Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | FS Bancorp, Inc. | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1530249 | |
Current Fiscal Year End Date | -28 | |
Entity Common Stock, Shares Outstanding | 3,235,625 | |
Entity Filer Category | Smaller Reporting Company | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $2,436 | $10,799 |
Interest-bearing deposits at other financial institutions | 13,966 | 9,299 |
Securities available-for-sale, at fair value | 44,547 | 48,744 |
Federal Home Loan Bank (FHLB) stock, at cost | 1,942 | 1,650 |
Mortgages Held-for-sale, Fair Value Disclosure | 34,968 | 25,983 |
Loans receivable, net | 416,070 | 387,174 |
Accrued interest receivable | 1,813 | 1,558 |
Premises and equipment, net | 13,444 | 13,584 |
Bank owned life insurance (BOLI) | 6,602 | 6,556 |
Servicing Asset | 3,670 | 3,061 |
Other assets | 2,267 | 1,346 |
TOTAL ASSETS | 541,725 | 509,754 |
LIABILITIES | ||
Noninterest-bearing accounts | 58,081 | 56,734 |
Interest-bearing accounts | 378,239 | 363,710 |
Total deposits | 436,320 | 420,444 |
Borrowings | 30,433 | 17,034 |
Other liabilities | 6,773 | 6,440 |
Total liabilities | 473,526 | 443,918 |
COMMITMENTS AND CONTINGENCIES (NOTE 9) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized; None issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 45,000,000 shares authorized; 3,235,625 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 32 | 32 |
Additional paid-in capital | 29,689 | 29,450 |
Retained earnings | 40,011 | 38,125 |
Accumulated other comprehensive income | 289 | 117 |
Unearned shares - Employee Stock Ownership Plan (ESOP) | -1,822 | -1,888 |
Total stockholders' equity | 68,199 | 65,836 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $541,725 | $509,754 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Items Included in Consolidated Statement of Financial Condition [Abstract] | ||
Preferred stock par value, in dollars per share | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value, in dollars per share | $0.01 | $0.01 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 3,235,625 | 3,235,625 |
Common stock, shares outstanding | 3,235,625 | 3,235,625 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Loans receivable and fees | $6,819 | $5,181 |
Interest and dividends on investment securities, cash and cash equivalents, and interest-bearing deposits at other financial institutions | 264 | 330 |
Total interest and dividend income | 7,083 | 5,511 |
Deposits | 748 | 550 |
Borrowings | 67 | 58 |
Total interest expense | 815 | 608 |
NET INTEREST INCOME | 6,268 | 4,903 |
PROVISION FOR LOAN LOSSES | 600 | 450 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 5,668 | 4,453 |
Service charges and fee income | 425 | 398 |
Gain on sale of loans | 3,326 | 1,508 |
Gain (Loss) on Sale of Investments | 76 | 0 |
Bank Owned Life Insurance Income | 47 | 45 |
Other noninterest income | 197 | 89 |
Total noninterest income | 4,071 | 2,040 |
Salaries and benefits | 3,949 | 3,122 |
Operations | 963 | 546 |
Occupancy | 434 | 398 |
Data processing | 359 | 287 |
OREO fair value impairments, net of loss on sales | 0 | 32 |
Other Real Estate Owned (OREO) expenses | 0 | 21 |
Loan costs | 333 | 305 |
Professional and board fees | 367 | 304 |
FDIC insurance | 79 | 63 |
Marketing and advertising | 130 | 107 |
Recovery of loss on servicing rights | -1 | 0 |
Total noninterest expense | 6,613 | 5,185 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 3,126 | 1,308 |
PROVISION FOR INCOME TAXES | 1,056 | 433 |
NET INCOME | $2,070 | $875 |
Basic earnings per share (in dollars per share) | $0.71 | $0.29 |
Diluted earnings per share (in dollars per share) | $0.70 | $0.29 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $2,070 | $875 |
Unrealized gains on securities available-for-sale: | ||
Unrealized holding gains arising during period | 336 | 542 |
Income tax provision related to unrealized gains | -114 | -185 |
Reclassification adjustment for realized gains included in net income | -76 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 26 | 0 |
Other comprehensive income, net of tax | 172 | 357 |
COMPREHENSIVE INCOME | $2,242 | $1,232 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Unearned Esop Shares |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at at Dec. 31, 2013 | $62,313 | $32 | $30,097 | $35,215 | ($898) | ($2,133) |
Balance at (in shares) at Dec. 31, 2013 | 3,240,125,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 875 | 875 | ||||
Dividends paid | -152 | |||||
Compensation expense related to stock options and restricted stock awards | 0 | |||||
Other comprehensive gain (loss), net of tax | 357 | 357 | ||||
Employee Stock Ownership Plan (ESOP), Shares Purchased, Value | -35 | |||||
ESOP shares allocated | 110 | 44 | 66 | |||
Balance at at Mar. 31, 2014 | 63,468 | 32 | 30,106 | 35,938 | -541 | -2,067 |
Balance at (in shares) at Mar. 31, 2014 | 3,240,125,000 | |||||
Balance at at Dec. 31, 2014 | 65,836 | 32 | 29,450 | 38,125 | 117 | -1,888 |
Balance at (in shares) at Dec. 31, 2014 | 3,235,625 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,070 | 2,070 | ||||
Dividends paid | -184 | -184 | ||||
Compensation expense related to stock options and restricted stock awards | 182 | 182 | ||||
Other comprehensive gain (loss), net of tax | 172 | 172 | ||||
ESOP shares allocated | 123 | 57 | 66 | |||
Balance at at Mar. 31, 2015 | $68,199 | $32 | $29,689 | $40,011 | $289 | ($1,822) |
Balance at (in shares) at Mar. 31, 2015 | 3,235,625 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $2,070,000 | $875,000 |
Adjustments to reconcile net income to net cash from operating activities | ||
Provision for loan losses | 600,000 | 450,000 |
Depreciation, amortization and accretion | 468,000 | 548,000 |
Compensation expense related to stock options and restricted stock awards | 182,000 | 0 |
ESOP compensation expense for allocated shares | 123,000 | 110,000 |
Provision for deferred income taxes | 0 | 635,000 |
Increase in cash surrender value of BOLI | -47,000 | -45,000 |
Gain on sale of loans held for sale | -3,326,000 | -983,000 |
Gain on sale of portfolio loans, net of reserve | 0 | -525,000 |
Origination of loans held for sale | -121,943,000 | -33,813,000 |
Proceeds from sale of loans held for sale | 114,268,000 | 34,144,000 |
Gain (Loss) on Sale of Investments | 76,000 | 0 |
Gains (Losses) on Sales of Other Real Estate | 0 | -8,000 |
Recovery of loss on servicing rights | -1,000 | 0 |
Impairment loss on other real estate owned | 0 | 40,000 |
Changes in operating assets and liabilities | ||
Accrued interest receivable | -255,000 | -169,000 |
Other assets | -920,000 | -307,000 |
Other liabilities | 1,591,000 | -269,000 |
Net cash (used by) from operating activities | -7,266,000 | 683,000 |
Activity in securities available-for-sale: | ||
Proceeds from sale of investment securities | 4,178,000 | 0 |
Maturities, prepayments, and calls | 1,389,000 | 2,375,000 |
Purchases | -4,348,000 | -18,034,000 |
Interest Expense, Time Deposits | 248,000 | 0 |
Loan originations and principal collections, net | -29,519,000 | -20,646,000 |
Proceeds from sale of portfolio loans | 0 | 12,849,000 |
Proceeds from sale of OREO | 0 | 1,953,000 |
Purchase of premises and equipment, net | -152,000 | -196,000 |
Payments to Acquire Federal Home Loan Bank Stock | -292,000 | 0 |
Net cash used by investing activities | -28,496,000 | -21,699,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 15,876,000 | 13,460,000 |
Proceeds from borrowings | 75,852,000 | 0 |
Repayments of borrowings | -62,453,000 | -319,000 |
Dividends paid | -184,000 | -152,000 |
Net cash from financing activities | 29,091,000 | 12,989,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -6,671,000 | -8,027,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 15,555,000 | 38,459,000 |
CASH AND CASH EQUIVALENTS, end of period | 8,884,000 | 30,432,000 |
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest | 815,000 | 608,000 |
Income taxes | 275,000 | 140,000 |
SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES | ||
Change in unrealized gain on investment securities | 261,000 | 542,000 |
Property received in settlement of loans | $13,000 | $445,000 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Operations – FS Bancorp, Inc. (the “Company”) was incorporated in September 2011 as the proposed holding company for 1st Security Bank of Washington (the “Bank”) in connection with the Bank's conversion from the mutual to stock form of ownership which was completed on July 9, 2012. The Bank is a community-based stock owned savings bank with seven branches in suburban communities in the greater Puget Sound area, and during the fourth quarter of 2014, one loan production office located in the Tri-Cities, Washington. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals. | |
Financial Statement Presentation – The accompanying unaudited consolidated interim financial statements do not contain all necessary disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and, therefore, should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission ("SEC") on March 27, 2015. These unaudited financial statements include all normal and recurring adjustments that management believes are necessary in order to conform to U.S. GAAP and have been reflected as required by Article 10 of Regulation S-X as promulgated by the SEC. The results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015, or any other future period. Amounts presented in the financial statements and footnote tables are rounded and presented in thousands of dollars except per share amounts. In the narrative footnote discussion, amounts are rounded and presented in millions of dollars to one decimal point if the amounts are above $1.0 million. Amounts below $1.0 million are rounded and presented in dollars to the nearest thousands. Certain prior year amounts have been reclassified to conform to the 2015 presentation with no change to net income or stockholders' equity previously reported. | |
Conversion and Change in Corporate Form – On July 9, 2012, in accordance with a Plan of Conversion (the "Plan") adopted by its Board of Directors and as approved by its depositors and borrower members, the Bank (i) converted from a mutual savings bank to a stock savings bank, and (ii) became the wholly-owned subsidiary of FS Bancorp, Inc., a bank holding company registered with the Board of Governors of the Federal Reserve System ("Federal Reserve"). In connection with the conversion, FS Bancorp, Inc. issued an aggregate of 3,240,125 shares of common stock at an offering price of $10.00 per share for gross proceeds of $32.4 million. From the proceeds, the Company made a capital contribution of $15.5 million to the Bank. The Bank is using this additional capital for future lending and investment activities and for general and other corporate purposes subject to regulatory limitations. The cost of conversion and the issuance of capital stock was approximately $2.5 million, which was deducted from the proceeds of the offering. | |
Pursuant to the Plan, the Company's Board of Directors adopted an employee stock ownership plan ("ESOP") plan which purchased 8% of the common stock in the open market or 259,210 shares. As provided for in the Plan, the Bank also established a liquidation account in the amount of retained earnings as of December 31, 2011. The liquidation account will be maintained for the benefit of eligible savings account holders as of June 30, 2007, and supplemental eligible account holders as of March 31, 2012, who maintain deposit accounts at the Bank after the conversion. The conversion was accounted for as a change in corporate form with the historic basis of the Company’s assets, liabilities, and equity unchanged as a result. | |
Use of Estimates – The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. Material estimates that are particularly susceptible to change in the near term are allowances for loan losses, fair value of measurements, servicing assets, and the estimated accounting for deferred income taxes. | |
Principles of Consolidation – The consolidated financial statements include the accounts of FS Bancorp, Inc. and its wholly owned subsidiary, 1st Security Bank of Washington. All material intercompany accounts have been eliminated in consolidation. | |
NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | |
Segment Reporting – The Company’s major line of business is community banking. Management has determined that the Company operates as a single operating segment based on U. S. GAAP. | |
Subsequent Events – The Company has evaluated events and transactions subsequent to March 31, 2015, for potential recognition or disclosure. | |
Cash and Cash Equivalents – Cash and cash equivalents include cash and due from banks, and interest-bearing balances due from other banks and the Federal Reserve Bank of San Francisco ("Federal Reserve Bank"). Cash and cash equivalents have a maturity of 90 days or less at the time of purchase. As of March 31, 2015 and December 31, 2014, the Company had cash deposits at other financial institutions in excess of Federal Deposit Insurance Corporation ("FDIC") insured limits. However, as the Company places these deposits with major financial institutions and monitors the financial condition of these institutions, management believes the risk of loss to be minimal. | |
The Company held interest-bearing deposits at other financial institutions with a cost basis of $14.0 million, including $6.4 million at the Federal Reserve Bank and $9.3 million, including $4.7 million at the Federal Reserve Bank, as of March 31, 2015 and December 31, 2014, respectively. Certificates of deposits in the amount of $7.5 million and $4.5 million with original maturity dates greater than 90 days were excluded from cash and cash equivalents as of March 31, 2015 and December 31, 2014, respectively. | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which creates Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard is effective for public entities for interim and annual periods beginning after December 15, 2016; early adoption is not permitted. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 to determine the potential impact the new standard will have on the Company's consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation - Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU can be applied prospectively or retrospectively and are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company is currently reviewing the requirements of ASU No. 2014-12, but does not expect the ASU to have a material impact on the Company's consolidated financial statements. | |
NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | |
In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. The ASU clarifies how current guidance should be interpreted in evaluating the characteristics and risks of a host contract in a hybrid financial instrument issued in the form of a share. One criterion requires evaluating whether the nature of the host contract is more akin to debt or to equity and whether the economic characteristics and risks of the embedded derivative feature are "clearly and closely related" to the host contract. In making that evaluation, an issuer or investor must consider all terms and features in a hybrid financial instrument including the embedded derivative feature that is being evaluated for separate accounting or may consider all terms and features in the hybrid financial instrument except for the embedded derivative feature that is being evaluated for separate accounting. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company is currently reviewing the requirements of ASU No. 2014-16. | |
In January 2015, the FASB issued ASU No. 2015-01, Income Statement -Extraordinary and Unusual Items (Subtopic 225-20). The objective of this ASU is to simplify the income statement presentation requirements in Subtopic 225-20 by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on simplifying the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities by reducing the number of consolidation model from four to two, among other changes. The ASU will be effective for periods beginning after December 31, 2015, while early adoption is permitted. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU No 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU NO. 2015-03 should be applied on a retrospective basis. The Company is currently evaluating the impacts of this ASU on the Company's consolidated financial statements. |
Securities_Availableforsale
Securities Available-for-sale | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Securities Available-for-sale | SECURITIES AVAILABLE-FOR-SALE | |||||||||||||||||||||||
The following tables present the amortized costs, unrealized gains, unrealized losses, and estimated fair values of securities available-for-sale at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||||||
Values | ||||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
Federal agency securities | $ | 5,496 | $ | 1 | $ | (62 | ) | $ | 5,435 | |||||||||||||||
Municipal bonds | 15,832 | 376 | (15 | ) | 16,193 | |||||||||||||||||||
Corporate securities | 4,495 | 5 | (65 | ) | 4,435 | |||||||||||||||||||
Mortgage-backed securities | 15,259 | 160 | (24 | ) | 15,395 | |||||||||||||||||||
Small Business Administration securities | 3,027 | 62 | — | 3,089 | ||||||||||||||||||||
Total securities available-for-sale | $ | 44,109 | $ | 604 | $ | (166 | ) | $ | 44,547 | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||||||
Values | ||||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
Federal agency securities | $ | 5,998 | $ | 3 | $ | (156 | ) | $ | 5,845 | |||||||||||||||
Municipal bonds | 15,886 | 326 | (51 | ) | 16,161 | |||||||||||||||||||
Corporate securities | 4,495 | — | (58 | ) | 4,437 | |||||||||||||||||||
Mortgage-backed securities | 20,169 | 132 | (57 | ) | 20,244 | |||||||||||||||||||
Small Business Administration securities | 2,019 | 38 | — | 2,057 | ||||||||||||||||||||
Total securities available-for-sale | $ | 48,567 | $ | 499 | $ | (322 | ) | $ | 48,744 | |||||||||||||||
NOTE 2 - SECURITIES AVAILABLE-FOR-SALE (Continued) | ||||||||||||||||||||||||
Investment securities that were in an unrealized loss position as of March 31, 2015 and December 31, 2014 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. In the opinion of management, these securities are considered only temporarily impaired due to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
Federal agency securities | $ | — | $ | — | $ | 4,934 | $ | (62 | ) | $ | 4,934 | $ | (62 | ) | ||||||||||
Municipal bonds | 945 | (4 | ) | 837 | (11 | ) | 1,782 | (15 | ) | |||||||||||||||
Corporate securities | 1,993 | (7 | ) | 1,442 | (58 | ) | 3,435 | (65 | ) | |||||||||||||||
Mortgage-backed securities | — | — | 2,373 | (24 | ) | 2,373 | (24 | ) | ||||||||||||||||
Total securities available-for-sale | $ | 2,938 | $ | (11 | ) | $ | 9,586 | $ | (155 | ) | $ | 12,524 | $ | (166 | ) | |||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
Federal agency securities | $ | — | $ | — | $ | 4,840 | $ | (156 | ) | $ | 4,840 | $ | (156 | ) | ||||||||||
Municipal bonds | 950 | (2 | ) | 2,266 | (49 | ) | 3,216 | (51 | ) | |||||||||||||||
Corporate securities | 2,977 | (18 | ) | 1,460 | (40 | ) | 4,437 | (58 | ) | |||||||||||||||
Mortgage-backed securities | 3,776 | (2 | ) | 3,648 | (55 | ) | 7,424 | (57 | ) | |||||||||||||||
Total securities available-for-sale | $ | 7,703 | $ | (22 | ) | $ | 12,214 | $ | (300 | ) | $ | 19,917 | $ | (322 | ) | |||||||||
There were four investments with unrealized losses of less than one year as of March 31, 2015, and 10 investments with unrealized losses of more than one year. There were eight investments with unrealized losses of less than one year as of December 31, 2014, and 13 investments with unrealized losses of more than one year. The unrealized losses associated with these investments are believed to be caused by changing market conditions that are considered to be temporary and the Company does not intend to sell the securities, and it is not likely to be required to sell these securities. No other-than-temporary impairment was recorded for the three months ended March 31, 2015, or the year ended December 31, 2014. | ||||||||||||||||||||||||
NOTE 2 - SECURITIES AVAILABLE-FOR-SALE (Continued) | ||||||||||||||||||||||||
The contractual maturities of securities available-for-sale at March 31, 2015 were as follows: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in one year or less | $ | 1,501 | $ | 1,500 | ||||||||||||||||||||
Due after one year through five years | 5,330 | 5,362 | ||||||||||||||||||||||
Due after five years through ten years | 17,981 | 18,105 | ||||||||||||||||||||||
Due after ten years | 19,297 | 19,580 | ||||||||||||||||||||||
Total | $ | 44,109 | $ | 44,547 | ||||||||||||||||||||
The proceeds and resulting gains, computed using specific identification, from sales of securities available-for-sale for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Proceeds | Gross Gains | Gross (Losses) | ||||||||||||||||||||||
Securities available-for-sale | $ | 4,178 | $ | 76 | $ | — | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Proceeds | Gross Gains | Gross (Losses) | ||||||||||||||||||||||
Securities available-for-sale | $ | — | $ | — | $ | — | ||||||||||||||||||
Loans_Receivable_and_Allowance
Loans Receivable and Allowance For Loan Losses | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Loans Receivable and Allowance For Loan Losses | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||
The composition of the loan portfolio at March 31, 2015 and December 31, 2014 was as follows: | ||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | 45,701 | $ | 42,970 | ||||||||||||||||||||||||
Construction and development | 70,639 | 57,813 | ||||||||||||||||||||||||||
Home equity | 15,198 | 15,737 | ||||||||||||||||||||||||||
One-to-four-family (excludes held for sale loans) | 54,985 | 46,801 | ||||||||||||||||||||||||||
Multi-family | 16,841 | 16,201 | ||||||||||||||||||||||||||
Total real estate loans | 203,364 | 179,522 | ||||||||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 99,769 | 99,304 | ||||||||||||||||||||||||||
Solar | 21,535 | 18,162 | ||||||||||||||||||||||||||
Marine | 17,759 | 16,713 | ||||||||||||||||||||||||||
Automobile | 616 | 674 | ||||||||||||||||||||||||||
Recreational | 401 | 441 | ||||||||||||||||||||||||||
Home improvement | 313 | 329 | ||||||||||||||||||||||||||
Other | 1,056 | 1,184 | ||||||||||||||||||||||||||
Total consumer loans | 141,449 | 136,807 | ||||||||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | 78,632 | 77,881 | ||||||||||||||||||||||||||
Total loans | 423,445 | 394,210 | ||||||||||||||||||||||||||
Allowance for loan losses | (6,405 | ) | (6,090 | ) | ||||||||||||||||||||||||
Deferred costs, fees, and discounts, net | (970 | ) | (946 | ) | ||||||||||||||||||||||||
Total loans receivable, net | $ | 416,070 | $ | 387,174 | ||||||||||||||||||||||||
The Company has defined its loan portfolio into three segments that reflect the structure of the lending function, the Company’s strategic plan and the manner in which management monitors performance and credit quality. The three loan portfolio segments are: (a) Real Estate Loans, (b) Consumer Loans and (c) Commercial Business Loans. Each of these segments is disaggregated into classes based on the risk characteristics of the borrower and/or the collateral type securing the loan. The following is a summary of each of the Company’s loan portfolio segments and classes: | ||||||||||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||||||||||
Commercial Lending. Loans originated by the Company primarily secured by income producing properties, including retail centers, warehouses, and office buildings located in our market areas. | ||||||||||||||||||||||||||||
Construction and Development Lending. Loans originated by the Company for the spec construction of, and secured by, commercial real estate, one-to-four-family, and multi-family residences and tracts of land for development. | ||||||||||||||||||||||||||||
Home Equity Lending. Loans originated by the Company secured by second mortgages on one-to-four-family residences in our market areas. | ||||||||||||||||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
One-to-Four-Family Real Estate Lending. Loans originated by the Company secured by first mortgages on one-to-four-family residences in our market areas. | ||||||||||||||||||||||||||||
Multi-Family Lending. Apartment term lending (more than four units) to current banking customers and community reinvestment loans for low to moderate income individuals in the Company's footprint. | ||||||||||||||||||||||||||||
Consumer Loans | ||||||||||||||||||||||||||||
Indirect Home Improvement. Fixture secured loans are originated by the Company for home improvement and are secured by the personal property installed in, on, or at the borrower’s real property, and may be perfected with a UCC-2 financing statement filed in the county of the borrower’s residence. These indirect home improvement loans include replacement windows, siding, roofing, and other home fixture installations. | ||||||||||||||||||||||||||||
Solar. Fixture secured loans are originated by the Company for home improvement and are secured by the personal | ||||||||||||||||||||||||||||
property installed in, on, or at the borrower’s real property, and may be perfected with a UCC-2 financing statement | ||||||||||||||||||||||||||||
filed in the county of the borrower’s residence. | ||||||||||||||||||||||||||||
Marine, Automobile and Recreational. Loans originated by the Company secured by boats, automobiles, and RVs to borrowers primarily located in its market areas. | ||||||||||||||||||||||||||||
Other Consumer and Home Improvement. Loans originated by the Company, including direct home improvement loans, loans on deposits, and other consumer loans. | ||||||||||||||||||||||||||||
Commercial Business Loans | ||||||||||||||||||||||||||||
Commercial Business Lending. Commercial business loans originated by the Company to local small and mid-sized businesses in our Puget Sound market area are secured primarily by accounts receivable, inventory, or personal property, plant and equipment. Commercial business loans are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. | ||||||||||||||||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
The following tables detail activity in the allowance for loan losses by loan categories at or for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||||||
At or For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Real Estate | Consumer | Commercial | Unallocated | Total | |||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,872 | $ | 1,431 | $ | 1,184 | $ | 1,603 | $ | 6,090 | ||||||||||||||||||
Provision for loan losses | 444 | 103 | 948 | (895 | ) | 600 | ||||||||||||||||||||||
Charge-offs | (191 | ) | (417 | ) | — | — | (608 | ) | ||||||||||||||||||||
Recoveries | — | 321 | 2 | — | 323 | |||||||||||||||||||||||
Net charge-offs | (191 | ) | (96 | ) | 2 | — | (285 | ) | ||||||||||||||||||||
Ending balance | $ | 2,125 | $ | 1,438 | $ | 2,134 | $ | 708 | $ | 6,405 | ||||||||||||||||||
Period end amount allocated to: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||||||||
Loans collectively evaluated for impairment | 2,125 | 1,438 | 2,128 | 708 | 6,399 | |||||||||||||||||||||||
Ending balance | $ | 2,125 | $ | 1,438 | $ | 2,134 | $ | 708 | $ | 6,405 | ||||||||||||||||||
LOANS RECEIVABLE | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,554 | $ | — | $ | 36 | $ | — | $ | 1,590 | ||||||||||||||||||
Loans collectively evaluated for impairment | 201,810 | 141,449 | 78,596 | — | 421,855 | |||||||||||||||||||||||
Ending balance | $ | 203,364 | $ | 141,449 | $ | 78,632 | $ | — | $ | 423,445 | ||||||||||||||||||
At or For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Real Estate | Consumer | Commercial | Unallocated | Total | |||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,963 | $ | 1,512 | $ | 800 | $ | 817 | $ | 5,092 | ||||||||||||||||||
Provision for loan losses | (372 | ) | 48 | 311 | 463 | 450 | ||||||||||||||||||||||
Charge-offs | (144 | ) | (251 | ) | (75 | ) | — | (470 | ) | |||||||||||||||||||
Recoveries | 18 | 153 | — | — | 171 | |||||||||||||||||||||||
Net charge-offs | (126 | ) | (98 | ) | (75 | ) | — | (299 | ) | |||||||||||||||||||
Ending balance | $ | 1,465 | $ | 1,462 | $ | 1,036 | $ | 1,280 | $ | 5,243 | ||||||||||||||||||
Period end amount allocated to: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||||||||
Loans collectively evaluated for impairment | 1,465 | 1,462 | 1,031 | 1,280 | 5,238 | |||||||||||||||||||||||
Ending balance | $ | 1,465 | $ | 1,462 | $ | 1,036 | $ | 1,280 | $ | 5,243 | ||||||||||||||||||
LOANS RECEIVABLE | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | 50 | $ | — | $ | 50 | ||||||||||||||||||
Loans collectively evaluated for impairment | 119,300 | 117,261 | 57,690 | — | 294,251 | |||||||||||||||||||||||
Ending balance | $ | 119,300 | $ | 117,261 | $ | 57,740 | $ | — | $ | 294,301 | ||||||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
Information pertaining to the aging analysis of past due loans at March 31, 2015 and December 31, 2014 is summarized as follows: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Non-Accrual | Total | Current | Total Loans | |||||||||||||||||||||||
Past Due | Receivable | |||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | 545 | $ | — | $ | 671 | $ | 1,216 | $ | 44,485 | $ | 45,701 | ||||||||||||||||
Construction and development | — | — | — | — | 70,639 | 70,639 | ||||||||||||||||||||||
Home equity | 151 | 96 | 89 | 336 | 14,862 | 15,198 | ||||||||||||||||||||||
One-to-four-family | — | — | 58 | 58 | 54,927 | 54,985 | ||||||||||||||||||||||
Multi-family | — | — | — | — | 16,841 | 16,841 | ||||||||||||||||||||||
Total real estate loans | 696 | 96 | 818 | 1,610 | 201,754 | 203,364 | ||||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 424 | 254 | 205 | 883 | 98,886 | 99,769 | ||||||||||||||||||||||
Solar | — | — | 29 | 29 | 21,506 | 21,535 | ||||||||||||||||||||||
Marine | — | — | — | — | 17,759 | 17,759 | ||||||||||||||||||||||
Automobile | 10 | — | — | 10 | 606 | 616 | ||||||||||||||||||||||
Recreational | 37 | — | — | 37 | 364 | 401 | ||||||||||||||||||||||
Home improvement | — | 6 | — | 6 | 307 | 313 | ||||||||||||||||||||||
Other | 19 | 2 | 5 | 26 | 1,030 | 1,056 | ||||||||||||||||||||||
Total consumer loans | 490 | 262 | 239 | 991 | 140,458 | 141,449 | ||||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | 253 | — | — | 253 | 78,379 | 78,632 | ||||||||||||||||||||||
Total loans | $ | 1,439 | $ | 358 | $ | 1,057 | $ | 2,854 | $ | 420,591 | $ | 423,445 | ||||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Non-Accrual | Total | Current | Total Loans | |||||||||||||||||||||||
Past Due | Receivable | |||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | $ | 42,970 | $ | 42,970 | ||||||||||||||||
Construction and development | — | — | — | — | 57,813 | 57,813 | ||||||||||||||||||||||
Home equity | 159 | 196 | 61 | 416 | 15,321 | 15,737 | ||||||||||||||||||||||
One-to-four-family | — | — | 73 | 73 | 46,728 | 46,801 | ||||||||||||||||||||||
Multi-family | — | — | — | — | 16,201 | 16,201 | ||||||||||||||||||||||
Total real estate loans | 159 | 196 | 134 | 489 | 179,033 | 179,522 | ||||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 501 | 277 | 250 | 1,028 | 98,276 | 99,304 | ||||||||||||||||||||||
Solar | — | — | 29 | 29 | 18,133 | 18,162 | ||||||||||||||||||||||
Marine | 81 | — | 19 | 100 | 16,613 | 16,713 | ||||||||||||||||||||||
Automobile | 13 | — | — | 13 | 661 | 674 | ||||||||||||||||||||||
Recreational | — | — | — | — | 441 | 441 | ||||||||||||||||||||||
Home improvement | — | 6 | — | 6 | 323 | 329 | ||||||||||||||||||||||
Other | 15 | 14 | 1 | 30 | 1,154 | 1,184 | ||||||||||||||||||||||
Total consumer loans | 610 | 297 | 299 | 1,206 | 135,601 | 136,807 | ||||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | — | — | — | — | 77,881 | 77,881 | ||||||||||||||||||||||
Total loans | $ | 769 | $ | 493 | $ | 433 | $ | 1,695 | $ | 392,515 | $ | 394,210 | ||||||||||||||||
There were no loans 90 days or more past due and still accruing at March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
The following tables provide additional information about our impaired loans that have been segregated to reflect loans for which an allowance for credit losses has been provided and loans for which no allowance has been provided as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Unpaid | Write- | Recorded | Related | Adjusted | ||||||||||||||||||||||||
Principal | downs | Investment | Allowance | Recorded | ||||||||||||||||||||||||
Balance | Investment | |||||||||||||||||||||||||||
WITH NO RELATED ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Home equity | $ | 84 | $ | — | $ | 84 | $ | — | $ | 84 | ||||||||||||||||||
One-to-four-family | 866 | (67 | ) | 799 | — | 799 | ||||||||||||||||||||||
Subtotal real estate loans | 950 | (67 | ) | 883 | — | 883 | ||||||||||||||||||||||
WITH AN ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Commercial real estate loans | 862 | (191 | ) | 671 | — | 671 | ||||||||||||||||||||||
Commercial business loans | 38 | (2 | ) | 36 | (5 | ) | 45 | 31 | ||||||||||||||||||||
Subtotal loans | 900 | (193 | ) | 707 | (5 | ) | 702 | |||||||||||||||||||||
Total | $ | 1,850 | $ | (260 | ) | $ | 1,590 | $ | (5 | ) | $ | 1,585 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Unpaid | Write- | Recorded | Related | Adjusted | ||||||||||||||||||||||||
Principal | downs | Investment | Allowance | Recorded | ||||||||||||||||||||||||
Balance | Investment | |||||||||||||||||||||||||||
WITH NO RELATED ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
One-to-four-family real estate loans | $ | 885 | $ | (67 | ) | $ | 818 | $ | — | $ | 818 | |||||||||||||||||
WITH AN ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Commercial business loans | 40 | (2 | ) | 38 | (6 | ) | 32 | |||||||||||||||||||||
Total | $ | 925 | $ | (69 | ) | $ | 856 | $ | (6 | ) | $ | 850 | ||||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
The following table presents the average recorded investment in loans individually evaluated for impairment and the interest income recognized and received for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
WITH NO RELATED ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Commercial | $ | 671 | $ | 4 | $ | — | $ | — | ||||||||||||||||||||
Home equity | 28 | — | 4 | — | ||||||||||||||||||||||||
One-to-four-family | 802 | 15 | 637 | 9 | ||||||||||||||||||||||||
Subtotal real estate loans | 1,501 | 19 | 641 | 9 | ||||||||||||||||||||||||
WITH AN ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Commercial business loans | 37 | 1 | 50 | 1 | ||||||||||||||||||||||||
Total | $ | 1,538 | $ | 20 | $ | 691 | $ | 10 | ||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
As part of the Company’s on-going monitoring of credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk grading of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in the Company’s markets. | ||||||||||||||||||||||||||||
The Company utilizes a risk grading matrix to assign a risk grade to its real estate and commercial business loans. Loans are graded on a scale of 1 to 10, with loans in risk grades 1 to 6 considered “Pass” and loans in risk grades 7 to 10 are reported as classified loans in the Company's allowance for loan loss analysis. | ||||||||||||||||||||||||||||
A description of the 10 risk grades is as follows: | ||||||||||||||||||||||||||||
• | Grades 1 and 2 – These grades include loans to very high quality borrowers with excellent or desirable business credit. | |||||||||||||||||||||||||||
• | Grade 3 – This grade includes loans to borrowers of good business credit with moderate risk. | |||||||||||||||||||||||||||
• | Grades 4 and 5 – These grades include “Pass” grade loans to borrowers of average credit quality and risk. | |||||||||||||||||||||||||||
• | Grade 6 – This grade includes loans on management’s “Watch” list and is intended to be utilized on a temporary basis for “Pass” grade borrowers where frequent and thorough monitoring is required due to credit weaknesses and where significant risk-modifying action is anticipated in the near term. | |||||||||||||||||||||||||||
• | Grade 7 – This grade is for “Other Assets Especially Mentioned" ("OAEM") in accordance with regulatory guidelines and includes borrowers where performance is poor or significantly less than expected. | |||||||||||||||||||||||||||
• | Grade 8 – This grade includes “Substandard” loans in accordance with regulatory guidelines which represent an unacceptable business credit where a loss is possible if loan weakness is not corrected. | |||||||||||||||||||||||||||
• | Grade 9 – This grade includes “Doubtful” loans in accordance with regulatory guidelines where a loss is highly probable. | |||||||||||||||||||||||||||
• | Grade 10 – This grade includes “Loss” loans in accordance with regulatory guidelines for which total loss is expected and when identified are charged off. | |||||||||||||||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
Consumer, Home Equity and One-to-Four-Family Real Estate Loans | ||||||||||||||||||||||||||||
Homogeneous loans are risk rated based upon the FDIC's Uniform Retail Credit Classification and Account Management Policy. Loans classified under this policy at the Company are consumer loans which include indirect home improvement, recreational, automobile, direct home improvement and other, and one-to-four-family first and second liens. Under the Uniform Retail Credit Classification Policy, loans that are current or less than 90 days past due are graded “Pass” and risk rated "4" internally. Loans that are past due more than 90 days are classified “Substandard” and risk rated "8" internally. Closed-end loans that are 120 days past due and open-end loans that are 180 days past due are charged off based on the value of the collateral less cost to sell. | ||||||||||||||||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
The following tables summarize risk rated loan balances by category at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Pass (1 - 5) | Watch (6) | Special | Substandard (8) | Doubtful(9) | Loss (10) | Total | ||||||||||||||||||||||
Mention (7) | ||||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | 44,485 | $ | — | $ | — | $ | 1,216 | $ | — | $ | — | $ | 45,701 | ||||||||||||||
Construction and development | 70,639 | — | — | — | — | — | 70,639 | |||||||||||||||||||||
Home equity | 15,109 | — | — | 89 | — | — | 15,198 | |||||||||||||||||||||
One-to-four-family | 54,400 | — | — | 585 | — | — | 54,985 | |||||||||||||||||||||
Multi-family | 16,841 | — | — | — | — | — | 16,841 | |||||||||||||||||||||
Total real estate loans | 201,474 | — | — | 1,890 | — | — | 203,364 | |||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 99,534 | — | — | 235 | — | — | 99,769 | |||||||||||||||||||||
Solar | 21,535 | — | — | — | — | — | 21,535 | |||||||||||||||||||||
Marine | 17,759 | — | — | — | — | — | 17,759 | |||||||||||||||||||||
Automobile | 616 | — | — | — | — | — | 616 | |||||||||||||||||||||
Recreational | 401 | — | — | — | — | — | 401 | |||||||||||||||||||||
Home improvement | 313 | — | — | — | — | — | 313 | |||||||||||||||||||||
Other | 1,052 | — | — | 4 | — | — | 1,056 | |||||||||||||||||||||
Total consumer loans | 141,210 | — | — | 239 | — | — | 141,449 | |||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | 61,199 | 5,498 | 9,588 | 2,347 | — | — | 78,632 | |||||||||||||||||||||
Total loans | $ | 403,883 | $ | 5,498 | $ | 9,588 | $ | 4,476 | $ | — | $ | — | $ | 423,445 | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Pass (1 - 5) | Watch (6) | Special | Substandard (8) | Doubtful(9) | Loss (10) | Total | ||||||||||||||||||||||
Mention (7) | ||||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | 41,559 | $ | 545 | $ | — | $ | 866 | $ | — | $ | — | $ | 42,970 | ||||||||||||||
Construction and development | 57,813 | — | — | — | — | — | 57,813 | |||||||||||||||||||||
Home equity | 15,676 | — | — | 61 | — | — | 15,737 | |||||||||||||||||||||
One-to-four-family | 46,200 | — | — | 601 | — | — | 46,801 | |||||||||||||||||||||
Multi-family | 16,201 | — | — | — | — | — | 16,201 | |||||||||||||||||||||
Total real estate loans | 177,449 | 545 | — | 1,528 | — | — | 179,522 | |||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 99,054 | — | — | 250 | — | — | 99,304 | |||||||||||||||||||||
Solar | 18,133 | — | — | 29 | — | — | 18,162 | |||||||||||||||||||||
Marine | 16,694 | — | — | 19 | — | — | 16,713 | |||||||||||||||||||||
Automobile | 674 | — | — | — | — | — | 674 | |||||||||||||||||||||
Recreational | 441 | — | — | — | — | — | 441 | |||||||||||||||||||||
Home improvement | 329 | — | — | — | — | — | 329 | |||||||||||||||||||||
Other | 1,183 | — | — | 1 | — | — | 1,184 | |||||||||||||||||||||
Total consumer loans | 136,508 | — | — | 299 | — | — | 136,807 | |||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | 68,687 | 2,020 | 6,795 | 379 | — | — | 77,881 | |||||||||||||||||||||
Total loans | $ | 382,644 | $ | 2,565 | $ | 6,795 | $ | 2,206 | $ | — | $ | — | $ | 394,210 | ||||||||||||||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||||||||||||||||||||||||||||
Troubled Debt Restructured Loans | ||||||||||||||||||||||||||||
Troubled debt restructured (“TDR”) loans are loans for which the Company, for economic or legal reasons related to the borrower’s financial condition, has granted a significant concession to the borrower that it would otherwise not consider. The loan terms which have been modified or restructured due to a borrower’s financial difficulty include but are not limited to: a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market; a reduction in the face amount of the debt; a reduction in the accrued interest; or re-aging, extensions, deferrals and renewals. TDR loans are considered impaired loans and are individually evaluated for impairment. TDR loans can be classified as either accrual or non-accrual. TDR loans are classified as non-performing loans unless they have been performing in accordance with their modified terms for a period of at least six months in which case they are placed on accrual status. The Company had four TDR loans on accrual and included in impaired loans at March 31, 2015, and December 31, 2014, respectively. In addition, the Company had no TDR loans on non-accrual, and had no commitments to lend additional funds on these restructured loans at March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||
A summary of TDR loan balances at the dates indicated is as follows: | ||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
TDR loans still on accrual | $ | 777 | $ | 783 | ||||||||||||||||||||||||
TDR loans on non-accrual | — | — | ||||||||||||||||||||||||||
Total TDR loan balances | $ | 777 | $ | 783 | ||||||||||||||||||||||||
There were no TDRs recorded in the twelve months prior to March 31, 2015 and 2014, that subsequently defaulted in the three months ended March 31, 2015 and 2014. |
Servicing_Rights
Servicing Rights | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Fair Value, Off-balance Sheet Risk [Abstract] | ||||||||
Servicing Rights | SERVICING RIGHTS | |||||||
Loans serviced for others are not included on the consolidated balance sheets. The unpaid principal balances of mortgage, commercial, and consumer loans serviced for others were $400.0 million and $345.9 million at March 31, 2015 and December 31, 2014, respectively. The fair market value of the servicing rights’ asset was $4.0 million and $3.5 million at March 31, 2015, and December 31, 2014, respectively. | ||||||||
NOTE 4 – SERVICING RIGHTS (continued) | ||||||||
The following table summarizes servicing rights activity for the three months ended March 31, 2015 and 2014: | ||||||||
At or For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
$ | 3,061 | $ | 2,093 | |||||
Beginning balance | ||||||||
Additions | 785 | 176 | ||||||
Mortgage, commercial, and consumer servicing rights amortized | (177 | ) | (135 | ) | ||||
Recovery of loss on servicing rights | 1 | — | ||||||
Ending balance | $ | 3,670 | $ | 2,134 | ||||
Fair value adjustments to mortgage, commercial, and consumer servicing rights were mainly due to market based assumptions associated with discounted cash flows, loan prepayment speeds, and changes in interest rates. Valuation assumptions used in determining the fair value of servicing rights at the dates indicated are as follows: | ||||||||
At March 31, | ||||||||
2015 | 2014 | |||||||
Key assumptions | ||||||||
Weighted average discount rate | 8.5 | % | 8.5 | % | ||||
Conditional prepayment rate | 14.5 | % | 8.4 | % | ||||
Weighted average life in years | 5.8 | 7.9 | ||||||
The Company recorded $233,000 and $160,000 of contractually specified servicing fees, late fees, and other ancillary fees resulting from servicing of mortgage, commercial and consumer loans for the three months ended March 31, 2015 and 2014, respectively, which is reported in noninterest income. |
Derivatives
Derivatives | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivatives | DERIVATIVES | ||||||||||||
The Company regularly enters into commitments to originate and sell loans held for sale. The Company has established a hedging strategy to protect itself against the risk of loss associated with interest rate movements on loan commitments. The Company enters into contracts to sell forward To-Be-Announced ("TBA") mortgage-backed securities. These commitments and contracts are considered derivatives but have not been designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in noninterest income. The Company recognizes all derivative instruments as either other assets or other liabilities on the Consolidated Balance Sheets and measures those instruments at fair value. | |||||||||||||
NOTE 5 - DERIVATIVES (Continued) | |||||||||||||
The following tables summarize the Company's derivative instruments as of the dates indicated: | |||||||||||||
31-Mar-15 | |||||||||||||
Fair Value | |||||||||||||
Notional | Asset | Liability | |||||||||||
Fallout adjusted interest rate lock commitments with customers | $ | 43,916 | $ | 1,026 | $ | — | |||||||
Mandatory and best effort forward commitments with investors | 16,254 | — | 55 | ||||||||||
Forward TBA mortgage-backed securities | 60,000 | — | 364 | ||||||||||
TBA mortgage-backed securities forward sales paired off with investors | 35,500 | 242 | — | ||||||||||
31-Dec-14 | |||||||||||||
Fair Value | |||||||||||||
Notional | Asset | Liability | |||||||||||
Fallout adjusted interest rate lock commitments with customers | $ | 16,516 | $ | 396 | $ | — | |||||||
Mandatory and best effort forward commitments with investors | 10,763 | 12 | — | ||||||||||
Forward TBA mortgage-backed securities | 30,000 | — | 194 | ||||||||||
TBA mortgage-backed securities forward sales paired off with investors | 29,000 | — | 207 | ||||||||||
The income on derivatives from fair value changes recognized in other noninterest income on the consolidated statements of income, included in gain on sale of loans was $1.8 million and $677,000 for the three months ended March 31, 2015 and 2014, respectively. |
Other_Real_Estate_Owned
Other Real Estate Owned | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Banking and Thrift [Abstract] | ||||||||
Other Real Estate Owned | OTHER REAL ESTATE OWNED | |||||||
The following table presents the activity related to OREO for the three months ended March 31, 2015 and 2014: | ||||||||
At or For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Beginning balance | $ | — | $ | 2,075 | ||||
Additions | — | 445 | ||||||
Fair value impairments | — | (40 | ) | |||||
Disposition of assets | — | (1,945 | ) | |||||
Ending balance | $ | — | $ | 535 | ||||
At March 31, 2015, there were no OREO properties. For the three months ended March 31, 2015 and 2014, the Company recorded no net gain or loss, and an $8,000 gain on disposals of OREO, respectively. Holding costs associated with OREO were none and $21,000 for the three months ended March 31, 2015 and 2014, respectively. |
Deposits
Deposits | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Banking and Thrift [Abstract] | ||||||||
Deposits | NOTE 7 – DEPOSITS | |||||||
Deposits are summarized as follows as of March 31, 2015 and December 31, 2014: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Noninterest-bearing checking | $ | 54,004 | $ | 53,743 | ||||
Interest-bearing checking | 30,011 | 29,585 | ||||||
Savings | 23,391 | 21,560 | ||||||
Money market | 154,502 | 152,611 | ||||||
Certificates of deposits of less than $100,000(1) | 60,271 | 52,323 | ||||||
Certificates of deposits of $100,000 through $250,000 | 74,797 | 74,008 | ||||||
Certificates of deposits of more than $250,000(2) | 35,267 | 33,623 | ||||||
Escrow accounts related to mortgages serviced | 4,077 | 2,991 | ||||||
Total | $ | 436,320 | $ | 420,444 | ||||
(1) Includes $26.7 million and $19.1 million of brokered deposits at March 31, 2015 and December 31, 2014, respectively. | ||||||||
(2) Time deposits that meet or exceed FDIC insurance limit. | ||||||||
Scheduled maturities of time deposits as of March 31, 2015 for future periods ending is as follows: | ||||||||
As of March 31, 2015 | ||||||||
2015 | $ | 44,348 | ||||||
2016 | 64,564 | |||||||
2017 | 51,503 | |||||||
2018 | 5,825 | |||||||
2019 | 4,034 | |||||||
Thereafter | 61 | |||||||
Total | $ | 170,335 | ||||||
The Bank pledged two securities held at the FHLB of Seattle with a fair value of $1.2 million to secure Washington State public deposits of $1.7 million with a $117,000 collateral requirement by the Washington Public Deposit Protection Commission as of March 31, 2015. | ||||||||
Federal Reserve regulations require that the Bank maintain reserves in the form of cash on hand and deposit balances with the Federal Reserve Bank, based on a percentage of deposits. The amounts of such balances at March 31, 2015 and December 31, 2014 were $2.1 million and $1.9 million, respectively, and were in compliance with Federal Reserve regulations. | ||||||||
NOTE 7 – DEPOSITS (Continued) | ||||||||
Interest expense by deposit category for the three months ended March 31, 2015 and 2014 is as follows: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Interest-bearing checking | $ | 7 | $ | 8 | ||||
Savings and money market | 239 | 118 | ||||||
Certificates of deposit | 502 | 424 | ||||||
Total | $ | 748 | $ | 550 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES |
The Company recorded a provision for income taxes of $1.1 million and $433,000 during the three months ended March 31, 2015 and 2014, respectively. | |
The Company files a consolidated U.S. Federal income tax return, which is subject to examinations by tax authorities for years 2011 and later. At March 31, 2015, the Company had no uncertain tax positions. The Company recognizes interest and penalties in tax expense and at March 31, 2015, the Company had recognized no interest and penalties. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||
Commitments – The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the balance sheet. | ||||||||
The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | ||||||||
NOTE 9 – COMMITMENTS AND CONTINGENCIES (Continued) | ||||||||
A summary of the Company’s commitments at March 31, 2015 and December 31, 2014 is as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
COMMITMENTS TO EXTEND CREDIT | ||||||||
REAL ESTATE LOANS | ||||||||
Construction and development | $ | 44,876 | $ | 42,290 | ||||
One-to-four-family | 85,553 | 45,331 | ||||||
Home equity | 14,233 | 13,735 | ||||||
Multi-family | 455 | 474 | ||||||
Total real estate loans | 145,117 | 101,830 | ||||||
CONSUMER LOANS | ||||||||
Other | 6,158 | 5,832 | ||||||
Total consumer loans | 6,158 | 5,832 | ||||||
COMMERCIAL BUSINESS LOANS | 54,114 | 54,664 | ||||||
Total commitments to extend credit | $ | 205,389 | $ | 162,326 | ||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the amount of the total commitments do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon an extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate, and income-producing commercial properties. | ||||||||
Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and ultimately may not be drawn upon to the total extent to which the Company is committed. The Company has established reserves for estimated losses from unfunded commitments of $131,000 and $124,000 as of March 31, 2015 and December 31, 2014, respectively. One-to-four-family commitments included in the table above are accounted for as fair value derivatives and do not carry an associated loss reserve. | ||||||||
The Company has entered into a severance agreement with its Chief Executive Officer. The severance agreement, subject to certain requirements, generally includes a lump sum payment to the Chief Executive Officer equal to 24 months of base compensation in the event his employment is involuntarily terminated, other than for cause or the executive terminates his employment with good reason, as defined in the severance agreement. | ||||||||
The Company has entered into change of control agreements with its Chief Financial Officer and the Chief Operating Officer. The change of control agreements, subject to certain requirements, generally remain in effect until canceled by either party upon at least 24 months prior written notice. Under the change of control agreements the executive generally will be entitled to a change of control payment from the Company if the executive is involuntarily terminated within six months preceding or 12 months after a change in control (as defined in the change of control agreements). In such an event, the executives would each be entitled to receive a cash payment in an amount equal to 12 months of their then current salary, subject to certain requirements in the change of control agreements. | ||||||||
NOTE 9 – COMMITMENTS AND CONTINGENCIES (Continued) | ||||||||
Because of the nature of our activities, the Company is subject to various pending and threatened legal actions, which arise in the ordinary course of business. From time to time, subordination liens may create litigation which requires us to defend our lien rights. In the opinion of management, liabilities arising from these claims, if any, will not have a material effect on our financial position. | ||||||||
Contingent liabilities for loans held for sale - In the ordinary course of business, the Company sells loans without recourse that may have to subsequently be repurchased due to defects that occurred during the origination of the loan. The defects are categorized as documentation errors, underwriting errors, early payment defaults, breach of representation or warranty, and fraud. When a loan sold to an investor without recourse fails to perform according to its contractual terms, the investor will typically review the loan file to determine whether defects in the origination process occurred. If a defect is identified, the Company may be required to either repurchase the loan or indemnify the investor for losses sustained. If there are no such defects, the Company has no commitment to repurchase the loan. The Company has recorded reserves of $396,000 and $340,000 to cover loss exposure related to these guarantees for one-to-four-family loans sold into the secondary market at March 31, 2015 and December 31, 2014, respectively. |
Significant_Concentration_of_C
Significant Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Significant Concentration of Credit Risk | SIGNIFICANT CONCENTRATION OF CREDIT RISK |
Most of the Company’s business activity is with customers located in the greater Puget Sound area, and since the fourth quarter of 2014, one loan production office located in the Tri-Cities, Washington. The Company originates real estate and consumer loans and has concentrations in these areas. Generally, loans are secured by deposit accounts, personal property, or real estate. Rights to collateral vary and are legally documented to the extent practicable. Local economic conditions may affect borrowers’ ability to meet the stated repayment terms. |
Regulatory_Capital
Regulatory Capital | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||
Regulatory Capital | REGULATORY CAPITAL | ||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines of the regulatory framework for prompt corrective action, the Company must meet specific capital adequacy guidelines that involve quantitative measures of the Company's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's capital classification is also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of Tier 1 capital (as defined in the regulations) to total average assets (as defined), and minimum ratios of Tier 1 and total capital (as defined) to risk-weighted assets (as defined). | |||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, the Bank was categorized as "well capitalized" under the newly implemented Basel III revised capital adequacy standards and relevant provisions of the Wall Street Reform and Consumer Protection Act ("Dodd Frank Act"). The Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table below to be categorized as well capitalized. There are no conditions or events since that notification that management believes have changed the Bank’s category. | |||||||||||||||||||||
NOTE 11 – REGULATORY CAPITAL (Continued) | |||||||||||||||||||||
The Bank’s capital amounts and ratios at March 31, 2015 and December 31, 2014 are also presented in the table. | |||||||||||||||||||||
To be Well Capitalized | |||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||
Bank Only | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 63,755 | 13.7 | % | $ | 37,221 | 8 | % | $ | 46,526 | 10 | % | |||||||||
Tier 1 risk-based capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 57,927 | 12.45 | % | $ | 27,916 | 6 | % | $ | 37,221 | 8 | % | |||||||||
Tier 1 leverage capital | |||||||||||||||||||||
(to average assets) | $ | 57,927 | 11.2 | % | $ | 20,690 | 4 | % | $ | 25,863 | 5 | % | |||||||||
Common equity tier 1 capital (1) | $ | 57,927 | 12.45 | % | $ | 20,937 | 4.5 | % | $ | 30,242 | 6.5 | % | |||||||||
As of December 31, 2014 | |||||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 60,978 | 14.68 | % | $ | 33,223 | 8 | % | $ | 41,529 | 10 | % | |||||||||
Tier 1 risk-based capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 55,770 | 13.43 | % | $ | 16,611 | 4 | % | $ | 24,917 | 6 | % | |||||||||
Tier 1 leverage capital | |||||||||||||||||||||
(to average assets) | $ | 55,770 | 11.17 | % | $ | 19,965 | 4 | % | $ | 24,956 | 5 | % | |||||||||
(1) The CET1 ratio is a new regulatory capital ratio required for the quarter ended March 31, 2015. | |||||||||||||||||||||
Regulatory capital levels reported above at the Bank differ from the Company's total equity, computed in accordance with U.S. GAAP with $10.0 million of additional capital held at the holding company. | |||||||||||||||||||||
Company | Bank | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Equity | $ | 68,199 | $ | 65,836 | $ | 58,216 | $ | 55,887 | |||||||||||||
Unrealized loss on securities available-for-sale | (289 | ) | (117 | ) | (289 | ) | (117 | ) | |||||||||||||
Disallowed deferred tax assets | — | — | — | — | |||||||||||||||||
Disallowed servicing assets | — | — | — | — | |||||||||||||||||
Total Tier 1 capital | 67,910 | 65,719 | 57,927 | 55,770 | |||||||||||||||||
Allowance for loan and lease losses for | 5,828 | 5,208 | 5,828 | 5,208 | |||||||||||||||||
regulatory capital purposes | |||||||||||||||||||||
Total risk-based capital | $ | 73,738 | $ | 70,927 | $ | 63,755 | $ | 60,978 | |||||||||||||
NOTE 11 – REGULATORY CAPITAL (Continued) | |||||||||||||||||||||
The regulatory capital ratios calculated for the Company as of March 31, 2015 were 12.9% for Tier 1 leverage-based capital, 14.6% for Tier 1 risk-based capital, 15.9% for total risk-based capital, and 14.6% for common equity Tier 1("CET1") capital ratio. The CET1 capital ratio is a new regulatory capital ratio required beginning for the quarter ended March 31, 2015. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. Consequently, the fair value of the Company's consolidated financial instruments will change when interest rate levels change and that change may either be favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed interest rate obligations are less likely to prepay in a rising interest rate environment and more likely to prepay in a falling interest rate environment. Conversely, depositors who are receiving fixed interest rates are more likely to withdraw funds before maturity in a rising interest rate environment and less likely to do so in a falling interest rate environment. Management monitors interest rates and maturities of assets and liabilities, and attempts to minimize interest rate risk by adjusting terms of new loans, and deposits, and by investing in securities with terms that mitigate the Company's overall interest rate risk. | |||||||||||||||||||||
Accounting guidance regarding fair value measurements defines fair value and establishes a framework for measuring fair value in accordance with U.S. GAAP. Fair value is the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The following definitions describe the levels of inputs that may be used to measure fair value: | |||||||||||||||||||||
Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||||||
Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||||||||||
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |||||||||||||||||||||
Determination of Fair Market Values: | |||||||||||||||||||||
Securities - Securities available-for-sale are recorded at fair value on a recurring basis. The fair value of investments and mortgage-backed securities are provided by a third-party pricing service. These valuations are based on market data using pricing models that vary by asset class and incorporate available current trade, bid, and other market information, and for structured securities, cash flow, and loan performance data. The pricing processes utilize benchmark curves, benchmarking of similar securities, sector groupings, and matrix pricing. Option adjusted spread models are also used to assess the impact of changes in interest rates and to develop prepayment scenarios. Transfers between the fair value hierarchy are determined through the third-party service provider which, from time to time will transfer between levels based on market conditions per the related security. All models and processes used, take into account market convention (Levels 1 and 2). | |||||||||||||||||||||
Mortgage Loans Held for Sale - The fair value of loans held for sale reflects the value of commitments with investors (Level 2). | |||||||||||||||||||||
NOTE 12 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) | |||||||||||||||||||||
Derivative Instruments - The fair value of the interest rate lock commitments and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. TBA mortgage-backed securities are fair valued on similar contracts in active markets (Level 2) while locks and forwards with customers and investors are valued using similar contracts in the market and changes in the market interest rates (Levels 2 and 3). | |||||||||||||||||||||
Impaired Loans - Fair value adjustments to impaired collateral dependent loans are recorded to reflect partial write-downs based on the current appraised value of the collateral or internally developed models, which contain management’s assumptions (Level 3). | |||||||||||||||||||||
The following tables present securities available-for-sale measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Federal agency securities | $ | — | $ | 5,435 | $ | — | $ | 5,435 | |||||||||||||
Municipal bonds | — | 16,193 | — | 16,193 | |||||||||||||||||
Corporate securities | — | 4,435 | — | 4,435 | |||||||||||||||||
Mortgage-backed securities | — | 15,395 | — | 15,395 | |||||||||||||||||
Small Business Administration securities | — | 3,089 | — | 3,089 | |||||||||||||||||
Total | $ | — | $ | 44,547 | $ | — | $ | 44,547 | |||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Federal agency securities | $ | — | $ | 5,845 | $ | — | $ | 5,845 | |||||||||||||
Municipal bonds | — | 16,161 | — | 16,161 | |||||||||||||||||
Corporate securities | — | 4,437 | — | 4,437 | |||||||||||||||||
Mortgage-backed securities | — | 20,244 | — | 20,244 | |||||||||||||||||
Small Business Administration securities | — | 2,057 | — | 2,057 | |||||||||||||||||
Total | $ | — | $ | 48,744 | $ | — | $ | 48,744 | |||||||||||||
The following tables present the fair value of interest rate lock commitments with customers, forward sale commitments with investors, and paired off commitments with investors measured at their fair value on a recurring basis at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||
Interest Rate Lock Commitments with Customers | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
31-Mar-15 | $ | — | $ | — | $ | 1,026 | $ | 1,026 | |||||||||||||
31-Dec-14 | $ | — | $ | — | $ | 396 | $ | 396 | |||||||||||||
NOTE 12 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) | |||||||||||||||||||||
Forward Sale Commitments with Investors | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
31-Mar-15 | $ | — | $ | (364 | ) | $ | (55 | ) | $ | (419 | ) | ||||||||||
31-Dec-14 | $ | — | $ | (194 | ) | $ | 12 | $ | (182 | ) | |||||||||||
Paired Off Commitments with Investors | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
31-Mar-15 | $ | — | $ | 242 | $ | — | $ | 242 | |||||||||||||
31-Dec-14 | $ | — | $ | (207 | ) | $ | — | $ | (207 | ) | |||||||||||
The following table presents the impaired loans measured at fair value on a nonrecurring basis at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
31-Mar-15 | $ | — | $ | — | $ | 1,590 | $ | 1,590 | |||||||||||||
31-Dec-14 | $ | — | $ | — | $ | 856 | $ | 856 | |||||||||||||
Quantitative Information about Level 3 Fair Value Measurements – The fair value of financial instruments measured under a Level 3 unobservable input on a recurring and nonrecurring basis at March 31, 2015 is shown in the following table: | |||||||||||||||||||||
Level 3 Fair Value Instrument | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average Rate | |||||||||||||||||
(Weighted Average) | |||||||||||||||||||||
RECURRING | |||||||||||||||||||||
Interest rate lock commitments with customers | Quoted market prices | Pull-through expectations | 80% - 99.99% | 82.99% | |||||||||||||||||
Forward sale commitments with investors | Quoted market prices | Pull-through expectations | 80% - 99.99% | 82.99% | |||||||||||||||||
NONRECURRING | |||||||||||||||||||||
Impaired loans | Fair value of underlying collateral | Discount applied to the obtained appraisal | 0.00% - 18.0% | 0.34% | |||||||||||||||||
NOTE 12 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) | |||||||||||||||||||||
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||
Three Months Ended March 31, | Beginning Balance | Purchases and issuances | Sales and settlements | Ending Balance | Net change in fair value for gains/(losses) relating to items held at end of period | ||||||||||||||||
2015 | |||||||||||||||||||||
Interest rate lock commitments with customers | $ | 396 | $ | 3,147 | $ | (2,517 | ) | $ | 1,026 | $ | 630 | ||||||||||
Forward sale commitments with investors | 12 | (60 | ) | (8 | ) | (56 | ) | (68 | ) | ||||||||||||
2014 | |||||||||||||||||||||
Interest rate lock commitments with customers | $ | 166 | $ | 1,042 | $ | (849 | ) | $ | 359 | $ | 194 | ||||||||||
Forward sale commitments with investors | 45 | 12 | (34 | ) | 23 | (22 | ) | ||||||||||||||
Gains (losses) on interest rate lock commitments carried at fair value are recorded in other noninterest income. Gains (losses) on forward sale commitments with investors carried at fair value are recorded within other noninterest income. | |||||||||||||||||||||
Fair Values of Financial Instruments – The following methods and assumptions were used by the Company in estimating the fair values of financial instruments disclosed in these financial statements: | |||||||||||||||||||||
Cash, and Due from Banks and Interest-Bearing Deposits at Other Financial Institutions – The carrying amounts of cash and short-term instruments approximates their fair value (Level 1). | |||||||||||||||||||||
Loans Held for Sale – The fair value of loans held for sale reflects the value of commitments with investors (Level 2). | |||||||||||||||||||||
Federal Home Loan Bank stock – The par value of FHLB stock approximates its fair value (Level 2). | |||||||||||||||||||||
Accrued Interest – The carrying amounts of accrued interest approximates its fair value (Level 2). | |||||||||||||||||||||
Loans Receivable, Net – For variable rate loans that re-price frequently and have no significant change in credit risk, fair values are based on carrying values. Fair values for fixed rate loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers or similar credit quality (Level 3). | |||||||||||||||||||||
Servicing Rights – The fair value of mortgage, commercial and consumer servicing rights are estimated using net present value of expected cash flows using a third party model that incorporates assumptions used in the industry to value such rights, adjusted for factors such as weighted average prepayments speeds based on historical information, where appropriate (Level 3). | |||||||||||||||||||||
Deposits – The fair value of deposits with no stated maturity date is included at the amount payable on demand. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flow calculation on interest rates currently offered on similar certificates (Level 2). | |||||||||||||||||||||
NOTE 12 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) | |||||||||||||||||||||
Borrowings – The carrying amounts of advances maturing within 90 days approximate their fair values. The fair values of long-term advances are estimated using discounted cash flow analyses based on the Bank’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2). | |||||||||||||||||||||
Off-Balance Sheet Instruments – The fair value of commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present creditworthiness of the customers. The majority of the Company’s off-balance sheet instruments consist of non-fee producing, variable-rate commitments, the Company has determined they do not have a distinguishable fair value. The fair value of loan lock commitments with customers and investors reflect an estimate of value based upon the interest rate lock date, the expected pull through percentage for the commitment, and the interest rate at year end (Levels 2 and 3). | |||||||||||||||||||||
NOTE 12 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) | |||||||||||||||||||||
The estimated fair values of the Company’s financial instruments at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Level 1 inputs: | |||||||||||||||||||||
Cash, due from banks, and interest-bearing deposits at other | $ | 16,402 | $ | 16,402 | $ | 20,098 | $ | 20,098 | |||||||||||||
financial institutions | |||||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||
Securities available-for-sale, at fair value | 44,547 | 44,547 | 48,744 | 48,744 | |||||||||||||||||
Loans held for sale, at fair value | 34,968 | 34,968 | 25,983 | 25,983 | |||||||||||||||||
FHLB stock | 1,942 | 1,942 | 1,650 | 1,650 | |||||||||||||||||
Accrued interest receivable | 1,813 | 1,813 | 1,558 | 1,558 | |||||||||||||||||
Paired off commitments with investors | 242 | 242 | — | — | |||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||
Loans receivable, net | 416,070 | 453,792 | 387,174 | 433,885 | |||||||||||||||||
Servicing rights | 3,670 | 3,935 | 3,061 | 3,549 | |||||||||||||||||
Fair value interest rate locks with customers | 1,026 | 1,026 | 396 | 396 | |||||||||||||||||
Forward sale commitments with investors | — | — | 12 | 12 | |||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||
Deposits | 436,320 | 442,548 | 420,444 | 424,672 | |||||||||||||||||
Borrowings | 30,433 | 28,148 | 17,034 | 17,031 | |||||||||||||||||
Accrued interest payable | 24 | 24 | 24 | 24 | |||||||||||||||||
Forward sale commitments with investors | 364 | 364 | 194 | 194 | |||||||||||||||||
Paired off commitments with investors | — | — | 207 | 207 | |||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||
Forward sale commitments with investors | 55 | 55 | — | — | |||||||||||||||||
Employee_Benefits
Employee Benefits | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Compensation and Retirement Disclosure [Abstract] | ||||
Employee Benefit Plans | EMPLOYEE BENEFITS | |||
Employee Stock Ownership Plan | ||||
On January 1, 2012, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12-month period are eligible to participate in the ESOP. | ||||
The ESOP borrowed $2.6 million from FS Bancorp, Inc. and used those funds to acquire 259,210 shares of FS Bancorp, Inc. common stock in the open market at an average price of $10.17 per share during the second half of the 2012 fiscal year. It is anticipated that the Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to FS Bancorp, Inc. over a period of 10 years, bearing interest at 2.30%. Intercompany expenses associated with the ESOP are eliminated in consolidation. | ||||
NOTE 13 - EMPLOYEE BENEFITS (Continued) | ||||
Shares purchased by the ESOP with the loan proceeds are held in a suspense account and allocated to ESOP participants on a pro rata basis as principal and interest payments are made by the ESOP to FS Bancorp, Inc. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. Payments of principal and interest are due annually on December 31, the Company's fiscal year end. On December 31, 2014, the ESOP paid the third annual installment of principal in the amount of $245,000, plus accrued interest of $50,000 pursuant to the ESOP loan. No payment of principal or interest was made during the three months ended March 31, 2015. | ||||
As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for earnings per share computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. | ||||
Compensation expense related to the ESOP for the three months ended March 31, 2015 and March 31, 2014 was $123,000 and $110,000, respectively. | ||||
Shares held by the ESOP as of March 31, 2015 were as follows: | ||||
Balances | ||||
Allocated shares | 77,141 | |||
Committed to be released shares | 6,480 | |||
Unallocated shares | 174,967 | |||
Total ESOP shares | 258,588 | |||
Fair value of unallocated shares (in thousands) | $ | 3,314 | ||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||
Basic earnings per share are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. | ||||||||
NOTE 14 - EARNINGS PER SHARE (Continued) | ||||||||
The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three months ended March 31, 2015 and 2014: | ||||||||
At or For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income (in thousands) | $ | 2,070 | $ | 875 | ||||
Denominator: | ||||||||
Basic weighted average common shares outstanding | 2,935,553 | 3,039,237 | ||||||
Dilutive restricted stock grants | 29,766 | — | ||||||
Diluted weighted average common shares outstanding | 2,965,319 | 3,039,237 | ||||||
Basic earnings per share | $ | 0.71 | $ | 0.29 | ||||
Diluted earnings per share | $ | 0.7 | $ | 0.29 | ||||
Potentially dilutive weighted average share options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive | 8,160 | — | ||||||
Potential dilutive shares are excluded from the computation of earnings per share if their effect is anti-dilutive. Options to purchase 322,000 common stock shares at $16.89 per share were outstanding at March 31, 2015, and were not included in the computation of diluted earnings per share because their exercise price resulted in them being anti-dilutive. | ||||||||
The Company purchased 259,210 shares in the open market during the year ended December 31, 2012, for the ESOP. For earnings per share calculations, the ESOP shares committed to be released are included as outstanding shares for both basic and diluted earnings per share. There were 174,967 shares in the ESOP that were not committed to be released as of March 31, 2015. |
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | |||||||||||||||
Stock Options and Restricted Stock | ||||||||||||||||
In September 2013, the shareholders of FS Bancorp, Inc. approved the FS Bancorp, Inc. 2013 Equity Incentive Plan ("Plan"). The Plan provides for the grant of stock options and restricted stock awards. | ||||||||||||||||
Total share-based compensation expense for the Plan was $182,000 and none for the three months ended March 31, 2015, and March 31, 2014, respectively. | ||||||||||||||||
Stock Options | ||||||||||||||||
The Plan authorizes the grant of stock options totaling 324,013 shares to Company directors and employees. Option awards are granted with an exercise price equal to the market price of FS Bancorp's common stock at the grant date, | ||||||||||||||||
NOTE 15 - STOCK-BASED COMPENSATION (Continued) | ||||||||||||||||
May 8, 2014, of $16.89 per share. These option awards were granted as non-qualified stock options, having a vesting period of five years, with 20% vesting on the anniversary date of each grant date, and a contractual life of 10 years. Any unexercised stock options will expire 10 years after the grant date or sooner in the event of the award recipient’s termination of service with the Company or the Bank. | ||||||||||||||||
The fair value of each option award is estimated on the grant date using a Black-Scholes Option pricing model that uses the following assumptions. The dividend yield is based on the current quarterly dividend in effect at the time of the grant. Historical employment data is used to estimate the forfeiture rate. The Company became a publicly held company in July 2012, therefore historical data was not available to calculate the volatility for FS Bancorp stock. Given this limitation, management utilized a proxy to determine the expected volatility of FS Bancorp’s stock. The proxy chosen was the NASDAQ Bank Index, or NASDAQ Bank (NASDAQ symbol: BANK). This index provides the volatility of the banking sector for NASDAQ traded banks. The majority of smaller banks are traded on the NASDAQ given the costs and daily interaction required with trading on the New York Stock Exchange. The Company utilized the comparable Treasury rate for the discount rate associated with the stock options granted. The Company elected to use Staff Accounting Bulletin 107, simplified expected term calculation for the “Share-Based Payments” method permitted by the SEC to calculate the expected term. This method uses the vesting term of an option along with the contractual term, setting the expected life at 6.5 years. | ||||||||||||||||
A summary of the Company's stock option plan awards during the three months ended March 31, 2015 is as follows: | ||||||||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term In Years | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2015 | 322,000 | $ | 16.89 | 9.36 | $ | 437,920 | ||||||||||
Granted | — | — | — | |||||||||||||
Exercised | — | — | — | |||||||||||||
Forfeited or expired | — | — | — | |||||||||||||
Outstanding at March 31, 2015 | 322,000 | $ | 16.89 | 9.11 | $ | 795,340 | ||||||||||
Expected to vest, assuming a 0.31% annual forfeiture rate | 319,902 | $ | 16.89 | 9.11 | $ | 790,157 | ||||||||||
Exercisable at March 31, 2015 | — | $ | — | $ | — | |||||||||||
For the three months ended March 31, 2015, there was $957,000 of total unrecognized compensation cost related to nonvested stock options granted under the Plan. The cost is expected to be recognized over the remaining weighted-average vesting period of 4.1 years. | ||||||||||||||||
Restricted Stock Awards | ||||||||||||||||
The Plan authorizes the grant of restricted stock awards totaling 129,605 shares to Company directors and employees, and all but 4,500 shares were granted on May 8, 2014. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at the grant date of $16.89 per share. The restricted stock awards’ fair value is equal to the value on the grant date. Shares awarded as restricted stock vest ratably over a three-year period for directors and a five-year period for employees, beginning at the grant date. Any unexercised restricted stock awards will expire after vesting or sooner in the event of the award recipient’s termination of service with the Company or the Bank. | ||||||||||||||||
NOTE 15 - STOCK-BASED COMPENSATION (Continued) | ||||||||||||||||
A summary of the Company's nonvested awards during the three months ended March 31, 2015 is as follows: | ||||||||||||||||
Nonvested Shares | Shares | Weighted-Average Grant-Date Fair Value Per Share | Weighted-Average Grant-Date Fair Value | Aggregate Intrinsic Value | ||||||||||||
Nonvested at January 1, 2015 | 125,105 | $ | 16.89 | $ | 2,113,023 | $ | — | |||||||||
Granted | — | — | — | — | ||||||||||||
Vested | — | — | — | — | ||||||||||||
Forfeited or expired | — | — | — | — | ||||||||||||
Nonvested at March 31, 2015 | 125,105 | $ | 16.89 | $ | 2,113,023 | $ | — | |||||||||
For the three months ended March 31, 2015, there was $1.7 million of total unrecognized compensation costs related to nonvested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of 3.5 years. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Financial Statement Presentation | Financial Statement Presentation – The accompanying unaudited consolidated interim financial statements do not contain all necessary disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and, therefore, should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission ("SEC") on March 27, 2015. These unaudited financial statements include all normal and recurring adjustments that management believes are necessary in order to conform to U.S. GAAP and have been reflected as required by Article 10 of Regulation S-X as promulgated by the SEC. The results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015, or any other future period. Amounts presented in the financial statements and footnote tables are rounded and presented in thousands of dollars except per share amounts. In the narrative footnote discussion, amounts are rounded and presented in millions of dollars to one decimal point if the amounts are above $1.0 million. Amounts below $1.0 million are rounded and presented in dollars to the nearest thousands. Certain prior year amounts have been reclassified to conform to the 2015 presentation with no change to net income or stockholders' equity previously reported. | |
Use of Estimates | Use of Estimates – The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. Material estimates that are particularly susceptible to change in the near term are allowances for loan losses, fair value of measurements, servicing assets, and the estimated accounting for deferred income taxes. | |
Principles of Consolidation | Principles of Consolidation – The consolidated financial statements include the accounts of FS Bancorp, Inc. and its wholly owned subsidiary, 1st Security Bank of Washington. All material intercompany accounts have been eliminated in consolidation. | |
Cash and Cash Equivalents | Cash and Cash Equivalents – Cash and cash equivalents include cash and due from banks, and interest-bearing balances due from other banks and the Federal Reserve Bank of San Francisco ("Federal Reserve Bank"). Cash and cash equivalents have a maturity of 90 days or less at the time of purchase. As of March 31, 2015 and December 31, 2014, the Company had cash deposits at other financial institutions in excess of Federal Deposit Insurance Corporation ("FDIC") insured limits. However, as the Company places these deposits with major financial institutions and monitors the financial condition of these institutions, management believes the risk of loss to be minimal. | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which creates Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard is effective for public entities for interim and annual periods beginning after December 15, 2016; early adoption is not permitted. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 to determine the potential impact the new standard will have on the Company's consolidated financial statements. | ||
In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation - Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU can be applied prospectively or retrospectively and are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company is currently reviewing the requirements of ASU No. 2014-12, but does not expect the ASU to have a material impact on the Company's consolidated financial statements. | ||
NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | ||
In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. The ASU clarifies how current guidance should be interpreted in evaluating the characteristics and risks of a host contract in a hybrid financial instrument issued in the form of a share. One criterion requires evaluating whether the nature of the host contract is more akin to debt or to equity and whether the economic characteristics and risks of the embedded derivative feature are "clearly and closely related" to the host contract. In making that evaluation, an issuer or investor must consider all terms and features in a hybrid financial instrument including the embedded derivative feature that is being evaluated for separate accounting or may consider all terms and features in the hybrid financial instrument except for the embedded derivative feature that is being evaluated for separate accounting. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company is currently reviewing the requirements of ASU No. 2014-16. | ||
In January 2015, the FASB issued ASU No. 2015-01, Income Statement -Extraordinary and Unusual Items (Subtopic 225-20). The objective of this ASU is to simplify the income statement presentation requirements in Subtopic 225-20 by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements. | ||
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on simplifying the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities by reducing the number of consolidation model from four to two, among other changes. The ASU will be effective for periods beginning after December 31, 2015, while early adoption is permitted. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements. | ||
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU No 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU NO. 2015-03 should be applied on a retrospective basis. The Company is currently evaluating the impacts of this ASU on the Company's consolidated financial statements. | ||
Securities Available-for-sale | There were four investments with unrealized losses of less than one year as of March 31, 2015, and 10 investments with unrealized losses of more than one year. There were eight investments with unrealized losses of less than one year as of December 31, 2014, and 13 investments with unrealized losses of more than one year. The unrealized losses associated with these investments are believed to be caused by changing market conditions that are considered to be temporary and the Company does not intend to sell the securities, and it is not likely to be required to sell these securities. | |
Loan Portfolio Segment | The Company has defined its loan portfolio into three segments that reflect the structure of the lending function, the Company’s strategic plan and the manner in which management monitors performance and credit quality. The three loan portfolio segments are: (a) Real Estate Loans, (b) Consumer Loans and (c) Commercial Business Loans. Each of these segments is disaggregated into classes based on the risk characteristics of the borrower and/or the collateral type securing the loan. The following is a summary of each of the Company’s loan portfolio segments and classes: | |
Real Estate Loans | ||
Commercial Lending. Loans originated by the Company primarily secured by income producing properties, including retail centers, warehouses, and office buildings located in our market areas. | ||
Construction and Development Lending. Loans originated by the Company for the spec construction of, and secured by, commercial real estate, one-to-four-family, and multi-family residences and tracts of land for development. | ||
Home Equity Lending. Loans originated by the Company secured by second mortgages on one-to-four-family residences in our market areas. | ||
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||
One-to-Four-Family Real Estate Lending. Loans originated by the Company secured by first mortgages on one-to-four-family residences in our market areas. | ||
Multi-Family Lending. Apartment term lending (more than four units) to current banking customers and community reinvestment loans for low to moderate income individuals in the Company's footprint. | ||
Consumer Loans | ||
Indirect Home Improvement. Fixture secured loans are originated by the Company for home improvement and are secured by the personal property installed in, on, or at the borrower’s real property, and may be perfected with a UCC-2 financing statement filed in the county of the borrower’s residence. These indirect home improvement loans include replacement windows, siding, roofing, and other home fixture installations. | ||
Solar. Fixture secured loans are originated by the Company for home improvement and are secured by the personal | ||
property installed in, on, or at the borrower’s real property, and may be perfected with a UCC-2 financing statement | ||
filed in the county of the borrower’s residence. | ||
Marine, Automobile and Recreational. Loans originated by the Company secured by boats, automobiles, and RVs to borrowers primarily located in its market areas. | ||
Other Consumer and Home Improvement. Loans originated by the Company, including direct home improvement loans, loans on deposits, and other consumer loans. | ||
Commercial Business Loans | ||
Commercial Business Lending. Commercial business loans originated by the Company to local small and mid-sized businesses in our Puget Sound market area are secured primarily by accounts receivable, inventory, or personal property, plant and equipment. Commercial business loans are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. | ||
Credit Quality Indicators | The Company utilizes a risk grading matrix to assign a risk grade to its real estate and commercial business loans. Loans are graded on a scale of 1 to 10, with loans in risk grades 1 to 6 considered “Pass” and loans in risk grades 7 to 10 are reported as classified loans in the Company's allowance for loan loss analysis. | |
A description of the 10 risk grades is as follows: | ||
• | Grades 1 and 2 – These grades include loans to very high quality borrowers with excellent or desirable business credit. | |
• | Grade 3 – This grade includes loans to borrowers of good business credit with moderate risk. | |
• | Grades 4 and 5 – These grades include “Pass” grade loans to borrowers of average credit quality and risk. | |
• | Grade 6 – This grade includes loans on management’s “Watch” list and is intended to be utilized on a temporary basis for “Pass” grade borrowers where frequent and thorough monitoring is required due to credit weaknesses and where significant risk-modifying action is anticipated in the near term. | |
• | Grade 7 – This grade is for “Other Assets Especially Mentioned" ("OAEM") in accordance with regulatory guidelines and includes borrowers where performance is poor or significantly less than expected. | |
• | Grade 8 – This grade includes “Substandard” loans in accordance with regulatory guidelines which represent an unacceptable business credit where a loss is possible if loan weakness is not corrected. | |
• | Grade 9 – This grade includes “Doubtful” loans in accordance with regulatory guidelines where a loss is highly probable. | |
• | Grade 10 – This grade includes “Loss” loans in accordance with regulatory guidelines for which total loss is expected and when identified are charged off. | |
NOTE 3 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued) | ||
Consumer, Home Equity and One-to-Four-Family Real Estate Loans | ||
Homogeneous loans are risk rated based upon the FDIC's Uniform Retail Credit Classification and Account Management Policy. Loans classified under this policy at the Company are consumer loans which include indirect home improvement, recreational, automobile, direct home improvement and other, and one-to-four-family first and second liens. Under the Uniform Retail Credit Classification Policy, loans that are current or less than 90 days past due are graded “Pass” and risk rated "4" internally. Loans that are past due more than 90 days are classified “Substandard” and risk rated "8" internally. Closed-end loans that are 120 days past due and open-end loans that are 180 days past due are charged off based on the value of the collateral less cost to sell. | ||
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | TDR loans are considered impaired loans and are individually evaluated for impairment. TDR loans can be classified as either accrual or non-accrual. TDR loans are classified as non-performing loans unless they have been performing in accordance with their modified terms for a period of at least six months in which case they are placed on accrual status. | |
Derivatives | The Company regularly enters into commitments to originate and sell loans held for sale. The Company has established a hedging strategy to protect itself against the risk of loss associated with interest rate movements on loan commitments. The Company enters into contracts to sell forward To-Be-Announced ("TBA") mortgage-backed securities. These commitments and contracts are considered derivatives but have not been designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in noninterest income. The Company recognizes all derivative instruments as either other assets or other liabilities on the Consolidated Balance Sheets and measures those instruments at fair value. | |
Loan Commitments | The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the balance sheet. | |
The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | ||
Commitments and Contingencies | Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and ultimately may not be drawn upon to the total extent to which the Company is committed. | |
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the amount of the total commitments do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon an extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate, and income-producing commercial properties. | ||
Determination of Fair Market Values | Determination of Fair Market Values: | |
Securities - Securities available-for-sale are recorded at fair value on a recurring basis. The fair value of investments and mortgage-backed securities are provided by a third-party pricing service. These valuations are based on market data using pricing models that vary by asset class and incorporate available current trade, bid, and other market information, and for structured securities, cash flow, and loan performance data. The pricing processes utilize benchmark curves, benchmarking of similar securities, sector groupings, and matrix pricing. Option adjusted spread models are also used to assess the impact of changes in interest rates and to develop prepayment scenarios. Transfers between the fair value hierarchy are determined through the third-party service provider which, from time to time will transfer between levels based on market conditions per the related security. All models and processes used, take into account market convention (Levels 1 and 2). | ||
Mortgage Loans Held for Sale - The fair value of loans held for sale reflects the value of commitments with investors (Level 2). | ||
NOTE 12 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) | ||
Derivative Instruments - The fair value of the interest rate lock commitments and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. TBA mortgage-backed securities are fair valued on similar contracts in active markets (Level 2) while locks and forwards with customers and investors are valued using similar contracts in the market and changes in the market interest rates (Levels 2 and 3). | ||
Impaired Loans - Fair value adjustments to impaired collateral dependent loans are recorded to reflect partial write-downs based on the current appraised value of the collateral or internally developed models, which contain management’s assumptions (Level 3). | ||
Employee_Benefits_Employee_Ben
Employee Benefits Employee Benefits (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12-month period are eligible to participate in the ESOP. |
Securities_Availableforsale_Ta
Securities Available-for-sale (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following tables present the amortized costs, unrealized gains, unrealized losses, and estimated fair values of securities available-for-sale at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||||||
Values | ||||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
Federal agency securities | $ | 5,496 | $ | 1 | $ | (62 | ) | $ | 5,435 | |||||||||||||||
Municipal bonds | 15,832 | 376 | (15 | ) | 16,193 | |||||||||||||||||||
Corporate securities | 4,495 | 5 | (65 | ) | 4,435 | |||||||||||||||||||
Mortgage-backed securities | 15,259 | 160 | (24 | ) | 15,395 | |||||||||||||||||||
Small Business Administration securities | 3,027 | 62 | — | 3,089 | ||||||||||||||||||||
Total securities available-for-sale | $ | 44,109 | $ | 604 | $ | (166 | ) | $ | 44,547 | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||||||
Values | ||||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
Federal agency securities | $ | 5,998 | $ | 3 | $ | (156 | ) | $ | 5,845 | |||||||||||||||
Municipal bonds | 15,886 | 326 | (51 | ) | 16,161 | |||||||||||||||||||
Corporate securities | 4,495 | — | (58 | ) | 4,437 | |||||||||||||||||||
Mortgage-backed securities | 20,169 | 132 | (57 | ) | 20,244 | |||||||||||||||||||
Small Business Administration securities | 2,019 | 38 | — | 2,057 | ||||||||||||||||||||
Total securities available-for-sale | $ | 48,567 | $ | 499 | $ | (322 | ) | $ | 48,744 | |||||||||||||||
Schedule of Unrealized Loss on Investments | Investment securities that were in an unrealized loss position as of March 31, 2015 and December 31, 2014 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. In the opinion of management, these securities are considered only temporarily impaired due to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
Federal agency securities | $ | — | $ | — | $ | 4,934 | $ | (62 | ) | $ | 4,934 | $ | (62 | ) | ||||||||||
Municipal bonds | 945 | (4 | ) | 837 | (11 | ) | 1,782 | (15 | ) | |||||||||||||||
Corporate securities | 1,993 | (7 | ) | 1,442 | (58 | ) | 3,435 | (65 | ) | |||||||||||||||
Mortgage-backed securities | — | — | 2,373 | (24 | ) | 2,373 | (24 | ) | ||||||||||||||||
Total securities available-for-sale | $ | 2,938 | $ | (11 | ) | $ | 9,586 | $ | (155 | ) | $ | 12,524 | $ | (166 | ) | |||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
Federal agency securities | $ | — | $ | — | $ | 4,840 | $ | (156 | ) | $ | 4,840 | $ | (156 | ) | ||||||||||
Municipal bonds | 950 | (2 | ) | 2,266 | (49 | ) | 3,216 | (51 | ) | |||||||||||||||
Corporate securities | 2,977 | (18 | ) | 1,460 | (40 | ) | 4,437 | (58 | ) | |||||||||||||||
Mortgage-backed securities | 3,776 | (2 | ) | 3,648 | (55 | ) | 7,424 | (57 | ) | |||||||||||||||
Total securities available-for-sale | $ | 7,703 | $ | (22 | ) | $ | 12,214 | $ | (300 | ) | $ | 19,917 | $ | (322 | ) | |||||||||
Schedule of Available for Sale Securities by Contractual Mataurity | The contractual maturities of securities available-for-sale at March 31, 2015 were as follows: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in one year or less | $ | 1,501 | $ | 1,500 | ||||||||||||||||||||
Due after one year through five years | 5,330 | 5,362 | ||||||||||||||||||||||
Due after five years through ten years | 17,981 | 18,105 | ||||||||||||||||||||||
Due after ten years | 19,297 | 19,580 | ||||||||||||||||||||||
Total | $ | 44,109 | $ | 44,547 | ||||||||||||||||||||
Schedule of Proceeds and Realized Gain (Loss) | The proceeds and resulting gains, computed using specific identification, from sales of securities available-for-sale for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Proceeds | Gross Gains | Gross (Losses) | ||||||||||||||||||||||
Securities available-for-sale | $ | 4,178 | $ | 76 | $ | — | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Proceeds | Gross Gains | Gross (Losses) | ||||||||||||||||||||||
Securities available-for-sale | $ | — | $ | — | $ | — | ||||||||||||||||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance For Loan Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of the loan portfolio at March 31, 2015 and December 31, 2014 was as follows: | |||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | 45,701 | $ | 42,970 | ||||||||||||||||||||||||
Construction and development | 70,639 | 57,813 | ||||||||||||||||||||||||||
Home equity | 15,198 | 15,737 | ||||||||||||||||||||||||||
One-to-four-family (excludes held for sale loans) | 54,985 | 46,801 | ||||||||||||||||||||||||||
Multi-family | 16,841 | 16,201 | ||||||||||||||||||||||||||
Total real estate loans | 203,364 | 179,522 | ||||||||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 99,769 | 99,304 | ||||||||||||||||||||||||||
Solar | 21,535 | 18,162 | ||||||||||||||||||||||||||
Marine | 17,759 | 16,713 | ||||||||||||||||||||||||||
Automobile | 616 | 674 | ||||||||||||||||||||||||||
Recreational | 401 | 441 | ||||||||||||||||||||||||||
Home improvement | 313 | 329 | ||||||||||||||||||||||||||
Other | 1,056 | 1,184 | ||||||||||||||||||||||||||
Total consumer loans | 141,449 | 136,807 | ||||||||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | 78,632 | 77,881 | ||||||||||||||||||||||||||
Total loans | 423,445 | 394,210 | ||||||||||||||||||||||||||
Allowance for loan losses | (6,405 | ) | (6,090 | ) | ||||||||||||||||||||||||
Deferred costs, fees, and discounts, net | (970 | ) | (946 | ) | ||||||||||||||||||||||||
Total loans receivable, net | $ | 416,070 | $ | 387,174 | ||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | The following tables detail activity in the allowance for loan losses by loan categories at or for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||
At or For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Real Estate | Consumer | Commercial | Unallocated | Total | |||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,872 | $ | 1,431 | $ | 1,184 | $ | 1,603 | $ | 6,090 | ||||||||||||||||||
Provision for loan losses | 444 | 103 | 948 | (895 | ) | 600 | ||||||||||||||||||||||
Charge-offs | (191 | ) | (417 | ) | — | — | (608 | ) | ||||||||||||||||||||
Recoveries | — | 321 | 2 | — | 323 | |||||||||||||||||||||||
Net charge-offs | (191 | ) | (96 | ) | 2 | — | (285 | ) | ||||||||||||||||||||
Ending balance | $ | 2,125 | $ | 1,438 | $ | 2,134 | $ | 708 | $ | 6,405 | ||||||||||||||||||
Period end amount allocated to: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||||||||
Loans collectively evaluated for impairment | 2,125 | 1,438 | 2,128 | 708 | 6,399 | |||||||||||||||||||||||
Ending balance | $ | 2,125 | $ | 1,438 | $ | 2,134 | $ | 708 | $ | 6,405 | ||||||||||||||||||
LOANS RECEIVABLE | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,554 | $ | — | $ | 36 | $ | — | $ | 1,590 | ||||||||||||||||||
Loans collectively evaluated for impairment | 201,810 | 141,449 | 78,596 | — | 421,855 | |||||||||||||||||||||||
Ending balance | $ | 203,364 | $ | 141,449 | $ | 78,632 | $ | — | $ | 423,445 | ||||||||||||||||||
At or For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Real Estate | Consumer | Commercial | Unallocated | Total | |||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,963 | $ | 1,512 | $ | 800 | $ | 817 | $ | 5,092 | ||||||||||||||||||
Provision for loan losses | (372 | ) | 48 | 311 | 463 | 450 | ||||||||||||||||||||||
Charge-offs | (144 | ) | (251 | ) | (75 | ) | — | (470 | ) | |||||||||||||||||||
Recoveries | 18 | 153 | — | — | 171 | |||||||||||||||||||||||
Net charge-offs | (126 | ) | (98 | ) | (75 | ) | — | (299 | ) | |||||||||||||||||||
Ending balance | $ | 1,465 | $ | 1,462 | $ | 1,036 | $ | 1,280 | $ | 5,243 | ||||||||||||||||||
Period end amount allocated to: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||||||||
Loans collectively evaluated for impairment | 1,465 | 1,462 | 1,031 | 1,280 | 5,238 | |||||||||||||||||||||||
Ending balance | $ | 1,465 | $ | 1,462 | $ | 1,036 | $ | 1,280 | $ | 5,243 | ||||||||||||||||||
LOANS RECEIVABLE | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | 50 | $ | — | $ | 50 | ||||||||||||||||||
Loans collectively evaluated for impairment | 119,300 | 117,261 | 57,690 | — | 294,251 | |||||||||||||||||||||||
Ending balance | $ | 119,300 | $ | 117,261 | $ | 57,740 | $ | — | $ | 294,301 | ||||||||||||||||||
Past Due Financing Receivables | Information pertaining to the aging analysis of past due loans at March 31, 2015 and December 31, 2014 is summarized as follows: | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Non-Accrual | Total | Current | Total Loans | |||||||||||||||||||||||
Past Due | Receivable | |||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | 545 | $ | — | $ | 671 | $ | 1,216 | $ | 44,485 | $ | 45,701 | ||||||||||||||||
Construction and development | — | — | — | — | 70,639 | 70,639 | ||||||||||||||||||||||
Home equity | 151 | 96 | 89 | 336 | 14,862 | 15,198 | ||||||||||||||||||||||
One-to-four-family | — | — | 58 | 58 | 54,927 | 54,985 | ||||||||||||||||||||||
Multi-family | — | — | — | — | 16,841 | 16,841 | ||||||||||||||||||||||
Total real estate loans | 696 | 96 | 818 | 1,610 | 201,754 | 203,364 | ||||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 424 | 254 | 205 | 883 | 98,886 | 99,769 | ||||||||||||||||||||||
Solar | — | — | 29 | 29 | 21,506 | 21,535 | ||||||||||||||||||||||
Marine | — | — | — | — | 17,759 | 17,759 | ||||||||||||||||||||||
Automobile | 10 | — | — | 10 | 606 | 616 | ||||||||||||||||||||||
Recreational | 37 | — | — | 37 | 364 | 401 | ||||||||||||||||||||||
Home improvement | — | 6 | — | 6 | 307 | 313 | ||||||||||||||||||||||
Other | 19 | 2 | 5 | 26 | 1,030 | 1,056 | ||||||||||||||||||||||
Total consumer loans | 490 | 262 | 239 | 991 | 140,458 | 141,449 | ||||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | 253 | — | — | 253 | 78,379 | 78,632 | ||||||||||||||||||||||
Total loans | $ | 1,439 | $ | 358 | $ | 1,057 | $ | 2,854 | $ | 420,591 | $ | 423,445 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Non-Accrual | Total | Current | Total Loans | |||||||||||||||||||||||
Past Due | Receivable | |||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | $ | 42,970 | $ | 42,970 | ||||||||||||||||
Construction and development | — | — | — | — | 57,813 | 57,813 | ||||||||||||||||||||||
Home equity | 159 | 196 | 61 | 416 | 15,321 | 15,737 | ||||||||||||||||||||||
One-to-four-family | — | — | 73 | 73 | 46,728 | 46,801 | ||||||||||||||||||||||
Multi-family | — | — | — | — | 16,201 | 16,201 | ||||||||||||||||||||||
Total real estate loans | 159 | 196 | 134 | 489 | 179,033 | 179,522 | ||||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 501 | 277 | 250 | 1,028 | 98,276 | 99,304 | ||||||||||||||||||||||
Solar | — | — | 29 | 29 | 18,133 | 18,162 | ||||||||||||||||||||||
Marine | 81 | — | 19 | 100 | 16,613 | 16,713 | ||||||||||||||||||||||
Automobile | 13 | — | — | 13 | 661 | 674 | ||||||||||||||||||||||
Recreational | — | — | — | — | 441 | 441 | ||||||||||||||||||||||
Home improvement | — | 6 | — | 6 | 323 | 329 | ||||||||||||||||||||||
Other | 15 | 14 | 1 | 30 | 1,154 | 1,184 | ||||||||||||||||||||||
Total consumer loans | 610 | 297 | 299 | 1,206 | 135,601 | 136,807 | ||||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | — | — | — | — | 77,881 | 77,881 | ||||||||||||||||||||||
Total loans | $ | 769 | $ | 493 | $ | 433 | $ | 1,695 | $ | 392,515 | $ | 394,210 | ||||||||||||||||
Impaired Financing Receivables | The following table presents the average recorded investment in loans individually evaluated for impairment and the interest income recognized and received for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
WITH NO RELATED ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Commercial | $ | 671 | $ | 4 | $ | — | $ | — | ||||||||||||||||||||
Home equity | 28 | — | 4 | — | ||||||||||||||||||||||||
One-to-four-family | 802 | 15 | 637 | 9 | ||||||||||||||||||||||||
Subtotal real estate loans | 1,501 | 19 | 641 | 9 | ||||||||||||||||||||||||
WITH AN ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Commercial business loans | 37 | 1 | 50 | 1 | ||||||||||||||||||||||||
Total | $ | 1,538 | $ | 20 | $ | 691 | $ | 10 | ||||||||||||||||||||
The following tables provide additional information about our impaired loans that have been segregated to reflect loans for which an allowance for credit losses has been provided and loans for which no allowance has been provided as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Unpaid | Write- | Recorded | Related | Adjusted | ||||||||||||||||||||||||
Principal | downs | Investment | Allowance | Recorded | ||||||||||||||||||||||||
Balance | Investment | |||||||||||||||||||||||||||
WITH NO RELATED ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Home equity | $ | 84 | $ | — | $ | 84 | $ | — | $ | 84 | ||||||||||||||||||
One-to-four-family | 866 | (67 | ) | 799 | — | 799 | ||||||||||||||||||||||
Subtotal real estate loans | 950 | (67 | ) | 883 | — | 883 | ||||||||||||||||||||||
WITH AN ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Commercial real estate loans | 862 | (191 | ) | 671 | — | 671 | ||||||||||||||||||||||
Commercial business loans | 38 | (2 | ) | 36 | (5 | ) | 45 | 31 | ||||||||||||||||||||
Subtotal loans | 900 | (193 | ) | 707 | (5 | ) | 702 | |||||||||||||||||||||
Total | $ | 1,850 | $ | (260 | ) | $ | 1,590 | $ | (5 | ) | $ | 1,585 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Unpaid | Write- | Recorded | Related | Adjusted | ||||||||||||||||||||||||
Principal | downs | Investment | Allowance | Recorded | ||||||||||||||||||||||||
Balance | Investment | |||||||||||||||||||||||||||
WITH NO RELATED ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
One-to-four-family real estate loans | $ | 885 | $ | (67 | ) | $ | 818 | $ | — | $ | 818 | |||||||||||||||||
WITH AN ALLOWANCE RECORDED | ||||||||||||||||||||||||||||
Commercial business loans | 40 | (2 | ) | 38 | (6 | ) | 32 | |||||||||||||||||||||
Total | $ | 925 | $ | (69 | ) | $ | 856 | $ | (6 | ) | $ | 850 | ||||||||||||||||
Financing Receivable Credit Quality Indicators | The following tables summarize risk rated loan balances by category at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Pass (1 - 5) | Watch (6) | Special | Substandard (8) | Doubtful(9) | Loss (10) | Total | ||||||||||||||||||||||
Mention (7) | ||||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | 44,485 | $ | — | $ | — | $ | 1,216 | $ | — | $ | — | $ | 45,701 | ||||||||||||||
Construction and development | 70,639 | — | — | — | — | — | 70,639 | |||||||||||||||||||||
Home equity | 15,109 | — | — | 89 | — | — | 15,198 | |||||||||||||||||||||
One-to-four-family | 54,400 | — | — | 585 | — | — | 54,985 | |||||||||||||||||||||
Multi-family | 16,841 | — | — | — | — | — | 16,841 | |||||||||||||||||||||
Total real estate loans | 201,474 | — | — | 1,890 | — | — | 203,364 | |||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 99,534 | — | — | 235 | — | — | 99,769 | |||||||||||||||||||||
Solar | 21,535 | — | — | — | — | — | 21,535 | |||||||||||||||||||||
Marine | 17,759 | — | — | — | — | — | 17,759 | |||||||||||||||||||||
Automobile | 616 | — | — | — | — | — | 616 | |||||||||||||||||||||
Recreational | 401 | — | — | — | — | — | 401 | |||||||||||||||||||||
Home improvement | 313 | — | — | — | — | — | 313 | |||||||||||||||||||||
Other | 1,052 | — | — | 4 | — | — | 1,056 | |||||||||||||||||||||
Total consumer loans | 141,210 | — | — | 239 | — | — | 141,449 | |||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | 61,199 | 5,498 | 9,588 | 2,347 | — | — | 78,632 | |||||||||||||||||||||
Total loans | $ | 403,883 | $ | 5,498 | $ | 9,588 | $ | 4,476 | $ | — | $ | — | $ | 423,445 | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Pass (1 - 5) | Watch (6) | Special | Substandard (8) | Doubtful(9) | Loss (10) | Total | ||||||||||||||||||||||
Mention (7) | ||||||||||||||||||||||||||||
REAL ESTATE LOANS | ||||||||||||||||||||||||||||
Commercial | $ | 41,559 | $ | 545 | $ | — | $ | 866 | $ | — | $ | — | $ | 42,970 | ||||||||||||||
Construction and development | 57,813 | — | — | — | — | — | 57,813 | |||||||||||||||||||||
Home equity | 15,676 | — | — | 61 | — | — | 15,737 | |||||||||||||||||||||
One-to-four-family | 46,200 | — | — | 601 | — | — | 46,801 | |||||||||||||||||||||
Multi-family | 16,201 | — | — | — | — | — | 16,201 | |||||||||||||||||||||
Total real estate loans | 177,449 | 545 | — | 1,528 | — | — | 179,522 | |||||||||||||||||||||
CONSUMER LOANS | ||||||||||||||||||||||||||||
Indirect home improvement | 99,054 | — | — | 250 | — | — | 99,304 | |||||||||||||||||||||
Solar | 18,133 | — | — | 29 | — | — | 18,162 | |||||||||||||||||||||
Marine | 16,694 | — | — | 19 | — | — | 16,713 | |||||||||||||||||||||
Automobile | 674 | — | — | — | — | — | 674 | |||||||||||||||||||||
Recreational | 441 | — | — | — | — | — | 441 | |||||||||||||||||||||
Home improvement | 329 | — | — | — | — | — | 329 | |||||||||||||||||||||
Other | 1,183 | — | — | 1 | — | — | 1,184 | |||||||||||||||||||||
Total consumer loans | 136,508 | — | — | 299 | — | — | 136,807 | |||||||||||||||||||||
COMMERCIAL BUSINESS LOANS | 68,687 | 2,020 | 6,795 | 379 | — | — | 77,881 | |||||||||||||||||||||
Total loans | $ | 382,644 | $ | 2,565 | $ | 6,795 | $ | 2,206 | $ | — | $ | — | $ | 394,210 | ||||||||||||||
Troubled Debt Restructurings on Financing Receivables | A summary of TDR loan balances at the dates indicated is as follows: | |||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
TDR loans still on accrual | $ | 777 | $ | 783 | ||||||||||||||||||||||||
TDR loans on non-accrual | — | — | ||||||||||||||||||||||||||
Total TDR loan balances | $ | 777 | $ | 783 | ||||||||||||||||||||||||
Servicing_Rights_Tables
Servicing Rights (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Fair Value, Off-balance Sheet Risk [Abstract] | ||||||||
Schedule of Mortgage Servicing Rights | The following table summarizes servicing rights activity for the three months ended March 31, 2015 and 2014: | |||||||
At or For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
$ | 3,061 | $ | 2,093 | |||||
Beginning balance | ||||||||
Additions | 785 | 176 | ||||||
Mortgage, commercial, and consumer servicing rights amortized | (177 | ) | (135 | ) | ||||
Recovery of loss on servicing rights | 1 | — | ||||||
Ending balance | $ | 3,670 | $ | 2,134 | ||||
Valuation Assumptions Used in Determining Fair Value of Servicing Rights | Valuation assumptions used in determining the fair value of servicing rights at the dates indicated are as follows: | |||||||
At March 31, | ||||||||
2015 | 2014 | |||||||
Key assumptions | ||||||||
Weighted average discount rate | 8.5 | % | 8.5 | % | ||||
Conditional prepayment rate | 14.5 | % | 8.4 | % | ||||
Weighted average life in years | 5.8 | 7.9 | ||||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Schedule of Derivative Instruments | The following tables summarize the Company's derivative instruments as of the dates indicated: | ||||||||||||
31-Mar-15 | |||||||||||||
Fair Value | |||||||||||||
Notional | Asset | Liability | |||||||||||
Fallout adjusted interest rate lock commitments with customers | $ | 43,916 | $ | 1,026 | $ | — | |||||||
Mandatory and best effort forward commitments with investors | 16,254 | — | 55 | ||||||||||
Forward TBA mortgage-backed securities | 60,000 | — | 364 | ||||||||||
TBA mortgage-backed securities forward sales paired off with investors | 35,500 | 242 | — | ||||||||||
31-Dec-14 | |||||||||||||
Fair Value | |||||||||||||
Notional | Asset | Liability | |||||||||||
Fallout adjusted interest rate lock commitments with customers | $ | 16,516 | $ | 396 | $ | — | |||||||
Mandatory and best effort forward commitments with investors | 10,763 | 12 | — | ||||||||||
Forward TBA mortgage-backed securities | 30,000 | — | 194 | ||||||||||
TBA mortgage-backed securities forward sales paired off with investors | 29,000 | — | 207 | ||||||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Banking and Thrift [Abstract] | ||||||||
Schedule of Other Real Estate Owned | The following table presents the activity related to OREO for the three months ended March 31, 2015 and 2014: | |||||||
At or For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Beginning balance | $ | — | $ | 2,075 | ||||
Additions | — | 445 | ||||||
Fair value impairments | — | (40 | ) | |||||
Disposition of assets | — | (1,945 | ) | |||||
Ending balance | $ | — | $ | 535 | ||||
Deposits_Tables
Deposits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Banking and Thrift [Abstract] | ||||||||
Schedule of Deposit Liabilities | Deposits are summarized as follows as of March 31, 2015 and December 31, 2014: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Noninterest-bearing checking | $ | 54,004 | $ | 53,743 | ||||
Interest-bearing checking | 30,011 | 29,585 | ||||||
Savings | 23,391 | 21,560 | ||||||
Money market | 154,502 | 152,611 | ||||||
Certificates of deposits of less than $100,000(1) | 60,271 | 52,323 | ||||||
Certificates of deposits of $100,000 through $250,000 | 74,797 | 74,008 | ||||||
Certificates of deposits of more than $250,000(2) | 35,267 | 33,623 | ||||||
Escrow accounts related to mortgages serviced | 4,077 | 2,991 | ||||||
Total | $ | 436,320 | $ | 420,444 | ||||
(1) Includes $26.7 million and $19.1 million of brokered deposits at March 31, 2015 and December 31, 2014, respectively. | ||||||||
(2) Time deposits that meet or exceed FDIC insurance limit. | ||||||||
Schedule of Maturities of Time Deposits for Future Periods | Scheduled maturities of time deposits as of March 31, 2015 for future periods ending is as follows: | |||||||
As of March 31, 2015 | ||||||||
2015 | $ | 44,348 | ||||||
2016 | 64,564 | |||||||
2017 | 51,503 | |||||||
2018 | 5,825 | |||||||
2019 | 4,034 | |||||||
Thereafter | 61 | |||||||
Total | $ | 170,335 | ||||||
Schedule of Interest Expense by Deposit Category | Interest expense by deposit category for the three months ended March 31, 2015 and 2014 is as follows: | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Interest-bearing checking | $ | 7 | $ | 8 | ||||
Savings and money market | 239 | 118 | ||||||
Certificates of deposit | 502 | 424 | ||||||
Total | $ | 748 | $ | 550 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Schedule of Commitments to Extend Credit | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
COMMITMENTS TO EXTEND CREDIT | ||||||||
REAL ESTATE LOANS | ||||||||
Construction and development | $ | 44,876 | $ | 42,290 | ||||
One-to-four-family | 85,553 | 45,331 | ||||||
Home equity | 14,233 | 13,735 | ||||||
Multi-family | 455 | 474 | ||||||
Total real estate loans | 145,117 | 101,830 | ||||||
CONSUMER LOANS | ||||||||
Other | 6,158 | 5,832 | ||||||
Total consumer loans | 6,158 | 5,832 | ||||||
COMMERCIAL BUSINESS LOANS | 54,114 | 54,664 | ||||||
Total commitments to extend credit | $ | 205,389 | $ | 162,326 | ||||
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Bank’s capital amounts and ratios at March 31, 2015 and December 31, 2014 are also presented in the table. | ||||||||||||||||||||
To be Well Capitalized | |||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||
Bank Only | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 63,755 | 13.7 | % | $ | 37,221 | 8 | % | $ | 46,526 | 10 | % | |||||||||
Tier 1 risk-based capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 57,927 | 12.45 | % | $ | 27,916 | 6 | % | $ | 37,221 | 8 | % | |||||||||
Tier 1 leverage capital | |||||||||||||||||||||
(to average assets) | $ | 57,927 | 11.2 | % | $ | 20,690 | 4 | % | $ | 25,863 | 5 | % | |||||||||
Common equity tier 1 capital (1) | $ | 57,927 | 12.45 | % | $ | 20,937 | 4.5 | % | $ | 30,242 | 6.5 | % | |||||||||
As of December 31, 2014 | |||||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 60,978 | 14.68 | % | $ | 33,223 | 8 | % | $ | 41,529 | 10 | % | |||||||||
Tier 1 risk-based capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 55,770 | 13.43 | % | $ | 16,611 | 4 | % | $ | 24,917 | 6 | % | |||||||||
Tier 1 leverage capital | |||||||||||||||||||||
(to average assets) | $ | 55,770 | 11.17 | % | $ | 19,965 | 4 | % | $ | 24,956 | 5 | % | |||||||||
Schedule of Regulatory Capital Level Differences from Total Capital | Regulatory capital levels reported above at the Bank differ from the Company's total equity, computed in accordance with U.S. GAAP with $10.0 million of additional capital held at the holding company. | ||||||||||||||||||||
Company | Bank | ||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Equity | $ | 68,199 | $ | 65,836 | $ | 58,216 | $ | 55,887 | |||||||||||||
Unrealized loss on securities available-for-sale | (289 | ) | (117 | ) | (289 | ) | (117 | ) | |||||||||||||
Disallowed deferred tax assets | — | — | — | — | |||||||||||||||||
Disallowed servicing assets | — | — | — | — | |||||||||||||||||
Total Tier 1 capital | 67,910 | 65,719 | 57,927 | 55,770 | |||||||||||||||||
Allowance for loan and lease losses for | 5,828 | 5,208 | 5,828 | 5,208 | |||||||||||||||||
regulatory capital purposes | |||||||||||||||||||||
Total risk-based capital | $ | 73,738 | $ | 70,927 | $ | 63,755 | $ | 60,978 | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule Of Available For Sale Securities Measured At Fair Value On A Recurring Basis | The following tables present securities available-for-sale measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Federal agency securities | $ | — | $ | 5,435 | $ | — | $ | 5,435 | |||||||||||||
Municipal bonds | — | 16,193 | — | 16,193 | |||||||||||||||||
Corporate securities | — | 4,435 | — | 4,435 | |||||||||||||||||
Mortgage-backed securities | — | 15,395 | — | 15,395 | |||||||||||||||||
Small Business Administration securities | — | 3,089 | — | 3,089 | |||||||||||||||||
Total | $ | — | $ | 44,547 | $ | — | $ | 44,547 | |||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Federal agency securities | $ | — | $ | 5,845 | $ | — | $ | 5,845 | |||||||||||||
Municipal bonds | — | 16,161 | — | 16,161 | |||||||||||||||||
Corporate securities | — | 4,437 | — | 4,437 | |||||||||||||||||
Mortgage-backed securities | — | 20,244 | — | 20,244 | |||||||||||||||||
Small Business Administration securities | — | 2,057 | — | 2,057 | |||||||||||||||||
Total | $ | — | $ | 48,744 | $ | — | $ | 48,744 | |||||||||||||
Schedule of Interest Rate Lock Commitments Measured at Fair Value on Recurring Basis | The following tables present the fair value of interest rate lock commitments with customers, forward sale commitments with investors, and paired off commitments with investors measured at their fair value on a recurring basis at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
Interest Rate Lock Commitments with Customers | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
31-Mar-15 | $ | — | $ | — | $ | 1,026 | $ | 1,026 | |||||||||||||
31-Dec-14 | $ | — | $ | — | $ | 396 | $ | 396 | |||||||||||||
Forward Sale Commitments with Investors Measured at Fair Value On A Recurring Basis | |||||||||||||||||||||
Forward Sale Commitments with Investors | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
31-Mar-15 | $ | — | $ | (364 | ) | $ | (55 | ) | $ | (419 | ) | ||||||||||
31-Dec-14 | $ | — | $ | (194 | ) | $ | 12 | $ | (182 | ) | |||||||||||
Paired Off Commitments with Investors Measured at Fair Value On A Recurring Basis | |||||||||||||||||||||
Paired Off Commitments with Investors | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
31-Mar-15 | $ | — | $ | 242 | $ | — | $ | 242 | |||||||||||||
31-Dec-14 | $ | — | $ | (207 | ) | $ | — | $ | (207 | ) | |||||||||||
Schedule of Impaired Loans Measured at Fair Value On A Nonrecurring Basis | The following table presents the impaired loans measured at fair value on a nonrecurring basis at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
31-Mar-15 | $ | — | $ | — | $ | 1,590 | $ | 1,590 | |||||||||||||
31-Dec-14 | $ | — | $ | — | $ | 856 | $ | 856 | |||||||||||||
Schedule of Fair Value of Financial Instruments Measured under a Level 3 Unobservable Input | Quantitative Information about Level 3 Fair Value Measurements – The fair value of financial instruments measured under a Level 3 unobservable input on a recurring and nonrecurring basis at March 31, 2015 is shown in the following table: | ||||||||||||||||||||
Level 3 Fair Value Instrument | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average Rate | |||||||||||||||||
(Weighted Average) | |||||||||||||||||||||
RECURRING | |||||||||||||||||||||
Interest rate lock commitments with customers | Quoted market prices | Pull-through expectations | 80% - 99.99% | 82.99% | |||||||||||||||||
Forward sale commitments with investors | Quoted market prices | Pull-through expectations | 80% - 99.99% | 82.99% | |||||||||||||||||
NONRECURRING | |||||||||||||||||||||
Impaired loans | Fair value of underlying collateral | Discount applied to the obtained appraisal | 0.00% - 18.0% | 0.34% | |||||||||||||||||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||
Three Months Ended March 31, | Beginning Balance | Purchases and issuances | Sales and settlements | Ending Balance | Net change in fair value for gains/(losses) relating to items held at end of period | ||||||||||||||||
2015 | |||||||||||||||||||||
Interest rate lock commitments with customers | $ | 396 | $ | 3,147 | $ | (2,517 | ) | $ | 1,026 | $ | 630 | ||||||||||
Forward sale commitments with investors | 12 | (60 | ) | (8 | ) | (56 | ) | (68 | ) | ||||||||||||
2014 | |||||||||||||||||||||
Interest rate lock commitments with customers | $ | 166 | $ | 1,042 | $ | (849 | ) | $ | 359 | $ | 194 | ||||||||||
Forward sale commitments with investors | 45 | 12 | (34 | ) | 23 | (22 | ) | ||||||||||||||
Fair Value, by Balance Sheet Grouping | The estimated fair values of the Company’s financial instruments at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Level 1 inputs: | |||||||||||||||||||||
Cash, due from banks, and interest-bearing deposits at other | $ | 16,402 | $ | 16,402 | $ | 20,098 | $ | 20,098 | |||||||||||||
financial institutions | |||||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||
Securities available-for-sale, at fair value | 44,547 | 44,547 | 48,744 | 48,744 | |||||||||||||||||
Loans held for sale, at fair value | 34,968 | 34,968 | 25,983 | 25,983 | |||||||||||||||||
FHLB stock | 1,942 | 1,942 | 1,650 | 1,650 | |||||||||||||||||
Accrued interest receivable | 1,813 | 1,813 | 1,558 | 1,558 | |||||||||||||||||
Paired off commitments with investors | 242 | 242 | — | — | |||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||
Loans receivable, net | 416,070 | 453,792 | 387,174 | 433,885 | |||||||||||||||||
Servicing rights | 3,670 | 3,935 | 3,061 | 3,549 | |||||||||||||||||
Fair value interest rate locks with customers | 1,026 | 1,026 | 396 | 396 | |||||||||||||||||
Forward sale commitments with investors | — | — | 12 | 12 | |||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||
Deposits | 436,320 | 442,548 | 420,444 | 424,672 | |||||||||||||||||
Borrowings | 30,433 | 28,148 | 17,034 | 17,031 | |||||||||||||||||
Accrued interest payable | 24 | 24 | 24 | 24 | |||||||||||||||||
Forward sale commitments with investors | 364 | 364 | 194 | 194 | |||||||||||||||||
Paired off commitments with investors | — | — | 207 | 207 | |||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||
Forward sale commitments with investors | 55 | 55 | — | — | |||||||||||||||||
Employee_Benefits_Employee_Ben1
Employee Benefits Employee Benefits (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Compensation and Retirement Disclosure [Abstract] | ||||
Schedule of Shares Under ESOP | Shares held by the ESOP as of March 31, 2015 were as follows: | |||
Balances | ||||
Allocated shares | 77,141 | |||
Committed to be released shares | 6,480 | |||
Unallocated shares | 174,967 | |||
Total ESOP shares | 258,588 | |||
Fair value of unallocated shares (in thousands) | $ | 3,314 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three months ended March 31, 2015 and 2014: | |||||||
At or For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income (in thousands) | $ | 2,070 | $ | 875 | ||||
Denominator: | ||||||||
Basic weighted average common shares outstanding | 2,935,553 | 3,039,237 | ||||||
Dilutive restricted stock grants | 29,766 | — | ||||||
Diluted weighted average common shares outstanding | 2,965,319 | 3,039,237 | ||||||
Basic earnings per share | $ | 0.71 | $ | 0.29 | ||||
Diluted earnings per share | $ | 0.7 | $ | 0.29 | ||||
Potentially dilutive weighted average share options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive | 8,160 | — | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Summary of Stock Option Awards | A summary of the Company's stock option plan awards during the three months ended March 31, 2015 is as follows: | |||||||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term In Years | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2015 | 322,000 | $ | 16.89 | 9.36 | $ | 437,920 | ||||||||||
Granted | — | — | — | |||||||||||||
Exercised | — | — | — | |||||||||||||
Forfeited or expired | — | — | — | |||||||||||||
Outstanding at March 31, 2015 | 322,000 | $ | 16.89 | 9.11 | $ | 795,340 | ||||||||||
Expected to vest, assuming a 0.31% annual forfeiture rate | 319,902 | $ | 16.89 | 9.11 | $ | 790,157 | ||||||||||
Exercisable at March 31, 2015 | — | $ | — | $ | — | |||||||||||
Summary of Nonvested Awards | A summary of the Company's nonvested awards during the three months ended March 31, 2015 is as follows: | |||||||||||||||
Nonvested Shares | Shares | Weighted-Average Grant-Date Fair Value Per Share | Weighted-Average Grant-Date Fair Value | Aggregate Intrinsic Value | ||||||||||||
Nonvested at January 1, 2015 | 125,105 | $ | 16.89 | $ | 2,113,023 | $ | — | |||||||||
Granted | — | — | — | — | ||||||||||||
Vested | — | — | — | — | ||||||||||||
Forfeited or expired | — | — | — | — | ||||||||||||
Nonvested at March 31, 2015 | 125,105 | $ | 16.89 | $ | 2,113,023 | $ | — | |||||||||
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | ||
Jul. 09, 2012 | Mar. 31, 2015 | Dec. 31, 2014 | |
branch | |||
Schedule of Accounting Policies [Line Items] | |||
Number of bank branches | 7 | ||
Common shares issued (in shares) | 3,240,125 | ||
Price per share (in dollars per share) | $10 | ||
Proceeds from stock issuance | $32,400,000 | ||
Cost of conversion and issuance of stock | 2,500,000 | ||
Percentage of common shares purchased under ESOP | 8.00% | ||
Total ESOP shares | 259,210 | 258,588 | |
Interest-bearing deposits with other financial institutions | 13,966,000 | 9,299,000 | |
Certificates of deposit | 7,500,000 | 4,500,000 | |
1st Security Bank of Washington | |||
Schedule of Accounting Policies [Line Items] | |||
Capital contributions | $15,500,000 |
Schedule_of_Availableforsale_S
Schedule of Available-for-sale Securities Reconciliation (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $44,109 | $48,567 |
Unrealized Gains | 604 | 499 |
Unrealized Losses | -166 | -322 |
Estimated Fair Values | 44,547 | 48,744 |
Federal agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,496 | 5,998 |
Unrealized Gains | 1 | 3 |
Unrealized Losses | -62 | -156 |
Estimated Fair Values | 5,435 | 5,845 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,832 | 15,886 |
Unrealized Gains | 376 | 326 |
Unrealized Losses | -15 | -51 |
Estimated Fair Values | 16,193 | 16,161 |
Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,495 | 4,495 |
Unrealized Gains | 5 | 0 |
Unrealized Losses | -65 | -58 |
Estimated Fair Values | 4,435 | 4,437 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,259 | 20,169 |
Unrealized Gains | 160 | 132 |
Unrealized Losses | -24 | -57 |
Estimated Fair Values | 15,395 | 20,244 |
Other Security Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,027 | 2,019 |
Unrealized Gains | 62 | 38 |
Unrealized Losses | 0 | 0 |
Estimated Fair Values | $3,089 | $2,057 |
Investments_with_Unrealized_Lo
Investments with Unrealized Losses Policy (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
security | security | |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position, Less than 12 Months, Fair Value | $2,938,000 | $7,703,000 |
Unrealized loss position, Less than 12 Months, Unrealized Losses | -11,000 | -22,000 |
Unrealized loss position, 12 Months or Longer, Fair Value | 9,586,000 | 12,214,000 |
Unrealized loss position, 12 Months or Longer, Unrealized Losses | -155,000 | -300,000 |
Unrealized loss position, Fair Value | 12,524,000 | 19,917,000 |
Unrealized loss position, Unrealized Losses | -166,000 | -322,000 |
Investments with unrealized losses of less than one year | 4 | 8 |
Investments with unrealized losses of more than one year | 10 | 13 |
Other than temporary impairment losses, investments | 0 | 0 |
Federal agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position, Less than 12 Months, Fair Value | 0 | 0 |
Unrealized loss position, Less than 12 Months, Unrealized Losses | 0 | 0 |
Unrealized loss position, 12 Months or Longer, Fair Value | 4,934,000 | 4,840,000 |
Unrealized loss position, 12 Months or Longer, Unrealized Losses | -62,000 | -156,000 |
Unrealized loss position, Fair Value | 4,934,000 | 4,840,000 |
Unrealized loss position, Unrealized Losses | -62,000 | -156,000 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position, Less than 12 Months, Fair Value | 945,000 | 950,000 |
Unrealized loss position, Less than 12 Months, Unrealized Losses | -4,000 | -2,000 |
Unrealized loss position, 12 Months or Longer, Fair Value | 837,000 | 2,266,000 |
Unrealized loss position, 12 Months or Longer, Unrealized Losses | -11,000 | -49,000 |
Unrealized loss position, Fair Value | 1,782,000 | 3,216,000 |
Unrealized loss position, Unrealized Losses | -15,000 | -51,000 |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position, Less than 12 Months, Fair Value | 1,993,000 | 2,977,000 |
Unrealized loss position, Less than 12 Months, Unrealized Losses | -7,000 | -18,000 |
Unrealized loss position, 12 Months or Longer, Fair Value | 1,442,000 | 1,460,000 |
Unrealized loss position, 12 Months or Longer, Unrealized Losses | -58,000 | -40,000 |
Unrealized loss position, Fair Value | 3,435,000 | 4,437,000 |
Unrealized loss position, Unrealized Losses | -65,000 | -58,000 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position, Less than 12 Months, Fair Value | 0 | 3,776,000 |
Unrealized loss position, Less than 12 Months, Unrealized Losses | 0 | -2,000 |
Unrealized loss position, 12 Months or Longer, Fair Value | 2,373,000 | 3,648,000 |
Unrealized loss position, 12 Months or Longer, Unrealized Losses | -24,000 | -55,000 |
Unrealized loss position, Fair Value | 2,373,000 | 7,424,000 |
Unrealized loss position, Unrealized Losses | ($24,000) | ($57,000) |
Schedule_of_Available_for_Sale
Schedule of Available for Sale Securities by Contractual Mataurity (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortized Costs | ||
Due in one year or less | $1,501 | |
Due after one year through five years | 5,330 | |
Due after five years through ten years | 17,981 | |
Due after ten years | 19,297 | |
Total | 44,109 | |
Fair Value | ||
Due in one year or less | 1,500 | |
Due after one year through five years | 5,362 | |
Due after five years through ten years | 18,105 | |
Due after ten years | 19,580 | |
Total | $44,547 | $48,744 |
Schedule_of_Sales_of_Available
Schedule of Sales of Available for Sale Securities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds, Securities available-for-sale | $4,178 | $0 |
Gross Gains, Securities available-for-sale | 76 | 0 |
Gross Losses, Securities available-for-sale | $0 | $0 |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance For Loan Losses (Composition of Loan Portfolio) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | segment | segment |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $423,445 | $394,210 |
Allowance for loan losses | -6,405 | -6,090 |
Deferred costs, fees, and discounts, net | -970 | -946 |
Loans receivable, net | 416,070 | 387,174 |
Number of loan portfolio segments | 3 | 3 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of units in real estate property | 4 | 4 |
CONSUMER LOANS | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 141,449 | 136,807 |
Indirect home improvement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 99,769 | 99,304 |
Solar | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,535 | 18,162 |
Marine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,759 | 16,713 |
Automobile Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 616 | 674 |
Recreational | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 401 | 441 |
Home improvement | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 313 | 329 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,056 | 1,184 |
Commercial Business Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 78,632 | 77,881 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 203,364 | 179,522 |
Residential Portfolio Segment [Member] | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 45,701 | 42,970 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 70,639 | 57,813 |
Residential Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15,198 | 15,737 |
Residential Portfolio Segment [Member] | One-to-four-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 54,985 | 46,801 |
Residential Portfolio Segment [Member] | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $16,841 | $16,201 |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance For Loan Losses (Schedule of Allowance for Loan Losses by Loan Categories) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
ALLOWANCE FOR LOAN LOSSES | |||
Beginning balance | $6,090 | $5,092 | |
Provision for loan loss | 600 | 450 | |
Charge-offs | -608 | -470 | |
Recoveries | 323 | 171 | |
Net charge-offs | -285 | -299 | |
Ending balance | 6,405 | 5,243 | |
Loans individually evaluated for impairment | 6 | 5 | |
Loans collectively evaluated for impairment | 6,399 | 5,238 | |
Ending balance | 6,405 | 5,243 | |
LOANS RECEIVABLES | |||
Loans individually evaluated for impairment | 1,590 | 50 | |
Loans collectively evaluated for impairment | 421,855 | 294,251 | |
Total loans receivable | 423,445 | 294,301 | 394,210 |
Real Estate | |||
ALLOWANCE FOR LOAN LOSSES | |||
Beginning balance | 1,872 | 1,963 | |
Provision for loan loss | 444 | -372 | |
Charge-offs | -191 | -144 | |
Recoveries | 0 | 18 | |
Net charge-offs | -191 | -126 | |
Ending balance | 2,125 | 1,465 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 2,125 | 1,465 | |
Ending balance | 2,125 | 1,465 | |
LOANS RECEIVABLES | |||
Loans individually evaluated for impairment | 1,554 | 0 | |
Loans collectively evaluated for impairment | 201,810 | 119,300 | |
Total loans receivable | 203,364 | 119,300 | |
Consumer | |||
ALLOWANCE FOR LOAN LOSSES | |||
Beginning balance | 1,431 | 1,512 | |
Provision for loan loss | 103 | 48 | |
Charge-offs | -417 | -251 | |
Recoveries | 321 | 153 | |
Net charge-offs | -96 | -98 | |
Ending balance | 1,438 | 1,462 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 1,438 | 1,462 | |
Ending balance | 1,438 | 1,462 | |
LOANS RECEIVABLES | |||
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 141,449 | 117,261 | |
Total loans receivable | 141,449 | 117,261 | 136,807 |
Commercial Business | |||
ALLOWANCE FOR LOAN LOSSES | |||
Beginning balance | 1,184 | 800 | |
Provision for loan loss | 948 | 311 | |
Charge-offs | 0 | -75 | |
Recoveries | 2 | 0 | |
Net charge-offs | 2 | -75 | |
Ending balance | 2,134 | 1,036 | |
Loans individually evaluated for impairment | 6 | 5 | |
Loans collectively evaluated for impairment | 2,128 | 1,031 | |
Ending balance | 2,134 | 1,036 | |
LOANS RECEIVABLES | |||
Loans individually evaluated for impairment | 36 | 50 | |
Loans collectively evaluated for impairment | 78,596 | 57,690 | |
Total loans receivable | 78,632 | 57,740 | 77,881 |
Unallocated | |||
ALLOWANCE FOR LOAN LOSSES | |||
Beginning balance | 1,603 | 817 | |
Provision for loan loss | -895 | 463 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs | 0 | 0 | |
Ending balance | 708 | 1,280 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 708 | 1,280 | |
Ending balance | 708 | 1,280 | |
LOANS RECEIVABLES | |||
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Total loans receivable | $0 | $0 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance For Loan Losses (Schedule of Aging Analysis of Past Due Loans) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $2,854,000 | $1,695,000 | |
Current | 420,591,000 | 392,515,000 | |
Total loans receivable | 423,445,000 | 394,210,000 | 294,301,000 |
REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,610,000 | 489,000 | |
Current | 201,754,000 | 179,033,000 | |
Total loans receivable | 203,364,000 | 179,522,000 | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,216,000 | 0 | |
Current | 44,485,000 | 42,970,000 | |
Total loans receivable | 45,701,000 | 42,970,000 | |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Current | 70,639,000 | 57,813,000 | |
Total loans receivable | 70,639,000 | 57,813,000 | |
Home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 336,000 | 416,000 | |
Current | 14,862,000 | 15,321,000 | |
Total loans receivable | 15,198,000 | 15,737,000 | |
One-to-four-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 58,000 | 73,000 | |
Current | 54,927,000 | 46,728,000 | |
Total loans receivable | 54,985,000 | 46,801,000 | |
Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Current | 16,841,000 | 16,201,000 | |
Total loans receivable | 16,841,000 | 16,201,000 | |
CONSUMER LOANS | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 991,000 | 1,206,000 | |
Current | 140,458,000 | 135,601,000 | |
Total loans receivable | 141,449,000 | 136,807,000 | 117,261,000 |
Indirect home improvement | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 883,000 | 1,028,000 | |
Current | 98,886,000 | 98,276,000 | |
Total loans receivable | 99,769,000 | 99,304,000 | |
Solar | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 29,000 | 29,000 | |
Current | 21,506,000 | 18,133,000 | |
Total loans receivable | 21,535,000 | 18,162,000 | |
Marine | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 100,000 | |
Current | 17,759,000 | 16,613,000 | |
Total loans receivable | 17,759,000 | 16,713,000 | |
Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 10,000 | 13,000 | |
Current | 606,000 | 661,000 | |
Total loans receivable | 616,000 | 674,000 | |
Recreational | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 37,000 | 0 | |
Current | 364,000 | 441,000 | |
Total loans receivable | 401,000 | 441,000 | |
Home improvement | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 6,000 | 6,000 | |
Current | 307,000 | 323,000 | |
Total loans receivable | 313,000 | 329,000 | |
Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 26,000 | 30,000 | |
Current | 1,030,000 | 1,154,000 | |
Total loans receivable | 1,056,000 | 1,184,000 | |
Commercial Business Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 253,000 | 0 | |
Current | 78,379,000 | 77,881,000 | |
Total loans receivable | 78,632,000 | 77,881,000 | 57,740,000 |
30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,439,000 | 769,000 | |
30-59 Days Past Due | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 159,000 | ||
30-59 Days Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 545,000 | 0 | |
30-59 Days Past Due | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
30-59 Days Past Due | Home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 151,000 | 159,000 | |
30-59 Days Past Due | One-to-four-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
30-59 Days Past Due | Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
30-59 Days Past Due | Real Estate Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 696,000 | ||
30-59 Days Past Due | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 490,000 | 610,000 | |
30-59 Days Past Due | Indirect home improvement | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 424,000 | 501,000 | |
30-59 Days Past Due | Solar | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
30-59 Days Past Due | Marine | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 81,000 | |
30-59 Days Past Due | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 10,000 | 13,000 | |
30-59 Days Past Due | Recreational | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 37,000 | 0 | |
30-59 Days Past Due | Home improvement | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
30-59 Days Past Due | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 19,000 | 15,000 | |
30-59 Days Past Due | Commercial Business Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 253,000 | 0 | |
60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 358,000 | 493,000 | |
60-89 Days Past Due | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 196,000 | ||
60-89 Days Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
60-89 Days Past Due | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
60-89 Days Past Due | Home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 96,000 | 196,000 | |
60-89 Days Past Due | One-to-four-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
60-89 Days Past Due | Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
60-89 Days Past Due | Real Estate Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 96,000 | ||
60-89 Days Past Due | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 262,000 | 297,000 | |
60-89 Days Past Due | Indirect home improvement | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 254,000 | 277,000 | |
60-89 Days Past Due | Solar | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
60-89 Days Past Due | Marine | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
60-89 Days Past Due | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
60-89 Days Past Due | Recreational | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
60-89 Days Past Due | Home improvement | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 6,000 | 6,000 | |
60-89 Days Past Due | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,000 | 14,000 | |
60-89 Days Past Due | Commercial Business Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
90 Days or More Past Due and Non-Accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,057,000 | 433,000 | |
Total Past Due | 0 | ||
90 Days or More Past Due and Non-Accrual | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 818,000 | 134,000 | |
90 Days or More Past Due and Non-Accrual | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 671,000 | 0 | |
90 Days or More Past Due and Non-Accrual | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
90 Days or More Past Due and Non-Accrual | Home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 89,000 | 61,000 | |
90 Days or More Past Due and Non-Accrual | One-to-four-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 58,000 | 73,000 | |
90 Days or More Past Due and Non-Accrual | Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
90 Days or More Past Due and Non-Accrual | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 239,000 | 299,000 | |
90 Days or More Past Due and Non-Accrual | Indirect home improvement | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 205,000 | 250,000 | |
90 Days or More Past Due and Non-Accrual | Solar | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 29,000 | 29,000 | |
90 Days or More Past Due and Non-Accrual | Marine | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 19,000 | |
90 Days or More Past Due and Non-Accrual | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
90 Days or More Past Due and Non-Accrual | Recreational | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
90 Days or More Past Due and Non-Accrual | Home improvement | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
90 Days or More Past Due and Non-Accrual | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 5,000 | 1,000 | |
90 Days or More Past Due and Non-Accrual | Commercial Business Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $0 | $0 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance For Loan Losses (Schedule of Financing Receivables, Related Allowance Recorded and No Related Allowance Recorded) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, with no related allowance recorded | $950 | ||
Unpaid Principal Balance, with an allowance recorded | 900 | ||
Unpaid Principal Balance | 1,850 | 925 | |
Impaired Financing Receivable, Write-downs [Abstract] | |||
Write-downs with no related allowance recorded | -67 | ||
Write-downs, with allowance recorded | -193 | ||
Write-Downs | -260 | -69 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, with no related allowance recorded | 883 | ||
Recorded Investment, with allowance recorded | 707 | ||
Recorded investment | 1,590 | 856 | |
Impaired Financing Receivable, Specific Reserve [Abstract] | |||
Specific reserve | -5 | -6 | |
Impaired Financing Receivable, Adjusted Recorded Investment [Abstract] | |||
Adjusted Recorded Investment, with allowance recorded | 702 | ||
Adjusted Recorded Investment | 1,585 | 850 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
YTD Average Recorded Investment, with no related allowance recorded | 1,501 | 641 | |
YTD Average Recorded Investment, with related allowance recorded | 1,538 | 691 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
YTD Interest Income Recognized, with no related allowance recorded | 19 | 9 | |
YTD Interest Income Recognized, with allowance recorded | 20 | 10 | |
Commercial | |||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, with an allowance recorded | 862 | ||
Impaired Financing Receivable, Write-downs [Abstract] | |||
Write-downs, with allowance recorded | -191 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, with allowance recorded | 671 | ||
Impaired Financing Receivable, Specific Reserve [Abstract] | |||
Specific reserve | 0 | ||
Impaired Financing Receivable, Adjusted Recorded Investment [Abstract] | |||
Adjusted Recorded Investment, with allowance recorded | 671 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
YTD Average Recorded Investment, with no related allowance recorded | 671 | 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
YTD Interest Income Recognized, with no related allowance recorded | 4 | 0 | |
Home equity | |||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, with no related allowance recorded | 84 | ||
Impaired Financing Receivable, Write-downs [Abstract] | |||
Write-downs with no related allowance recorded | 0 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, with no related allowance recorded | 84 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
YTD Average Recorded Investment, with no related allowance recorded | 28 | 4 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
YTD Interest Income Recognized, with no related allowance recorded | 0 | 0 | |
One-to-four-family | |||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, with no related allowance recorded | 866 | 885 | |
Impaired Financing Receivable, Write-downs [Abstract] | |||
Write-downs with no related allowance recorded | -67 | -67 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, with no related allowance recorded | 799 | 818 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
YTD Average Recorded Investment, with no related allowance recorded | 802 | 637 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
YTD Interest Income Recognized, with no related allowance recorded | 15 | 9 | |
Commercial Business Loans | |||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, with an allowance recorded | 38 | 40 | |
Impaired Financing Receivable, Write-downs [Abstract] | |||
Write-downs, with allowance recorded | -2 | -2 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, with allowance recorded | 36 | 38 | |
Impaired Financing Receivable, Specific Reserve [Abstract] | |||
Specific reserve | -5 | -6 | |
Impaired Financing Receivable, Adjusted Recorded Investment [Abstract] | |||
Adjusted Recorded Investment, with allowance recorded | 31 | 32 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
YTD Average Recorded Investment, with related allowance recorded | 37 | 50 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
YTD Interest Income Recognized, with allowance recorded | $1 | $1 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance For Loan Losses (Schedule of Loans by Credit Quality Indicator) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $423,445 | $394,210 | $294,301 |
REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 203,364 | 179,522 | |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 45,701 | 42,970 | |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 70,639 | 57,813 | |
Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 15,198 | 15,737 | |
One-to-four-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 54,985 | 46,801 | |
Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 16,841 | 16,201 | |
CONSUMER LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 141,449 | 136,807 | 117,261 |
Indirect home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 99,769 | 99,304 | |
Solar | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 21,535 | 18,162 | |
Marine | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17,759 | 16,713 | |
Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 616 | 674 | |
Recreational | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 401 | 441 | |
Home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 313 | 329 | |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,056 | 1,184 | |
Commercial Business Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 78,632 | 77,881 | 57,740 |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 403,883 | 382,644 | |
Pass | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 201,474 | 177,449 | |
Pass | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 44,485 | 41,559 | |
Pass | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 70,639 | 57,813 | |
Pass | Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 15,109 | 15,676 | |
Pass | One-to-four-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 54,400 | 46,200 | |
Pass | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 16,841 | 16,201 | |
Pass | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 141,210 | 136,508 | |
Pass | Indirect home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 99,534 | 99,054 | |
Pass | Solar | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 21,535 | 18,133 | |
Pass | Marine | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17,759 | 16,694 | |
Pass | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 616 | 674 | |
Pass | Recreational | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 401 | 441 | |
Pass | Home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 313 | 329 | |
Pass | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,052 | 1,183 | |
Pass | Commercial Business Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 61,199 | 68,687 | |
Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,498 | 2,565 | |
Watch | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 545 | |
Watch | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 545 | |
Watch | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | One-to-four-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Indirect home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Solar | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Marine | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Recreational | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Watch | Commercial Business Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,498 | 2,020 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,588 | 6,795 | |
Special Mention | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | One-to-four-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Indirect home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Solar | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Marine | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Recreational | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention | Commercial Business Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,588 | 6,795 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,476 | 2,206 | |
Substandard | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,890 | 1,528 | |
Substandard | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,216 | 866 | |
Substandard | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard | Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 89 | 61 | |
Substandard | One-to-four-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 585 | 601 | |
Substandard | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 239 | 299 | |
Substandard | Indirect home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 235 | 250 | |
Substandard | Solar | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 29 | |
Substandard | Marine | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 19 | |
Substandard | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard | Recreational | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard | Home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4 | 1 | |
Substandard | Commercial Business Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,347 | 379 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | One-to-four-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Indirect home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Solar | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Marine | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Recreational | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful | Commercial Business Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | REAL ESTATE LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | One-to-four-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | CONSUMER LOANS | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Indirect home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Solar | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Marine | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Automobile Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Recreational | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Home improvement | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | Commercial Business Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $0 | $0 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance For Loan Losses (Schedule of Troubled Debt Restructurings Accrual and Non-accrual) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
loan | loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of commitments to lend additional funds on impaired loans. | 0 | 0 |
Troubled Debt Restructured Loans Summary [Abstract] | ||
Total TDR loan balances | $777 | $783 |
Non Accrual Financing Receivables [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 0 | |
Troubled Debt Restructured Loans Summary [Abstract] | ||
Total TDR loan balances | 0 | 0 |
Accruing Financing Receivables [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 4 | 4 |
Impaired Financing receivable, modification, number of contracts | 4 | 4 |
Troubled Debt Restructured Loans Summary [Abstract] | ||
Total TDR loan balances | $777 | $783 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance For Loan Losses (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
contract | loan | loan | |||
property | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Real Estate Properties | 0 | 0 | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $0 | 0 | 0 | $535 | $2,075 |
Financing Receivable, Modifications, Recorded Investment Pre-Modification, Loans | 0 | ||||
Accruing Financing Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing receivable, modification, number of contracts | 4 | 4 | |||
Financing Receivable, Modifications, Number of Contracts | 4 | 4 |
Servicing_Rights_Policy_Detail
Servicing Rights Policy (Details) (Mortgage, commercial and consumer servicing rIghts, USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Mortgage, commercial and consumer servicing rIghts | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
The unpaid principal balances of mortgage loans serviced | $400,000,000 | $345,900,000 | |
Fair market value of the mortgage servicing rightsb asset | 4,000,000 | 3,500,000 | |
Servicing fees, late fees and other ancillary fees | $233,000 | $160,000 |
Schedule_of_Servicing_Rights_D
Schedule of Servicing Rights (Details) (Mortgage, commercial and consumer servicing rIghts, Carrying Amount, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Mortgage, commercial and consumer servicing rIghts | Carrying Amount | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset [Roll Forward] | ||
Beginning balance | $3,061 | $2,093 |
Additions | 785 | 176 |
Mortgage, commercial, and consumer servicing rights amortized | -177 | -135 |
Recovery of loss on servicing rights | 1 | 0 |
Ending balance | $3,670 | $2,134 |
Servicing_Rights_Valuation_Ass
Servicing Rights Valuation Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 14.50% | 8.40% |
Mortgage, commercial and consumer servicing rIghts | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Weighted average discount rate | 8.50% | 8.50% |
Weighted average life in years | 5 years 9 months 4 days | 7 years 10 months 7 days |
Derivatives_Details
Derivatives (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Derivative instruments, gain on sale of loans | $1,800,000 | $677,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments | |||
Derivative [Line Items] | |||
Notional amount of interest rate derivatives | 43,916,000 | 16,516,000 | |
Derivative instrument, liability, fair value | 0 | 0 | |
Derivative instrument, asset, fair value | 1,026,000 | 396,000 | |
Not Designated as Hedging Instrument [Member] | Forward Contracts | |||
Derivative [Line Items] | |||
Notional amount of interest rate derivatives | 16,254,000 | 10,763,000 | |
Derivative instrument, liability, fair value | 55,000 | 0 | |
Derivative instrument, asset, fair value | 0 | 12,000 | |
Not Designated as Hedging Instrument [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Derivative [Line Items] | |||
Notional amount of interest rate derivatives | 60,000,000 | 30,000,000 | |
Derivative instrument, liability, fair value | 364,000 | 194,000 | |
Derivative instrument, asset, fair value | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | TBA Mortgage-backed Securities, Investor Paired Off Forward Sales [Member] | |||
Derivative [Line Items] | |||
Notional amount of interest rate derivatives | 35,500,000 | 29,000,000 | |
Derivative instrument, liability, fair value | 0 | 207,000 | |
Derivative instrument, asset, fair value | $242,000 | $0 |
Derivatives_Gain_Loss_on_Deriv
Derivatives Gain (Loss) on Derivatives (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Derivative, Gain (Loss) on Derivatives, Net [Abstract] | ||
Derivative instruments, gain on sale of loans | $1,800,000 | $677,000 |
Other_Real_Estate_Owned_Schedu
Other Real Estate Owned (Schedule) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Real Estate [Roll Forward] | ||
Beginning balance | $0 | $2,075 |
Additions | 0 | 445 |
Fair value impairments | 0 | -40 |
Disposition of assets | 0 | -1,945 |
Ending balance | $0 | $535 |
Other_Real_Estate_Owned_Narrat
Other Real Estate Owned (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
property | ||
Banking and Thrift [Abstract] | ||
Number of other real estate owned properties | 0 | |
Gain (Loss) on sale of OREO | $0 | $8,000 |
Other real estate owned holding costs | $0 | $21,000 |
Deposits_Schedule_of_Deposit_L
Deposits (Schedule of Deposit Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Noninterest-bearing checking | $54,004,000 | $53,743,000 |
Interest-bearing checking | 30,011,000 | 29,585,000 |
Savings | 23,391,000 | 21,560,000 |
Money market | 154,502,000 | 152,611,000 |
Certificates of deposits of less than $100,000(1) | 60,271,000 | 52,323,000 |
Certificates of deposits of $100,000 through $250,000 | 74,797,000 | 74,008,000 |
Certificates of deposits of more than $250,000(2) | 35,267,000 | 33,623,000 |
Escrow Deposit | 4,077,000 | 2,991,000 |
Total deposits | 436,320,000 | 420,444,000 |
Brokered deposits | $26,700,000 | $19,100,000 |
Deposits_Schedule_of_Maturitie
Deposits (Schedule of Maturities of Time Deposits for Future Periods) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Banking and Thrift [Abstract] | |
2015 | $44,348 |
2016 | 64,564 |
2017 | 51,503 |
2018 | 5,825 |
2019 | 4,034 |
Thereafter | 61 |
Total | $170,335 |
Deposits_Securities_Pledged_as
Deposits (Securities Pledged as Collateral Policy) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
security | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Number of securities pledged (in securities) | 2 | |
Securities pledged as collateral for public deposits, fair value | $1,200,000 | |
Deposits held at Federal Reserve Bank | 2,100,000 | 1,900,000 |
Washington State [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Washington State public deposits | 1,700,000 | |
collateral requirement | $117,000 |
Deposits_Schedule_of_Interest_
Deposits (Schedule of Interest Expense by Deposit Category) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Banking and Thrift [Abstract] | ||
Interest-bearing checking | $7 | $8 |
Savings and money market | 239 | 118 |
Certificates of deposit | 502 | 424 |
Total | $748 | $550 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $1,056,000 | $433,000 |
Uncertain tax liabilities | 0 | |
Recognized interest and penalties | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies Schedule of Commitments to Extend Credit (Details) (Commitments to Extend Credit, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | $205,389 | $162,326 |
REAL ESTATE LOANS | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | 145,117 | 101,830 |
Construction Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | 44,876 | 42,290 |
One-to-four-family | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | 85,553 | 45,331 |
Home equity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | 14,233 | 13,735 |
Commercial/Multi-family | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | 455 | 474 |
CONSUMER LOANS | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | 6,158 | 5,832 |
Other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | 6,158 | 5,832 |
Commercial Business Loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Bank commitments | $54,114 | $54,664 |
Commitments_and_Contingencies_2
Commitments and Contingencies Narratives (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Severance agreement, period of base compensation disbursed as lump sum payment (in months) | 24 months | |
Change of control agreement, notice required to cancel agreement (in months) | 24 months | |
Change of control agreement, period of base compensation disbursed as lump sum payment (in months) | 12 months | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Change of control agreement, executive payment, period prior to change in control (in months) | 6 months | |
Change of control agreement, executive payment, period following change in control (in months) | 12 months | |
Commitments to Extend Credit | ||
Loss Contingencies [Line Items] | ||
Reserve for estimated losses | 131,000 | $124,000 |
Guarantee on loans sold | ||
Loss Contingencies [Line Items] | ||
Reserve for estimated losses | 396,000 | $340,000 |
Schedule_of_Compliance_with_Re
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Consolidated Entities [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Risk-Based Capital ratios | 15.90% | |
Tier 1 Risk- Based Capital Ratio | 14.60% | |
Tier 1 Leverage-Based Capital Ratio | 12.90% | |
Total risk-based capital | $73,738 | $70,927 |
Common equity Tier 1 capital ratio | 14.60% | |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Risk-Based Capital ratios | 13.70% | 14.68% |
Capital Required for Capital Adequacy | 37,221 | 33,223 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 46,526 | 41,529 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | 57,927 | 55,770 |
Tier 1 Risk- Based Capital Ratio | 12.45% | 13.43% |
Tier One Risk Based Capital Required for Capital Adequacy | 27,916 | 16,611 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 37,221 | 24,917 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Tier One Leverage Capital | 57,927 | 55,770 |
Tier 1 Leverage-Based Capital Ratio | 11.20% | 11.17% |
Tier One Leverage Capital Required for Capital Adequacy | 20,690 | 19,965 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | 25,863 | 24,956 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Common Equity Tier 1 Capital | 57,927 | |
Total risk-based capital | 63,755 | 60,978 |
Common equity Tier 1 capital ratio | 12.45% | |
Common Equity Tier 1 Capital Required for Capital Adequacy | 20,937 | |
Common Equity Tier 1 Capital Required for Capital Adequacy, Percent | 4.50% | |
Common Equity Tier 1 Capital Required to be Well Capitalized | $30,242 | |
Common Equity Tier 1 Capital Required to be Well Capitalized, Percent | 6.50% |
Schedule_of_Regulatory_Capital
Schedule of Regulatory Capital Level Differences from Total Capital (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Equity | $68,199 | $65,836 |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Equity | 58,216 | 55,887 |
Unrealized loss on securities available-for-sale | -289 | -117 |
Disallowed deferred tax assets | 0 | 0 |
Disallowed servicing assets | 0 | 0 |
Total Tier 1 capital | 57,927 | 55,770 |
Allowance for loan and lease losses for regulatory capital purposes | 5,828 | 5,208 |
Total risk-based capital | 63,755 | 60,978 |
Consolidated Entities [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Equity | 68,199 | 65,836 |
Unrealized loss on securities available-for-sale | -289 | -117 |
Disallowed deferred tax assets | 0 | 0 |
Disallowed servicing assets | 0 | 0 |
Total Tier 1 capital | 67,910 | 65,719 |
Allowance for loan and lease losses for regulatory capital purposes | 5,828 | 5,208 |
Total risk-based capital | 73,738 | 70,927 |
Consolidated Entities [Member] | Additional capital held in excess of bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Equity | $10,000 |
Regulatory_Capital_Ratios_Poli
Regulatory Capital Ratios Policy (Details) (Consolidated Entities [Member]) | Mar. 31, 2015 |
Consolidated Entities [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Tier One Leverage Capital to Average Assets | 12.90% |
Tier 1 Risk- Based Capital Ratio | 14.60% |
Capital to Risk Weighted Assets | 15.90% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Schedule of Available for Sale Securities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $44,547 | $48,744 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 44,547 | 48,744 |
Fair Value, Measurements, Recurring | Federal agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 5,435 | 5,845 |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 16,193 | 16,161 |
Fair Value, Measurements, Recurring | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 4,435 | 4,437 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 15,395 | 20,244 |
Fair Value, Measurements, Recurring | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 3,089 | 2,057 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Federal agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 44,547 | 48,744 |
Fair Value, Measurements, Recurring | Level 2 | Federal agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 5,435 | 5,845 |
Fair Value, Measurements, Recurring | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 16,193 | 16,161 |
Fair Value, Measurements, Recurring | Level 2 | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 4,435 | 4,437 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 15,395 | 20,244 |
Fair Value, Measurements, Recurring | Level 2 | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 3,089 | 2,057 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Federal agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $0 | $0 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Schedule of Interest Rate Lock Commitments Measured at Fair Value on Recurring Basis (Details) (Fair Value, Measurements, Recurring, Interest Rate Lock Commitments, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate lock commitments with customers, fair value | $1,026 | $396 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate lock commitments with customers, fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate lock commitments with customers, fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate lock commitments with customers, fair value | $1,026 | $396 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments Forward Sale Commitments with Investors (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Forward Sale Commitments with Investors | ($419) | ($182) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Forward Sale Commitments with Investors | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Forward Sale Commitments with Investors | -364 | -194 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Forward Sale Commitments with Investors | ($55) | $12 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments Paired Off Commitments with Investors (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Paired Off Commitments with Investors | $242 | ($207) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Paired Off Commitments with Investors | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Paired Off Commitments with Investors | 242 | -207 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Paired Off Commitments with Investors | $0 | $0 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments Schedule of Impaired Loans (Details) (Carrying Value, Measurements, Nonrecurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value disclosure | $1,590 | $856 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value disclosure | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value disclosure | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value disclosure | $1,590 | $856 |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments Discount Rate (Details) (Level 3) | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Fair Value of Underlying Collateral | Maximum | Discount applied to the obtained appraisal | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 18.00% |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Fair Value of Underlying Collateral | Weighted Average | Discount applied to the obtained appraisal | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 0.34% |
Fair Value, Measurements, Nonrecurring | Impaired Loans | Fair Value of Underlying Collateral | Minimum | Discount applied to the obtained appraisal | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 0.00% |
Fair Value, Measurements, Nonrecurring | OREO | Fair Value of Collateral | Maximum | Discount applied to the obtained appraisal | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 0.00% |
Fair Value, Measurements, Nonrecurring | OREO | Fair Value of Collateral | Weighted Average | Discount applied to the obtained appraisal | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 0.00% |
Fair Value, Measurements, Nonrecurring | OREO | Fair Value of Collateral | Minimum | Discount applied to the obtained appraisal | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 0.00% |
Fair Value, Measurements, Nonrecurring | Servicing rights | Discounted Cash Flow | Maximum | Weighted average prepayment speed | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | |
Fair Value, Measurements, Nonrecurring | Servicing rights | Discounted Cash Flow | Weighted Average | Weighted average prepayment speed | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | |
Fair Value, Measurements, Nonrecurring | Servicing rights | Discounted Cash Flow | Minimum | Weighted average prepayment speed | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | Quoted Market Prices | Maximum | Pull-through expectations | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 99.99% |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | Quoted Market Prices | Weighted Average | Pull-through expectations | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 82.99% |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | Quoted Market Prices | Minimum | Pull-through expectations | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 80.00% |
Fair Value, Measurements, Recurring | Forward Contracts | Quoted Market Prices | Maximum | Pull-through expectations | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 99.99% |
Fair Value, Measurements, Recurring | Forward Contracts | Quoted Market Prices | Weighted Average | Pull-through expectations | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 82.99% |
Fair Value, Measurements, Recurring | Forward Contracts | Quoted Market Prices | Minimum | Pull-through expectations | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Level 3 fair value instrument, inputs | 80.00% |
Fair_Value_of_Financial_Instru8
Fair Value of Financial Instruments Fair Value By Balance Sheet Grouping (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $44,547 | $48,744 |
Financial Instruments, Assets [Member] | Carrying Amount | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, due from banks, and interest-bearing deposits at other financial institutions | 16,402 | 20,098 |
Financial Instruments, Assets [Member] | Carrying Amount | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 44,547 | 48,744 |
Loans held for sale, at fair value | 34,968 | 25,983 |
FHLB stock | 1,942 | 1,650 |
Accrued interest receivable | 1,813 | 1,558 |
Paired off commitments with investors | 242 | 0 |
Financial Instruments, Assets [Member] | Carrying Amount | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward sale commitments with investors | 0 | 12 |
Loans receivable, net | 416,070 | 387,174 |
Servicing rights | 3,670 | 3,061 |
Fair value interest rate locks with customers | 1,026 | 396 |
Financial Instruments, Assets [Member] | Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, due from banks, and interest-bearing deposits at other financial institutions | 16,402 | 20,098 |
Financial Instruments, Assets [Member] | Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 44,547 | 48,744 |
Loans held for sale, at fair value | 34,968 | 25,983 |
FHLB stock | 1,942 | 1,650 |
Accrued interest receivable | 1,813 | 1,558 |
Paired off commitments with investors | 242 | 0 |
Financial Instruments, Assets [Member] | Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward sale commitments with investors | 0 | 12 |
Loans receivable, net | 453,792 | 433,885 |
Servicing rights | 3,935 | 3,549 |
Fair value interest rate locks with customers | 1,026 | 396 |
Financial Instruments, Liabilities [Member] | Carrying Amount | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Paired off commitments with investors | 0 | 207 |
Deposits | 436,320 | 420,444 |
Borrowings | 30,433 | 17,034 |
Accrued interest payable | 24 | 24 |
Forward Sale Commitments with Investors | 364 | 194 |
Financial Instruments, Liabilities [Member] | Carrying Amount | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Sale Commitments with Investors | 55 | 0 |
Financial Instruments, Liabilities [Member] | Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Paired off commitments with investors | 0 | 207 |
Deposits | 442,548 | 424,672 |
Borrowings | 28,148 | 17,031 |
Accrued interest payable | 24 | 24 |
Forward Sales Commitment with Investors, Liability, Fair Value Disclosure | 364 | 194 |
Financial Instruments, Liabilities [Member] | Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Sales Commitment with Investors, Liability, Fair Value Disclosure | $55 | $0 |
Fair_Value_of_Financial_Instru9
Fair Value of Financial Instruments Fair Value Level 3 Rollforward (Details) (Level 3, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Rate Lock Commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $396 | $166 |
Purchases and issuances | 3,147 | 1,042 |
Sales and settlements | -2,517 | -849 |
Ending Balance | 1,026 | 359 |
Net change in fair value for gains/(losses) relating to items held at end of period | 630 | 194 |
Forward Contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 12 | 45 |
Purchases and issuances | -60 | 12 |
Sales and settlements | -8 | -34 |
Ending Balance | -56 | 23 |
Net change in fair value for gains/(losses) relating to items held at end of period | ($68) | ($22) |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 02, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Jul. 09, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ||||||
Employee stock ownership plan (ESOP), requisite service period and 12 months | 1000 hours | 1000 hours | ||||
Employee stock ownership plan (ESOP), debt structure, employer loan, amount | $2,600,000 | |||||
Employee stock ownership plan shares purchased | 259,210 | |||||
Employee stock ownership plan (ESOP), weighted average purchase price of shares purchased (in dollars per share) | $10.17 | |||||
Amortization period of ESOP loan | 10 years | |||||
Employee stock ownership plan (ESOP), debt structure, employer loan, interest rate | 2.30% | |||||
Employee stock ownership plan (ESOP), periodic installment payments from esop, amount paid | 0 | 245,000 | ||||
Employee stock ownership plan (ESOP), interest payments from esop | 0 | 50,000 | ||||
ESOP compensation expense for allocated shares | $123,000 | $110,000 |
Employee_Benefits_Schedule_of_
Employee Benefits (Schedule of Shares Under ESOP) (Details) (USD $) | Mar. 31, 2015 | Jul. 09, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
Allocated shares | 77,141 | |
Committed to be released shares | 6,480 | |
Unallocated shares | 174,967 | |
Total ESOP shares | 258,588 | 259,210 |
Fair value of unallocated shares (in thousands) | $3,314 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income | $2,070 | $875 | |
Denominator for basic earnings per share- weighted average common shares outstanding (shares) | 2,935,553 | 3,039,237 | |
Dilutive restricted stock grants | 29,766 | 0 | |
Denominator for diluted earnings per share- weighted average common shares outstanding (shares) | 2,965,319 | 3,039,237 | |
Basic earnings per share (in dollars per share) | $0.71 | $0.29 | |
Diluted earnings per share (in dollars per share) | $0.70 | $0.29 | |
Potentially dilutive weighted average share options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive | 8,160 | 0 | |
Shares purchased for award under the ESOP | 259,210 | ||
Shares in ESOP that were non committed to be released | 174,967 | ||
Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive weighted average share options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive | 322,000 | ||
Options, exercise price (in dollars per share) | $16.89 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Jul. 09, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Market price per share (in dollars per share) | $10 | |||
2013 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $182,000 | $0 | ||
Stock option, fair value assumption, expected life | 9 years 1 month 8 days | 9 years 4 months 8 days | ||
Remaining weighted-average vesting period | 9 years 1 month 8 days | |||
Stock Options | 2013 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 324,013 | |||
Market price per share (in dollars per share) | $16.89 | |||
Award vesting period | 5 years | |||
Annual award vesting percentage | 20.00% | |||
Award contractual life | 10 years | |||
Stock option, fair value assumption, expected life | 6 years 6 months | |||
Unrecognized compensation cost, nonvested awards | $957,000 | |||
Remaining weighted-average vesting period | 4 years 38 days |
StockBased_Compensation_Option
Stock-Based Compensation Option Activity (Details) (2013 Equity Incentive Plan, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding, beginning balance, Shares | 322,000 | |
Granted, Shares | 0 | |
Outstanding, ending balance, Shares | 322,000 | 322,000 |
Expected to vest, assuming a .313% annual forfeiture rate, Shares | 319,902 | |
Exercisable, ending balance, Shares | 0 | |
Estimated annual forfeiture rate (percent) | 0.31% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding, beginning balance, Weighted-Average Exercise Price | $16.89 | |
Granted, Weighted-Average Exercise Price | $0 | |
Outstanding, ending balance, Weighted-Average Exercise Price | $16.89 | $16.89 |
Expected to vest, assuming a .313% annual forfeiture rate, Weighted-Average Exercise Price | $16.89 | |
Exercisable, ending balance, Weighted-Average Exercise Price | $0 | |
Weighted-Average Remaining Contractual Term In Years [Abstract] | ||
Outstanding, ending balance, Weighted-Average Remaining Contractual Term | 9 years 1 month 8 days | 9 years 4 months 8 days |
Expected to vest, assuming a .313% annual forfeiture rate, Weighted-Average Remaining Contractual Term | 9 years 1 month 8 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Abstract] | ||
Granted, Aggregate Intrinsic Value | $0 | |
Outstanding, ending balance, Aggregate Intrinsic Value | $795,340 | $437,920 |
Expected to vest, assuming a .313% annual forfeiture rate, Aggregate Intrinsic Value | $790,157 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, unexercised, expiration date | 10 years | |
Weighted-Average Remaining Contractual Term In Years [Abstract] | ||
Outstanding, ending balance, Weighted-Average Remaining Contractual Term | 6 years 6 months | |
Expected to vest, assuming a .313% annual forfeiture rate, Weighted-Average Remaining Contractual Term | 4 years 38 days |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Awards (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Jul. 09, 2012 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Market price per share (in dollars per share) | $10 | |||
Restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Amount | $2,113,023 | 2,113,023 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested, beginning balance, Shares | 125,105 | |||
Granted, Shares | 0 | |||
Nonvested, ending balance, Shares | 125,105 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Nonvested, beginning balance, Weighted-Average Grant-Date Fair Value (in dollars per share) | $16.89 | |||
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share) | $0 | |||
Nonvested, ending balance, Weighted-Average Grant-Date Fair Value (in dollars per share) | $16.89 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||||
Nonvested, beginning balance, Aggregate Intrinsic Value | 0 | |||
Nonvested, ending balance, Aggregate Intrinsic Value | 0 | |||
2013 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option, fair value assumption, expected life | 9 years 1 month 8 days | 9 years 4 months 8 days | ||
2013 Equity Incentive Plan | Restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 129,605 | |||
Number of shares retired | 4,500 | |||
Market price per share (in dollars per share) | $16.89 | |||
Award vesting period | 5 years | |||
Unrecognized compensation cost, nonvested awards | $1,700,000 | |||
Remaining weighted-average vesting period | 3 years 184 days | |||
2013 Equity Incentive Plan | Restricted stock awards | Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years |