. | |||||||||||||||||||||||||||||||||||||||||
Home equity loans secured by second mortgages have greater risk than one- to four-family residential mortgage loans secured by first mortgages. We face the risk that the collateral will be insufficient to compensate us for loan losses and costs of foreclosure. When customers default on their loans, we attempt to foreclose on the property and resell the property as soon as possible to minimize foreclosure and carrying costs. However, the value of the collateral may not be sufficient to compensate us for the amount of the unpaid loan and we may be unsuccessful in recovering the remaining balance from those customers. Particularly with respect to our home equity loans, decreases in real estate values could adversely affect the value of property used as collateral for our loans. | |||||||||||||||||||||||||||||||||||||||||
Consumer and other loans generally have greater risk compared to longer-term loans secured by improved, owner-occupied real estate, particularly consumer loans that are secured by rapidly depreciable assets, such as automobiles. In these cases, any repossessed collateral for a defaulted loan may not provide an adequate source of repayment of the outstanding loan balance. As a result, consumer loan collections are dependent on the borrower’s continuing financial stability and thus are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate and multifamily | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate and multifamily loans generally have greater credit risk than the owner-occupied one- to four-family residential mortgage loans that we originate for retention in our loan portfolio. Repayment of these loans generally depends, in large part, on sufficient income from the property securing the loan or the borrower’s business to cover operating expenses and debt service. These types of loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential mortgage loans. Changes in economic conditions that are beyond the control of the borrower may affect the value of the security for the loan, the future cash flow of the affected property or business, or the marketability of a construction project with respect to loans originated for the acquisition and development of property. Additionally, due to declining property values in our primary market area and in Michigan, the loan to value ratios of many of our commercial real estate and multifamily loans have increased significantly from the loan to value ratios that were assigned to these loans at the time of origination. | |||||||||||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||||||||||
Land loans generally have greater credit risk than the owner-occupied one-to four-family residential mortgage loans that we originate for retention in our portfolio. Repayment of these loans generally depends, in large part, on the sale of the land. The sale of land can either take place when the land is undeveloped, or developed. Generally, other cash flow sources of the borrower are utilized to make additional payments on land loans. Changes in economic conditions that are beyond the control of the borrower may affect the value of the security for the loan, the future cash flow of the affected property or business, or the marketability of a construction project with respect to loans originated for the acquisition and development of property. Additionally, due to declining property values in our primary market area and in Michigan, the loan to value ratios of many of our land loans have increased significantly from the loan to value ratios that were assigned to these loans at the time of origination. | |||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||
Construction loans include those for one- to four-family residential properties and commercial properties, including multifamily loans and commercial “mixed-use” buildings and homes built by developers on speculation. With respect to construction loans for one- to four-family residential properties and which are primarily owner-occupied, we generally establish a maximum loan-to-value ratio and require PMI if that ratio is exceeded. These are generally “interest-only” loans during the construction period which typically does not exceed nine months. Construction loans for commercial real estate are made in accordance with a schedule reflecting the cost of construction, and are generally limited to a 75% loan-to-completed appraised value ratio. For all construction loans, we generally require that a commitment for permanent financing be in place prior to closing the construction loan | |||||||||||||||||||||||||||||||||||||||||
Repayment of one-to four-family residential property loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment of commercial property loans and homes built by developers on speculation is normally expected from the property’s eventual rental income, income from the borrower’s operations, the personal resources of the guarantor, or the sale of the subject property. Generally, before making a commitment to fund a construction loan, we require an appraisal of the property by a state-certified or state-licensed appraiser. We generally review and inspect properties before disbursement of funds during the term of the construction loan. | |||||||||||||||||||||||||||||||||||||||||
Construction financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions. If the estimate of construction cost is inaccurate, we may be required to advance additional funds beyond the amount originally committed in order to protect the value of the property. Moreover, if the estimated value of the completed project is inaccurate, the borrower may hold a property with a value that is insufficient to assure full repayment of the construction loan upon the sale of the property. Construction loans also expose us to the risk that improvements will not be completed on time in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. | |||||||||||||||||||||||||||||||||||||||||
Commercial non-mortgage | |||||||||||||||||||||||||||||||||||||||||
Commercial non-mortgage loans generally have a greater credit risk than residential mortgage loans. Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial non-mortgage loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. | |||||||||||||||||||||||||||||||||||||||||
As a result, the availability of funds for the repayment of commercial non-mortgage loans may be substantially dependent on the success of the business itself. Further, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. In determining the appropriate level of allowance for loan loss, we analyze various components of our portfolio. The following components are analyzed: all substandard loans on an individual basis; all loans that are designated special mention or closely monitored; loans not classified according to purpose or collateral type; and overdrawn deposit account balances. | |||||||||||||||||||||||||||||||||||||||||
We also factor in historical loss experience and qualitative considerations, including trends in charge offs and recoveries; trends in delinquencies and impaired/classified loans; effects of credit concentrations; changes in underwriting standards and loan review system; experience in lending staff; current industry conditions; and current market conditions. | |||||||||||||||||||||||||||||||||||||||||
In instances where risk and loss exposure is clearly identified with a particular asset, the asset or a portion of the asset will be charged off. | |||||||||||||||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of September 30, 2014, December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Year to date analysis as of September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,354 | $ | 251 | $ | 2,861 | $ | 1,514 | $ | 1,145 | $ | 285 | $ | 157 | $ | 30 | $ | 7,597 | |||||||||||||||||||||||
Provision charged to expense | (440 | ) | (122 | ) | 321 | (134 | ) | 248 | 779 | 158 | (15 | ) | 795 | ||||||||||||||||||||||||||||
Losses charged off | (55 | ) | — | — | — | — | — | — | (1 | ) | (56 | ) | |||||||||||||||||||||||||||||
Recoveries | 51 | — | 9 | — | 93 | — | — | 4 | 157 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 910 | $ | 129 | $ | 3,191 | $ | 1,380 | $ | 1,486 | $ | 1,064 | $ | 315 | $ | 18 | $ | 8,493 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | — | $ | — | $ | 200 | $ | 100 | $ | 850 | $ | 750 | $ | — | $ | — | $ | 1,900 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 910 | $ | 129 | $ | 2,991 | $ | 1,280 | $ | 636 | $ | 314 | $ | 315 | $ | 18 | $ | 6,593 | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 45,959 | $ | 6,991 | $ | 149,929 | $ | 61,017 | $ | 10,257 | $ | 23,291 | $ | 15,344 | $ | 1,132 | $ | 313,920 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 1,615 | $ | 63 | $ | 9,312 | $ | 8,257 | $ | 3,455 | $ | 5,349 | $ | 363 | $ | — | 28,414 | ||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 44,344 | $ | 6,928 | $ | 140,617 | $ | 52,760 | $ | 6,820 | $ | 17,942 | $ | 14,981 | $ | 1,132 | $ | 285,506 | |||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Quarter to date analysis as of September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 988 | $ | 154 | $ | 3,179 | $ | 1,333 | $ | 1,377 | $ | 808 | $ | 253 | $ | 17 | $ | 8,108 | |||||||||||||||||||||||
Provision charged to expense | (77 | ) | (25 | ) | 10 | 47 | 27 | 256 | 62 | — | 300 | ||||||||||||||||||||||||||||||
Losses charged off | (25 | ) | — | — | — | — | — | — | — | (25 | ) | ||||||||||||||||||||||||||||||
Recoveries | 25 | — | 2 | — | 82 | — | — | 1 | 110 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 910 | $ | 129 | $ | 3,191 | $ | 1,380 | $ | 1,486 | $ | 1,064 | $ | 315 | $ | 18 | $ | 8,493 | |||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Year to date analysis as of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,433 | $ | 266 | $ | 2,663 | $ | 1,497 | $ | 312 | $ | 302 | $ | 166 | $ | 32 | $ | 6,671 | |||||||||||||||||||||||
Provision charged to expense | 116 | (16 | ) | 98 | 17 | 651 | (17 | ) | (14 | ) | (5 | ) | 830 | ||||||||||||||||||||||||||||
Losses charged off | (210 | ) | — | — | — | — | — | — | (2 | ) | (212 | ) | |||||||||||||||||||||||||||||
Recoveries | 15 | 1 | 100 | — | 182 | — | 5 | 5 | 308 | ||||||||||||||||||||||||||||||||
Balance, end of year | $ | 1,354 | $ | 251 | $ | 2,861 | $ | 1,514 | $ | 1,145 | $ | 285 | $ | 157 | $ | 30 | $ | 7,597 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | — | $ | — | $ | 345 | $ | 100 | $ | 850 | $ | — | $ | — | $ | — | $ | 1,295 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,354 | $ | 251 | $ | 2,516 | $ | 1,414 | $ | 295 | $ | 285 | $ | 157 | $ | 30 | $ | 6,302 | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 49,726 | $ | 7,912 | $ | 126,154 | $ | 62,790 | $ | 9,734 | $ | 8,669 | $ | 7,226 | $ | 1,167 | $ | 273,378 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 2,494 | $ | — | $ | 11,067 | $ | 8,462 | $ | 4,162 | — | $ | 600 | $ | — | $ | 26,785 | ||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 47,232 | $ | 7,912 | $ | 115,087 | $ | 54,328 | $ | 5,572 | $ | 8,669 | $ | 6,626 | $ | 1,167 | $ | 246,593 | |||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Year to date analysis as of September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,433 | $ | 266 | $ | 2,663 | $ | 1,497 | $ | 312 | $ | 302 | $ | 166 | $ | 32 | $ | 6,671 | |||||||||||||||||||||||
Provision charged to expense | — | — | — | — | 790 | — | — | — | 790 | ||||||||||||||||||||||||||||||||
Losses charged off | (182 | ) | — | — | — | — | — | — | (2 | ) | (184 | ) | |||||||||||||||||||||||||||||
Recoveries | 11 | 1 | 43 | — | 125 | — | 5 | 4 | 189 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,262 | $ | 267 | $ | 2,706 | $ | 1,497 | $ | 1,227 | $ | 302 | $ | 171 | $ | 34 | $ | 7,466 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 9 | $ | — | $ | 383 | $ | 48 | $ | 840 | $ | — | $ | 15 | $ | — | $ | 1,295 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,253 | $ | 267 | $ | 2,323 | $ | 1,449 | $ | 387 | $ | 302 | $ | 156 | $ | 34 | $ | 6,171 | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 51,111 | $ | 7,933 | $ | 113,858 | $ | 60,674 | $ | 10,250 | $ | 9,815 | $ | 3,944 | $ | 1,114 | $ | 258,699 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 2,793 | $ | — | $ | 10,926 | $ | 8,532 | $ | 4,342 | $ | — | $ | 657 | $ | — | $ | 27,250 | |||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 48,318 | $ | 7,933 | $ | 102,932 | $ | 52,142 | $ | 5,908 | $ | 9,815 | $ | 3,287 | $ | 1,114 | $ | 231,449 | |||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Quarter to date analysis as of September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,427 | $ | 267 | $ | 2,705 | $ | 1,497 | $ | 987 | $ | 302 | $ | 166 | $ | 33 | $ | 7,384 | |||||||||||||||||||||||
Provision charged to expense | — | — | — | — | 115 | — | — | — | 115 | ||||||||||||||||||||||||||||||||
Losses charged off | (170 | ) | — | — | — | — | — | — | — | (170 | ) | ||||||||||||||||||||||||||||||
Recoveries | 5 | — | 1 | — | 125 | — | 5 | 1 | 137 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,262 | $ | 267 | $ | 2,706 | $ | 1,497 | $ | 1,227 | $ | 302 | $ | 171 | $ | 34 | $ | 7,466 | |||||||||||||||||||||||
Consistent with regulatory guidance, charge offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. Our policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. | |||||||||||||||||||||||||||||||||||||||||
For all loan portfolio segments except one-to-four family residential loans and consumer loans, we promptly charge off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. | |||||||||||||||||||||||||||||||||||||||||
We charge off one-to-four family residential and consumer loans, or portions thereof, when we reasonably determine the amount of the loss. We adhere to timeframes established by applicable regulatory guidance which provides for the charge off of one-to-four family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 180 days past due, charge off of unsecured open-end loans when the loan is 180 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which we can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. | |||||||||||||||||||||||||||||||||||||||||
The following table presents the credit risk profile of our loan portfolio based on rating category and payment activity as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | Home Equity | Commercial Real | Multifamily | ||||||||||||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Pass | $ | 42,934 | $ | 45,735 | $ | 6,991 | $ | 7,806 | $ | 129,421 | $ | 107,825 | $ | 46,963 | $ | 48,808 | |||||||||||||||||||||||||
Pass (Closely Monitored) | 1,471 | 1,827 | — | 106 | 8,655 | 4,081 | 9,348 | 9,170 | |||||||||||||||||||||||||||||||||
Special Mention | 416 | 818 | — | — | 2,705 | 4,992 | — | — | |||||||||||||||||||||||||||||||||
Substandard | 1,138 | 1,346 | — | — | 9,148 | 9,256 | 4,706 | 4,812 | |||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
$ | 45,959 | $ | 49,726 | $ | 6,991 | $ | 7,912 | $ | 149,929 | $ | 126,154 | $ | 61,017 | $ | 62,790 | ||||||||||||||||||||||||||
Land | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||||||||||||
Non-Mortgage | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Pass | $ | 5,157 | $ | 3,742 | $ | 17,942 | $ | 8,669 | $ | 14,638 | $ | 6,540 | $ | 1,132 | $ | 1,167 | $ | 265,178 | $ | 230,292 | |||||||||||||||||||||
Pass (Closely Monitored) | 1,702 | 1,830 | — | — | 343 | 55 | — | — | 21,519 | 17,069 | |||||||||||||||||||||||||||||||
Special Mention | — | 43 | — | — | 23 | 36 | — | — | 3,144 | 5,889 | |||||||||||||||||||||||||||||||
Substandard | 3,398 | 4,119 | 5,349 | — | 340 | 595 | — | — | 24,079 | 20,128 | |||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 10,257 | $ | 9,734 | $ | 23,291 | $ | 8,669 | $ | 15,344 | $ | 7,226 | $ | 1,132 | $ | 1,167 | $ | 313,920 | $ | 273,378 | ||||||||||||||||||||||
We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends, among other factors. We analyze loans individually by classifying the loans as to credit risk. This analysis is performed during the loan approval process and is updated as circumstances warrant. | |||||||||||||||||||||||||||||||||||||||||
The Pass asset quality rating encompasses assets that have performed as expected. These assets generally do not have delinquency or servicing issues. Loans assigned this rating include loans to borrowers possessing solid credit quality with acceptable risk. Borrowers in these grades are differentiated from higher grades on the basis of size (capital and/or revenue), leverage, asset quality, stability of the industry or specific market area and quality/coverage of collateral. These borrowers generally have a history of consistent earnings and reasonable leverage. | |||||||||||||||||||||||||||||||||||||||||
The Closely Monitored asset quality rating encompasses assets that have been brought to the attention of management and may, if not corrected, warrant a more serious quality rating by management. These assets are usually in the first phase of a deficiency situation and may possess similar criteria as Special Mention assets. This grade includes loans to borrowers which require special monitoring because of deteriorating financial results, declining credit ratings, decreasing cash flow, increasing leverage, marginal collateral coverage or industry stress that has resulted or may result in a changing overall risk profile. | |||||||||||||||||||||||||||||||||||||||||
The Special Mention asset quality rating encompasses assets that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. This grade is intended to include loans to borrowers whose credit quality has clearly deteriorated and where risk of further decline is possible unless active measures are taken to correct the situation. Weaknesses are considered potential at this state and are not yet fully defined. | |||||||||||||||||||||||||||||||||||||||||
The Substandard asset quality rating encompasses assets that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any; assets having a well-defined weakness(es) based upon objective evidence; assets characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected; or the possibility that liquidation will not be timely. Loans categorized in this grade possess a well defined credit weakness and the likelihood of repayment from the primary source is uncertain. Significant financial deterioration has occurred and very close attention is warranted to ensure the full repayment without loss. Collateral coverage may be marginal and the accrual of interest has been suspended. | |||||||||||||||||||||||||||||||||||||||||
The Doubtful asset quality rating encompasses assets that have all of the weaknesses of those classified as Substandard. In addition, these weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||||||||||
The Loss asset quality rating encompasses assets that are considered uncollectible and of such little value that their continuance as assets of the Bank is not warranted. A loss classification does not mean that an asset has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be realized in the future. | |||||||||||||||||||||||||||||||||||||||||
The following table is a summary of our past due and non-accrual loans as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 Days | Greater | Total | Current | Total | Total | Total | ||||||||||||||||||||||||||||||||||
Days Past | Past Due | than 90 | Past | Loans | Loans>90 | Nonaccrual | |||||||||||||||||||||||||||||||||||
Due | Days | Due | Receivable | Days & | |||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 14 | $ | — | $ | 108 | $ | 122 | $ | 45,837 | $ | 45,959 | $ | — | $ | 147 | |||||||||||||||||||||||||
Home Equity | — | — | — | — | 6,991 | 6,991 | — | — | |||||||||||||||||||||||||||||||||
Commercial Real Estate | 630 | 1,896 | — | 2,526 | 147,403 | 149,929 | — | 1,273 | |||||||||||||||||||||||||||||||||
Multifamily | — | — | — | — | 61,017 | 61,017 | — | — | |||||||||||||||||||||||||||||||||
Land | 48 | — | 2,899 | 2,947 | 7,310 | 10,257 | — | 3,516 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 23,291 | 23,291 | — | — | |||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | — | 30 | 23 | 53 | 15,291 | 15,344 | — | 123 | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | 1,132 | 1,132 | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 692 | $ | 1,926 | $ | 3,030 | $ | 5,648 | $ | 308,272 | $ | 313,920 | $ | — | $ | 5,059 | |||||||||||||||||||||||||
As of December 31, 2013: | 30-59 | 60-89 Days | Greater | Total | Current | Total | Total | Total | |||||||||||||||||||||||||||||||||
Days | Past Due | than 90 | Past | Loans | Loans>90 | Nonaccrual | |||||||||||||||||||||||||||||||||||
Past Due | Days | Due | Receivable | Days & | |||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 217 | $ | — | $ | 254 | $ | 471 | $ | 49,255 | $ | 49,726 | $ | — | $ | 254 | |||||||||||||||||||||||||
Home Equity | — | — | — | — | 7,912 | 7,912 | — | — | |||||||||||||||||||||||||||||||||
Commercial Real Estate | 716 | 667 | 49 | 1,432 | 124,722 | 126,154 | — | 779 | |||||||||||||||||||||||||||||||||
Multifamily | — | — | 1,363 | 1,363 | 61,427 | 62,790 | 1,363 | — | |||||||||||||||||||||||||||||||||
Land | — | — | 4,068 | 4,068 | 5,666 | 9,734 | 27 | 4,041 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 8,669 | 8,669 | — | — | |||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | — | — | 36 | 36 | 7,190 | 7,226 | — | 157 | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | 1,167 | 1,167 | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 933 | $ | 667 | $ | 5,770 | $ | 7,370 | $ | 266,008 | $ | 273,378 | $ | 1,390 | $ | 5,231 | |||||||||||||||||||||||||
Nonaccrual Loan and Past Due Loans. The accrual of interest is discontinued on all loan classes at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. | |||||||||||||||||||||||||||||||||||||||||
All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. Subsequent payments on non-accrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. We generally require a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. | |||||||||||||||||||||||||||||||||||||||||
A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable we will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include non-performing commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. Interest income on loans individually classified as impaired is recognized on a cash basis after all past due and current principal payments have been made. | |||||||||||||||||||||||||||||||||||||||||
The following table presents impaired loans at September 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | QTD | YTD | QTD | YTD | |||||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Average | Average | Interest | Interest | |||||||||||||||||||||||||||||||||||
Balance | Balance | Balance | Income | Income | |||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 1.436 | $ | 1,680 | $ | — | $ | 1,453 | $ | 1,474 | $ | 22 | $ | 58 | |||||||||||||||||||||||||||
Home Equity | 63 | 63 | — | 64 | 64 | — | 1 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 6,294 | 8,561 | — | 6,778 | 7,499 | 60 | 235 | ||||||||||||||||||||||||||||||||||
Multifamily | 6,912 | 7,726 | — | 6,942 | 7,034 | 85 | 290 | ||||||||||||||||||||||||||||||||||
Land | 529 | 809 | — | 612 | 912 | 1 | 3 | ||||||||||||||||||||||||||||||||||
Construction | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 23 | 23 | — | 137 | 245 | — | 5 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | 179 | 179 | — | 179 | 180 | 2 | 7 | ||||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,018 | 3,018 | 200 | 3,038 | 3,025 | 50 | 151 | ||||||||||||||||||||||||||||||||||
Multifamily | 1,345 | 1,345 | 100 | 1,345 | 1,355 | 21 | 62 | ||||||||||||||||||||||||||||||||||
Land | 2,926 | 4,285 | 850 | 3,192 | 3,159 | — | 1 | ||||||||||||||||||||||||||||||||||
Construction | 5,349 | 5,349 | 750 | 5,349 | 3,566 | 44 | 107 | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 340 | 339 | — | 345 | 346 | 4 | 13 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 1,615 | $ | 1,859 | $ | — | $ | 1,632 | $ | 1,654 | $ | 24 | $ | 65 | |||||||||||||||||||||||||||
Home Equity | 63 | 63 | — | 64 | 64 | — | 1 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 9,312 | 11,579 | 200 | 9,816 | 10,524 | 110 | 386 | ||||||||||||||||||||||||||||||||||
Multifamily | 8,257 | 9,071 | 100 | 8,287 | 8,389 | 106 | 352 | ||||||||||||||||||||||||||||||||||
Land | 3,455 | 5,094 | 850 | 3,804 | 4,071 | 1 | 4 | ||||||||||||||||||||||||||||||||||
Construction | 5,349 | 5,350 | 750 | 5,349 | 3,566 | 44 | 107 | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 363 | 362 | — | 482 | 591 | 4 | 18 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 28,414 | $ | 33,378 | $ | 1,900 | $ | 29,434 | $ | 28,859 | $ | 289 | $ | 933 | |||||||||||||||||||||||||||
The following table presents impaired loans at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | YTD Average | YTD | |||||||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Balance | Interest | |||||||||||||||||||||||||||||||||||||
Balance | Income | ||||||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 2,494 | $ | 2,712 | $ | — | $ | 2,668 | $ | 225 | |||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,128 | 9,152 | — | 7,630 | 315 | ||||||||||||||||||||||||||||||||||||
Multifamily | 7,099 | 7,914 | — | 7,325 | 409 | ||||||||||||||||||||||||||||||||||||
Land | 742 | 1,672 | — | 913 | 48 | ||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 600 | 600 | — | 726 | 30 | ||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,939 | 3,939 | 345 | 2,843 | 218 | ||||||||||||||||||||||||||||||||||||
Multifamily | 1,363 | 1,363 | 100 | 1,100 | 33 | ||||||||||||||||||||||||||||||||||||
Land | 3,420 | 4,730 | 850 | 3,641 | — | ||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Totals | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 2,494 | $ | 2,712 | $ | — | $ | 2,668 | $ | 225 | |||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 11,067 | 13,091 | 345 | 10,473 | 533 | ||||||||||||||||||||||||||||||||||||
Multifamily | 8,462 | 9,277 | 100 | 8,425 | 442 | ||||||||||||||||||||||||||||||||||||
Land | 4,162 | 6,402 | 850 | 4,554 | 48 | ||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 600 | 600 | — | 726 | 30 | ||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 26,785 | $ | 32,082 | $ | 1,295 | $ | 26,850 | $ | 1,278 | |||||||||||||||||||||||||||||||
The following table presents impaired loans at September 30, 2013: | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | QTD | YTD | QTD | YTD | |||||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Average | Average | Interest | Interest | |||||||||||||||||||||||||||||||||||
Balance | Balance | Balance | Income | Income | |||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 2,730 | $ | 3,109 | $ | — | $ | 3,166 | $ | 2,913 | $ | 34 | $ | 225 | |||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 8,439 | 10,541 | — | 13,896 | 9,037 | 177 | 505 | ||||||||||||||||||||||||||||||||||
Multifamily | 7,715 | 8,529 | — | 5,520 | 7,139 | 75 | 271 | ||||||||||||||||||||||||||||||||||
Land | 735 | 1,747 | — | 4,360 | 6,615 | 243 | 73 | ||||||||||||||||||||||||||||||||||
Construction | — | 2 | — | 96 | 114 | — | 1 | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 266 | 266 | — | 392 | 314 | 5 | 11 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 63 | $ | 63 | $ | 9 | $ | 82 | $ | 109 | $ | 2 | $ | 3 | |||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 2,487 | 2,487 | 383 | 3,402 | 4,707 | 34 | 45 | ||||||||||||||||||||||||||||||||||
Multifamily | 817 | 817 | 48 | 1,229 | 969 | 15 | 28 | ||||||||||||||||||||||||||||||||||
Land | 3,607 | 4,834 | 840 | 1,409 | 560 | — | 403 | ||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 391 | 391 | 15 | 398 | 461 | 6 | 22 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 2,793 | $ | 3,172 | $ | 9 | $ | 3,248 | $ | 3,022 | $ | 36 | $ | 228 | |||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 10,926 | 13,028 | 383 | 17,298 | 13,744 | 211 | 550 | ||||||||||||||||||||||||||||||||||
Multifamily | 8,532 | 9,346 | 48 | 6,749 | 8,108 | 90 | 299 | ||||||||||||||||||||||||||||||||||
Land | 4,342 | 6,581 | 840 | 5,769 | 7,175 | 243 | 476 | ||||||||||||||||||||||||||||||||||
Construction | — | 2 | — | 96 | 114 | — | 1 | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 657 | 657 | 15 | 790 | 775 | 11 | 33 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 27,250 | $ | 32,786 | $ | 1,295 | $ | 33,950 | $ | 32,938 | $ | 591 | $ | 1,587 | |||||||||||||||||||||||||||
Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assumed, in which case interest is recognized on a cash basis and is reasonable compared to interest income noted above. | |||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructuring (TDR) | |||||||||||||||||||||||||||||||||||||||||
We may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that we would not otherwise consider resulting in a modified loan which is then identified as a troubled debt restructuring. We may modify loans through rate reductions, short-term extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. | |||||||||||||||||||||||||||||||||||||||||
We identify loans for potential restructure primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. | |||||||||||||||||||||||||||||||||||||||||
For one-to-four family residential and home equity lines of credit, a restructure often occurs with past due loans and may be offered as an alternative to foreclosure. There are other situations where borrowers, who are not past due, experience a sudden job loss, become over-extended with credit obligations, or other problems, have indicated that they will be unable to make the required monthly payment and request payment relief. | |||||||||||||||||||||||||||||||||||||||||
When considering a loan restructure, management will determine if: (i) the financial distress is short or long term; (ii) loan concessions are necessary; and (iii) the restructure is a viable solution. | |||||||||||||||||||||||||||||||||||||||||
When a loan is restructured, the new terms often require a reduced monthly debt service payment. No TDRs that were on non-accrual status at the time the concessions were granted have been returned to accrual status. For commercial loans, management completes an analysis of the operating entity’s ability to repay the debt. If the operating entity is capable of servicing the new debt service requirements and the underlying collateral value is believed to be sufficient to repay the debt in the event of a future default, the new loan can be placed on accrual status after six months of performance with the new loan terms. To date, there have been no commercial loans restructured and immediately placed on accrual status after the execution of the TDR. | |||||||||||||||||||||||||||||||||||||||||
For retail loans, an analysis of the individual’s ability to service the new required payments is performed. If the borrower is capable of servicing the newly restructured debt and the underlying collateral value is believed to be sufficient to repay the debt in the event of a future default, the new loan can be placed on accrual status after six months of performance to the new loan terms. The reason for the TDR is also considered, such as paying past due real estate taxes or payments caused by a temporary job loss, when determining whether a retail TDR loan could be returned to accrual status. Retail TDRs remain on nonaccrual status until sufficient payments have been made to bring the past due principal and interest current and/or after six months of performance to the new loan terms at which point the loan could be transferred to accrual status. | |||||||||||||||||||||||||||||||||||||||||
The following table summarizes the loans that were restructured as TDRs during the three and nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Balance | Balance | Balance | Balance | ||||||||||||||||||||||||||||||||||||||
prior to | after | prior to | after | ||||||||||||||||||||||||||||||||||||||
Count | TDR | TDR | Count | TDR | TDR | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | 1 | 900 | 900 | |||||||||||||||||||||||||||||||||||
Total loans | — | $ | — | $ | — | 1 | $ | 900 | $ | 900 | |||||||||||||||||||||||||||||||
We had no TDRs that had payment defaults during the three months ended September 2014 and 2013. Default occurs when a TDR is 90 days or more past due, transferred to nonaccrual status, or transferred to other real estate owned within twelve months of restructuring. | |||||||||||||||||||||||||||||||||||||||||
Management monitors the TDRs based on the type of modification or concession granted to the borrower. These types of modifications may include rate reductions, payment/term extensions, forgiveness of principal, forbearance, and other applicable actions. Management predominantly utilizes rate reductions and lower monthly payments, either from a longer amortization period or interest only repayment schedule, because these concessions provide needed payment relief without risking the loss of principal. Management will also agree to a forbearance agreement when it is deemed appropriate to avoid foreclosure. |
Disclosures_About_Fair_Value_o
Disclosures About Fair Value of Assets and Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosures About Fair Value of Assets and Liabilities | ' | ||||||||||||||||
Note 5: Disclosures About Fair Value of Assets and Liabilities | |||||||||||||||||
ASC Topic 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities | ||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities | ||||||||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets under the valuation hierarchy. We have no assets or liabilities measured at fair value on a recurring basis and no liabilities measured at fair value on a nonrecurring basis. | |||||||||||||||||
Nonrecurring Measurements | |||||||||||||||||
The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and December 31, 2013. | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair | Quoted Prices | Significant | Significant | ||||||||||||||
Value | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Collateral-dependent | $ | 55 | $ | — | $ | — | $ | 55 | |||||||||
Impaired loans | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Collateral-dependent | $ | 7,681 | $ | — | $ | — | $ | 7,681 | |||||||||
Impaired loans | |||||||||||||||||
Collateral-dependent Impaired Loans | |||||||||||||||||
The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||
The Company considers the appraisal or an evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent or subsequently as deemed necessary and approved by management. Appraisals are reviewed for accuracy and consistency by the Credit Analysis department. Typically, appraisers are selected from the list of approved appraisers maintained by the Underwriting department. The appraised values may be reduced by discounts to consider a lack of marketability or estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Credit Analysis department and approved by management. | |||||||||||||||||
Unobservable (Level 3) inputs | |||||||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than good will at September 30, 2014 and December 31, 2013. | |||||||||||||||||
Collateral-dependent Impaired Loans | |||||||||||||||||
Fair | Valuation | Unobservable | Range (Weighted | ||||||||||||||
Value | Technique | Inputs | Average) | ||||||||||||||
As of September 30, 2014 Collateral-dependent impaired loans | $ | 55 | Market | Marketability | 38% (38 | %) | |||||||||||
comparable | discount | ||||||||||||||||
properties | |||||||||||||||||
December 31, 2013 Collateral-dependent impaired loans | $ | 7,681 | Market | Marketability | 9%-46% (34 | %) | |||||||||||
comparable | discount | ||||||||||||||||
properties | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The following table presents estimated fair values of our financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value at the individual dates. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, we do not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | 32,921 | $ | 32,921 | $ | — | $ | — | |||||||||
Loans held for sale | 852 | — | 852 | — | |||||||||||||
Loans, net of allowance for loan losses | 294,607 | — | — | 296,276 | |||||||||||||
Federal Home Loan Bank stock | 3,320 | — | 3,320 | — | |||||||||||||
Interest receivable | 844 | 844 | — | — | |||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | 220,510 | 113,130 | — | 108,874 | |||||||||||||
Federal Home Loan Bank advances | 50,000 | — | 50,853 | — | |||||||||||||
Fed funds purchased | 3,000 | — | 3,000 | — | |||||||||||||
Interest payable | 142 | 142 | — | — | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | 26,181 | $ | 26,181 | $ | — | $ | — | |||||||||
Held to maturity securities | 123 | — | 123 | — | |||||||||||||
Loans held for sale | 1,325 | — | 1,330 | — | |||||||||||||
Loans, net of allowance for loan losses | 276,965 | — | — | 280,407 | |||||||||||||
Federal Home Loan Bank stock | 3,320 | — | 3,320 | — | |||||||||||||
Interest receivable | 699 | 699 | — | — | |||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | $ | 172,983 | $ | 99,121 | $ | — | $ | 74,339 | |||||||||
Federal Home Loan Bank advances | 61,994 | — | 60,653 | — | |||||||||||||
Interest payable | 138 | 138 | — | — | |||||||||||||
The following methods and assumptions were used to estimate the fair value of all other financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value. | |||||||||||||||||
Cash and Cash Equivalents, Federal Home Loan Bank Stock, Interest Receivable, and Interest Payable | |||||||||||||||||
The carrying amount approximates fair value. | |||||||||||||||||
Held to Maturity Securities | |||||||||||||||||
Fair values equal quoted market prices, if available. If quoted market prices are not available, fair value is estimated based on quoted market prices of similar securities. | |||||||||||||||||
Loans Held for Sale | |||||||||||||||||
Fair value is estimated using quoted market prices from the secondary market. | |||||||||||||||||
Loans | |||||||||||||||||
The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. | |||||||||||||||||
Deposits | |||||||||||||||||
Deposits include demand deposits, savings accounts, checking accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||
Federal Home Loan Bank Advances | |||||||||||||||||
Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. | |||||||||||||||||
Repurchase Agreements, Federal Funds Purchased and Other Borrowed Funds | |||||||||||||||||
Fair value of term repurchase agreements and other term borrowings is estimated based on current repurchase rates and borrowing rates currently available to the Bank for repurchases and borrowings with similar terms and maturities. | |||||||||||||||||
The estimated fair value for overnight repurchase agreements, federal funds purchased and other borrowings is book value. | |||||||||||||||||
Commitments to Originate Loans, Letters of Credit and Lines of Credit | |||||||||||||||||
Loan commitments and letters-of-credit generally have short-term, variable rate features and contain clauses which limit our exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Earnings Per Share | ' | ||||||||
Note 6: Earnings Per Share (In thousands except per share amounts) | |||||||||
Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares computed using the treasury stock method. | |||||||||
Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common stock in undistributed earnings for purposes of computing EPS. Accordingly, the Company is required to calculate basic and diluted EPS using the two-class method. Restricted stock awards granted by the Company are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities. | |||||||||
Unearned ESOP shares, which are not vested and unvested restricted stock awards are excluded from the computation of average shares outstanding. | |||||||||
Earnings per share analysis for three months ended September 30, 2014 and 2013 is as follows (dollars in thousands, except per share data): | |||||||||
Three months ended | Three months ended | ||||||||
September 30, 2014 | September 30, 2013 | ||||||||
Net income | $ | 749 | $ | 394 | |||||
Income allocated to participating securities | (19 | ) | (12 | ) | |||||
Income attributable to common shareholders | 730 | 382 | |||||||
Weighted average shares outstanding (in thousands) | 2,276 | 2,420 | |||||||
Less: average unearned ESOP and unvested restricted stock | (224 | ) | (245 | ) | |||||
Average Shares | 2,052 | 2,175 | |||||||
Effect of diluted based awards | 12 | — | |||||||
Average common and common-equivalent shares for diluted EPS (in thousands) | 2,064 | 2,175 | |||||||
Basic EPS | $ | 0.36 | $ | 0.18 | |||||
Diluted EPS | $ | 0.35 | $ | 0.18 | |||||
Nine months ended September 30, 2014 and 2013 is as follows (dollars in thousands, except per share data): | |||||||||
Nine months ended | Nine months ended | ||||||||
September 30, 2014 | September 30, 2013 | ||||||||
Net income | $ | 1,534 | $ | 1,355 | |||||
Income allocated to participating securities | (38 | ) | (41 | ) | |||||
Income attributable to common shareholders | 1,496 | 1,314 | |||||||
Weighted average shares outstanding (in thousands) | 2,276 | 2,420 | |||||||
Less: average unearned ESOP and unvested restricted stock | (224 | ) | (245 | ) | |||||
Average Shares | 2,052 | 2,175 | |||||||
Effect of diluted based awards | 12 | — | |||||||
Average common and common-equivalent shares for diluted EPS (in thousands) | 2,064 | 2,175 | |||||||
Basic EPS | $ | 0.73 | $ | 0.6 | |||||
Diluted EPS | $ | 0.72 | $ | 0.6 |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 7: Share-Based Compensation | |||||||||||||||||
In May 2013, the Company’s stockholders approved the Wolverine Bancorp, Inc. 2013 Equity Incentive Plan (“Plan”) which provides for awards of stock options and restricted stock to key officers and outside directors. The cost of the Plan is based on the fair value of the awards on the grant date. The fair value of restricted stock awards is based on the closing price of the Company’s stock on the grant date. The fair value of stock options is estimated using a Black-Scholes option pricing model using assumptions for dividend yield, stock price volatility, risk-free interest rate, and option term. These assumptions are based on management’s judgments regarding future events, are subjective in nature, and contain uncertainties inherent in an estimate. The cost of the awards are being recognized on a straight-line basis over the five-year vesting period during which participants are required to provide services in exchange for the awards. | |||||||||||||||||
Until such time as awards of stock are granted and vest or options are exercised, shares of the Company’s common stock under the Plan shall be authorized but unissued shares. The maximum number of shares authorized under the plan is 351,050. Total share-based compensation expense for the nine months ended September 30, 2014 and 2013 was $235 and $249 respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
The table below presents the stock option activity for the period shown: | |||||||||||||||||
Options | Weighted average | Remaining contractual | Aggregate intrinsic | ||||||||||||||
exercise price | life (years) | value | |||||||||||||||
Options outstanding at January 1, 2014 | 129,080 | $ | 17.3 | 9 | $ | 516 | |||||||||||
Granted | 2,350 | 22.01 | 10 | — | |||||||||||||
Exercised | (5,004 | ) | 17.32 | — | — | ||||||||||||
Forfeited | (1,968 | ) | 17.5 | — | — | ||||||||||||
Expired | — | — | — | — | |||||||||||||
Options outstanding at September 30, 2014 | 124,458 | $ | 17.39 | 8 | $ | 636 | |||||||||||
Exercisable at September 30, 2014 | 23,820 | $ | 17.3 | 8 | $ | 129 | |||||||||||
As of September 30, 2014, the Company had $186 of unrecognized compensation expense related to stock options. The total fair value of shares vested for the nine month ended September 30, 2014 was $1,081. Stock option expense for the three and nine months ended September 30, 2014 was $17 and $47 respectively. Stock option expense for the three and nine months ended September 30, 2013 was $17 and $52. | |||||||||||||||||
The fair value of the Company’s stock options granted on May 30, 2014 was determined using the Black-Scholes option pricing formula. The following assumptions were used in the formula: | |||||||||||||||||
Expected volatility | 18.02 | % | |||||||||||||||
Risk-free interest rate | 2.14 | % | |||||||||||||||
Expected dividend yield | 1.9 | % | |||||||||||||||
Expected life (in years) | 7.5 | ||||||||||||||||
Exercise price for the stock options | $ | 22.01 | |||||||||||||||
Expected volatility – Based on the historical volatility of share price. | |||||||||||||||||
Risk-free interest rate – Based on the U.S. Treasury yield curve and expected life of the options at the time of grant. | |||||||||||||||||
Expected dividend yield – The Company currently does not pay a dividend; therefore, the expected dividend yield was estimated for the portion of the life of the options that the Company expects to pay a dividend. | |||||||||||||||||
Expected life – Based on an average of the five year vesting period and the ten year contractual term of the stock option plan. | |||||||||||||||||
Exercise price for the stock options – Based on the closing price of the Company’s stock on the date of grant. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Restricted stock awards are accounted for as fixed grants using the fair value of the Company’s stock at the time of grant. Unvested restricted stock awards may not be disposed of or transferred during the vesting period. Restricted stock awards carry with them the right to receive dividends. | |||||||||||||||||
The table below presents the restricted stock award activity for the period shown: | |||||||||||||||||
Service- | Weighted | ||||||||||||||||
Based | average | ||||||||||||||||
Restricted | grant date | ||||||||||||||||
stock | fair value | ||||||||||||||||
awards | |||||||||||||||||
Non-vested at January 1, 2014 | 59,723 | $ | 17.33 | ||||||||||||||
Granted | 1,175 | 22.01 | |||||||||||||||
Vested | (11,944 | ) | 17.33 | ||||||||||||||
Forfeited | 249 | 18.82 | |||||||||||||||
Non-vested at September 30, 2014 | 49,203 | $ | 17.33 | ||||||||||||||
As of September 30, 2014, the Company had $774 of unrecognized compensation expense related to restricted stock awards. The cost of the restricted stock awards will be amortized in monthly installments over the five-year vesting period. Restricted stock expense for three months and nine months ended September 30, 2014 was $59 and $188 respectively. Restricted stock expense for the three and nine months ended September 30, 2013 was $67 and $197. |
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Summary of Amortized Cost and Approximate Fair Values of Held to Maturity Securities | ' | ||||||||||||||||
The amortized cost and approximate fair values of securities are as follows: | |||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Held to Maturity Securities: | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Municipal | $ | — | $ | — | $ | — | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
Municipal | $ | 123 | $ | — | $ | — | $ | 123 | |||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Summary of Loans by Categories of Loans Class | ' | ||||||||||||||||||||||||||||||||||||||||
Categories of loans include: | |||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||
One-to four-family | $ | 45,959 | $ | 49,726 | |||||||||||||||||||||||||||||||||||||
Home equity | 6,991 | 7,912 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 149,929 | 126,154 | |||||||||||||||||||||||||||||||||||||||
Multifamily | 61,017 | 62,790 | |||||||||||||||||||||||||||||||||||||||
Land | 10,257 | 9,734 | |||||||||||||||||||||||||||||||||||||||
Construction | 23,291 | 8,669 | |||||||||||||||||||||||||||||||||||||||
Commercial Non-mortgage | 15,344 | 7,226 | |||||||||||||||||||||||||||||||||||||||
Consumer | 1,132 | 1,167 | |||||||||||||||||||||||||||||||||||||||
Total loans | 313,920 | 273,378 | |||||||||||||||||||||||||||||||||||||||
Less | |||||||||||||||||||||||||||||||||||||||||
Net deferred loan fees, premiums and discounts | 578 | 467 | |||||||||||||||||||||||||||||||||||||||
Undisbursed portion of loans | 10,243 | 5,933 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | 8,492 | 7,597 | |||||||||||||||||||||||||||||||||||||||
Net loans | $ | 294,607 | $ | 259,381 | |||||||||||||||||||||||||||||||||||||
Financing Receivables and Allowance for Credit Losses on Financing Receivables | ' | ||||||||||||||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of September 30, 2014, December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Year to date analysis as of September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,354 | $ | 251 | $ | 2,861 | $ | 1,514 | $ | 1,145 | $ | 285 | $ | 157 | $ | 30 | $ | 7,597 | |||||||||||||||||||||||
Provision charged to expense | (440 | ) | (122 | ) | 321 | (134 | ) | 248 | 779 | 158 | (15 | ) | 795 | ||||||||||||||||||||||||||||
Losses charged off | (55 | ) | — | — | — | — | — | — | (1 | ) | (56 | ) | |||||||||||||||||||||||||||||
Recoveries | 51 | — | 9 | — | 93 | — | — | 4 | 157 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 910 | $ | 129 | $ | 3,191 | $ | 1,380 | $ | 1,486 | $ | 1,064 | $ | 315 | $ | 18 | $ | 8,493 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | — | $ | — | $ | 200 | $ | 100 | $ | 850 | $ | 750 | $ | — | $ | — | $ | 1,900 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 910 | $ | 129 | $ | 2,991 | $ | 1,280 | $ | 636 | $ | 314 | $ | 315 | $ | 18 | $ | 6,593 | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 45,959 | $ | 6,991 | $ | 149,929 | $ | 61,017 | $ | 10,257 | $ | 23,291 | $ | 15,344 | $ | 1,132 | $ | 313,920 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 1,615 | $ | 63 | $ | 9,312 | $ | 8,257 | $ | 3,455 | $ | 5,349 | $ | 363 | $ | — | 28,414 | ||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 44,344 | $ | 6,928 | $ | 140,617 | $ | 52,760 | $ | 6,820 | $ | 17,942 | $ | 14,981 | $ | 1,132 | $ | 285,506 | |||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Quarter to date analysis as of September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 988 | $ | 154 | $ | 3,179 | $ | 1,333 | $ | 1,377 | $ | 808 | $ | 253 | $ | 17 | $ | 8,108 | |||||||||||||||||||||||
Provision charged to expense | (77 | ) | (25 | ) | 10 | 47 | 27 | 256 | 62 | — | 300 | ||||||||||||||||||||||||||||||
Losses charged off | (25 | ) | — | — | — | — | — | — | — | (25 | ) | ||||||||||||||||||||||||||||||
Recoveries | 25 | — | 2 | — | 82 | — | — | 1 | 110 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 910 | $ | 129 | $ | 3,191 | $ | 1,380 | $ | 1,486 | $ | 1,064 | $ | 315 | $ | 18 | $ | 8,493 | |||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Year to date analysis as of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,433 | $ | 266 | $ | 2,663 | $ | 1,497 | $ | 312 | $ | 302 | $ | 166 | $ | 32 | $ | 6,671 | |||||||||||||||||||||||
Provision charged to expense | 116 | (16 | ) | 98 | 17 | 651 | (17 | ) | (14 | ) | (5 | ) | 830 | ||||||||||||||||||||||||||||
Losses charged off | (210 | ) | — | — | — | — | — | — | (2 | ) | (212 | ) | |||||||||||||||||||||||||||||
Recoveries | 15 | 1 | 100 | — | 182 | — | 5 | 5 | 308 | ||||||||||||||||||||||||||||||||
Balance, end of year | $ | 1,354 | $ | 251 | $ | 2,861 | $ | 1,514 | $ | 1,145 | $ | 285 | $ | 157 | $ | 30 | $ | 7,597 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | — | $ | — | $ | 345 | $ | 100 | $ | 850 | $ | — | $ | — | $ | — | $ | 1,295 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,354 | $ | 251 | $ | 2,516 | $ | 1,414 | $ | 295 | $ | 285 | $ | 157 | $ | 30 | $ | 6,302 | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 49,726 | $ | 7,912 | $ | 126,154 | $ | 62,790 | $ | 9,734 | $ | 8,669 | $ | 7,226 | $ | 1,167 | $ | 273,378 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 2,494 | $ | — | $ | 11,067 | $ | 8,462 | $ | 4,162 | — | $ | 600 | $ | — | $ | 26,785 | ||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 47,232 | $ | 7,912 | $ | 115,087 | $ | 54,328 | $ | 5,572 | $ | 8,669 | $ | 6,626 | $ | 1,167 | $ | 246,593 | |||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Year to date analysis as of September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,433 | $ | 266 | $ | 2,663 | $ | 1,497 | $ | 312 | $ | 302 | $ | 166 | $ | 32 | $ | 6,671 | |||||||||||||||||||||||
Provision charged to expense | — | — | — | — | 790 | — | — | — | 790 | ||||||||||||||||||||||||||||||||
Losses charged off | (182 | ) | — | — | — | — | — | — | (2 | ) | (184 | ) | |||||||||||||||||||||||||||||
Recoveries | 11 | 1 | 43 | — | 125 | — | 5 | 4 | 189 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,262 | $ | 267 | $ | 2,706 | $ | 1,497 | $ | 1,227 | $ | 302 | $ | 171 | $ | 34 | $ | 7,466 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 9 | $ | — | $ | 383 | $ | 48 | $ | 840 | $ | — | $ | 15 | $ | — | $ | 1,295 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,253 | $ | 267 | $ | 2,323 | $ | 1,449 | $ | 387 | $ | 302 | $ | 156 | $ | 34 | $ | 6,171 | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 51,111 | $ | 7,933 | $ | 113,858 | $ | 60,674 | $ | 10,250 | $ | 9,815 | $ | 3,944 | $ | 1,114 | $ | 258,699 | |||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 2,793 | $ | — | $ | 10,926 | $ | 8,532 | $ | 4,342 | $ | — | $ | 657 | $ | — | $ | 27,250 | |||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 48,318 | $ | 7,933 | $ | 102,932 | $ | 52,142 | $ | 5,908 | $ | 9,815 | $ | 3,287 | $ | 1,114 | $ | 231,449 | |||||||||||||||||||||||
Loan Class | 4-Jan | Home | Commercial | Multifamily | Land | Construction | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Family | Equity | Real Estate | Non- | ||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Quarter to date analysis as of September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,427 | $ | 267 | $ | 2,705 | $ | 1,497 | $ | 987 | $ | 302 | $ | 166 | $ | 33 | $ | 7,384 | |||||||||||||||||||||||
Provision charged to expense | — | — | — | — | 115 | — | — | — | 115 | ||||||||||||||||||||||||||||||||
Losses charged off | (170 | ) | — | — | — | — | — | — | — | (170 | ) | ||||||||||||||||||||||||||||||
Recoveries | 5 | — | 1 | — | 125 | — | 5 | 1 | 137 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,262 | $ | 267 | $ | 2,706 | $ | 1,497 | $ | 1,227 | $ | 302 | $ | 171 | $ | 34 | $ | 7,466 | |||||||||||||||||||||||
Credit Risk Profile of our Loan Portfolio Based on Rating Category and Payment Activity | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents the credit risk profile of our loan portfolio based on rating category and payment activity as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | Home Equity | Commercial Real | Multifamily | ||||||||||||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Pass | $ | 42,934 | $ | 45,735 | $ | 6,991 | $ | 7,806 | $ | 129,421 | $ | 107,825 | $ | 46,963 | $ | 48,808 | |||||||||||||||||||||||||
Pass (Closely Monitored) | 1,471 | 1,827 | — | 106 | 8,655 | 4,081 | 9,348 | 9,170 | |||||||||||||||||||||||||||||||||
Special Mention | 416 | 818 | — | — | 2,705 | 4,992 | — | — | |||||||||||||||||||||||||||||||||
Substandard | 1,138 | 1,346 | — | — | 9,148 | 9,256 | 4,706 | 4,812 | |||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
$ | 45,959 | $ | 49,726 | $ | 6,991 | $ | 7,912 | $ | 149,929 | $ | 126,154 | $ | 61,017 | $ | 62,790 | ||||||||||||||||||||||||||
Land | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||||||||||||
Non-Mortgage | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Pass | $ | 5,157 | $ | 3,742 | $ | 17,942 | $ | 8,669 | $ | 14,638 | $ | 6,540 | $ | 1,132 | $ | 1,167 | $ | 265,178 | $ | 230,292 | |||||||||||||||||||||
Pass (Closely Monitored) | 1,702 | 1,830 | — | — | 343 | 55 | — | — | 21,519 | 17,069 | |||||||||||||||||||||||||||||||
Special Mention | — | 43 | — | — | 23 | 36 | — | — | 3,144 | 5,889 | |||||||||||||||||||||||||||||||
Substandard | 3,398 | 4,119 | 5,349 | — | 340 | 595 | — | — | 24,079 | 20,128 | |||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 10,257 | $ | 9,734 | $ | 23,291 | $ | 8,669 | $ | 15,344 | $ | 7,226 | $ | 1,132 | $ | 1,167 | $ | 313,920 | $ | 273,378 | ||||||||||||||||||||||
Summary of Our Past due and Non-Accrual Loans | ' | ||||||||||||||||||||||||||||||||||||||||
The following table is a summary of our past due and non-accrual loans as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 Days | Greater | Total | Current | Total | Total | Total | ||||||||||||||||||||||||||||||||||
Days Past | Past Due | than 90 | Past | Loans | Loans>90 | Nonaccrual | |||||||||||||||||||||||||||||||||||
Due | Days | Due | Receivable | Days & | |||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 14 | $ | — | $ | 108 | $ | 122 | $ | 45,837 | $ | 45,959 | $ | — | $ | 147 | |||||||||||||||||||||||||
Home Equity | — | — | — | — | 6,991 | 6,991 | — | — | |||||||||||||||||||||||||||||||||
Commercial Real Estate | 630 | 1,896 | — | 2,526 | 147,403 | 149,929 | — | 1,273 | |||||||||||||||||||||||||||||||||
Multifamily | — | — | — | — | 61,017 | 61,017 | — | — | |||||||||||||||||||||||||||||||||
Land | 48 | — | 2,899 | 2,947 | 7,310 | 10,257 | — | 3,516 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 23,291 | 23,291 | — | — | |||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | — | 30 | 23 | 53 | 15,291 | 15,344 | — | 123 | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | 1,132 | 1,132 | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 692 | $ | 1,926 | $ | 3,030 | $ | 5,648 | $ | 308,272 | $ | 313,920 | $ | — | $ | 5,059 | |||||||||||||||||||||||||
As of December 31, 2013: | 30-59 | 60-89 Days | Greater | Total | Current | Total | Total | Total | |||||||||||||||||||||||||||||||||
Days | Past Due | than 90 | Past | Loans | Loans>90 | Nonaccrual | |||||||||||||||||||||||||||||||||||
Past Due | Days | Due | Receivable | Days & | |||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 217 | $ | — | $ | 254 | $ | 471 | $ | 49,255 | $ | 49,726 | $ | — | $ | 254 | |||||||||||||||||||||||||
Home Equity | — | — | — | — | 7,912 | 7,912 | — | — | |||||||||||||||||||||||||||||||||
Commercial Real Estate | 716 | 667 | 49 | 1,432 | 124,722 | 126,154 | — | 779 | |||||||||||||||||||||||||||||||||
Multifamily | — | — | 1,363 | 1,363 | 61,427 | 62,790 | 1,363 | — | |||||||||||||||||||||||||||||||||
Land | — | — | 4,068 | 4,068 | 5,666 | 9,734 | 27 | 4,041 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 8,669 | 8,669 | — | — | |||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | — | — | 36 | 36 | 7,190 | 7,226 | — | 157 | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | 1,167 | 1,167 | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 933 | $ | 667 | $ | 5,770 | $ | 7,370 | $ | 266,008 | $ | 273,378 | $ | 1,390 | $ | 5,231 | |||||||||||||||||||||||||
Summary of Impaired Loans by Class | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents impaired loans at September 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | QTD | YTD | QTD | YTD | |||||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Average | Average | Interest | Interest | |||||||||||||||||||||||||||||||||||
Balance | Balance | Balance | Income | Income | |||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 1.436 | $ | 1,680 | $ | — | $ | 1,453 | $ | 1,474 | $ | 22 | $ | 58 | |||||||||||||||||||||||||||
Home Equity | 63 | 63 | — | 64 | 64 | — | 1 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 6,294 | 8,561 | — | 6,778 | 7,499 | 60 | 235 | ||||||||||||||||||||||||||||||||||
Multifamily | 6,912 | 7,726 | — | 6,942 | 7,034 | 85 | 290 | ||||||||||||||||||||||||||||||||||
Land | 529 | 809 | — | 612 | 912 | 1 | 3 | ||||||||||||||||||||||||||||||||||
Construction | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 23 | 23 | — | 137 | 245 | — | 5 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | 179 | 179 | — | 179 | 180 | 2 | 7 | ||||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,018 | 3,018 | 200 | 3,038 | 3,025 | 50 | 151 | ||||||||||||||||||||||||||||||||||
Multifamily | 1,345 | 1,345 | 100 | 1,345 | 1,355 | 21 | 62 | ||||||||||||||||||||||||||||||||||
Land | 2,926 | 4,285 | 850 | 3,192 | 3,159 | — | 1 | ||||||||||||||||||||||||||||||||||
Construction | 5,349 | 5,349 | 750 | 5,349 | 3,566 | 44 | 107 | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 340 | 339 | — | 345 | 346 | 4 | 13 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 1,615 | $ | 1,859 | $ | — | $ | 1,632 | $ | 1,654 | $ | 24 | $ | 65 | |||||||||||||||||||||||||||
Home Equity | 63 | 63 | — | 64 | 64 | — | 1 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 9,312 | 11,579 | 200 | 9,816 | 10,524 | 110 | 386 | ||||||||||||||||||||||||||||||||||
Multifamily | 8,257 | 9,071 | 100 | 8,287 | 8,389 | 106 | 352 | ||||||||||||||||||||||||||||||||||
Land | 3,455 | 5,094 | 850 | 3,804 | 4,071 | 1 | 4 | ||||||||||||||||||||||||||||||||||
Construction | 5,349 | 5,350 | 750 | 5,349 | 3,566 | 44 | 107 | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 363 | 362 | — | 482 | 591 | 4 | 18 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 28,414 | $ | 33,378 | $ | 1,900 | $ | 29,434 | $ | 28,859 | $ | 289 | $ | 933 | |||||||||||||||||||||||||||
The following table presents impaired loans at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | YTD Average | YTD | |||||||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Balance | Interest | |||||||||||||||||||||||||||||||||||||
Balance | Income | ||||||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 2,494 | $ | 2,712 | $ | — | $ | 2,668 | $ | 225 | |||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,128 | 9,152 | — | 7,630 | 315 | ||||||||||||||||||||||||||||||||||||
Multifamily | 7,099 | 7,914 | — | 7,325 | 409 | ||||||||||||||||||||||||||||||||||||
Land | 742 | 1,672 | — | 913 | 48 | ||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 600 | 600 | — | 726 | 30 | ||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,939 | 3,939 | 345 | 2,843 | 218 | ||||||||||||||||||||||||||||||||||||
Multifamily | 1,363 | 1,363 | 100 | 1,100 | 33 | ||||||||||||||||||||||||||||||||||||
Land | 3,420 | 4,730 | 850 | 3,641 | — | ||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Totals | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 2,494 | $ | 2,712 | $ | — | $ | 2,668 | $ | 225 | |||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 11,067 | 13,091 | 345 | 10,473 | 533 | ||||||||||||||||||||||||||||||||||||
Multifamily | 8,462 | 9,277 | 100 | 8,425 | 442 | ||||||||||||||||||||||||||||||||||||
Land | 4,162 | 6,402 | 850 | 4,554 | 48 | ||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 600 | 600 | — | 726 | 30 | ||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 26,785 | $ | 32,082 | $ | 1,295 | $ | 26,850 | $ | 1,278 | |||||||||||||||||||||||||||||||
The following table presents impaired loans at September 30, 2013: | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Specific | QTD | YTD | QTD | YTD | |||||||||||||||||||||||||||||||||||
Balance | Principal | Allowance | Average | Average | Interest | Interest | |||||||||||||||||||||||||||||||||||
Balance | Balance | Balance | Income | Income | |||||||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 2,730 | $ | 3,109 | $ | — | $ | 3,166 | $ | 2,913 | $ | 34 | $ | 225 | |||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 8,439 | 10,541 | — | 13,896 | 9,037 | 177 | 505 | ||||||||||||||||||||||||||||||||||
Multifamily | 7,715 | 8,529 | — | 5,520 | 7,139 | 75 | 271 | ||||||||||||||||||||||||||||||||||
Land | 735 | 1,747 | — | 4,360 | 6,615 | 243 | 73 | ||||||||||||||||||||||||||||||||||
Construction | — | 2 | — | 96 | 114 | — | 1 | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 266 | 266 | — | 392 | 314 | 5 | 11 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 63 | $ | 63 | $ | 9 | $ | 82 | $ | 109 | $ | 2 | $ | 3 | |||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 2,487 | 2,487 | 383 | 3,402 | 4,707 | 34 | 45 | ||||||||||||||||||||||||||||||||||
Multifamily | 817 | 817 | 48 | 1,229 | 969 | 15 | 28 | ||||||||||||||||||||||||||||||||||
Land | 3,607 | 4,834 | 840 | 1,409 | 560 | — | 403 | ||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 391 | 391 | 15 | 398 | 461 | 6 | 22 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
1-4 Family | $ | 2,793 | $ | 3,172 | $ | 9 | $ | 3,248 | $ | 3,022 | $ | 36 | $ | 228 | |||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 10,926 | 13,028 | 383 | 17,298 | 13,744 | 211 | 550 | ||||||||||||||||||||||||||||||||||
Multifamily | 8,532 | 9,346 | 48 | 6,749 | 8,108 | 90 | 299 | ||||||||||||||||||||||||||||||||||
Land | 4,342 | 6,581 | 840 | 5,769 | 7,175 | 243 | 476 | ||||||||||||||||||||||||||||||||||
Construction | — | 2 | — | 96 | 114 | — | 1 | ||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 657 | 657 | 15 | 790 | 775 | 11 | 33 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 27,250 | $ | 32,786 | $ | 1,295 | $ | 33,950 | $ | 32,938 | $ | 591 | $ | 1,587 | |||||||||||||||||||||||||||
Summary of Loans Restructured as TDRs | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the loans that were restructured as TDRs during the three and nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Balance | Balance | Balance | Balance | ||||||||||||||||||||||||||||||||||||||
prior to | after | prior to | after | ||||||||||||||||||||||||||||||||||||||
Count | TDR | TDR | Count | TDR | TDR | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | 1 | 900 | 900 | |||||||||||||||||||||||||||||||||||
Total loans | — | $ | — | $ | — | 1 | $ | 900 | $ | 900 | |||||||||||||||||||||||||||||||
Disclosures_About_Fair_Value_o1
Disclosures About Fair Value of Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Summary of Fair Value Measurements of Assets and Liabilities Nonrecurring Basis | ' | ||||||||||||||||
The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and December 31, 2013. | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair | Quoted Prices | Significant | Significant | ||||||||||||||
Value | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Collateral-dependent | $ | 55 | $ | — | $ | — | $ | 55 | |||||||||
Impaired loans | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Collateral-dependent | $ | 7,681 | $ | — | $ | — | $ | 7,681 | |||||||||
Impaired loans | |||||||||||||||||
Summary of quantitative Information about Unobservable Inputs used in Recurring and Nonrecurring Level Three Fair Value Measurements Other than Goodwill | ' | ||||||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than good will at September 30, 2014 and December 31, 2013. | |||||||||||||||||
Collateral-dependent Impaired Loans | |||||||||||||||||
Fair | Valuation | Unobservable | Range (Weighted | ||||||||||||||
Value | Technique | Inputs | Average) | ||||||||||||||
As of September 30, 2014 Collateral-dependent impaired loans | $ | 55 | Market | Marketability | 38% (38 | %) | |||||||||||
comparable | discount | ||||||||||||||||
properties | |||||||||||||||||
December 31, 2013 Collateral-dependent impaired loans | $ | 7,681 | Market | Marketability | 9%-46% (34 | %) | |||||||||||
comparable | discount | ||||||||||||||||
properties | |||||||||||||||||
Summary of Estimated Fair Values of Company's Financial Instruments | ' | ||||||||||||||||
The following table presents estimated fair values of our financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value at the individual dates. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, we do not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | 32,921 | $ | 32,921 | $ | — | $ | — | |||||||||
Loans held for sale | 852 | — | 852 | — | |||||||||||||
Loans, net of allowance for loan losses | 294,607 | — | — | 296,276 | |||||||||||||
Federal Home Loan Bank stock | 3,320 | — | 3,320 | — | |||||||||||||
Interest receivable | 844 | 844 | — | — | |||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | 220,510 | 113,130 | — | 108,874 | |||||||||||||
Federal Home Loan Bank advances | 50,000 | — | 50,853 | — | |||||||||||||
Fed funds purchased | 3,000 | — | 3,000 | — | |||||||||||||
Interest payable | 142 | 142 | — | — | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | $ | 26,181 | $ | 26,181 | $ | — | $ | — | |||||||||
Held to maturity securities | 123 | — | 123 | — | |||||||||||||
Loans held for sale | 1,325 | — | 1,330 | — | |||||||||||||
Loans, net of allowance for loan losses | 276,965 | — | — | 280,407 | |||||||||||||
Federal Home Loan Bank stock | 3,320 | — | 3,320 | — | |||||||||||||
Interest receivable | 699 | 699 | — | — | |||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | $ | 172,983 | $ | 99,121 | $ | — | $ | 74,339 | |||||||||
Federal Home Loan Bank advances | 61,994 | — | 60,653 | — | |||||||||||||
Interest payable | 138 | 138 | — | — |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Earnings Per Share | ' | ||||||||
Earnings per share analysis for three months ended September 30, 2014 and 2013 is as follows (dollars in thousands, except per share data): | |||||||||
Three months ended | Three months ended | ||||||||
September 30, 2014 | September 30, 2013 | ||||||||
Net income | $ | 749 | $ | 394 | |||||
Income allocated to participating securities | (19 | ) | (12 | ) | |||||
Income attributable to common shareholders | 730 | 382 | |||||||
Weighted average shares outstanding (in thousands) | 2,276 | 2,420 | |||||||
Less: average unearned ESOP and unvested restricted stock | (224 | ) | (245 | ) | |||||
Average Shares | 2,052 | 2,175 | |||||||
Effect of diluted based awards | 12 | — | |||||||
Average common and common-equivalent shares for diluted EPS (in thousands) | 2,064 | 2,175 | |||||||
Basic EPS | $ | 0.36 | $ | 0.18 | |||||
Diluted EPS | $ | 0.35 | $ | 0.18 | |||||
Nine months ended September 30, 2014 and 2013 is as follows (dollars in thousands, except per share data): | |||||||||
Nine months ended | Nine months ended | ||||||||
September 30, 2014 | September 30, 2013 | ||||||||
Net income | $ | 1,534 | $ | 1,355 | |||||
Income allocated to participating securities | (38 | ) | (41 | ) | |||||
Income attributable to common shareholders | 1,496 | 1,314 | |||||||
Weighted average shares outstanding (in thousands) | 2,276 | 2,420 | |||||||
Less: average unearned ESOP and unvested restricted stock | (224 | ) | (245 | ) | |||||
Average Shares | 2,052 | 2,175 | |||||||
Effect of diluted based awards | 12 | — | |||||||
Average common and common-equivalent shares for diluted EPS (in thousands) | 2,064 | 2,175 | |||||||
Basic EPS | $ | 0.73 | $ | 0.6 | |||||
Diluted EPS | $ | 0.72 | $ | 0.6 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The table below presents the stock option activity for the period shown: | |||||||||||||||||
Options | Weighted average | Remaining contractual | Aggregate intrinsic | ||||||||||||||
exercise price | life (years) | value | |||||||||||||||
Options outstanding at January 1, 2014 | 129,080 | $ | 17.3 | 9 | $ | 516 | |||||||||||
Granted | 2,350 | 22.01 | 10 | — | |||||||||||||
Exercised | (5,004 | ) | 17.32 | — | — | ||||||||||||
Forfeited | (1,968 | ) | 17.5 | — | — | ||||||||||||
Expired | — | — | — | — | |||||||||||||
Options outstanding at September 30, 2014 | 124,458 | $ | 17.39 | 8 | $ | 636 | |||||||||||
Exercisable at September 30, 2014 | 23,820 | $ | 17.3 | 8 | $ | 129 | |||||||||||
Assumptions Used in Black-Scholes Option Pricing Formula | ' | ||||||||||||||||
The following assumptions were used in the formula: | |||||||||||||||||
Expected volatility | 18.02 | % | |||||||||||||||
Risk-free interest rate | 2.14 | % | |||||||||||||||
Expected dividend yield | 1.9 | % | |||||||||||||||
Expected life (in years) | 7.5 | ||||||||||||||||
Exercise price for the stock options | $ | 22.01 | |||||||||||||||
Summary of Restricted Stock Award Activity | ' | ||||||||||||||||
The table below presents the restricted stock award activity for the period shown: | |||||||||||||||||
Service- | Weighted | ||||||||||||||||
Based | average | ||||||||||||||||
Restricted | grant date | ||||||||||||||||
stock | fair value | ||||||||||||||||
awards | |||||||||||||||||
Non-vested at January 1, 2014 | 59,723 | $ | 17.33 | ||||||||||||||
Granted | 1,175 | 22.01 | |||||||||||||||
Vested | (11,944 | ) | 17.33 | ||||||||||||||
Forfeited | 249 | 18.82 | |||||||||||||||
Non-vested at September 30, 2014 | 49,203 | $ | 17.33 | ||||||||||||||
Summary_of_Amortized_Cost_and_
Summary of Amortized Cost and Approximate Fair Values of Held to Maturity Securities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity Securities, Amortized Cost | ' | $123 |
Municipal Bonds | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to Maturity Securities, Amortized Cost | ' | 123 |
Held to Maturity Securities, Gross Unrealized Gains | ' | ' |
Held to Maturity Securities, Gross Unrealized Losses | ' | ' |
Held to Maturity Securities, Fair Value | ' | $123 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Sale of securities | $0 | $0 |
Summary_of_Loans_by_Categories
Summary of Loans by Categories of Loans Class (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $313,920 | $273,378 | $258,699 |
Less net deferred loan fees, premiums and discounts | 578 | 467 | ' |
Less undisbursed portion of loans | 10,243 | 5,933 | ' |
Less allowance for loan losses | 8,492 | 7,597 | ' |
Net loans | 294,607 | 259,381 | ' |
Real Estate, One-to four-family | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 45,959 | 49,726 | 51,111 |
Real Estate, Home equity | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 6,991 | 7,912 | 7,933 |
Commercial mortgage loans, Commercial real estate | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 149,929 | 126,154 | 113,858 |
Commercial mortgage loans, Multifamily | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 61,017 | 62,790 | 60,674 |
Commercial mortgage loans, Land | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 10,257 | 9,734 | 10,250 |
Construction | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 23,291 | 8,669 | 9,815 |
Commercial Non-mortgage | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 15,344 | 7,226 | 3,944 |
Consumer | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $1,132 | $1,167 | $1,114 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Loans [Line Items] | ' | ' | ' |
Percentage of construction loans for commercial real estate of loan-to-completed appraised value ratio | ' | ' | 75.00% |
Maximum period for construction loans | ' | ' | '9 months |
Charge down to the net realizable value | ' | ' | 'Other secured loans are 120 days past due |
Minimum period for realizable of Troubled Debt Restructuring loans into nonaccrual status or default loans | '90 days | ' | ' |
Default Balance | $0 | $0 | ' |
Troubled Debt Restructuring | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Minimum realizable period for new loan into accrual status under performance with new loan terms | ' | ' | '6 months |
Minimum | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Period for discontinuation of accrual of interest on all loan classes | ' | ' | '6 months |
Financing_Receivables_and_Allo
Financing Receivables and Allowance for Credit Losses on Financing Receivables (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | $8,108 | $7,384 | $7,597 | $6,671 | $6,671 |
Provision charged to expense | 300 | 115 | 795 | 790 | 830 |
Losses charged off | -25 | -170 | -56 | -184 | -212 |
Recoveries | 110 | 137 | 157 | 189 | 308 |
Balance, end of period | 8,493 | 7,466 | 8,493 | 7,466 | 7,597 |
Ending Balance: individually evaluated for impairment | 1,900 | 1,295 | 1,900 | 1,295 | 1,295 |
Ending balance: collectively evaluated for impairment | 6,593 | 6,171 | 6,593 | 6,171 | 6,302 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 313,920 | 258,699 | 313,920 | 258,699 | 273,378 |
Ending Balance: individually evaluated for impairment | 28,414 | 27,250 | 28,414 | 27,250 | 26,785 |
Ending Balance: collectively evaluated for impairment | 285,506 | 231,449 | 285,506 | 231,449 | 246,593 |
Real Estate, One-to four-family | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | 988 | 1,427 | 1,354 | 1,433 | 1,433 |
Provision charged to expense | -77 | ' | -440 | ' | 116 |
Losses charged off | -25 | -170 | -55 | -182 | -210 |
Recoveries | 25 | 5 | 51 | 11 | 15 |
Balance, end of period | 910 | 1,262 | 910 | 1,262 | 1,354 |
Ending Balance: individually evaluated for impairment | ' | 9 | ' | 9 | ' |
Ending balance: collectively evaluated for impairment | 910 | 1,253 | 910 | 1,253 | 1,354 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 45,959 | 51,111 | 45,959 | 51,111 | 49,726 |
Ending Balance: individually evaluated for impairment | 1,615 | 2,793 | 1,615 | 2,793 | 2,494 |
Ending Balance: collectively evaluated for impairment | 44,344 | 48,318 | 44,344 | 48,318 | 47,232 |
Real Estate, Home equity | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | 154 | 267 | 251 | 266 | 266 |
Provision charged to expense | -25 | ' | -122 | ' | -16 |
Recoveries | ' | ' | ' | 1 | 1 |
Balance, end of period | 129 | 267 | 129 | 267 | 251 |
Ending balance: collectively evaluated for impairment | 129 | 267 | 129 | 267 | 251 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 6,991 | 7,933 | 6,991 | 7,933 | 7,912 |
Ending Balance: individually evaluated for impairment | 63 | ' | 63 | ' | ' |
Ending Balance: collectively evaluated for impairment | 6,928 | 7,933 | 6,928 | 7,933 | 7,912 |
Commercial mortgage loans, Commercial real estate | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | 3,179 | 2,705 | 2,861 | 2,663 | 2,663 |
Provision charged to expense | 10 | ' | 321 | ' | 98 |
Recoveries | 2 | 1 | 9 | 43 | 100 |
Balance, end of period | 3,191 | 2,706 | 3,191 | 2,706 | 2,861 |
Ending Balance: individually evaluated for impairment | 200 | 383 | 200 | 383 | 345 |
Ending balance: collectively evaluated for impairment | 2,991 | 2,323 | 2,991 | 2,323 | 2,516 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 149,929 | 113,858 | 149,929 | 113,858 | 126,154 |
Ending Balance: individually evaluated for impairment | 9,312 | 10,926 | 9,312 | 10,926 | 11,067 |
Ending Balance: collectively evaluated for impairment | 140,617 | 102,932 | 140,617 | 102,932 | 115,087 |
Commercial mortgage loans, Multifamily | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | 1,333 | 1,497 | 1,514 | 1,497 | 1,497 |
Provision charged to expense | 47 | ' | -134 | ' | 17 |
Balance, end of period | 1,380 | 1,497 | 1,380 | 1,497 | 1,514 |
Ending Balance: individually evaluated for impairment | 100 | 48 | 100 | 48 | 100 |
Ending balance: collectively evaluated for impairment | 1,280 | 1,449 | 1,280 | 1,449 | 1,414 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 61,017 | 60,674 | 61,017 | 60,674 | 62,790 |
Ending Balance: individually evaluated for impairment | 8,257 | 8,532 | 8,257 | 8,532 | 8,462 |
Ending Balance: collectively evaluated for impairment | 52,760 | 52,142 | 52,760 | 52,142 | 54,328 |
Commercial mortgage loans, Land | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | 1,377 | 987 | 1,145 | 312 | 312 |
Provision charged to expense | 27 | 115 | 248 | 790 | 651 |
Recoveries | 82 | 125 | 93 | 125 | 182 |
Balance, end of period | 1,486 | 1,227 | 1,486 | 1,227 | 1,145 |
Ending Balance: individually evaluated for impairment | 850 | 840 | 850 | 840 | 850 |
Ending balance: collectively evaluated for impairment | 636 | 387 | 636 | 387 | 295 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 10,257 | 10,250 | 10,257 | 10,250 | 9,734 |
Ending Balance: individually evaluated for impairment | 3,455 | 4,342 | 3,455 | 4,342 | 4,162 |
Ending Balance: collectively evaluated for impairment | 6,820 | 5,908 | 6,820 | 5,908 | 5,572 |
Construction | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | 808 | 302 | 285 | 302 | 302 |
Provision charged to expense | 256 | ' | 779 | ' | -17 |
Balance, end of period | 1,064 | 302 | 1,064 | 302 | 285 |
Ending Balance: individually evaluated for impairment | 750 | ' | 750 | ' | ' |
Ending balance: collectively evaluated for impairment | 314 | 302 | 314 | 302 | 285 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 23,291 | 9,815 | 23,291 | 9,815 | 8,669 |
Ending Balance: individually evaluated for impairment | 5,349 | ' | 5,349 | ' | ' |
Ending Balance: collectively evaluated for impairment | 17,942 | 9,815 | 17,942 | 9,815 | 8,669 |
Commercial Non-mortgage | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | 253 | 166 | 157 | 166 | 166 |
Provision charged to expense | 62 | ' | 158 | ' | -14 |
Recoveries | ' | 5 | ' | 5 | 5 |
Balance, end of period | 315 | 171 | 315 | 171 | 157 |
Ending Balance: individually evaluated for impairment | ' | 15 | ' | 15 | ' |
Ending balance: collectively evaluated for impairment | 315 | 156 | 315 | 156 | 157 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 15,344 | 3,944 | 15,344 | 3,944 | 7,226 |
Ending Balance: individually evaluated for impairment | 363 | 657 | 363 | 657 | 600 |
Ending Balance: collectively evaluated for impairment | 14,981 | 3,287 | 14,981 | 3,287 | 6,626 |
Consumer | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | 17 | 33 | 30 | 32 | 32 |
Provision charged to expense | ' | ' | -15 | ' | -5 |
Losses charged off | ' | ' | -1 | -2 | -2 |
Recoveries | 1 | 1 | 4 | 4 | 5 |
Balance, end of period | 18 | 34 | 18 | 34 | 30 |
Ending balance: collectively evaluated for impairment | 18 | 34 | 18 | 34 | 30 |
Loans: | ' | ' | ' | ' | ' |
Ending Balance | 1,132 | 1,114 | 1,132 | 1,114 | 1,167 |
Ending Balance: collectively evaluated for impairment | $1,132 | $1,114 | $1,132 | $1,114 | $1,167 |
Credit_Risk_Profile_of_Our_Loa
Credit Risk Profile of Our Loan Portfolio Based on Rating Category and Payment Activity (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | $313,920 | $273,378 | $258,699 |
Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 265,178 | 230,292 | ' |
Pass (Closely Monitored) | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 21,519 | 17,069 | ' |
Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 3,144 | 5,889 | ' |
Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 24,079 | 20,128 | ' |
Commercial mortgage loans, Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 10,257 | 9,734 | 10,250 |
Commercial mortgage loans, Land | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 5,157 | 3,742 | ' |
Commercial mortgage loans, Land | Pass (Closely Monitored) | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 1,702 | 1,830 | ' |
Commercial mortgage loans, Land | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | ' | 43 | ' |
Commercial mortgage loans, Land | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 3,398 | 4,119 | ' |
Construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 23,291 | 8,669 | 9,815 |
Construction | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 17,942 | 8,669 | ' |
Construction | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 5,349 | ' | ' |
Commercial Non-mortgage | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 15,344 | 7,226 | 3,944 |
Commercial Non-mortgage | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 14,638 | 6,540 | ' |
Commercial Non-mortgage | Pass (Closely Monitored) | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 343 | 55 | ' |
Commercial Non-mortgage | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 23 | 36 | ' |
Commercial Non-mortgage | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 340 | 595 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 1,132 | 1,167 | 1,114 |
Consumer | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 1,132 | 1,167 | ' |
Real Estate, One-to four-family | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 45,959 | 49,726 | 51,111 |
Real Estate, One-to four-family | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 42,934 | 45,735 | ' |
Real Estate, One-to four-family | Pass (Closely Monitored) | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 1,471 | 1,827 | ' |
Real Estate, One-to four-family | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 416 | 818 | ' |
Real Estate, One-to four-family | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 1,138 | 1,346 | ' |
Real Estate, Home equity | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 6,991 | 7,912 | 7,933 |
Real Estate, Home equity | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 6,991 | 7,806 | ' |
Real Estate, Home equity | Pass (Closely Monitored) | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | ' | 106 | ' |
Commercial mortgage loans, Commercial real estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 149,929 | 126,154 | 113,858 |
Commercial mortgage loans, Commercial real estate | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 129,421 | 107,825 | ' |
Commercial mortgage loans, Commercial real estate | Pass (Closely Monitored) | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 8,655 | 4,081 | ' |
Commercial mortgage loans, Commercial real estate | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 2,705 | 4,992 | ' |
Commercial mortgage loans, Commercial real estate | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 9,148 | 9,256 | ' |
Commercial mortgage loans, Multifamily | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 61,017 | 62,790 | 60,674 |
Commercial mortgage loans, Multifamily | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 46,963 | 48,808 | ' |
Commercial mortgage loans, Multifamily | Pass (Closely Monitored) | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | 9,348 | 9,170 | ' |
Commercial mortgage loans, Multifamily | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans Receivable | $4,706 | $4,812 | ' |
Summary_of_Our_Past_Due_and_No
Summary of Our Past Due and Non-Accrual Loans (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | $692 | $933 | ' |
60-89 Days Past Due | 1,926 | 667 | ' |
Greater than 90 Days | 3,030 | 5,770 | ' |
Total Past Due | 5,648 | 7,370 | ' |
Current | 308,272 | 266,008 | ' |
Total Loans Receivable | 313,920 | 273,378 | 258,699 |
Total Loans>90 Days & Accruing | ' | 1,390 | ' |
Total Nonaccrual | 5,059 | 5,231 | ' |
Real Estate, One-to four-family | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 14 | 217 | ' |
Greater than 90 Days | 108 | 254 | ' |
Total Past Due | 122 | 471 | ' |
Current | 45,837 | 49,255 | ' |
Total Loans Receivable | 45,959 | 49,726 | 51,111 |
Total Nonaccrual | 147 | 254 | ' |
Real Estate, Home equity | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 6,991 | 7,912 | ' |
Total Loans Receivable | 6,991 | 7,912 | 7,933 |
Commercial mortgage loans, Commercial real estate | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 630 | 716 | ' |
60-89 Days Past Due | 1,896 | 667 | ' |
Greater than 90 Days | ' | 49 | ' |
Total Past Due | 2,526 | 1,432 | ' |
Current | 147,403 | 124,722 | ' |
Total Loans Receivable | 149,929 | 126,154 | 113,858 |
Total Nonaccrual | 1,273 | 779 | ' |
Commercial mortgage loans, Multifamily | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Greater than 90 Days | ' | 1,363 | ' |
Total Past Due | ' | 1,363 | ' |
Current | 61,017 | 61,427 | ' |
Total Loans Receivable | 61,017 | 62,790 | 60,674 |
Total Loans>90 Days & Accruing | ' | 1,363 | ' |
Commercial mortgage loans, Land | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 48 | ' | ' |
Greater than 90 Days | 2,899 | 4,068 | ' |
Total Past Due | 2,947 | 4,068 | ' |
Current | 7,310 | 5,666 | ' |
Total Loans Receivable | 10,257 | 9,734 | 10,250 |
Total Loans>90 Days & Accruing | ' | 27 | ' |
Total Nonaccrual | 3,516 | 4,041 | ' |
Construction | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 23,291 | 8,669 | ' |
Total Loans Receivable | 23,291 | 8,669 | 9,815 |
Commercial Non-mortgage | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
60-89 Days Past Due | 30 | ' | ' |
Greater than 90 Days | 23 | 36 | ' |
Total Past Due | 53 | 36 | ' |
Current | 15,291 | 7,190 | ' |
Total Loans Receivable | 15,344 | 7,226 | 3,944 |
Total Nonaccrual | 123 | 157 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 1,132 | 1,167 | ' |
Total Loans Receivable | $1,132 | $1,167 | $1,114 |
Summary_of_Impaired_Loans_by_C
Summary of Impaired Loans by Class (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | $28,414 | $27,250 | $28,414 | $27,250 | $26,785 |
Unpaid Principal Balance | 33,378 | 32,786 | 33,378 | 32,786 | 32,082 |
Specific Allowance | 1,900 | 1,295 | 1,900 | 1,295 | 1,295 |
Average Balance | 29,434 | 33,950 | 28,859 | 32,938 | 26,850 |
Interest Income | 289 | 591 | 933 | 1,587 | 1,278 |
Real Estate, One-to four-family | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 1,436 | 2,730 | 1,436 | 2,730 | 2,494 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 1,680 | 3,109 | 1,680 | 3,109 | 2,712 |
Loans without a specific valuation allowance, Average Balance | 1,453 | 3,166 | 1,474 | 2,913 | 2,668 |
Loans without a specific valuation allowance, Interest Income | 22 | 34 | 58 | 225 | 225 |
Loans with a specific valuation allowance, Recorded Balance | 179 | 63 | 179 | 63 | ' |
Loans with a specific valuation allowance, Unpaid Principal Balance | 179 | 63 | 179 | 63 | ' |
Loans with a specific valuation allowance, Average Balance | 179 | 82 | 180 | 109 | ' |
Loans with a specific valuation allowance, Interest Income | 2 | 2 | 7 | 3 | ' |
Recorded Balance | 1,615 | 2,793 | 1,615 | 2,793 | 2,494 |
Unpaid Principal Balance | 1,859 | 3,172 | 1,859 | 3,172 | 2,712 |
Specific Allowance | ' | 9 | ' | 9 | ' |
Average Balance | 1,632 | 3,248 | 1,654 | 3,022 | 2,668 |
Interest Income | 24 | 36 | 65 | 228 | 225 |
Real Estate, Home equity | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 63 | ' | 63 | ' | ' |
Loans without a specific valuation allowance, Unpaid Principal Balance | 63 | ' | 63 | ' | ' |
Loans without a specific valuation allowance, Average Balance | 64 | ' | 64 | ' | ' |
Loans without a specific valuation allowance, Interest Income | ' | ' | 1 | ' | ' |
Recorded Balance | 63 | ' | 63 | ' | ' |
Unpaid Principal Balance | 63 | ' | 63 | ' | ' |
Average Balance | 64 | ' | 64 | ' | ' |
Interest Income | ' | ' | 1 | ' | ' |
Commercial mortgage loans, Commercial real estate | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 6,294 | 8,439 | 6,294 | 8,439 | 7,128 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 8,561 | 10,541 | 8,561 | 10,541 | 9,152 |
Loans without a specific valuation allowance, Average Balance | 6,778 | 13,896 | 7,499 | 9,037 | 7,630 |
Loans without a specific valuation allowance, Interest Income | 60 | 177 | 235 | 505 | 315 |
Loans with a specific valuation allowance, Recorded Balance | 3,018 | 2,487 | 3,018 | 2,487 | 3,939 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 3,018 | 2,487 | 3,018 | 2,487 | 3,939 |
Loans with a specific valuation allowance, Average Balance | 3,038 | 3,402 | 3,025 | 4,707 | 2,843 |
Loans with a specific valuation allowance, Interest Income | 50 | 34 | 151 | 45 | 218 |
Recorded Balance | 9,312 | 10,926 | 9,312 | 10,926 | 11,067 |
Unpaid Principal Balance | 11,579 | 13,028 | 11,579 | 13,028 | 13,091 |
Specific Allowance | 200 | 383 | 200 | 383 | 345 |
Average Balance | 9,816 | 17,298 | 10,524 | 13,744 | 10,473 |
Interest Income | 110 | 211 | 386 | 550 | 533 |
Commercial mortgage loans, Multifamily | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 6,912 | 7,715 | 6,912 | 7,715 | 7,099 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 7,726 | 8,529 | 7,726 | 8,529 | 7,914 |
Loans without a specific valuation allowance, Average Balance | 6,942 | 5,520 | 7,034 | 7,139 | 7,325 |
Loans without a specific valuation allowance, Interest Income | 85 | 75 | 290 | 271 | 409 |
Loans with a specific valuation allowance, Recorded Balance | 1,345 | 817 | 1,345 | 817 | 1,363 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 1,345 | 817 | 1,345 | 817 | 1,363 |
Loans with a specific valuation allowance, Average Balance | 1,345 | 1,229 | 1,355 | 969 | 1,100 |
Loans with a specific valuation allowance, Interest Income | 21 | 15 | 62 | 28 | 33 |
Recorded Balance | 8,257 | 8,532 | 8,257 | 8,532 | 8,462 |
Unpaid Principal Balance | 9,071 | 9,346 | 9,071 | 9,346 | 9,277 |
Specific Allowance | 100 | 48 | 100 | 48 | 100 |
Average Balance | 8,287 | 6,749 | 8,389 | 8,108 | 8,425 |
Interest Income | 106 | 90 | 352 | 299 | 442 |
Commercial mortgage loans, Land | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 529 | 735 | 529 | 735 | 742 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 809 | 1,747 | 809 | 1,747 | 1,672 |
Loans without a specific valuation allowance, Average Balance | 612 | 4,360 | 912 | 6,615 | 913 |
Loans without a specific valuation allowance, Interest Income | 1 | 243 | 3 | 73 | 48 |
Loans with a specific valuation allowance, Recorded Balance | 2,926 | 3,607 | 2,926 | 3,607 | 3,420 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 4,285 | 4,834 | 4,285 | 4,834 | 4,730 |
Loans with a specific valuation allowance, Average Balance | 3,192 | 1,409 | 3,159 | 560 | 3,641 |
Loans with a specific valuation allowance, Interest Income | ' | ' | 1 | 403 | ' |
Recorded Balance | 3,455 | 4,342 | 3,455 | 4,342 | 4,162 |
Unpaid Principal Balance | 5,094 | 6,581 | 5,094 | 6,581 | 6,402 |
Specific Allowance | 850 | 840 | 850 | 840 | 850 |
Average Balance | 3,804 | 5,769 | 4,071 | 7,175 | 4,554 |
Interest Income | 1 | 243 | 4 | 476 | 48 |
Construction | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance, Unpaid Principal Balance | 1 | 2 | 1 | 2 | ' |
Loans without a specific valuation allowance, Average Balance | ' | 96 | ' | 114 | ' |
Loans without a specific valuation allowance, Interest Income | ' | ' | ' | 1 | ' |
Loans with a specific valuation allowance, Recorded Balance | 5,349 | ' | 5,349 | ' | ' |
Loans with a specific valuation allowance, Unpaid Principal Balance | 5,349 | ' | 5,349 | ' | ' |
Loans with a specific valuation allowance, Average Balance | 5,349 | ' | 3,566 | ' | ' |
Loans with a specific valuation allowance, Interest Income | 44 | ' | 107 | ' | ' |
Recorded Balance | 5,349 | ' | 5,349 | ' | ' |
Unpaid Principal Balance | 5,350 | 2 | 5,350 | 2 | ' |
Specific Allowance | 750 | ' | 750 | ' | ' |
Average Balance | 5,349 | 96 | 3,566 | 114 | ' |
Interest Income | 44 | ' | 107 | 1 | ' |
Commercial Non-mortgage | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance, Recorded Balance | 23 | 266 | 23 | 266 | 600 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 23 | 266 | 23 | 266 | 600 |
Loans without a specific valuation allowance, Average Balance | 137 | 392 | 245 | 314 | 726 |
Loans without a specific valuation allowance, Interest Income | ' | 5 | 5 | 11 | 30 |
Loans with a specific valuation allowance, Recorded Balance | 340 | 391 | 340 | 391 | ' |
Loans with a specific valuation allowance, Unpaid Principal Balance | 339 | 391 | 339 | 391 | ' |
Loans with a specific valuation allowance, Average Balance | 345 | 398 | 346 | 461 | ' |
Loans with a specific valuation allowance, Interest Income | 4 | 6 | 13 | 22 | ' |
Recorded Balance | 363 | 657 | 363 | 657 | 600 |
Unpaid Principal Balance | 362 | 657 | 362 | 657 | 600 |
Specific Allowance | ' | 15 | ' | 15 | ' |
Average Balance | 482 | 790 | 591 | 775 | 726 |
Interest Income | 4 | 11 | 18 | 33 | 30 |
Consumer | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance, Average Balance | ' | ' | ' | ' | 4 |
Average Balance | ' | ' | ' | ' | $4 |
Summary_of_Loans_Restructured_
Summary of Loans Restructured as TDRs (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Count | ' | 1 |
Balance prior to TDR | ' | $900 |
Balance after TDR | ' | 900 |
Commercial Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Count | ' | 1 |
Balance prior to TDR | ' | 900 |
Balance after TDR | ' | $900 |
Summary_of_Fair_Value_Measurem
Summary of Fair Value Measurements of Assets and Liabilities Nonrecurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Collateral-dependent Impaired loans, fair value | $55 | $7,681 |
Fair Value, Measurements, Nonrecurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Collateral-dependent Impaired loans, fair value | 55 | 7,681 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Collateral-dependent Impaired loans, fair value | $55 | $7,681 |
Summary_of_Quantitative_Inform
Summary of Quantitative Information about Unobservable Inputs used in Recurring and Nonrecurring Level Three Fair Value Measurements Other Than Goodwill (Detail) (Significant Unobservable Inputs (Level 3), USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' |
Collateral-dependent impaired loans | $55 | $7,681 |
Valuation Technique | 'Market comparable properties | 'Market comparable properties |
Unobservable Inputs | 'Marketability discount | 'Marketability discount |
Minimum | ' | ' |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' |
Range (Weighted Average) | ' | 9.00% |
Maximum | ' | ' |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' |
Range (Weighted Average) | 38.00% | 46.00% |
Weighted Average | ' | ' |
Quantitative Information About Significant Unobservable Inputs [Line Items] | ' | ' |
Range (Weighted Average) | 38.00% | 34.00% |
Summary_of_Estimated_Fair_Valu
Summary of Estimated Fair Values of Company's Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ' | ' |
Held to maturity securities | ' | $123 |
Interest receivable | 844 | 699 |
Financial liabilities | ' | ' |
Fed funds purchased | 3,000 | ' |
Carrying Amount | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 32,921 | 26,181 |
Held to maturity securities | ' | 123 |
Loans held for sale | 852 | 1,325 |
Loans, net of allowance for loan losses | 294,607 | 276,965 |
Federal Home Loan Bank stock | 3,320 | 3,320 |
Interest receivable | 844 | 699 |
Financial liabilities | ' | ' |
Deposits | 220,510 | 172,983 |
Federal Home Loan Bank advances | 50,000 | 61,994 |
Fed funds purchased | 3,000 | ' |
Interest payable | 142 | 138 |
Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 32,921 | 26,181 |
Interest receivable | 844 | 699 |
Financial liabilities | ' | ' |
Deposits | 113,130 | 99,121 |
Interest payable | 142 | 138 |
Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ' | ' |
Financial assets | ' | ' |
Held to maturity securities | ' | 123 |
Loans held for sale | 852 | 1,330 |
Federal Home Loan Bank stock | 3,320 | 3,320 |
Financial liabilities | ' | ' |
Federal Home Loan Bank advances | 50,853 | 60,653 |
Fed funds purchased | 3,000 | ' |
Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ' | ' |
Financial assets | ' | ' |
Loans, net of allowance for loan losses | 296,276 | 280,407 |
Financial liabilities | ' | ' |
Deposits | $108,874 | $74,339 |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income | $749 | $394 | $1,534 | $1,355 |
Income allocated to participating securities | -19 | -12 | -38 | -41 |
Income attributable to common shareholders | $730 | $382 | $1,496 | $1,314 |
Weighted average shares outstanding | 2,276 | 2,420 | 2,276 | 2,420 |
Less: average unearned ESOP and unvested restricted stock | -224 | -245 | -224 | -245 |
Average Shares | 2,052 | 2,175 | 2,052 | 2,175 |
Effect of diluted based awards | 12 | ' | 12 | ' |
Average common and common-equivalent shares for diluted EPS | 2,064 | 2,175 | 2,064 | 2,175 |
Basic EPS | $0.36 | $0.18 | $0.73 | $0.60 |
Diluted EPS | $0.35 | $0.18 | $0.72 | $0.60 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Amortization period of stock options | ' | ' | '5 years | ' |
Maximum Number of shares authorized under plan | 351,050 | ' | 351,050 | ' |
Share based compensation expense | ' | ' | $235 | $249 |
Unrecognized compensation expense related to stock options | 186 | ' | 186 | ' |
Fair value of shares vested | ' | ' | 1,081 | ' |
Stock option expense | 17 | 17 | 47 | 52 |
Contractual term of stock option plan | ' | ' | '10 years | ' |
Unrecognized compensation expense | 774 | ' | 774 | ' |
Amortization period of stock options | ' | ' | '5 years | ' |
Restricted stock expense | $59 | $67 | $188 | $197 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Option | ' | ' |
Options outstanding at January 1, 2014 | 129,080 | ' |
Granted | 2,350 | ' |
Exercised | -5,004 | ' |
Forfeited | -1,968 | ' |
Expired | ' | ' |
Options outstanding at September 30, 2014 | 124,458 | 129,080 |
Exercisable at September 30, 2014 | 23,820 | ' |
Weighted average exercise price | ' | ' |
Options outstanding at January 1, 2014 | $17.30 | ' |
Granted | $22.01 | ' |
Exercised | $17.32 | ' |
Forfeited | $17.50 | ' |
Expired | ' | ' |
Options outstanding at September 30, 2014 | $17.39 | $17.30 |
Exercisable at September 30, 2014 | $17.30 | ' |
Remaining contractual life (year) | ' | ' |
Granted | '10 years | ' |
Options outstanding | '8 years | '9 years |
Exercisable at September 30, 2014 | '8 years | ' |
Aggregate Intrinsic Value | ' | ' |
Options outstanding | $636 | $516 |
Exercisable at September 30, 2014 | $129 | ' |
Assumption_Used_in_BlackSchole
Assumption Used in Black-Scholes Option Pricing Formula (Detail) (USD $) | 0 Months Ended | |
30-May-14 | 30-May-14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility | 18.02% | ' |
Risk-free interest rate | 2.14% | ' |
Expected dividend yield | 1.90% | ' |
Expected life (in years) | '7 years 6 months | ' |
Exercise price for the stock options | ' | $22.01 |
Summary_of_Restricted_Stock_Aw
Summary of Restricted Stock Award Activity (Detail) (Restricted Stock, USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested at January 1, 2014 | 59,723 |
Granted | 1,175 |
Vested | -11,944 |
Forfeited | 249 |
Non-vested at September 30, 2014 | 49,203 |
Weighted average grant date fair value, Non-vested at January 1, 2014 | $17.33 |
Weighted average grant date fair value, Granted | $22.01 |
Weighted average grant date fair value, Vested | $17.33 |
Weighted average grant date fair value, Forfeited | $18.82 |
Weighted average grant date fair value, Non-vested at September 30, 2014 | $17.33 |