Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Georgetown Bancorp, Inc. | ' |
Entity Central Index Key | '0001542299 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 1,864,268 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $3,943 | $2,228 |
Short-term investments | 4,364 | 4,561 |
Total cash and cash equivalents | 8,307 | 6,789 |
Securities available for sale, at fair value | 19,029 | 8,184 |
Securities held to maturity, at amortized cost | 1,169 | 1,594 |
Federal Home Loan Bank stock, at cost | 2,649 | 2,861 |
Loans held for sale | 1,012 | 2,606 |
Loans, net of allowance for loan losses of $2,096,000 at September 30, 2013 and $1,780,000 at December 31, 2012 | 205,900 | 180,599 |
Premises and equipment, net | 3,730 | 3,753 |
Accrued interest receivable | 682 | 617 |
Bank-owned life insurance | 2,872 | 2,797 |
Other real estate owned | 20 | 203 |
Other assets | 1,800 | 1,599 |
Total assets | 247,170 | 211,602 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Deposits | 162,007 | 154,439 |
Short-term Federal Home Loan Bank advances | 34,575 | ' |
Long-term Federal Home Loan Bank advances | 18,100 | 23,600 |
Mortgagors' escrow accounts | 1,248 | 1,034 |
Accrued expenses and other liabilities | 1,750 | 1,966 |
Total liabilities | 217,680 | 181,039 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value per share: 50,000,000 shares authorized at September 30, 2013 and December 31, 2012; none outstanding | ' | ' |
Common stock, $0.01 par value per share: 100,000,000 shares authorized, 1,875,310 shares issued at September 30, 2013 and 1,940,259 shares issued at December 31, 2012 | 19 | 19 |
Additional paid-in capital | 19,809 | 20,669 |
Retained earnings | 11,254 | 10,958 |
Accumulated other comprehensive (loss) income | -257 | 183 |
Unearned compensation - ESOP (95,525 shares unallocated at September 30, 2013 and 101,367 shares unallocated at December 31, 2012) | -1,022 | -1,084 |
Unearned compensation - Restricted stock (35,751 shares non-vested at September 30, 2013 and 30,281 shares non-vested at December 31, 2012) | -313 | -182 |
Total stockholders' equity | 29,490 | 30,563 |
Total liabilities and stockholders' equity | $247,170 | $211,602 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Loans, allowance for loan losses (in dollars) | $2,096,000 | $1,780,000 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 1,875,310 | 1,940,259 |
Unearned compensation - ESOP shares unallocated | 95,525 | 101,367 |
Non-vested Restricted Stock | ' | ' |
Unearned compensation - Restricted stock shares non-vested | 35,751 | 30,281 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and dividend income: | ' | ' | ' | ' |
Loans, including fees | $2,340 | $2,092 | $6,685 | $6,504 |
Securities | 125 | 72 | 263 | 218 |
Short-term investments | 2 | 16 | 5 | 35 |
Total interest and dividend income | 2,467 | 2,180 | 6,953 | 6,757 |
Interest expense: | ' | ' | ' | ' |
Deposits | 146 | 190 | 419 | 703 |
Short-term Federal Home Loan Bank advances | 14 | ' | 26 | ' |
Long-term Federal Home Loan Bank advances | 129 | 189 | 421 | 624 |
Securities sold under agreements to repurchase | ' | ' | ' | 1 |
Total interest expense | 289 | 379 | 866 | 1,328 |
Net interest and dividend income | 2,178 | 1,801 | 6,087 | 5,429 |
Provision for loan losses | 244 | 67 | 407 | 162 |
Net interest and dividend income, after provision for loan losses | 1,934 | 1,734 | 5,680 | 5,267 |
Non-interest income: | ' | ' | ' | ' |
Customer service fees | 141 | 144 | 422 | 411 |
Mortgage banking income, net | 41 | 424 | 696 | 712 |
Income from bank-owned life insurance | 26 | 26 | 75 | 75 |
Net (loss) gain on sale of other real estate owned | -4 | 19 | 18 | 19 |
Other | 37 | 3 | 96 | 11 |
Total non-interest income | 241 | 616 | 1,307 | 1,228 |
Non-interest expenses: | ' | ' | ' | ' |
Salaries and employee benefits | 1,124 | 1,065 | 3,555 | 3,154 |
Occupancy and equipment expenses | 222 | 228 | 664 | 659 |
Data processing expenses | 117 | 161 | 465 | 406 |
Professional fees | 102 | 96 | 321 | 310 |
Advertising expenses | 76 | 101 | 226 | 284 |
FDIC insurance | 31 | 41 | 106 | 118 |
Other general and administrative expenses | 252 | 266 | 825 | 737 |
Total non-interest expenses | 1,924 | 1,958 | 6,162 | 5,668 |
Income before income taxes | 251 | 392 | 825 | 827 |
Income tax provision | 83 | 148 | 299 | 295 |
Net income | $168 | $244 | $526 | $532 |
Weighted-average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 1,781,959 | 1,835,273 | 1,818,040 | 1,890,379 |
Diluted (in shares) | 1,784,492 | 1,835,273 | 1,823,016 | 1,890,379 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.09 | $0.13 | $0.29 | $0.28 |
Diluted (in dollars per share) | $0.09 | $0.13 | $0.29 | $0.28 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $168 | $244 | $526 | $532 |
Net unrealized (loss) gain on securities available for sale | -29 | 61 | -686 | 89 |
Income tax benefit (provision) | 10 | -22 | 246 | -32 |
Other comprehensive (loss) income, net of tax | -19 | 39 | -440 | 57 |
Comprehensive income | $149 | $283 | $86 | $589 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Unearned Compensation-ESOP | Unearned Compensation-Restricted Stock | Treasury Stock |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 31, 2011 | $20,329 | $278 | $11,496 | $10,010 | $134 | ($286) | ($167) | ($1,136) |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 532 | ' | ' | 532 | ' | ' | ' | ' |
Other comprehensive (loss) income | 57 | ' | ' | ' | 57 | ' | ' | ' |
Reorganization and related stock offering: Exchange of common stock: 2,777,750 shares at $0.10 par value per share for 1,940,259 shares at $0.01 par value per share | ' | -259 | 259 | ' | ' | ' | ' | ' |
Net proceeds from the issuance of common stock (1,100,000 shares) | 9,930 | ' | 9,930 | ' | ' | ' | ' | ' |
Common stock acquired by ESOP (88,000 shares) | -880 | ' | ' | ' | ' | -880 | ' | ' |
Merger of Georgetown Bancorp, MHC | 5 | ' | 5 | ' | ' | ' | ' | ' |
Common stock held by ESOP allocated or committed to be allocated (5,429 and 5,430 shares for the period ended September 30, 2013 and 2012 respectively) | 55 | ' | -7 | ' | ' | 62 | ' | ' |
Restricted stock granted in connection with equity incentive plan (22,000 and 12,606 shares for the period ended September 30, 2013 and 2012 respectively) | ' | ' | 109 | ' | ' | ' | -109 | ' |
Forfeiture of restricted stock (5,769 and 1,620 shares for the period ended September 30, 2013 and 2012 respectively) | ' | ' | -13 | ' | ' | ' | 13 | ' |
Reissuance of treasury stock (7,027 shares) | ' | ' | -83 | ' | ' | ' | ' | 83 |
Purchase of treasury stock (986 shares) | -8 | ' | ' | ' | ' | ' | ' | -8 |
Retirement of treasury stock | ' | ' | -1,061 | ' | ' | ' | ' | 1,061 |
Share based compensation - options | 26 | ' | 26 | ' | ' | ' | ' | ' |
Share based compensation - restricted stock | 59 | ' | ' | ' | ' | ' | 59 | ' |
Balance at Sep. 30, 2012 | 30,105 | 19 | 20,661 | 10,542 | 191 | -1,104 | -204 | ' |
Balance at Dec. 31, 2012 | 30,563 | 19 | 20,669 | 10,958 | 183 | -1,084 | -182 | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 526 | ' | ' | 526 | ' | ' | ' | ' |
Other comprehensive (loss) income | -440 | ' | ' | ' | -440 | ' | ' | ' |
Cash dividends paid ($0.04 per share) | -230 | ' | ' | -230 | ' | ' | ' | ' |
Repurchased stock related to buyback program (79,247 shares) | -1,091 | ' | -1,091 | ' | ' | ' | ' | ' |
Common stock held by ESOP allocated or committed to be allocated (5,429 and 5,430 shares for the period ended September 30, 2013 and 2012 respectively) | 74 | ' | 12 | ' | ' | 62 | ' | ' |
Restricted stock granted in connection with equity incentive plan (22,000 and 12,606 shares for the period ended September 30, 2013 and 2012 respectively) | ' | ' | 281 | ' | ' | ' | -281 | ' |
Purchased stock related to vested restricted stock (1,933 shares) | -25 | ' | -25 | ' | ' | ' | ' | ' |
Forfeiture of restricted stock (5,769 and 1,620 shares for the period ended September 30, 2013 and 2012 respectively) | ' | ' | -60 | ' | ' | ' | 60 | ' |
Cash disposition of stock options | -17 | ' | -17 | ' | ' | ' | ' | ' |
Share based compensation - options | 40 | ' | 40 | ' | ' | ' | ' | ' |
Share based compensation - restricted stock | 90 | ' | ' | ' | ' | ' | 90 | ' |
Balance at Sep. 30, 2013 | $29,490 | $19 | $19,809 | $11,254 | ($257) | ($1,022) | ($313) | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Shares issued in exchange of common stock | ' | 2,777,750 |
Shares converted in exchange of common stock | ' | 1,940,259 |
Common stock, par value (in dollars per share) | $0.01 | $0.10 |
Proceeds from issuance of common stock (in shares) | ' | 1,100,000 |
Cash dividend paid (in dollars per share) | $0.04 | ' |
Repurchased stock related to buyback program (in shares) | 79,247 | ' |
Common stock held by ESOP allocated or committed to be allocated (in shares) | 5,429 | 5,430 |
Common stock acquired by ESOP (in shares) | ' | 88,000 |
Restricted stock granted in connection with equity incentive plan (in shares) | 22,000 | 12,606 |
Purchased stock related to vested restricted stock (in shares) | 1,933 | ' |
Forfeiture of restricted stock (in shares) | 5,769 | 1,620 |
Reissuance of treasury stock (in shares) | ' | 7,027 |
Purchase of treasury stock (in shares) | ' | 986 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $526 | $532 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Provision for loan losses | 407 | 162 |
Amortization of securities, net | 87 | 10 |
Net change in deferred loan fees and costs | 76 | -261 |
Depreciation and amortization expense | 210 | 207 |
(Increase) decrease in accrued interest receivable | -65 | 26 |
Income from bank-owned life insurance | -75 | -75 |
Stock-based compensation expense | 204 | 140 |
Gain on sales of loans | -810 | -843 |
Loans originated for sale | -30,706 | -40,394 |
Proceeds from sales of loans | 33,110 | 41,037 |
Gain on sale of other real estate owned | -18 | -19 |
Write down of other real estate owned | 5 | ' |
Decrease in prepaid FDIC insurance | 215 | 108 |
Net change in other assets and liabilities | -386 | 1,552 |
Net cash provided by operating activities | 2,780 | 2,182 |
Activity in securities available for sale: | ' | ' |
Maturities, prepayments and calls | 2,200 | 1,658 |
Purchases | -13,820 | -4,152 |
Maturities, prepayments and calls of securities held to maturity | 427 | 560 |
Redemption of Federal Home Loan Bank stock | 212 | 250 |
Loan originations, net | -26,028 | 6,942 |
Principal balance of loans purchased | ' | -9,882 |
Principal balance of portfolio loans sold | ' | 314 |
Proceeds from sale of other real estate owned | 440 | 94 |
Purchase of premises and equipment | -187 | -135 |
Net cash used in investing activities | -36,756 | -4,351 |
Cash flows from financing activities: | ' | ' |
Net change in deposits | 7,568 | 1,805 |
Net change in securities sold under agreements to repurchase | ' | -573 |
Net change in Federal Home Loan Bank advances with maturities of three months or less | 34,575 | ' |
Proceeds of Federal Home Loan Bank advances with maturities greater than three months | 2,000 | 8,500 |
Repayments of Federal Home Loan Bank advances with maturities greater than three months | -7,500 | -9,021 |
Net change in mortgagors' escrow accounts | 214 | 168 |
Repurchase of common stock | -1,116 | -8 |
Cash dividends paid on common stock | -230 | ' |
Cash disposition of stock options | -17 | ' |
Cash received from Georgetown Bancorp, MHC due to reorganization | ' | 5 |
Net proceeds from issuance of common stock | ' | 9,050 |
Net cash provided by financing activities | 35,494 | 9,926 |
Net change in cash and cash equivalents | 1,518 | 7,757 |
Cash and cash equivalents at beginning of period | 6,789 | 19,083 |
Cash and cash equivalents at end of period | 8,307 | 26,840 |
Supplementary information: | ' | ' |
Interest paid on deposit accounts | 418 | 706 |
Interest paid on advances | 464 | 638 |
Income taxes paid | 548 | 220 |
Loans transferred to other real estate owned | $244 | $253 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
(1) Basis of Presentation | |
The accompanying unaudited financial statements of Georgetown Bancorp, Inc., a Maryland corporation, (the “Company”) were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three- and nine-month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the December 31, 2012 Consolidated Financial Statements presented in the Annual Report on Form 10-K of the Company filed with the Securities and Exchange Commission on March 29, 2013. The consolidated financial statements include the accounts of Georgetown Bank (the “Bank”) and its wholly owned subsidiary, Georgetown Securities Corporation, which engages in the buying, selling and holding of securities. All significant inter-company balances and transactions have been eliminated in consolidation. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. |
Corporate_Structure
Corporate Structure | 9 Months Ended |
Sep. 30, 2013 | |
Corporate Structure | ' |
Corporate Structure | ' |
(2) Corporate Structure | |
In conjunction with its reorganization into the mutual holding company structure, on January 5, 2005, the Bank (i) converted to a stock savings bank as the successor to the Bank in its mutual form; (ii) organized Georgetown Bancorp, Inc., (“Georgetown Federal”) as a federally-chartered corporation that owned 100% of the common stock of the Bank (in stock form); and (iii) organized Georgetown Bancorp, MHC as a federally-chartered mutual holding company that owned 56.7% of the Common Stock of Georgetown Federal as of June 30, 2012. On November 28, 2011, the Boards of Directors of Georgetown Federal, Georgetown Bancorp, MHC and the Bank each unanimously adopted a Plan of Conversion or Reorganization of the Mutual Holding Company pursuant to which Georgetown Bancorp, MHC undertook a “second-step” conversion and now ceases to exist. Georgetown Bancorp, MHC reorganized from a two-tier mutual holding company structure to a fully public stock holding company structure effective July 11, 2012, and, as a result, the Bank is now the wholly-owned subsidiary of the Company. | |
As a result of the second-step conversion, all shares and per share amounts in the consolidated statements of comprehensive income and notes to consolidated financial statements have been restated giving retroactive recognition to the second-step exchange ratio of 0.72014-to-one. Options presented under the Company’s 2009 Equity Incentive Plan, common shares held by the Bank’s Employee Stock Ownership Plan (“ESOP”) and shares of restricted stock before the second-step conversion were also exchanged using the exchange ratio of 0.72014-to-one. Additionally, all treasury shares were retired as part of the second-step conversion. |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Common Share | ' | |||||||||||||
Earnings Per Common Share | ' | |||||||||||||
(3) Earnings Per Common Share | ||||||||||||||
The Company has adopted the Earnings Per Share (“EPS”) guidance included in Accounting Standards Codification (“ASC”) 260-10. As presented below, basic earnings per share is computed by dividing net 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 would 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. For purposes of computing diluted EPS, the treasury stock method is used. | ||||||||||||||
Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. | ||||||||||||||
Earnings per common share have been computed based on the following. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income available to common stockholders | $ | 168,000 | $ | 244,000 | $ | 526,000 | $ | 532,000 | ||||||
Basic common shares: | ||||||||||||||
Weighted average shares outstanding | 1,843,319 | 1,910,017 | 1,880,981 | 1,908,847 | ||||||||||
Less: Weighted average unallocated ESOP shares | (97,111 | ) | (105,025 | ) | (98,921 | ) | (47,909 | ) | ||||||
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights | 35,751 | 30,281 | 35,980 | 29,441 | ||||||||||
Basic weighted average common shares outstanding | 1,781,959 | 1,835,273 | 1,818,040 | 1,890,379 | ||||||||||
Dilutive potential common shares | 2,533 | — | 4,976 | — | ||||||||||
Diluted weighted average common shares outstanding | 1,784,492 | 1,835,273 | 1,823,016 | 1,890,379 | ||||||||||
Basic earnings per share | $ | 0.09 | $ | 0.13 | $ | 0.29 | $ | 0.28 | ||||||
Diluted earnings per share | $ | 0.09 | $ | 0.13 | $ | 0.29 | $ | 0.28 | ||||||
Options to purchase 52,924 shares, representing outstanding options that were granted in 2010, 2011, 2012 and 2013, were included in the computation of diluted earnings per share for the three-month period ended September 30, 2013. Options to purchase 33,774 shares, representing outstanding options that were granted in 2010, 2011 and 2012, were included in the computation of diluted earnings per share for the nine-month period ended September 30, 2013. Options to purchase 19,150 shares that were granted in 2013 were not included in the computation of diluted earnings per share for the nine-month period ended September 30, 2013, because to do so would have been antidilutive. Options to purchase 40,681 shares, representing all outstanding options, were included in the computation of diluted earnings per share for the three and nine-month periods ended September 30, 2012. However, the result of the computation for the three and nine- months ended September 30, 2012 was that there were no dilutive potential common shares. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
(4) Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” The objective of this ASU is to enhance current disclosures. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendments in this ASU are effective for annual periods beginning on or after January 1, 2013 and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
In October 2012, the FASB issued ASU 2012-06, “Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution.” The amendments in this update clarify the applicable guidance for subsequently measuring an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution. For public and nonpublic entities, the amendments in this update are effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments in this update do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. generally accepted accounting principles (“GAAP”) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. Early adoption is permitted. The adoption of ASU 2013-02 did not have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” The objective of the amendments in this ASU is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013; and should be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the ASU scope that exist at the beginning of an entity’s fiscal year of adoption. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. | |
In April 2013, the FASB issued ASU 2013-07, “Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting.” The amendments in this ASU are being issued to clarify when an entity should apply the liquidation basis of accounting. The guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. Additionally, the amendments require disclosures about an entity’s plan for liquidation, the methods and significant assumptions used to measure assets and liabilities, the type and amount of costs and income accrued and the expected duration of the liquidation process. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013 and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The Company anticipates that the adoption of this guidance will not have an impact on its consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-10, “Derivatives and Hedging (Topic 815) — Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) (“OIS”) as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this ASU permit the OIS to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to Treasury Obligations of the U.S. government (“UST”) and the London Interbank Offered Rate (“LIBOR”). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments apply to all entities that elect to apply hedge accounting of the benchmark interest rate under Topic 815. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company anticipates that the adoption of this guidance will not have an impact on its consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, “Income Taxes — Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU provide guidance for the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this ASU are expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments apply to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company anticipates that the adoption of this guidance will not have an impact on its consolidated financial statements. |
Securities
Securities | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Securities | ' | |||||||||||||
Securities | ' | |||||||||||||
(5) Securities | ||||||||||||||
A summary of securities is as follows. | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At September 30, 2013 | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | 2,516 | $ | 2 | $ | (118 | ) | $ | 2,400 | |||||
Residential mortgage-backed securities | 16,915 | 94 | (380 | ) | 16,629 | |||||||||
Total securities available for sale | $ | 19,431 | $ | 96 | $ | (498 | ) | $ | 19,029 | |||||
Securities held to maturity | ||||||||||||||
Residential mortgage-backed securities | $ | 1,169 | $ | 94 | $ | — | $ | 1,263 | ||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At December 31, 2012 | ||||||||||||||
Securities available for sale | ||||||||||||||
Residential mortgage-backed securities | $ | 7,900 | $ | 284 | $ | — | $ | 8,184 | ||||||
Securities held to maturity | ||||||||||||||
Residential mortgage-backed securities | $ | 1,594 | $ | 137 | $ | — | $ | 1,731 | ||||||
All residential mortgage-backed securities have been issued by government-sponsored enterprises. | ||||||||||||||
The amortized cost and estimated fair value of debt securities by contractual maturity at September 30, 2013 is as follows. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||
Available for Sale | Held to Maturity | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
Cost | Value | Cost | Value | |||||||||||
(In thousands) | ||||||||||||||
Over ten years | $ | 2,516 | $ | 2,400 | $ | — | $ | — | ||||||
Residential mortgage-backed securities | 16,915 | 16,629 | 1,169 | 1,263 | ||||||||||
$ | 19,431 | $ | 19,029 | $ | 1,169 | $ | 1,263 | |||||||
There were no sales of securities for the three and nine-months ended September 30, 2013 and 2012. | ||||||||||||||
Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous loss position, is as follows. | ||||||||||||||
Less Than Twelve Months | Greater Than Twelve Months | |||||||||||||
Gross | Gross | |||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||
Losses | Value | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At September 30, 2013: | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | 118 | $ | 1,832 | $ | — | $ | — | ||||||
Residential mortgage-backed securities | 380 | 10,727 | — | — | ||||||||||
Total securities available for sale | $ | 498 | $ | 12,559 | $ | — | $ | — | ||||||
Each reporting period, the Company evaluates all securities classified as available-for-sale or held-to-maturity with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other-than-temporary (“OTTI”). | ||||||||||||||
At September 30, 2013 twelve securities classified as available for sale had an unrealized loss with aggregate depreciation of 3.82% from the securities amortized cost basis. The unrealized losses on the Company’s investments in state and municipal bonds and residential mortgage backed securities were primarily caused by changes in interest rates and not by credit quality. Many of these investments are guaranteed by the U.S. Government or its agencies and as management has not decided to sell these securities, nor is it likely that the Company will be required to sell these securities, no declines are deemed to be other than temporary. | ||||||||||||||
There were no securities with gross unrealized losses at December 31, 2012. |
Loans_and_Servicing
Loans and Servicing | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Loans and Servicing | ' | ||||||||||||||||||||||||||||||||||
Loans and Servicing | ' | ||||||||||||||||||||||||||||||||||
(6) Loans and Servicing | |||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
A summary of loans is as follows. | |||||||||||||||||||||||||||||||||||
At | At | ||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | 93,736 | 45.17 | % | $ | 95,546 | 52.54 | % | |||||||||||||||||||||||||||
Home equity loans and lines of credit | 15,240 | 7.34 | 15,560 | 8.56 | |||||||||||||||||||||||||||||||
Total residential mortgage loans | 108,976 | 52.51 | 111,106 | 61.1 | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | 13,017 | 6.27 | 11,355 | 6.25 | |||||||||||||||||||||||||||||||
Multi-family real estate | 5,731 | 2.76 | 5,346 | 2.94 | |||||||||||||||||||||||||||||||
Commercial real estate | 47,987 | 23.13 | 32,730 | 18 | |||||||||||||||||||||||||||||||
Commercial business | 11,408 | 5.5 | 8,653 | 4.76 | |||||||||||||||||||||||||||||||
Total commercial loans | 78,143 | 37.66 | 58,084 | 31.95 | |||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | 7,897 | 3.81 | 7,379 | 4.06 | |||||||||||||||||||||||||||||||
Multi-family | 6,947 | 3.35 | 3,665 | 2.02 | |||||||||||||||||||||||||||||||
Non-residential | 5,120 | 2.47 | 1,161 | 0.64 | |||||||||||||||||||||||||||||||
Total construction loans | 19,964 | 9.63 | 12,205 | 6.72 | |||||||||||||||||||||||||||||||
Consumer | 419 | 0.2 | 414 | 0.23 | |||||||||||||||||||||||||||||||
Total loans | 207,502 | 100 | % | 181,809 | 100 | % | |||||||||||||||||||||||||||||
Other items: | |||||||||||||||||||||||||||||||||||
Net deferred loan costs | 494 | 570 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (2,096 | ) | (1,780 | ) | |||||||||||||||||||||||||||||||
Total loans, net | $ | 205,900 | $ | 180,599 | |||||||||||||||||||||||||||||||
An analysis of the allowance for loan losses at and for the nine months ended September 30, 2013 and 2012 and at December 31, 2012 is below. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. | |||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | |||||||||||||||||||||||||||||||||
One- to four- | Home equity | One- to four- | Multi-family | Commercial | Commercial | One- to four- | Multi-family | Non- | Consumer | Total | |||||||||||||||||||||||||
family | loans and | family | real estate | real estate | business | family | residential | ||||||||||||||||||||||||||||
lines of credit | investment | ||||||||||||||||||||||||||||||||||
property | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 378 | $ | 254 | $ | 62 | $ | 40 | $ | 668 | $ | 159 | $ | 149 | $ | 34 | $ | 25 | $ | 11 | $ | 1,780 | |||||||||||||
Charge-offs | (130 | ) | — | — | — | — | — | — | — | — | (7 | ) | (137 | ) | |||||||||||||||||||||
Recoveries | 43 | — | — | — | — | — | — | — | — | 3 | 46 | ||||||||||||||||||||||||
Provision (benefit) | (4 | ) | (18 | ) | 10 | 3 | 216 | 49 | 38 | 30 | 78 | 5 | 407 | ||||||||||||||||||||||
Ending Balance | $ | 287 | $ | 236 | $ | 72 | $ | 43 | $ | 884 | $ | 208 | $ | 187 | $ | 64 | $ | 103 | $ | 12 | $ | 2,096 | |||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 346 | $ | 341 | $ | 59 | $ | 98 | $ | 400 | $ | 234 | $ | 228 | $ | 98 | $ | 11 | $ | 9 | $ | 1,824 | |||||||||||||
Charge-offs | (144 | ) | — | — | — | — | (11 | ) | (191 | ) | — | — | (31 | ) | (377 | ) | |||||||||||||||||||
Recoveries | 137 | — | — | — | — | — | — | — | — | 5 | 142 | ||||||||||||||||||||||||
Provision (benefit) | 21 | (82 | ) | (8 | ) | (27 | ) | 248 | (99 | ) | 113 | (32 | ) | 1 | 27 | 162 | |||||||||||||||||||
Ending Balance | $ | 360 | $ | 259 | $ | 51 | $ | 71 | $ | 648 | $ | 124 | $ | 150 | $ | 66 | $ | 12 | $ | 10 | $ | 1,751 | |||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7 | $ | — | $ | — | $ | — | $ | 210 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 217 | |||||||||||||
Collectively evaluated for impairment | 280 | 236 | 72 | 43 | 674 | 208 | 187 | 64 | 103 | 12 | 1,879 | ||||||||||||||||||||||||
$ | 287 | $ | 236 | $ | 72 | $ | 43 | $ | 884 | $ | 208 | $ | 187 | $ | 64 | $ | 103 | $ | 12 | $ | 2,096 | ||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 322 | $ | 429 | $ | — | $ | — | $ | 2,408 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,159 | |||||||||||||
Collectively evaluated for impairment | 93,414 | 14,811 | 13,017 | 5,731 | 45,579 | 11,408 | 7,897 | 6,947 | 5,120 | 419 | 204,343 | ||||||||||||||||||||||||
$ | 93,736 | $ | 15,240 | $ | 13,017 | $ | 5,731 | $ | 47,987 | $ | 11,408 | $ | 7,897 | $ | 6,947 | $ | 5,120 | $ | 419 | $ | 207,502 | ||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 93 | $ | 13 | $ | — | $ | — | $ | 214 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 320 | |||||||||||||
Collectively evaluated for impairment | 285 | 241 | 62 | 40 | 454 | 159 | 149 | 34 | 25 | 11 | 1,460 | ||||||||||||||||||||||||
$ | 378 | $ | 254 | $ | 62 | $ | 40 | $ | 668 | $ | 159 | $ | 149 | $ | 34 | $ | 25 | $ | 11 | $ | 1,780 | ||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 658 | $ | 45 | $ | — | $ | — | $ | 2,412 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,115 | |||||||||||||
Collectively evaluated for impairment | 94,888 | 15,515 | 11,355 | 5,346 | 30,318 | 8,653 | 7,379 | 3,665 | 1,161 | 414 | 178,694 | ||||||||||||||||||||||||
$ | 95,546 | $ | 15,560 | $ | 11,355 | $ | 5,346 | $ | 32,730 | $ | 8,653 | $ | 7,379 | $ | 3,665 | $ | 1,161 | $ | 414 | $ | 181,809 | ||||||||||||||
The following is a summary of past-due and non-accrual loans at September 30, 2013 and December 31, 2012. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. | |||||||||||||||||||||||||||||||||||
Loans delinquent for: | 90 days | ||||||||||||||||||||||||||||||||||
90 days | Total | Total | Total | or more | Non-accrual | ||||||||||||||||||||||||||||||
30 - 59 Days | 60 - 89 Days | or more | Past Due | Current | Loans | and accruing | Loans | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
At September 30, 2013: | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | 93,736 | $ | 93,736 | $ | — | $ | — | |||||||||||||||||||
Home equity loans and lines of credit | 15 | — | 399 | 414 | 14,826 | 15,240 | — | 399 | |||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | 13,017 | 13,017 | — | — | |||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 5,731 | 5,731 | — | — | |||||||||||||||||||||||||||
Commercial real estate | 570 | — | — | 570 | 47,417 | 47,987 | — | — | |||||||||||||||||||||||||||
Commercial business | — | — | — | — | 11,408 | 11,408 | — | — | |||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | 7,897 | 7,897 | — | — | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | 6,947 | 6,947 | — | — | |||||||||||||||||||||||||||
Non-residential | — | — | — | — | 5,120 | 5,120 | — | — | |||||||||||||||||||||||||||
Consumer | 1 | — | — | 1 | 418 | 419 | — | — | |||||||||||||||||||||||||||
Total | $ | 586 | $ | — | $ | 399 | $ | 985 | $ | 206,517 | $ | 207,502 | $ | — | $ | 399 | |||||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | 284 | $ | 374 | $ | 658 | $ | 94,888 | $ | 95,546 | $ | — | $ | 658 | |||||||||||||||||||
Home equity loans and lines of credit | 16 | — | 399 | 415 | 15,145 | 15,560 | — | 412 | |||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | 11,355 | 11,355 | — | — | |||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 5,346 | 5,346 | — | — | |||||||||||||||||||||||||||
Commercial real estate | 1,258 | — | — | 1,258 | 31,472 | 32,730 | — | 2,105 | |||||||||||||||||||||||||||
Commercial business | — | — | — | — | 8,653 | 8,653 | — | — | |||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | 7,379 | 7,379 | — | — | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | 3,665 | 3,665 | — | — | |||||||||||||||||||||||||||
Non-residential | — | — | — | — | 1,161 | 1,161 | — | — | |||||||||||||||||||||||||||
Consumer | 20 | 2 | — | 22 | 392 | 414 | — | — | |||||||||||||||||||||||||||
Total | $ | 1,294 | $ | 286 | $ | 773 | $ | 2,353 | $ | 179,456 | $ | 181,809 | $ | — | $ | 3,175 | |||||||||||||||||||
The following is an analysis of impaired loans at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Home equity loans and lines of credit | 429 | 429 | — | 390 | 1 | ||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | ||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 429 | $ | 429 | $ | — | $ | 390 | $ | 1 | |||||||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | 322 | $ | 322 | $ | 7 | $ | 397 | $ | 9 | |||||||||||||||||||||||||
Home equity loans and lines of credit | — | — | — | 11 | — | ||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | 2,408 | 2,511 | 210 | 2,410 | 93 | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | ||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total with an allowance recorded | $ | 2,730 | $ | 2,833 | $ | 217 | $ | 2,818 | $ | 102 | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | 176 | $ | — | |||||||||||||||||||||||||
Home equity loans and lines of credit | 32 | 32 | — | 30 | — | ||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | ||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | 801 | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | 344 | 23 | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 32 | $ | 32 | $ | — | $ | 1,351 | $ | 23 | |||||||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | 658 | $ | 684 | $ | 93 | $ | 734 | $ | 10 | |||||||||||||||||||||||||
Home equity loans and lines of credit | 13 | 13 | 13 | 13 | 1 | ||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | 2,412 | 2,519 | 214 | 958 | 19 | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | 6 | — | ||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total with an allowance recorded | $ | 3,083 | $ | 3,216 | $ | 320 | $ | 1,711 | $ | 30 | |||||||||||||||||||||||||
There was one loan modification made that resulted in the classification of a troubled debt restructure (TDR) during the nine months ended September 30, 2013. This TDR did not result in a material impact to the allowance for loan losses account. The modification consolidated an adjustable rate one- to four-family residential loan and a fixed home equity loan into a single fixed rate one- to four-family residential loan. In addition to the consolidation of the loans $32,000 was advanced to the borrower. There is no commitment to lend additional funds to borrowers whose loans were modified in a troubled debt restructuring as of September 30, 2013. | |||||||||||||||||||||||||||||||||||
There were two loan modifications made during the nine months ended September 30, 2012 that were classified as TDR, which did not result in a material impact to the allowance for loan loss account. A one- to four-family construction loan was modified with terms that included an extension of the maturity date, as well as $35,000 in additional funds in order to complete the project and allow time for the sale of the property. This loan subsequently paid in full during 2012 according to its modified terms. The second modification involved a home equity loan that was issued to facilitate the borrower’s ability to refinance at another financial institution their first mortgage held by the Bank. The refinancing of the first mortgage resulted in the Company recording a loan loss recovery of $133,000. | |||||||||||||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012 there were no TDRs in default of their modified terms. | |||||||||||||||||||||||||||||||||||
The following table represents the Company’s loans by risk rating at September 30, 2013 and December 31, 2012. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. | |||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | |||||||||||||||||||||||||||||||||
One- to four- | Home equity | One- to four- | Multi-family | Commercial | Commercial | One- to four- | Multi-family | Non- | Consumer | Total | |||||||||||||||||||||||||
family | loans and | family | real estate | real estate | business | family | residential | ||||||||||||||||||||||||||||
lines of credit | investment | ||||||||||||||||||||||||||||||||||
property | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||||
Classification: | |||||||||||||||||||||||||||||||||||
Not formally rated | $ | 93,414 | $ | 14,841 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 419 | $ | 108,674 | |||||||||||||
Pass | — | — | 13,017 | 5,731 | 45,579 | 11,343 | 7,897 | 6,947 | 5,120 | — | 95,634 | ||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard | 322 | 399 | — | — | 2,408 | 65 | — | — | — | — | 3,194 | ||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total loans | $ | 93,736 | $ | 15,240 | $ | 13,017 | $ | 5,731 | $ | 47,987 | $ | 11,408 | $ | 7,897 | $ | 6,947 | $ | 5,120 | $ | 419 | $ | 207,502 | |||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Classification: | |||||||||||||||||||||||||||||||||||
Not formally rated | $ | 94,888 | $ | 15,116 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 414 | $ | 110,418 | |||||||||||||
Pass | — | — | 11,355 | 5,346 | 29,147 | 8,486 | 7,379 | 3,665 | 1,161 | — | 66,539 | ||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard | 658 | 444 | — | — | 3,583 | 167 | — | — | — | — | 4,852 | ||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total loans | $ | 95,546 | $ | 15,560 | $ | 11,355 | $ | 5,346 | $ | 32,730 | $ | 8,653 | $ | 7,379 | $ | 3,665 | $ | 1,161 | $ | 414 | $ | 181,809 | |||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||||||||
The Bank utilizes a nine grade internal loan rating system for all commercial and construction loans as follows: | |||||||||||||||||||||||||||||||||||
Loans rated 1 - 5: Loans in these categories are considered “pass” rated loans with low to average risk and are not formally rated. | |||||||||||||||||||||||||||||||||||
Loans rated 6: Loans in this category are considered “special mention.” These loans have risk profiles that are starting to show signs of potential weakness and are being closely monitored by management. | |||||||||||||||||||||||||||||||||||
Loans rated 7: Loans in this category are considered “substandard.” These loans have a well defined weakness that jeopardizes the liquidation of the debt and is inadequately protected by the current sound worth and paying capacity of the borrower or pledged collateral. There is a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||
Loans rated 8: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. | |||||||||||||||||||||||||||||||||||
Loans rated 9: Loans in this category are considered a “loss.” The loan has been determined to be uncollectible and the chance of loss is inevitable. Loans in this category will be charged-off. | |||||||||||||||||||||||||||||||||||
On an annual basis, or more often if needed, the Bank formally reviews the ratings on all commercial and construction loans. | |||||||||||||||||||||||||||||||||||
Loans serviced for others and mortgage servicing rights | |||||||||||||||||||||||||||||||||||
Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others were $114.4 million and $96.8 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||
The risks inherent in the mortgage servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The fair value of servicing rights was $1.3 million at September 30, 2013 and was determined using the moving average 10-year, U.S. Treasury rate plus 5.0%, adjusted to reflect the current credit spreads and conditions in the market as a discount rate. Prepayment assumptions, which are impacted by loan rates and terms, are calculated using a moving average of prepayment data published by the Securities Industry and Financial Markets Association and an independent third party proprietary analysis of prepayment rates embedded in liquid mortgage securities markets and modeled against the serviced loan portfolio by the independent third party valuation specialist. | |||||||||||||||||||||||||||||||||||
The following summarizes mortgage servicing rights capitalized and amortized, along with the aggregate activity-related valuation allowances. | |||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Mortgage servicing rights: | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 910 | $ | 475 | |||||||||||||||||||||||||||||||
Additions | 440 | 386 | |||||||||||||||||||||||||||||||||
Disposals | — | — | |||||||||||||||||||||||||||||||||
Amortization | (254 | ) | (173 | ) | |||||||||||||||||||||||||||||||
Balance at end of period | 1,096 | 688 | |||||||||||||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | 20 | 17 | |||||||||||||||||||||||||||||||||
Additions | 58 | 60 | |||||||||||||||||||||||||||||||||
Recoveries | (15 | ) | — | ||||||||||||||||||||||||||||||||
Write-downs | — | — | |||||||||||||||||||||||||||||||||
Balance at end of period | 63 | 77 | |||||||||||||||||||||||||||||||||
Mortgage servicing assets, net | $ | 1,033 | $ | 611 | |||||||||||||||||||||||||||||||
Fair value of mortgage servicing assets | $ | 1,286 | $ | 639 |
Secured_Borrowings_and_Collate
Secured Borrowings and Collateral | 9 Months Ended |
Sep. 30, 2013 | |
Secured Borrowings and Collateral | ' |
Secured Borrowings and Collateral | ' |
(7) Secured Borrowings and Collateral | |
Federal Home Loan Bank advances | |
At September 30, 2013, all Federal Home Loan Bank (“FHLB”) of Boston advances were secured by a blanket security agreement on qualified collateral, principally first mortgage loans on owner-occupied residential property in the amount of $85.1 million, and mortgage-backed securities with a fair value of $17.9 million. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
(8) Fair Value Measurements | |||||||||||||||||
The Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value as follows: | |||||||||||||||||
Level l - Valuation is based on quoted prices in active markets for identical assets or liabilities. Level l assets and liabilities generally include debt and equity securities that are traded in an active exchange market. At September 30, 2013, the Company had no assets or liabilities valued using Level 1 measurements. | |||||||||||||||||
Level 2 - Valuation is based on observable inputs other than Level l prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3 - Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||
All of the Company’s securities that are measured at fair value are included in Level 2 and are based on pricing models from independent, third party pricing services that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. There are no liabilities measured at fair value. All of the Company’s impaired loans and other real estate owned that are measured at fair value are included in Level 3 and are based on the appraised value of the underlying collateral considering discounting factors, if deemed appropriate, and adjusted for selling costs. These appraised values may be discounted based on management’s historical knowledge, expertise or changes in market conditions from time of valuation. The Company did not have any significant transfers of assets or liabilities to or from Levels 1 and 2 of the fair value hierarchy during the nine month period ended September 30, 2013. | |||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 are summarized below. | |||||||||||||||||
Assets | |||||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Securities available for sale | |||||||||||||||||
State and municipal | $ | — | $ | 2,400 | $ | — | $ | 2,400 | |||||||||
Residential mortgage-backed securities | — | 16,629 | — | 16,629 | |||||||||||||
Total securities available for sale | $ | — | $ | 19,029 | $ | — | $ | 19,029 | |||||||||
At December 31, 2012 | |||||||||||||||||
Assets | |||||||||||||||||
Securities available for sale | |||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | 8,184 | $ | — | $ | 8,184 | |||||||||
The Company may also be required, from time to time, to measure certain other financial assets on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. Assets measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012 are summarized below. The fair value adjustments relate to the amount of write-down recorded or related allowance recorded as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
Assets | Adjustments | ||||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | to Fair Value | |||||||||||||
(In thousands) | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,513 | $ | 2,513 | $ | (217 | ) | ||||||
Other real estate owned | — | — | 20 | 20 | (24 | ) | |||||||||||
$ | — | $ | — | $ | 2,533 | $ | 2,533 | $ | (241 | ) | |||||||
Assets | Adjustments | ||||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | to Fair Value | |||||||||||||
(In thousands) | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,763 | $ | 2,763 | $ | (320 | ) | ||||||
Other real estate owned | — | — | 203 | 203 | (19 | ) | |||||||||||
$ | — | $ | — | $ | 2,966 | $ | 2,966 | $ | (339 | ) | |||||||
The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments. | |||||||||||||||||
Cash and cash equivalents: The carrying amounts of cash and short-term investments approximate fair values. | |||||||||||||||||
Securities: Fair values for the Company’s debt securities are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. | |||||||||||||||||
Federal Home Loan Bank stock: Fair value is based on redemption provisions of the FHLB of Boston. The FHLB stock has no quoted market value. | |||||||||||||||||
Loans held for sale: Fair value is based on committed secondary market prices. | |||||||||||||||||
Loans: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for impaired loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. | |||||||||||||||||
Capitalized mortgage servicing rights: Fair value is based on a quarterly, independent third-party valuation model that calculates the present value of estimated future net servicing income. The model utilizes a variety of assumptions, the most significant of which are loan prepayment assumptions and the discount rate used to discount future cash flows. Prepayment assumptions, which are impacted by loan rates and terms, are calculated using a moving average of prepayment data published by the Securities Industry and Financial Markets Association and a third party proprietary analysis of prepayment rates embedded in liquid mortgage securities markets and modeled against the serviced loan portfolio by the independent third party valuation specialist. The discount rate is the moving average 10-year, U.S. Treasury rate plus 5.0% and adjusted to reflect the current credit spreads and conditions in the market. Other assumptions include delinquency rates, foreclosure rates, servicing cost inflation, and annual unit loan cost. All assumptions are adjusted periodically to reflect current circumstances and all are obtained from independent market sources. | |||||||||||||||||
Deposits: The fair values for non-certificate accounts are, by definition, equal to the amount payable on demand at the reporting date which is the carrying amount. Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||
Short-term FHLB advances: The fair value of short-term FHLB advances approximates carrying value, as they generally mature within 90 days. | |||||||||||||||||
Long-term FHLB advances: The fair value for long-term FHLB advances is estimated using discounted cash flow analyses based on current market borrowing rates for similar types of borrowing arrangements. | |||||||||||||||||
Accrued interest: The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||
Off-balance-sheet instruments: Fair values for off-balance-sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. At September 30, 2013 and December 31, 2012, the fair value of commitments outstanding is not significant since fees charged are not material. | |||||||||||||||||
The estimated fair values and related carrying amounts of the Company’s financial instruments at September 30, 2013 and December 31, 2012 are as follows. | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Carrying | |||||||||||||||||
Amount | Fair Value | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,307 | $ | 8,307 | $ | — | $ | — | $ | 8,307 | |||||||
Securities available for sale | 19,029 | — | 19,029 | — | 19,029 | ||||||||||||
Securities held to maturity | 1,169 | — | 1,263 | — | 1,263 | ||||||||||||
FHLB stock | 2,649 | 2,649 | — | — | 2,649 | ||||||||||||
Loans held for sale | 1,012 | 1,027 | — | — | 1,027 | ||||||||||||
Loans, net | 205,900 | — | — | 206,781 | 206,781 | ||||||||||||
Accrued interest receivable | 682 | 682 | — | — | 682 | ||||||||||||
Capitalized mortgage servicing rights | 1,033 | — | 1,286 | — | 1,286 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 162,007 | $ | — | $ | 162,383 | $ | — | $ | 162,383 | |||||||
Short-term FHLB advances | 34,575 | — | 34,575 | — | 34,575 | ||||||||||||
Long-term FHLB advances | 18,100 | — | 18,402 | — | 18,402 | ||||||||||||
Mortgagers’ escrow accounts | 1,248 | 1,248 | — | — | 1,248 | ||||||||||||
Accrued interest payable | 44 | 44 | — | — | 44 | ||||||||||||
December 31, 2012 | |||||||||||||||||
Carrying | |||||||||||||||||
Amount | Fair Value | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 6,789 | $ | 6,789 | $ | — | $ | — | $ | 6,789 | |||||||
Securities available for sale | 8,184 | — | 8,184 | — | 8,184 | ||||||||||||
Securities held to maturity | 1,594 | — | 1,731 | — | 1,731 | ||||||||||||
FHLB stock | 2,861 | 2,861 | — | — | 2,861 | ||||||||||||
Loans held for sale | 2,606 | 2,642 | — | — | 2,642 | ||||||||||||
Loans, net | 180,599 | — | — | 188,198 | 188,198 | ||||||||||||
Accrued interest receivable | 617 | 617 | — | — | 617 | ||||||||||||
Capitalized mortgage servicing rights | 890 | — | 1,099 | — | 1,099 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 154,439 | $ | — | $ | 154,860 | $ | — | $ | 154,860 | |||||||
Long-term FHLB advances | 23,600 | — | 24,100 | — | 24,100 | ||||||||||||
Mortgagers’ escrow accounts | 1,034 | 1,034 | — | — | 1,034 | ||||||||||||
Accrued interest payable | 60 | 60 | — | — | 60 |
Equity_Incentive_Plan
Equity Incentive Plan | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity Incentive Plan | ' | |||||||||||
Equity Incentive Plan | ' | |||||||||||
(9) Equity Incentive Plan | ||||||||||||
At September 30, 2013, the Company had one equity incentive plan, which was described more fully in Note 13 of the consolidated financial statements and notes thereto for the year ended December 31, 2012. | ||||||||||||
The following table presents the activity for the plan for the nine months ended September 30, 2013. | ||||||||||||
Stock Options | ||||||||||||
Number of | Weighted | |||||||||||
Shares | Average | |||||||||||
Exercise Price | ||||||||||||
Outstanding at beginning of year | 40,681 | $ | 9.49 | |||||||||
Granted | 22,000 | $ | 14 | |||||||||
Cancelled | (3,988 | ) | $ | 9.85 | ||||||||
Forfeited | (5,769 | ) | $ | 11.45 | ||||||||
Outstanding at end of period | 52,924 | $ | 11.12 | |||||||||
Exercisable at end of period | 17,176 | |||||||||||
Weighted average fair value of options granted during the period | $ | 5.31 | ||||||||||
Options Outstanding | Options Exercisable | |||||||||||
Number | Weighted-Average | Weighted | Number | Weighted | ||||||||
Outstanding | Remaining | Average | Exercisable | Average | ||||||||
as of 09/30/2013 | Contractual Life | Exercise Price | as of 09/30/2013 | Exercise Price | ||||||||
10,712 | 6.40 Years | $ | 9.33 | 8,406 | $ | 9.33 | ||||||
12,166 | 7.40 Years | $ | 9.55 | 6,135 | $ | 9.55 | ||||||
10,896 | 8.40 Years | $ | 9.58 | 2,635 | $ | 9.58 | ||||||
19,150 | 9.40 Years | $ | 14 | — | ||||||||
52,924 | 8.13 Years | $ | 11.12 | 17,176 | $ | 9.45 | ||||||
Non-vested | ||||||||||||
Restricted Stock | ||||||||||||
Number of | Weighted | |||||||||||
Shares | Average | |||||||||||
Grant Date | ||||||||||||
Value | ||||||||||||
Outstanding at beginning of year | 30,281 | $ | 8.49 | |||||||||
Granted | 22,000 | $ | 12.76 | |||||||||
Vested | (10,761 | ) | $ | 8.48 | ||||||||
Forfeited | (5,769 | ) | $ | 10.31 | ||||||||
Outstanding at end of period | 35,751 | $ | 10.83 | |||||||||
As of September 30, 2013, unrecognized share-based compensation expense related to non-vested options amounted to $132,000 and the unrecognized share-based compensation expense related to non-vested restricted stock amounted to $313,000. Both amounts are expected to be recognized over a weighted average period of 3.5 years. | ||||||||||||
For the nine months ended September 30, 2013, the Company recognized compensation expense for stock options of $40,000 with a related tax benefit of $7,000. The related tax benefit applies only to non-qualified stock options. For the nine months ended September 30, 2013, the Company recognized compensation expense for restricted stock awards of $90,000 with a related tax benefit of $36,000. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Common Share | ' | |||||||||||||
Schedule of computation of earnings per common share | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income available to common stockholders | $ | 168,000 | $ | 244,000 | $ | 526,000 | $ | 532,000 | ||||||
Basic common shares: | ||||||||||||||
Weighted average shares outstanding | 1,843,319 | 1,910,017 | 1,880,981 | 1,908,847 | ||||||||||
Less: Weighted average unallocated ESOP shares | (97,111 | ) | (105,025 | ) | (98,921 | ) | (47,909 | ) | ||||||
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights | 35,751 | 30,281 | 35,980 | 29,441 | ||||||||||
Basic weighted average common shares outstanding | 1,781,959 | 1,835,273 | 1,818,040 | 1,890,379 | ||||||||||
Dilutive potential common shares | 2,533 | — | 4,976 | — | ||||||||||
Diluted weighted average common shares outstanding | 1,784,492 | 1,835,273 | 1,823,016 | 1,890,379 | ||||||||||
Basic earnings per share | $ | 0.09 | $ | 0.13 | $ | 0.29 | $ | 0.28 | ||||||
Diluted earnings per share | $ | 0.09 | $ | 0.13 | $ | 0.29 | $ | 0.28 |
Securities_Tables
Securities (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Securities | ' | |||||||||||||
Summary of securities | ' | |||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At September 30, 2013 | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | 2,516 | $ | 2 | $ | (118 | ) | $ | 2,400 | |||||
Residential mortgage-backed securities | 16,915 | 94 | (380 | ) | 16,629 | |||||||||
Total securities available for sale | $ | 19,431 | $ | 96 | $ | (498 | ) | $ | 19,029 | |||||
Securities held to maturity | ||||||||||||||
Residential mortgage-backed securities | $ | 1,169 | $ | 94 | $ | — | $ | 1,263 | ||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At December 31, 2012 | ||||||||||||||
Securities available for sale | ||||||||||||||
Residential mortgage-backed securities | $ | 7,900 | $ | 284 | $ | — | $ | 8,184 | ||||||
Securities held to maturity | ||||||||||||||
Residential mortgage-backed securities | $ | 1,594 | $ | 137 | $ | — | $ | 1,731 | ||||||
Schedule of amortized cost and estimated fair value of debt securities | ' | |||||||||||||
Available for Sale | Held to Maturity | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
Cost | Value | Cost | Value | |||||||||||
(In thousands) | ||||||||||||||
Over ten years | $ | 2,516 | $ | 2,400 | $ | — | $ | — | ||||||
Residential mortgage-backed securities | 16,915 | 16,629 | 1,169 | 1,263 | ||||||||||
$ | 19,431 | $ | 19,029 | $ | 1,169 | $ | 1,263 | |||||||
Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous loss position | ' | |||||||||||||
Less Than Twelve Months | Greater Than Twelve Months | |||||||||||||
Gross | Gross | |||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||
Losses | Value | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At September 30, 2013: | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | 118 | $ | 1,832 | $ | — | $ | — | ||||||
Residential mortgage-backed securities | 380 | 10,727 | — | — | ||||||||||
Total securities available for sale | $ | 498 | $ | 12,559 | $ | — | $ | — |
Loans_and_Servicing_Tables
Loans and Servicing (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Loans and Servicing | ' | ||||||||||||||||||||||||||||||||||
Summary of loans | ' | ||||||||||||||||||||||||||||||||||
At | At | ||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | 93,736 | 45.17 | % | $ | 95,546 | 52.54 | % | |||||||||||||||||||||||||||
Home equity loans and lines of credit | 15,240 | 7.34 | 15,560 | 8.56 | |||||||||||||||||||||||||||||||
Total residential mortgage loans | 108,976 | 52.51 | 111,106 | 61.1 | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | 13,017 | 6.27 | 11,355 | 6.25 | |||||||||||||||||||||||||||||||
Multi-family real estate | 5,731 | 2.76 | 5,346 | 2.94 | |||||||||||||||||||||||||||||||
Commercial real estate | 47,987 | 23.13 | 32,730 | 18 | |||||||||||||||||||||||||||||||
Commercial business | 11,408 | 5.5 | 8,653 | 4.76 | |||||||||||||||||||||||||||||||
Total commercial loans | 78,143 | 37.66 | 58,084 | 31.95 | |||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | 7,897 | 3.81 | 7,379 | 4.06 | |||||||||||||||||||||||||||||||
Multi-family | 6,947 | 3.35 | 3,665 | 2.02 | |||||||||||||||||||||||||||||||
Non-residential | 5,120 | 2.47 | 1,161 | 0.64 | |||||||||||||||||||||||||||||||
Total construction loans | 19,964 | 9.63 | 12,205 | 6.72 | |||||||||||||||||||||||||||||||
Consumer | 419 | 0.2 | 414 | 0.23 | |||||||||||||||||||||||||||||||
Total loans | 207,502 | 100 | % | 181,809 | 100 | % | |||||||||||||||||||||||||||||
Other items: | |||||||||||||||||||||||||||||||||||
Net deferred loan costs | 494 | 570 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (2,096 | ) | (1,780 | ) | |||||||||||||||||||||||||||||||
Total loans, net | $ | 205,900 | $ | 180,599 | |||||||||||||||||||||||||||||||
Schedule of analysis of allowance for loan losses | ' | ||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | |||||||||||||||||||||||||||||||||
One- to four- | Home equity | One- to four- | Multi-family | Commercial | Commercial | One- to four- | Multi-family | Non- | Consumer | Total | |||||||||||||||||||||||||
family | loans and | family | real estate | real estate | business | family | residential | ||||||||||||||||||||||||||||
lines of credit | investment | ||||||||||||||||||||||||||||||||||
property | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 378 | $ | 254 | $ | 62 | $ | 40 | $ | 668 | $ | 159 | $ | 149 | $ | 34 | $ | 25 | $ | 11 | $ | 1,780 | |||||||||||||
Charge-offs | (130 | ) | — | — | — | — | — | — | — | — | (7 | ) | (137 | ) | |||||||||||||||||||||
Recoveries | 43 | — | — | — | — | — | — | — | — | 3 | 46 | ||||||||||||||||||||||||
Provision (benefit) | (4 | ) | (18 | ) | 10 | 3 | 216 | 49 | 38 | 30 | 78 | 5 | 407 | ||||||||||||||||||||||
Ending Balance | $ | 287 | $ | 236 | $ | 72 | $ | 43 | $ | 884 | $ | 208 | $ | 187 | $ | 64 | $ | 103 | $ | 12 | $ | 2,096 | |||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 346 | $ | 341 | $ | 59 | $ | 98 | $ | 400 | $ | 234 | $ | 228 | $ | 98 | $ | 11 | $ | 9 | $ | 1,824 | |||||||||||||
Charge-offs | (144 | ) | — | — | — | — | (11 | ) | (191 | ) | — | — | (31 | ) | (377 | ) | |||||||||||||||||||
Recoveries | 137 | — | — | — | — | — | — | — | — | 5 | 142 | ||||||||||||||||||||||||
Provision (benefit) | 21 | (82 | ) | (8 | ) | (27 | ) | 248 | (99 | ) | 113 | (32 | ) | 1 | 27 | 162 | |||||||||||||||||||
Ending Balance | $ | 360 | $ | 259 | $ | 51 | $ | 71 | $ | 648 | $ | 124 | $ | 150 | $ | 66 | $ | 12 | $ | 10 | $ | 1,751 | |||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7 | $ | — | $ | — | $ | — | $ | 210 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 217 | |||||||||||||
Collectively evaluated for impairment | 280 | 236 | 72 | 43 | 674 | 208 | 187 | 64 | 103 | 12 | 1,879 | ||||||||||||||||||||||||
$ | 287 | $ | 236 | $ | 72 | $ | 43 | $ | 884 | $ | 208 | $ | 187 | $ | 64 | $ | 103 | $ | 12 | $ | 2,096 | ||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 322 | $ | 429 | $ | — | $ | — | $ | 2,408 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,159 | |||||||||||||
Collectively evaluated for impairment | 93,414 | 14,811 | 13,017 | 5,731 | 45,579 | 11,408 | 7,897 | 6,947 | 5,120 | 419 | 204,343 | ||||||||||||||||||||||||
$ | 93,736 | $ | 15,240 | $ | 13,017 | $ | 5,731 | $ | 47,987 | $ | 11,408 | $ | 7,897 | $ | 6,947 | $ | 5,120 | $ | 419 | $ | 207,502 | ||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 93 | $ | 13 | $ | — | $ | — | $ | 214 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 320 | |||||||||||||
Collectively evaluated for impairment | 285 | 241 | 62 | 40 | 454 | 159 | 149 | 34 | 25 | 11 | 1,460 | ||||||||||||||||||||||||
$ | 378 | $ | 254 | $ | 62 | $ | 40 | $ | 668 | $ | 159 | $ | 149 | $ | 34 | $ | 25 | $ | 11 | $ | 1,780 | ||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 658 | $ | 45 | $ | — | $ | — | $ | 2,412 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,115 | |||||||||||||
Collectively evaluated for impairment | 94,888 | 15,515 | 11,355 | 5,346 | 30,318 | 8,653 | 7,379 | 3,665 | 1,161 | 414 | 178,694 | ||||||||||||||||||||||||
$ | 95,546 | $ | 15,560 | $ | 11,355 | $ | 5,346 | $ | 32,730 | $ | 8,653 | $ | 7,379 | $ | 3,665 | $ | 1,161 | $ | 414 | $ | 181,809 | ||||||||||||||
Summary of past-due and non-accrual loans | ' | ||||||||||||||||||||||||||||||||||
Loans delinquent for: | 90 days | ||||||||||||||||||||||||||||||||||
90 days | Total | Total | Total | or more | Non-accrual | ||||||||||||||||||||||||||||||
30 - 59 Days | 60 - 89 Days | or more | Past Due | Current | Loans | and accruing | Loans | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
At September 30, 2013: | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | 93,736 | $ | 93,736 | $ | — | $ | — | |||||||||||||||||||
Home equity loans and lines of credit | 15 | — | 399 | 414 | 14,826 | 15,240 | — | 399 | |||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | 13,017 | 13,017 | — | — | |||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 5,731 | 5,731 | — | — | |||||||||||||||||||||||||||
Commercial real estate | 570 | — | — | 570 | 47,417 | 47,987 | — | — | |||||||||||||||||||||||||||
Commercial business | — | — | — | — | 11,408 | 11,408 | — | — | |||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | 7,897 | 7,897 | — | — | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | 6,947 | 6,947 | — | — | |||||||||||||||||||||||||||
Non-residential | — | — | — | — | 5,120 | 5,120 | — | — | |||||||||||||||||||||||||||
Consumer | 1 | — | — | 1 | 418 | 419 | — | — | |||||||||||||||||||||||||||
Total | $ | 586 | $ | — | $ | 399 | $ | 985 | $ | 206,517 | $ | 207,502 | $ | — | $ | 399 | |||||||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | 284 | $ | 374 | $ | 658 | $ | 94,888 | $ | 95,546 | $ | — | $ | 658 | |||||||||||||||||||
Home equity loans and lines of credit | 16 | — | 399 | 415 | 15,145 | 15,560 | — | 412 | |||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | 11,355 | 11,355 | — | — | |||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 5,346 | 5,346 | — | — | |||||||||||||||||||||||||||
Commercial real estate | 1,258 | — | — | 1,258 | 31,472 | 32,730 | — | 2,105 | |||||||||||||||||||||||||||
Commercial business | — | — | — | — | 8,653 | 8,653 | — | — | |||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | 7,379 | 7,379 | — | — | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | 3,665 | 3,665 | — | — | |||||||||||||||||||||||||||
Non-residential | — | — | — | — | 1,161 | 1,161 | — | — | |||||||||||||||||||||||||||
Consumer | 20 | 2 | — | 22 | 392 | 414 | — | — | |||||||||||||||||||||||||||
Total | $ | 1,294 | $ | 286 | $ | 773 | $ | 2,353 | $ | 179,456 | $ | 181,809 | $ | — | $ | 3,175 | |||||||||||||||||||
Schedule of analysis of impaired loans | ' | ||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Home equity loans and lines of credit | 429 | 429 | — | 390 | 1 | ||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | ||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 429 | $ | 429 | $ | — | $ | 390 | $ | 1 | |||||||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | 322 | $ | 322 | $ | 7 | $ | 397 | $ | 9 | |||||||||||||||||||||||||
Home equity loans and lines of credit | — | — | — | 11 | — | ||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | 2,408 | 2,511 | 210 | 2,410 | 93 | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | ||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total with an allowance recorded | $ | 2,730 | $ | 2,833 | $ | 217 | $ | 2,818 | $ | 102 | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | 176 | $ | — | |||||||||||||||||||||||||
Home equity loans and lines of credit | 32 | 32 | — | 30 | — | ||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | ||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | 801 | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | 344 | 23 | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 32 | $ | 32 | $ | — | $ | 1,351 | $ | 23 | |||||||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||||||||||||||
Residential loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | $ | 658 | $ | 684 | $ | 93 | $ | 734 | $ | 10 | |||||||||||||||||||||||||
Home equity loans and lines of credit | 13 | 13 | 13 | 13 | 1 | ||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | 2,412 | 2,519 | 214 | 958 | 19 | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | 6 | — | ||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total with an allowance recorded | $ | 3,083 | $ | 3,216 | $ | 320 | $ | 1,711 | $ | 30 | |||||||||||||||||||||||||
Schedule of loans by risk rating | ' | ||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | |||||||||||||||||||||||||||||||||
One- to four- | Home equity | One- to four- | Multi-family | Commercial | Commercial | One- to four- | Multi-family | Non- | Consumer | Total | |||||||||||||||||||||||||
family | loans and | family | real estate | real estate | business | family | residential | ||||||||||||||||||||||||||||
lines of credit | investment | ||||||||||||||||||||||||||||||||||
property | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||||
Classification: | |||||||||||||||||||||||||||||||||||
Not formally rated | $ | 93,414 | $ | 14,841 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 419 | $ | 108,674 | |||||||||||||
Pass | — | — | 13,017 | 5,731 | 45,579 | 11,343 | 7,897 | 6,947 | 5,120 | — | 95,634 | ||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard | 322 | 399 | — | — | 2,408 | 65 | — | — | — | — | 3,194 | ||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total loans | $ | 93,736 | $ | 15,240 | $ | 13,017 | $ | 5,731 | $ | 47,987 | $ | 11,408 | $ | 7,897 | $ | 6,947 | $ | 5,120 | $ | 419 | $ | 207,502 | |||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Classification: | |||||||||||||||||||||||||||||||||||
Not formally rated | $ | 94,888 | $ | 15,116 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 414 | $ | 110,418 | |||||||||||||
Pass | — | — | 11,355 | 5,346 | 29,147 | 8,486 | 7,379 | 3,665 | 1,161 | — | 66,539 | ||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard | 658 | 444 | — | — | 3,583 | 167 | — | — | — | — | 4,852 | ||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total loans | $ | 95,546 | $ | 15,560 | $ | 11,355 | $ | 5,346 | $ | 32,730 | $ | 8,653 | $ | 7,379 | $ | 3,665 | $ | 1,161 | $ | 414 | $ | 181,809 | |||||||||||||
Schedule of mortgage servicing rights capitalized and amortized | ' | ||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Mortgage servicing rights: | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 910 | $ | 475 | |||||||||||||||||||||||||||||||
Additions | 440 | 386 | |||||||||||||||||||||||||||||||||
Disposals | — | — | |||||||||||||||||||||||||||||||||
Amortization | (254 | ) | (173 | ) | |||||||||||||||||||||||||||||||
Balance at end of period | 1,096 | 688 | |||||||||||||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | 20 | 17 | |||||||||||||||||||||||||||||||||
Additions | 58 | 60 | |||||||||||||||||||||||||||||||||
Recoveries | (15 | ) | — | ||||||||||||||||||||||||||||||||
Write-downs | — | — | |||||||||||||||||||||||||||||||||
Balance at end of period | 63 | 77 | |||||||||||||||||||||||||||||||||
Mortgage servicing assets, net | $ | 1,033 | $ | 611 | |||||||||||||||||||||||||||||||
Fair value of mortgage servicing assets | $ | 1,286 | $ | 639 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
Assets | |||||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Securities available for sale | |||||||||||||||||
State and municipal | $ | — | $ | 2,400 | $ | — | $ | 2,400 | |||||||||
Residential mortgage-backed securities | — | 16,629 | — | 16,629 | |||||||||||||
Total securities available for sale | $ | — | $ | 19,029 | $ | — | $ | 19,029 | |||||||||
At December 31, 2012 | |||||||||||||||||
Assets | |||||||||||||||||
Securities available for sale | |||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | 8,184 | $ | — | $ | 8,184 | |||||||||
Schedule of assets measured at fair value on a non-recurring basis | ' | ||||||||||||||||
Assets | Adjustments | ||||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | to Fair Value | |||||||||||||
(In thousands) | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,513 | $ | 2,513 | $ | (217 | ) | ||||||
Other real estate owned | — | — | 20 | 20 | (24 | ) | |||||||||||
$ | — | $ | — | $ | 2,533 | $ | 2,533 | $ | (241 | ) | |||||||
Assets | Adjustments | ||||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | to Fair Value | |||||||||||||
(In thousands) | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,763 | $ | 2,763 | $ | (320 | ) | ||||||
Other real estate owned | — | — | 203 | 203 | (19 | ) | |||||||||||
$ | — | $ | — | $ | 2,966 | $ | 2,966 | $ | (339 | ) | |||||||
Schedule of estimated fair values and related carrying amounts of the Company's financial instruments | ' | ||||||||||||||||
September 30, 2013 | |||||||||||||||||
Carrying | |||||||||||||||||
Amount | Fair Value | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,307 | $ | 8,307 | $ | — | $ | — | $ | 8,307 | |||||||
Securities available for sale | 19,029 | — | 19,029 | — | 19,029 | ||||||||||||
Securities held to maturity | 1,169 | — | 1,263 | — | 1,263 | ||||||||||||
FHLB stock | 2,649 | 2,649 | — | — | 2,649 | ||||||||||||
Loans held for sale | 1,012 | 1,027 | — | — | 1,027 | ||||||||||||
Loans, net | 205,900 | — | — | 206,781 | 206,781 | ||||||||||||
Accrued interest receivable | 682 | 682 | — | — | 682 | ||||||||||||
Capitalized mortgage servicing rights | 1,033 | — | 1,286 | — | 1,286 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 162,007 | $ | — | $ | 162,383 | $ | — | $ | 162,383 | |||||||
Short-term FHLB advances | 34,575 | — | 34,575 | — | 34,575 | ||||||||||||
Long-term FHLB advances | 18,100 | — | 18,402 | — | 18,402 | ||||||||||||
Mortgagers’ escrow accounts | 1,248 | 1,248 | — | — | 1,248 | ||||||||||||
Accrued interest payable | 44 | 44 | — | — | 44 | ||||||||||||
December 31, 2012 | |||||||||||||||||
Carrying | |||||||||||||||||
Amount | Fair Value | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 6,789 | $ | 6,789 | $ | — | $ | — | $ | 6,789 | |||||||
Securities available for sale | 8,184 | — | 8,184 | — | 8,184 | ||||||||||||
Securities held to maturity | 1,594 | — | 1,731 | — | 1,731 | ||||||||||||
FHLB stock | 2,861 | 2,861 | — | — | 2,861 | ||||||||||||
Loans held for sale | 2,606 | 2,642 | — | — | 2,642 | ||||||||||||
Loans, net | 180,599 | — | — | 188,198 | 188,198 | ||||||||||||
Accrued interest receivable | 617 | 617 | — | — | 617 | ||||||||||||
Capitalized mortgage servicing rights | 890 | — | 1,099 | — | 1,099 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 154,439 | $ | — | $ | 154,860 | $ | — | $ | 154,860 | |||||||
Long-term FHLB advances | 23,600 | — | 24,100 | — | 24,100 | ||||||||||||
Mortgagers’ escrow accounts | 1,034 | 1,034 | — | — | 1,034 | ||||||||||||
Accrued interest payable | 60 | 60 | — | — | 60 |
Equity_Incentive_Plan_Tables
Equity Incentive Plan (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity Incentive Plan | ' | |||||||||||
Schedule of activity for stock options | ' | |||||||||||
Stock Options | ||||||||||||
Number of | Weighted | |||||||||||
Shares | Average | |||||||||||
Exercise Price | ||||||||||||
Outstanding at beginning of year | 40,681 | $ | 9.49 | |||||||||
Granted | 22,000 | $ | 14 | |||||||||
Cancelled | (3,988 | ) | $ | 9.85 | ||||||||
Forfeited | (5,769 | ) | $ | 11.45 | ||||||||
Outstanding at end of period | 52,924 | $ | 11.12 | |||||||||
Exercisable at end of period | 17,176 | |||||||||||
Weighted average fair value of options granted during the period | $ | 5.31 | ||||||||||
Schedule of options outstanding and exercisable | ' | |||||||||||
Options Outstanding | Options Exercisable | |||||||||||
Number | Weighted-Average | Weighted | Number | Weighted | ||||||||
Outstanding | Remaining | Average | Exercisable | Average | ||||||||
as of 09/30/2013 | Contractual Life | Exercise Price | as of 09/30/2013 | Exercise Price | ||||||||
10,712 | 6.40 Years | $ | 9.33 | 8,406 | $ | 9.33 | ||||||
12,166 | 7.40 Years | $ | 9.55 | 6,135 | $ | 9.55 | ||||||
10,896 | 8.40 Years | $ | 9.58 | 2,635 | $ | 9.58 | ||||||
19,150 | 9.40 Years | $ | 14 | — | ||||||||
52,924 | 8.13 Years | $ | 11.12 | 17,176 | $ | 9.45 | ||||||
Schedule of activity for non-vested restricted stock | ' | |||||||||||
Non-vested | ||||||||||||
Restricted Stock | ||||||||||||
Number of | Weighted | |||||||||||
Shares | Average | |||||||||||
Grant Date | ||||||||||||
Value | ||||||||||||
Outstanding at beginning of year | 30,281 | $ | 8.49 | |||||||||
Granted | 22,000 | $ | 12.76 | |||||||||
Vested | (10,761 | ) | $ | 8.48 | ||||||||
Forfeited | (5,769 | ) | $ | 10.31 | ||||||||
Outstanding at end of period | 35,751 | $ | 10.83 |
Corporate_Structure_Details
Corporate Structure (Details) | 1 Months Ended | 9 Months Ended | 1 Months Ended |
Jun. 30, 2012 | Sep. 30, 2013 | Jan. 31, 2005 | |
Georgetown Bancorp, MHC | Georgetown Bancorp, MHC | The bank | |
Conversion and reorganization to stock holding company | ' | ' | ' |
Percentage of common stock owned | 56.70% | ' | 100.00% |
Second-step exchange ratio | ' | 0.72014 | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Common Share | ' | ' | ' | ' |
Net income available to common stockholders (in dollars) | $168 | $244 | $526 | $532 |
Basic common shares: | ' | ' | ' | ' |
Weighted average shares outstanding | 1,843,319 | 1,910,017 | 1,880,981 | 1,908,847 |
Less: Weighted average unallocated ESOP shares | -97,111 | -105,025 | -98,921 | -47,909 |
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights | 35,751 | 30,281 | 35,980 | 29,441 |
Basic weighted average common shares outstanding | 1,781,959 | 1,835,273 | 1,818,040 | 1,890,379 |
Dilutive potential common shares | 2,533 | ' | 4,976 | ' |
Diluted weighted average common shares outstanding | 1,784,492 | 1,835,273 | 1,823,016 | 1,890,379 |
Basic earnings per share (in dollars per share) | $0.09 | $0.13 | $0.29 | $0.28 |
Diluted earnings per share (in dollars per share) | $0.09 | $0.13 | $0.29 | $0.28 |
Options to purchase shares included in the computation of diluted earnings per share (in shares) | 52,924 | 40,681 | 33,774 | 40,681 |
Options to purchase shares not included in the computation of diluted earnings per share (in shares) | ' | ' | 19,150 | ' |
Securities_Details
Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Residential mortgage-backed securities | Residential mortgage-backed securities | State and municipal | |||||
Securities available for sale | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost | $19,431 | ' | $19,431 | ' | $16,915 | $7,900 | $2,516 |
Gross Unrealized Gains | 96 | ' | 96 | ' | 94 | 284 | 2 |
Gross Unrealized Losses | -498 | ' | -498 | ' | -380 | ' | -118 |
Fair Value | 19,029 | ' | 19,029 | ' | 16,629 | 8,184 | 2,400 |
Securities held to maturity | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost | ' | ' | ' | ' | 1,169 | 1,594 | ' |
Gross Unrealized Gains | ' | ' | ' | ' | 94 | 137 | ' |
Fair Value | ' | ' | ' | ' | 1,263 | 1,731 | ' |
Available for sale securities sold | $0 | $0 | $0 | $0 | ' | ' | ' |
Securities_Details_2
Securities (Details 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
item | item | |
Available for Sale, Amortized cost | ' | ' |
Over 10 years | $2,516 | ' |
Total | 19,431 | ' |
Available for Sale, Fair Value | ' | ' |
Over 10 years | 2,400 | ' |
Fair Value | 19,029 | ' |
Held to maturity, Amortized Cost | ' | ' |
Total | 1,169 | ' |
Held to Maturity, Fair Value | ' | ' |
Total | 1,263 | ' |
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 498 | ' |
Less Than Twelve Months, Fair Value | 12,559 | ' |
Additional disclosures | ' | ' |
Number of available-for-sale securities in unrealized loss position | 12 | 0 |
Available for sale securities in unrealized loss position, aggregate depreciation rate (as a percent) | 3.82% | ' |
Residential mortgage-backed securities | ' | ' |
Available for Sale, Amortized cost | ' | ' |
Securities without single maturity date | 16,915 | ' |
Available for Sale, Fair Value | ' | ' |
Securities without single maturity date | 16,629 | ' |
Fair Value | 16,629 | 8,184 |
Held to maturity, Amortized Cost | ' | ' |
Securities without single maturity date | 1,169 | ' |
Held to Maturity, Fair Value | ' | ' |
Securities without single maturity date | 1,263 | ' |
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 380 | ' |
Less Than Twelve Months, Fair Value | 10,727 | ' |
State and municipal | ' | ' |
Available for Sale, Fair Value | ' | ' |
Fair Value | 2,400 | ' |
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 118 | ' |
Less Than Twelve Months, Fair Value | $1,832 | ' |
Loans_and_Servicing_Details
Loans and Servicing (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | |
Loans | ' | ' | ' | ' |
Total loans | $207,502,000 | $181,809,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Net deferred loan costs | 494,000 | 570,000 | ' | ' |
Allowance for loan losses | -2,096,000 | -1,780,000 | -1,751,000 | -1,824,000 |
Total loans, net | 205,900,000 | 180,599,000 | ' | ' |
Total loans (as a percent) | 100.00% | 100.00% | ' | ' |
Residential loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 108,976,000 | 111,106,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Total loans (as a percent) | 52.51% | 61.10% | ' | ' |
One- to four- family, residential loans | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 93,736,000 | 95,546,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -287,000 | -378,000 | -360,000 | -346,000 |
Total loans (as a percent) | 45.17% | 52.54% | ' | ' |
Home equity loans and lines of credit | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 15,240,000 | 15,560,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -236,000 | -254,000 | -259,000 | -341,000 |
Total loans (as a percent) | 7.34% | 8.56% | ' | ' |
Commercial loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 78,143,000 | 58,084,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Total loans (as a percent) | 37.66% | 31.95% | ' | ' |
One-to-four family investment property | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 13,017,000 | 11,355,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -72,000 | -62,000 | -51,000 | -59,000 |
Total loans (as a percent) | 6.27% | 6.25% | ' | ' |
Multi-family real estate | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 5,731,000 | 5,346,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -43,000 | -40,000 | -71,000 | -98,000 |
Total loans (as a percent) | 2.76% | 2.94% | ' | ' |
Commercial real estate | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 47,987,000 | 32,730,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -884,000 | -668,000 | -648,000 | -400,000 |
Total loans (as a percent) | 23.13% | 18.00% | ' | ' |
Commercial business | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 11,408,000 | 8,653,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -208,000 | -159,000 | -124,000 | -234,000 |
Total loans (as a percent) | 5.50% | 4.76% | ' | ' |
Construction loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 19,964,000 | 12,205,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Total loans (as a percent) | 9.63% | 6.72% | ' | ' |
One-to-four family, construction loans | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 7,897,000 | 7,379,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -187,000 | -149,000 | -150,000 | -228,000 |
Total loans (as a percent) | 3.81% | 4.06% | ' | ' |
Multi-family | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 6,947,000 | 3,665,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -64,000 | -34,000 | -66,000 | -98,000 |
Total loans (as a percent) | 3.35% | 2.02% | ' | ' |
Non-residential | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 5,120,000 | 1,161,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -103,000 | -25,000 | -12,000 | -11,000 |
Total loans (as a percent) | 2.47% | 0.64% | ' | ' |
Consumer | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 419,000 | 414,000 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | ($12,000) | ($11,000) | ($10,000) | ($9,000) |
Total loans (as a percent) | 0.20% | 0.23% | ' | ' |
Loans_and_Servicing_Details_2
Loans and Servicing (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | $1,780,000 | $1,824,000 | ' |
Charge-offs | ' | ' | -137,000 | -377,000 | ' |
Recoveries | ' | ' | 46,000 | 142,000 | ' |
Provision (benefit) | 244,000 | 67,000 | 407,000 | 162,000 | ' |
Ending Balance | 2,096,000 | 1,751,000 | 2,096,000 | 1,751,000 | ' |
Allowance for loan losses individually evaluated for impairment | 217,000 | ' | 217,000 | ' | 320,000 |
Allowance for loan losses collectively evaluated for impairment | 1,879,000 | ' | 1,879,000 | ' | 1,460,000 |
Loans | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,159,000 | ' | 3,159,000 | ' | 3,115,000 |
Collectively evaluated for impairment | 204,343,000 | ' | 204,343,000 | ' | 178,694,000 |
Total Loans | 207,502,000 | ' | 207,502,000 | ' | 181,809,000 |
Residential loans: | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' |
Total Loans | 108,976,000 | ' | 108,976,000 | ' | 111,106,000 |
One- to four- family, residential loans | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 378,000 | 346,000 | ' |
Charge-offs | ' | ' | -130,000 | -144,000 | ' |
Recoveries | ' | ' | 43,000 | 137,000 | ' |
Provision (benefit) | ' | ' | -4,000 | 21,000 | ' |
Ending Balance | 287,000 | 360,000 | 287,000 | 360,000 | ' |
Allowance for loan losses individually evaluated for impairment | 7,000 | ' | 7,000 | ' | 93,000 |
Allowance for loan losses collectively evaluated for impairment | 280,000 | ' | 280,000 | ' | 285,000 |
Loans | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 322,000 | ' | 322,000 | ' | 658,000 |
Collectively evaluated for impairment | 93,414,000 | ' | 93,414,000 | ' | 94,888,000 |
Total Loans | 93,736,000 | ' | 93,736,000 | ' | 95,546,000 |
Home equity loans and lines of credit | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 254,000 | 341,000 | ' |
Provision (benefit) | ' | ' | -18,000 | -82,000 | ' |
Ending Balance | 236,000 | 259,000 | 236,000 | 259,000 | ' |
Allowance for loan losses individually evaluated for impairment | ' | ' | ' | ' | 13,000 |
Allowance for loan losses collectively evaluated for impairment | 236,000 | ' | 236,000 | ' | 241,000 |
Loans | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 429,000 | ' | 429,000 | ' | 45,000 |
Collectively evaluated for impairment | 14,811,000 | ' | 14,811,000 | ' | 15,515,000 |
Total Loans | 15,240,000 | ' | 15,240,000 | ' | 15,560,000 |
Commercial loans: | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' |
Total Loans | 78,143,000 | ' | 78,143,000 | ' | 58,084,000 |
One-to-four family investment property | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 62,000 | 59,000 | ' |
Provision (benefit) | ' | ' | 10,000 | -8,000 | ' |
Ending Balance | 72,000 | 51,000 | 72,000 | 51,000 | ' |
Allowance for loan losses collectively evaluated for impairment | 72,000 | ' | 72,000 | ' | 62,000 |
Loans | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 13,017,000 | ' | 13,017,000 | ' | 11,355,000 |
Total Loans | 13,017,000 | ' | 13,017,000 | ' | 11,355,000 |
Multi-family real estate | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 40,000 | 98,000 | ' |
Provision (benefit) | ' | ' | 3,000 | -27,000 | ' |
Ending Balance | 43,000 | 71,000 | 43,000 | 71,000 | ' |
Allowance for loan losses collectively evaluated for impairment | 43,000 | ' | 43,000 | ' | 40,000 |
Loans | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 5,731,000 | ' | 5,731,000 | ' | 5,346,000 |
Total Loans | 5,731,000 | ' | 5,731,000 | ' | 5,346,000 |
Commercial real estate | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 668,000 | 400,000 | ' |
Provision (benefit) | ' | ' | 216,000 | 248,000 | ' |
Ending Balance | 884,000 | 648,000 | 884,000 | 648,000 | ' |
Allowance for loan losses individually evaluated for impairment | 210,000 | ' | 210,000 | ' | 214,000 |
Allowance for loan losses collectively evaluated for impairment | 674,000 | ' | 674,000 | ' | 454,000 |
Loans | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 2,408,000 | ' | 2,408,000 | ' | 2,412,000 |
Collectively evaluated for impairment | 45,579,000 | ' | 45,579,000 | ' | 30,318,000 |
Total Loans | 47,987,000 | ' | 47,987,000 | ' | 32,730,000 |
Commercial business | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 159,000 | 234,000 | ' |
Charge-offs | ' | ' | ' | -11,000 | ' |
Provision (benefit) | ' | ' | 49,000 | -99,000 | ' |
Ending Balance | 208,000 | 124,000 | 208,000 | 124,000 | ' |
Allowance for loan losses collectively evaluated for impairment | 208,000 | ' | 208,000 | ' | 159,000 |
Loans | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 11,408,000 | ' | 11,408,000 | ' | 8,653,000 |
Total Loans | 11,408,000 | ' | 11,408,000 | ' | 8,653,000 |
Construction loans: | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' |
Total Loans | 19,964,000 | ' | 19,964,000 | ' | 12,205,000 |
One-to-four family, construction loans | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 149,000 | 228,000 | ' |
Charge-offs | ' | ' | ' | -191,000 | ' |
Provision (benefit) | ' | ' | 38,000 | 113,000 | ' |
Ending Balance | 187,000 | 150,000 | 187,000 | 150,000 | ' |
Allowance for loan losses collectively evaluated for impairment | 187,000 | ' | 187,000 | ' | 149,000 |
Loans | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 7,897,000 | ' | 7,897,000 | ' | 7,379,000 |
Total Loans | 7,897,000 | ' | 7,897,000 | ' | 7,379,000 |
Multi-family | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 34,000 | 98,000 | ' |
Provision (benefit) | ' | ' | 30,000 | -32,000 | ' |
Ending Balance | 64,000 | 66,000 | 64,000 | 66,000 | ' |
Allowance for loan losses collectively evaluated for impairment | 64,000 | ' | 64,000 | ' | 34,000 |
Loans | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 6,947,000 | ' | 6,947,000 | ' | 3,665,000 |
Total Loans | 6,947,000 | ' | 6,947,000 | ' | 3,665,000 |
Non-residential | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 25,000 | 11,000 | ' |
Provision (benefit) | ' | ' | 78,000 | 1,000 | ' |
Ending Balance | 103,000 | 12,000 | 103,000 | 12,000 | ' |
Allowance for loan losses collectively evaluated for impairment | 103,000 | ' | 103,000 | ' | 25,000 |
Loans | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 5,120,000 | ' | 5,120,000 | ' | 1,161,000 |
Total Loans | 5,120,000 | ' | 5,120,000 | ' | 1,161,000 |
Consumer | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 11,000 | 9,000 | ' |
Charge-offs | ' | ' | -7,000 | -31,000 | ' |
Recoveries | ' | ' | 3,000 | 5,000 | ' |
Provision (benefit) | ' | ' | 5,000 | 27,000 | ' |
Ending Balance | 12,000 | 10,000 | 12,000 | 10,000 | ' |
Allowance for loan losses collectively evaluated for impairment | 12,000 | ' | 12,000 | ' | 11,000 |
Loans | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 419,000 | ' | 419,000 | ' | 414,000 |
Total Loans | $419,000 | ' | $419,000 | ' | $414,000 |
Loans_and_Servicing_Details_3
Loans and Servicing (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 30 - 59 Days | $586 | $1,294 |
Loans delinquent for: 60 - 89 Days | ' | 286 |
Loans delinquent for: 90 days or more | 399 | 773 |
Total Past Due | 985 | 2,353 |
Total Current | 206,517 | 179,456 |
Total Loans | 207,502 | 181,809 |
Non-accrual Loans | 399 | 3,175 |
Residential loans: | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Loans | 108,976 | 111,106 |
One- to four- family, residential loans | ' | ' |
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 60 - 89 Days | ' | 284 |
Loans delinquent for: 90 days or more | ' | 374 |
Total Past Due | ' | 658 |
Total Current | 93,736 | 94,888 |
Total Loans | 93,736 | 95,546 |
Non-accrual Loans | ' | 658 |
Home equity loans and lines of credit | ' | ' |
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 30 - 59 Days | 15 | 16 |
Loans delinquent for: 90 days or more | 399 | 399 |
Total Past Due | 414 | 415 |
Total Current | 14,826 | 15,145 |
Total Loans | 15,240 | 15,560 |
Non-accrual Loans | 399 | 412 |
Commercial loans: | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Loans | 78,143 | 58,084 |
One-to-four family investment property | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 13,017 | 11,355 |
Total Loans | 13,017 | 11,355 |
Multi-family real estate | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 5,731 | 5,346 |
Total Loans | 5,731 | 5,346 |
Commercial real estate | ' | ' |
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 30 - 59 Days | 570 | 1,258 |
Total Past Due | 570 | 1,258 |
Total Current | 47,417 | 31,472 |
Total Loans | 47,987 | 32,730 |
Non-accrual Loans | ' | 2,105 |
Commercial business | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 11,408 | 8,653 |
Total Loans | 11,408 | 8,653 |
Construction loans: | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Loans | 19,964 | 12,205 |
One-to-four family, construction loans | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 7,897 | 7,379 |
Total Loans | 7,897 | 7,379 |
Multi-family | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 6,947 | 3,665 |
Total Loans | 6,947 | 3,665 |
Non-residential | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 5,120 | 1,161 |
Total Loans | 5,120 | 1,161 |
Consumer | ' | ' |
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 30 - 59 Days | 1 | 20 |
Loans delinquent for: 60 - 89 Days | ' | 2 |
Total Past Due | 1 | 22 |
Total Current | 418 | 392 |
Total Loans | $419 | $414 |
Loans_and_Servicing_Details_4
Loans and Servicing (Details 4) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | $429 | $32 |
Impaired loans with a valuation allowance | 2,730 | 3,083 |
Unpaid Principal Balance | ' | ' |
Impaired loans without a valuation allowance | 429 | 32 |
Impaired loans with a valuation allowance | 2,833 | 3,216 |
Related Allowance | ' | ' |
Impaired loans with a valuation allowance | 217 | 320 |
Average Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | 390 | 1,351 |
Impaired loans with a valuation allowance | 2,818 | 1,711 |
Interest Income Recognized | ' | ' |
Impaired loans without a valuation allowance | 1 | 23 |
Impaired loans with a valuation allowance | 102 | 30 |
One- to four- family, residential loans | ' | ' |
Recorded Investment | ' | ' |
Impaired loans with a valuation allowance | 322 | 658 |
Unpaid Principal Balance | ' | ' |
Impaired loans with a valuation allowance | 322 | 684 |
Related Allowance | ' | ' |
Impaired loans with a valuation allowance | 7 | 93 |
Average Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | ' | 176 |
Impaired loans with a valuation allowance | 397 | 734 |
Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | 9 | 10 |
Home equity loans and lines of credit | ' | ' |
Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | 429 | 32 |
Impaired loans with a valuation allowance | ' | 13 |
Unpaid Principal Balance | ' | ' |
Impaired loans without a valuation allowance | 429 | 32 |
Impaired loans with a valuation allowance | ' | 13 |
Related Allowance | ' | ' |
Impaired loans with a valuation allowance | ' | 13 |
Average Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | 390 | 30 |
Impaired loans with a valuation allowance | 11 | 13 |
Interest Income Recognized | ' | ' |
Impaired loans without a valuation allowance | 1 | ' |
Impaired loans with a valuation allowance | ' | 1 |
Commercial real estate | ' | ' |
Recorded Investment | ' | ' |
Impaired loans with a valuation allowance | 2,408 | 2,412 |
Unpaid Principal Balance | ' | ' |
Impaired loans with a valuation allowance | 2,511 | 2,519 |
Related Allowance | ' | ' |
Impaired loans with a valuation allowance | 210 | 214 |
Average Recorded Investment | ' | ' |
Impaired loans with a valuation allowance | 2,410 | 958 |
Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | 93 | 19 |
Commercial business | ' | ' |
Average Recorded Investment | ' | ' |
Impaired loans with a valuation allowance | ' | 6 |
One-to-four family, construction loans | ' | ' |
Average Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | ' | 801 |
Multi-family | ' | ' |
Average Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | ' | 344 |
Interest Income Recognized | ' | ' |
Impaired loans without a valuation allowance | ' | $23 |
Loans_and_Servicing_Details_5
Loans and Servicing (Details 5) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 |
item | item | One-to-four family, construction loans | One-to-four family, construction loans | |
loan | loan | |||
Loans modified and classified as troubled debt restructures | ' | ' | ' | ' |
Number of loan modifications that resulted in the classification of TDR | ' | ' | 2 | 1 |
Additional fund advanced to the borrower | ' | ' | ' | $32,000 |
Commitments to lend additional funds to borrowers with modified loans | ' | ' | ' | 0 |
Additional funds to complete the project and allow time for the sale of the property | ' | ' | 35,000 | ' |
Loan loss recovery attributable to refinancing of the first mortgage | ' | ' | $133,000 | ' |
Number of TDRs in default of their modified terms | 0 | 0 | ' | ' |
Loans_and_Servicing_Details_6
Loans and Servicing (Details 6) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | grade | |
Loans by risk rating | ' | ' |
Total Loans | $207,502 | $181,809 |
Internal Loan Rating System | ' | ' |
Number of grades in internal loan rating system | 9 | ' |
Not formally rated | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 108,674 | 110,418 |
Pass | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 95,634 | 66,539 |
Pass | Minimum of range | ' | ' |
Internal Loan Rating System | ' | ' |
Grade assigned in internal loan rating system | 1 | ' |
Pass | Maximum of range | ' | ' |
Internal Loan Rating System | ' | ' |
Grade assigned in internal loan rating system | 5 | ' |
Special mention | ' | ' |
Internal Loan Rating System | ' | ' |
Grade assigned in internal loan rating system | 6 | ' |
Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 3,194 | 4,852 |
Internal Loan Rating System | ' | ' |
Grade assigned in internal loan rating system | 7 | ' |
Doubtful | ' | ' |
Internal Loan Rating System | ' | ' |
Grade assigned in internal loan rating system | 8 | ' |
Loss | ' | ' |
Internal Loan Rating System | ' | ' |
Grade assigned in internal loan rating system | 9 | ' |
Residential loans: | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 108,976 | 111,106 |
One- to four- family, residential loans | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 93,736 | 95,546 |
One- to four- family, residential loans | Not formally rated | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 93,414 | 94,888 |
One- to four- family, residential loans | Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 322 | 658 |
Home equity loans and lines of credit | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 15,240 | 15,560 |
Home equity loans and lines of credit | Not formally rated | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 14,841 | 15,116 |
Home equity loans and lines of credit | Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 399 | 444 |
Commercial loans: | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 78,143 | 58,084 |
One-to four-family investment property | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 13,017 | 11,355 |
One-to four-family investment property | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 13,017 | 11,355 |
Multi-family real estate | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 5,731 | 5,346 |
Multi-family real estate | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 5,731 | 5,346 |
Commercial real estate | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 47,987 | 32,730 |
Commercial real estate | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 45,579 | 29,147 |
Commercial real estate | Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 2,408 | 3,583 |
Commercial business | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 11,408 | 8,653 |
Commercial business | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 11,343 | 8,486 |
Commercial business | Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 65 | 167 |
Construction loans: | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 19,964 | 12,205 |
One-to four-family, construction loans | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 7,897 | 7,379 |
One-to four-family, construction loans | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 7,897 | 7,379 |
Multi-family | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 6,947 | 3,665 |
Multi-family | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 6,947 | 3,665 |
Non-residential | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 5,120 | 1,161 |
Non-residential | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 5,120 | 1,161 |
Consumer | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | 419 | 414 |
Consumer | Not formally rated | ' | ' |
Loans by risk rating | ' | ' |
Total Loans | $419 | $414 |
Loans_and_Servicing_Details_7
Loans and Servicing (Details 7) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Loans serviced for others | ' | ' | ' |
Unpaid principal balances of mortgage loans serviced for others not included in the accompanying consolidated balance sheets | $114,400,000 | ' | $96,800,000 |
Moving average term of U.S. Treasury rate used to estimate the discount rate in order to determine the fair value of servicing rights (in years) | '10 years | ' | ' |
Percentage added to the moving average 10-year U.S. Treasury rate to estimate the discount rate used to determine the fair value of servicing rights | 5.00% | ' | ' |
Mortgage servicing rights capitalized and amortized | ' | ' | ' |
Balance at beginning of period | 910,000 | 475,000 | ' |
Additions | 440,000 | 386,000 | ' |
Amortization | -254,000 | -173,000 | ' |
Balance at end of period | 1,096,000 | 688,000 | ' |
Valuation allowances: | ' | ' | ' |
Balance at beginning of period | 20,000 | 17,000 | ' |
Additions | 58,000 | 60,000 | ' |
Recoveries | -15,000 | ' | ' |
Balance at end of period | 63,000 | 77,000 | ' |
Mortgage servicing assets, net | 1,033,000 | 611,000 | ' |
Fair value of mortgage servicing assets | $1,286,000 | $639,000 | ' |
Secured_Borrowings_and_Collate1
Secured Borrowings and Collateral (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
First mortgage loans on owner-occupied residential property | ' |
Secured borrowings and collateral | ' |
Amount of qualified collateral pledged on FHLB Boston advances | $85.10 |
Mortgage-backed securities | ' |
Secured borrowings and collateral | ' |
Amount of qualified collateral pledged on FHLB Boston advances | $17.90 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | $19,029 | ' |
Residential mortgage-backed securities | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 16,629 | 8,184 |
State and municipal | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 2,400 | ' |
Level 2 | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 19,029 | 8,184 |
Total Assets at Fair Value | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 19,029 | 8,184 |
Recurring basis | Level 2 | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 19,029 | ' |
Recurring basis | Level 2 | Residential mortgage-backed securities | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 16,629 | 8,184 |
Recurring basis | Level 2 | State and municipal | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 2,400 | ' |
Recurring basis | Total Assets at Fair Value | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 19,029 | ' |
Recurring basis | Total Assets at Fair Value | Residential mortgage-backed securities | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 16,629 | 8,184 |
Recurring basis | Total Assets at Fair Value | State and municipal | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | $2,400 | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Capitalized mortgage servicing rights | ' | ' |
Moving average term of U.S. Treasury rate used to estimate the discount rate in order to determine the fair value of servicing rights | '10 years | ' |
Percentage added to the moving average 10-year U.S. Treasury rate to estimate the discount rate used to determine the fair value of servicing rights | 5.00% | ' |
Short-term FHLB advances | ' | ' |
Maturity period of short-term FHLB advances | '90 days | ' |
Non-recurring basis | ' | ' |
Fair value measurements | ' | ' |
Adjustments to Fair Value | ($241) | ($339) |
Non-recurring basis | Impaired Loans | ' | ' |
Fair value measurements | ' | ' |
Adjustments to Fair Value | -217 | -320 |
Non-recurring basis | Other Real Estate Owned | ' | ' |
Fair value measurements | ' | ' |
Adjustments to Fair Value | -24 | -19 |
Non-recurring basis | Level 3 | ' | ' |
Fair value measurements | ' | ' |
Assets at Fair Value | 2,533 | 2,966 |
Non-recurring basis | Level 3 | Impaired Loans | ' | ' |
Fair value measurements | ' | ' |
Assets at Fair Value | 2,513 | 2,763 |
Non-recurring basis | Level 3 | Other Real Estate Owned | ' | ' |
Fair value measurements | ' | ' |
Assets at Fair Value | 20 | 203 |
Non-recurring basis | Assets at Fair Value | ' | ' |
Fair value measurements | ' | ' |
Assets at Fair Value | 2,533 | 2,966 |
Non-recurring basis | Assets at Fair Value | Impaired Loans | ' | ' |
Fair value measurements | ' | ' |
Assets at Fair Value | 2,513 | 2,763 |
Non-recurring basis | Assets at Fair Value | Other Real Estate Owned | ' | ' |
Fair value measurements | ' | ' |
Assets at Fair Value | $20 | $203 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Securities available for sale | $19,029 | ' |
Financial liabilities: | ' | ' |
Short-term FHLB advances | 34,575 | ' |
Mortgagor's escrow accounts | 1,248 | 1,034 |
Level 1 | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 8,307 | 6,789 |
FHLB stock | 2,649 | 2,861 |
Loans held for sale | 1,027 | 2,642 |
Accrued interest receivable | 682 | 617 |
Financial liabilities: | ' | ' |
Mortgagor's escrow accounts | 1,248 | 1,034 |
Accrued interest payable | 44 | 60 |
Level 2 | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 19,029 | 8,184 |
Securities held to maturity | 1,263 | 1,731 |
Capitalized mortgage servicing rights | 1,286 | 1,099 |
Financial liabilities: | ' | ' |
Deposits | 162,383 | 154,860 |
Short-term FHLB advances | 34,575 | ' |
Long-term FHLB advances | 18,402 | 24,100 |
Level 3 | ' | ' |
Financial assets: | ' | ' |
Loans, net | 206,781 | 188,198 |
Total | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 8,307 | 6,789 |
Securities available for sale | 19,029 | 8,184 |
Securities held to maturity | 1,263 | 1,731 |
FHLB stock | 2,649 | 2,861 |
Loans held for sale | 1,027 | 2,642 |
Loans, net | 206,781 | 188,198 |
Accrued interest receivable | 682 | 617 |
Capitalized mortgage servicing rights | 1,286 | 1,099 |
Financial liabilities: | ' | ' |
Deposits | 162,383 | 154,860 |
Short-term FHLB advances | 34,575 | ' |
Long-term FHLB advances | 18,402 | 24,100 |
Mortgagor's escrow accounts | 1,248 | 1,034 |
Accrued interest payable | 44 | 60 |
Carrying Amount | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 8,307 | 6,789 |
Securities available for sale | 19,029 | 8,184 |
Securities held to maturity | 1,169 | 1,594 |
FHLB stock | 2,649 | 2,861 |
Loans held for sale | 1,012 | 2,606 |
Loans, net | 205,900 | 180,599 |
Accrued interest receivable | 682 | 617 |
Capitalized mortgage servicing rights | 1,033 | 890 |
Financial liabilities: | ' | ' |
Deposits | 162,007 | 154,439 |
Short-term FHLB advances | 34,575 | ' |
Long-term FHLB advances | 18,100 | 23,600 |
Mortgagor's escrow accounts | 1,248 | 1,034 |
Accrued interest payable | $44 | $60 |
Equity_Incentive_Plan_Details
Equity Incentive Plan (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
item | |
Equity Incentive Plan | ' |
Number of equity incentive plans | 1 |
Stock Options | ' |
Number of Shares | ' |
Outstanding at beginning of year (in shares) | 40,681 |
Granted (in shares) | 22,000 |
Cancelled (in shares) | -3,988 |
Forfeited (in shares) | -5,769 |
Outstanding at end of period (in shares) | 52,924 |
Exercisable at end of period (in shares) | 17,176 |
Weighted Average Exercise Price | ' |
Outstanding at beginning of year (in dollars per share) | 9.49 |
Granted (in dollars per share) | 14 |
Cancelled (in dollars per share) | 9.85 |
Forfeited (in dollars per share) | 11.45 |
Outstanding at end of period (in dollars per share) | 11.12 |
Weighted average fair value of options granted during the period (in dollars per share) | 5.31 |
Equity_Incentive_Plan_Details_
Equity Incentive Plan (Details 2) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 52,924 |
Weighted-Average Remaining Contractual Life | '8 years 1 month 17 days |
Weighted Average Exercise Price (in dollars per share) | $11.12 |
Options Exercisable | ' |
Number Exercisable at the end of the period (in shares) | 17,176 |
Weighted Average Exercise Price (in dollars per share) | $9.45 |
Exercise Price one | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 10,712 |
Weighted-Average Remaining Contractual Life | '6 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $9.33 |
Options Exercisable | ' |
Number Exercisable at the end of the period (in shares) | 8,406 |
Weighted Average Exercise Price (in dollars per share) | $9.33 |
Exercise Price two | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 12,166 |
Weighted-Average Remaining Contractual Life | '7 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $9.55 |
Options Exercisable | ' |
Number Exercisable at the end of the period (in shares) | 6,135 |
Weighted Average Exercise Price (in dollars per share) | $9.55 |
Exercise Price three | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 10,896 |
Weighted-Average Remaining Contractual Life | '8 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $9.58 |
Options Exercisable | ' |
Number Exercisable at the end of the period (in shares) | 2,635 |
Weighted Average Exercise Price (in dollars per share) | $9.58 |
Exercise Price four | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 19,150 |
Weighted-Average Remaining Contractual Life | '9 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $14 |
Equity_Incentive_Plan_Details_1
Equity Incentive Plan (Details 3) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Additional Disclosures | ' |
Weighted average period for recognition of share-based compensation | '3 years 6 months |
Stock Options | ' |
Additional Disclosures | ' |
Unrecognized share-based compensation expense related to non-vested options (in dollars) | 132,000 |
Share-based compensation expense recognized (in dollars) | 40,000 |
Tax benefit from recognized compensation expense (in dollars) | 7,000 |
Non-vested Restricted Stock | ' |
Number of Shares | ' |
Outstanding at beginning of year (in shares) | 30,281 |
Granted (in shares) | 22,000 |
Vested (in shares) | -10,761 |
Forfeited (in shares) | -5,769 |
Outstanding at end of period (in shares) | 35,751 |
Weighted Average Grant Date Value | ' |
Outstanding at beginning of year (in dollars per share) | 8.49 |
Granted (in dollars per share) | 12.76 |
Vested (in dollars per share) | 8.48 |
Forfeited (in dollars per share) | 10.31 |
Outstanding at end of period (in dollars per share) | 10.83 |
Additional Disclosures | ' |
Unrecognized share-based compensation expense related to non-vested restricted stock (in dollars) | 313,000 |
Share-based compensation expense recognized (in dollars) | 90,000 |
Tax benefit from recognized compensation expense (in dollars) | 36,000 |