Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'BLMT | ' |
Entity Registrant Name | 'BSB BANCORP, INC. | ' |
Entity Central Index Key | '0001522420 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 9,063,326 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $1,966 | $2,196 |
Interest-bearing deposits in other banks | 46,914 | 35,839 |
Cash and cash equivalents | 48,880 | 38,035 |
Interest-bearing time deposits with other banks | 131 | 119 |
Investments in available-for-sale securities | 22,208 | 21,921 |
Investments in held-to-maturity securities, at cost | 123,682 | 119,776 |
Federal Home Loan Bank stock, at cost | 10,542 | 7,712 |
Loans, net of allowance for loan losses of $8,614 as of June 30, 2014 (unaudited) and $7,958 as of December 31, 2013 | 987,280 | 839,013 |
Premises and equipment, net | 3,245 | 3,327 |
Accrued interest receivable | 2,569 | 2,241 |
Deferred tax asset, net | 5,134 | 5,146 |
Income taxes receivable | 683 | ' |
Bank-owned life insurance | 13,529 | 13,325 |
Other assets | 3,942 | 4,004 |
Total assets | 1,221,825 | 1,054,619 |
Deposits: | ' | ' |
Noninterest-bearing | 161,171 | 139,733 |
Interest-bearing | 730,720 | 625,020 |
Total deposits | 891,891 | 764,753 |
Federal Home Loan Bank advances | 180,100 | 142,100 |
Securities sold under agreements to repurchase | 1,872 | 2,127 |
Other borrowed funds | 1,090 | 1,113 |
Accrued interest payable | 760 | 683 |
Deferred compensation liability | 5,388 | 5,137 |
Income taxes payable | ' | 178 |
Other liabilities | 7,332 | 8,107 |
Total liabilities | 1,088,433 | 924,198 |
Stockholders' Equity: | ' | ' |
Common stock; $0.01 par value, 100,000,000 shares authorized; 9,063,326 and 9,055,808 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 91 | 91 |
Additional paid-in capital | 86,429 | 85,449 |
Retained earnings | 51,033 | 49,312 |
Accumulated other comprehensive income (loss) | 6 | -188 |
Unearned compensation - ESOP | -4,167 | -4,243 |
Total stockholders' equity | 133,392 | 130,421 |
Total liabilities and stockholders' equity | $1,221,825 | $1,054,619 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Loans, allowance for loan losses | $8,614 | $7,958 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,063,326 | 9,055,808 |
Common stock, shares outstanding | 9,063,326 | 9,055,808 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest and dividend income: | ' | ' | ' | ' |
Interest and fees on loans | $8,402 | $6,664 | $16,298 | $13,157 |
Interest on taxable debt securities | 804 | 424 | 1,610 | 906 |
Dividends | 33 | 7 | 62 | 14 |
Other interest income | 29 | 23 | 50 | 40 |
Total interest and dividend income | 9,268 | 7,118 | 18,020 | 14,117 |
Interest expense: | ' | ' | ' | ' |
Interest on deposits | 1,388 | 1,040 | 2,556 | 2,072 |
Interest on Federal Home Loan Bank advances | 263 | 173 | 514 | 357 |
Interest on securities sold under agreements to repurchase | 1 | 1 | 2 | 2 |
Interest on other borrowed funds | 7 | 8 | 15 | 17 |
Total interest expense | 1,659 | 1,222 | 3,087 | 2,448 |
Net interest and dividend income | 7,609 | 5,896 | 14,933 | 11,669 |
Provision for loan losses | 307 | 100 | 696 | 427 |
Net interest and dividend income after provision for loan losses | 7,302 | 5,796 | 14,237 | 11,242 |
Noninterest income: | ' | ' | ' | ' |
Customer service fees | 225 | 231 | 443 | 458 |
Income from bank-owned life insurance | 101 | 95 | 199 | 199 |
Net gain on sales of loans | 163 | 449 | 225 | 800 |
Net gain on sales and calls of securities | ' | 4 | ' | 34 |
Loan servicing fee income | 203 | 128 | 419 | 298 |
Other income | 165 | 1 | 293 | 125 |
Total noninterest income | 857 | 908 | 1,579 | 1,914 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and employee benefits | 4,026 | 3,720 | 8,149 | 7,250 |
Director compensation | 229 | 196 | 533 | 437 |
Occupancy expense | 267 | 218 | 545 | 447 |
Equipment expense | 157 | 150 | 311 | 298 |
Deposit insurance | 180 | 147 | 364 | 274 |
Data processing | 727 | 662 | 1,478 | 1,322 |
Professional fees | 169 | 195 | 400 | 406 |
Marketing | 256 | 239 | 515 | 448 |
Recruitment fees | 6 | 103 | 21 | 103 |
Other expense | 487 | 513 | 861 | 952 |
Total noninterest expense | 6,504 | 6,143 | 13,177 | 11,937 |
Income before income tax expense | 1,655 | 561 | 2,639 | 1,219 |
Income tax expense | 614 | 200 | 918 | 442 |
Net income | $1,041 | $361 | $1,721 | $777 |
Earnings per share | ' | ' | ' | ' |
Basic | $0.12 | $0.04 | $0.20 | $0.09 |
Diluted | $0.12 | $0.04 | $0.20 | $0.09 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $1,041 | $361 | $1,721 | $777 |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' |
Change in fair value of securities available for sale | 128 | -341 | 323 | -640 |
Reclassification adjustment for realized gains in net income | ' | -4 | ' | -34 |
Other comprehensive income (loss), before tax | 128 | -345 | 323 | -674 |
Income tax (expense) benefit related to items of other comprehensive income (loss) | -51 | 138 | -129 | 269 |
Other Comprehensive Income (Loss), After Tax Amount | 77 | -207 | 194 | -405 |
Comprehensive income | $1,118 | $154 | $1,915 | $372 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Employee Stock Ownership Plan Unearned Compensation |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2012 | $133,308 | $95 | $90,188 | $47,352 | $68 | ($4,395) |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 9,532,430 | ' | ' | ' | ' |
Net income | 777 | ' | ' | 777 | ' | ' |
Other comprehensive income (loss) | -405 | ' | ' | ' | -405 | ' |
Release of ESOP stock | 100 | ' | 25 | ' | ' | 75 |
Stock based compensation-restricted stock awards | 425 | ' | 425 | ' | ' | ' |
Stock based compensation-stock options | 376 | ' | 376 | ' | ' | ' |
Share repurchases (in shares) | ' | -476,622 | ' | ' | ' | ' |
Share repurchases | -6,478 | -4 | -6,474 | ' | ' | ' |
Ending balance at Jun. 30, 2013 | 128,103 | 91 | 84,540 | 48,129 | -337 | -4,320 |
Ending balance (in shares) at Jun. 30, 2013 | ' | 9,055,808 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 130,421 | 91 | 85,449 | 49,312 | -188 | -4,243 |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 9,055,808 | ' | ' | ' | ' |
Net income | 1,721 | ' | ' | 1,721 | ' | ' |
Other comprehensive income (loss) | 194 | ' | ' | ' | 194 | ' |
Release of ESOP stock | 128 | ' | 52 | ' | ' | 76 |
Stock based compensation-restricted stock awards | 461 | ' | 461 | ' | ' | ' |
Stock based compensation-stock options | 434 | ' | 434 | ' | ' | ' |
Tax benefit from stock based compensation | 11 | ' | 11 | ' | ' | ' |
Restricted stock grants (in shares) | ' | 4,000 | ' | ' | ' | ' |
Stock option exercises (in shares) | ' | 3,518 | ' | ' | ' | ' |
Stock option exercises | 22 | ' | 22 | ' | ' | ' |
Ending balance at Jun. 30, 2014 | $133,392 | $91 | $86,429 | $51,033 | $6 | ($4,167) |
Ending balance (in shares) at Jun. 30, 2014 | ' | 9,063,326 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $1,721 | $777 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of securities, net | 278 | 373 |
Net gain on sales and calls of securities | ' | -34 |
Gain on sales of loans, net | -225 | -800 |
Loans originated for sale | -12,346 | -71,989 |
Proceeds from sales of loans | 19,867 | 76,219 |
Provision for loan losses | 696 | 427 |
Change in net unamortized mortgage premiums | -406 | -485 |
Change in net deferred loan costs | -747 | -358 |
ESOP expense | 128 | 100 |
Stock based compensation expense | 895 | 801 |
Excess tax benefit from stock based compensation | -11 | ' |
Depreciation and amortization expense | 385 | 336 |
Write off of premises and equipment | 3 | ' |
Deferred income tax benefit | -106 | -61 |
Increase in bank-owned life insurance | -199 | -199 |
Gain on sale of other real estate owned | ' | -5 |
Net change in: | ' | ' |
Accrued interest receivable | -328 | -16 |
Other assets | 62 | -1,697 |
Income taxes receivable | -683 | 163 |
Income taxes payable | -178 | ' |
Accrued interest payable | 77 | 123 |
Deferred compensation liability | 251 | 240 |
Other liabilities | -1,047 | 3,692 |
Net cash provided by operating activities | 8,087 | 7,607 |
Cash flows from investing activities: | ' | ' |
Maturities of interest-bearing time deposits with other banks | 119 | ' |
Purchases of interest-bearing time deposits with other banks | -131 | ' |
Purchases of available-for-sale securities | ' | -12,989 |
Proceeds from sales of available-for-sale securities | 0 | 17,985 |
Proceeds from maturities, payments, and calls of held-to-maturity securities | 9,814 | 13,448 |
Purchases of held-to-maturity securities | -13,962 | -22,487 |
Purchases of community loan fund investments | ' | -250 |
Redemption of Federal Home Loan Bank stock | ' | 496 |
Purchases of Federal Home Loan Bank stock | -2,830 | ' |
Recoveries of loans previously charged off | 11 | 59 |
Loan originations and principal collections, net | -90,722 | -10,409 |
Purchases of loans | -64,395 | -56,832 |
Capital expenditures | -306 | -545 |
Capital expenditures on other real estate owned | ' | -79 |
Premiums paid on bank-owned life insurance | -5 | -5 |
Proceeds from sales of other real estate owned | ' | 745 |
Net cash used in investing activities | -162,407 | -70,863 |
Cash flows from financing activities: | ' | ' |
Net increase in demand deposits, NOW and savings accounts | 92,125 | 89,381 |
Net increase (decrease) in time deposits | 35,013 | -1,825 |
Principal payments on Federal Home Loan Bank advances | -1,000 | -10,000 |
Net change in short-term advances | 39,000 | -5,000 |
Net decrease in securities sold under agreement to repurchase | -255 | -229 |
Repayment of principal on other borrowed funds | -23 | -21 |
Net increase (decrease) in mortgagors' escrow accounts | 272 | -152 |
Net proceeds from exercise of stock options | 22 | ' |
Excess tax benefit from stock based compensation | 11 | ' |
Payments to repurchase stock | ' | -6,478 |
Net cash provided by financing activities | 165,165 | 65,676 |
Net increase in cash and cash equivalents | 10,845 | 2,420 |
Cash and cash equivalents at beginning of period | 38,035 | 52,712 |
Cash and cash equivalents at end of period | 48,880 | 55,132 |
Supplemental disclosures: | ' | ' |
Interest paid | 3,010 | 2,325 |
Income taxes paid | $1,885 | $731 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2014 | |
BASIS OF PRESENTATION | ' |
NOTE 1 – BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements of BSB Bancorp, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements of BSB Bancorp, Inc. include the balances and results of operations of BSB Bancorp, Inc., a Maryland corporation, and its wholly-owned subsidiaries Belmont Savings Bank and BSB Funding Corporation (referred to herein as “the Company,” “we,” “us,” or “our”). Intercompany transactions and balances are eliminated in the consolidation. | |
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position as of June 30, 2014 and December 31, 2013 and the results of operations and cash flows for the interim periods ended June 30, 2014 and 2013. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the fiscal year. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Certain previously reported amounts have been reclassified to conform to the current period’s presentation. |
RECENT_ACCOUNTING_STANDARDS_UP
RECENT ACCOUNTING STANDARDS UPDATES | 6 Months Ended |
Jun. 30, 2014 | |
RECENT ACCOUNTING STANDARDS UPDATES | ' |
NOTE 2 – RECENT ACCOUNTING STANDARDS UPDATES | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued amendments to ASC 815 “Derivatives and Hedging” through issuance of Accounting Standards Update (“ASU”) 2013-10 “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this ASU permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to Treasury Obligations of the U.S. government (UST) and the London Interbank Offered Rate (LIBOR). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments apply to all entities that elect to apply hedge accounting of the benchmark interest rate under Topic 815. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this ASU did not have an impact on the Company’s results of operations or financial position. | |
In July 2013, the FASB issued amendments to ASC 740 “Income Taxes” through issuance of ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU provide guidance for the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this ASU are expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments apply to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance did not have an impact on the Company’s results of operations or financial position. | |
In January 2014, the FASB issued amendments to ASC 323 “Investments - Equity Method and Joint Ventures” through issuance of ASU 2014-1 “Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in this ASU apply to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes as follows: | |
1. For reporting entities that meet the conditions for and that elect to use the proportional amortization method to account for investments in qualified affordable housing projects, all amendments in this ASU apply. | |
2. For reporting entities that do not meet the conditions for or that do not elect the proportional amortization method, only the amendments in this ASU that are related to disclosures apply. | |
The amendments in this ASU permit reporting 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. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |
In January 2014, the FASB issued amendments to ASC 310-40 “Receivables-Troubled Debt Restructurings by Creditors” through issuance of ASU 2014-4 “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of the amendments in this ASU is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |
In April 2014, the FASB issued amendments to ASC 205 “Presentation of Financial Statements” and ASC 360 “Property, Plant, and Equipment” through issuance of ASU 2014-8 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changes the criteria for reporting discontinued operations and modifies related disclosure requirements. The new guidance is effective on a prospective basis for fiscal years beginning on or after December 15, 2014, and interim periods within those years. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB created ASC 606 “Revenue from Contracts with Customers” through issuance of ASU No. 2014-09, “Revenue from Contracts with Customers.” The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements. | |
In June 2014, the FASB issued amendments to ASC 860 “Transfers and Servicing” through issuance of ASU 2014-11 “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” (“ASU 2014-11”). These amendments change the accounting for repurchase-to-maturity transactions which are repurchase agreements where the maturity of the security transferred as collateral matches the maturity of the repurchase agreement. Under ASU 2014-11, all repurchase-to-maturity transactions will be accounted for as secured borrowing transactions in the same way as other repurchase agreements rather than as sales of a financial asset and forward commitment to repurchase. The amendments also change the accounting for repurchase financing arrangements which are transactions involving the transfer of a financial asset to a counterparty executed contemporaneously with a reverse repurchase agreement with the same counterparty. Under ASU 2014-11, all repurchase financings will now be accounted for separately, which will result in securedborrowing accounting for the reverse repurchase agreement. ASU 2014-11 also introduces new disclosure requirements regarding repurchase agreements and securities lending transactions as well as certain other transactions which involve the transfer of financial assets accounted for as sales and where the transferor retains substantially all of the exposure to the economic return on the transferred assets. ASU 2014-11 is effective for interim or annual periods beginning after December 15, 2014 with early adoption prohibited. As of adoption date, the accounting for all outstanding repurchase-to-maturity transactions and repurchase financing arrangements is adjusted by means of a cumulative-effect adjustment to the balance sheet and retained earnings. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements. | |
In June 2014, the FASB issued amendments to ASC 718 “Compensation—Stock Compensation” through the issuance of ASU 2014-12 “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
INVESTMENTS_IN_SECURITIES
INVESTMENTS IN SECURITIES | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
INVESTMENTS IN SECURITIES | ' | ||||||||||||||||||||||||||||||||
NOTE 3 - INVESTMENTS IN SECURITIES | |||||||||||||||||||||||||||||||||
The amortized cost of available-for-sale (AFS) and held-to-maturity (HTM) securities and their approximate fair values were as follows at the dates indicated (in thousands): | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Cost | Unrealized | Unrealized | ||||||||||||||||||||||||||||
Basis | Gains | Losses | Basis | Gains | Losses | ||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 22,235 | $ | 141 | $ | (168 | ) | $ | 22,208 | $ | 22,271 | $ | 75 | $ | (425 | ) | $ | 21,921 | |||||||||||||||
$ | 22,235 | $ | 141 | $ | (168 | ) | $ | 22,208 | $ | 22,271 | $ | 75 | $ | (425 | ) | $ | 21,921 | ||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||
U.S. government sponsored mortgage-backed securities | $ | 105,152 | $ | 1,180 | $ | (274 | ) | $ | 106,058 | $ | 99,257 | $ | 572 | $ | (998 | ) | $ | 98,831 | |||||||||||||||
Corporate debt securities | 18,530 | 163 | (37 | ) | 18,656 | 20,519 | 120 | (489 | ) | 20,150 | |||||||||||||||||||||||
$ | 123,682 | $ | 1,343 | $ | (311 | ) | $ | 124,714 | $ | 119,776 | $ | 692 | $ | (1,487 | ) | $ | 118,981 | ||||||||||||||||
The amortized cost basis and estimated fair value of debt securities by contractual maturity at June 30, 2014 is as follows (in thousands). Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||
Cost Basis | Value | Cost Basis | Value | ||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||
Due within one year | $ | — | $ | — | $ | 1,004 | $ | 1,009 | |||||||||||||||||||||||||
Due after one year through five years | 12,815 | 12,957 | 7,408 | 7,531 | |||||||||||||||||||||||||||||
Due after five years through ten years | 9,420 | 9,251 | 67,508 | 67,970 | |||||||||||||||||||||||||||||
Due after ten years | — | — | 47,762 | 48,204 | |||||||||||||||||||||||||||||
$ | 22,235 | $ | 22,208 | $ | 123,682 | $ | 124,714 | ||||||||||||||||||||||||||
When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. During the three and six months ended June 30, 2014 (unaudited), there were no sales of available-for-sale securities. During the three and six months ended June 30, 2013 (unaudited), proceeds from sales of available-for-sale securities amounted to $7.7 million and $18.0 million, respectively. The following table shows the gross gains and losses realized on sales of available-for-sale securities for the periods indicated (in thousands): | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||
Gross gains | $ | — | $ | 5 | $ | — | $ | 64 | |||||||||||||||||||||||||
Gross losses | — | (1 | ) | — | (30 | ) | |||||||||||||||||||||||||||
Net gains on sales of available-for-sale securities | $ | — | $ | 4 | $ | — | $ | 34 | |||||||||||||||||||||||||
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ | — | $ | 1 | $ | — | $ | 14 | |||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position follows (in thousands): | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | ||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
June 30, 2014 (unaudited): | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 4,996 | $ | (4 | ) | $ | 4,255 | $ | (164 | ) | |||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||
Corporate debt securities | — | — | 7,663 | (37 | ) | ||||||||||||||||||||||||||||
U.S. government sponsored mortgage backed securities | 7,835 | (23 | ) | 18,216 | (251 | ) | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 12,831 | $ | (27 | ) | $ | 30,134 | $ | (452 | ) | |||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 4,970 | $ | (30 | ) | $ | 4,052 | $ | (395 | ) | |||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||
Corporate debt securities | 10,010 | (489 | ) | — | — | ||||||||||||||||||||||||||||
U.S. government sponsored mortgage backed securities | 59,073 | (998 | ) | 6 | — | ||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 74,053 | $ | (1,517 | ) | $ | 4,058 | $ | (395 | ) | |||||||||||||||||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. At June 30, 2014 (unaudited), twenty securities were in an unrealized loss position. When there are securities in an unrealized loss position, consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Based on the Company’s June 30, 2014 (unaudited) quarterly review of securities in the investment portfolio, management has determined that unrealized losses related to twenty debt securities with aggregate depreciation of 1.1% from the Company’s amortized cost basis were caused primarily by changes in market interest rates. The contractual terms of these investments do not permit the companies to settle the security at a price less than the par value of the investment. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell the investments and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost basis, it does not consider these investments to be other-than-temporarily impaired at June 30, 2014. | |||||||||||||||||||||||||||||||||
At December 31, 2013, thirty two debt securities had unrealized losses with aggregate depreciation of 2.4% from the Company’s amortized cost basis. The Company’s unrealized losses on investments in corporate bonds and mortgage backed securities are primarily caused by changes in market interest rates. | |||||||||||||||||||||||||||||||||
The investment securities portfolio is generally evaluated for other-than-temporary impairment under ASC 320-10, “Investments - Debt and Equity Securities.” | |||||||||||||||||||||||||||||||||
In addition to the securities listed above, the Company holds securities in a Rabbi Trust that are used to fund the executive and director non-qualified deferred compensation plan. These Rabbi Trust investments are included in other assets and consist primarily of cash and cash equivalents and actively traded mutual funds, and are recorded at fair value. The fair value of these Rabbi Trust investments at June 30, 2014 and December 31, 2013 were $2.3 million and $2.2 million, respectively. For the three and six month periods ending June 30, 2014, the net gain on Rabbi Trust investments still held at the reporting date was $40,000 and $62,000, respectively. For the three and six month periods ending June 30, 2013, the net loss on Rabbi Trust investments still held at the reporting date was $18,000 and $18,000, respectively. Refer to Note 7 – Employee and Director Benefit Plans, for more information. |
LOANS_ALLOWANCE_FOR_LOAN_LOSSE
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | ' | ||||||||||||||||||||||||
NOTE 4 – LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, deferred fees or costs on originated loans, and any premiums or discounts on purchased loans. | |||||||||||||||||||||||||
Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. | |||||||||||||||||||||||||
The accrual of interest on all loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||
Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans is recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||||||||||||||||
The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components, as further described below. | |||||||||||||||||||||||||
General Component: | |||||||||||||||||||||||||
The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, home equity loans, commercial real estate, construction, commercial, indirect auto and other consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the three and six months ended June 30, 2014 or during fiscal year 2013. | |||||||||||||||||||||||||
The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | |||||||||||||||||||||||||
Residential real estate and home equity loans – The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. Loans in this segment are generally collateralized by owner-occupied residential real estate and repayment is dependent on the cash flow and credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Commercial real estate loans – Loans in this segment are primarily secured by income-producing properties in eastern Massachusetts. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy and increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management generally obtains rent rolls annually and continually monitors the cash flows of these borrowers. | |||||||||||||||||||||||||
Construction loans – Loans in this segment primarily include speculative real estate development loans for which payment is derived from sale and/or lease up of the property. Credit risk is affected by cost overruns, time to sell, or lease at adequate prices, and market conditions. | |||||||||||||||||||||||||
Commercial loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer and business spending, will have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Indirect auto loans – Loans in this segment are secured installment loans that are originated through a network of select regional automobile dealerships. The Company’s interest in the vehicle is secured with a recorded lien on the state title of each automobile. Repayment is dependent on the credit quality and the cash flow of the individual borrower. | |||||||||||||||||||||||||
Other consumer loans - Loans in this segment include secured and unsecured consumer loans including passbook loans, consumer lines of credit and overdraft protection, and consumer unsecured loans. Repayment is dependent on the credit quality and the cash flow of the individual borrower. | |||||||||||||||||||||||||
Allocated Component: | |||||||||||||||||||||||||
The allocated component relates to loans that are classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||||||||||||||||
The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are classified as impaired. | |||||||||||||||||||||||||
Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral-dependent. Generally, TDRs are measured for impairment using the discounted cash flow method except in instances where foreclosure is probable in which case the fair value of collateral method is used. When the fair value of the impaired loan is determined to be less than the recorded investment in the loan, the impairment is recorded through the valuation allowance. However, for collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance amount when such an amount has been identified definitively as uncollectable. | |||||||||||||||||||||||||
Unallocated Component: | |||||||||||||||||||||||||
An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. At June 30, 2014 (unaudited) and December 31, 2013, the Company had unallocated reserves of $158,000 and $139,000, respectively. | |||||||||||||||||||||||||
Loans consisted of the following (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||
Residential one-to-four family | $ | 348,857 | 35.25 | % | $ | 287,652 | 34.17 | % | |||||||||||||||||
Commercial real estate loans (1) | 359,546 | 36.34 | 320,807 | 38.1 | |||||||||||||||||||||
Home equity | 110,876 | 11.2 | 92,461 | 10.98 | |||||||||||||||||||||
Construction loans | 14,694 | 1.48 | 9,965 | 1.18 | |||||||||||||||||||||
Total mortgage loans | 833,973 | 84.27 | 710,885 | 84.43 | |||||||||||||||||||||
Commercial loans | 39,018 | 3.94 | 30,691 | 3.65 | |||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||
Indirect auto loans | 116,189 | 11.74 | 99,798 | 11.85 | |||||||||||||||||||||
Other consumer loans | 522 | 0.05 | 558 | 0.07 | |||||||||||||||||||||
155,729 | 15.73 | 131,047 | 15.57 | ||||||||||||||||||||||
Total loans | 989,702 | 100 | % | 841,932 | 100 | % | |||||||||||||||||||
Net deferred loan costs | 4,282 | 3,535 | |||||||||||||||||||||||
Net unamortized mortgage premiums | 1,910 | 1,504 | |||||||||||||||||||||||
Allowance for loan losses | (8,614 | ) | (7,958 | ) | |||||||||||||||||||||
Total loans, net | $ | 987,280 | $ | 839,013 | |||||||||||||||||||||
-1 | Includes multi-family real estate loans. | ||||||||||||||||||||||||
The following tables (in thousands) present the activity in the allowance for loan losses by portfolio class for the three and six months ended June 30, 2014 and 2013 (unaudited); and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at June 30, 2014 (unaudited) and December 31, 2013. The recorded investment in loans in any of the following tables does not include accrued and unpaid interest or any deferred loan fees or costs, as amounts are not significant. | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
Beginning balance | Provision (benefit) | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||
Residential one-to-four family | $ | 2,046 | $ | 203 | $ | — | $ | — | $ | 2,249 | |||||||||||||||
Commercial real estate | 4,123 | (165 | ) | — | — | 3,958 | |||||||||||||||||||
Construction | 161 | 26 | — | — | 187 | ||||||||||||||||||||
Commercial | 407 | 110 | (4 | ) | — | 513 | |||||||||||||||||||
Home equity | 601 | 105 | — | — | 706 | ||||||||||||||||||||
Indirect auto | 833 | 17 | (29 | ) | 3 | 824 | |||||||||||||||||||
Other consumer | 18 | 6 | (9 | ) | 4 | 19 | |||||||||||||||||||
Unallocated | 153 | 5 | — | — | 158 | ||||||||||||||||||||
Total | $ | 8,342 | $ | 307 | $ | (42 | ) | $ | 7 | $ | 8,614 | ||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Beginning balance | Provision (benefit) | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||
Residential one-to-four family | $ | 1,367 | $ | 11 | $ | — | $ | — | $ | 1,378 | |||||||||||||||
Commercial real estate | 3,323 | 21 | — | — | 3,344 | ||||||||||||||||||||
Construction | 166 | 60 | — | — | 226 | ||||||||||||||||||||
Commercial | 491 | (51 | ) | — | — | 440 | |||||||||||||||||||
Home equity | 474 | 64 | — | — | 538 | ||||||||||||||||||||
Indirect auto | 813 | (14 | ) | (24 | ) | 10 | 785 | ||||||||||||||||||
Other consumer | 18 | 7 | (11 | ) | 3 | 17 | |||||||||||||||||||
Unallocated | 126 | 2 | — | — | 128 | ||||||||||||||||||||
Total | $ | 6,778 | $ | 100 | $ | (35 | ) | $ | 13 | $ | 6,856 | ||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Beginning balance | Provision (benefit) | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||
Residential one-to-four family | $ | 2,189 | $ | 60 | $ | — | $ | — | $ | 2,249 | |||||||||||||||
Commercial real estate | 3,621 | 337 | — | — | 3,958 | ||||||||||||||||||||
Construction | 134 | 53 | — | — | 187 | ||||||||||||||||||||
Commercial | 419 | 98 | (4 | ) | — | 513 | |||||||||||||||||||
Home equity | 681 | 25 | — | — | 706 | ||||||||||||||||||||
Indirect auto | 749 | 103 | (32 | ) | 4 | 824 | |||||||||||||||||||
Other consumer | 26 | 1 | (15 | ) | 7 | 19 | |||||||||||||||||||
Unallocated | 139 | 19 | — | — | 158 | ||||||||||||||||||||
Total | $ | 7,958 | $ | 696 | $ | (51 | ) | $ | 11 | $ | 8,614 | ||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Beginning balance | Provision (benefit) | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||
Residential one-to-four family | $ | 1,412 | $ | (34 | ) | $ | — | $ | — | $ | 1,378 | ||||||||||||||
Commercial real estate | 3,039 | 305 | — | — | 3,344 | ||||||||||||||||||||
Construction | 198 | 28 | — | — | 226 | ||||||||||||||||||||
Commercial | 470 | (30 | ) | — | — | 440 | |||||||||||||||||||
Home equity | 466 | 72 | — | — | 538 | ||||||||||||||||||||
Indirect auto | 772 | 5 | (42 | ) | 50 | 785 | |||||||||||||||||||
Other consumer | 19 | 17 | (28 | ) | 9 | 17 | |||||||||||||||||||
Unallocated | 64 | 64 | — | — | 128 | ||||||||||||||||||||
Total | $ | 6,440 | $ | 427 | $ | (70 | ) | $ | 59 | $ | 6,856 | ||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||
Loan balance | Allowance | Loan balance | Allowance | Loan Balance | Allowance | ||||||||||||||||||||
Residential one-to-four family | $ | 5,023 | $ | 564 | $ | 343,834 | $ | 1,685 | $ | 348,857 | $ | 2,249 | |||||||||||||
Commercial real estate | 3,969 | 11 | 355,577 | 3,947 | 359,546 | 3,958 | |||||||||||||||||||
Construction | — | — | 14,694 | 187 | 14,694 | 187 | |||||||||||||||||||
Commercial | — | — | 39,018 | 513 | 39,018 | 513 | |||||||||||||||||||
Home equity | 498 | — | 110,378 | 706 | 110,876 | 706 | |||||||||||||||||||
Indirect auto | — | — | 116,189 | 824 | 116,189 | 824 | |||||||||||||||||||
Other consumer | — | — | 522 | 19 | 522 | 19 | |||||||||||||||||||
Unallocated | — | — | — | 158 | — | 158 | |||||||||||||||||||
Total | $ | 9,490 | $ | 575 | $ | 980,212 | $ | 8,039 | $ | 989,702 | $ | 8,614 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||
Loan balance | Allowance | Loan balance | Allowance | Loan Balance | Allowance | ||||||||||||||||||||
Residential one-to-four family | $ | 6,982 | $ | 869 | $ | 280,670 | $ | 1,320 | $ | 287,652 | $ | 2,189 | |||||||||||||
Commercial real estate | 4,081 | 11 | 316,726 | 3,610 | 320,807 | 3,621 | |||||||||||||||||||
Construction | — | — | 9,965 | 134 | 9,965 | 134 | |||||||||||||||||||
Commercial | — | — | 30,691 | 419 | 30,691 | 419 | |||||||||||||||||||
Home equity | 400 | — | 92,061 | 681 | 92,461 | 681 | |||||||||||||||||||
Indirect auto | 16 | — | 99,782 | 749 | 99,798 | 749 | |||||||||||||||||||
Other consumer | 1 | — | 557 | 26 | 558 | 26 | |||||||||||||||||||
Unallocated | — | — | — | 139 | — | 139 | |||||||||||||||||||
Total | $ | 11,480 | $ | 880 | $ | 830,452 | $ | 7,078 | $ | 841,932 | $ | 7,958 | |||||||||||||
Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of June 30, 2014 (unaudited and in thousands): | |||||||||||||||||||||||||
Impaired loans with a related allowance for credit losses | |||||||||||||||||||||||||
Recorded | Unpaid | Specific | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Residential one-to-four family | $ | 1,911 | $ | 1,911 | $ | 564 | |||||||||||||||||||
Commercial real estate | 3,087 | 3,087 | 11 | ||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||
Home equity | — | — | — | ||||||||||||||||||||||
Indirect auto | — | — | — | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Totals | $ | 4,998 | $ | 4,998 | $ | 575 | |||||||||||||||||||
Impaired loans with no related allowance for credit losses | |||||||||||||||||||||||||
Recorded | Unpaid | Specific | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Residential one-to-four family | $ | 3,112 | $ | 3,112 | $ | — | |||||||||||||||||||
Commercial real estate | 882 | 882 | — | ||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||
Home equity | 498 | 697 | — | ||||||||||||||||||||||
Indirect auto | — | — | — | ||||||||||||||||||||||
Other consumer | — | 1 | — | ||||||||||||||||||||||
Totals | $ | 4,492 | $ | 4,692 | $ | — | |||||||||||||||||||
Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Impaired loans with a related allowance for credit losses | |||||||||||||||||||||||||
Recorded | Unpaid | Specific | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Residential one-to-four family | $ | 3,824 | $ | 3,824 | $ | 869 | |||||||||||||||||||
Commercial real estate | 3,111 | 3,111 | 11 | ||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||
Home equity | — | — | — | ||||||||||||||||||||||
Indirect auto | — | — | — | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Totals | $ | 6,935 | $ | 6,935 | $ | 880 | |||||||||||||||||||
Impaired loans with no related allowance for credit losses | |||||||||||||||||||||||||
Recorded | Unpaid | Specific | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Residential one-to-four family | $ | 3,158 | $ | 3,158 | $ | — | |||||||||||||||||||
Commercial real estate | 970 | 970 | — | ||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||
Home equity | 400 | 599 | — | ||||||||||||||||||||||
Indirect auto | 16 | 16 | — | ||||||||||||||||||||||
Other consumer | 1 | 1 | — | ||||||||||||||||||||||
Totals | $ | 4,545 | $ | 4,744 | $ | — | |||||||||||||||||||
The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated (unaudited and in thousands): | |||||||||||||||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | ||||||||||||||||||||||||
With an allowance recorded | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
Residential one-to-four family | $ | 1,911 | $ | 3 | $ | 2,452 | $ | 3 | |||||||||||||||||
Commercial real estate | 3,092 | 32 | 1,045 | 27 | |||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | |||||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||||
Indirect auto | — | — | — | — | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Totals | $ | 5,003 | $ | 35 | $ | 3,497 | $ | 30 | |||||||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | ||||||||||||||||||||||||
Without an allowance recorded | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
Residential one-to-four family | $ | 3,119 | $ | 23 | $ | 5,071 | $ | 38 | |||||||||||||||||
Commercial real estate | 892 | 9 | 3,690 | 62 | |||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | |||||||||||||||||||||
Home equity | 465 | 2 | 493 | 4 | |||||||||||||||||||||
Indirect auto | — | — | — | — | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Totals | $ | 4,476 | $ | 34 | $ | 9,254 | $ | 104 | |||||||||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||||||||||||||||||||||||
With an allowance recorded | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
Residential one-to-four family | $ | 2,071 | $ | 108 | $ | 2,456 | $ | 6 | |||||||||||||||||
Commercial real estate | 3,099 | 52 | 523 | 27 | |||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | |||||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||||
Indirect auto | — | — | — | — | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Totals | $ | 5,170 | $ | 160 | $ | 2,979 | $ | 33 | |||||||||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||||||||||||||||||||||||
Without an allowance recorded | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
Residential one-to-four family | $ | 3,131 | $ | 49 | $ | 5,008 | $ | 72 | |||||||||||||||||
Commercial real estate | 923 | 17 | 3,510 | 86 | |||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | |||||||||||||||||||||
Home equity | 432 | 5 | 506 | 10 | |||||||||||||||||||||
Indirect auto | — | — | 3 | — | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Totals | $ | 4,486 | $ | 71 | $ | 9,027 | $ | 168 | |||||||||||||||||
The following is a summary of past due and non-accrual loans (in thousands): | |||||||||||||||||||||||||
June 30, 2014 (unaudited) | |||||||||||||||||||||||||
30–59 Days | 60–89 Days | 90 Days | Total | 90 days | Loans on | ||||||||||||||||||||
or More | Past Due | or more | Non-accrual | ||||||||||||||||||||||
and accruing | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential one-to-four family | $ | — | $ | — | $ | 1,700 | $ | 1,700 | $ | — | $ | 1,943 | |||||||||||||
Commercial real estate | — | — | — | — | — | — | |||||||||||||||||||
Home equity | 125 | — | 298 | $ | 423 | — | 298 | ||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial | — | 63 | — | 63 | — | — | |||||||||||||||||||
Indirect auto | 212 | 35 | — | 247 | — | — | |||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 337 | $ | 98 | $ | 1,998 | $ | 2,433 | $ | — | $ | 2,241 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
30–59 Days | 60–89 Days | 90 Days | Total | 90 days | Loans on | ||||||||||||||||||||
or More | Past Due | or more | Non-accrual | ||||||||||||||||||||||
and accruing | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential one-to-four family | $ | 410 | $ | — | $ | 1,911 | $ | 2,321 | $ | — | $ | 3,860 | |||||||||||||
Commercial real estate | — | — | 38 | 38 | — | 38 | |||||||||||||||||||
Home equity | 914 | — | — | 914 | — | 200 | |||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||
Indirect auto | 222 | — | 16 | 238 | — | 16 | |||||||||||||||||||
Other consumer | — | — | 1 | 1 | — | 1 | |||||||||||||||||||
Total | $ | 1,546 | $ | — | $ | 1,966 | $ | 3,512 | $ | — | $ | 4,115 | |||||||||||||
Credit Quality Information | |||||||||||||||||||||||||
The Company utilizes a seven grade internal loan rating system for commercial, commercial real estate and construction loans, and a five grade internal loan rating system for certain residential real estate, home equity and consumer loans that are rated if the loans become delinquent. | |||||||||||||||||||||||||
Loans rated 1 - 3: Loans in these categories are considered “pass” rated loans with low to average risk. | |||||||||||||||||||||||||
Loans rated 4: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. | |||||||||||||||||||||||||
Loans rated 5: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. | |||||||||||||||||||||||||
Loans rated 6: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. | |||||||||||||||||||||||||
Loans rated 7: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. | |||||||||||||||||||||||||
On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial, commercial real estate loans, and construction loans. On an annual basis, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. | |||||||||||||||||||||||||
On a quarterly basis, the Company formally reviews the ratings on all residential real estate and home equity loans if they have become delinquent. Criteria used to determine rating consists of loan-to-value and days delinquent. | |||||||||||||||||||||||||
The following tables present the Company’s loans by risk rating at June 30, 2014 (unaudited) and December 31, 2013 (in thousands). | |||||||||||||||||||||||||
There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Loans rated 1-3 | Loans rated 4 | Loans rated 5 | Loans not rated (A) | Total | |||||||||||||||||||||
Residential one-to-four family | $ | — | $ | 3,080 | $ | 2,689 | $ | 343,088 | $ | 348,857 | |||||||||||||||
Commercial real estate | 346,501 | 4,228 | 8,817 | — | 359,546 | ||||||||||||||||||||
Construction | 14,694 | — | — | — | 14,694 | ||||||||||||||||||||
Commercial | 39,012 | 5 | 1 | — | 39,018 | ||||||||||||||||||||
Home equity | — | 200 | 1,097 | 109,579 | 110,876 | ||||||||||||||||||||
Indirect auto | — | — | — | 116,189 | 116,189 | ||||||||||||||||||||
Other consumer | — | — | — | 522 | 522 | ||||||||||||||||||||
Total | $ | 400,207 | $ | 7,513 | $ | 12,604 | $ | 569,378 | $ | 989,702 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Loans rated 1-3 | Loans rated 4 | Loans rated 5 | Loans not rated (A) | Total | |||||||||||||||||||||
Residential one-to-four family | $ | — | $ | 3,123 | $ | 4,613 | $ | 279,916 | $ | 287,652 | |||||||||||||||
Commercial real estate | 307,093 | 4,277 | 9,437 | — | 320,807 | ||||||||||||||||||||
Construction | 9,965 | — | — | — | 9,965 | ||||||||||||||||||||
Commercial | 30,643 | 48 | — | — | 30,691 | ||||||||||||||||||||
Home equity | — | 200 | 999 | 91,262 | 92,461 | ||||||||||||||||||||
Indirect auto | — | — | — | 99,798 | 99,798 | ||||||||||||||||||||
Other consumer | — | 9 | 4 | 545 | 558 | ||||||||||||||||||||
Total | $ | 347,701 | $ | 7,657 | $ | 15,053 | $ | 471,521 | $ | 841,932 | |||||||||||||||
(A) | Residential real estate, home equity, indirect auto loans and consumer loans are not formally risk rated by the Company unless the loans become delinquent. | ||||||||||||||||||||||||
The Company periodically modifies loans to extend the term or make other concessions to help a borrower stay current on their loan and to avoid foreclosure. Any loans that are modified are reviewed by the Company to identify if a TDR has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Bank grants a concession to the borrower that it would not otherwise consider. During the three and six months ended June 30, 2014, no new loans were modified and determined to be troubled debt restructurings, however, three loans that had already been determined to be TDR’s were remodified. During the three and six months ended June 30, 2013, three and five were modified and determined to be TDR’s, respectively. At June 30, 2014, the Company had $9.1 million of troubled debt restructurings related to 10 loans. | |||||||||||||||||||||||||
The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
TDR’s on Accrual Status | $ | 7,249 | $ | 7,366 | |||||||||||||||||||||
TDR’s on Nonaccrual Status | 1,900 | 1,900 | |||||||||||||||||||||||
Total TDR’s | $ | 9,149 | $ | 9,266 | |||||||||||||||||||||
Amount of specific allocation included in the allowance for loan losses associated with TDR’s | $ | 555 | $ | 543 | |||||||||||||||||||||
Additional commitments to lend to a borrower who has been a party to a TDR | $ | — | $ | — | |||||||||||||||||||||
The following tables show the troubled debt restructuring modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring (dollars in thousands): | |||||||||||||||||||||||||
Three months ended | (unaudited) | Three months ended | (unaudited) | ||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
# of | Pre-modification | Post-modification | # of | Pre-modification | Post-modification | ||||||||||||||||||||
Contracts | outstanding | outstanding | Contracts | outstanding | outstanding | ||||||||||||||||||||
recorded investment | recorded investment | recorded investment | recorded investment | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential one-to-four family | 1 | $ | 1,700 | $ | 1,700 | — | $ | — | $ | — | |||||||||||||||
Home equity | 1 | 200 | 200 | — | — | — | |||||||||||||||||||
Commercial real estate | 1 | 882 | 882 | 3 | 4,638 | 4,128 | |||||||||||||||||||
Total | 3 | $ | 2,782 | $ | 2,782 | 3 | $ | 4,638 | $ | 4,128 | |||||||||||||||
Six months ended | (unaudited) | Six months ended | (unaudited) | ||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
# of | Pre-modification | Post-modification | # of | Pre-modification | Post-modification | ||||||||||||||||||||
Contracts | outstanding | outstanding | Contracts | outstanding | outstanding | ||||||||||||||||||||
recorded investment | recorded investment | recorded investment | recorded investment | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential one-to-four family | 1 | $ | 1,700 | $ | 1,700 | 1 | $ | 347 | $ | 378 | |||||||||||||||
Home equity | 1 | 200 | 200 | — | — | — | |||||||||||||||||||
Commercial real estate | 1 | 882 | 882 | 4 | 4,732 | 4,128 | |||||||||||||||||||
Total | 3 | $ | 2,782 | $ | 2,782 | 5 | $ | 5,079 | $ | 4,506 | |||||||||||||||
The three loans modified during the three and six months ended June 30, 2014 were TDR’s that have been modified more than once. There was no financial impact upon these current modifications. | |||||||||||||||||||||||||
The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated (in thousands): | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||
Extended Maturity | $ | 882 | $ | 992 | |||||||||||||||||||||
Interest only | $ | 1,900 | $ | — | |||||||||||||||||||||
Adjusted Interest Rate | — | 3,136 | |||||||||||||||||||||||
Total | $ | 2,782 | $ | 4,128 | |||||||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||
Extended Maturity | $ | 882 | $ | 1,370 | |||||||||||||||||||||
Interest only | $ | 1,900 | $ | — | |||||||||||||||||||||
Adjusted Interest Rate | — | 3,136 | |||||||||||||||||||||||
Total | $ | 2,782 | $ | 4,506 | |||||||||||||||||||||
The Company considers a TDR loan to have defaulted when it reaches 90 days past due. There were two TDR’s in the amount of $1.9 million that have been modified during the twelve months ending on June 30, 2014 which have subsequently defaulted during the three and six month periods ending on June 30, 2014. There were no TDR’s that have been modified during the twelve months ending on June 30, 2013 which have subsequently defaulted during the three and six month periods ending on June 30, 2013. |
TRANSFERS_AND_SERVICING
TRANSFERS AND SERVICING | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
TRANSFERS AND SERVICING | ' | ||||||||||||||||
NOTE 5 – TRANSFERS AND SERVICING | |||||||||||||||||
Certain residential mortgage loans are periodically sold by the Company to the secondary market. Most of these loans are sold without recourse and the Company releases the servicing rights. For loans sold with servicing rights retained, we provide the servicing for the loans on a per-loan fee basis. The Company also periodically sells auto loans to other financial institutions without recourse, and the Company generally provides servicing for these loans. | |||||||||||||||||
At June 30, 2014 (unaudited) and December 31, 2013, residential loans previously sold and serviced by the Company were $61.1 million and $61.2 million, respectively. At June 30, 2014 (unaudited) and December 31, 2013, indirect auto loans previously sold and serviced by the Company were $113.4 million and $124.8 million, respectively. | |||||||||||||||||
On March 16, 2006, seventeen loans with an aggregate principal balance of $10.5 million were sold to another financial institution. The agreement related to this sale contains provisions requiring the Company to repurchase any loan that becomes 90 days past due | |||||||||||||||||
during the initial 120 months. The Company will repurchase the past due loan for 100 percent of the unpaid principal plus interest to repurchase date. As of June 30, 2014 (unaudited) and December 31, 2013, the principal balance of these loans sold with recourse amounted to $1.1 million and $1.1 million, respectively. The Company has not incurred any losses related to the loans sold with recourse. | |||||||||||||||||
Mortgage servicing rights (MSR) are initially recorded as an asset and measured at fair value when loans are sold to third parties with servicing rights retained. MSR assets are amortized in proportion to, and over the period of, estimated net servicing revenues. The carrying value of these assets is periodically reviewed for impairment using the lower of amortized cost or fair value methodology. The fair value of the servicing rights is determined by estimating the present value of future net cash flows, taking into consideration market loan prepayment speeds, discount rates, servicing costs and other economic factors. For purposes of measuring impairment, the underlying loans are stratified into relatively homogeneous pools based on predominant risk characteristics which include product type (i.e., fixed or adjustable) and interest rate bands. If the aggregate carrying value of the capitalized mortgage servicing rights for a stratum exceeds its fair value, MSR impairment is recognized in earnings for the difference. As the loans are repaid and net servicing revenue is earned, the MSR asset is amortized as an offset to loan servicing income. Servicing revenues are expected to exceed this amortization expense. However, if actual prepayment experience or defaults exceed what was originally anticipated, net servicing revenues may be less than expected and mortgage servicing rights may be impaired. No servicing assets or liabilities related to auto loans were recorded, as the contractual servicing fees are adequate to compensate the Company for its servicing responsibilities. | |||||||||||||||||
Changes in mortgage servicing rights, which are included in other assets, were as follows (in thousands): | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||
Balance at beginning of period | $ | 403 | $ | 367 | $ | 411 | $ | 353 | |||||||||
Capitalization | 22 | 74 | 29 | 116 | |||||||||||||
Amortization | (19 | ) | (31 | ) | (36 | ) | (59 | ) | |||||||||
Impairment | (4 | ) | (56 | ) | (2 | ) | (56 | ) | |||||||||
Balance at end of period | $ | 402 | $ | 354 | $ | 402 | $ | 354 | |||||||||
SECURITIES_SOLD_UNDER_AGREEMEN
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS | 6 Months Ended |
Jun. 30, 2014 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS | ' |
NOTE 6 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS | |
The securities sold under agreements to repurchase as of June 30, 2014 (unaudited) and December 31, 2013 are securities sold on a short-term basis by the Company that have been accounted for not as sales but as borrowings. The securities consisted of mortgage backed securities issued by U.S. government sponsored entities. The securities were held in the Company’s safekeeping account at the Federal Home Loan Bank of Boston under the control of the Company. The securities are pledged to the purchasers of the securities. The purchasers have agreed to sell to the Company substantially identical securities at the maturity of the agreements. The balance of securities sold under agreements to repurchase as of June 30, 2014 and December 31, 2013 was $1.9 million and $2.1 million, respectively. | |
Other borrowed funds consist of the balance of loans sold with recourse. On March 16, 2006, seventeen loans with an aggregate principal balance of $10.5 million were sold to another financial institution (investor). As of June 30, 2014 (unaudited) and December 31, 2013, the principal balance of these loans totaled $1.1 million and $1.1 million, respectively. The agreement related to this sale contains provisions requiring the Company to repurchase any loan that becomes 90 days past due during the initial 120 months. The Company will repurchase the past due loan for 100 percent of the unpaid principal plus interest to repurchase date. |
EMPLOYEE_AND_DIRECTOR_BENEFIT_
EMPLOYEE AND DIRECTOR BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2014 | |
EMPLOYEE AND DIRECTOR BENEFIT PLANS | ' |
NOTE 7 – EMPLOYEE AND DIRECTOR BENEFIT PLANS | |
Supplemental Retirement Plans | |
The Company has supplemental retirement plans for eligible executive officers that provide for a lump sum benefit upon termination of employment at or after age 55 and completing 10 or more years of service (certain reduced benefits are available prior to attaining age 55 or fewer than 10 years of service), subject to certain limitations as set forth in the agreements. The present value of these future payments is being accrued over the service period. The estimated liability at June 30, 2014 (unaudited) and December 31, 2013 relating to these plans was $1.6 million and $1.5 million, respectively. | |
The Company has a supplemental retirement plan for eligible directors that provides for monthly benefits based upon years of service to the Company, subject to certain limitations as set forth in the agreements. The present value of these future payments is being accrued over the estimated period of service. The estimated liability at June 30, 2014 (unaudited) and December 31, 2013 relating to this plan was $545,000 and $553,000, respectively. | |
Effective October 1, 2010, the Company established the Belmont Savings Bank Supplemental Executive Retirement Plan (“Plan”). The purpose of the Plan is to permit certain executive officers of the Company to receive supplemental retirement income from the Company. At June 30, 2014 (unaudited) and December 31, 2013, there were four and three participants, respectively, in the Plan. Participants are fully vested after the completion of between five and ten years of service. The plan is unfunded. The estimated liability at June 30, 2014 (unaudited) and December 31, 2013 relating to this plan was $880,000 and $729,000, respectively. | |
Incentive Compensation Plan | |
The Incentive Compensation Plan is a discretionary annual cash-based incentive plan that is an integral part of the participant’s total compensation package and supports the continued growth, profitability and risk management of Belmont Savings Bank. Each year participants are awarded for the achievement of certain performance objectives on a company-wide and individual basis. Compensation expense recognized was $491,000 and $275,000 for the three months ended June 30, 2014 and 2013 (unaudited), respectively, and $857,000 and $506,000 for the six months ended June 30, 2014 and 2013 (unaudited), respectively. | |
Defined Contribution Plan | |
The Company sponsors a 401(k) plan covering substantially all employees meeting certain eligibility requirements. Under the provisions of the plan, employees are able to contribute up to an annual limit of the lesser of 75% of eligible compensation or the maximum allowed by the Internal Revenue Service. The Company’s contributions for the three months ended June 30, 2014 and 2013 (unaudited) totaled $206,000 and $191,000, respectively, and for the six months ended June 30, 2014 and 2013 (unaudited) totaled $356,000 and $359,000, respectively. | |
Deferred Compensation Plans | |
The Company has a compensation deferral plan by which selected employees and Directors of the Company are entitled to elect, prior to the beginning of each year, to defer the receipt of an amount of their compensation for the forthcoming year. On April 1, 2013, the Company entered into deferred compensation agreements with certain Directors and employees of the Company. Each agreement allows for the individual to elect to defer a portion of his or her compensation to an individual deferred compensation account established by Belmont Savings Bank. Prior to April 1, 2013, each individual’s deferred compensation account balance was credited with earnings on a monthly basis based on the five year certificate of deposit yield as published by the Wall Street Journal. In April 2013, Belmont Savings Bank created a Rabbi Trust, or grantor trust. The Rabbi Trust is maintained by the Company primarily for purposes of providing deferred compensation for certain Directors and employees of the Company and replaced the existing agreements for non-retired participants with a Belmont Savings Bank Deferred Compensation Plan. The new plan is administered by a third party and permits participants to select from a number of investment options for the investment of their account balances. Each participant is always 100% vested in his or her deferred compensation account balance. Individuals that were retired as of April 1, 2013 continue to participate in the existing Salary Deferral Plan. As of June 30, 2014 (unaudited) and December 31, 2013, the recorded liability relating to the Rabbi Trust was $2.3 million and $2.2 million, respectively. As of June 30, 2014 (unaudited) and December 31, 2013, the recorded liability relating to the Salary Deferral Plan was $48,000 and $91,000, respectively. | |
Capital Appreciation Plan | |
Effective September 30, 2010, the Company established the Capital Appreciation Plan. The purpose of this plan is to attract, retain, and motivate certain key employees and directors of the Company. Eligible participants may receive an award based on capital appreciation of the Bank and the Bank’s return on average assets, entitling the employee or director to a specific percentage of the Employee or Trustee Capital Appreciation Pool as outlined in the plan. The value of any award payable to a participant shall be paid in the form of a single lump sum. The vesting period associated with the Plan begins the date a participant is awarded a Capital Appreciation Award and ended on June 30, 2014. The Company recognized $31,000 and $31,000 in relation to the plan during the three months ended June 30, 2014 and 2013 (unaudited), respectively, and $61,000 and $51,000 in relation to the plan during the six months ended June 30, 2014 and 2013, respectively. | |
Employee Stock Ownership Plan | |
The Company maintains an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. This plan is a tax-qualified retirement plan for the benefit of all Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax law limits. | |
The Company contributed funds to a subsidiary to enable it to grant a loan to the ESOP for the purchase of 458,643 shares of the Company’s common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company’s subsidiary to purchase Company common stock is payable annually over 30 years at a rate per annum equal to the Prime Rate (3.25% at June 30, 2014). Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. Cash dividends paid on allocated shares are distributed to participants and cash dividends paid on unallocated shares are used to repay the outstanding debt of the ESOP. Shares used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. |
PLEDGED_ASSETS
PLEDGED ASSETS | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
PLEDGED ASSETS | ' | ||||||||||||
NOTE 8 – PLEDGED ASSETS | |||||||||||||
The following securities and loans were pledged to secure securities sold under agreements to repurchase, FHLB advances and credit facilities available (in thousands). | |||||||||||||
June 30, 2014 (unaudited) | Securities held-to- | Loans | Total pledged | ||||||||||
maturity (at cost) | receivable | assets | |||||||||||
Repurchase agreements | $ | 4,361 | $ | — | $ | 4,361 | |||||||
FHLB borrowings | 54,243 | 447,028 | 501,271 | ||||||||||
Federal Reserve Bank LOC | 16,647 | — | 16,647 | ||||||||||
Total pledged assets | $ | 75,251 | $ | 447,028 | $ | 522,279 | |||||||
December 31, 2013 | Securities held-to- | Loans | Total pledged | ||||||||||
maturity (at cost) | receivable | assets | |||||||||||
Repurchase agreements | $ | 4,832 | $ | — | $ | 4,832 | |||||||
FHLB borrowings | 48,133 | 415,924 | 464,057 | ||||||||||
Federal Reserve Bank LOC | 3,016 | — | 3,016 | ||||||||||
Total pledged assets | $ | 55,981 | $ | 415,924 | $ | 471,905 | |||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
NOTE 9 – EARNINGS PER SHARE | |||||||||||||||||
Basic earnings per share (“EPS”) excludes dilution and is calculated by dividing net income allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents (such as stock options and unvested restricted stock not meeting the definition of a participating security) were issued during the period. | |||||||||||||||||
Earnings per share consisted of the following components for the periods indicated (unaudited and dollars in thousands except per share data): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30 | June 30 | June 30 | June 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 1,041 | $ | 361 | $ | 1,721 | $ | 777 | |||||||||
Undistributed earnings attributable to participating securities | (35 | ) | (14 | ) | (57 | ) | (31 | ) | |||||||||
Net income allocated to common stockholders | $ | 1,006 | $ | 347 | $ | 1,664 | $ | 746 | |||||||||
Weighted average shares outstanding, basic | 8,354,185 | 8,427,481 | 8,350,060 | 8,562,039 | |||||||||||||
Effect of dilutive shares | 178,008 | 89,468 | 142,839 | 82,134 | |||||||||||||
Weighted average shares outstanding, assuming dilution | 8,532,193 | 8,516,949 | 8,492,899 | 8,644,173 | |||||||||||||
Basic EPS | $ | 0.12 | $ | 0.04 | $ | 0.2 | $ | 0.09 | |||||||||
Effect of dilutive shares | — | — | — | — | |||||||||||||
Diluted EPS | $ | 0.12 | $ | 0.04 | $ | 0.2 | $ | 0.09 | |||||||||
The following table illustrates average options to purchase shares of common stock that were outstanding but not included in the computation of EPS because they were antidilutive under the treasury stock method (unaudited): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30 | June 30 | June 30 | June 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 30,463 | 827,351 | 44,628 | 838,916 | |||||||||||||
Unallocated common shares held by the ESOP are shown as a reduction in stockholders’ equity and are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations. | |||||||||||||||||
On December 21, 2012, the Company’s Board of Directors authorized a program to repurchase, from time-to-time and as market and business conditions warrant, up to 476,622 shares of the Company’s common stock. During the six months ended June 30, 2013, the Company repurchased 476,622 shares at an aggregate cost of $6.5 million and completed the program. On June 22, 2013, the Company’s Board of Directors authorized a second program to repurchase, from time-to-time and as market and business conditions warrant, up to 500,000 shares of the Company’s common stock. During the six months ended June 30, 2014 and 2013, the Company did not repurchase any shares under the second repurchase program. |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
STOCK BASED COMPENSATION | ' | ||||||||||||||||
NOTE 10 – STOCK BASED COMPENSATION | |||||||||||||||||
On November 14, 2012, the stockholders of BSB Bancorp, Inc. approved the BSB Bancorp, Inc. 2012 Equity Incentive Plan. | |||||||||||||||||
The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits recognized (in thousands and unaudited): | |||||||||||||||||
Three months | Three months | Six months | Six months | ||||||||||||||
ended June 30, 2014 | ended June 30, 2013 | ended June 30, 2014 | ended June 30, 2013 | ||||||||||||||
Stock options | $ | 201 | $ | 187 | $ | 434 | $ | 376 | |||||||||
Restricted stock awards | 215 | 215 | 461 | 425 | |||||||||||||
Total stock based compensation expense | 416 | 402 | 895 | 801 | |||||||||||||
Related tax benefits recognized in earnings | $ | 119 | $ | 119 | $ | 265 | $ | 235 | |||||||||
Total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized is as follows (in thousands): | |||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
(unaudited) | |||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
average period | average period | ||||||||||||||||
Stock options | $ | 2,529 | 3.49 | $ | 2,797 | 3.94 | |||||||||||
Restricted stock | 2,682 | 3.45 | 2,997 | 3.91 | |||||||||||||
Total | $ | 5,211 | $ | 5,794 | |||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||||||
NOTE 11 – FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Determination of Fair Value | |||||||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from one level to another. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value of cash flows or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |||||||||||||||||||||
The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability and reliability of the assumptions used to determine fair value. | |||||||||||||||||||||
Level 1 - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||||||||||
Level 2 - Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||||||
Level 3 - Level 3 inputs are unobservable inputs for the asset or liability. | |||||||||||||||||||||
For assets and liabilities fair value is based upon the lowest level of observable input that is significant to the fair value measurement. | |||||||||||||||||||||
In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market based parameters. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for June 30, 2014 and December 31, 2013. There were no significant transfers between level 1 and level 2 of the fair value hierarchy during the three and six months ended June 30, 2014 (unaudited) and the year ended December 31, 2013. | |||||||||||||||||||||
Financial Assets and Financial Liabilities: Financial assets and financial liabilities measured at fair value on a recurring basis include the following: | |||||||||||||||||||||
Securities Available for Sale: The Company’s investment in mortgage-backed securities and other debt securities is generally classified within level 2 of the fair value hierarchy. For these securities, the Company obtains fair value measurements from independent pricing services. The fair value measurements consider observable data that may include reported trades, dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. | |||||||||||||||||||||
Rabbi Trust Investments: Rabbi Trust investments consist primarily of cash and cash equivalents, mutual funds and both U.S. government agency and corporate obligations, and were recorded at fair value and included in other assets. The purpose of these Rabbi Trust investments is to fund certain director and executive non-qualified retirement benefits and deferred compensation. For cash and cash equivalents, which have maturities of 90 days or less, their carrying amounts reported in the consolidated balance sheets approximate fair value and were categorized as Level 1. The equity securities and other exchange-traded funds were valued based on quoted prices from the market. The equities and exchange-traded funds traded in an active market were categorized as Level 1. The fair value of other U.S. government agency and corporate obligations was estimated using either a matrix or benchmarks for similar securities. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. These securities were categorized as Level 2. | |||||||||||||||||||||
The following table summarizes financial assets measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Fair Value | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||
Securities available-for-sale Corporate debt securities | $ | — | $ | 22,208 | $ | — | $ | 22,208 | |||||||||||||
Trading securities Rabbi trust investments | 2,262 | 52 | — | 2,314 | |||||||||||||||||
Totals | $ | 2,262 | $ | 22,260 | $ | — | $ | 24,522 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Fair Value | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Securities available-for-sale Corporate debt securities | $ | — | $ | 21,921 | $ | — | $ | 21,921 | |||||||||||||
Trading securities Rabbi trust investments | 2,181 | 53 | — | 2,234 | |||||||||||||||||
Totals | $ | 2,181 | $ | 21,974 | $ | — | $ | 24,155 | |||||||||||||
Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring basis during the reported periods include certain impaired loans reported at the fair value of the underlying collateral. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties. However, the choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Additionally, commercial real estate appraisals frequently involve discounting of projected cash flows, which relies inherently on unobservable data. Therefore, real estate collateral related nonrecurring fair value measurement adjustments have generally been classified as Level 3. Estimates of fair value used for other collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. | |||||||||||||||||||||
The following table (in thousands) presents certain impaired loans that were re-measured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral at June 30, 2014 (unaudited) and December 31, 2013. | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 1,345 | |||||||||||||||
Totals | $ | — | $ | — | $ | 1,345 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 3,199 | |||||||||||||||
Totals | $ | — | $ | — | $ | 3,199 | |||||||||||||||
Non-Financial Assets and Non-Financial Liabilities: The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Non-financial assets measured at fair value on a non-recurring basis during the reported periods include certain foreclosed assets which, upon initial recognition, were re-measured and reported at fair value through a charge-off to the allowance for loan losses and certain foreclosed assets which, subsequent to their initial recognition, were re-measured at fair value through a write-down included in other non-interest expense. Non financial assets also include mortgage servicing right assets that are remeasured and reported at the lower of cost or fair value. | |||||||||||||||||||||
The following tables (in thousands) present the non-financial assets that were re-measured and reported at the lower of cost or fair value at the periods indicated: | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Mortgage servicing rights | $ | — | $ | — | $ | 402 | |||||||||||||||
Totals | $ | — | $ | — | $ | 402 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Mortgage servicing rights | $ | — | $ | — | $ | 411 | |||||||||||||||
Totals | $ | — | $ | — | $ | 411 | |||||||||||||||
ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The estimated fair value approximates carrying value for cash and cash equivalents, interest bearing time deposits with other banks, FHLB stock, accrued interest, securities sold under agreements to repurchase, other borrowed funds and mortgagors’ escrow accounts. The methodologies for other financial assets and financial liabilities are discussed below: | |||||||||||||||||||||
Securities held to maturity-The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analyses. | |||||||||||||||||||||
Loans- For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. | |||||||||||||||||||||
Deposits- Fair values for fixed-rate certificate accounts are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on certificate accounts. The fair value of deposits also includes the benefit that results from the low-cost funding provided by the Company’s core deposit relationships. | |||||||||||||||||||||
FHLB advances- The fair values of the Company’s FHLB advances are estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements. | |||||||||||||||||||||
Summary of Fair Values of Financial Instruments not Carried at Fair Value | |||||||||||||||||||||
The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows (in thousands): | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 48,880 | $ | 48,880 | $ | 48,880 | $ | — | $ | — | |||||||||||
Interest-bearing time deposits with other banks | 131 | 131 | — | 131 | — | ||||||||||||||||
Held-to-maturity securities | 123,682 | 124,714 | — | 124,714 | — | ||||||||||||||||
Federal Home Loan Bank stock | 10,542 | 10,542 | — | 10,542 | — | ||||||||||||||||
Loans, net | 987,280 | 981,192 | — | — | 981,192 | ||||||||||||||||
Accrued interest receivable | 2,569 | 2,569 | 2,569 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 891,891 | 873,213 | — | 873,213 | — | ||||||||||||||||
Federal Home Loan Bank advances | 180,100 | 180,295 | — | 180,295 | — | ||||||||||||||||
Securities sold under agreements to repurchase | 1,872 | 1,872 | — | 1,872 | — | ||||||||||||||||
Other borrowed funds | 1,090 | 1,053 | — | 1,053 | — | ||||||||||||||||
Accrued interest payable | 760 | 760 | 760 | — | — | ||||||||||||||||
Mortgagor’s escrow accounts | 1,326 | 1,326 | — | 1,326 | — | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 38,035 | $ | 38,035 | $ | 38,035 | $ | — | $ | — | |||||||||||
Interest-bearing time deposits with other banks | 119 | 119 | — | 119 | — | ||||||||||||||||
Held-to-maturity securities | 119,776 | 118,981 | — | 118,981 | — | ||||||||||||||||
Federal Home Loan Bank stock | 7,712 | 7,712 | — | 7,712 | — | ||||||||||||||||
Loans, net | 839,013 | 833,423 | — | — | 833,423 | ||||||||||||||||
Accrued interest receivable | 2,241 | 2,241 | 2,241 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 764,753 | 742,785 | — | 742,785 | — | ||||||||||||||||
Federal Home Loan Bank advances | 142,100 | 141,960 | — | 141,960 | — | ||||||||||||||||
Securities sold under agreements to repurchase | 2,127 | 2,127 | — | 2,127 | — | ||||||||||||||||
Other borrowed funds | 1,113 | 1,113 | — | 1,113 | — | ||||||||||||||||
Accrued interest payable | 683 | 683 | 683 | — | — | ||||||||||||||||
Mortgagor’s escrow accounts | 1,054 | 1,054 | — | 1,054 | — |
OTHER_COMPREHENSIVE_INCOME_LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||||||||||||||||
NOTE 12 – OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | ||||||||||||||||||||||||
(unaudited and in thousands) | (unaudited and in thousands) | ||||||||||||||||||||||||
Pre Tax | Tax | After Tax | Pre Tax | Tax | After Tax | ||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | ||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
Change in unrealized gain/loss during the period | $ | 128 | $ | (51 | ) | $ | 77 | $ | (341 | ) | $ | 137 | $ | (204 | ) | ||||||||||
Reclassification adjustment for net realized gains included in net income (1) | — | — | — | (4 | ) | 1 | (3 | ) | |||||||||||||||||
Total securities available-for-sale | 128 | (51 | ) | 77 | (345 | ) | 138 | (207 | ) | ||||||||||||||||
Other comprehensive income (loss) | $ | 128 | $ | (51 | ) | $ | 77 | $ | (345 | ) | $ | 138 | $ | (207 | ) | ||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||||||||||||||||||||||||
(unaudited and in thousands) | (unaudited and in thousands) | ||||||||||||||||||||||||
Pre Tax | Tax | After Tax | Pre Tax | Tax | After Tax | ||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | ||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
Change in unrealized gain/loss during the period | $ | 323 | $ | (129 | ) | $ | 194 | $ | (640 | ) | $ | 255 | $ | (385 | ) | ||||||||||
Reclassification adjustment for net realized gains included in net income (1) | — | — | — | (34 | ) | 14 | (20 | ) | |||||||||||||||||
Total securities available-for-sale | 323 | (129 | ) | 194 | (674 | ) | 269 | (405 | ) | ||||||||||||||||
Other comprehensive income (loss) | $ | 323 | $ | (129 | ) | $ | 194 | $ | (674 | ) | $ | 269 | $ | (405 | ) | ||||||||||
-1 | Reclassification adjustments are comprised of realized security gains and losses. The gains and losses have been reclassified out of accumulated other comprehensive income and have affected certain lines in the consolidated statements of operations as follows: the pre-tax amount is included in net gain on sales and calls of securities, the tax expense amount is included in income tax expense and the after tax amount is included in net income. | ||||||||||||||||||||||||
Information on the Company’s accumulated other comprehensive (loss) income, net of tax is comprised of the following components as of the periods indicated (unaudited and in thousands): | |||||||||||||||||||||||||
Net unrealized (loss) | Unrecognized | Accumulated | |||||||||||||||||||||||
gain on securities | actuarial gain (loss) on | other comprehensive | |||||||||||||||||||||||
available for sale | Defined benefit | income (loss) | |||||||||||||||||||||||
pension plan | |||||||||||||||||||||||||
Beginning Balance: January 1, 2014 | $ | (210 | ) | $ | 22 | $ | (188 | ) | |||||||||||||||||
Other comprehensive income | 194 | — | 194 | ||||||||||||||||||||||
Ending balance: June 30, 2014 | $ | (16 | ) | $ | 22 | $ | 6 | ||||||||||||||||||
Beginning Balance: January 1, 2013 | $ | 91 | $ | (23 | ) | $ | 68 | ||||||||||||||||||
Other comprehensive loss | (405 | ) | — | (405 | ) | ||||||||||||||||||||
Ending balance: June 30, 2013 | $ | (314 | ) | $ | (23 | ) | $ | (337 | ) | ||||||||||||||||
INVESTMENTS_IN_SECURITIES_Tabl
INVESTMENTS IN SECURITIES (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Amortized Cost and Fair Value of Available for Sale and Held-to-Maturity Securities | ' | ||||||||||||||||||||||||||||||||
The amortized cost of available-for-sale (AFS) and held-to-maturity (HTM) securities and their approximate fair values were as follows at the dates indicated (in thousands): | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Cost | Unrealized | Unrealized | ||||||||||||||||||||||||||||
Basis | Gains | Losses | Basis | Gains | Losses | ||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 22,235 | $ | 141 | $ | (168 | ) | $ | 22,208 | $ | 22,271 | $ | 75 | $ | (425 | ) | $ | 21,921 | |||||||||||||||
$ | 22,235 | $ | 141 | $ | (168 | ) | $ | 22,208 | $ | 22,271 | $ | 75 | $ | (425 | ) | $ | 21,921 | ||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||
U.S. government sponsored mortgage-backed securities | $ | 105,152 | $ | 1,180 | $ | (274 | ) | $ | 106,058 | $ | 99,257 | $ | 572 | $ | (998 | ) | $ | 98,831 | |||||||||||||||
Corporate debt securities | 18,530 | 163 | (37 | ) | 18,656 | 20,519 | 120 | (489 | ) | 20,150 | |||||||||||||||||||||||
$ | 123,682 | $ | 1,343 | $ | (311 | ) | $ | 124,714 | $ | 119,776 | $ | 692 | $ | (1,487 | ) | $ | 118,981 | ||||||||||||||||
Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity | ' | ||||||||||||||||||||||||||||||||
The amortized cost basis and estimated fair value of debt securities by contractual maturity at June 30, 2014 is as follows (in thousands). Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||
Cost Basis | Value | Cost Basis | Value | ||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||
Due within one year | $ | — | $ | — | $ | 1,004 | $ | 1,009 | |||||||||||||||||||||||||
Due after one year through five years | 12,815 | 12,957 | 7,408 | 7,531 | |||||||||||||||||||||||||||||
Due after five years through ten years | 9,420 | 9,251 | 67,508 | 67,970 | |||||||||||||||||||||||||||||
Due after ten years | — | — | 47,762 | 48,204 | |||||||||||||||||||||||||||||
$ | 22,235 | $ | 22,208 | $ | 123,682 | $ | 124,714 | ||||||||||||||||||||||||||
Gross Gains and Losses Realized on Sales of Available for Sale Securities | ' | ||||||||||||||||||||||||||||||||
The following table shows the gross gains and losses realized on sales of available-for-sale securities for the periods indicated (in thousands): | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||
Gross gains | $ | — | $ | 5 | $ | — | $ | 64 | |||||||||||||||||||||||||
Gross losses | — | (1 | ) | — | (30 | ) | |||||||||||||||||||||||||||
Net gains on sales of available-for-sale securities | $ | — | $ | 4 | $ | — | $ | 34 | |||||||||||||||||||||||||
Income tax expense attributable to realized net gains on sales of AFS debt securities | $ | — | $ | 1 | $ | — | $ | 14 | |||||||||||||||||||||||||
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time | ' | ||||||||||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position follows (in thousands): | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | ||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
June 30, 2014 (unaudited): | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 4,996 | $ | (4 | ) | $ | 4,255 | $ | (164 | ) | |||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||
Corporate debt securities | — | — | 7,663 | (37 | ) | ||||||||||||||||||||||||||||
U.S. government sponsored mortgage backed securities | 7,835 | (23 | ) | 18,216 | (251 | ) | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 12,831 | $ | (27 | ) | $ | 30,134 | $ | (452 | ) | |||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 4,970 | $ | (30 | ) | $ | 4,052 | $ | (395 | ) | |||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||
Corporate debt securities | 10,010 | (489 | ) | — | — | ||||||||||||||||||||||||||||
U.S. government sponsored mortgage backed securities | 59,073 | (998 | ) | 6 | — | ||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 74,053 | $ | (1,517 | ) | $ | 4,058 | $ | (395 | ) | |||||||||||||||||||||||
LOANS_ALLOWANCE_FOR_LOAN_LOSSE1
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Summary of Loans | ' | ||||||||||||||||||||||||
Loans consisted of the following (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||
Residential one-to-four family | $ | 348,857 | 35.25 | % | $ | 287,652 | 34.17 | % | |||||||||||||||||
Commercial real estate loans (1) | 359,546 | 36.34 | 320,807 | 38.1 | |||||||||||||||||||||
Home equity | 110,876 | 11.2 | 92,461 | 10.98 | |||||||||||||||||||||
Construction loans | 14,694 | 1.48 | 9,965 | 1.18 | |||||||||||||||||||||
Total mortgage loans | 833,973 | 84.27 | 710,885 | 84.43 | |||||||||||||||||||||
Commercial loans | 39,018 | 3.94 | 30,691 | 3.65 | |||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||
Indirect auto loans | 116,189 | 11.74 | 99,798 | 11.85 | |||||||||||||||||||||
Other consumer loans | 522 | 0.05 | 558 | 0.07 | |||||||||||||||||||||
155,729 | 15.73 | 131,047 | 15.57 | ||||||||||||||||||||||
Total loans | 989,702 | 100 | % | 841,932 | 100 | % | |||||||||||||||||||
Net deferred loan costs | 4,282 | 3,535 | |||||||||||||||||||||||
Net unamortized mortgage premiums | 1,910 | 1,504 | |||||||||||||||||||||||
Allowance for loan losses | (8,614 | ) | (7,958 | ) | |||||||||||||||||||||
Total loans, net | $ | 987,280 | $ | 839,013 | |||||||||||||||||||||
-1 | Includes multi-family real estate loans. | ||||||||||||||||||||||||
Activity in Allowance for Loan Losses by Portfolio Class and Balances of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Class | ' | ||||||||||||||||||||||||
The following tables (in thousands) present the activity in the allowance for loan losses by portfolio class for the three and six months ended June 30, 2014 and 2013 (unaudited); and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at June 30, 2014 (unaudited) and December 31, 2013. The recorded investment in loans in any of the following tables does not include accrued and unpaid interest or any deferred loan fees or costs, as amounts are not significant. | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
Beginning balance | Provision (benefit) | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||
Residential one-to-four family | $ | 2,046 | $ | 203 | $ | — | $ | — | $ | 2,249 | |||||||||||||||
Commercial real estate | 4,123 | (165 | ) | — | — | 3,958 | |||||||||||||||||||
Construction | 161 | 26 | — | — | 187 | ||||||||||||||||||||
Commercial | 407 | 110 | (4 | ) | — | 513 | |||||||||||||||||||
Home equity | 601 | 105 | — | — | 706 | ||||||||||||||||||||
Indirect auto | 833 | 17 | (29 | ) | 3 | 824 | |||||||||||||||||||
Other consumer | 18 | 6 | (9 | ) | 4 | 19 | |||||||||||||||||||
Unallocated | 153 | 5 | — | — | 158 | ||||||||||||||||||||
Total | $ | 8,342 | $ | 307 | $ | (42 | ) | $ | 7 | $ | 8,614 | ||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Beginning balance | Provision (benefit) | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||
Residential one-to-four family | $ | 1,367 | $ | 11 | $ | — | $ | — | $ | 1,378 | |||||||||||||||
Commercial real estate | 3,323 | 21 | — | — | 3,344 | ||||||||||||||||||||
Construction | 166 | 60 | — | — | 226 | ||||||||||||||||||||
Commercial | 491 | (51 | ) | — | — | 440 | |||||||||||||||||||
Home equity | 474 | 64 | — | — | 538 | ||||||||||||||||||||
Indirect auto | 813 | (14 | ) | (24 | ) | 10 | 785 | ||||||||||||||||||
Other consumer | 18 | 7 | (11 | ) | 3 | 17 | |||||||||||||||||||
Unallocated | 126 | 2 | — | — | 128 | ||||||||||||||||||||
Total | $ | 6,778 | $ | 100 | $ | (35 | ) | $ | 13 | $ | 6,856 | ||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Beginning balance | Provision (benefit) | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||
Residential one-to-four family | $ | 2,189 | $ | 60 | $ | — | $ | — | $ | 2,249 | |||||||||||||||
Commercial real estate | 3,621 | 337 | — | — | 3,958 | ||||||||||||||||||||
Construction | 134 | 53 | — | — | 187 | ||||||||||||||||||||
Commercial | 419 | 98 | (4 | ) | — | 513 | |||||||||||||||||||
Home equity | 681 | 25 | — | — | 706 | ||||||||||||||||||||
Indirect auto | 749 | 103 | (32 | ) | 4 | 824 | |||||||||||||||||||
Other consumer | 26 | 1 | (15 | ) | 7 | 19 | |||||||||||||||||||
Unallocated | 139 | 19 | — | — | 158 | ||||||||||||||||||||
Total | $ | 7,958 | $ | 696 | $ | (51 | ) | $ | 11 | $ | 8,614 | ||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Beginning balance | Provision (benefit) | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||
Residential one-to-four family | $ | 1,412 | $ | (34 | ) | $ | — | $ | — | $ | 1,378 | ||||||||||||||
Commercial real estate | 3,039 | 305 | — | — | 3,344 | ||||||||||||||||||||
Construction | 198 | 28 | — | — | 226 | ||||||||||||||||||||
Commercial | 470 | (30 | ) | — | — | 440 | |||||||||||||||||||
Home equity | 466 | 72 | — | — | 538 | ||||||||||||||||||||
Indirect auto | 772 | 5 | (42 | ) | 50 | 785 | |||||||||||||||||||
Other consumer | 19 | 17 | (28 | ) | 9 | 17 | |||||||||||||||||||
Unallocated | 64 | 64 | — | — | 128 | ||||||||||||||||||||
Total | $ | 6,440 | $ | 427 | $ | (70 | ) | $ | 59 | $ | 6,856 | ||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||
Loan balance | Allowance | Loan balance | Allowance | Loan Balance | Allowance | ||||||||||||||||||||
Residential one-to-four family | $ | 5,023 | $ | 564 | $ | 343,834 | $ | 1,685 | $ | 348,857 | $ | 2,249 | |||||||||||||
Commercial real estate | 3,969 | 11 | 355,577 | 3,947 | 359,546 | 3,958 | |||||||||||||||||||
Construction | — | — | 14,694 | 187 | 14,694 | 187 | |||||||||||||||||||
Commercial | — | — | 39,018 | 513 | 39,018 | 513 | |||||||||||||||||||
Home equity | 498 | — | 110,378 | 706 | 110,876 | 706 | |||||||||||||||||||
Indirect auto | — | — | 116,189 | 824 | 116,189 | 824 | |||||||||||||||||||
Other consumer | — | — | 522 | 19 | 522 | 19 | |||||||||||||||||||
Unallocated | — | — | — | 158 | — | 158 | |||||||||||||||||||
Total | $ | 9,490 | $ | 575 | $ | 980,212 | $ | 8,039 | $ | 989,702 | $ | 8,614 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||
Loan balance | Allowance | Loan balance | Allowance | Loan Balance | Allowance | ||||||||||||||||||||
Residential one-to-four family | $ | 6,982 | $ | 869 | $ | 280,670 | $ | 1,320 | $ | 287,652 | $ | 2,189 | |||||||||||||
Commercial real estate | 4,081 | 11 | 316,726 | 3,610 | 320,807 | 3,621 | |||||||||||||||||||
Construction | — | — | 9,965 | 134 | 9,965 | 134 | |||||||||||||||||||
Commercial | — | — | 30,691 | 419 | 30,691 | 419 | |||||||||||||||||||
Home equity | 400 | — | 92,061 | 681 | 92,461 | 681 | |||||||||||||||||||
Indirect auto | 16 | — | 99,782 | 749 | 99,798 | 749 | |||||||||||||||||||
Other consumer | 1 | — | 557 | 26 | 558 | 26 | |||||||||||||||||||
Unallocated | — | — | — | 139 | — | 139 | |||||||||||||||||||
Total | $ | 11,480 | $ | 880 | $ | 830,452 | $ | 7,078 | $ | 841,932 | $ | 7,958 | |||||||||||||
Information about Loans that Meet Definition of Impaired Loan | ' | ||||||||||||||||||||||||
Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of June 30, 2014 (unaudited and in thousands): | |||||||||||||||||||||||||
Impaired loans with a related allowance for credit losses | |||||||||||||||||||||||||
Recorded | Unpaid | Specific | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Residential one-to-four family | $ | 1,911 | $ | 1,911 | $ | 564 | |||||||||||||||||||
Commercial real estate | 3,087 | 3,087 | 11 | ||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||
Home equity | — | — | — | ||||||||||||||||||||||
Indirect auto | — | — | — | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Totals | $ | 4,998 | $ | 4,998 | $ | 575 | |||||||||||||||||||
Impaired loans with no related allowance for credit losses | |||||||||||||||||||||||||
Recorded | Unpaid | Specific | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Residential one-to-four family | $ | 3,112 | $ | 3,112 | $ | — | |||||||||||||||||||
Commercial real estate | 882 | 882 | — | ||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||
Home equity | 498 | 697 | — | ||||||||||||||||||||||
Indirect auto | — | — | — | ||||||||||||||||||||||
Other consumer | — | 1 | — | ||||||||||||||||||||||
Totals | $ | 4,492 | $ | 4,692 | $ | — | |||||||||||||||||||
Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Impaired loans with a related allowance for credit losses | |||||||||||||||||||||||||
Recorded | Unpaid | Specific | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Residential one-to-four family | $ | 3,824 | $ | 3,824 | $ | 869 | |||||||||||||||||||
Commercial real estate | 3,111 | 3,111 | 11 | ||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||
Home equity | — | — | — | ||||||||||||||||||||||
Indirect auto | — | — | — | ||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||
Totals | $ | 6,935 | $ | 6,935 | $ | 880 | |||||||||||||||||||
Impaired loans with no related allowance for credit losses | |||||||||||||||||||||||||
Recorded | Unpaid | Specific | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
Residential one-to-four family | $ | 3,158 | $ | 3,158 | $ | — | |||||||||||||||||||
Commercial real estate | 970 | 970 | — | ||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||
Home equity | 400 | 599 | — | ||||||||||||||||||||||
Indirect auto | 16 | 16 | — | ||||||||||||||||||||||
Other consumer | 1 | 1 | — | ||||||||||||||||||||||
Totals | $ | 4,545 | $ | 4,744 | $ | — | |||||||||||||||||||
Information regarding Interest Income Recognized on Impaired Loans | ' | ||||||||||||||||||||||||
The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated (unaudited and in thousands): | |||||||||||||||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | ||||||||||||||||||||||||
With an allowance recorded | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
Residential one-to-four family | $ | 1,911 | $ | 3 | $ | 2,452 | $ | 3 | |||||||||||||||||
Commercial real estate | 3,092 | 32 | 1,045 | 27 | |||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | |||||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||||
Indirect auto | — | — | — | — | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Totals | $ | 5,003 | $ | 35 | $ | 3,497 | $ | 30 | |||||||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | ||||||||||||||||||||||||
Without an allowance recorded | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
Residential one-to-four family | $ | 3,119 | $ | 23 | $ | 5,071 | $ | 38 | |||||||||||||||||
Commercial real estate | 892 | 9 | 3,690 | 62 | |||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | |||||||||||||||||||||
Home equity | 465 | 2 | 493 | 4 | |||||||||||||||||||||
Indirect auto | — | — | — | — | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Totals | $ | 4,476 | $ | 34 | $ | 9,254 | $ | 104 | |||||||||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||||||||||||||||||||||||
With an allowance recorded | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
Residential one-to-four family | $ | 2,071 | $ | 108 | $ | 2,456 | $ | 6 | |||||||||||||||||
Commercial real estate | 3,099 | 52 | 523 | 27 | |||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | |||||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||||
Indirect auto | — | — | — | — | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Totals | $ | 5,170 | $ | 160 | $ | 2,979 | $ | 33 | |||||||||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||||||||||||||||||||||||
Without an allowance recorded | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
Residential one-to-four family | $ | 3,131 | $ | 49 | $ | 5,008 | $ | 72 | |||||||||||||||||
Commercial real estate | 923 | 17 | 3,510 | 86 | |||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | |||||||||||||||||||||
Home equity | 432 | 5 | 506 | 10 | |||||||||||||||||||||
Indirect auto | — | — | 3 | — | |||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||
Totals | $ | 4,486 | $ | 71 | $ | 9,027 | $ | 168 | |||||||||||||||||
Summary of Past Due and Non-Accrual Loans | ' | ||||||||||||||||||||||||
The following is a summary of past due and non-accrual loans (in thousands): | |||||||||||||||||||||||||
June 30, 2014 (unaudited) | |||||||||||||||||||||||||
30–59 Days | 60–89 Days | 90 Days | Total | 90 days | Loans on | ||||||||||||||||||||
or More | Past Due | or more | Non-accrual | ||||||||||||||||||||||
and accruing | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential one-to-four family | $ | — | $ | — | $ | 1,700 | $ | 1,700 | $ | — | $ | 1,943 | |||||||||||||
Commercial real estate | — | — | — | — | — | — | |||||||||||||||||||
Home equity | 125 | — | 298 | $ | 423 | — | 298 | ||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial | — | 63 | — | 63 | — | — | |||||||||||||||||||
Indirect auto | 212 | 35 | — | 247 | — | — | |||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 337 | $ | 98 | $ | 1,998 | $ | 2,433 | $ | — | $ | 2,241 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
30–59 Days | 60–89 Days | 90 Days | Total | 90 days | Loans on | ||||||||||||||||||||
or More | Past Due | or more | Non-accrual | ||||||||||||||||||||||
and accruing | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential one-to-four family | $ | 410 | $ | — | $ | 1,911 | $ | 2,321 | $ | — | $ | 3,860 | |||||||||||||
Commercial real estate | — | — | 38 | 38 | — | 38 | |||||||||||||||||||
Home equity | 914 | — | — | 914 | — | 200 | |||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||
Other loans: | |||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||
Indirect auto | 222 | — | 16 | 238 | — | 16 | |||||||||||||||||||
Other consumer | — | — | 1 | 1 | — | 1 | |||||||||||||||||||
Total | $ | 1,546 | $ | — | $ | 1,966 | $ | 3,512 | $ | — | $ | 4,115 | |||||||||||||
Company's Loans by Risk Rating | ' | ||||||||||||||||||||||||
The following tables present the Company’s loans by risk rating at June 30, 2014 (unaudited) and December 31, 2013 (in thousands). | |||||||||||||||||||||||||
There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Loans rated 1-3 | Loans rated 4 | Loans rated 5 | Loans not rated (A) | Total | |||||||||||||||||||||
Residential one-to-four family | $ | — | $ | 3,080 | $ | 2,689 | $ | 343,088 | $ | 348,857 | |||||||||||||||
Commercial real estate | 346,501 | 4,228 | 8,817 | — | 359,546 | ||||||||||||||||||||
Construction | 14,694 | — | — | — | 14,694 | ||||||||||||||||||||
Commercial | 39,012 | 5 | 1 | — | 39,018 | ||||||||||||||||||||
Home equity | — | 200 | 1,097 | 109,579 | 110,876 | ||||||||||||||||||||
Indirect auto | — | — | — | 116,189 | 116,189 | ||||||||||||||||||||
Other consumer | — | — | — | 522 | 522 | ||||||||||||||||||||
Total | $ | 400,207 | $ | 7,513 | $ | 12,604 | $ | 569,378 | $ | 989,702 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Loans rated 1-3 | Loans rated 4 | Loans rated 5 | Loans not rated (A) | Total | |||||||||||||||||||||
Residential one-to-four family | $ | — | $ | 3,123 | $ | 4,613 | $ | 279,916 | $ | 287,652 | |||||||||||||||
Commercial real estate | 307,093 | 4,277 | 9,437 | — | 320,807 | ||||||||||||||||||||
Construction | 9,965 | — | — | — | 9,965 | ||||||||||||||||||||
Commercial | 30,643 | 48 | — | — | 30,691 | ||||||||||||||||||||
Home equity | — | 200 | 999 | 91,262 | 92,461 | ||||||||||||||||||||
Indirect auto | — | — | — | 99,798 | 99,798 | ||||||||||||||||||||
Other consumer | — | 9 | 4 | 545 | 558 | ||||||||||||||||||||
Total | $ | 347,701 | $ | 7,657 | $ | 15,053 | $ | 471,521 | $ | 841,932 | |||||||||||||||
(A) | Residential real estate, home equity, indirect auto loans and consumer loans are not formally risk rated by the Company unless the loans become delinquent. | ||||||||||||||||||||||||
Trouble Debt Restructuring Accrual Status | ' | ||||||||||||||||||||||||
The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated (in thousands): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
TDR’s on Accrual Status | $ | 7,249 | $ | 7,366 | |||||||||||||||||||||
TDR’s on Nonaccrual Status | 1,900 | 1,900 | |||||||||||||||||||||||
Total TDR’s | $ | 9,149 | $ | 9,266 | |||||||||||||||||||||
Amount of specific allocation included in the allowance for loan losses associated with TDR’s | $ | 555 | $ | 543 | |||||||||||||||||||||
Additional commitments to lend to a borrower who has been a party to a TDR | $ | — | $ | — | |||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | ||||||||||||||||||||||||
The following tables show the troubled debt restructuring modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring (dollars in thousands): | |||||||||||||||||||||||||
Three months ended | (unaudited) | Three months ended | (unaudited) | ||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
# of | Pre-modification | Post-modification | # of | Pre-modification | Post-modification | ||||||||||||||||||||
Contracts | outstanding | outstanding | Contracts | outstanding | outstanding | ||||||||||||||||||||
recorded investment | recorded investment | recorded investment | recorded investment | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential one-to-four family | 1 | $ | 1,700 | $ | 1,700 | — | $ | — | $ | — | |||||||||||||||
Home equity | 1 | 200 | 200 | — | — | — | |||||||||||||||||||
Commercial real estate | 1 | 882 | 882 | 3 | 4,638 | 4,128 | |||||||||||||||||||
Total | 3 | $ | 2,782 | $ | 2,782 | 3 | $ | 4,638 | $ | 4,128 | |||||||||||||||
Six months ended | (unaudited) | Six months ended | (unaudited) | ||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
# of | Pre-modification | Post-modification | # of | Pre-modification | Post-modification | ||||||||||||||||||||
Contracts | outstanding | outstanding | Contracts | outstanding | outstanding | ||||||||||||||||||||
recorded investment | recorded investment | recorded investment | recorded investment | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential one-to-four family | 1 | $ | 1,700 | $ | 1,700 | 1 | $ | 347 | $ | 378 | |||||||||||||||
Home equity | 1 | 200 | 200 | — | — | — | |||||||||||||||||||
Commercial real estate | 1 | 882 | 882 | 4 | 4,732 | 4,128 | |||||||||||||||||||
Total | 3 | $ | 2,782 | $ | 2,782 | 5 | $ | 5,079 | $ | 4,506 | |||||||||||||||
Post Modification of Troubled Debt Restructuring Balance | ' | ||||||||||||||||||||||||
The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated (in thousands): | |||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||
Extended Maturity | $ | 882 | $ | 992 | |||||||||||||||||||||
Interest only | $ | 1,900 | $ | — | |||||||||||||||||||||
Adjusted Interest Rate | — | 3,136 | |||||||||||||||||||||||
Total | $ | 2,782 | $ | 4,128 | |||||||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||
Extended Maturity | $ | 882 | $ | 1,370 | |||||||||||||||||||||
Interest only | $ | 1,900 | $ | — | |||||||||||||||||||||
Adjusted Interest Rate | — | 3,136 | |||||||||||||||||||||||
Total | $ | 2,782 | $ | 4,506 | |||||||||||||||||||||
TRANSFERS_AND_SERVICING_Tables
TRANSFERS AND SERVICING (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Changes in Mortgage Servicing Rights | ' | ||||||||||||||||
Changes in mortgage servicing rights, which are included in other assets, were as follows (in thousands): | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||
Balance at beginning of period | $ | 403 | $ | 367 | $ | 411 | $ | 353 | |||||||||
Capitalization | 22 | 74 | 29 | 116 | |||||||||||||
Amortization | (19 | ) | (31 | ) | (36 | ) | (59 | ) | |||||||||
Impairment | (4 | ) | (56 | ) | (2 | ) | (56 | ) | |||||||||
Balance at end of period | $ | 402 | $ | 354 | $ | 402 | $ | 354 | |||||||||
PLEDGED_ASSETS_Tables
PLEDGED ASSETS (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Securities and Loans Pledged to Secure Securities Sold Under Agreements to Repurchase, FHLB Advances and Credit Facilities Available | ' | ||||||||||||
The following securities and loans were pledged to secure securities sold under agreements to repurchase, FHLB advances and credit facilities available (in thousands). | |||||||||||||
June 30, 2014 (unaudited) | Securities held-to- | Loans | Total pledged | ||||||||||
maturity (at cost) | receivable | assets | |||||||||||
Repurchase agreements | $ | 4,361 | $ | — | $ | 4,361 | |||||||
FHLB borrowings | 54,243 | 447,028 | 501,271 | ||||||||||
Federal Reserve Bank LOC | 16,647 | — | 16,647 | ||||||||||
Total pledged assets | $ | 75,251 | $ | 447,028 | $ | 522,279 | |||||||
December 31, 2013 | Securities held-to- | Loans | Total pledged | ||||||||||
maturity (at cost) | receivable | assets | |||||||||||
Repurchase agreements | $ | 4,832 | $ | — | $ | 4,832 | |||||||
FHLB borrowings | 48,133 | 415,924 | 464,057 | ||||||||||
Federal Reserve Bank LOC | 3,016 | — | 3,016 | ||||||||||
Total pledged assets | $ | 55,981 | $ | 415,924 | $ | 471,905 | |||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Components of Earning Per Share | ' | ||||||||||||||||
Earnings per share consisted of the following components for the periods indicated (unaudited and dollars in thousands except per share data): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30 | June 30 | June 30 | June 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 1,041 | $ | 361 | $ | 1,721 | $ | 777 | |||||||||
Undistributed earnings attributable to participating securities | (35 | ) | (14 | ) | (57 | ) | (31 | ) | |||||||||
Net income allocated to common stockholders | $ | 1,006 | $ | 347 | $ | 1,664 | $ | 746 | |||||||||
Weighted average shares outstanding, basic | 8,354,185 | 8,427,481 | 8,350,060 | 8,562,039 | |||||||||||||
Effect of dilutive shares | 178,008 | 89,468 | 142,839 | 82,134 | |||||||||||||
Weighted average shares outstanding, assuming dilution | 8,532,193 | 8,516,949 | 8,492,899 | 8,644,173 | |||||||||||||
Basic EPS | $ | 0.12 | $ | 0.04 | $ | 0.2 | $ | 0.09 | |||||||||
Effect of dilutive shares | — | — | — | — | |||||||||||||
Diluted EPS | $ | 0.12 | $ | 0.04 | $ | 0.2 | $ | 0.09 | |||||||||
Options Excluded from Computation of EPS | ' | ||||||||||||||||
The following table illustrates average options to purchase shares of common stock that were outstanding but not included in the computation of EPS because they were antidilutive under the treasury stock method (unaudited): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30 | June 30 | June 30 | June 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 30,463 | 827,351 | 44,628 | 838,916 |
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Pre-Tax Expense Associated with Stock Option and Restricted Stock Awards and Related Tax Benefits Recognized | ' | ||||||||||||||||
The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits recognized (in thousands and unaudited): | |||||||||||||||||
Three months | Three months | Six months | Six months | ||||||||||||||
ended June 30, 2014 | ended June 30, 2013 | ended June 30, 2014 | ended June 30, 2013 | ||||||||||||||
Stock options | $ | 201 | $ | 187 | $ | 434 | $ | 376 | |||||||||
Restricted stock awards | 215 | 215 | 461 | 425 | |||||||||||||
Total stock based compensation expense | 416 | 402 | 895 | 801 | |||||||||||||
Related tax benefits recognized in earnings | $ | 119 | $ | 119 | $ | 265 | $ | 235 | |||||||||
Compensation Cost Related to Non-Vested Awards Not Yet Recognized and Weighted Average Recognition Period | ' | ||||||||||||||||
Total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized is as follows (in thousands): | |||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
(unaudited) | |||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
average period | average period | ||||||||||||||||
Stock options | $ | 2,529 | 3.49 | $ | 2,797 | 3.94 | |||||||||||
Restricted stock | 2,682 | 3.45 | 2,997 | 3.91 | |||||||||||||
Total | $ | 5,211 | $ | 5,794 | |||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Summary of Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following table summarizes financial assets measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Fair Value | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||
Securities available-for-sale Corporate debt securities | $ | — | $ | 22,208 | $ | — | $ | 22,208 | |||||||||||||
Trading securities Rabbi trust investments | 2,262 | 52 | — | 2,314 | |||||||||||||||||
Totals | $ | 2,262 | $ | 22,260 | $ | — | $ | 24,522 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Fair Value | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Securities available-for-sale Corporate debt securities | $ | — | $ | 21,921 | $ | — | $ | 21,921 | |||||||||||||
Trading securities Rabbi trust investments | 2,181 | 53 | — | 2,234 | |||||||||||||||||
Totals | $ | 2,181 | $ | 21,974 | $ | — | $ | 24,155 | |||||||||||||
Schedule of Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows (in thousands): | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 48,880 | $ | 48,880 | $ | 48,880 | $ | — | $ | — | |||||||||||
Interest-bearing time deposits with other banks | 131 | 131 | — | 131 | — | ||||||||||||||||
Held-to-maturity securities | 123,682 | 124,714 | — | 124,714 | — | ||||||||||||||||
Federal Home Loan Bank stock | 10,542 | 10,542 | — | 10,542 | — | ||||||||||||||||
Loans, net | 987,280 | 981,192 | — | — | 981,192 | ||||||||||||||||
Accrued interest receivable | 2,569 | 2,569 | 2,569 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 891,891 | 873,213 | — | 873,213 | — | ||||||||||||||||
Federal Home Loan Bank advances | 180,100 | 180,295 | — | 180,295 | — | ||||||||||||||||
Securities sold under agreements to repurchase | 1,872 | 1,872 | — | 1,872 | — | ||||||||||||||||
Other borrowed funds | 1,090 | 1,053 | — | 1,053 | — | ||||||||||||||||
Accrued interest payable | 760 | 760 | 760 | — | — | ||||||||||||||||
Mortgagor’s escrow accounts | 1,326 | 1,326 | — | 1,326 | — | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 38,035 | $ | 38,035 | $ | 38,035 | $ | — | $ | — | |||||||||||
Interest-bearing time deposits with other banks | 119 | 119 | — | 119 | — | ||||||||||||||||
Held-to-maturity securities | 119,776 | 118,981 | — | 118,981 | — | ||||||||||||||||
Federal Home Loan Bank stock | 7,712 | 7,712 | — | 7,712 | — | ||||||||||||||||
Loans, net | 839,013 | 833,423 | — | — | 833,423 | ||||||||||||||||
Accrued interest receivable | 2,241 | 2,241 | 2,241 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 764,753 | 742,785 | — | 742,785 | — | ||||||||||||||||
Federal Home Loan Bank advances | 142,100 | 141,960 | — | 141,960 | — | ||||||||||||||||
Securities sold under agreements to repurchase | 2,127 | 2,127 | — | 2,127 | — | ||||||||||||||||
Other borrowed funds | 1,113 | 1,113 | — | 1,113 | — | ||||||||||||||||
Accrued interest payable | 683 | 683 | 683 | — | — | ||||||||||||||||
Mortgagor’s escrow accounts | 1,054 | 1,054 | — | 1,054 | — | ||||||||||||||||
Loans Held for Sale and Impaired Loans | ' | ||||||||||||||||||||
Fair Value of Assets Measured on Nonrecurring Basis | ' | ||||||||||||||||||||
The following table (in thousands) presents certain impaired loans that were re-measured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral at June 30, 2014 (unaudited) and December 31, 2013. | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 1,345 | |||||||||||||||
Totals | $ | — | $ | — | $ | 1,345 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 3,199 | |||||||||||||||
Totals | $ | — | $ | — | $ | 3,199 | |||||||||||||||
Other Real Estate Owned | ' | ||||||||||||||||||||
Fair Value of Assets Measured on Nonrecurring Basis | ' | ||||||||||||||||||||
The following tables (in thousands) present the non-financial assets that were re-measured and reported at the lower of cost or fair value at the periods indicated: | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Mortgage servicing rights | $ | — | $ | — | $ | 402 | |||||||||||||||
Totals | $ | — | $ | — | $ | 402 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Mortgage servicing rights | $ | — | $ | — | $ | 411 | |||||||||||||||
Totals | $ | — | $ | — | $ | 411 | |||||||||||||||
OTHER_COMPREHENSIVE_INCOME_LOS1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Schedules of Other Comprehensive Income | ' | ||||||||||||||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | ||||||||||||||||||||||||
(unaudited and in thousands) | (unaudited and in thousands) | ||||||||||||||||||||||||
Pre Tax | Tax | After Tax | Pre Tax | Tax | After Tax | ||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | ||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
Change in unrealized gain/loss during the period | $ | 128 | $ | (51 | ) | $ | 77 | $ | (341 | ) | $ | 137 | $ | (204 | ) | ||||||||||
Reclassification adjustment for net realized gains included in net income (1) | — | — | — | (4 | ) | 1 | (3 | ) | |||||||||||||||||
Total securities available-for-sale | 128 | (51 | ) | 77 | (345 | ) | 138 | (207 | ) | ||||||||||||||||
Other comprehensive income (loss) | $ | 128 | $ | (51 | ) | $ | 77 | $ | (345 | ) | $ | 138 | $ | (207 | ) | ||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||||||||||||||||||||||||
(unaudited and in thousands) | (unaudited and in thousands) | ||||||||||||||||||||||||
Pre Tax | Tax | After Tax | Pre Tax | Tax | After Tax | ||||||||||||||||||||
Amount | Expense | Amount | Amount | Expense | Amount | ||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
Change in unrealized gain/loss during the period | $ | 323 | $ | (129 | ) | $ | 194 | $ | (640 | ) | $ | 255 | $ | (385 | ) | ||||||||||
Reclassification adjustment for net realized gains included in net income (1) | — | — | — | (34 | ) | 14 | (20 | ) | |||||||||||||||||
Total securities available-for-sale | 323 | (129 | ) | 194 | (674 | ) | 269 | (405 | ) | ||||||||||||||||
Other comprehensive income (loss) | $ | 323 | $ | (129 | ) | $ | 194 | $ | (674 | ) | $ | 269 | $ | (405 | ) | ||||||||||
-1 | Reclassification adjustments are comprised of realized security gains and losses. The gains and losses have been reclassified out of accumulated other comprehensive income and have affected certain lines in the consolidated statements of operations as follows: the pre-tax amount is included in net gain on sales and calls of securities, the tax expense amount is included in income tax expense and the after tax amount is included in net income. | ||||||||||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax | ' | ||||||||||||||||||||||||
Information on the Company’s accumulated other comprehensive (loss) income, net of tax is comprised of the following components as of the periods indicated (unaudited and in thousands): | |||||||||||||||||||||||||
Net unrealized (loss) | Unrecognized | Accumulated | |||||||||||||||||||||||
gain on securities | actuarial gain (loss) on | other comprehensive | |||||||||||||||||||||||
available for sale | Defined benefit | income (loss) | |||||||||||||||||||||||
pension plan | |||||||||||||||||||||||||
Beginning Balance: January 1, 2014 | $ | (210 | ) | $ | 22 | $ | (188 | ) | |||||||||||||||||
Other comprehensive income | 194 | — | 194 | ||||||||||||||||||||||
Ending balance: June 30, 2014 | $ | (16 | ) | $ | 22 | $ | 6 | ||||||||||||||||||
Beginning Balance: January 1, 2013 | $ | 91 | $ | (23 | ) | $ | 68 | ||||||||||||||||||
Other comprehensive loss | (405 | ) | — | (405 | ) | ||||||||||||||||||||
Ending balance: June 30, 2013 | $ | (314 | ) | $ | (23 | ) | $ | (337 | ) | ||||||||||||||||
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Available for Sale and Held-to-Maturity Securities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $22,235 | $22,271 |
Available-for-sale Securities, Gross Unrealized Gains | 141 | 75 |
Available-for-sale Securities, Gross Unrealized Losses | -168 | -425 |
Available-for-sale Securities, Fair Value | 22,208 | 21,921 |
Held-to-maturity securities, Amortized Cost Basis | 123,682 | 119,776 |
Held-to-maturity securities, Gross Unrealized Gains | 1,343 | 692 |
Held-to-maturity securities, Gross Unrealized Losses | -311 | -1,487 |
Held-to-maturity securities, Fair Value | 124,714 | 118,981 |
Corporate debt securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 22,235 | 22,271 |
Available-for-sale Securities, Gross Unrealized Gains | 141 | 75 |
Available-for-sale Securities, Gross Unrealized Losses | -168 | -425 |
Available-for-sale Securities, Fair Value | 22,208 | 21,921 |
Held-to-maturity securities, Amortized Cost Basis | 18,530 | 20,519 |
Held-to-maturity securities, Gross Unrealized Gains | 163 | 120 |
Held-to-maturity securities, Gross Unrealized Losses | -37 | -489 |
Held-to-maturity securities, Fair Value | 18,656 | 20,150 |
U.S. government sponsored mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity securities, Amortized Cost Basis | 105,152 | 99,257 |
Held-to-maturity securities, Gross Unrealized Gains | 1,180 | 572 |
Held-to-maturity securities, Gross Unrealized Losses | -274 | -998 |
Held-to-maturity securities, Fair Value | $106,058 | $98,831 |
Amortized_Cost_Basis_and_Estim
Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Due within one year, Available-for-sale Securities, Amortized Cost Basis | ' | ' |
Due after one year through five years, Available-for-sale Securities, Amortized Cost Basis | 12,815 | ' |
Due after five years through ten years, Available-for-sale Securities, Amortized Cost Basis | 9,420 | ' |
Due after ten years, Available-for-sale Securities, Amortized Cost Basis | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 22,235 | ' |
Due within one year, Available-for-sale Securities, Fair Value | ' | ' |
Due after one year through five years, Available-for-sale Securities, Fair Value | 12,957 | ' |
Due after five years through ten years, Available-for-sale Securities, Fair Value | 9,251 | ' |
Due after ten years, Available-for-sale Securities, Fair Value | ' | ' |
Available-for-sale Securities, Fair Value | 22,208 | 21,921 |
Due within one year, Held-to-Maturity, Amortized Cost Basis | 1,004 | ' |
Due after one year through five years, Held-to-Maturity, Amortized Cost Basis | 7,408 | ' |
Due after five years through ten years, Held-to-Maturity, Amortized Cost Basis | 67,508 | ' |
Due after ten years, Held-to-Maturity, Amortized Cost Basis | 47,762 | ' |
Held-to-Maturity, Amortized Cost Basis | 123,682 | 119,776 |
Due within one year, Held-to-Maturity, Fair Value | 1,009 | ' |
Due after one year through five years, Held-to-Maturity, Fair Value | 7,531 | ' |
Due after five years through ten years, Held-to-Maturity, Fair Value | 67,970 | ' |
Due after ten years, Held-to-Maturity, Fair Value | 48,204 | ' |
Held-to-maturity securities, Fair Value | $124,714 | $118,981 |
Investments_in_Securities_Addi
Investments in Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Securities | Securities | Investment | |||
Investment | |||||
Investment Securities [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sales of available-for-sale securities | $0 | $7,700,000 | $0 | $17,985,000 | ' |
Number of debt securities at unrealized losses | 20 | ' | 20 | ' | ' |
Number of securities that had unrealized losses | ' | ' | ' | ' | 32 |
Securities that had unrealized losses, aggregate depreciation percentage | ' | ' | ' | ' | 2.40% |
Rabbi Trust | ' | ' | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' | ' | ' |
Trading securities, fair value | 2,314,000 | ' | 2,314,000 | ' | 2,234,000 |
Trading securities, unrealized holding gain (loss) | $40,000 | ($18,000) | $62,000 | ($18,000) | ' |
Interest Rates | ' | ' | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' | ' | ' |
Number of securities that had unrealized losses | 20 | ' | 20 | ' | ' |
Securities that had unrealized losses, aggregate depreciation percentage | 1.10% | ' | 1.10% | ' | ' |
Gross_Gains_and_Losses_Realize
Gross Gains and Losses Realized on Sales of Available for Sale Securities (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross gains | $5 | $64 |
Gross losses | -1 | -30 |
Net gains on sales of available-for-sale securities | 4 | 34 |
Income tax expense attributable to realized net gains on sales of AFS debt securities | $1 | $14 |
Securities_with_Gross_Unrealiz
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $12,831 | $74,053 |
Less than 12 Months, Unrealized Losses | -27 | -1,517 |
12 Months or longer, Fair Value | 30,134 | 4,058 |
12 Months or longer, Unrealized Losses | -452 | -395 |
Corporate debt securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 4,996 | 4,970 |
Less than 12 Months, Unrealized Losses | -4 | -30 |
12 Months or longer, Fair Value | 4,255 | 4,052 |
12 Months or longer, Unrealized Losses | -164 | -395 |
Held-to-maturity Securities | Corporate debt securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months, Fair Value | ' | 10,010 |
Less than 12 Months, Unrealized Losses | ' | -489 |
12 Months or longer, Fair Value | 7,663 | ' |
12 Months or longer, Unrealized Losses | -37 | ' |
U.S. government sponsored mortgage-backed securities | Held-to-maturity Securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 7,835 | 59,073 |
Less than 12 Months, Unrealized Losses | -23 | -998 |
12 Months or longer, Fair Value | 18,216 | 6 |
12 Months or longer, Unrealized Losses | ($251) | ' |
Recovered_Sheet1
Loans Allowance for Loan Losses And Credit Quality - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Contract | Contract | Contract | Contract | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Due days of accrual of interest on all loans | ' | ' | '90 days | ' | ' |
Originate loans with a loan-to-value | 80.00% | ' | 80.00% | ' | ' |
Unallocated reserves for loan losses | $158,000 | ' | $158,000 | ' | $139,000 |
Troubled debt restructurings | 9,149,000 | ' | 9,149,000 | ' | 9,266,000 |
Number of Contracts | 3 | 3 | 3 | 5 | ' |
TDR's defaulted modification, number of contracts | 2 | 0 | 2 | 0 | ' |
Financing receivables that have been modified by TDR's and subsequently defaulted, carrying amount | $1,900,000 | ' | $1,900,000 | ' | ' |
Troubled debt restructurings | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Number of Contracts | 0 | 3 | 0 | 5 | ' |
Summary_of_Loans_Detail
Summary of Loans (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | $989,702 | ' | $841,932 | ' | ' | ' | ||
Net deferred loan costs | 4,282 | ' | 3,535 | ' | ' | ' | ||
Mortgage loans on real estate percent | 84.27% | ' | 84.43% | ' | ' | ' | ||
Net unamortized mortgage premiums | 1,910 | ' | 1,504 | ' | ' | ' | ||
Allowance for loan losses | -8,614 | -8,342 | -7,958 | -6,856 | -6,778 | -6,440 | ||
Total loans, net | 987,280 | ' | 839,013 | ' | ' | ' | ||
Commercial and consumer gross percent | 15.73% | ' | 15.57% | ' | ' | ' | ||
Total loans, Percent | 100.00% | ' | 100.00% | ' | ' | ' | ||
Construction loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 14,694 | ' | 9,965 | ' | ' | ' | ||
Allowance for loan losses | -187 | -161 | -134 | -226 | -166 | -198 | ||
Commercial real estate loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 359,546 | ' | 320,807 | ' | ' | ' | ||
Allowance for loan losses | -3,958 | -4,123 | -3,621 | -3,344 | -3,323 | -3,039 | ||
Home equity | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 110,876 | ' | 92,461 | ' | ' | ' | ||
Allowance for loan losses | -706 | -601 | -681 | -538 | -474 | -466 | ||
Commercial loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 39,018 | ' | 30,691 | ' | ' | ' | ||
Allowance for loan losses | -513 | -407 | -419 | -440 | -491 | -470 | ||
Residential one-to-four family | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 348,857 | ' | 287,652 | ' | ' | ' | ||
Allowance for loan losses | -2,249 | -2,046 | -2,189 | -1,378 | -1,367 | -1,412 | ||
Consumer loans Indirect auto loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 116,189 | ' | 99,798 | ' | ' | ' | ||
Allowance for loan losses | -824 | -833 | -749 | -785 | -813 | -772 | ||
Other consumer loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 522 | ' | 558 | ' | ' | ' | ||
Allowance for loan losses | -19 | -18 | -26 | -17 | -18 | -19 | ||
Mortgage loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 833,973 | ' | 710,885 | ' | ' | ' | ||
Mortgage loans | Construction loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 14,694 | ' | 9,965 | ' | ' | ' | ||
Mortgage loans on real estate percent | 1.48% | ' | 1.18% | ' | ' | ' | ||
Mortgage loans | Commercial real estate loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 359,546 | [1] | ' | 320,807 | [1] | ' | ' | ' |
Mortgage loans on real estate percent | 36.34% | [1] | ' | 38.10% | [1] | ' | ' | ' |
Mortgage loans | Home equity | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 110,876 | ' | 92,461 | ' | ' | ' | ||
Mortgage loans on real estate percent | 11.20% | ' | 10.98% | ' | ' | ' | ||
Mortgage loans | Residential one-to-four family | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 348,857 | ' | 287,652 | ' | ' | ' | ||
Mortgage loans on real estate percent | 35.25% | ' | 34.17% | ' | ' | ' | ||
Consumer Loan | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 155,729 | ' | 131,047 | ' | ' | ' | ||
Consumer Loan | Commercial loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 39,018 | ' | 30,691 | ' | ' | ' | ||
Commercial loans, percentage | 3.94% | ' | 3.65% | ' | ' | ' | ||
Consumer Loan | Consumer loans Indirect auto loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | 116,189 | ' | 99,798 | ' | ' | ' | ||
Indirect auto loans, percentage | 11.74% | ' | 11.85% | ' | ' | ' | ||
Consumer Loan | Other consumer loans | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Loans Balance | $522 | ' | $558 | ' | ' | ' | ||
Other consumer loans, percent | 0.05% | ' | 0.07% | ' | ' | ' | ||
[1] | Includes multi-family real estate loans. |
Allowance_for_Loan_Losses_by_P
Allowance for Loan Losses by Portfolio Class (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | $8,342 | $6,778 | $7,958 | $6,440 |
Provision (benefit) | 307 | 100 | 696 | 427 |
Charge-offs | -42 | -35 | -51 | -70 |
Recoveries | 7 | 13 | 11 | 59 |
Ending Balance | 8,614 | 6,856 | 8,614 | 6,856 |
Construction loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 161 | 166 | 134 | 198 |
Provision (benefit) | 26 | 60 | 53 | 28 |
Ending Balance | 187 | 226 | 187 | 226 |
Commercial real estate loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 4,123 | 3,323 | 3,621 | 3,039 |
Provision (benefit) | -165 | 21 | 337 | 305 |
Ending Balance | 3,958 | 3,344 | 3,958 | 3,344 |
Commercial loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 407 | 491 | 419 | 470 |
Provision (benefit) | 110 | -51 | 98 | -30 |
Charge-offs | -4 | ' | -4 | ' |
Ending Balance | 513 | 440 | 513 | 440 |
Home equity | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 601 | 474 | 681 | 466 |
Provision (benefit) | 105 | 64 | 25 | 72 |
Ending Balance | 706 | 538 | 706 | 538 |
Residential one-to-four family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 2,046 | 1,367 | 2,189 | 1,412 |
Provision (benefit) | 203 | 11 | 60 | -34 |
Ending Balance | 2,249 | 1,378 | 2,249 | 1,378 |
Consumer loans Indirect auto loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 833 | 813 | 749 | 772 |
Provision (benefit) | 17 | -14 | 103 | 5 |
Charge-offs | -29 | -24 | -32 | -42 |
Recoveries | 3 | 10 | 4 | 50 |
Ending Balance | 824 | 785 | 824 | 785 |
Other consumer loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 18 | 18 | 26 | 19 |
Provision (benefit) | 6 | 7 | 1 | 17 |
Charge-offs | -9 | -11 | -15 | -28 |
Recoveries | 4 | 3 | 7 | 9 |
Ending Balance | 19 | 17 | 19 | 17 |
Unallocated | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 153 | 126 | 139 | 64 |
Provision (benefit) | 5 | 2 | 19 | 64 |
Ending Balance | $158 | $128 | $158 | $128 |
Individually_Impaired_Loans_by
Individually Impaired Loans by Class of Loans (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment, Loan balance | $9,490 | ' | $11,480 | ' | ' | ' |
Individually evaluated for impairment, Loan allowance | 575 | ' | 880 | ' | ' | ' |
Collectively evaluated for impairment, Loan balance | 980,212 | ' | 830,452 | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 8,039 | ' | 7,078 | ' | ' | ' |
Total Loan Balance | 989,702 | ' | 841,932 | ' | ' | ' |
Total Loan, allowance | 8,614 | 8,342 | 7,958 | 6,856 | 6,778 | 6,440 |
Construction loans | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment, Loan balance | 14,694 | ' | 9,965 | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 187 | ' | 134 | ' | ' | ' |
Total Loan Balance | 14,694 | ' | 9,965 | ' | ' | ' |
Total Loan, allowance | 187 | 161 | 134 | 226 | 166 | 198 |
Commercial real estate loans | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment, Loan balance | 3,969 | ' | 4,081 | ' | ' | ' |
Individually evaluated for impairment, Loan allowance | 11 | ' | 11 | ' | ' | ' |
Collectively evaluated for impairment, Loan balance | 355,577 | ' | 316,726 | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 3,947 | ' | 3,610 | ' | ' | ' |
Total Loan Balance | 359,546 | ' | 320,807 | ' | ' | ' |
Total Loan, allowance | 3,958 | 4,123 | 3,621 | 3,344 | 3,323 | 3,039 |
Commercial loans | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment, Loan balance | 39,018 | ' | 30,691 | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 513 | ' | 419 | ' | ' | ' |
Total Loan Balance | 39,018 | ' | 30,691 | ' | ' | ' |
Total Loan, allowance | 513 | 407 | 419 | 440 | 491 | 470 |
Home equity | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment, Loan balance | 498 | ' | 400 | ' | ' | ' |
Collectively evaluated for impairment, Loan balance | 110,378 | ' | 92,061 | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 706 | ' | 681 | ' | ' | ' |
Total Loan Balance | 110,876 | ' | 92,461 | ' | ' | ' |
Total Loan, allowance | 706 | 601 | 681 | 538 | 474 | 466 |
Residential one-to-four family | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment, Loan balance | 5,023 | ' | 6,982 | ' | ' | ' |
Individually evaluated for impairment, Loan allowance | 564 | ' | 869 | ' | ' | ' |
Collectively evaluated for impairment, Loan balance | 343,834 | ' | 280,670 | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 1,685 | ' | 1,320 | ' | ' | ' |
Total Loan Balance | 348,857 | ' | 287,652 | ' | ' | ' |
Total Loan, allowance | 2,249 | 2,046 | 2,189 | 1,378 | 1,367 | 1,412 |
Consumer loans Indirect auto loans | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment, Loan balance | ' | ' | 16 | ' | ' | ' |
Collectively evaluated for impairment, Loan balance | 116,189 | ' | 99,782 | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 824 | ' | 749 | ' | ' | ' |
Total Loan Balance | 116,189 | ' | 99,798 | ' | ' | ' |
Total Loan, allowance | 824 | 833 | 749 | 785 | 813 | 772 |
Other consumer loans | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment, Loan balance | ' | ' | 1 | ' | ' | ' |
Collectively evaluated for impairment, Loan balance | 522 | ' | 557 | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 19 | ' | 26 | ' | ' | ' |
Total Loan Balance | 522 | ' | 558 | ' | ' | ' |
Total Loan, allowance | 19 | 18 | 26 | 17 | 18 | 19 |
Unallocated | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment, Loan allowance | 158 | ' | 139 | ' | ' | ' |
Total Loan, allowance | $158 | $153 | $139 | $128 | $126 | $64 |
Impaired_Loans_Detail
Impaired Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with a related allowance for credit losses at, Recorded Investment | $4,998 | ' | $4,998 | ' | $6,935 |
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 4,998 | ' | 4,998 | ' | 6,935 |
Impaired loans with a related allowance for credit losses at, Specific Allowance | 575 | ' | 575 | ' | 880 |
Impaired loans with no related allowance for credit losses, Recorded Investment | 4,492 | ' | 4,492 | ' | 4,545 |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 4,692 | ' | 4,692 | ' | 4,744 |
Impaired loans with no related allowance for credit losses at, Specific Allowance | ' | ' | ' | ' | ' |
Impaired loans with a related allowance for credit losses, Average recorded Investment | 5,003 | 3,497 | 5,170 | 2,979 | ' |
Impaired loans with a related allowance for credit losses, Income Recognized | 35 | 30 | 160 | 33 | ' |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 4,476 | 9,254 | 4,486 | 9,027 | ' |
Impaired loans with no related allowance for credit losses, Interest income recognized | 34 | 104 | 71 | 168 | ' |
Construction loans | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with no related allowance for credit losses at, Specific Allowance | ' | ' | ' | ' | ' |
Commercial real estate loans | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with a related allowance for credit losses at, Recorded Investment | 3,087 | ' | 3,087 | ' | 3,111 |
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 3,087 | ' | 3,087 | ' | 3,111 |
Impaired loans with a related allowance for credit losses at, Specific Allowance | 11 | ' | 11 | ' | 11 |
Impaired loans with no related allowance for credit losses, Recorded Investment | 882 | ' | 882 | ' | 970 |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 882 | ' | 882 | ' | 970 |
Impaired loans with no related allowance for credit losses at, Specific Allowance | ' | ' | ' | ' | ' |
Impaired loans with a related allowance for credit losses, Average recorded Investment | 3,092 | 1,045 | 3,099 | 523 | ' |
Impaired loans with a related allowance for credit losses, Income Recognized | 32 | 27 | 52 | 27 | ' |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 892 | 3,690 | 923 | 3,510 | ' |
Impaired loans with no related allowance for credit losses, Interest income recognized | 9 | 62 | 17 | 86 | ' |
Commercial loans | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with no related allowance for credit losses at, Specific Allowance | ' | ' | ' | ' | ' |
Home equity | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with no related allowance for credit losses, Recorded Investment | 498 | ' | 498 | ' | 400 |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 697 | ' | 697 | ' | 599 |
Impaired loans with no related allowance for credit losses at, Specific Allowance | ' | ' | ' | ' | ' |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 465 | 493 | 432 | 506 | ' |
Impaired loans with no related allowance for credit losses, Interest income recognized | 2 | 4 | 5 | 10 | ' |
Residential one-to-four family | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with a related allowance for credit losses at, Recorded Investment | 1,911 | ' | 1,911 | ' | 3,824 |
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 1,911 | ' | 1,911 | ' | 3,824 |
Impaired loans with a related allowance for credit losses at, Specific Allowance | 564 | ' | 564 | ' | 869 |
Impaired loans with no related allowance for credit losses, Recorded Investment | 3,112 | ' | 3,112 | ' | 3,158 |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 3,112 | ' | 3,112 | ' | 3,158 |
Impaired loans with no related allowance for credit losses at, Specific Allowance | ' | ' | ' | ' | ' |
Impaired loans with a related allowance for credit losses, Average recorded Investment | 1,911 | 2,452 | 2,071 | 2,456 | ' |
Impaired loans with a related allowance for credit losses, Income Recognized | 3 | 3 | 108 | 6 | ' |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 3,119 | 5,071 | 3,131 | 5,008 | ' |
Impaired loans with no related allowance for credit losses, Interest income recognized | 23 | 38 | 49 | 72 | ' |
Consumer loans Indirect auto loans | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with no related allowance for credit losses, Recorded Investment | ' | ' | ' | ' | 16 |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | ' | ' | ' | ' | 16 |
Impaired loans with no related allowance for credit losses at, Specific Allowance | ' | ' | ' | ' | ' |
Impaired loans with no related allowance for credit losses, Average recorded Investment | ' | ' | ' | 3 | ' |
Other consumer loans | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired loans with no related allowance for credit losses, Recorded Investment | ' | ' | ' | ' | 1 |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 1 | ' | 1 | ' | 1 |
Impaired loans with no related allowance for credit losses at, Specific Allowance | ' | ' | ' | ' | ' |
Past_Due_and_NonAccrual_Loans_
Past Due and Non-Accrual Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-59 Days | $337 | $1,546 |
60-89 Days | 98 | ' |
90 Days or More | 1,998 | 1,966 |
Total Past Due | 2,433 | 3,512 |
90 days or more and accruing | ' | ' |
Loans on Non-accrual | 2,241 | 4,115 |
Consumer Loan | Commercial loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
60-89 Days | 63 | ' |
Total Past Due | 63 | ' |
90 days or more and accruing | ' | ' |
Consumer Loan | Consumer loans Indirect auto loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-59 Days | 212 | 222 |
60-89 Days | 35 | ' |
90 Days or More | ' | 16 |
Total Past Due | 247 | 238 |
90 days or more and accruing | ' | ' |
Loans on Non-accrual | ' | 16 |
Consumer Loan | Other consumer loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
90 Days or More | ' | 1 |
Total Past Due | ' | 1 |
90 days or more and accruing | ' | ' |
Loans on Non-accrual | ' | 1 |
Real estate loans | Construction loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
90 days or more and accruing | ' | ' |
Real estate loans | Commercial real estate loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
90 Days or More | ' | 38 |
Total Past Due | ' | 38 |
90 days or more and accruing | ' | ' |
Loans on Non-accrual | ' | 38 |
Real estate loans | Home equity | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-59 Days | 125 | 914 |
90 Days or More | 298 | ' |
Total Past Due | 423 | 914 |
90 days or more and accruing | ' | ' |
Loans on Non-accrual | 298 | 200 |
Real estate loans | Residential one-to-four family | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
30-59 Days | ' | 410 |
90 Days or More | 1,700 | 1,911 |
Total Past Due | 1,700 | 2,321 |
90 days or more and accruing | ' | ' |
Loans on Non-accrual | $1,943 | $3,860 |
Loans_Classified_by_Risk_Ratin
Loans Classified by Risk Rating (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | $989,702 | $841,932 | ||
Construction loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 14,694 | 9,965 | ||
Commercial real estate loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 359,546 | 320,807 | ||
Commercial loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 39,018 | 30,691 | ||
Home equity | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 110,876 | 92,461 | ||
Residential one-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 348,857 | 287,652 | ||
Consumer loans Indirect auto loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 116,189 | 99,798 | ||
Other consumer loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 522 | 558 | ||
Loans rated 1-3 | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 400,207 | 347,701 | ||
Loans rated 1-3 | Construction loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 14,694 | 9,965 | ||
Loans rated 1-3 | Commercial real estate loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 346,501 | 307,093 | ||
Loans rated 1-3 | Commercial loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 39,012 | 30,643 | ||
Loans rated 4 | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 7,513 | 7,657 | ||
Loans rated 4 | Commercial real estate loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 4,228 | 4,277 | ||
Loans rated 4 | Commercial loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 5 | 48 | ||
Loans rated 4 | Home equity | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 200 | 200 | ||
Loans rated 4 | Residential one-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 3,080 | 3,123 | ||
Loans rated 4 | Other consumer loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | ' | 9 | ||
Loans rated 5 | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 12,604 | 15,053 | ||
Loans rated 5 | Commercial real estate loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 8,817 | 9,437 | ||
Loans rated 5 | Commercial loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 1 | ' | ||
Loans rated 5 | Home equity | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 1,097 | 999 | ||
Loans rated 5 | Residential one-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 2,689 | 4,613 | ||
Loans rated 5 | Other consumer loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | ' | 4 | ||
Loans not rated (A) | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 569,378 | [1] | 471,521 | [1] |
Loans not rated (A) | Home equity | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 109,579 | [1] | 91,262 | [1] |
Loans not rated (A) | Residential one-to-four family | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 343,088 | [1] | 279,916 | [1] |
Loans not rated (A) | Consumer loans Indirect auto loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | 116,189 | [1] | 99,798 | [1] |
Loans not rated (A) | Other consumer loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total Loans Balance | $522 | [1] | $545 | [1] |
[1] | Residential real estate, home equity, indirect auto loans and consumer loans are not formally risk rated by the Company unless the loans become delinquent. |
Troubled_Debt_Restructuring_Ac
Troubled Debt Restructuring Accrual Status (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total TDR's | $9,149 | $9,266 |
Amount of specific allocation included in the allowance for loan losses associated with TDR's | 555 | 543 |
Additional commitments to lend to a borrower who has been a party to a TDR | ' | ' |
Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total TDR's | 7,249 | 7,366 |
Non Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total TDR's | $1,900 | $1,900 |
Troubled_Debt_Restructurings_o
Troubled Debt Restructurings on Financing Receivables (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Contract | Contract | Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 3 | 3 | 3 | 5 |
Pre-modification outstanding recorded investment | $2,782 | $4,638 | $2,782 | $5,079 |
Post-modification outstanding recorded investment | 2,782 | 4,128 | 2,782 | 4,506 |
Real estate loans | Commercial real estate loans | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 1 | 3 | 1 | 4 |
Pre-modification outstanding recorded investment | 882 | 4,638 | 882 | 4,732 |
Post-modification outstanding recorded investment | 882 | 4,128 | 882 | 4,128 |
Real estate loans | Home equity | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 1 | ' | 1 | ' |
Pre-modification outstanding recorded investment | 200 | ' | 200 | ' |
Post-modification outstanding recorded investment | 200 | ' | 200 | ' |
Real estate loans | Residential one-to-four family | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 1 | ' | 1 | 1 |
Pre-modification outstanding recorded investment | 1,700 | ' | 1,700 | 347 |
Post-modification outstanding recorded investment | $1,700 | ' | $1,700 | $378 |
Post_Modification_of_Troubled_
Post Modification of Troubled Debt Restructuring Balance (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded investment | $2,782 | $4,128 | $2,782 | $4,506 |
Extended Maturity | ' | ' | ' | ' |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded investment | 882 | 992 | 882 | 1,370 |
Interest only | ' | ' | ' | ' |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded investment | 1,900 | ' | 1,900 | ' |
Adjusted Interest Rate | ' | ' | ' | ' |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ' | ' | ' | ' |
Post-modification outstanding recorded investment | ' | $3,136 | ' | $3,136 |
Transfers_and_Servicing_Additi
Transfers and Servicing - Additional Information (Detail) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 16, 2006 |
Loan | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ' | ' | ' |
Principal balance of loans sold to another financial institution | ' | ' | $10.50 |
Number of loans sold to another financial institution | ' | ' | 17 |
Total principal balance of loans | 1.1 | 1.1 | ' |
Initial period for repurchase of loan | '120 months | ' | ' |
Repurchase Agreement | 'Loan that becomes 90 days past due | ' | ' |
Residential Mortgage | ' | ' | ' |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ' | ' | ' |
Loans previously sold and serviced | 61.1 | 61.2 | ' |
Consumer loans Indirect auto loans | ' | ' | ' |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ' | ' | ' |
Loans previously sold and serviced | $113.40 | $124.80 | ' |
Changes_in_Mortgage_Servicing_
Changes in Mortgage Servicing Rights (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Servicing Asset at Amortized Cost [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $403 | $367 | $411 | $353 |
Capitalization | 22 | 74 | 29 | 116 |
Amortization | -19 | -31 | -36 | -59 |
Impairment | -4 | -56 | -2 | -56 |
Balance at end of period | $402 | $354 | $402 | $354 |
Recovered_Sheet2
Securities Sold Under Agreements to Repurchase and Other Borrowed Funds - Additional Information (Detail) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Mar. 16, 2006 | |
Loan | |||
Servicing Asset at Amortized Cost [Line Items] | ' | ' | ' |
Balance of securities sold under agreements to repurchase | $1,872,000 | $2,127,000 | ' |
Principal balance of loans sold to another financial institution | ' | ' | 10,500,000 |
Number of loans sold to another financial institution | ' | ' | 17 |
Total principal balance of loans | $1,100,000 | $1,100,000 | ' |
Initial period for repurchase of loan | '120 months | ' | ' |
Repurchase Agreement | 'Loan that becomes 90 days past due | ' | ' |
Recovered_Sheet3
Employee and Director Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Estimated liability | $880,000 | ' | $880,000 | ' | $729,000 |
Compensation expense recognized | 491,000 | 275,000 | 857,000 | 506,000 | ' |
Percentage of eligible compensation of employee | ' | ' | 75.00% | ' | ' |
Contributions by the Company | 206,000 | 191,000 | 356,000 | 359,000 | ' |
Percentage of deferred compensation vested | ' | ' | 100.00% | ' | ' |
Expense recognized by the company | 31,000 | 31,000 | 61,000 | 51,000 | ' |
ESOP, purchase shares | 458,643 | ' | 458,643 | ' | ' |
Common stock price per share | ' | ' | $10 | ' | ' |
Loan obtained by the ESOP, payable annually over | ' | ' | '30 years | ' | ' |
Loan Obtained By ESOP Rate Per Annum Equal To Prime Rate | 3.25% | ' | 3.25% | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Fully vested participants, years of service to complete | ' | ' | '10 years | ' | ' |
Minimum | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Fully vested participants, years of service to complete | ' | ' | '5 years | ' | ' |
Deferred Compensation Plan | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Recorded liability | 48,000 | ' | 48,000 | ' | 91,000 |
Deferred Compensation Plan | Rabbi Trust | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Recorded liability | 2,300,000 | ' | 2,300,000 | ' | 2,200,000 |
Executive Officers | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Benefit upon termination of employment at or after age | ' | ' | 55 | ' | ' |
Reduced benefits available prior to attaining age | ' | ' | 55 | ' | ' |
Estimated liability | 1,600,000 | ' | 1,600,000 | ' | 1,500,000 |
Executive Officers | Maximum | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Number of years of service to complete | ' | ' | '10 years | ' | ' |
Executive Officers | Minimum | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Number of years of service to complete | ' | ' | '10 years | ' | ' |
Directors | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Estimated liability | $545,000 | ' | $545,000 | ' | $553,000 |
Securities_and_Loans_Pledged_t
Securities and Loans Pledged to Secure Securities Sold Under Agreements to Repurchase, FHLB Advances and Credit Facilities Available (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Securities held-to- maturity (at cost) | $75,251 | $55,981 |
Loans receivable | 447,028 | 415,924 |
Total pledged assets | 522,279 | 471,905 |
Repurchase agreements | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Securities held-to- maturity (at cost) | 4,361 | 4,832 |
Total pledged assets | 4,361 | 4,832 |
FHLB borrowings | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Securities held-to- maturity (at cost) | 54,243 | 48,133 |
Loans receivable | 447,028 | 415,924 |
Total pledged assets | 501,271 | 464,057 |
Federal Reserve Bank LOC | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Securities held-to- maturity (at cost) | 16,647 | 3,016 |
Total pledged assets | $16,647 | $3,016 |
Earning_Per_Share_Detail
Earning Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Computation Of Earnings Per Share Line Items | ' | ' | ' | ' |
Net income | $1,041 | $361 | $1,721 | $777 |
Undistributed earnings attributable to participating securities | -35 | -14 | -57 | -31 |
Net income allocated to common stockholders | $1,006 | $347 | $1,664 | $746 |
Weighted average shares outstanding, basic | 8,354,185 | 8,427,481 | 8,350,060 | 8,562,039 |
Effect of dilutive shares | 178,008 | 89,468 | 142,839 | 82,134 |
Weighted average shares outstanding, assuming dilution | 8,532,193 | 8,516,949 | 8,492,899 | 8,644,173 |
Basic EPS | $0.12 | $0.04 | $0.20 | $0.09 |
Effect of dilutive shares | ' | ' | ' | ' |
Diluted EPS | $0.12 | $0.04 | $0.20 | $0.09 |
Options_Outstanding_Excluded_F
Options Outstanding Excluded From Computation of Earnings Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock options | 30,463 | 827,351 | 44,628 | 838,916 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional information (Detail) (USD $) | 6 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 22, 2013 |
Program One | Program Two | Program Two | Maximum | Maximum | ||
Program One | Program Two | |||||
Computation Of Earnings Per Share Line Items | ' | ' | ' | ' | ' | ' |
Share repurchase program, shares authorized to be repurchased | ' | ' | ' | ' | 476,622 | 500,000 |
Share repurchase program, number of shares repurchased | ' | 476,622 | 0 | 0 | ' | ' |
Share repurchase program, aggregate cost of shares repurchased | $6,478 | $6,500 | ' | ' | ' | ' |
PreTax_Expense_Associated_with
Pre-Tax Expense Associated with Stock Option and Restricted Stock Awards and Related Tax Benefits Recognized (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options | $201 | $187 | $434 | $376 |
Restricted stock awards | 215 | 215 | 461 | 425 |
Total stock based compensation expense | 416 | 402 | 895 | 801 |
Related tax benefits recognized in earnings | $119 | $119 | $265 | $235 |
Compensation_Cost_Related_to_N
Compensation Cost Related to Non-Vested Awards not Yet Recognized and Weighted Average Recognition Period (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total | $5,211 | $5,794 |
Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options, amount | 2,529 | 2,797 |
Restricted stock, weighted average period | '3 years 5 months 27 days | '3 years 11 months 9 days |
Restricted Stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock, amount | $2,682 | $2,997 |
Restricted stock, weighted average period | '3 years 5 months 12 days | '3 years 10 months 28 days |
Summary_of_Financial_Assets_Me
Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Totals | $24,522 | $24,155 |
Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available-for-sale | 22,208 | 21,921 |
Rabbi Trust | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 2,314 | 2,234 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Totals | 2,262 | 2,181 |
Level 1 | Rabbi Trust | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 2,262 | 2,181 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Totals | 22,260 | 21,974 |
Level 2 | Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available-for-sale | 22,208 | 21,921 |
Level 2 | Rabbi Trust | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | $52 | $53 |
Loans_Remeasured_and_Reported_
Loans Remeasured and Reported at Fair Value (Detail) (Fair Value, Measurements, Nonrecurring, Level 3, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $1,345 | $3,199 |
Totals | $1,345 | $3,199 |
Assets_Remeasured_and_Reported
Assets Remeasured and Reported at Lower of Cost or Fair Value (Detail) (Level 3, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | $402 | $411 |
Mortgage Servicing Rights | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | $402 | $411 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $48,880 | $38,035 | $55,132 | $52,712 |
Interest-bearing time deposits with other banks | 46,914 | 35,839 | ' | ' |
Held-to-maturity securities | 123,682 | 119,776 | ' | ' |
Federal Home Loan Bank stock | 10,542 | 7,712 | ' | ' |
Loans, net | 987,280 | 839,013 | ' | ' |
Accrued interest receivable | 2,569 | 2,241 | ' | ' |
Deposits | 891,891 | 764,753 | ' | ' |
Federal Home Loan Bank advances | 180,100 | 142,100 | ' | ' |
Securities sold under agreements to repurchase | 1,872 | 2,127 | ' | ' |
Other borrowed funds | 1,090 | 1,113 | ' | ' |
Accrued interest payable | 760 | 683 | ' | ' |
Mortgagor's escrow accounts | 7,332 | 8,107 | ' | ' |
Cash and cash equivalents | 48,880 | 38,035 | ' | ' |
Interest-bearing time deposits with other banks | 131 | 119 | ' | ' |
Held-to-maturity securities | 124,714 | 118,981 | ' | ' |
Federal Home Loan Bank stock | 10,542 | 7,712 | ' | ' |
Loans, net | 981,192 | 833,423 | ' | ' |
Accrued interest receivable | 2,569 | 2,241 | ' | ' |
Deposits | 873,213 | 742,785 | ' | ' |
Federal Home Loan Bank advances | 180,295 | 141,960 | ' | ' |
Securities sold under agreements to repurchase | 1,872 | 2,127 | ' | ' |
Other borrowed funds | 1,053 | 1,113 | ' | ' |
Accrued interest payable | 760 | 683 | ' | ' |
Mortgagor's escrow accounts | 1,326 | 1,054 | ' | ' |
Carrying Amount | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 48,880 | 38,035 | ' | ' |
Interest-bearing time deposits with other banks | 131 | 119 | ' | ' |
Held-to-maturity securities | 123,682 | 119,776 | ' | ' |
Federal Home Loan Bank stock | 10,542 | 7,712 | ' | ' |
Loans, net | 987,280 | 839,013 | ' | ' |
Accrued interest receivable | 2,569 | 2,241 | ' | ' |
Deposits | 891,891 | 764,753 | ' | ' |
Federal Home Loan Bank advances | 180,100 | 142,100 | ' | ' |
Securities sold under agreements to repurchase | 1,872 | 2,127 | ' | ' |
Other borrowed funds | 1,090 | 1,113 | ' | ' |
Accrued interest payable | 760 | 683 | ' | ' |
Mortgagor's escrow accounts | 1,326 | 1,054 | ' | ' |
Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 48,880 | 38,035 | ' | ' |
Accrued interest receivable | 2,569 | 2,241 | ' | ' |
Accrued interest payable | 760 | 683 | ' | ' |
Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Interest-bearing time deposits with other banks | 131 | 119 | ' | ' |
Held-to-maturity securities | 124,714 | 118,981 | ' | ' |
Federal Home Loan Bank stock | 10,542 | 7,712 | ' | ' |
Deposits | 873,213 | 742,785 | ' | ' |
Federal Home Loan Bank advances | 180,295 | 141,960 | ' | ' |
Securities sold under agreements to repurchase | 1,872 | 2,127 | ' | ' |
Other borrowed funds | 1,053 | 1,113 | ' | ' |
Mortgagor's escrow accounts | 1,326 | 1,054 | ' | ' |
Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans, net | $981,192 | $833,423 | ' | ' |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |||
Change in unrealized gain/loss during the period, Pre-Tax Amount | $128 | ($341) | $323 | ($640) | |||
Reclassification adjustment for net realized (gains) losses included in net income, Pre Tax Amount | ' | -4 | ' | -34 | |||
Other comprehensive income (loss), before tax | 128 | -345 | 323 | -674 | |||
Other comprehensive income (loss), Tax (Expense) Benefit | 51 | -138 | 129 | -269 | |||
Total securities available for sale, After Tax Amount | ' | ' | 194 | -405 | |||
Other Comprehensive Income (Loss), After Tax Amount | 77 | -207 | 194 | -405 | |||
After Tax | ' | ' | ' | ' | |||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |||
Change in unrealized gain/loss during the period, After Tax Amount | 77 | -204 | 194 | -385 | |||
Reclassification adjustment for net realized (gains) losses included in net income, After Tax Amount | ' | -3 | [1] | ' | [1] | -20 | [1] |
Total securities available for sale, After Tax Amount | 77 | -207 | 194 | -405 | |||
Other Comprehensive Income (Loss), After Tax Amount | 77 | -207 | 194 | -405 | |||
Income Tax Benefit | ' | ' | ' | ' | |||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |||
Change in unrealized gain/loss during the period, Tax (Expense) Benefit | -51 | 137 | -129 | 255 | |||
Reclassification adjustment for net realized (gains) losses included in net income, Tax (Expense) Benefit | ' | 1 | [1] | ' | [1] | 14 | [1] |
Total securities available for sale, Tax (Expense) Benefit | -51 | 138 | -129 | 269 | |||
Other comprehensive income (loss), Tax (Expense) Benefit | -51 | 138 | -129 | 269 | |||
Pre Tax | ' | ' | ' | ' | |||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | |||
Change in unrealized gain/loss during the period, Pre-Tax Amount | 128 | -341 | 323 | -640 | |||
Reclassification adjustment for net realized (gains) losses included in net income, Pre Tax Amount | ' | -4 | [1] | ' | [1] | -34 | [1] |
Total securities available for sale, Pre-Tax Amount | 128 | -345 | 323 | -674 | |||
Other comprehensive income (loss), before tax | $128 | ($345) | $323 | ($674) | |||
[1] | Reclassification adjustments are comprised of realized security gains and losses. The gains and losses have been reclassified out of accumulated other comprehensive income and have affected certain lines in the consolidated statements of operations as follows: the pre-tax amount is included in net gain on sales and calls of securities, the tax expense amount is included in income tax expense and the after tax amount is included in net income. |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($210) | $91 |
Other comprehensive income (loss) | ' | ' | 194 | -405 |
Ending balance | -16 | -314 | -16 | -314 |
Beginning Balance | ' | ' | 22 | -23 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Ending balance | 22 | -23 | 22 | -23 |
Beginning Balance | ' | ' | -188 | 68 |
Other comprehensive income (loss) | 77 | -207 | 194 | -405 |
Ending balance | $6 | ($337) | $6 | ($337) |