Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Cheviot Financial Corp. | |
Entity Central Index Key | 1,528,843 | |
Trading Symbol | chev | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 6,795,454 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 37,437 | $ 22,757 |
Federal funds sold | 14,941 | |
Interest-earning deposits in other financial institutions | 9,018 | 4,741 |
Cash and cash equivalents | 46,455 | 42,439 |
Investment securities available for sale - at fair value | 116,191 | 126,999 |
Mortgage-backed securities available for sale - at fair value | 8,474 | 9,400 |
Loans receivable - net | 352,075 | 335,763 |
Loans held for sale - at lower of cost or market | 2,403 | 1,332 |
Real estate acquired through foreclosure - net | 1,713 | 1,815 |
Office premises and equipment - at depreciated cost | 11,215 | 11,428 |
Federal Home Loan Bank stock - at cost | 8,651 | 8,651 |
Accrued interest receivable on loans | 1,061 | 1,031 |
Accrued interest receivable on mortgage-backed securities | 30 | 35 |
Accrued interest receivable on investments and interest-earning deposits | 775 | 735 |
Goodwill | 10,309 | 10,309 |
Core deposit intangible | 330 | 391 |
Prepaid expenses and other assets | 4,352 | 3,915 |
Bank-owned life insurance | 16,181 | 15,960 |
Prepaid federal income taxes | 12 | 12 |
Deferred federal income taxes | 765 | 1,022 |
Total assets | 580,992 | 571,237 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 452,237 | 451,784 |
Advances from the Federal Home Loan Bank | 25,284 | 14,851 |
Advances by borrowers for taxes and insurance | 1,035 | 2,651 |
Accrued interest payable | 54 | 58 |
Accounts payable and other liabilities | 6,319 | 5,711 |
Total liabilities | $ 484,929 | $ 475,055 |
Shareholders' equity | ||
Preferred stock - authorized 5,000,000 shares, $.01 par value; none issued | ||
Common stock - authorized 30,000,000 shares, $.01 par value; 6,795,454 and 6,718,795 shares issued at June 30, 2015 and December 31, 2014 | $ 221 | $ 220 |
Additional paid-in capital | 56,485 | 55,827 |
Shares acquired by stock benefit plans | (1,449) | (1,470) |
Retained earnings - restricted | 42,413 | 43,151 |
Accumulated comprehensive loss, unrealized losses on securities available for sale, net of related tax benefit | (1,607) | (1,546) |
Total shareholders' equity | 96,063 | 96,182 |
Total liabilities and shareholders' equity | $ 580,992 | $ 571,237 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | ||
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 6,795,454 | 6,718,795 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income | ||||
Loans | $ 3,783 | $ 3,691 | $ 7,414 | $ 7,445 |
Mortgage-backed securities | 40 | 52 | 80 | 112 |
Investment securities | 689 | 796 | 1,377 | 1,547 |
Interest-earning deposits and other | 92 | 90 | 184 | 178 |
Total interest income | 4,604 | 4,629 | 9,055 | 9,282 |
Interest expense | ||||
Deposits | 753 | 768 | 1,531 | 1,539 |
Borrowings | 108 | 137 | 220 | 286 |
Total interest expense | 861 | 905 | 1,751 | 1,825 |
Net interest income | 3,743 | 3,724 | 7,304 | 7,457 |
Provision for losses on loans | 280 | 355 | 423 | 555 |
Net interest income after provision for losses on loans | 3,463 | 3,369 | 6,881 | 6,902 |
Other income | ||||
Rental | 25 | 31 | 52 | 56 |
(Loss) gain on sale of real estate acquired through foreclosure | (9) | 25 | ||
Gain on sale of office premises and equipment | 7 | 7 | ||
Gain on sale of loans | 260 | 101 | 465 | 167 |
Gain on sale of investment securities designated as available-for-sale | 281 | 722 | ||
Earnings on bank-owned life insurance | 112 | 117 | 221 | 233 |
Service fee income | 377 | 401 | 723 | 771 |
Other operating | 4 | 4 | 5 | |
Total other income | 781 | 935 | 1,463 | 1,979 |
General, administrative and other expense | ||||
Employee compensation and benefits | 1,605 | 1,408 | 3,876 | 2,882 |
Occupancy and equipment | 326 | 354 | 646 | 732 |
Property, payroll and other taxes | 327 | 276 | 644 | 569 |
Data processing | 196 | 158 | 395 | 318 |
Legal and professional | 246 | 232 | 459 | 463 |
Advertising | 69 | 75 | 150 | 150 |
FDIC expense | 88 | 99 | 170 | 216 |
ATM processing expense | 109 | 95 | 204 | 183 |
Real estate owned impairment | 297 | 108 | 493 | |
Core deposit intangible amortization | 27 | 34 | 61 | 81 |
Other operating | 437 | 546 | 794 | 903 |
Total general, administrative and other expense | 3,430 | 3,574 | 7,507 | 6,990 |
Earnings before income taxes | 814 | 730 | 837 | 1,891 |
Federal income taxes (benefit) | ||||
Current | (210) | 144 | ||
Deferred | 266 | 413 | 288 | 405 |
Total federal income taxes | 266 | 203 | 288 | 549 |
NET EARNINGS | $ 548 | $ 527 | $ 549 | $ 1,342 |
EARNINGS PER SHARE | ||||
Basic (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.20 |
Diluted (in dollars per share) | 0.08 | 0.08 | 0.08 | 0.20 |
Dividends per common share (in dollars per share) | $ 0.10 | $ 0.09 | $ 0.19 | $ 0.18 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement Of Income and Comprehensive Income [Abstract] | ||||
Net earnings for the period | $ 548 | $ 527 | $ 549 | $ 1,342 |
Other comprehensive income (loss), net of tax expense (benefit): | ||||
Unrealized holding (losses) gains on securities during the period, net of tax (benefit) expense of $(31) and $2,421 for the six months ended June 30, 2015 and 2014, respectively, and $(658) and $1,398 for the three months ended June 30, 2015 and 2014, respectively | (1,278) | 2,713 | (61) | 4,699 |
Comprehensive income (loss) | (730) | 3,240 | 488 | 6,041 |
Accumulated comprehensive loss | $ (1,607) | $ (2,530) | $ (1,607) | $ (2,530) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement Of Income and Comprehensive Income [Abstract] | ||||
Tax (benefits) expense of unrealized holding gains (losses) on securities | $ (658) | $ 1,398 | $ (31) | $ 2,421 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net earnings for the period | $ 549 | $ 1,342 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Amortization of premiums and discounts on investment and mortgage-backed securities, net | (10) | (12) |
Depreciation | 320 | 361 |
Amortization of deferred loan origination costs - net | 95 | 23 |
Amortization of intangible assets | 61 | 81 |
Amortization of fair value adjustments | (175) | (215) |
Proceeds from sale of loans in the secondary market | 24,345 | 10,999 |
Loans originated for sale in the secondary market | (25,524) | (11,425) |
Gain on sale of loans | (465) | (167) |
Loss (gain) on sale of real estate acquired through foreclosure | 9 | (25) |
Impairment on real estate acquired through foreclosure | 108 | 493 |
Gain on sale of office premises and equipment | (7) | |
Gain on sale of investment securities designated as available-for-sale | (722) | |
Net increase in cash surrender value of bank-owned life insurance | (221) | (233) |
Amortization of expense related to stock benefit plans | 54 | 38 |
Provision for losses on loans | 423 | 555 |
Increase (decrease) in cash due to changes in: | ||
Accrued interest receivable on loans | (30) | 113 |
Accrued interest receivable on mortgage-backed securities | 5 | 2 |
Accrued interest receivable on investments and interest earning deposits | (40) | (13) |
Prepaid expenses and other assets | (437) | (364) |
Accrued interest payable | (4) | (9) |
Accounts payable and other liabilities | 559 | 340 |
Federal income taxes | ||
Current | 493 | |
Deferred | 288 | 405 |
Net cash (used in) provided by operating activities | (97) | 2,060 |
Cash flows provided by (used in) investing activities: | ||
Principal repayments on loans | 39,844 | 32,298 |
Loan disbursements | (56,019) | (23,983) |
Purchase of investment securities - available for sale | (24,996) | (14,978) |
Proceeds from maturity of investment securities - available for sale | 35,685 | 30,000 |
Proceeds from the sale of corporate securities | 2,484 | |
Principal repayments on mortgage-backed securities - available for sale | 963 | 742 |
Principal repayments on mortgage-backed securities - held to maturity | 236 | |
Proceeds from sale of real estate acquired through foreclosure | 81 | 405 |
Proceeds from sale of office premises and equipment | 54 | |
Purchase of office premises and equipment | (154) | (28) |
Net cash (used in) provided by investing activities | (4,542) | 27,176 |
Cash flows provided by (used in) financing activities: | ||
Net increase (decrease) in deposits | 453 | (5,311) |
Repayments on Federal Home Loan Bank advances | (1,521) | (3,030) |
Federal Home Loan Bank advances | 12,000 | |
Advances by borrowers for taxes and insurance | (1,616) | (1,285) |
Stock option expense, net | 91 | 7 |
Common stock issued | 535 | |
Common stock repurchased | (1,450) | |
Dividends paid on common stock | (1,287) | (1,222) |
Net cash provided by (used in) financing activities | 8,655 | (12,291) |
Net increase in cash and cash equivalents | 4,016 | 16,945 |
Cash and cash equivalents at beginning of period | 42,439 | 22,112 |
Cash and cash equivalents at end of period | $ 46,455 | $ 39,057 |
Cash paid during the period for: | ||
Federal income taxes | ||
Interest on deposits and borrowings | $ 1,755 | $ 1,833 |
Supplemental disclosure of noncash investing activities: | ||
Transfer of loans to real estate acquired through foreclosure | 101 | 383 |
Recognition of mortgage servicing rights | $ 177 | 66 |
Deferred gain on real estate acquired through foreclosure | $ 4 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Cheviot Financial Corp. (“Cheviot Financial” or the “Corporation”) is a savings and loan holding company, the principal asset of which consists of its 100% ownership of Cheviot Savings Bank (the “Savings Bank”). The Savings Bank conducts a general banking business in southwestern Ohio which consists of attracting deposits and applying those funds primarily to the origination of real estate loans. The Savings Bank’s profitability is significantly dependent on net interest income, which is the difference between interest income from interest-earning assets and the interest expense paid on interest-bearing liabilities. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. On January 18, 2012, Cheviot Financial completed a second step reorganization and sale of common stock. Prior to the completion of the second step conversion, Cheviot Financial was a federal corporation and mid-tier holding company. Following the reorganization Cheviot Financial is a Maryland Corporation and the holding company of the Savings Bank. Cheviot Financial evaluates subsequent events through the date of filing with the Securities and Exchange Commission. |
Principles of Consolidation
Principles of Consolidation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Principles of Consolidation | 2. Principles of Consolidation The accompanying consolidated financial statements as of and for the three and six months ended June 30, 2015 and 2014 include the accounts of the Corporation and its wholly-owned subsidiary, the Savings Bank. All significant intercompany items have been eliminated. |
Liquidity and Capital Resources
Liquidity and Capital Resources | 6 Months Ended |
Jun. 30, 2015 | |
Liquidity and Capital Resources [Abstract] | |
Liquidity and Capital Resources | 3. Liquidity and Capital Resources Liquidity is the ability to meet the financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of customers and to fund current and planned expenditures. The Corporation’s primary sources of funds are deposits, scheduled amortization and prepayments of loan principal and mortgage-backed securities, maturities and calls of securities and funds provided by operations. In addition, the Corporation may borrow from the Federal Home Loan Bank of Cincinnati. At June 30, 2015 and December 31, 2014, the Corporation had $25.3 million and $14.9 million, respectively, in outstanding borrowings from the Federal Home Loan Bank of Cincinnati and had the capacity to increase such borrowings at those dates by approximately $143.3 million and $132.1 million, respectively. Loan repayments and maturing securities are a relatively predictable source of funds. However, deposit flows, calls of securities and prepayments of loans and mortgage-backed securities are strongly influenced by interest rates, general and local economic conditions and competition in the marketplace. These factors reduce the predictability of these sources of funds. The Corporation’s primary investing activities are the origination of one- to four-family real estate loans, commercial real estate, construction and consumer loans, and the purchase of securities. For the six months ended June 30, 2015, loan originations totaled $81.5 million, compared to $35.4 million for the six months ended June 30, 2014. Total deposits increased $453,000 during the six months ended June 30, 2015, while total deposits decreased $5.5 million during the six months ended June 30, 2014. Deposit flows are affected by the level of interest rates, the interest rates and products offered by competitors and other factors. The following table sets forth information regarding the Corporation’s obligations and commitments to make future payments under contracts as of June 30, 2015. Payments due by period Less than 1 year More than 1-3 years More than 4-5 years More than 5 years Total (In thousands) Contractual obligations: Advances from the Federal Home Loan Bank $ 12,171 $ 10,721 $ 2,392 $ - $ 25,284 Certificates of deposit 101,375 60,299 40,889 - 202,563 Lease obligations 113 144 119 129 505 Amount of loan commitments and expiration per period: Commitments to originate one- to four-family loans 1,149 - - - 1,149 Commitments to originate commercial loans 4,628 - - - 4,628 Home equity lines of credit 25,844 - - - 25,844 Commercial lines of credit 6,041 - - - 6,041 Undisbursed loans in process 14,351 - - - 14,351 Total contractual obligations $ 165,672 $ 71,164 $ 43,400 $ 129 $ 280,365 Cheviot Financial is committed to maintaining a strong liquidity position and management monitors the Corporation’s liquidity position on a daily basis. The Corporation anticipates that it will have sufficient funds to meet current funding commitments. Based on deposit retention experience and current pricing strategy, its anticipated that a significant portion of maturing time deposits will be retained. The following sets forth our regulatory capital position, compared to requirements to be considered “well-capitalized” as of June 30, 2015 under new Basel III regulatory capital requirements, and prior requirements as of December 31, 2014. As of June 30, 2015 (Dollars in Thousands) Required Ratio Actual Amount Actual Ratio Tier 1 Leverage 5.00 % $ 78,909 13.9 % Common Equity Tier 1 Risk-Based Capital 6.50 % $ 78,909 23.0 % Tier 1 Risk-Based Capital 8.00 % $ 78,909 23.0 % Total Risk-Based Capital 10.00 % $ 81,294 23.7 % As of December 31, 2014 (Dollars in Thousands) Required Ratio Actual Amount Actual Ratio Tier 1 Leverage 5.00 % $ 77,752 13.9 % Tier 1 Risk-Based Capital 6.00 % $ 77,752 24.5 % Total Capital 10.00 % $ 79,988 25.2 % |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 4. Earnings Per Share Basic earnings per share is computed based upon the weighted-average common shares outstanding during the period, less shares in the ESOP that are unallocated and not committed to be released plus shares in the ESOP that have been allocated. Weighted-average common shares deemed outstanding gives effect to 158,950 and 168,300 unallocated shares held by the ESOP for the six months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, For the three months ended June 30, 2015 2014 2015 2014 Weighted-average common shares outstanding (basic) 6,598,132 6,630,407 6,622,343 6,607,066 Dilutive effect of assumed exercise of stock options 94,974 4,991 99,963 5,911 Weighted-average common shares outstanding (diluted) 6,693,106 6,635,398 6,722,306 6,612,977 |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Equity Incentive Plan | 5. Equity Incentive Plan The Corporation established Stock Incentive Plans that provide for grants of up to 891,517 stock options. During 2015, 46,570 stock options were granted in accordance with the 2005 Equity Incentive Plan subject to a five year vesting period in which the options granted will vest ratably annually beginning one year form the date of grant. As of June 30, 2015, all option shares have been granted in accordance with the 2005 Equity Incentive Plan. During 2014, 400,000 stock options were granted in accordance with the 2013 Equity Incentive Plan subject to a five year vesting period in which the options granted will vest ratably annually beginning one year from the date of grant. As of June 30, 2015, 400,000 option awards have been granted under the 2013 Equity Incentive Plan with 75,000 option awards forfeited. The shares in the plan and shares granted prior to the second step conversion have been adjusted to reflect the exchange ratio of 0.857 for the second step conversion that occurred in 2012. The Corporation follows FASB Accounting Standard Codification Topic 718 (ASC 718), “Compensation – Stock Compensation,” for its stock option plans, and accordingly, the Corporation recognizes the expense of these grants as required. Stock-based employee compensation costs pertaining to stock options is reflected as a net increase in equity, for both any new grants, as well as for all unvested options outstanding, in both cases using the fair values established by usage of the Black-Scholes option pricing model, expensed over the vesting period of the underlying option. The compensation cost recorded for unvested equity-based awards is based on their grant-date fair value. For the six months ended June 30, 2015, the Corporation recorded $91,000 compensation cost for equity-based awards that vested during the six months ended June 30, 2015. The Corporation has $475,000 unrecognized compensation cost related to non-vested equity-based awards granted under its stock incentive plan as of June 30, 2015, which is expected to be recognized over a weighted-average vesting period of approximately 4.0 years. A summary of the status of the stock option plans as of June 30, 2015 and changes during the period then ended are presented below: Six months ended June 30, 2015 Year ended December 31, 2014 Shares Weighted- average exercise price Shares Weighted- average exercise price Outstanding at beginning of period 758,947 $ 12.67 369,939 $ 12.80 Granted 46,570 15.46 400,000 12.48 Exercised (328,831 ) 13.01 (10,992 ) 9.94 Forfeited (75,000 ) 12.48 - - Outstanding at end of period 401,686 $ 12.76 758,947 $ 12.67 Options exercisable at period-end 52,291 $ 12.14 363,791 $ 12.86 Options expected to be exercisable at year-end 52,291 363,791 Fair value of options granted $ 2.32 NA The following information applies to options outstanding at June 30, 2015: Number outstanding 401,686 Exercise price $ 8.30 - $ 15.90 Weighted-average exercise price $ 12.76 Weighted-average remaining contractual life 8.7 years The expected term of options is based on evaluations of historical and expected future employee exercise behavior. The risk free interest rate is based upon the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based upon the historical volatility of the Corporation’s stock. The fair value of each option granted is estimated on the date of grant using the modified Black-Scholes options-pricing model with the following weighted-average assumptions used for the 2015 and 2014 grant: dividend yield of 2.33% and 2.88%; expected volatility of 15.56% and 14.25%; risk-free interest rates of 2.16% and 2.55%; and expected lives of 10 years. The effects of expensing stock options are reported in “cash provided by financing activities” in the Consolidated Statements of Cash Flows. |
Investment and Mortgage-backed
Investment and Mortgage-backed Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment and Mortgage-backed Securities | 6. Investment and Mortgage-backed Securities The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities at June 30, 2015 and December 31, 2014 are shown below. June 30, 2015 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value (In thousands) Available for Sale: U.S. Government agency securities $ 116,941 $ 37 $ 2,544 $ 114,434 Municipal obligations 1,691 66 - 1,757 $ 118,632 $ 103 $ 2,544 $ 116,191 December 31, 2014 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value (In thousands) Available for Sale: U.S. Government agency securities $ 127,607 $ 7 $ 2,391 $ 125,223 Municipal obligations 1,691 85 - 1,776 $ 129,298 $ 92 $ 2,391 $ 126,999 The amortized cost of investment securities at June 30, 2015, by contractual term to maturity, are shown below. June 30, 2015 (In thousands) Less than one year $ 5,953 One to five years 37,013 Five to ten years 75,666 More than ten years - $ 118,632 The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of mortgage-backed securities at June 30, 2015 and December 31, 2014 are shown below. June 30, 2015 Gross Gross Estimated Amortized unrealized unrealized fair cost holding gains holding losses value (In thousands) Available for sale: Federal Home Loan Mortgage Corporation adjustable-rate participation certificates $ 8,467 $ 7 $ - $ 8,474 December 31, 2014 Gross Gross Estimated Amortized unrealized unrealized fair cost holding gains holding losses value (In thousands) Available for sale: Federal Home Loan Mortgage Corporation adjustable-rate participation certificates $ 9,443 $ - $ 43 $ 9,400 The amortized cost of mortgage-backed securities, including those designated as available for sale, at June 30, 2015, by contractual terms to maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may generally prepay obligations without prepayment penalties. June 30, 2015 (In thousands) Due in one year or less $ 1,530 Due in one year through five years 4,042 Due in five years through ten years 1,916 Due in more than ten years 979 $ 8,467 The table below indicates the length of time individual securities have been in a continuous unrealized loss position at June 30, 2015: Less than 12 months 12 months or longer Total Description of Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized securities investments value losses investments value losses investments value losses (Dollars in thousands) U.S. Government 3 $ 24,806 $ 191 16 $ 79,593 $ 2,353 19 $ 104,399 $ 2,544 Municipal obligations - - - - - - - - - Mortgage-backed securities - - - - - - - - - Total temporarily impaired securities 3 $ 24,806 $ 191 16 $ 79,593 $ 2,353 19 $ 104,399 $ 2,544 Management does not intend to sell any of the debt securities with an unrealized loss and does not believe that it is more likely than not that the Corporation will be required to sell a security in an unrealized loss position prior to a recovery in value. The decline in the fair value is primarily due to an increase in market interest rates. The fair values are expected to recover as securities approach maturity dates. The Corporation has evaluated these securities and has determined that the decline in their values is temporary. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Corporation uses an asset and liability approach to accounting for income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are recognized if it is more likely than not that a future benefit will be realized. The Corporation accounts for income taxes in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes, which prescribes the recognition and measurement criteria related to tax positions taken or expected to be taken in a tax return. The Corporation’s principal temporary differences between financial income and taxable income result mainly from different methods of accounting for Federal Home Loan Bank stock dividends, the general loan loss allowance, deferred compensation, stock benefit plans, fair value adjustments arising from the First Franklin Corporation acquisition. The Corporation has approximately $1.7 million of net operating losses to carryforward for the next 18 years. These losses are subject to the Internal Revenue Code Section 382 limitations which allow approximately $1.1 million of the losses on an annual basis to offset current year taxable income. The Corporation recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At adoption date, January 1, 2007 the Corporation applied the standard to all tax positions for which the statute of limitations remained open and was not required to record any liability for unrecognized tax benefits as that date. There have been no material changes in unrecognized tax benefits since January 1, 2007. The known tax attributes which can influence the Corporation’s effective tax rate is the utilization of net operating loss carryforwards subject to the limitations under Internal Revenue Code section 382. The Corporation is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Corporation is no longer subject to U.S. federal, state and local, or non U.S. income tax examinations by tax authorities for the years before 2011. The Corporation will recognize, if applicable, interest accrued related to unrecognized tax liabilities in interest expense and penalties in operating expenses. Federal income tax on earnings differs from that computed at the statutory corporate tax rate for the periods ended June 30, 2015 and 2014: 2015 2014 (Dollars in thousands) Federal income taxes at statutory rate of 34% $ 285 $ 643 Increase (decrease) in taxes resulting primarily from: Stock compensation 85 7 Nontaxable interest income (11 ) (20 ) Cash surrender value of life insurance (75 ) (79 ) Other 4 (2 ) Federal income taxes per financial statements $ 288 $ 549 Effective tax rate 34.4 % 29.0 % |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 8. Fair Value of Financial Instruments Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value, is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity or contracts that convey or impose on an entity the contractual right or obligation to either receive or deliver cash for another financial instrument. These fair value estimates are based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price for which an asset could be sold or liability could be settled. However, given there is no active market or observable market transactions identical to many of the Corporation’s financial instruments, estimates of many of these fair values are based upon observable inputs which are subjective in nature, involve uncertainties and matters of significant judgment, and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. The following methods and assumptions were used by the Corporation in estimating its fair value disclosures for financial instruments at June 30, 2015: Cash and cash equivalents Investment and mortgage-backed securities Loans receivable Federal Home Loan Bank stock Deposits Advances from the Federal Home Loan Bank Advances by Borrowers for Taxes and Insurance Commitments to extend credit |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | 9. Disclosures about Fair Value of Assets and Liabilities The estimated fair values of the Company’s financial instruments are as follows: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair value value value value (In thousands) Financial assets Cash and cash equivalents $ 46,455 $ 46,455 $ 42,439 $ 42,439 Investment securities 116,191 116,191 126,999 126,999 Mortgage-backed securities 8,474 8,474 9,400 9,400 Loans receivable – net and loans held for sale 354,478 366,675 337,095 358,500 Accrued interest receivable 1,866 1,866 1,801 1,801 Federal Home Loan Bank stock 8,651 8,651 8,651 8,651 $ 536,115 $ 548,312 $ 526,385 $ 547,790 Financial liabilities Deposits $ 452,237 $ 451,736 $ 451,784 $ 451,165 Advances from the Federal Home Loan Bank 25,284 24,889 14,851 15,726 Advances by borrowers for taxes and insurance 1,035 1,035 2,651 2,651 Accrued interest payable 54 54 58 58 $ 478,610 $ 477,714 $ 469,344 $ 469,600 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists for fair value measurements based upon the inputs to the valuation of an asset or liability. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Fair value methods and assumptions are set forth below for each type of financial instrument. Securities available for sale: Fair value on available for sale securities was based upon a market approach. Securities which are fixed income instruments that are not quoted on an exchange, but are traded in active markets, are valued using prices obtained from our custodian, which used third party data service providers and classified as level 2 assets. Management compares the fair values to another third party report for reasonableness. Available for sale securities includes U.S. agency securities, municipal bonds and mortgage-backed agency securities. Quoted prices in active Significant Significant markets for other other identical observable unobservable assets inputs inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Securities available for sale at June 30, 2015: U.S. Government agency securities $ 114,434 - $ 114,434 - Municipal obligations 1,757 - 1,757 - Mortgage-backed securities 8,474 - 8,474 - Securities available for sale at December 31, 2014: U.S. Government agency securities $ 125,223 - $ 125,223 - Municipal obligations 1,776 - 1,776 - Mortgage-backed securities 9,400 - 9,400 - Fair value measurements for certain assets and liabilities recognized in the accompanying statements of financial condition and measured at fair value on a nonrecurring basis: Total Quoted prices in a tive markets for identical assets (Level 1) Significant other observable inputs Significant other unobservable inputs (Level 3) (In thousands) June 30, 2015: Real estate acquired through foreclosure $ 1,713 - $ 1,713 - Loans held for sale 2,403 - 2,403 - Impaired loans 15,810 - 15,810 - December 31, 2014: Real estate acquired through foreclosure $ 1,815 - $ 1,815 - Loans held for sale 1,332 - 1,332 - Impaired loans 15,382 - 15,382 - The following table presents fair value measurements for the Company’s financial instruments which are not recognized at fair value in the accompanying statements of financial position on a recurring or nonrecurring basis. Total Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant other unobservable inputs (In thousands) June 30, 2015: Financial assets: Cash and cash equivalents $ 46,455 $ 46,455 $ - $ - Mortgage-backed securities 8,474 - 8,474 - Loans receivable - net 366,675 - 366,675 - Federal Home Loan Bank stock 8,651 - 8,651 - Accrued interest receivable 1,866 - 1,866 - Financial liabilities: Deposits 451,736 - 451,736 - Advances from the Federal Home Loan Bank 24,889 - 24,889 - Advances by borrowers for taxes and insurance 1,035 - 1,035 - Accrued interest payable 54 - 54 - Total Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) (In thousands) December 31, 2014: Financial assets: Cash and cash equivalents $ 42,439 $ 42,439 $ - $ - Mortgage-backed securities - - - - Loans receivable - net 358,500 - 358,500 - Federal Home Loan Bank stock 8,651 - 8,651 - Accrued interest receivable 1,801 - 1,801 - Financial liabilities: Deposits 451,165 - 451,165 - Advances from the Federal Home Loan Bank 15,726 - 15,726 - Advances by borrowers for taxes and insurance 2,651 - 2,651 - Accrued interest payable 58 - 58 - |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 10. Intangible Assets The Corporation recorded goodwill and other intangibles associated with the purchase of First Franklin Corporation and Franklin Savings and Loan in March 2011 totaling $11.6 million. Goodwill is not amortized, but is periodically evaluated for impairment. The Corporation did not recognize any impairment during the six months ended June 30, 2015. The carrying amount of the goodwill at June 30, 2015 was $10.3 million. Identifiable intangibles are amortized to their estimated residual values over the expected useful lives. Such lives are also periodically reassessed to determine if any amortization period adjustments are required. During the quarter ended June 30, 2015, no such adjustments were recorded. The identifiable intangible asset consists of a core deposit intangible which is being amortized on an accelerated basis over the useful life of such asset. The gross carrying amount of the core deposit intangible at June 30, 2015 was $1.3 million with $968,000 in accumulated amortization as of that date. As of June 30, 2015, the current year and estimated future amortization expense for the core deposit intangible was: (In thousands) 2015 $ 55 2016 110 2017 110 2018 55 Total $ 330 |
Financing Receivables
Financing Receivables | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Financing Receivables | 11. Financing Receivables The recorded investment in loans was as follows as of June 30, 2015: One-to four Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Purchased loans $ 57,980 $ 3,197 $ - $ 22,979 $ 131 $ 84,287 Fair value discount -Credit impaired purchased loans (937 ) (1 ) - (301 ) - (1,239 ) Fair value discount –Non-impaired purchased loans (210 ) (22 ) - (86 ) (10 ) (328 ) Purchased loans book value (3) 56,833 3,174 - 22,592 121 82,720 Originated loans (1) 167,059 24,345 20,530 (2) 73,522 2,085 287,541 Ending balance $ 223,892 $ 27,519 $ 20,530 $ 96,114 $ 2,206 $ 370,261 (1) Includes loans held for sale (2) Before consideration of undisbursed loans-in-process (3) Loans purchased in acquisition of First Franklin The carrying amount of purchased loans consisting of credit-impaired purchased loans and non-impaired purchased loans is shown in the following table as of June 30, 2015. Credit Non-impaired Impaired Purchased Loans Purchased Loans (In thousands) One-to-four family residential $ 52,998 $ 3,835 Multi-family residential 2,814 360 Construction - - Commercial 16,630 5,962 Consumer 120 1 Total $ 72,562 $ 10,158 Activity during 2015 for the accretable discount related to acquired credit impaired loans is as follows: (In thousands) Accretable discount at December 31, 2014: $ 6,205 Reclass from nonaccretable difference to accretable discount - Less transferred to other real estate owned - Less accretion (373 ) Accretable discount at June 30, 2015: $ 5,832 The recorded investment in loans was as follows as of June 30, 2015. Subsequent to acquisition, we regularly evaluate our estimates of cash flows expected to be collected on purchased impaired loans. If we have probable decreases in cash flows expected to be collected (other than due to decreases in interest rate indices and changes in prepayment assumptions), we charge the provision for credit losses, resulting in an increase to the allowance for loan losses. If we have probable and significant increases in cash flows expected to be collected, we first reverse any previously established allowance for loan losses and then increase interest income as a prospective yield adjustment over the remaining life of the loan, or pool of loans. Estimates of cash flows are impacted by changes in interest rate indices for variable rate loans and prepayment assumptions, both of which are treated as prospective yield adjustments included in interest income. Cheviot Financial’s allowance at June 30, 2015 does not include any credit quality discount related to loans acquired from First Franklin, other than $598,000 for certain one-to-four family residential and nonresidential and commercial real estate loans. Due to uncertainties in the evaluation of allowance for loan loss, it is at least reasonably possible that management’s estimate of the outcome will change within the next year. The following summarizes activity in the allowance for credit losses: June 30, 2015 One-to four- Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Allowance for loan losses: Beginning balance $ 1,813 $ 209 $ 7 $ 199 $ 8 $ 2,236 Provision 109 (51 ) 4 362 (1 ) 423 Charge-offs (286 ) - - (80 ) - (366 ) Recoveries 87 - - 4 1 92 Ending balance $ 1,723 $ 158 $ 11 $ 485 $ 8 $ 2,385 Originated loans: Individually evaluated for impairment $ 154 $ - $ - $ 7 $ - $ 161 Purchased loans: Individually evaluated for impairment $ 98 $ - $ - $ 51 $ - $ 149 Originated loans: Collectively evaluated for impairment $ 1,102 $ 158 $ 11 $ 347 $ 8 $ 1,626 Purchased loans: Loans acquired with deteriorated credit quality $ 369 $ - $ - $ 80 $ - $ 449 Loans receivable: Ending balance $ 223,892 $ 27,519 $ 20,530 $ 96,114 $ 2,206 $ 370,261 Ending balance: Individually evaluated for impairment $ 4,874 $ 193 $ - $ 585 $ - $ 5,652 Ending balance: Collectively evaluated for impairment $ 215,183 $ 26,966 $ 20,530 $ 89,567 $ 2,205 $ 354,451 Ending balance: Loans acquired with deteriorated credit quality $ 3,835 $ 360 $ - $ 5,962 $ 1 $ 10,158 December 31, 2014 One-to four Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Allowance for loan losses: Beginning balance $ 1,352 $ 194 $ 9 $ 131 $ 11 $ 1,697 Provision 947 15 (2 ) 64 - 1,024 Charge-offs (520 ) - - (39 ) (3 ) (562 ) Recoveries 34 - - 43 - 77 Ending balance $ 1,813 $ 209 $ 7 $ 199 $ 8 $ 2,236 Originated loans: Individually evaluated for impairment $ 238 $ - $ - $ 7 $ - $ 245 Purchased loans: Individually evaluated for impairment $ 135 $ - $ - $ - $ - $ 135 Originated Loans: Collectively evaluated for impairment $ 1,005 $ 209 $ 7 $ 151 $ 8 $ 1,380 Purchased loans: Loans acquired with deteriorated credit quality $ 435 $ - $ - $ 41 $ - $ 476 Loans receivable: Ending balance $ 231,626 $ 20,501 $ 8,327 $ 81,357 $ 921 $ 342,732 Ending balance: Individually evaluated for impairment $ 3,750 $ 95 $ - $ 817 $ - $ 4,662 Ending balance: Collectively evaluated for impairment $ 223,846 $ 20,046 $ 8,327 $ 74,211 $ 920 $ 327,350 Ending balance: Loans acquired with deteriorated credit quality $ 4,030 $ 360 $ - $ 6,329 $ 1 $ 10,720 The Corporation assigns credit risk grades to evaluated loans using grading standards employed by regulatory agencies. Loans judged to carry lower-risk attributes are assigned a “pass” grade, indicating a minimal likelihood of loss. Loans judged to carry a higher-risk attributes are referred to as “classified loans” and are further disaggregated, with increasing expectations for loss recognition, as “special mention”, “substandard”, “doubtful”, and “loss”. The Loan Classification of Assets committee assigns the credit risk grades to loans and reports to the board on a monthly basis the “classified asset” report. The following table summarizes the credit risk profile by internally assigned grade: Originated Loans at June 30, 2015 One-to four- Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Grade: Pass $ 163,955 $ 24,152 $ 20,530 $ 72,517 $ 2,085 $ 283,239 Special mention - - - - - - Substandard 3,104 193 - 1,005 - 4,302 Doubtful - - - - - - Loss - - - - - - Total $ 167,059 $ 24,345 $ 20,530 $ 73,522 $ 2,085 $ 287,541 Originated Loans at December 31, 2014 One-to four Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Grade: Pass $ 165,711 $ 17,090 $ 8,327 $ 56,191 $ 802 $ 248,121 Special mention - - - - - - Substandard 2,407 95 - 1,022 - 3,524 Doubtful - - - - - - Loss - - - - - - Total $ 168,118 $ 17,185 $ 8,327 $ 57,213 $ 802 $ 251,645 Purchased Loans at June 30, 2015 One-to four- Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Grade: Pass $ 54,131 $ 3,174 $ - $ 19,279 $ 121 $ 76,705 Special mention - - - - - - Substandard 2,702 - - 3,313 - 6,015 Doubtful - - - - - - Loss - - - - - - Total $ 56,833 $ 3,174 $ - $ 22,592 $ 121 $ 82,720 Purchased Loans at December 31, 2014 One-to four Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Grade: Pass $ 60,918 $ 3,316 $ - $ 20,441 $ 18 $ 84,693 Special mention - - - - - - Substandard 2,590 - - 3,703 101 6,394 Doubtful - - - - - - Loss - - - - - - Total $ 63,508 $ 3,316 $ - $ 24,144 $ 119 $ 91,087 The following tables summarize loans by delinquency, nonaccrual status and impaired loans: Age Analysis of Past Due Originated Loans Receivable As of June 30, 2015 Recorded Investment >30-89 Days 90 Days Total Past Current Total Loan 90 Days and Past Due or more Due & Accruing Nonaccrual Receivables Accruing (In thousands) Real Estate: 1-4 family Residential $ 574 $ 1,298 $ 1,872 $ 164,408 $ 2,402 $ 167,059 $ - Multi-family - 193 193 24,152 193 24,345 - Construction - - - 20,530 - 20,530 - Commercial - 161 161 73,361 161 73,522 - Consumer - - - 2,085 - 2,085 - Total $ 574 $ 1,652 $ 2,226 $ 284,536 $ 2,756 $ 287,541 $ - Age Analysis of Past Due Originated Loans Receivable As of December 31, 2014 Recorded Investment >30-89 Days 90 Days Total Past Current Total Loan 90 Days and Past Due or more Due & Accruing Nonaccrual Receivables Accruing (In thousands) Real Estate: 1-4 family Residential $ 999 $ 1,317 $ 2,316 $ 165,088 $ 2,031 $ 168,118 $ - Multi-family - 95 95 17,090 95 17,185 - Construction - - - 8,327 - 8,327 - Commercial - 143 143 57,051 162 57,213 Consumer - - - 802 - 802 - Total $ 999 $ 1,555 $ 2,554 $ 248,358 $ 2,288 $ 251,645 $ - Age Analysis of Past Due Purchased Loans Receivable As of June 30, 2015 Recorded Investment >30-89 Days 90 Days Total Past Current Total Loan 90 Days and Past Due or More Due & Accruing Nonaccrual Receivables Accruing (In thousands) Real Estate: 1-4 family Residential $ 892 $ 1,746 $ 2,638 $ 53,680 $ 2,297 $ 56,833 $ - Multi-family - - - 3,174 - 3,174 - Construction - - - - - - - Commercial 78 388 466 22,090 424 22,592 - Consumer - - - 121 - 121 - Total $ 970 $ 2,134 $ 3,104 $ 79,065 $ 2,721 $ 82,720 $ - Age Analysis of Past Due Purchased Loans Receivable As of December 31, 2014 Recorded Investment 30-89 Days 90 Days Total Past Current Total Loan 90 Days and Past Due or More Due & Accruing Nonaccrual Receivables Accruing (In thousands) Real Estate: 1-4 family Residential $ 1,846 $ 1,737 $ 3,583 $ 59,518 $ 2,144 $ 63,508 $ - Multi-family - - - 3,316 - 3,316 - Construction - - - - - - - Commercial 187 619 806 23,302 655 24,144 - Consumer - - - 119 - 119 - Total $ 2,033 $ 2,356 $ 4,389 $ 86,255 $ 2,799 $ 91,087 $ - Impaired Loans As of June 30, 2015 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Purchased loans with a credit quality discount and no related allowance recorded: Real Estate: 1-4 family Residential $ 3,808 $ 3,808 $ - $ 3,892 $ 30 Multi-family 360 360 - 360 3 Construction - - - - - Commercial 5,962 5,962 - 6,146 23 Consumer 1 1 - 1 - Total $ 10,131 $ 10,131 $ - $ 10,399 $ 56 Purchased loans with a credit quality discount and an allowance recorded: Real Estate: 1-4 family Residential $ 27 $ 27 $ 12 $ 40 $ - Multi-family - - - - - Construction - - - - - Commercial - - - - - Consumer - - - - - Total $ 27 $ 27 $ 12 $ 40 $ - Purchased loans with no credit quality discount and no related allowance recorded: Real Estate: 1-4 family $ 1,984 $ 1,984 $ - $ 1,652 $ - Residential Multi-family - - - - - Construction - - - - - Commercial 133 133 - 394 - Consumer - - - - - Total $ 2,117 $ 2,117 $ - $ 2,046 $ - Purchased loans with an allowance recorded: Real Estate: 1-4 family $ 488 $ 488 $ 86 $ 545 $ - Residential Multi-family - - - - - Construction - - - - - Commercial 291 291 51 342 - Consumer - - - - - Total $ 779 $ 779 $ 137 $ 887 $ - Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Originated loans with no related allowance recorded Real Estate: 1-4 family $ 1,814 $ 1,814 $ - $ 1,589 $ - Residential Multi-family Residential 193 193 - 144 - Construction - - - - - Commercial 114 114 - 115 - Consumer - - - - - Total $ 2,121 $ 2,121 $ - $ 1,848 $ - Originated loans with an allowance recorded: Real Estate: 1-4 family $ 588 $ 588 $ 154 $ 627 $ - Residential Multi-family Residential - - - - - Construction - - - - - Commercial 47 47 7 47 - Consumer - - - - - Total $ 635 $ 635 $ 161 $ 674 $ - Total: Real Estate: 1-4 family $ 8,709 $ 8,709 $ 252 $ 8,345 $ 30 Residential Multi-family Residential 553 553 - 504 3 Construction - - - - - Commercial 6,547 6,547 58 7,044 23 Consumer 1 1 - 1 - Total $ 15,810 $ 15,810 $ 310 $ 15,894 $ 56 Impaired Loans As of December 31, 2014 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Purchased loans with a credit quality discount and no related allowance recorded: Real Estate: 1-4 family Residential $ 3,977 $ 3,977 $ - $ 3,578 $ 61 Multi-family 360 360 - 708 - Construction - - - - - Commercial 6,329 6,329 - 6,460 286 Consumer 1 1 - 1 - Total $ 10,667 $ 10,667 $ - $ 10,747 $ 347 Purchased loans with a credit quality discount and an allowance recorded: Real Estate: 1-4 family Residential $ 53 $ 53 $ 19 $ 16 $ - Multi-family - - - - - Construction - - - - - Commercial - - - - - Consumer - - - - - Total $ 53 $ 53 $ 19 $ 16 $ - Purchased loans with no credit quality discount and no related allowance recorded: Real Estate: 1-4 family $ 1,080 $ 1,080 $ - $ 1,863 $ 23 Residential Multi-family - - - - - Construction - - - - - Commercial 655 655 - 328 10 Consumer - - - 8 - Total $ 1,735 $ 1,735 $ - $ 2,199 $ 33 Purchased loans with an allowance recorded: Real Estate: 1-4 family $ 639 $ 639 $ 113 $ 263 $ 12 Residential Multi-family - - - - - Construction - - - - - Commercial - - - - - Consumer - - - - - Total $ 639 $ 639 $ 113 $ 263 $ 12 Impaired Loans As of December 31, 2014 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Originated loans with no related allowance recorded Real Estate: 1-4 family Residential $ 1,365 $ 1,365 $ - $ 1,786 $ 30 Multi-family 95 95 - 95 - Construction - - - - - Commercial 115 115 - 397 7 Consumer - - - - - Total $ 1,575 $ 1,575 $ - $ 2,278 $ 37 Originated loans with an allowance recorded: Real Estate: 1-4 family Residential $ 666 $ 666 $ 238 $ 214 $ 9 Multi-family - - - - - Construction - - - - - Commercial 47 47 7 20 - Consumer - - - - - Total $ 713 $ 713 $ 245 $ 234 $ 9 Total: Real Estate: 1-4 family Residential $ 7,780 $ 7,780 $ 370 $ 7,720 $ 135 Multi-family 455 455 - 803 - Construction - - - - - Commercial 7,146 7,146 7 7,205 303 Consumer 1 1 - 9 - Total $ 15,382 $ 15,382 $ 377 $ 15,737 $ 438 Modifications As of June 30, 2015 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructurings Real Estate: 1-4 Family Residential 4 $ 430 $ 430 Multi-family Residential - - - Construction - - - Commercial - - - Consumer - - - Modifications For the six months ended June 30, 2015 Number of Recorded Contracts Investment Troubled Debt Restructurings That Subsequently Defaulted Real Estate: 1-4 Family Residential - $ - Multi-family Residential - - Construction - - Commercial - - Consumer - - Modifications As of December 31, 2014 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Troubled Debt Restructurings Real Estate: 1-4 Family Residential 8 $ 2,529 $ 2,529 Multi-family Residential - - - Construction - - - Commercial 1 100 100 Consumer - - - Number of Recorded Contracts Investment (In thousands) Troubled Debt Restructurings That Subsequently Defaulted Real Estate: 1-4 Family Residential 5 $ 724 Multi-family Residential - - Construction - - Commercial 1 99 Consumer - - The modifications related to interest only payments ranging from a three to six month period. Due to the short term cash flow deficiency, no related allowance was recorded as a result of the restructurings. The collateral value was updated with recent appraisals which gave no indication of impairment. |
Liquidity and Capital Resourc19
Liquidity and Capital Resources (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Liquidity and Capital Resources [Abstract] | |
Schedule of contractual obligation and commitment rolling year maturity | Payments due by period Less than 1 year More than 1-3 years More than 4-5 years More than 5 years Total (In thousands) Contractual obligations: Advances from the Federal Home Loan Bank $ 12,171 $ 10,721 $ 2,392 $ - $ 25,284 Certificates of deposit 101,375 60,299 40,889 - 202,563 Lease obligations 113 144 119 129 505 Amount of loan commitments and expiration per period: Commitments to originate one- to four-family loans 1,149 - - - 1,149 Commitments to originate commercial loans 4,628 - - - 4,628 Home equity lines of credit 25,844 - - - 25,844 Commercial lines of credit 6,041 - - - 6,041 Undisbursed loans in process 14,351 - - - 14,351 Total contractual obligations $ 165,672 $ 71,164 $ 43,400 $ 129 $ 280,365 |
Schedule of compliance with regulatory capital | As of June 30, 2015 (Dollars in Thousands) Required Ratio Actual Amount Actual Ratio Tier 1 Leverage 5.00 % $ 78,909 13.9 % Common Equity Tier 1 Risk-Based Capital 6.50 % $ 78,909 23.0 % Tier 1 Risk-Based Capital 8.00 % $ 78,909 23.0 % Total Risk-Based Capital 10.00 % $ 81,294 23.7 % As of December 31, 2014 (Dollars in Thousands) Required Ratio Actual Amount Actual Ratio Tier 1 Leverage 5.00 % $ 77,752 13.9 % Tier 1 Risk-Based Capital 6.00 % $ 77,752 24.5 % Total Capital 10.00 % $ 79,988 25.2 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average number of shares | For the six months ended June 30, For the three months ended June 30, 2015 2014 2015 2014 Weighted-average common shares outstanding (basic) 6,598,132 6,630,407 6,622,343 6,607,066 Dilutive effect of assumed exercise of stock options 94,974 4,991 99,963 5,911 Weighted-average common shares outstanding (diluted) 6,693,106 6,635,398 6,722,306 6,612,977 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of stock option plan activity | Six months ended June 30, 2015 Year ended December 31, 2014 Shares Weighted- average exercise price Shares Weighted- average exercise price Outstanding at beginning of period 758,947 $ 12.67 369,939 $ 12.80 Granted 46,570 15.46 400,000 12.48 Exercised (328,831 ) 13.01 (10,992 ) 9.94 Forfeited (75,000 ) 12.48 - - Outstanding at end of period 401,686 $ 12.76 758,947 $ 12.67 Options exercisable at period-end 52,291 $ 12.14 363,791 $ 12.86 Options expected to be exercisable at year-end 52,291 363,791 Fair value of options granted $ 2.32 NA |
Schedule of options outstanding | Number outstanding 401,686 Exercise price $ 8.30 - $ 15.90 Weighted-average exercise price $ 12.76 Weighted-average remaining contractual life 8.7 years |
Investment and Mortgage-backe22
Investment and Mortgage-backed Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities | June 30, 2015 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value (In thousands) Available for Sale: U.S. Government agency securities $ 116,941 $ 37 $ 2,544 $ 114,434 Municipal obligations 1,691 66 - 1,757 $ 118,632 $ 103 $ 2,544 $ 116,191 December 31, 2014 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value (In thousands) Available for Sale: U.S. Government agency securities $ 127,607 $ 7 $ 2,391 $ 125,223 Municipal obligations 1,691 85 - 1,776 $ 129,298 $ 92 $ 2,391 $ 126,999 |
Schedule of amortized cost of investment securities by contractual term to maturity | June 30, 2015 (In thousands) Less than one year $ 5,953 One to five years 37,013 Five to ten years 75,666 More than ten years - $ 118,632 |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of mortgage-backed securities | June 30, 2015 Gross Gross Estimated Amortized unrealized unrealized fair cost holding gains holding losses value (In thousands) Available for sale: Federal Home Loan Mortgage Corporation adjustable-rate participation certificates $ 8,467 $ 7 $ - $ 8,474 December 31, 2014 Gross Gross Estimated Amortized unrealized unrealized fair cost holding gains holding losses value (In thousands) Available for sale: Federal Home Loan Mortgage Corporation adjustable-rate participation certificates $ 9,443 $ - $ 43 $ 9,400 |
Schedule of amortized cost of mortgage-backed securities, including those designated as available for sale, by contractual terms to maturity | June 30, 2015 (In thousands) Due in one year or less $ 1,530 Due in one year through five years 4,042 Due in five years through ten years 1,916 Due in more than ten years 979 $ 8,467 |
Schedule of unrealized loss position | Less than 12 months 12 months or longer Total Description of Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized securities investments value losses investments value losses investments value losses (Dollars in thousands) U.S. Government 3 $ 24,806 $ 191 16 $ 79,593 $ 2,353 19 $ 104,399 $ 2,544 Municipal obligations - - - - - - - - - Mortgage-backed securities - - - - - - - - - Total temporarily impaired securities 3 $ 24,806 $ 191 16 $ 79,593 $ 2,353 19 $ 104,399 $ 2,544 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of federal income tax on earnings and computation of statutory corporate tax rate | 2015 2014 (Dollars in thousands) Federal income taxes at statutory rate of 34% $ 285 $ 643 Increase (decrease) in taxes resulting primarily from: Stock compensation 85 7 Nontaxable interest income (11 ) (20 ) Cash surrender value of life insurance (75 ) (79 ) Other 4 (2 ) Federal income taxes per financial statements $ 288 $ 549 Effective tax rate 34.4 % 29.0 % |
Disclosures About Fair Value 24
Disclosures About Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets and liabilities | June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair value value value value (In thousands) Financial assets Cash and cash equivalents $ 46,455 $ 46,455 $ 42,439 $ 42,439 Investment securities 116,191 116,191 126,999 126,999 Mortgage-backed securities 8,474 8,474 9,400 9,400 Loans receivable – 354,478 366,675 337,095 358,500 Accrued interest receivable 1,866 1,866 1,801 1,801 Federal Home Loan Bank stock 8,651 8,651 8,651 8,651 $ 536,115 $ 548,312 $ 526,385 $ 547,790 Financial liabilities Deposits $ 452,237 $ 451,736 $ 451,784 $ 451,165 Advances from the Federal Home Loan Bank 25,284 24,889 14,851 15,726 Advances by borrowers for taxes and insurance 1,035 1,035 2,651 2,651 Accrued interest payable 54 54 58 58 $ 478,610 $ 477,714 $ 469,344 $ 469,600 |
Schedule of available for sale securities | Quoted prices in a tive Significant Significant markets for other other identical observable unobservable assets inputs inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Securities available for sale at June 30, 2015: U.S. Government agency securities $ 114,434 - $ 114,434 - Municipal obligations 1,757 - 1,757 - Mortgage-backed securities 8,474 - 8,474 - Securities available for sale at December 31, 2014: U.S. Government agency securities $ 125,223 - $ 125,223 - Municipal obligations 1,776 - 1,776 - Mortgage-backed securities 9,400 - 9,400 - |
Schedule of fair value on a nonrecurring basis | Total Quoted prices in a tive markets for identical assets (Level 1) Significant other observable inputs Significant other unobservable inputs (Level 3) (In thousands) June 30, 2015: Real estate acquired through foreclosure $ 1,713 - $ 1,713 - Loans held for sale 2,403 - 2,403 - Impaired loans 15,810 - 15,810 - December 31, 2014: Real estate acquired through foreclosure $ 1,815 - $ 1,815 - Loans held for sale 1,332 - 1,332 - Impaired loans 15,382 - 15,382 - |
Schedule of financial instrument measured on recurring and non recurring basis | Total Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) (In thousands) June 30, 2015: Financial assets: Cash and cash equivalents $ 46,455 $ 46,455 $ - $ - Mortgage-backed securities 8,474 - 8,474 - Loans receivable - net 366,675 - 366,675 - Federal Home Loan Bank stock 8,651 - 8,651 - Accrued interest receivable 1,866 - 1,866 - Financial liabilities: Deposits 451,736 - 451,736 - Advances from the Federal Home Loan Bank 24,889 - 24,889 - Advances by borrowers for taxes and insurance 1,035 - 1,035 - Accrued interest payable 54 - 54 - Total Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) (In thousands) December 31, 2014: Financial assets: Cash and cash equivalents $ 42,439 $ 42,439 $ - $ - Mortgage-backed securities - - - - Loans receivable - net 358,500 - 358,500 - Federal Home Loan Bank stock 8,651 - 8,651 - Accrued interest receivable 1,801 - 1,801 - Financial liabilities: Deposits 451,165 - 451,165 - Advances from the Federal Home Loan Bank 15,726 - 15,726 - Advances by borrowers for taxes and insurance 2,651 - 2,651 - Accrued interest payable 58 - 58 - |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of future amortization expense | (In thousands) 2015 $ 55 2016 110 2017 110 2018 55 Total $ 330 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of financing receivable recorded investment | One-to four Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Purchased loans $ 57,980 $ 3,197 $ - $ 22,979 $ 131 $ 84,287 Fair value discount - Credit impaired purchased loans (937 ) (1 ) - (301 ) - (1,239 ) Fair value discount – Non-impaired purchased loans (210 ) (22 ) - (86 ) (10 ) (328 ) Purchased loans book value (3) 56,833 3,174 - 22,592 121 82,720 Originated loans (1) 167,059 24,345 20,530 (2) 73,522 2,085 287,541 Ending balance $ 223,892 $ 27,519 $ 20,530 $ 96,114 $ 2,206 $ 370,261 (1) Includes loans held for sale (2) Before consideration of undisbursed loans-in-process (3) Loans purchased in acquisition of First Franklin |
Schedule of credit-impaired purchased loans and non-impaired purchased loans | Credit Non-impaired Impaired Purchased Loans Purchased Loans (In thousands) One-to-four family residential $ 52,998 $ 3,835 Multi-family residential 2,814 360 Construction - - Commercial 16,630 5,962 Consumer 120 1 Total $ 72,562 $ 10,158 |
Schedule of accretable discount related to acquired credit impaired loans | (In thousands) Accretable discount at December 31, 2014: $ 6,205 Reclass from nonaccretable difference to accretable discount - Less transferred to other real estate owned - Less accretion (373 ) Accretable discount at June 30, 2015: $ 5,832 |
Schedule of allowance for credit losses activity | June 30, 2015 One-to four- Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Allowance for loan losses: Beginning balance $ 1,813 $ 209 $ 7 $ 199 $ 8 $ 2,236 Provision 109 (51 ) 4 362 (1 ) 423 Charge-offs (286 ) - - (80 ) - (366 ) Recoveries 87 - - 4 1 92 Ending balance $ 1,723 $ 158 $ 11 $ 485 $ 8 $ 2,385 Originated loans: Individually evaluated for impairment $ 154 $ - $ - $ 7 $ - $ 161 Purchased loans: Individually evaluated for impairment $ 98 $ - $ - $ 51 $ - $ 149 Originated loans: Collectively evaluated for impairment $ 1,102 $ 158 $ 11 $ 347 $ 8 $ 1,626 Purchased loans: Loans acquired with deteriorated credit quality $ 369 $ - $ - $ 80 $ - $ 449 Loans receivable: Ending balance $ 223,892 $ 27,519 $ 20,530 $ 96,114 $ 2,206 $ 370,261 Ending balance: Individually evaluated for impairment $ 4,874 $ 193 $ - $ 585 $ - $ 5,652 Ending balance: Collectively evaluated for impairment $ 215,183 $ 26,966 $ 20,530 $ 89,567 $ 2,205 $ 354,451 Ending balance: Loans acquired with deteriorated credit quality $ 3,835 $ 360 $ - $ 5,962 $ 1 $ 10,158 December 31, 2014 One-to four Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Allowance for loan losses: Beginning balance $ 1,352 $ 194 $ 9 $ 131 $ 11 $ 1,697 Provision 947 15 (2 ) 64 - 1,024 Charge-offs (520 ) - - (39 ) (3 ) (562 ) Recoveries 34 - - 43 - 77 Ending balance $ 1,813 $ 209 $ 7 $ 199 $ 8 $ 2,236 Originated loans: Individually evaluated for impairment $ 238 $ - $ - $ 7 $ - $ 245 Purchased loans: Individually evaluated for impairment $ 135 $ - $ - $ - $ - $ 135 Originated Loans: Collectively evaluated for impairment $ 1,005 $ 209 $ 7 $ 151 $ 8 $ 1,380 Purchased loans: Loans acquired with deteriorated credit quality $ 435 $ - $ - $ 41 $ - $ 476 Loans receivable: Ending balance $ 231,626 $ 20,501 $ 8,327 $ 81,357 $ 921 $ 342,732 Ending balance: Individually evaluated for impairment $ 3,750 $ 95 $ - $ 817 $ - $ 4,662 Ending balance: Collectively evaluated for impairment $ 223,846 $ 20,046 $ 8,327 $ 74,211 $ 920 $ 327,350 Ending balance: Loans acquired with deteriorated credit quality $ 4,030 $ 360 $ - $ 6,329 $ 1 $ 10,720 |
Schedule of credit risk | Originated Loans at June 30, 2015 One-to four- Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Grade: Pass $ 163,955 $ 24,152 $ 20,530 $ 72,517 $ 2,085 $ 283,239 Special mention - - - - - - Substandard 3,104 193 - 1,005 - 4,302 Doubtful - - - - - - Loss - - - - - - Total $ 167,059 $ 24,345 $ 20,530 $ 73,522 $ 2,085 $ 287,541 Originated Loans at December 31, 2014 One-to four Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Grade: Pass $ 165,711 $ 17,090 $ 8,327 $ 56,191 $ 802 $ 248,121 Special mention - - - - - - Substandard 2,407 95 - 1,022 - 3,524 Doubtful - - - - - - Loss - - - - - - Total $ 168,118 $ 17,185 $ 8,327 $ 57,213 $ 802 $ 251,645 Purchased Loans at June 30, 2015 One-to four- Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Grade: Pass $ 54,131 $ 3,174 $ - $ 19,279 $ 121 $ 76,705 Special mention - - - - - - Substandard 2,702 - - 3,313 - 6,015 Doubtful - - - - - - Loss - - - - - - Total $ 56,833 $ 3,174 $ - $ 22,592 $ 121 $ 82,720 Purchased Loans at December 31, 2014 One-to four Family Multi-family Residential Residential Construction Commercial Consumer Total (In thousands) Grade: Pass $ 60,918 $ 3,316 $ - $ 20,441 $ 18 $ 84,693 Special mention - - - - - - Substandard 2,590 - - 3,703 101 6,394 Doubtful - - - - - - Loss - - - - - - Total $ 63,508 $ 3,316 $ - $ 24,144 $ 119 $ 91,087 |
Schedule of loans by delinquency, nonaccrual status and impaired loans | Age Analysis of Past Due Originated Loans Receivable As of June 30, 2015 Recorded Investment >30-89 Days 90 Days Total Past Current Total Loan 90 Days and Past Due or more Due & Accruing Nonaccrual Receivables Accruing (In thousands) Real Estate: 1-4 family Residential $ 574 $ 1,298 $ 1,872 $ 164,408 $ 2,402 $ 167,059 $ - Multi-family - 193 193 24,152 193 24,345 - Construction - - - 20,530 - 20,530 - Commercial - 161 161 73,361 161 73,522 - Consumer - - - 2,085 - 2,085 - Total $ 574 $ 1,652 $ 2,226 $ 284,536 $ 2,756 $ 287,541 $ - Age Analysis of Past Due Originated Loans Receivable As of December 31, 2014 Recorded Investment >30-89 Days 90 Days Total Past Current Total Loan 90 Days and Past Due or more Due & Accruing Nonaccrual Receivables Accruing (In thousands) Real Estate: 1-4 family Residential $ 999 $ 1,317 $ 2,316 $ 165,088 $ 2,031 $ 168,118 $ - Multi-family - 95 95 17,090 95 17,185 - Construction - - - 8,327 - 8,327 - Commercial - 143 143 57,051 162 57,213 Consumer - - - 802 - 802 - Total $ 999 $ 1,555 $ 2,554 $ 248,358 $ 2,288 $ 251,645 $ - Age Analysis of Past Due Purchased Loans Receivable As of June 30, 2015 Recorded Investment >30-89 Days 90 Days Total Past Current Total Loan 90 Days and Past Due or More Due & Accruing Nonaccrual Receivables Accruing (In thousands) Real Estate: 1-4 family Residential $ 892 $ 1,746 $ 2,638 $ 53,680 $ 2,297 $ 56,833 $ - Multi-family - - - 3,174 - 3,174 - Construction - - - - - - - Commercial 78 388 466 22,090 424 22,592 - Consumer - - - 121 - 121 - Total $ 970 $ 2,134 $ 3,104 $ 79,065 $ 2,721 $ 82,720 $ - Age Analysis of Past Due Purchased Loans Receivable As of December 31, 2014 Recorded Investment 30-89 Days 90 Days Total Past Current Total Loan 90 Days and Past Due or More Due & Accruing Nonaccrual Receivables Accruing (In thousands) Real Estate: 1-4 family Residential $ 1,846 $ 1,737 $ 3,583 $ 59,518 $ 2,144 $ 63,508 $ - Multi-family - - - 3,316 - 3,316 - Construction - - - - - - - Commercial 187 619 806 23,302 655 24,144 - Consumer - - - 119 - 119 - Total $ 2,033 $ 2,356 $ 4,389 $ 86,255 $ 2,799 $ 91,087 $ - |
Schedule of impaired loans | Impaired Loans As of June 30, 2015 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Purchased loans with a credit quality discount and no related allowance recorded: Real Estate: 1-4 family Residential $ 3,808 $ 3,808 $ - $ 3,892 $ 30 Multi-family 360 360 - 360 3 Construction - - - - - Commercial 5,962 5,962 - 6,146 23 Consumer 1 1 - 1 - Total $ 10,131 $ 10,131 $ - $ 10,399 $ 56 Purchased loans with a credit quality discount and an allowance recorded: Real Estate: 1-4 family Residential $ 27 $ 27 $ 12 $ 40 $ - Multi-family - - - - - Construction - - - - - Commercial - - - - - Consumer - - - - - Total $ 27 $ 27 $ 12 $ 40 $ - Purchased loans with no credit quality discount and no related allowance recorded: Real Estate: 1-4 family $ 1,984 $ 1,984 $ - $ 1,652 $ - Residential Multi-family - - - - - Construction - - - - - Commercial 133 133 - 394 - Consumer - - - - - Total $ 2,117 $ 2,117 $ - $ 2,046 $ - Purchased loans with an allowance recorded: Real Estate: 1-4 family $ 488 $ 488 $ 86 $ 545 $ - Residential Multi-family - - - - - Construction - - - - - Commercial 291 291 51 342 - Consumer - - - - - Total $ 779 $ 779 $ 137 $ 887 $ - Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Originated loans with no related allowance recorded Real Estate: 1-4 family $ 1,814 $ 1,814 $ - $ 1,589 $ - Residential Multi-family Residential 193 193 - 144 - Construction - - - - - Commercial 114 114 - 115 - Consumer - - - - - Total $ 2,121 $ 2,121 $ - $ 1,848 $ - Originated loans with an allowance recorded: Real Estate: 1-4 family $ 588 $ 588 $ 154 $ 627 $ - Residential Multi-family Residential - - - - - Construction - - - - - Commercial 47 47 7 47 - Consumer - - - - - Total $ 635 $ 635 $ 161 $ 674 $ - Total: Real Estate: 1-4 family $ 8,709 $ 8,709 $ 252 $ 8,345 $ 30 Residential Multi-family Residential 553 553 - 504 3 Construction - - - - - Commercial 6,547 6,547 58 7,044 23 Consumer 1 1 - 1 - Total $ 15,810 $ 15,810 $ 310 $ 15,894 $ 56 Impaired Loans As of December 31, 2014 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Purchased loans with a credit quality discount and no related allowance recorded: Real Estate: 1-4 family Residential $ 3,977 $ 3,977 $ - $ 3,578 $ 61 Multi-family 360 360 - 708 - Construction - - - - - Commercial 6,329 6,329 - 6,460 286 Consumer 1 1 - 1 - Total $ 10,667 $ 10,667 $ - $ 10,747 $ 347 Purchased loans with a credit quality discount and an allowance recorded: Real Estate: 1-4 family Residential $ 53 $ 53 $ 19 $ 16 $ - Multi-family - - - - - Construction - - - - - Commercial - - - - - Consumer - - - - - Total $ 53 $ 53 $ 19 $ 16 $ - Purchased loans with no credit quality discount and no related allowance recorded: Real Estate: 1-4 family $ 1,080 $ 1,080 $ - $ 1,863 $ 23 Residential Multi-family - - - - - Construction - - - - - Commercial 655 655 - 328 10 Consumer - - - 8 - Total $ 1,735 $ 1,735 $ - $ 2,199 $ 33 Purchased loans with an allowance recorded: Real Estate: 1-4 family $ 639 $ 639 $ 113 $ 263 $ 12 Residential Multi-family - - - - - Construction - - - - - Commercial - - - - - Consumer - - - - - Total $ 639 $ 639 $ 113 $ 263 $ 12 Impaired Loans As of December 31, 2014 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Originated loans with no related allowance recorded Real Estate: 1-4 family Residential $ 1,365 $ 1,365 $ - $ 1,786 $ 30 Multi-family 95 95 - 95 - Construction - - - - - Commercial 115 115 - 397 7 Consumer - - - - - Total $ 1,575 $ 1,575 $ - $ 2,278 $ 37 Originated loans with an allowance recorded: Real Estate: 1-4 family Residential $ 666 $ 666 $ 238 $ 214 $ 9 Multi-family - - - - - Construction - - - - - Commercial 47 47 7 20 - Consumer - - - - - Total $ 713 $ 713 $ 245 $ 234 $ 9 Total: Real Estate: 1-4 family Residential $ 7,780 $ 7,780 $ 370 $ 7,720 $ 135 Multi-family 455 455 - 803 - Construction - - - - - Commercial 7,146 7,146 7 7,205 303 Consumer 1 1 - 9 - Total $ 15,382 $ 15,382 $ 377 $ 15,737 $ 438 |
Schedule of modifications of troubled debt restructurings | Modifications As of June 30, 2015 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructurings Real Estate: 1-4 Family Residential 4 $ 430 $ 430 Multi-family Residential - - - Construction - - - Commercial - - - Consumer - - - Modifications For the six months ended June 30, 2015 Number of Recorded Contracts Investment Troubled Debt Restructurings That Subsequently Defaulted Real Estate: 1-4 Family Residential - $ - Multi-family Residential - - Construction - - Commercial - - Consumer - - Modifications As of December 31, 2014 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Troubled Debt Restructurings Real Estate: 1-4 Family Residential 8 $ 2,529 $ 2,529 Multi-family Residential - - - Construction - - - Commercial 1 100 100 Consumer - - - Number of Recorded Contracts Investment (In thousands) Troubled Debt Restructurings That Subsequently Defaulted Real Estate: 1-4 Family Residential 5 $ 724 Multi-family Residential - - Construction - - Commercial 1 99 Consumer - - |
Basis of Presentation (Detail T
Basis of Presentation (Detail Textuals) | Jun. 30, 2015 |
Cheviot Savings Bank (the "Savings Bank") | |
Basis Of Presentation [Line Items] | |
Ownership on principle assets | 100.00% |
Liquidity and Capital Resourc28
Liquidity and Capital Resources - Information regarding Corporation's obligations and commitments to make future payments under contracts (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Payments due by period | |
Less than 1 year | $ 165,672 |
More than 1-3 years | 71,164 |
More than 4-5 years | 43,400 |
More than 5 years | 129 |
Total | 280,365 |
Advances from the Federal Home Loan Bank | |
Payments due by period | |
Less than 1 year | 12,171 |
More than 1-3 years | 10,721 |
More than 4-5 years | $ 2,392 |
More than 5 years | |
Total | $ 25,284 |
Certificates of deposit | |
Payments due by period | |
Less than 1 year | 101,375 |
More than 1-3 years | 60,299 |
More than 4-5 years | $ 40,889 |
More than 5 years | |
Total | $ 202,563 |
Lease obligations | |
Payments due by period | |
Less than 1 year | 113 |
More than 1-3 years | 144 |
More than 4-5 years | 119 |
More than 5 years | 129 |
Total | 505 |
Commitments to originate one- to four-family loans | |
Payments due by period | |
Less than 1 year | $ 1,149 |
More than 1-3 years | |
More than 4-5 years | |
More than 5 years | |
Total | $ 1,149 |
Commitments to originate commercial loans | |
Payments due by period | |
Less than 1 year | $ 4,628 |
More than 1-3 years | |
More than 4-5 years | |
More than 5 years | |
Total | $ 4,628 |
Home equity lines of credit | |
Payments due by period | |
Less than 1 year | $ 25,844 |
More than 1-3 years | |
More than 4-5 years | |
More than 5 years | |
Total | $ 25,844 |
Commercial lines of credit | |
Payments due by period | |
Less than 1 year | $ 6,041 |
More than 1-3 years | |
More than 4-5 years | |
More than 5 years | |
Total | $ 6,041 |
Undisbursed loans in process | |
Payments due by period | |
Less than 1 year | $ 14,351 |
More than 1-3 years | |
More than 4-5 years | |
More than 5 years | |
Total | $ 14,351 |
Liquidity and Capital Resourc29
Liquidity and Capital Resources - Information regarding regulatory capital position (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Liquidity and Capital Resources [Abstract] | ||
Tier 1 Leverage, Required Ratio | 5.00% | 5.00% |
Tier 1 Leverage, Actual Amount | $ 78,909 | $ 77,752 |
Tier 1 Leverage, Actual Ratio | 13.90% | 13.90% |
Common Equity Tier 1 Risk-Based Capital, Required Ratio | 6.50% | |
Common Equity Tier 1 Risk-Based Capital, Actual Amount | $ 78,909 | |
Common Equity Tier 1 Risk-Based Capital, Actual Ratio | 23.00% | |
Tier 1 Risk-Based Capital, Required Ratio | 8.00% | 6.00% |
Tier 1 Risk-Based Capital, Actual Amount | $ 78,909 | $ 77,752 |
Tier 1 Risk-Based Capital, Actual Ratio | 23.00% | 24.50% |
Total Capital, Required Ratio | 10.00% | 10.00% |
Total Capital, Actual Amount | $ 81,294 | $ 79,988 |
Total Capital , Actual Ratio | 23.70% | 25.20% |
Liquidity and Capital Resourc30
Liquidity and Capital Resources (Detail Textuals) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule Of Liquidity and Capital Resources [Line Items] | |||
Loan originations | $ 81,500,000 | $ 35,400,000 | |
Increase (decrease) in deposits | 453,000 | $ 5,500,000 | |
Federal Home Loan Bank Of Cincinnati | |||
Schedule Of Liquidity and Capital Resources [Line Items] | |||
Outstanding borrowings from the Federal Home Loan Bank of Cincinnati | 25,300,000 | $ 14,900,000 | |
Maximum possible increase in borrowings from Federal Home Loan Bank | $ 143,300,000 | $ 132,100,000 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares outstanding (basic) | 6,622,343 | 6,607,066 | 6,598,132 | 6,630,407 |
Dilutive effect of assumed exercise of stock options | 99,963 | 5,911 | 94,974 | 4,991 |
Weighted-average common shares outstanding (diluted) | 6,722,306 | 6,612,977 | 6,693,106 | 6,635,398 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals) - shares | Jun. 30, 2015 | Jun. 30, 2014 |
Earnings Per Share [Abstract] | ||
Unallocated shares held by the ESOP | 158,950 | 168,300 |
Equity Incentive Plan - Changes
Equity Incentive Plan - Changes in Stock Option (Details) - Stock Incentive Plan - Stock Options - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Shares | ||
Outstanding at beginning of period | 758,947 | 369,939 |
Granted | 46,570 | 400,000 |
Exercised | (328,831) | (10,992) |
Forfeited | (75,000) | |
Outstanding at end of period | 401,686 | 758,947 |
Options exercisable at period-end | 52,291 | 363,791 |
Options expected to be exercisable at year-end | 52,291 | 363,791 |
Weighted-average exercise price | ||
Outstanding at beginning of period | $ 12.67 | $ 12.80 |
Granted | 15.46 | 12.48 |
Exercised | 13.01 | $ 9.94 |
Forfeited | 12.48 | |
Outstanding at end of period | 12.76 | $ 12.67 |
Options exercisable at period-end | 12.14 | $ 12.86 |
Fair value of options granted | $ 2.32 |
Equity Incentive Plan - Informa
Equity Incentive Plan - Information of options outstanding (Details 1) - Stock Incentive Plan - Stock Options - $ / shares | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number outstanding | 401,686 | 758,947 | 369,939 |
Exercise price, lower | $ 8.30 | ||
Exercise price, upper | 15.90 | ||
Weighted-average exercise price | $ 12.76 | $ 12.67 | $ 12.80 |
Weighted-average remaining contractual life | 8 years 8 months 12 days |
Equity Incentive Plan (Detail T
Equity Incentive Plan (Detail Textuals) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Stock Incentive Plan | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares for grants (in shares) | 891,517 | |
After-tax compensation cost for vested equity-based awards recognized | $ 91,000 | |
Unrecognized pre-tax compensation cost for non vested equity based awards granted | $ 475,000 | |
Weighted-average vesting period of unrecognized pre-tax compensation cost | 4 years | |
Granted | 46,570 | 400,000 |
Forfeited | 75,000 | |
2013 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exchange ratio after adjustment in shares under plan | 0.857% | |
Granted | 400,000 | |
Forfeited | 75,000 | |
2013 Equity Incentive Plan | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted subject to vesting period (in shares) | 400,000 | |
Vesting period of options granted | 5 years | |
2005 Equity Incentive Plan | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted subject to vesting period (in shares) | 46,570 | |
Vesting period of options granted | 5 years |
Equity Incentive Plan (Detail36
Equity Incentive Plan (Detail Textuals 1) - Stock Incentive Plan - Stock Options | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||
Fair value assumption, method used | Black-Scholes options-pricing model | Black-Scholes options-pricing model |
Dividend yield | 2.33% | 2.88% |
Expected volatility | 15.56% | 14.25% |
Risk-free interest rate | 2.16% | 2.55% |
Expected life of options | 10 years | 10 years |
Investment and Mortgage-backe37
Investment and Mortgage-backed Securities - Amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available for sale: | ||
Amortized cost | $ 118,632 | $ 129,298 |
Gross unrealized gains | 103 | 92 |
Gross unrealized losses | 2,544 | 2,391 |
Estimated fair value | 116,191 | 126,999 |
U.S. Government agency securities | ||
Available for sale: | ||
Amortized cost | 116,941 | 127,607 |
Gross unrealized gains | 37 | 7 |
Gross unrealized losses | 2,544 | 2,391 |
Estimated fair value | 114,434 | 125,223 |
Municipal obligations | ||
Available for sale: | ||
Amortized cost | 1,691 | 1,691 |
Gross unrealized gains | $ 66 | $ 85 |
Gross unrealized losses | ||
Estimated fair value | $ 1,757 | $ 1,776 |
Investment and Mortgage-backe38
Investment and Mortgage-backed Securities - Amortized cost of investment securities by contractual maturity (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Less than one year | $ 5,953 | |
One to five years | 37,013 | |
Five to ten years | $ 75,666 | |
More than ten years | ||
Amortized cost of investment securities | $ 118,632 | $ 129,298 |
Investment and Mortgage-backe39
Investment and Mortgage-backed Securities - Amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of mortgage-backed securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available for sale: | ||
Amortized cost | $ 118,632 | $ 129,298 |
Gross unrealized holding gains | 103 | 92 |
Gross unrealized holding losses | 2,544 | 2,391 |
Estimated fair value | 116,191 | 126,999 |
Federal Home Loan Mortgage Corporation adjustable-rate participation certificates | ||
Available for sale: | ||
Amortized cost | 8,467 | $ 9,443 |
Gross unrealized holding gains | $ 7 | |
Gross unrealized holding losses | $ 43 | |
Estimated fair value | $ 8,474 | $ 9,400 |
Investment and Mortgage-backe40
Investment and Mortgage-backed Securities - Amortized cost of mortgage-backed securities by contractual maturity (Details 3) - Mortgage-backed securities $ in Thousands | Jun. 30, 2015USD ($) |
Schedule Of Marketable Securities [Line Items] | |
Due in one year or less | $ 1,530 |
Due in one year through five years | 4,042 |
Due in five years through ten years | 1,916 |
Due in more than ten years | 979 |
Total | $ 8,467 |
Investment and Mortgage-backe41
Investment and Mortgage-backed Securities - Continuous unrealized loss position (Details 4) - Jun. 30, 2015 $ in Thousands | USD ($)Security |
Schedule Of Marketable Securities [Line Items] | |
Temporarily impaired securities, number of investments, less than 12 months | Security | 3 |
Temporarily impaired securities, fair value, less than 12 months | $ 24,806 |
Temporarily impaired securities, unrealized losses, less than 12 months | $ 191 |
Temporarily impaired securities, number of investments, 12 months or longer | Security | 16 |
Temporarily impaired securities, fair value, 12 months or longer | $ 79,593 |
Temporarily impaired securities, unrealized losses, 12 months or longer | $ 2,353 |
Temporarily impaired securities, number of investments | Security | 19 |
Temporarily impaired securities, total fair value | $ 104,399 |
Temporarily impaired securities, unrealized losses | $ 2,544 |
U.S. Government agency securities | |
Schedule Of Marketable Securities [Line Items] | |
Temporarily impaired securities, number of investments, less than 12 months | Security | 3 |
Temporarily impaired securities, fair value, less than 12 months | $ 24,806 |
Temporarily impaired securities, unrealized losses, less than 12 months | $ 191 |
Temporarily impaired securities, number of investments, 12 months or longer | Security | 16 |
Temporarily impaired securities, fair value, 12 months or longer | $ 79,593 |
Temporarily impaired securities, unrealized losses, 12 months or longer | $ 2,353 |
Temporarily impaired securities, number of investments | Security | 19 |
Temporarily impaired securities, total fair value | $ 104,399 |
Temporarily impaired securities, unrealized losses | $ 2,544 |
Municipal obligations | |
Schedule Of Marketable Securities [Line Items] | |
Temporarily impaired securities, number of investments, less than 12 months | Security | |
Temporarily impaired securities, fair value, less than 12 months | |
Temporarily impaired securities, unrealized losses, less than 12 months | |
Temporarily impaired securities, number of investments, 12 months or longer | Security | |
Temporarily impaired securities, fair value, 12 months or longer | |
Temporarily impaired securities, unrealized losses, 12 months or longer | |
Temporarily impaired securities, number of investments | Security | |
Temporarily impaired securities, total fair value | |
Temporarily impaired securities, unrealized losses | |
Mortgage-backed securities | |
Schedule Of Marketable Securities [Line Items] | |
Temporarily impaired securities, number of investments, less than 12 months | Security | |
Temporarily impaired securities, fair value, less than 12 months | |
Temporarily impaired securities, unrealized losses, less than 12 months | |
Temporarily impaired securities, number of investments, 12 months or longer | Security | |
Temporarily impaired securities, fair value, 12 months or longer | |
Temporarily impaired securities, unrealized losses, 12 months or longer | |
Temporarily impaired securities, number of investments | Security | |
Temporarily impaired securities, total fair value | |
Temporarily impaired securities, unrealized losses |
Income Taxes - Federal income t
Income Taxes - Federal income tax on earnings differs from that computed at statutory corporate tax rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Federal income taxes at statutory rate of 34% | $ 285 | $ 643 | ||
Increase (decrease) in taxes resulting primarily from: | ||||
Stock compensation | 85 | 7 | ||
Nontaxable interest income | (11) | (20) | ||
Cash surrender value of life insurance | (75) | (79) | ||
Other | 4 | (2) | ||
Total federal income taxes | $ 266 | $ 203 | $ 288 | $ 549 |
Effective tax rate | 34.40% | 29.00% |
Income Taxes - Federal income43
Income Taxes - Federal income tax on earnings differs from that computed at statutory corporate tax rate (Parentheticals) (Details) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Federal income taxes at statutory rate | 34.00% | 34.00% |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Income Tax Disclosure [Abstract] | |
Net operating losses to carryforward | $ 1.7 |
Period for carryforward net operating losses | 18 years |
Losses on an annual basis to offset current year taxable income | $ 1.1 |
Income tax benefit, likelihood of realized on ultimate settlement | greater than 50 percent |
Disclosures about Fair Value 45
Disclosures about Fair Value of Assets and Liabilities - Estimated fair values of Corporation's financial instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets | ||
Investment securities | $ 116,191 | $ 126,999 |
Accrued interest receivable | 1,061 | 1,031 |
Federal Home Loan Bank stock | 8,651 | 8,651 |
Financial liabilities | ||
Deposits | 452,237 | 451,784 |
Accrued interest payable | 54 | 58 |
Advances by borrowers for taxes and insurance | 1,035 | 2,651 |
Carrying value | ||
Financial assets | ||
Cash and cash equivalents | 46,455 | 42,439 |
Investment securities | 116,191 | 126,999 |
Mortgage-backed securities | 8,474 | 9,400 |
Loans receivable - net and loans held for sale | 354,478 | 337,095 |
Accrued interest receivable | 1,866 | 1,801 |
Federal Home Loan Bank stock | 8,651 | 8,651 |
Total financial assets | 536,115 | 526,385 |
Financial liabilities | ||
Deposits | 452,237 | 451,784 |
Advances from the Federal Home Loan Bank | 25,284 | 14,851 |
Accrued interest payable | 1,035 | 2,651 |
Advances by borrowers for taxes and insurance | 54 | 58 |
Total financial liabilities | 478,610 | 469,344 |
Fair value | ||
Financial assets | ||
Cash and cash equivalents | 46,455 | 42,439 |
Investment securities | 116,191 | 126,999 |
Mortgage-backed securities | 8,474 | 9,400 |
Loans receivable - net and loans held for sale | 366,675 | 358,500 |
Accrued interest receivable | 1,866 | 1,801 |
Federal Home Loan Bank stock | 8,651 | 8,651 |
Total financial assets | 548,312 | 547,790 |
Financial liabilities | ||
Deposits | 451,736 | 451,165 |
Advances from the Federal Home Loan Bank | 24,889 | 15,726 |
Accrued interest payable | 1,035 | 2,651 |
Advances by borrowers for taxes and insurance | 54 | 58 |
Total financial liabilities | $ 477,714 | $ 469,600 |
Disclosures About Fair Value 46
Disclosures About Fair Value of Assets and Liabilities -Summary of fair value measurements (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 116,191 | $ 126,999 |
U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 114,434 | 125,223 |
Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,757 | 1,776 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 8,474 | $ 9,400 |
Quoted prices in active markets for identical assets (Level 1) | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Quoted prices in active markets for identical assets (Level 1) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Quoted prices in active markets for identical assets (Level 1) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Significant other observable inputs (Level 2) | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 114,434 | $ 125,223 |
Significant other observable inputs (Level 2) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,757 | 1,776 |
Significant other observable inputs (Level 2) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 8,474 | $ 9,400 |
Significant other unobservable inputs (Level 3) | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Significant other unobservable inputs (Level 3) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Significant other unobservable inputs (Level 3) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale |
Disclosures about Fair Value 47
Disclosures about Fair Value of Assets and Liabilities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Real estate acquired through foreclosure | $ 1,713 | $ 1,815 |
Loans held for sale | 2,403 | 1,332 |
Non Recurring Basis | Total | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Real estate acquired through foreclosure | 1,713 | 1,815 |
Loans held for sale | 2,403 | 1,332 |
Impaired loans | $ 15,810 | $ 15,382 |
Non Recurring Basis | Quoted prices in active markets for identical assets (Level 1) | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Real estate acquired through foreclosure | ||
Loans held for sale | ||
Impaired loans | ||
Non Recurring Basis | Significant other observable inputs (Level 2) | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Real estate acquired through foreclosure | $ 1,713 | $ 1,815 |
Loans held for sale | 2,403 | 1,332 |
Impaired loans | $ 15,810 | $ 15,382 |
Non Recurring Basis | Significant other unobservable inputs (Level 3) | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Real estate acquired through foreclosure | ||
Loans held for sale | ||
Impaired loans |
Disclosures About Fair Value 48
Disclosures About Fair Value of Assets and Liabilities (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Total | ||
Financial assets: | ||
Cash and cash equivalents | $ 46,455 | $ 42,439 |
Mortgage-backed securities | 8,474 | |
Loans receivable - net | 366,675 | $ 358,500 |
Federal Home Loan Bank stock | 8,651 | 8,651 |
Accrued interest receivable | 1,866 | 1,801 |
Financial liabilities: | ||
Deposits | 451,736 | 451,165 |
Advances from the Federal Home Loan Bank | 24,889 | 15,726 |
Advances by borrowers for taxes and insurance | 1,035 | 2,651 |
Accrued interest payable | 54 | 58 |
Quoted prices in active markets for identical assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | $ 46,455 | $ 42,439 |
Mortgage-backed securities | ||
Loans receivable - net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Financial liabilities: | ||
Deposits | ||
Advances from the Federal Home Loan Bank | ||
Advances by borrowers for taxes and insurance | ||
Accrued interest payable | ||
Significant other observable inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | ||
Mortgage-backed securities | $ 8,474 | |
Loans receivable - net | 366,675 | $ 358,500 |
Federal Home Loan Bank stock | 8,651 | 8,651 |
Accrued interest receivable | 1,866 | 1,801 |
Financial liabilities: | ||
Deposits | 451,736 | 451,165 |
Advances from the Federal Home Loan Bank | 24,889 | 15,726 |
Advances by borrowers for taxes and insurance | 1,035 | 2,651 |
Accrued interest payable | $ 54 | $ 58 |
Significant other unobservable inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | ||
Mortgage-backed securities | ||
Loans receivable - net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Financial liabilities: | ||
Deposits | ||
Advances from the Federal Home Loan Bank | ||
Advances by borrowers for taxes and insurance | ||
Accrued interest payable |
Intangible Assets - Summary of
Intangible Assets - Summary of current year and estimated future amortization expense for core deposit intangible (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 330 | $ 391 |
Core Deposit | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,015 | 55 | |
2,016 | 110 | |
2,017 | 110 | |
2,018 | 55 | |
Total | $ 330 |
Intangible Assets (Detail Textu
Intangible Assets (Detail Textuals) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 10,309,000 | $ 10,309,000 | |
Carrying amount of core deposit, intangible | 1,300,000 | ||
Accumulated amortization of core deposit intangible | $ 968,000 | ||
First Franklin and Franklin Savings | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill and intangible assets | $ 11,600,000 |
Financing Receivables - Recorde
Financing Receivables - Recorded investment in loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans | $ 84,287 | ||
Ending balance | 370,261 | $ 342,732 | |
Loans Receivable | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans | 57,980 | ||
Ending balance | 223,892 | 231,626 | |
Loans Receivable | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans | 3,197 | ||
Ending balance | $ 27,519 | 20,501 | |
Loans Receivable | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans | |||
Ending balance | $ 20,530 | 8,327 | |
Loans Receivable | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans | 22,979 | ||
Ending balance | 96,114 | 81,357 | |
Loans Receivable | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans | 131 | ||
Ending balance | 2,206 | 921 | |
Loans Receivable | Credit Impaired Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | (1,239) | ||
Loans Receivable | Credit Impaired Purchased Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | (937) | ||
Loans Receivable | Credit Impaired Purchased Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | $ (1) | ||
Loans Receivable | Credit Impaired Purchased Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | |||
Loans Receivable | Credit Impaired Purchased Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | $ (301) | ||
Loans Receivable | Credit Impaired Purchased Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | |||
Loans Receivable | Non-impaired Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | $ (328) | ||
Loans Receivable | Non-impaired Purchased Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | (210) | ||
Loans Receivable | Non-impaired Purchased Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | $ (22) | ||
Loans Receivable | Non-impaired Purchased Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | |||
Loans Receivable | Non-impaired Purchased Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | $ (86) | ||
Loans Receivable | Non-impaired Purchased Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value discount | (10) | ||
Originated Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 287,541 | [1] | 251,645 |
Originated Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 167,059 | [1] | 168,118 |
Originated Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 24,345 | [1] | 17,185 |
Originated Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 20,530 | [1],[2] | 8,327 |
Originated Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 73,522 | [1] | 57,213 |
Originated Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 2,085 | [1] | 802 |
Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 82,720 | [3] | 91,087 |
Purchased Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 56,833 | [3] | 63,508 |
Purchased Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 3,174 | [3] | $ 3,316 |
Purchased Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | |||
Purchased Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 22,592 | [3] | $ 24,144 |
Purchased Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 121 | [3] | $ 119 |
Purchased Loans | Credit Impaired Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 10,158 | ||
Purchased Loans | Credit Impaired Purchased Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 3,835 | ||
Purchased Loans | Credit Impaired Purchased Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 360 | ||
Purchased Loans | Credit Impaired Purchased Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | |||
Purchased Loans | Credit Impaired Purchased Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 5,962 | ||
Purchased Loans | Credit Impaired Purchased Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 1 | ||
Purchased Loans | Non-impaired Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 72,562 | ||
Purchased Loans | Non-impaired Purchased Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 52,998 | ||
Purchased Loans | Non-impaired Purchased Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 2,814 | ||
Purchased Loans | Non-impaired Purchased Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | |||
Purchased Loans | Non-impaired Purchased Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 16,630 | ||
Purchased Loans | Non-impaired Purchased Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 120 | ||
[1] | Includes loans held for sale | ||
[2] | Before consideration of undisbursed loans-in-process | ||
[3] | Loans purchased in acquisition of First Franklin |
Financing Receivables - Carryin
Financing Receivables - Carrying amount of purchased loans (Details 1) - Purchased Loans - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 82,720 | [1] | $ 91,087 |
Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 56,833 | [1] | 63,508 |
Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 3,174 | [1] | $ 3,316 |
Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | |||
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 22,592 | [1] | $ 24,144 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 121 | [1] | $ 119 |
Non-impaired Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 72,562 | ||
Non-impaired Purchased Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 52,998 | ||
Non-impaired Purchased Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 2,814 | ||
Non-impaired Purchased Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | |||
Non-impaired Purchased Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 16,630 | ||
Non-impaired Purchased Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 120 | ||
Credit Impaired Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 10,158 | ||
Credit Impaired Purchased Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | 3,835 | ||
Credit Impaired Purchased Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 360 | ||
Credit Impaired Purchased Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | |||
Credit Impaired Purchased Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 5,962 | ||
Credit Impaired Purchased Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment loan | $ 1 | ||
[1] | Loans purchased in acquisition of First Franklin |
Financing Receivables - Activit
Financing Receivables - Activity for accretable discount related to acquired credit impaired loans (Details 2) - Loans Receivable - Credit impaired loans $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Accretable discount at December 31, 2014: | $ 6,205 |
Reclass from nonaccretable difference to accretable discount | |
Less transferred to other real estate owned | |
Less accretion | $ (373) |
Accretable discount at June 30, 2015: | $ 5,832 |
Financing Receivables - Allowan
Financing Receivables - Allowance for credit losses (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Allowance for loan losses: | |||||
Provision | $ 280 | $ 355 | $ 423 | $ 555 | |
Loans Receivable | |||||
Allowance for loan losses: | |||||
Beginning balance | 2,236 | 1,697 | $ 1,697 | ||
Provision | 423 | 1,024 | |||
Charge-offs | (366) | (562) | |||
Recoveries | 92 | 77 | |||
Ending balance | 2,385 | 2,385 | 2,236 | ||
Loans receivable: | |||||
Ending balance | 370,261 | 370,261 | 342,732 | ||
Individually evaluated for impairment | 5,652 | 5,652 | 4,662 | ||
Collectively evaluated for impairment | 354,451 | 354,451 | 327,350 | ||
Loans Receivable | Loans acquired with deteriorated credit quality | |||||
Loans receivable: | |||||
Ending balance | 10,158 | 10,158 | 10,720 | ||
Loans Receivable | Residential | One-to-four Family | |||||
Allowance for loan losses: | |||||
Beginning balance | 1,813 | 1,352 | 1,352 | ||
Provision | 109 | 947 | |||
Charge-offs | (286) | (520) | |||
Recoveries | 87 | 34 | |||
Ending balance | 1,723 | 1,723 | 1,813 | ||
Loans receivable: | |||||
Ending balance | 223,892 | 223,892 | 231,626 | ||
Individually evaluated for impairment | 4,874 | 4,874 | 3,750 | ||
Collectively evaluated for impairment | 215,183 | 215,183 | 223,846 | ||
Loans Receivable | Residential | One-to-four Family | Loans acquired with deteriorated credit quality | |||||
Loans receivable: | |||||
Ending balance | 3,835 | 3,835 | 4,030 | ||
Loans Receivable | Residential | Multi-family | |||||
Allowance for loan losses: | |||||
Beginning balance | 209 | 194 | 194 | ||
Provision | $ (51) | $ 15 | |||
Charge-offs | |||||
Recoveries | |||||
Ending balance | 158 | $ 158 | $ 209 | ||
Loans receivable: | |||||
Ending balance | 27,519 | 27,519 | 20,501 | ||
Individually evaluated for impairment | 193 | 193 | 95 | ||
Collectively evaluated for impairment | 26,966 | 26,966 | 20,046 | ||
Loans Receivable | Residential | Multi-family | Loans acquired with deteriorated credit quality | |||||
Loans receivable: | |||||
Ending balance | 360 | 360 | 360 | ||
Loans Receivable | Residential | Construction | |||||
Allowance for loan losses: | |||||
Beginning balance | 7 | 9 | 9 | ||
Provision | $ 4 | $ (2) | |||
Charge-offs | |||||
Recoveries | |||||
Ending balance | 11 | $ 11 | $ 7 | ||
Loans receivable: | |||||
Ending balance | $ 20,530 | $ 20,530 | $ 8,327 | ||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 20,530 | $ 20,530 | $ 8,327 | ||
Loans Receivable | Residential | Construction | Loans acquired with deteriorated credit quality | |||||
Loans receivable: | |||||
Ending balance | |||||
Loans Receivable | Commercial | |||||
Allowance for loan losses: | |||||
Beginning balance | $ 199 | 131 | $ 131 | ||
Provision | 362 | 64 | |||
Charge-offs | (80) | (39) | |||
Recoveries | 4 | 43 | |||
Ending balance | $ 485 | 485 | 199 | ||
Loans receivable: | |||||
Ending balance | 96,114 | 96,114 | 81,357 | ||
Individually evaluated for impairment | 585 | 585 | 817 | ||
Collectively evaluated for impairment | 89,567 | 89,567 | 74,211 | ||
Loans Receivable | Commercial | Loans acquired with deteriorated credit quality | |||||
Loans receivable: | |||||
Ending balance | 5,962 | 5,962 | 6,329 | ||
Loans Receivable | Consumer | |||||
Allowance for loan losses: | |||||
Beginning balance | 8 | $ 11 | $ 11 | ||
Provision | $ (1) | ||||
Charge-offs | $ (3) | ||||
Recoveries | $ 1 | ||||
Ending balance | 8 | 8 | $ 8 | ||
Loans receivable: | |||||
Ending balance | $ 2,206 | $ 2,206 | $ 921 | ||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 2,205 | $ 2,205 | $ 920 | ||
Loans Receivable | Consumer | Loans acquired with deteriorated credit quality | |||||
Loans receivable: | |||||
Ending balance | 1 | 1 | 1 | ||
Originated Loans | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 161 | 161 | 245 | ||
Collectively evaluated for impairment | 1,626 | 1,626 | 1,380 | ||
Originated Loans | Residential | One-to-four Family | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 154 | 154 | 238 | ||
Collectively evaluated for impairment | $ 1,102 | $ 1,102 | $ 1,005 | ||
Originated Loans | Residential | Multi-family | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 158 | $ 158 | $ 209 | ||
Originated Loans | Residential | Construction | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 11 | $ 11 | $ 7 | ||
Originated Loans | Commercial | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 7 | 7 | 7 | ||
Collectively evaluated for impairment | $ 347 | $ 347 | $ 151 | ||
Originated Loans | Consumer | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 8 | $ 8 | $ 8 | ||
Purchased Loans | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 149 | 149 | 135 | ||
Purchased Loans | Loans acquired with deteriorated credit quality | |||||
Allowance for loan losses: | |||||
Beginning balance | 476 | ||||
Ending balance | 449 | 449 | 476 | ||
Purchased Loans | One-to-four Family | Loans acquired with deteriorated credit quality | |||||
Allowance for loan losses: | |||||
Beginning balance | 435 | ||||
Ending balance | $ 369 | $ 369 | $ 435 | ||
Purchased Loans | Multi-family | Loans acquired with deteriorated credit quality | |||||
Allowance for loan losses: | |||||
Beginning balance | |||||
Ending balance | |||||
Purchased Loans | Construction | Loans acquired with deteriorated credit quality | |||||
Allowance for loan losses: | |||||
Beginning balance | |||||
Ending balance | |||||
Purchased Loans | Residential | One-to-four Family | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | $ 98 | $ 98 | $ 135 | ||
Purchased Loans | Residential | Multi-family | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | |||||
Purchased Loans | Residential | Construction | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | |||||
Purchased Loans | Commercial | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | $ 51 | $ 51 | |||
Purchased Loans | Commercial | Loans acquired with deteriorated credit quality | |||||
Allowance for loan losses: | |||||
Beginning balance | 41 | ||||
Ending balance | $ 80 | $ 80 | $ 41 | ||
Purchased Loans | Consumer | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | |||||
Purchased Loans | Consumer | Loans acquired with deteriorated credit quality | |||||
Allowance for loan losses: | |||||
Beginning balance | |||||
Ending balance |
Financing Receivables - Credit
Financing Receivables - Credit risk profile by internally assigned grade (Details 4) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Originated Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 287,541 | [1] | $ 251,645 |
Originated Loans | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 167,059 | [1] | 168,118 |
Originated Loans | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 24,345 | [1] | 17,185 |
Originated Loans | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 20,530 | [1],[2] | 8,327 |
Originated Loans | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 73,522 | [1] | 57,213 |
Originated Loans | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 2,085 | [1] | 802 |
Originated Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 283,239 | 248,121 | |
Originated Loans | Pass | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 163,955 | 165,711 | |
Originated Loans | Pass | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 24,152 | 17,090 | |
Originated Loans | Pass | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 20,530 | 8,327 | |
Originated Loans | Pass | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 72,517 | 56,191 | |
Originated Loans | Pass | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 2,085 | $ 802 | |
Originated Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Special Mention | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Special Mention | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Special Mention | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Special Mention | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Special Mention | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 4,302 | $ 3,524 | |
Originated Loans | Substandard | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 3,104 | 2,407 | |
Originated Loans | Substandard | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 193 | $ 95 | |
Originated Loans | Substandard | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Substandard | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 1,005 | $ 1,022 | |
Originated Loans | Substandard | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Doubtful | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Doubtful | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Doubtful | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Doubtful | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Doubtful | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Loss | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Loss | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Loss | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Loss | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Originated Loans | Loss | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 82,720 | [3] | $ 91,087 |
Purchased Loans | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 56,833 | [3] | 63,508 |
Purchased Loans | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 3,174 | [3] | $ 3,316 |
Purchased Loans | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 22,592 | [3] | $ 24,144 |
Purchased Loans | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 121 | [3] | 119 |
Purchased Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 76,705 | 84,693 | |
Purchased Loans | Pass | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | 54,131 | 60,918 | |
Purchased Loans | Pass | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 3,174 | $ 3,316 | |
Purchased Loans | Pass | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Pass | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 19,279 | $ 20,441 | |
Purchased Loans | Pass | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 121 | $ 18 | |
Purchased Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Special Mention | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Special Mention | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Special Mention | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Special Mention | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Special Mention | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 6,015 | $ 6,394 | |
Purchased Loans | Substandard | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 2,702 | $ 2,590 | |
Purchased Loans | Substandard | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Substandard | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Substandard | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 3,313 | $ 3,703 | |
Purchased Loans | Substandard | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | $ 101 | ||
Purchased Loans | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Doubtful | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Doubtful | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Doubtful | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Doubtful | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Doubtful | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Loss | Residential | One-to-four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Loss | Residential | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Loss | Residential | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Loss | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
Purchased Loans | Loss | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Investment loan | |||
[1] | Includes loans held for sale | ||
[2] | Before consideration of undisbursed loans-in-process | ||
[3] | Loans purchased in acquisition of First Franklin |
Financing Receivables - Loans b
Financing Receivables - Loans by delinquency, nonaccrual status and impaired loans (Details 5) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Originated Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 2,226 | $ 2,554 | |
Financing Receivable Recorded Investment Current And Accruing | 284,536 | 248,358 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,756 | 2,288 | |
Investment loan | $ 287,541 | [1] | $ 251,645 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Originated Loans | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 574 | $ 999 | |
Originated Loans | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | 1,652 | 1,555 | |
Originated Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | 1,872 | 2,316 | |
Financing Receivable Recorded Investment Current And Accruing | 164,408 | 165,088 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,402 | 2,031 | |
Investment loan | $ 167,059 | [1] | $ 168,118 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Originated Loans | Residential | One-to-four Family | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 574 | $ 999 | |
Originated Loans | Residential | One-to-four Family | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | 1,298 | 1,317 | |
Originated Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | 193 | 95 | |
Financing Receivable Recorded Investment Current And Accruing | 24,152 | 17,090 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 193 | 95 | |
Investment loan | $ 24,345 | [1] | $ 17,185 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Originated Loans | Residential | Multi-family | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Originated Loans | Residential | Multi-family | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 193 | $ 95 | |
Originated Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Financing Receivable Recorded Investment Current And Accruing | $ 20,530 | $ 8,327 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | |||
Investment loan | $ 20,530 | [1],[2] | $ 8,327 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Originated Loans | Residential | Construction | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Originated Loans | Residential | Construction | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Originated Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 161 | $ 143 | |
Financing Receivable Recorded Investment Current And Accruing | 73,361 | 57,051 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 161 | 162 | |
Investment loan | $ 73,522 | [1] | $ 57,213 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Originated Loans | Commercial | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Originated Loans | Commercial | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 161 | $ 143 | |
Originated Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Financing Receivable Recorded Investment Current And Accruing | $ 2,085 | $ 802 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | |||
Investment loan | $ 2,085 | [1] | $ 802 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Originated Loans | Consumer | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Originated Loans | Consumer | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 3,104 | $ 4,389 | |
Financing Receivable Recorded Investment Current And Accruing | 79,065 | 86,255 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,721 | 2,799 | |
Investment loan | $ 82,720 | [3] | $ 91,087 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Purchased Loans | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 970 | $ 2,033 | |
Purchased Loans | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | 2,134 | 2,356 | |
Purchased Loans | Residential | One-to-four Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | 2,638 | 3,583 | |
Financing Receivable Recorded Investment Current And Accruing | 53,680 | 59,518 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,297 | 2,144 | |
Investment loan | $ 56,833 | [3] | $ 63,508 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Purchased Loans | Residential | One-to-four Family | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 892 | $ 1,846 | |
Purchased Loans | Residential | One-to-four Family | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 1,746 | $ 1,737 | |
Purchased Loans | Residential | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Financing Receivable Recorded Investment Current And Accruing | $ 3,174 | $ 3,316 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | |||
Investment loan | $ 3,174 | [3] | $ 3,316 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Purchased Loans | Residential | Multi-family | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Purchased Loans | Residential | Multi-family | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Purchased Loans | Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Financing Receivable Recorded Investment Current And Accruing | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | |||
Investment loan | |||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Purchased Loans | Residential | Construction | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Purchased Loans | Residential | Construction | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Purchased Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 466 | $ 806 | |
Financing Receivable Recorded Investment Current And Accruing | 22,090 | 23,302 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 424 | 655 | |
Investment loan | $ 22,592 | [3] | $ 24,144 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Purchased Loans | Commercial | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 78 | $ 187 | |
Purchased Loans | Commercial | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | $ 388 | $ 619 | |
Purchased Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Financing Receivable Recorded Investment Current And Accruing | $ 121 | $ 119 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | |||
Investment loan | $ 121 | [3] | $ 119 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | |||
Purchased Loans | Consumer | 30-89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
Purchased Loans | Consumer | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Total Past | |||
[1] | Includes loans held for sale | ||
[2] | Before consideration of undisbursed loans-in-process | ||
[3] | Loans purchased in acquisition of First Franklin |
Financing Receivables - Impaire
Financing Receivables - Impaired Loans (Details 6) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Loans Receivable | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | $ 310 | $ 377 |
Recorded Investment | 15,810 | 15,382 |
Unpaid Principal Balance | 15,810 | 15,382 |
Average Recorded Investment | 15,894 | 15,737 |
Interest Income Recognized | 56 | 438 |
Loans Receivable | Residential | One-to-four Family | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | 252 | 370 |
Recorded Investment | 8,709 | 7,780 |
Unpaid Principal Balance | 8,709 | 7,780 |
Average Recorded Investment | 8,345 | 7,720 |
Interest Income Recognized | $ 30 | $ 135 |
Loans Receivable | Residential | Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | ||
Recorded Investment | $ 553 | $ 455 |
Unpaid Principal Balance | 553 | 455 |
Average Recorded Investment | 504 | $ 803 |
Interest Income Recognized | $ 3 | |
Loans Receivable | Residential | Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Loans Receivable | Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | $ 58 | $ 7 |
Recorded Investment | 6,547 | 7,146 |
Unpaid Principal Balance | 6,547 | 7,146 |
Average Recorded Investment | 7,044 | 7,205 |
Interest Income Recognized | $ 23 | $ 303 |
Loans Receivable | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | ||
Recorded Investment | $ 1 | $ 1 |
Unpaid Principal Balance | 1 | 1 |
Average Recorded Investment | $ 1 | $ 9 |
Interest Income Recognized | ||
Purchased loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with related allowance | $ 779 | |
Unpaid Principal Balance, with related allowance | 779 | |
Related Allowance | 137 | $ 113 |
Average Recorded Investment, with related allowance | $ 887 | |
Interest Income Recognized, with related allowance | ||
Recorded Investment | 639 | |
Unpaid Principal Balance | 639 | |
Average Recorded Investment | 263 | |
Interest Income Recognized | 12 | |
Purchased loans | With Credit Quality Discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 10,131 | 10,667 |
Unpaid Principal Balance, with no related allowance recorded | $ 10,131 | $ 10,667 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 10,399 | $ 10,747 |
Interest Income Recognized, with no related allowance | 56 | 347 |
Recorded Investment, with related allowance | 27 | 53 |
Unpaid Principal Balance, with related allowance | 27 | 53 |
Related Allowance | 12 | 19 |
Average Recorded Investment, with related allowance | $ 40 | $ 16 |
Interest Income Recognized, with related allowance | ||
Purchased loans | With no credit quality discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 2,117 | $ 1,735 |
Unpaid Principal Balance, with no related allowance recorded | $ 2,117 | $ 1,735 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 2,046 | $ 2,199 |
Interest Income Recognized, with no related allowance | 33 | |
Purchased loans | Residential | One-to-four Family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with related allowance | $ 488 | |
Unpaid Principal Balance, with related allowance | 488 | |
Related Allowance | 86 | 113 |
Average Recorded Investment, with related allowance | $ 545 | |
Interest Income Recognized, with related allowance | ||
Recorded Investment | 639 | |
Unpaid Principal Balance | 639 | |
Average Recorded Investment | 263 | |
Interest Income Recognized | 12 | |
Purchased loans | Residential | One-to-four Family | With Credit Quality Discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 3,808 | 3,977 |
Unpaid Principal Balance, with no related allowance recorded | $ 3,808 | $ 3,977 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 3,892 | $ 3,578 |
Interest Income Recognized, with no related allowance | 30 | 61 |
Recorded Investment, with related allowance | 27 | 53 |
Unpaid Principal Balance, with related allowance | 27 | 53 |
Related Allowance | 12 | 19 |
Average Recorded Investment, with related allowance | $ 40 | $ 16 |
Interest Income Recognized, with related allowance | ||
Purchased loans | Residential | One-to-four Family | With no credit quality discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 1,984 | $ 1,080 |
Unpaid Principal Balance, with no related allowance recorded | $ 1,984 | $ 1,080 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 1,652 | $ 1,863 |
Interest Income Recognized, with no related allowance | $ 23 | |
Purchased loans | Residential | Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Purchased loans | Residential | Multi-family | With Credit Quality Discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 360 | $ 360 |
Unpaid Principal Balance, with no related allowance recorded | $ 360 | $ 360 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 360 | $ 708 |
Interest Income Recognized, with no related allowance | $ 3 | |
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Purchased loans | Residential | Multi-family | With no credit quality discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | ||
Unpaid Principal Balance, with no related allowance recorded | ||
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | ||
Interest Income Recognized, with no related allowance | ||
Purchased loans | Residential | Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Purchased loans | Residential | Construction | With Credit Quality Discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | ||
Unpaid Principal Balance, with no related allowance recorded | ||
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | ||
Interest Income Recognized, with no related allowance | ||
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Purchased loans | Residential | Construction | With no credit quality discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | ||
Unpaid Principal Balance, with no related allowance recorded | ||
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | ||
Interest Income Recognized, with no related allowance | ||
Purchased loans | Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with related allowance | $ 291 | |
Unpaid Principal Balance, with related allowance | 291 | |
Related Allowance | 51 | |
Average Recorded Investment, with related allowance | $ 342 | |
Interest Income Recognized, with related allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Purchased loans | Commercial | With Credit Quality Discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 5,962 | $ 6,329 |
Unpaid Principal Balance, with no related allowance recorded | $ 5,962 | $ 6,329 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 6,146 | $ 6,460 |
Interest Income Recognized, with no related allowance | $ 23 | $ 286 |
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Purchased loans | Commercial | With no credit quality discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 133 | $ 655 |
Unpaid Principal Balance, with no related allowance recorded | $ 133 | $ 655 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 394 | $ 328 |
Interest Income Recognized, with no related allowance | $ 10 | |
Purchased loans | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Purchased loans | Consumer | With Credit Quality Discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 1 | $ 1 |
Unpaid Principal Balance, with no related allowance recorded | $ 1 | $ 1 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 1 | $ 1 |
Interest Income Recognized, with no related allowance | ||
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Purchased loans | Consumer | With no credit quality discount | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | ||
Unpaid Principal Balance, with no related allowance recorded | ||
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 8 | |
Interest Income Recognized, with no related allowance | ||
Originated loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 2,121 | $ 1,575 |
Unpaid Principal Balance, with no related allowance recorded | $ 2,121 | $ 1,575 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 1,848 | $ 2,278 |
Interest Income Recognized, with no related allowance | 37 | |
Recorded Investment, with related allowance | $ 635 | 713 |
Unpaid Principal Balance, with related allowance | 635 | 713 |
Related Allowance | 161 | 245 |
Average Recorded Investment, with related allowance | $ 674 | 234 |
Interest Income Recognized, with related allowance | 9 | |
Originated loans | Residential | One-to-four Family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 1,814 | 1,365 |
Unpaid Principal Balance, with no related allowance recorded | $ 1,814 | $ 1,365 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 1,589 | $ 1,786 |
Interest Income Recognized, with no related allowance | 30 | |
Recorded Investment, with related allowance | $ 588 | 666 |
Unpaid Principal Balance, with related allowance | 588 | 666 |
Related Allowance | 154 | 238 |
Average Recorded Investment, with related allowance | $ 627 | 214 |
Interest Income Recognized, with related allowance | 9 | |
Originated loans | Residential | Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 193 | 95 |
Unpaid Principal Balance, with no related allowance recorded | $ 193 | $ 95 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 144 | $ 95 |
Interest Income Recognized, with no related allowance | ||
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Originated loans | Residential | Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | ||
Unpaid Principal Balance, with no related allowance recorded | ||
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | ||
Interest Income Recognized, with no related allowance | ||
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance | ||
Originated loans | Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | $ 114 | $ 115 |
Unpaid Principal Balance, with no related allowance recorded | $ 114 | $ 115 |
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | $ 115 | $ 397 |
Interest Income Recognized, with no related allowance | 7 | |
Recorded Investment, with related allowance | $ 47 | 47 |
Unpaid Principal Balance, with related allowance | 47 | 47 |
Related Allowance | 7 | 7 |
Average Recorded Investment, with related allowance | $ 47 | $ 20 |
Interest Income Recognized, with related allowance | ||
Originated loans | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with no related allowance recorded | ||
Unpaid Principal Balance, with no related allowance recorded | ||
Related Allowance, with no related allowance recorded | ||
Average Recorded Investment, with no related allowance | ||
Interest Income Recognized, with no related allowance | ||
Recorded Investment, with related allowance | ||
Unpaid Principal Balance, with related allowance | ||
Related Allowance | ||
Average Recorded Investment, with related allowance | ||
Interest Income Recognized, with related allowance |
Financing Receivables - Modific
Financing Receivables - Modifications as of date (Details 7) - Loans Receivable $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)Security | Dec. 31, 2014USD ($)Security | |
Residential | One-to-four Family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Security | 4 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 430 | $ 2,529 |
Post-Modification Outstanding Recorded Investment | $ 430 | $ 2,529 |
Number of Contracts | Security | 5 | |
Recorded Investment | $ 724 | |
Residential | Multi-family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Security | ||
Pre-Modification Outstanding Recorded Investment | ||
Post-Modification Outstanding Recorded Investment | ||
Number of Contracts | Security | ||
Recorded Investment | ||
Residential | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Security | ||
Pre-Modification Outstanding Recorded Investment | ||
Post-Modification Outstanding Recorded Investment | ||
Number of Contracts | Security | ||
Recorded Investment | ||
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Security | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 100 | |
Post-Modification Outstanding Recorded Investment | $ 100 | |
Number of Contracts | Security | 1 | |
Recorded Investment | $ 99 | |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Security | ||
Pre-Modification Outstanding Recorded Investment | ||
Post-Modification Outstanding Recorded Investment | ||
Number of Contracts | Security | ||
Recorded Investment |