Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 07, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Georgetown Bancorp, Inc. | ' |
Entity Central Index Key | '0001542299 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
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 | ' | 1,827,083 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $2,551 | $3,290 |
Short-term investments | 1,750 | 3,005 |
Total cash and cash equivalents | 4,301 | 6,295 |
Securities available for sale, at fair value | 20,547 | 18,281 |
Securities held to maturity, at amortized cost | 905 | 1,050 |
Federal Home Loan Bank stock, at cost | 2,907 | 2,907 |
Loans held for sale | 2,070 | 1,001 |
Loans, net of allowance for loan losses of $2,172,000 at June 30, 2014 and $2,396,000 at December 31, 2013 | 224,406 | 223,912 |
Premises and equipment, net | 3,715 | 3,669 |
Accrued interest receivable | 725 | 729 |
Bank-owned life insurance | 2,948 | 2,898 |
Other assets | 2,052 | 2,291 |
Total assets | 264,576 | 263,033 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Deposits | 180,464 | 175,961 |
Short-term Federal Home Loan Bank advances | 26,750 | 32,825 |
Long-term Federal Home Loan Bank advances | 24,100 | 22,100 |
Mortgagors' escrow accounts | 1,324 | 1,230 |
Accrued expenses and other liabilities | 2,238 | 1,975 |
Total liabilities | 234,876 | 234,091 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value per share: 50,000,000 shares authorized; none outstanding | ' | ' |
Common stock, $0.01 par value per share: 100,000,000 shares authorized, 1,828,184 shares issued at June 30, 2014 and 1,831,518 shares issued at December 31, 2013 | 18 | 18 |
Additional paid-in capital | 19,194 | 19,212 |
Retained earnings | 11,887 | 11,388 |
Accumulated other comprehensive income (loss) | 33 | -389 |
Unearned compensation - ESOP (90,506 shares unallocated at June 30, 2014 and 94,126 shares unallocated at December 31, 2013) | -960 | -1,001 |
Unearned compensation - Restricted stock (39,500 shares non-vested at June 30, 2014 and 35,751 shares non-vested at December 31, 2013) | -472 | -286 |
Total stockholders' equity | 29,700 | 28,942 |
Total liabilities and stockholders' equity | $264,576 | $263,033 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Loans, allowance for loan losses (in dollars) | $2,172 | $2,396 |
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 | 1,828,184 | 1,831,518 |
Unearned compensation - ESOP shares unallocated | 90,506 | 94,126 |
Non-vested Restricted Stock | ' | ' |
Unearned compensation - Restricted stock shares non-vested | 39,500 | 35,751 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest and dividend income: | ' | ' | ' | ' |
Loans, including fees | $2,623 | $2,189 | $5,253 | $4,345 |
Securities | 151 | 84 | 288 | 138 |
Short-term investments | 1 | 1 | 2 | 3 |
Total interest and dividend income | 2,775 | 2,274 | 5,543 | 4,486 |
Interest expense: | ' | ' | ' | ' |
Deposits | 210 | 133 | 404 | 273 |
Short-term Federal Home Loan Bank advances | 14 | 8 | 29 | 12 |
Long-term Federal Home Loan Bank advances | 140 | 141 | 270 | 292 |
Total interest expense | 364 | 282 | 703 | 577 |
Net interest and dividend income | 2,411 | 1,992 | 4,840 | 3,909 |
Provision for loan losses | ' | 73 | ' | 163 |
Net interest and dividend income, after provision for loan losses | 2,411 | 1,919 | 4,840 | 3,746 |
Non-interest income: | ' | ' | ' | ' |
Customer service fees | 139 | 148 | 279 | 281 |
Mortgage banking income, net | 81 | 234 | 124 | 655 |
Income from bank-owned life insurance | 25 | 25 | 50 | 49 |
Net gain on sale of other real estate owned | 8 | 3 | 8 | 22 |
Other | 30 | 35 | 65 | 59 |
Total non-interest income | 283 | 445 | 526 | 1,066 |
Non-interest expenses: | ' | ' | ' | ' |
Salaries and employee benefits | 1,177 | 1,234 | 2,416 | 2,431 |
Occupancy and equipment expenses | 243 | 211 | 495 | 442 |
Data processing expenses | 145 | 162 | 316 | 348 |
Professional fees | 125 | 131 | 270 | 218 |
Advertising expenses | 88 | 75 | 176 | 150 |
FDIC insurance | 42 | 35 | 85 | 75 |
Other general and administrative expenses | 279 | 278 | 578 | 573 |
Total non-interest expenses | 2,099 | 2,126 | 4,336 | 4,237 |
Income before income taxes | 595 | 238 | 1,030 | 575 |
Income tax provision | 221 | 88 | 381 | 216 |
Net income | $374 | $150 | $649 | $359 |
Weighted-average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 1,740,806 | 1,829,186 | 1,739,671 | 1,836,081 |
Diluted (in shares) | 1,743,531 | 1,837,453 | 1,744,107 | 1,842,220 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.21 | $0.08 | $0.37 | $0.19 |
Diluted (in dollars per share) | $0.21 | $0.08 | $0.37 | $0.19 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Net income | $374 | $150 | $649 | $359 |
Net unrealized gain (loss) on securities available for sale | 384 | -628 | 657 | -657 |
Income tax (provision) benefit | -137 | 226 | -235 | 236 |
Other comprehensive income (loss), net of tax | 247 | -402 | 422 | -421 |
Comprehensive income (loss) | $621 | ($252) | $1,071 | ($62) |
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 |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2012 | $30,563 | $19 | $20,669 | $10,958 | $183 | ($1,084) | ($182) |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 359 | ' | ' | 359 | ' | ' | ' |
Other comprehensive (loss) income | -421 | ' | ' | ' | -421 | ' | ' |
Cash dividends paid ($0.0825 and $0.08 per share for the period ended June 30, 2014 and June 30, 2013 respectively) | -155 | ' | ' | -155 | ' | ' | ' |
Repurchased stock related to buyback program (17,000 and 67,912 shares for the period ended June 30, 2014 and June 30, 2013 respectively) | -933 | ' | -933 | ' | ' | ' | ' |
Common stock held by ESOP allocated or committed to be allocated (3,620 shares) | 48 | ' | 6 | ' | ' | 42 | ' |
Restricted stock granted in connection with equity incentive plan (22,000 shares) | ' | ' | 281 | ' | ' | ' | -281 |
Purchased stock related to vested restricted stock (2,417 and 1,933 shares for the period ended June 30, 2014 and June 30, 2013 respectively) | -25 | ' | -25 | ' | ' | ' | ' |
Forfeiture of restricted stock (7,005 and 5,769 shares for the period ended June 30, 2014 and June 30, 2013 respectively) | ' | ' | -60 | ' | ' | ' | 60 |
Cash disposition of stock options | -6 | ' | -6 | ' | ' | ' | ' |
Share based compensation - options | 27 | ' | 27 | ' | ' | ' | ' |
Share based compensation - restricted stock | 62 | ' | ' | ' | ' | ' | 62 |
Balance at Jun. 30, 2013 | 29,519 | 19 | 19,959 | 11,162 | -238 | -1,042 | -341 |
Balance at Dec. 31, 2013 | 28,942 | 18 | 19,212 | 11,388 | -389 | -1,001 | -286 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 649 | ' | ' | 649 | ' | ' | ' |
Other comprehensive (loss) income | 422 | ' | ' | ' | 422 | ' | ' |
Cash dividends paid ($0.0825 and $0.08 per share for the period ended June 30, 2014 and June 30, 2013 respectively) | -150 | ' | ' | -150 | ' | ' | ' |
Repurchased stock related to buyback program (17,000 and 67,912 shares for the period ended June 30, 2014 and June 30, 2013 respectively) | -252 | ' | -252 | ' | ' | ' | ' |
Common stock held by ESOP allocated or committed to be allocated (3,620 shares) | 55 | ' | 14 | ' | ' | 41 | ' |
Restricted stock granted in connection with equity incentive plan (22,000 shares) | ' | ' | 329 | ' | ' | ' | -329 |
Purchased stock related to vested restricted stock (2,417 and 1,933 shares for the period ended June 30, 2014 and June 30, 2013 respectively) | -36 | ' | -36 | ' | ' | ' | ' |
Forfeiture of restricted stock (7,005 and 5,769 shares for the period ended June 30, 2014 and June 30, 2013 respectively) | ' | ' | -91 | ' | ' | ' | 91 |
Exercise of stock options (3,263 shares) | 34 | ' | 34 | ' | ' | ' | ' |
Purchased shares from cashless exercise of options (2,175 shares) | -33 | ' | -33 | ' | ' | ' | ' |
Share based compensation - options | 17 | ' | 17 | ' | ' | ' | ' |
Share based compensation - restricted stock | 52 | ' | ' | ' | ' | ' | 52 |
Balance at Jun. 30, 2014 | $29,700 | $18 | $19,194 | $11,887 | $33 | ($960) | ($472) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash dividend paid (in dollars per share) | $0.08 | $0.08 |
Repurchased stock related to buyback program (in shares) | 17,000 | 67,912 |
Common stock held by ESOP allocated or committed to be allocated (in shares) | 3,620 | 3,620 |
Restricted stock granted in connection with equity incentive plan (in shares) | 22,000 | 22,000 |
Purchased stock related to vested restricted stock (in shares) | 2,417 | 1,933 |
Forfeiture of restricted stock (in shares) | 7,005 | 5,769 |
Exercise of stock options (in shares) | 3,263 | ' |
Purchase shares from cashless exercise of options (in shares) | 2,175 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $649 | $359 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | ' | 163 |
Amortization of securities, net | 62 | 50 |
Net change in deferred loan fees and costs | -73 | 40 |
Depreciation and amortization expense | 160 | 136 |
Decrease (increase) in accrued interest receivable | 4 | -47 |
Income from bank-owned life insurance | -50 | -49 |
Stock-based compensation expense | 124 | 137 |
Gain on sales of loans | -48 | -688 |
Loans originated for sale | -10,579 | -25,319 |
Proceeds from sales of loans, net of repurchases | 9,558 | 27,767 |
Gain on sale of other real estate owned | -8 | -22 |
Write down of other real estate owned | ' | 5 |
Net change in other assets and liabilities | 267 | -187 |
Net cash provided by operating activities | 66 | 2,345 |
Activity in securities available for sale: | ' | ' |
Maturities, prepayments and calls | 886 | 1,550 |
Purchases | -2,558 | -7,624 |
Maturities, prepayments and calls of securities held to maturity | 146 | 298 |
Redemption of Federal Home Loan Bank stock | ' | 232 |
Loan originations, net | -421 | -10,484 |
Proceeds from sale of other real estate owned | 8 | 444 |
Purchase of premises and equipment | -206 | -137 |
Net cash used in investing activities | -2,145 | -15,721 |
Cash flows from financing activities: | ' | ' |
Net change in deposits | 4,503 | -3,692 |
Net change in Federal Home Loan Bank advances with maturities of three months or less | -6,075 | 21,750 |
Proceeds from Federal Home Loan Bank advances with maturities greater than three months | 2,500 | 2,000 |
Repayments of Federal Home Loan Bank advances with maturities greater than three months | -500 | -6,000 |
Net change in mortgagors' escrow accounts | 94 | 77 |
Repurchase of common stock | -321 | -958 |
Cash dividends paid on common stock | -150 | -155 |
Exercise of stock options | 34 | ' |
Cash disposition of stock options | ' | -6 |
Net cash provided by financing activities | 85 | 13,016 |
Net change in cash and cash equivalents | -1,994 | -360 |
Cash and cash equivalents at beginning of period | 6,295 | 6,789 |
Cash and cash equivalents at end of period | 4,301 | 6,429 |
Supplementary information: | ' | ' |
Interest paid on deposit accounts | 402 | 272 |
Interest paid on advances | 296 | 319 |
Income taxes paid | 291 | 187 |
Loans transferred to other real estate owned | ' | 244 |
Due to broker for investment purchase | ' | $5,669 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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 six-month period ended June 30, 2014 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, 2013 Consolidated Financial Statements presented in the Annual Report on Form 10-K of the Company filed with the Securities and Exchange Commission on March 28, 2014. 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 | 6 Months Ended |
Jun. 30, 2014 | |
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. |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
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 | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net income available to common stockholders | $ | 374,000 | $ | 150,000 | $ | 649,000 | $ | 359,000 | ||||||
Basic common shares: | ||||||||||||||
Weighted average shares outstanding | 1,787,851 | 1,891,109 | 1,789,851 | 1,899,812 | ||||||||||
Less: Weighted average unallocated ESOP shares | (91,680 | ) | (98,921 | ) | (92,585 | ) | (99,826 | ) | ||||||
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights | 44,635 | 36,998 | 42,405 | 36,095 | ||||||||||
Basic weighted average common shares outstanding | 1,740,806 | 1,829,186 | 1,739,671 | 1,836,081 | ||||||||||
Dilutive potential common shares | 2,725 | 8,267 | 4,436 | 6,139 | ||||||||||
Diluted weighted average common shares outstanding | 1,743,531 | 1,837,453 | 1,744,107 | 1,842,220 | ||||||||||
Basic earnings per share | $ | 0.21 | $ | 0.08 | $ | 0.37 | $ | 0.19 | ||||||
Diluted earnings per share | $ | 0.21 | $ | 0.08 | $ | 0.37 | $ | 0.19 | ||||||
Options to purchase 64,244 shares, representing all outstanding options, were included in the computation of diluted earnings per share for the three and six-month period ended June 30, 2014. Options to purchase 36,211 shares, representing outstanding options that were granted in 2010, 2011 and 2012, were included in the computation of diluted earnings per share for the three and six-month period ended June 30, 2013. Options to purchase 19,150 shares, representing outstanding options that were granted in 2013, were not included in the computation of diluted earnings per share for the three and six-month period ended June 30, 2013, because to do so would have been antidilutive. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
(4) Recent Accounting Pronouncements | |
In January 2014, the FASB issued ASU 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in this ASU apply to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes as follows: | |
1. For reporting entities that meet the conditions for and that elect to use the proportional amortization method to account for investments in qualified affordable housing projects, all amendments in this ASU apply. | |
2. For reporting entities that do not meet the conditions for or that do not elect the proportional amortization method, only the amendments in this ASU that are related to disclosures apply. | |
The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of the amendments in this ASU is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (i) the amount of foreclosed residential real estate property held by the creditor and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For entities other than public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. An entity can elect to adopt the amendments in this ASU using either a modified retrospective transition method or a prospective transition method. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changes the criteria for reporting discontinued operations and modifies related disclosure requirements. The new guidance is effective on a prospective basis for fiscal years beginning on or after December 15, 2014, and interim periods within those years. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. For nonpublic entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early application is permitted, but no earlier than an annual reporting period beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The amendments in this ASU require two accounting changes. First, the amendments in this ASU change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. This ASU also includes new disclosure requirements. The accounting changes in this Update are effective for public business entities for the first interim or annual period beginning after December 15, 2014. For all other entities, the accounting changes are effective for annual periods beginning after December 15, 2014, and interim periods beginning after December 15, 2015. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application for a public business entity is prohibited; however, all other entities may elect to apply the requirements for interim periods beginning after December 15, 2014. The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period.” The amendments in this ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Earlier adoption is permitted. ASU 2014-12 may be adopted either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements, and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. |
Securities
Securities | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Securities | ' | |||||||||||||
Securities | ' | |||||||||||||
(5) Securities | ||||||||||||||
A summary of securities is as follows. | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At June 30, 2014 | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | 2,481 | $ | 36 | $ | (27 | ) | $ | 2,490 | |||||
Residential mortgage-backed securities | 18,014 | 173 | (130 | ) | 18,057 | |||||||||
Total securities available for sale | $ | 20,495 | $ | 209 | $ | (157 | ) | $ | 20,547 | |||||
Securities held to maturity | ||||||||||||||
Residential mortgage-backed securities | $ | 905 | $ | 86 | $ | — | $ | 991 | ||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At December 31, 2013 | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | 2,505 | $ | 4 | $ | (115 | ) | $ | 2,394 | |||||
Residential mortgage-backed securities | 16,381 | 67 | (561 | ) | 15,887 | |||||||||
Total securities available for sale | $ | 18,886 | $ | 71 | $ | (676 | ) | $ | 18,281 | |||||
Securities held to maturity | ||||||||||||||
Residential mortgage-backed securities | $ | 1,050 | $ | 86 | $ | — | $ | 1,136 | ||||||
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 June 30, 2014 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 | $ | 2,481 | $ | 2,490 | $ | — | $ | — | ||||||
Residential mortgage-backed securities | 18,014 | 18,057 | 905 | 991 | ||||||||||
$ | 20,495 | $ | 20,547 | $ | 905 | $ | 991 | |||||||
There were no sales of securities for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||
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 | Twelve Months or Greater | |||||||||||||
Gross | Gross | |||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||
Losses | Value | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At June 30, 2014: | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | — | $ | — | $ | (27 | ) | $ | 1,357 | |||||
Residential mortgage-backed securities | (7 | ) | 2,405 | (123 | ) | 5,630 | ||||||||
Total temporarily impaired securities | $ | (7 | ) | $ | 2,405 | $ | (150 | ) | $ | 6,987 | ||||
At December 31, 2013 | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | (115 | ) | $ | 1,827 | $ | — | $ | — | |||||
Residential mortgage-backed securities | (561 | ) | 13,389 | — | — | |||||||||
Total temporarily impaired securities | $ | (676 | ) | $ | 15,216 | $ | — | $ | — | |||||
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 June 30, 2014 nine securities classified as available for sale had an unrealized loss with aggregate depreciation of 1.65% 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. |
Loans_and_Servicing
Loans and Servicing | 6 Months Ended | |||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Loans and Servicing | ' | |||||||||||||||||||||||||||||||||||||
Loans and Servicing | ' | |||||||||||||||||||||||||||||||||||||
(6) Loans and Servicing | ||||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||
A summary of loans is as follows. | ||||||||||||||||||||||||||||||||||||||
At | At | |||||||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 90,939 | 40.23 | % | $ | 92,450 | 40.93 | % | ||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 15,422 | 6.82 | 15,399 | 6.82 | ||||||||||||||||||||||||||||||||||
Total residential mortgage loans | 106,361 | 47.05 | 107,849 | 47.75 | ||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | 9,438 | 4.17 | 11,089 | 4.91 | ||||||||||||||||||||||||||||||||||
Multi-family real estate | 13,729 | 6.07 | 14,462 | 6.4 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 53,884 | 23.83 | 54,272 | 24.02 | ||||||||||||||||||||||||||||||||||
Commercial business | 16,521 | 7.31 | 16,681 | 7.39 | ||||||||||||||||||||||||||||||||||
Total commercial loans | 93,572 | 41.38 | 96,504 | 42.72 | ||||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | 12,068 | 5.34 | 9,848 | 4.36 | ||||||||||||||||||||||||||||||||||
Multi-family | 9,435 | 4.18 | 7,304 | 3.24 | ||||||||||||||||||||||||||||||||||
Non-residential | 4,251 | 1.88 | 3,955 | 1.75 | ||||||||||||||||||||||||||||||||||
Total construction loans | 25,754 | 11.4 | 21,107 | 9.35 | ||||||||||||||||||||||||||||||||||
Consumer | 378 | 0.17 | 408 | 0.18 | ||||||||||||||||||||||||||||||||||
Total loans | 226,065 | 100 | % | 225,868 | 100 | % | ||||||||||||||||||||||||||||||||
Other items: | ||||||||||||||||||||||||||||||||||||||
Net deferred loan costs | 513 | 440 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (2,172 | ) | (2,396 | ) | ||||||||||||||||||||||||||||||||||
Total loans, net | $ | 224,406 | $ | 223,912 | ||||||||||||||||||||||||||||||||||
An analysis of the allowance for loan losses at and for the six months ended June 30, 2014 and 2013 and at December 31, 2013 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 | Unallocated | Total | |||||||||||||||||||||||||||
family | loans and | family | real estate | real estate | business | family | residential | |||||||||||||||||||||||||||||||
lines of credit | investment | |||||||||||||||||||||||||||||||||||||
property | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 284 | $ | 274 | $ | 61 | $ | 108 | $ | 1,056 | $ | 291 | $ | 133 | $ | 66 | $ | 63 | $ | 15 | $ | 45 | $ | 2,396 | ||||||||||||||
Charge-offs | — | (14 | ) | — | — | (211 | ) | — | — | — | — | (1 | ) | — | (226 | ) | ||||||||||||||||||||||
Recoveries | — | 1 | — | — | — | — | — | — | — | 1 | — | 2 | ||||||||||||||||||||||||||
(Benefit) provision | (2 | ) | (28 | ) | (9 | ) | (5 | ) | (3 | ) | (7 | ) | (23 | ) | 19 | 5 | (5 | ) | 58 | — | ||||||||||||||||||
Ending Balance | $ | 282 | $ | 233 | $ | 52 | $ | 103 | $ | 842 | $ | 284 | $ | 110 | $ | 85 | $ | 68 | $ | 10 | $ | 103 | $ | 2,172 | ||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 378 | $ | 254 | $ | 62 | $ | 40 | $ | 668 | $ | 159 | $ | 149 | $ | 34 | $ | 25 | $ | 11 | $ | — | $ | 1,780 | ||||||||||||||
Charge-offs | (130 | ) | — | — | — | — | — | — | — | — | (2 | ) | — | (132 | ) | |||||||||||||||||||||||
Recoveries | 13 | — | — | — | — | — | — | — | — | 3 | — | 16 | ||||||||||||||||||||||||||
Provision (benefit) | 37 | (8 | ) | 14 | 5 | 65 | 13 | (28 | ) | 2 | 64 | (1 | ) | — | 163 | |||||||||||||||||||||||
Ending Balance | $ | 298 | $ | 246 | $ | 76 | $ | 45 | $ | 733 | $ | 172 | $ | 121 | $ | 36 | $ | 89 | $ | 11 | $ | — | $ | 1,827 | ||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7 | $ | — | $ | — | $ | — | $ | 37 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 44 | ||||||||||||||
Collectively evaluated for impairment | 275 | 233 | 52 | 103 | 805 | 284 | 110 | 85 | 68 | 10 | 103 | 2,128 | ||||||||||||||||||||||||||
$ | 282 | $ | 233 | $ | 52 | $ | 103 | $ | 842 | $ | 284 | $ | 110 | $ | 85 | $ | 68 | $ | 10 | $ | 103 | $ | 2,172 | |||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 319 | $ | 28 | $ | — | $ | — | $ | 565 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 912 | ||||||||||||||
Collectively evaluated for impairment | 90,620 | 15,394 | 9,438 | 13,729 | 53,319 | 16,521 | 12,068 | 9,435 | 4,251 | 378 | — | 225,153 | ||||||||||||||||||||||||||
$ | 90,939 | $ | 15,422 | $ | 9,438 | $ | 13,729 | $ | 53,884 | $ | 16,521 | $ | 12,068 | $ | 9,435 | $ | 4,251 | $ | 378 | $ | — | $ | 226,065 | |||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7 | $ | 49 | $ | — | $ | — | $ | 277 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 333 | ||||||||||||||
Collectively evaluated for impairment | 277 | 225 | 61 | 108 | 779 | 291 | 133 | 66 | 63 | 15 | 45 | 2,063 | ||||||||||||||||||||||||||
$ | 284 | $ | 274 | $ | 61 | $ | 108 | $ | 1,056 | $ | 291 | $ | 133 | $ | 66 | $ | 63 | $ | 15 | $ | 45 | $ | 2,396 | |||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 321 | $ | 428 | $ | — | $ | — | $ | 2,406 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,155 | ||||||||||||||
Collectively evaluated for impairment | 92,129 | 14,971 | 11,089 | 14,462 | 51,866 | 16,681 | 9,848 | 7,304 | 3,955 | 408 | — | 222,713 | ||||||||||||||||||||||||||
$ | 92,450 | $ | 15,399 | $ | 11,089 | $ | 14,462 | $ | 54,272 | $ | 16,681 | $ | 9,848 | $ | 7,304 | $ | 3,955 | $ | 408 | $ | — | $ | 225,868 | |||||||||||||||
The following is a summary of past-due and non-accrual loans at June 30, 2014 and December 31, 2013. 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 June 30, 2014: | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | 90,939 | $ | 90,939 | $ | — | $ | — | ||||||||||||||||||||||
Home equity loans and lines of credit | — | — | 74 | 74 | 15,348 | 15,422 | — | 74 | ||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | 9,438 | 9,438 | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 13,729 | 13,729 | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | 298 | — | 267 | 565 | 53,319 | 53,884 | — | 267 | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | 16,521 | 16,521 | — | — | ||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | 12,068 | 12,068 | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 9,435 | 9,435 | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | 4,251 | 4,251 | — | — | ||||||||||||||||||||||||||||||
Consumer | 1 | — | 2 | 3 | 375 | 378 | — | 2 | ||||||||||||||||||||||||||||||
Total | $ | 299 | $ | — | $ | 343 | $ | 642 | $ | 225,423 | $ | 226,065 | $ | — | $ | 343 | ||||||||||||||||||||||
At December 31, 2013: | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | 245 | $ | — | $ | 245 | $ | 92,205 | $ | 92,450 | $ | — | $ | — | ||||||||||||||||||||||
Home equity loans and lines of credit | 15 | — | 399 | 414 | 14,985 | 15,399 | — | 399 | ||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | 11,089 | 11,089 | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 14,462 | 14,462 | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | 267 | — | 267 | 54,005 | 54,272 | — | — | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | 16,681 | 16,681 | — | — | ||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | 9,848 | 9,848 | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 7,304 | 7,304 | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | 3,955 | 3,955 | — | — | ||||||||||||||||||||||||||||||
Consumer | 1 | — | — | 1 | 407 | 408 | — | — | ||||||||||||||||||||||||||||||
Total | $ | 16 | $ | 512 | $ | 399 | $ | 927 | $ | 224,941 | $ | 225,868 | $ | — | $ | 399 | ||||||||||||||||||||||
The following is an analysis of impaired loans at June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Home equity loans and lines of credit | 28 | 28 | — | 29 | — | |||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial real estate | 298 | 298 | — | 300 | 9 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 326 | $ | 326 | $ | — | $ | 329 | $ | 9 | ||||||||||||||||||||||||||||
Impaired loans with a valuation allowance | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 319 | $ | 319 | $ | 7 | $ | 320 | $ | 8 | ||||||||||||||||||||||||||||
Home equity loans and lines of credit | — | — | — | 228 | — | |||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial real estate | 267 | 267 | 37 | 754 | 8 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total with an allowance recorded | $ | 586 | $ | 586 | $ | 44 | $ | 1,302 | $ | 16 | ||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Home equity loans and lines of credit | 29 | 29 | — | 31 | 1 | |||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial real estate | 301 | 301 | — | 304 | 18 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 330 | $ | 330 | $ | — | $ | 335 | $ | 19 | ||||||||||||||||||||||||||||
Impaired loans with a valuation allowance | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 321 | $ | 321 | $ | 7 | $ | 379 | $ | 13 | ||||||||||||||||||||||||||||
Home equity loans and lines of credit | 399 | 399 | 49 | 377 | 2 | |||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial real estate | 2,105 | 2,208 | 277 | 2,105 | 104 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total with an allowance recorded | $ | 2,825 | $ | 2,928 | $ | 333 | $ | 2,861 | $ | 119 | ||||||||||||||||||||||||||||
There were no loan modifications made that resulted in the classification of a troubled debt restructure (“TDR”) during the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013 there were no TDRs in default of their modified terms. | ||||||||||||||||||||||||||||||||||||||
The following table represents the Company’s loans by risk rating at June 30, 2014 and December 31, 2013. 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 June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Classification: | ||||||||||||||||||||||||||||||||||||||
Not formally rated | $ | 90,620 | $ | 15,348 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 376 | $ | 106,344 | ||||||||||||||||
Pass | — | — | 9,438 | 13,729 | 53,617 | 16,521 | 12,068 | 9,435 | 4,251 | — | 119,059 | |||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | 319 | 74 | — | — | 267 | — | — | — | — | 2 | 662 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total loans | $ | 90,939 | $ | 15,422 | $ | 9,438 | $ | 13,729 | $ | 53,884 | $ | 16,521 | $ | 12,068 | $ | 9,435 | $ | 4,251 | $ | 378 | $ | 226,065 | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Classification: | ||||||||||||||||||||||||||||||||||||||
Not formally rated | $ | 92,129 | $ | 15,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 408 | $ | 107,537 | ||||||||||||||||
Pass | — | — | 11,089 | 14,462 | 51,900 | 16,681 | 9,848 | 7,304 | 3,955 | — | 115,239 | |||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | 321 | 399 | — | — | 2,372 | — | — | — | — | — | 3,092 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total loans | $ | 92,450 | $ | 15,399 | $ | 11,089 | $ | 14,462 | $ | 54,272 | $ | 16,681 | $ | 9,848 | $ | 7,304 | $ | 3,955 | $ | 408 | $ | 225,868 | ||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||
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. For residential real estate and consumer loans, the Bank initially assesses credit quality based on the borrower’s ability to pay and subsequently monitors these loans based on the borrower’s payment activity; however, these loans are not formally risk-rated. | ||||||||||||||||||||||||||||||||||||||
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 $115.7 million and $117.7 million at June 30, 2014 and December 31, 2013, 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 $1.4 million at June 30, 2014 and December 31, 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. | ||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights: | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,084 | $ | 910 | ||||||||||||||||||||||||||||||||||
Additions | 48 | 375 | ||||||||||||||||||||||||||||||||||||
Amortization | (178 | ) | (163 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period | 954 | 1,122 | ||||||||||||||||||||||||||||||||||||
Valuation allowances: | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 26 | 20 | ||||||||||||||||||||||||||||||||||||
Additions | — | 3 | ||||||||||||||||||||||||||||||||||||
Recoveries | (22 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period | 4 | 8 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing assets, net | $ | 950 | $ | 1,114 | ||||||||||||||||||||||||||||||||||
Fair value of mortgage servicing assets | $ | 1,386 | $ | 1,429 | ||||||||||||||||||||||||||||||||||
Secured_Borrowings_and_Collate
Secured Borrowings and Collateral | 6 Months Ended |
Jun. 30, 2014 | |
Secured Borrowings and Collateral | ' |
Secured Borrowings and Collateral | ' |
(7) Secured Borrowings and Collateral | |
Federal Home Loan Bank advances | |
At June 30, 2014, 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 $81.8 million, and mortgage-backed securities with a fair value of $19.0 million. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 June 30, 2014, 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 six month period ended June 30, 2014. | |||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at June 30, 2014 and December 31, 2013 are summarized below. | |||||||||||||||||
Assets | |||||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
At June 30, 2014 | |||||||||||||||||
Assets | |||||||||||||||||
Securities available for sale | |||||||||||||||||
State and municipal | $ | — | $ | 2,490 | $ | — | $ | 2,490 | |||||||||
Residential mortgage-backed securities | — | 18,057 | — | 18,057 | |||||||||||||
Total securities available for sale | $ | — | $ | 20,547 | $ | — | $ | 20,547 | |||||||||
At December 31, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Securities available for sale | |||||||||||||||||
State and municipal | $ | — | $ | 2,394 | $ | — | $ | 2,394 | |||||||||
Residential mortgage-backed securities | — | 15,887 | — | 15,887 | |||||||||||||
Total securities available for sale | $ | — | $ | 18,281 | $ | — | $ | 18,281 | |||||||||
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 June 30, 2014 and December 31, 2013 are summarized below. The fair value adjustments relate to the amount of write-down recorded or related allowance recorded as of June 30, 2014 and December 31, 2013. | |||||||||||||||||
Assets | Adjustments | ||||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | to Fair Value | |||||||||||||
(In thousands) | |||||||||||||||||
At June 30, 2014 | |||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 542 | $ | 542 | $ | (44 | ) | ||||||
At December 31, 2013 | |||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,492 | $ | 2,492 | $ | (333 | ) | ||||||
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 June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013 are as follows. | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 4,301 | $ | 1,301 | $ | — | $ | — | $ | 1,301 | |||||||
Securities available for sale | 20,547 | — | 20,547 | — | 20,547 | ||||||||||||
Securities held to maturity | 905 | — | 991 | — | 991 | ||||||||||||
FHLB stock | 2,907 | 2,907 | — | — | 2,907 | ||||||||||||
Loans held for sale | 2,070 | 2,097 | — | — | 2,097 | ||||||||||||
Loans, net | 224,406 | — | — | 223,234 | 223,234 | ||||||||||||
Accrued interest receivable | 725 | 725 | — | — | 725 | ||||||||||||
Capitalized mortgage servicing rights | 950 | — | 1,386 | — | 1,386 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 180,464 | $ | — | $ | 180,953 | $ | — | $ | 180,953 | |||||||
Short-term FHLB advances | 26,750 | 26,750 | — | — | 26,750 | ||||||||||||
Long-term FHLB advances | 24,100 | — | 24,394 | — | 24,394 | ||||||||||||
Mortgagors’ escrow accounts | 1,324 | 1,324 | — | — | 1,324 | ||||||||||||
Accrued interest payable | 51 | 51 | — | — | 51 | ||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 6,295 | $ | 6,295 | $ | — | $ | — | $ | 6,295 | |||||||
Securities available for sale | 18,281 | — | 18,281 | — | 18,281 | ||||||||||||
Securities held to maturity | 1,050 | — | 1,136 | — | 1,136 | ||||||||||||
FHLB stock | 2,907 | 2,907 | — | — | 2,907 | ||||||||||||
Loans held for sale | 1,001 | 1,019 | — | — | 1,019 | ||||||||||||
Loans, net | 223,912 | — | — | 223,659 | 223,659 | ||||||||||||
Accrued interest receivable | 729 | 729 | — | — | 729 | ||||||||||||
Capitalized mortgage servicing rights | 1,058 | — | 1,361 | — | 1,361 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 175,961 | $ | — | $ | 176,405 | $ | — | $ | 176,405 | |||||||
Short-term FHLB advances | 32,825 | 32,825 | — | — | 32,825 | ||||||||||||
Long-term FHLB advances | 22,100 | — | 22,405 | — | 22,405 | ||||||||||||
Mortgagors’ escrow accounts | 1,230 | 1,230 | — | — | 1,230 | ||||||||||||
Accrued interest payable | 45 | 45 | — | — | 45 | ||||||||||||
Equity_Incentive_Plan
Equity Incentive Plan | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity Incentive Plan | ' | |||||||||||
Equity Incentive Plan | ' | |||||||||||
(9) Equity Incentive Plan | ||||||||||||
At June 30, 2014, the Company had two equity incentive plans, the 2009 Equity Plan and the 2014 Equity Plan. The 2009 plan was described more fully in Note 12 of the consolidated financial statements and notes thereto for the year ended December 31, 2013. The 2014 Equity plan was approved by shareholders at the annual meeting on May 20, 2014 and was more fully described in the proxy statement for the annual meeting. No shares have been issued from the 2014 Equity Plan. | ||||||||||||
The following table presents the activity for the 2009 Equity Plan for the six months ended June 30, 2014. | ||||||||||||
Stock Options | ||||||||||||
Number of | Weighted | |||||||||||
Shares | Average | |||||||||||
Exercise Price | ||||||||||||
Outstanding at beginning of year | 52,924 | $ | 11.12 | |||||||||
Granted | 22,000 | $ | 14.98 | |||||||||
Exercised | (3,263 | ) | $ | 10.56 | ||||||||
Forfeited | (7,417 | ) | $ | 13.61 | ||||||||
Outstanding at end of period | 64,244 | $ | 12.19 | |||||||||
Exercisable at end of period | 25,163 | |||||||||||
Options Outstanding | Options Exercisable | |||||||||||
Number | Weighted-Average | Weighted | Number | Weighted | ||||||||
Outstanding | Remaining | Average | Exercisable | Average | ||||||||
as of 06/30/2014 | Contractual Life | Exercise Price | as of 06/30/2014 | Exercise Price | ||||||||
10,062 | 5.65 Years | $ | 9.33 | 8,909 | $ | 9.33 | ||||||
10,651 | 6.65 Years | $ | 9.55 | 8,130 | $ | 9.55 | ||||||
9,196 | 7.65 Years | $ | 9.58 | 4,513 | $ | 9.58 | ||||||
15,550 | 8.65 Years | $ | 14 | 3,611 | $ | 14 | ||||||
18,785 | 9.65 Years | $ | 14.98 | — | $ | — | ||||||
64,244 | 8.00 Years | $ | 12.26 | 25,163 | $ | 10.12 | ||||||
Non-vested | ||||||||||||
Restricted Stock | ||||||||||||
Number of | Weighted | |||||||||||
Shares | Average | |||||||||||
Grant Date | ||||||||||||
Value | ||||||||||||
Outstanding at beginning of year | 35,751 | $ | 10.83 | |||||||||
Granted | 22,000 | $ | 14.98 | |||||||||
Vested | (11,246 | ) | $ | 10.21 | ||||||||
Forfeited | (7,005 | ) | $ | 13 | ||||||||
Outstanding at end of period | 39,500 | $ | 12.93 | |||||||||
As of June 30, 2014, unrecognized share-based compensation expense related to non-vested options amounted to $183,000 and the unrecognized share-based compensation expense related to non-vested restricted stock amounted to $472,000. The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 3.4 and 3.5 years, respectively. | ||||||||||||
For the six months ended June 30, 2014, the Company recognized compensation expense for stock options of $17,000 with a related tax benefit of $4,000. The related tax benefit applies only to non-qualified stock options. For the six months ended June 30, 2014, the Company recognized compensation expense for restricted stock awards of $52,000 with a related tax benefit of $21,000. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Earnings Per Common Share | ' | |||||||||||||
Schedule of computation of earnings per common share | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net income available to common stockholders | $ | 374,000 | $ | 150,000 | $ | 649,000 | $ | 359,000 | ||||||
Basic common shares: | ||||||||||||||
Weighted average shares outstanding | 1,787,851 | 1,891,109 | 1,789,851 | 1,899,812 | ||||||||||
Less: Weighted average unallocated ESOP shares | (91,680 | ) | (98,921 | ) | (92,585 | ) | (99,826 | ) | ||||||
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights | 44,635 | 36,998 | 42,405 | 36,095 | ||||||||||
Basic weighted average common shares outstanding | 1,740,806 | 1,829,186 | 1,739,671 | 1,836,081 | ||||||||||
Dilutive potential common shares | 2,725 | 8,267 | 4,436 | 6,139 | ||||||||||
Diluted weighted average common shares outstanding | 1,743,531 | 1,837,453 | 1,744,107 | 1,842,220 | ||||||||||
Basic earnings per share | $ | 0.21 | $ | 0.08 | $ | 0.37 | $ | 0.19 | ||||||
Diluted earnings per share | $ | 0.21 | $ | 0.08 | $ | 0.37 | $ | 0.19 | ||||||
Securities_Tables
Securities (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Securities | ' | |||||||||||||
Summary of securities | ' | |||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At June 30, 2014 | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | 2,481 | $ | 36 | $ | (27 | ) | $ | 2,490 | |||||
Residential mortgage-backed securities | 18,014 | 173 | (130 | ) | 18,057 | |||||||||
Total securities available for sale | $ | 20,495 | $ | 209 | $ | (157 | ) | $ | 20,547 | |||||
Securities held to maturity | ||||||||||||||
Residential mortgage-backed securities | $ | 905 | $ | 86 | $ | — | $ | 991 | ||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At December 31, 2013 | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | 2,505 | $ | 4 | $ | (115 | ) | $ | 2,394 | |||||
Residential mortgage-backed securities | 16,381 | 67 | (561 | ) | 15,887 | |||||||||
Total securities available for sale | $ | 18,886 | $ | 71 | $ | (676 | ) | $ | 18,281 | |||||
Securities held to maturity | ||||||||||||||
Residential mortgage-backed securities | $ | 1,050 | $ | 86 | $ | — | $ | 1,136 | ||||||
Schedule of maturities of debt securities | ' | |||||||||||||
Available for Sale | Held to Maturity | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
Cost | Value | Cost | Value | |||||||||||
(In thousands) | ||||||||||||||
Over ten years | $ | 2,481 | $ | 2,490 | $ | — | $ | — | ||||||
Residential mortgage-backed securities | 18,014 | 18,057 | 905 | 991 | ||||||||||
$ | 20,495 | $ | 20,547 | $ | 905 | $ | 991 | |||||||
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 | Twelve Months or Greater | |||||||||||||
Gross | Gross | |||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||
Losses | Value | Losses | Value | |||||||||||
(In thousands) | ||||||||||||||
At June 30, 2014: | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | — | $ | — | $ | (27 | ) | $ | 1,357 | |||||
Residential mortgage-backed securities | (7 | ) | 2,405 | (123 | ) | 5,630 | ||||||||
Total temporarily impaired securities | $ | (7 | ) | $ | 2,405 | $ | (150 | ) | $ | 6,987 | ||||
At December 31, 2013 | ||||||||||||||
Securities available for sale | ||||||||||||||
State and municipal | $ | (115 | ) | $ | 1,827 | $ | — | $ | — | |||||
Residential mortgage-backed securities | (561 | ) | 13,389 | — | — | |||||||||
Total temporarily impaired securities | $ | (676 | ) | $ | 15,216 | $ | — | $ | — | |||||
Loans_and_Servicing_Tables
Loans and Servicing (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Loans and Servicing | ' | |||||||||||||||||||||||||||||||||||||
Summary of loans | ' | |||||||||||||||||||||||||||||||||||||
At | At | |||||||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 90,939 | 40.23 | % | $ | 92,450 | 40.93 | % | ||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 15,422 | 6.82 | 15,399 | 6.82 | ||||||||||||||||||||||||||||||||||
Total residential mortgage loans | 106,361 | 47.05 | 107,849 | 47.75 | ||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | 9,438 | 4.17 | 11,089 | 4.91 | ||||||||||||||||||||||||||||||||||
Multi-family real estate | 13,729 | 6.07 | 14,462 | 6.4 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 53,884 | 23.83 | 54,272 | 24.02 | ||||||||||||||||||||||||||||||||||
Commercial business | 16,521 | 7.31 | 16,681 | 7.39 | ||||||||||||||||||||||||||||||||||
Total commercial loans | 93,572 | 41.38 | 96,504 | 42.72 | ||||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | 12,068 | 5.34 | 9,848 | 4.36 | ||||||||||||||||||||||||||||||||||
Multi-family | 9,435 | 4.18 | 7,304 | 3.24 | ||||||||||||||||||||||||||||||||||
Non-residential | 4,251 | 1.88 | 3,955 | 1.75 | ||||||||||||||||||||||||||||||||||
Total construction loans | 25,754 | 11.4 | 21,107 | 9.35 | ||||||||||||||||||||||||||||||||||
Consumer | 378 | 0.17 | 408 | 0.18 | ||||||||||||||||||||||||||||||||||
Total loans | 226,065 | 100 | % | 225,868 | 100 | % | ||||||||||||||||||||||||||||||||
Other items: | ||||||||||||||||||||||||||||||||||||||
Net deferred loan costs | 513 | 440 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (2,172 | ) | (2,396 | ) | ||||||||||||||||||||||||||||||||||
Total loans, net | $ | 224,406 | $ | 223,912 | ||||||||||||||||||||||||||||||||||
Schedule of analysis of the 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 | Unallocated | Total | |||||||||||||||||||||||||||
family | loans and | family | real estate | real estate | business | family | residential | |||||||||||||||||||||||||||||||
lines of credit | investment | |||||||||||||||||||||||||||||||||||||
property | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 284 | $ | 274 | $ | 61 | $ | 108 | $ | 1,056 | $ | 291 | $ | 133 | $ | 66 | $ | 63 | $ | 15 | $ | 45 | $ | 2,396 | ||||||||||||||
Charge-offs | — | (14 | ) | — | — | (211 | ) | — | — | — | — | (1 | ) | — | (226 | ) | ||||||||||||||||||||||
Recoveries | — | 1 | — | — | — | — | — | — | — | 1 | — | 2 | ||||||||||||||||||||||||||
(Benefit) provision | (2 | ) | (28 | ) | (9 | ) | (5 | ) | (3 | ) | (7 | ) | (23 | ) | 19 | 5 | (5 | ) | 58 | — | ||||||||||||||||||
Ending Balance | $ | 282 | $ | 233 | $ | 52 | $ | 103 | $ | 842 | $ | 284 | $ | 110 | $ | 85 | $ | 68 | $ | 10 | $ | 103 | $ | 2,172 | ||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 378 | $ | 254 | $ | 62 | $ | 40 | $ | 668 | $ | 159 | $ | 149 | $ | 34 | $ | 25 | $ | 11 | $ | — | $ | 1,780 | ||||||||||||||
Charge-offs | (130 | ) | — | — | — | — | — | — | — | — | (2 | ) | — | (132 | ) | |||||||||||||||||||||||
Recoveries | 13 | — | — | — | — | — | — | — | — | 3 | — | 16 | ||||||||||||||||||||||||||
Provision (benefit) | 37 | (8 | ) | 14 | 5 | 65 | 13 | (28 | ) | 2 | 64 | (1 | ) | — | 163 | |||||||||||||||||||||||
Ending Balance | $ | 298 | $ | 246 | $ | 76 | $ | 45 | $ | 733 | $ | 172 | $ | 121 | $ | 36 | $ | 89 | $ | 11 | $ | — | $ | 1,827 | ||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7 | $ | — | $ | — | $ | — | $ | 37 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 44 | ||||||||||||||
Collectively evaluated for impairment | 275 | 233 | 52 | 103 | 805 | 284 | 110 | 85 | 68 | 10 | 103 | 2,128 | ||||||||||||||||||||||||||
$ | 282 | $ | 233 | $ | 52 | $ | 103 | $ | 842 | $ | 284 | $ | 110 | $ | 85 | $ | 68 | $ | 10 | $ | 103 | $ | 2,172 | |||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 319 | $ | 28 | $ | — | $ | — | $ | 565 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 912 | ||||||||||||||
Collectively evaluated for impairment | 90,620 | 15,394 | 9,438 | 13,729 | 53,319 | 16,521 | 12,068 | 9,435 | 4,251 | 378 | — | 225,153 | ||||||||||||||||||||||||||
$ | 90,939 | $ | 15,422 | $ | 9,438 | $ | 13,729 | $ | 53,884 | $ | 16,521 | $ | 12,068 | $ | 9,435 | $ | 4,251 | $ | 378 | $ | — | $ | 226,065 | |||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7 | $ | 49 | $ | — | $ | — | $ | 277 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 333 | ||||||||||||||
Collectively evaluated for impairment | 277 | 225 | 61 | 108 | 779 | 291 | 133 | 66 | 63 | 15 | 45 | 2,063 | ||||||||||||||||||||||||||
$ | 284 | $ | 274 | $ | 61 | $ | 108 | $ | 1,056 | $ | 291 | $ | 133 | $ | 66 | $ | 63 | $ | 15 | $ | 45 | $ | 2,396 | |||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 321 | $ | 428 | $ | — | $ | — | $ | 2,406 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,155 | ||||||||||||||
Collectively evaluated for impairment | 92,129 | 14,971 | 11,089 | 14,462 | 51,866 | 16,681 | 9,848 | 7,304 | 3,955 | 408 | — | 222,713 | ||||||||||||||||||||||||||
$ | 92,450 | $ | 15,399 | $ | 11,089 | $ | 14,462 | $ | 54,272 | $ | 16,681 | $ | 9,848 | $ | 7,304 | $ | 3,955 | $ | 408 | $ | — | $ | 225,868 | |||||||||||||||
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 June 30, 2014: | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | 90,939 | $ | 90,939 | $ | — | $ | — | ||||||||||||||||||||||
Home equity loans and lines of credit | — | — | 74 | 74 | 15,348 | 15,422 | — | 74 | ||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | 9,438 | 9,438 | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 13,729 | 13,729 | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | 298 | — | 267 | 565 | 53,319 | 53,884 | — | 267 | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | 16,521 | 16,521 | — | — | ||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | 12,068 | 12,068 | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 9,435 | 9,435 | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | 4,251 | 4,251 | — | — | ||||||||||||||||||||||||||||||
Consumer | 1 | — | 2 | 3 | 375 | 378 | — | 2 | ||||||||||||||||||||||||||||||
Total | $ | 299 | $ | — | $ | 343 | $ | 642 | $ | 225,423 | $ | 226,065 | $ | — | $ | 343 | ||||||||||||||||||||||
At December 31, 2013: | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | 245 | $ | — | $ | 245 | $ | 92,205 | $ | 92,450 | $ | — | $ | — | ||||||||||||||||||||||
Home equity loans and lines of credit | 15 | — | 399 | 414 | 14,985 | 15,399 | — | 399 | ||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | 11,089 | 11,089 | — | — | ||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 14,462 | 14,462 | — | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | 267 | — | 267 | 54,005 | 54,272 | — | — | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | 16,681 | 16,681 | — | — | ||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | 9,848 | 9,848 | — | — | ||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 7,304 | 7,304 | — | — | ||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | 3,955 | 3,955 | — | — | ||||||||||||||||||||||||||||||
Consumer | 1 | — | — | 1 | 407 | 408 | — | — | ||||||||||||||||||||||||||||||
Total | $ | 16 | $ | 512 | $ | 399 | $ | 927 | $ | 224,941 | $ | 225,868 | $ | — | $ | 399 | ||||||||||||||||||||||
Schedule of analysis of impaired loans | ' | |||||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Home equity loans and lines of credit | 28 | 28 | — | 29 | — | |||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial real estate | 298 | 298 | — | 300 | 9 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 326 | $ | 326 | $ | — | $ | 329 | $ | 9 | ||||||||||||||||||||||||||||
Impaired loans with a valuation allowance | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 319 | $ | 319 | $ | 7 | $ | 320 | $ | 8 | ||||||||||||||||||||||||||||
Home equity loans and lines of credit | — | — | — | 228 | — | |||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial real estate | 267 | 267 | 37 | 754 | 8 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total with an allowance recorded | $ | 586 | $ | 586 | $ | 44 | $ | 1,302 | $ | 16 | ||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Home equity loans and lines of credit | 29 | 29 | — | 31 | 1 | |||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial real estate | 301 | 301 | — | 304 | 18 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 330 | $ | 330 | $ | — | $ | 335 | $ | 19 | ||||||||||||||||||||||||||||
Impaired loans with a valuation allowance | ||||||||||||||||||||||||||||||||||||||
Residential loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 321 | $ | 321 | $ | 7 | $ | 379 | $ | 13 | ||||||||||||||||||||||||||||
Home equity loans and lines of credit | 399 | 399 | 49 | 377 | 2 | |||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family investment property | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial real estate | 2,105 | 2,208 | 277 | 2,105 | 104 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Construction loans: | ||||||||||||||||||||||||||||||||||||||
One- to four-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Non-residential | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total with an allowance recorded | $ | 2,825 | $ | 2,928 | $ | 333 | $ | 2,861 | $ | 119 | ||||||||||||||||||||||||||||
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 June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Classification: | ||||||||||||||||||||||||||||||||||||||
Not formally rated | $ | 90,620 | $ | 15,348 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 376 | $ | 106,344 | ||||||||||||||||
Pass | — | — | 9,438 | 13,729 | 53,617 | 16,521 | 12,068 | 9,435 | 4,251 | — | 119,059 | |||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | 319 | 74 | — | — | 267 | — | — | — | — | 2 | 662 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total loans | $ | 90,939 | $ | 15,422 | $ | 9,438 | $ | 13,729 | $ | 53,884 | $ | 16,521 | $ | 12,068 | $ | 9,435 | $ | 4,251 | $ | 378 | $ | 226,065 | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Classification: | ||||||||||||||||||||||||||||||||||||||
Not formally rated | $ | 92,129 | $ | 15,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 408 | $ | 107,537 | ||||||||||||||||
Pass | — | — | 11,089 | 14,462 | 51,900 | 16,681 | 9,848 | 7,304 | 3,955 | — | 115,239 | |||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | 321 | 399 | — | — | 2,372 | — | — | — | — | — | 3,092 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total loans | $ | 92,450 | $ | 15,399 | $ | 11,089 | $ | 14,462 | $ | 54,272 | $ | 16,681 | $ | 9,848 | $ | 7,304 | $ | 3,955 | $ | 408 | $ | 225,868 | ||||||||||||||||
Summary of mortgage servicing rights capitalized and amortized, along with the aggregate activity-related valuation allowances | ' | |||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights: | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,084 | $ | 910 | ||||||||||||||||||||||||||||||||||
Additions | 48 | 375 | ||||||||||||||||||||||||||||||||||||
Amortization | (178 | ) | (163 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period | 954 | 1,122 | ||||||||||||||||||||||||||||||||||||
Valuation allowances: | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 26 | 20 | ||||||||||||||||||||||||||||||||||||
Additions | — | 3 | ||||||||||||||||||||||||||||||||||||
Recoveries | (22 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period | 4 | 8 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing assets, net | $ | 950 | $ | 1,114 | ||||||||||||||||||||||||||||||||||
Fair value of mortgage servicing assets | $ | 1,386 | $ | 1,429 | ||||||||||||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Summary 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 June 30, 2014 | |||||||||||||||||
Assets | |||||||||||||||||
Securities available for sale | |||||||||||||||||
State and municipal | $ | — | $ | 2,490 | $ | — | $ | 2,490 | |||||||||
Residential mortgage-backed securities | — | 18,057 | — | 18,057 | |||||||||||||
Total securities available for sale | $ | — | $ | 20,547 | $ | — | $ | 20,547 | |||||||||
At December 31, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Securities available for sale | |||||||||||||||||
State and municipal | $ | — | $ | 2,394 | $ | — | $ | 2,394 | |||||||||
Residential mortgage-backed securities | — | 15,887 | — | 15,887 | |||||||||||||
Total securities available for sale | $ | — | $ | 18,281 | $ | — | $ | 18,281 | |||||||||
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 June 30, 2014 | |||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 542 | $ | 542 | $ | (44 | ) | ||||||
At December 31, 2013 | |||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,492 | $ | 2,492 | $ | (333 | ) | ||||||
Schedule of estimated fair values and related carrying amounts of the Company's financial instruments | ' | ||||||||||||||||
June 30, 2014 | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 4,301 | $ | 1,301 | $ | — | $ | — | $ | 1,301 | |||||||
Securities available for sale | 20,547 | — | 20,547 | — | 20,547 | ||||||||||||
Securities held to maturity | 905 | — | 991 | — | 991 | ||||||||||||
FHLB stock | 2,907 | 2,907 | — | — | 2,907 | ||||||||||||
Loans held for sale | 2,070 | 2,097 | — | — | 2,097 | ||||||||||||
Loans, net | 224,406 | — | — | 223,234 | 223,234 | ||||||||||||
Accrued interest receivable | 725 | 725 | — | — | 725 | ||||||||||||
Capitalized mortgage servicing rights | 950 | — | 1,386 | — | 1,386 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 180,464 | $ | — | $ | 180,953 | $ | — | $ | 180,953 | |||||||
Short-term FHLB advances | 26,750 | 26,750 | — | — | 26,750 | ||||||||||||
Long-term FHLB advances | 24,100 | — | 24,394 | — | 24,394 | ||||||||||||
Mortgagors’ escrow accounts | 1,324 | 1,324 | — | — | 1,324 | ||||||||||||
Accrued interest payable | 51 | 51 | — | — | 51 | ||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 6,295 | $ | 6,295 | $ | — | $ | — | $ | 6,295 | |||||||
Securities available for sale | 18,281 | — | 18,281 | — | 18,281 | ||||||||||||
Securities held to maturity | 1,050 | — | 1,136 | — | 1,136 | ||||||||||||
FHLB stock | 2,907 | 2,907 | — | — | 2,907 | ||||||||||||
Loans held for sale | 1,001 | 1,019 | — | — | 1,019 | ||||||||||||
Loans, net | 223,912 | — | — | 223,659 | 223,659 | ||||||||||||
Accrued interest receivable | 729 | 729 | — | — | 729 | ||||||||||||
Capitalized mortgage servicing rights | 1,058 | — | 1,361 | — | 1,361 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 175,961 | $ | — | $ | 176,405 | $ | — | $ | 176,405 | |||||||
Short-term FHLB advances | 32,825 | 32,825 | — | — | 32,825 | ||||||||||||
Long-term FHLB advances | 22,100 | — | 22,405 | — | 22,405 | ||||||||||||
Mortgagors’ escrow accounts | 1,230 | 1,230 | — | — | 1,230 | ||||||||||||
Accrued interest payable | 45 | 45 | — | — | 45 |
Equity_Incentive_Plan_Tables
Equity Incentive Plan (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity Incentive Plan | ' | |||||||||||
Schedule of activity for stock options | ' | |||||||||||
Stock Options | ||||||||||||
Number of | Weighted | |||||||||||
Shares | Average | |||||||||||
Exercise Price | ||||||||||||
Outstanding at beginning of year | 52,924 | $ | 11.12 | |||||||||
Granted | 22,000 | $ | 14.98 | |||||||||
Exercised | (3,263 | ) | $ | 10.56 | ||||||||
Forfeited | (7,417 | ) | $ | 13.61 | ||||||||
Outstanding at end of period | 64,244 | $ | 12.19 | |||||||||
Exercisable at end of period | 25,163 | |||||||||||
Schedule of options outstanding and exercisable | ' | |||||||||||
Options Outstanding | Options Exercisable | |||||||||||
Number | Weighted-Average | Weighted | Number | Weighted | ||||||||
Outstanding | Remaining | Average | Exercisable | Average | ||||||||
as of 06/30/2014 | Contractual Life | Exercise Price | as of 06/30/2014 | Exercise Price | ||||||||
10,062 | 5.65 Years | $ | 9.33 | 8,909 | $ | 9.33 | ||||||
10,651 | 6.65 Years | $ | 9.55 | 8,130 | $ | 9.55 | ||||||
9,196 | 7.65 Years | $ | 9.58 | 4,513 | $ | 9.58 | ||||||
15,550 | 8.65 Years | $ | 14 | 3,611 | $ | 14 | ||||||
18,785 | 9.65 Years | $ | 14.98 | — | $ | — | ||||||
64,244 | 8.00 Years | $ | 12.26 | 25,163 | $ | 10.12 | ||||||
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 | 35,751 | $ | 10.83 | |||||||||
Granted | 22,000 | $ | 14.98 | |||||||||
Vested | (11,246 | ) | $ | 10.21 | ||||||||
Forfeited | (7,005 | ) | $ | 13 | ||||||||
Outstanding at end of period | 39,500 | $ | 12.93 | |||||||||
Corporate_Structure_Details
Corporate Structure (Details) | 1 Months Ended | |
Jun. 30, 2012 | Jan. 31, 2005 | |
Georgetown Bancorp, MHC | The bank | |
Conversion and reorganization to stock holding company | ' | ' |
Percentage of common stock owned | 56.70% | 100.00% |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Common Share | ' | ' | ' | ' |
Net income available to common stockholders (in dollars) | $374 | $150 | $649 | $359 |
Basic common shares: | ' | ' | ' | ' |
Weighted average shares outstanding | 1,787,851 | 1,891,109 | 1,789,851 | 1,899,812 |
Less: Weighted average unallocated ESOP shares | -91,680 | -98,921 | -92,585 | -99,826 |
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights | 44,635 | 36,998 | 42,405 | 36,095 |
Basic weighted average common shares outstanding | 1,740,806 | 1,829,186 | 1,739,671 | 1,836,081 |
Dilutive potential common shares | 2,725 | 8,267 | 4,436 | 6,139 |
Diluted weighted average common shares outstanding | 1,743,531 | 1,837,453 | 1,744,107 | 1,842,220 |
Basic earnings per share (in dollars per share) | $0.21 | $0.08 | $0.37 | $0.19 |
Diluted earnings per share (in dollars per share) | $0.21 | $0.08 | $0.37 | $0.19 |
Options to purchase shares included in the computation of diluted earnings per share (in shares) | 64,244 | 36,211 | 64,244 | 36,211 |
Options to purchase shares not included in the computation of diluted earnings per share (in shares) | ' | 19,150 | ' | 19,150 |
Securities_Details
Securities (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Securities available for sale | ' | ' | ' | ' | ' |
Amortized Cost | $20,495 | ' | $20,495 | ' | $18,886 |
Gross Unrealized Gains | 209 | ' | 209 | ' | 71 |
Gross Unrealized Losses | -157 | ' | -157 | ' | -676 |
Fair Value | 20,547 | ' | 20,547 | ' | 18,281 |
Securities held to maturity | ' | ' | ' | ' | ' |
Fair Value | 991 | ' | 991 | ' | ' |
Available for sale securities sold | 0 | 0 | 0 | 0 | ' |
State and municipal | ' | ' | ' | ' | ' |
Securities available for sale | ' | ' | ' | ' | ' |
Amortized Cost | 2,481 | ' | 2,481 | ' | 2,505 |
Gross Unrealized Gains | 36 | ' | 36 | ' | 4 |
Gross Unrealized Losses | -27 | ' | -27 | ' | -115 |
Fair Value | 2,490 | ' | 2,490 | ' | 2,394 |
Residential mortgage-backed securities | ' | ' | ' | ' | ' |
Securities available for sale | ' | ' | ' | ' | ' |
Amortized Cost | 18,014 | ' | 18,014 | ' | 16,381 |
Gross Unrealized Gains | 173 | ' | 173 | ' | 67 |
Gross Unrealized Losses | -130 | ' | -130 | ' | -561 |
Fair Value | 18,057 | ' | 18,057 | ' | 15,887 |
Securities held to maturity | ' | ' | ' | ' | ' |
Amortized Cost | 905 | ' | 905 | ' | 1,050 |
Gross Unrealized Gains | 86 | ' | 86 | ' | 86 |
Fair Value | $991 | ' | $991 | ' | $1,136 |
Securities_Details_2
Securities (Details 2) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
item | ||
Available for Sale, Amortized cost | ' | ' |
Over 10 years | $2,481 | ' |
Total | 20,495 | ' |
Available for Sale, Fair Value | ' | ' |
Over 10 years | 2,490 | ' |
Fair Value | 20,547 | 18,281 |
Held to maturity, Amortized Cost | ' | ' |
Total | 905 | ' |
Held to Maturity, Fair Value | ' | ' |
Fair Value | 991 | ' |
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 | -7 | -676 |
Less Than Twelve Months, Fair Value | 2,405 | 15,216 |
Twelve Months or Greater, Gross Unrealized Losses | -150 | ' |
Twelve Months or Greater, Fair Value | 6,987 | ' |
Number of available-for-sale securities in unrealized loss position | 9 | ' |
Additional disclosures | ' | ' |
Available for sale securities in unrealized loss position, aggregate depreciation rate (as a percent) | 1.65% | ' |
State and municipal | ' | ' |
Available for Sale, Fair Value | ' | ' |
Fair Value | 2,490 | 2,394 |
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 | ' | -115 |
Less Than Twelve Months, Fair Value | ' | 1,827 |
Twelve Months or Greater, Gross Unrealized Losses | -27 | ' |
Twelve Months or Greater, Fair Value | 1,357 | ' |
Residential mortgage-backed securities | ' | ' |
Available for Sale, Amortized cost | ' | ' |
Securities without single maturity date | 18,014 | ' |
Available for Sale, Fair Value | ' | ' |
Securities without single maturity date | 18,057 | ' |
Fair Value | 18,057 | 15,887 |
Held to maturity, Amortized Cost | ' | ' |
Securities without single maturity date | 905 | ' |
Held to Maturity, Fair Value | ' | ' |
Securities without single maturity date | 991 | ' |
Fair Value | 991 | 1,136 |
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 | -7 | -561 |
Less Than Twelve Months, Fair Value | 2,405 | 13,389 |
Twelve Months or Greater, Gross Unrealized Losses | -123 | ' |
Twelve Months or Greater, Fair Value | $5,630 | ' |
Loans_and_Servicing_Details
Loans and Servicing (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Loans | ' | ' | ' | ' |
Total loans | $226,065 | $225,868 | ' | ' |
Other items: | ' | ' | ' | ' |
Net deferred loan costs | 513 | 440 | ' | ' |
Allowance for loan losses | -2,172 | -2,396 | -1,827 | -1,780 |
Total loans, net | 224,406 | 223,912 | ' | ' |
Total loans (as a percent) | 100.00% | 100.00% | ' | ' |
Residential loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 106,361 | 107,849 | ' | ' |
Other items: | ' | ' | ' | ' |
Total loans (as a percent) | 47.05% | 47.75% | ' | ' |
One- to four- family, residential loans | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 90,939 | 92,450 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -282 | -284 | -298 | -378 |
Total loans (as a percent) | 40.23% | 40.93% | ' | ' |
Home equity loans and lines of credit | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 15,422 | 15,399 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -233 | -274 | -246 | -254 |
Total loans (as a percent) | 6.82% | 6.82% | ' | ' |
Commercial loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 93,572 | 96,504 | ' | ' |
Other items: | ' | ' | ' | ' |
Total loans (as a percent) | 41.38% | 42.72% | ' | ' |
One-to-four family investment property | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 9,438 | 11,089 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -52 | -61 | -76 | -62 |
Total loans (as a percent) | 4.17% | 4.91% | ' | ' |
Multi-family real estate | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 13,729 | 14,462 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -103 | -108 | -45 | -40 |
Total loans (as a percent) | 6.07% | 6.40% | ' | ' |
Commercial real estate | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 53,884 | 54,272 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -842 | -1,056 | -733 | -668 |
Total loans (as a percent) | 23.83% | 24.02% | ' | ' |
Commercial business | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 16,521 | 16,681 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -284 | -291 | -172 | -159 |
Total loans (as a percent) | 7.31% | 7.39% | ' | ' |
Construction loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 25,754 | 21,107 | ' | ' |
Other items: | ' | ' | ' | ' |
Total loans (as a percent) | 11.40% | 9.35% | ' | ' |
One-to-four family, construction loans | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 12,068 | 9,848 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -110 | -133 | -121 | -149 |
Total loans (as a percent) | 5.34% | 4.36% | ' | ' |
Multi-family | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 9,435 | 7,304 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -85 | -66 | -36 | -34 |
Total loans (as a percent) | 4.18% | 3.24% | ' | ' |
Non-residential | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 4,251 | 3,955 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | -68 | -63 | -89 | -25 |
Total loans (as a percent) | 1.88% | 1.75% | ' | ' |
Consumer | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total loans | 378 | 408 | ' | ' |
Other items: | ' | ' | ' | ' |
Allowance for loan losses | ($10) | ($15) | ($11) | ($11) |
Total loans (as a percent) | 0.17% | 0.18% | ' | ' |
Loans_and_Servicing_Details_2
Loans and Servicing (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | $2,396 | $1,780 | ' |
Charge-offs | ' | -226 | -132 | ' |
Recoveries | ' | 2 | 16 | ' |
(Benefit) provision | 73 | ' | 163 | ' |
Ending Balance | 1,827 | 2,172 | 1,827 | ' |
Individually evaluated for impairment | ' | 44 | ' | 333 |
Collectively evaluated for impairment | ' | 2,128 | ' | 2,063 |
Loans | ' | ' | ' | ' |
Individually evaluated for impairment | ' | 912 | ' | 3,155 |
Collectively evaluated for impairment | ' | 225,153 | ' | 222,713 |
Total Loans | ' | 226,065 | ' | 225,868 |
Residential loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total Loans | ' | 106,361 | ' | 107,849 |
One- to four- family, residential loans | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 284 | 378 | ' |
Charge-offs | ' | ' | -130 | ' |
Recoveries | ' | ' | 13 | ' |
(Benefit) provision | ' | -2 | 37 | ' |
Ending Balance | 298 | 282 | 298 | ' |
Individually evaluated for impairment | ' | 7 | ' | 7 |
Collectively evaluated for impairment | ' | 275 | ' | 277 |
Loans | ' | ' | ' | ' |
Individually evaluated for impairment | ' | 319 | ' | 321 |
Collectively evaluated for impairment | ' | 90,620 | ' | 92,129 |
Total Loans | ' | 90,939 | ' | 92,450 |
Home equity loans and lines of credit | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 274 | 254 | ' |
Charge-offs | ' | -14 | ' | ' |
Recoveries | ' | 1 | ' | ' |
(Benefit) provision | ' | -28 | -8 | ' |
Ending Balance | 246 | 233 | 246 | ' |
Individually evaluated for impairment | ' | ' | ' | 49 |
Collectively evaluated for impairment | ' | 233 | ' | 225 |
Loans | ' | ' | ' | ' |
Individually evaluated for impairment | ' | 28 | ' | 428 |
Collectively evaluated for impairment | ' | 15,394 | ' | 14,971 |
Total Loans | ' | 15,422 | ' | 15,399 |
Commercial loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total Loans | ' | 93,572 | ' | 96,504 |
One-to-four family investment property | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 61 | 62 | ' |
(Benefit) provision | ' | -9 | 14 | ' |
Ending Balance | 76 | 52 | 76 | ' |
Collectively evaluated for impairment | ' | 52 | ' | 61 |
Loans | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | 9,438 | ' | 11,089 |
Total Loans | ' | 9,438 | ' | 11,089 |
Multi-family real estate | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 108 | 40 | ' |
(Benefit) provision | ' | -5 | 5 | ' |
Ending Balance | 45 | 103 | 45 | ' |
Collectively evaluated for impairment | ' | 103 | ' | 108 |
Loans | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | 13,729 | ' | 14,462 |
Total Loans | ' | 13,729 | ' | 14,462 |
Commercial real estate | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 1,056 | 668 | ' |
Charge-offs | ' | -211 | ' | ' |
(Benefit) provision | ' | -3 | 65 | ' |
Ending Balance | 733 | 842 | 733 | ' |
Individually evaluated for impairment | ' | 37 | ' | 277 |
Collectively evaluated for impairment | ' | 805 | ' | 779 |
Loans | ' | ' | ' | ' |
Individually evaluated for impairment | ' | 565 | ' | 2,406 |
Collectively evaluated for impairment | ' | 53,319 | ' | 51,866 |
Total Loans | ' | 53,884 | ' | 54,272 |
Commercial business | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 291 | 159 | ' |
(Benefit) provision | ' | -7 | 13 | ' |
Ending Balance | 172 | 284 | 172 | ' |
Collectively evaluated for impairment | ' | 284 | ' | 291 |
Loans | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | 16,521 | ' | 16,681 |
Total Loans | ' | 16,521 | ' | 16,681 |
Construction loans: | ' | ' | ' | ' |
Loans | ' | ' | ' | ' |
Total Loans | ' | 25,754 | ' | 21,107 |
One-to-four family, construction loans | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 133 | 149 | ' |
(Benefit) provision | ' | -23 | -28 | ' |
Ending Balance | 121 | 110 | 121 | ' |
Collectively evaluated for impairment | ' | 110 | ' | 133 |
Loans | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | 12,068 | ' | 9,848 |
Total Loans | ' | 12,068 | ' | 9,848 |
Multi-family | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 66 | 34 | ' |
(Benefit) provision | ' | 19 | 2 | ' |
Ending Balance | 36 | 85 | 36 | ' |
Collectively evaluated for impairment | ' | 85 | ' | 66 |
Loans | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | 9,435 | ' | 7,304 |
Total Loans | ' | 9,435 | ' | 7,304 |
Non-residential | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 63 | 25 | ' |
(Benefit) provision | ' | 5 | 64 | ' |
Ending Balance | 89 | 68 | 89 | ' |
Collectively evaluated for impairment | ' | 68 | ' | 63 |
Loans | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | 4,251 | ' | 3,955 |
Total Loans | ' | 4,251 | ' | 3,955 |
Consumer | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 15 | 11 | ' |
Charge-offs | ' | -1 | -2 | ' |
Recoveries | ' | 1 | 3 | ' |
(Benefit) provision | ' | -5 | -1 | ' |
Ending Balance | 11 | 10 | 11 | ' |
Collectively evaluated for impairment | ' | 10 | ' | 15 |
Loans | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | 378 | ' | 408 |
Total Loans | ' | 378 | ' | 408 |
Unallocated | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | ' | 45 | ' | ' |
(Benefit) provision | ' | 58 | ' | ' |
Ending Balance | ' | 103 | ' | ' |
Collectively evaluated for impairment | ' | $103 | ' | $45 |
Loans_and_Servicing_Details_3
Loans and Servicing (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 30 - 59 Days | $299 | $16 |
Loans delinquent for: 60 - 89 Days | ' | 512 |
Loans delinquent for: 90 days or more | 343 | 399 |
Total Past Due | 642 | 927 |
Total Current | 225,423 | 224,941 |
Total Loans | 226,065 | 225,868 |
Non-accrual Loans | 343 | 399 |
Residential loans: | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Loans | 106,361 | 107,849 |
One- to four- family, residential loans | ' | ' |
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 60 - 89 Days | ' | 245 |
Total Past Due | ' | 245 |
Total Current | 90,939 | 92,205 |
Total Loans | 90,939 | 92,450 |
Home equity loans and lines of credit | ' | ' |
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 30 - 59 Days | ' | 15 |
Loans delinquent for: 90 days or more | 74 | 399 |
Total Past Due | 74 | 414 |
Total Current | 15,348 | 14,985 |
Total Loans | 15,422 | 15,399 |
Non-accrual Loans | 74 | 399 |
Commercial loans: | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Loans | 93,572 | 96,504 |
One-to-four family investment property | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 9,438 | 11,089 |
Total Loans | 9,438 | 11,089 |
Multi-family real estate | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 13,729 | 14,462 |
Total Loans | 13,729 | 14,462 |
Commercial real estate | ' | ' |
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 30 - 59 Days | 298 | ' |
Loans delinquent for: 60 - 89 Days | ' | 267 |
Loans delinquent for: 90 days or more | 267 | ' |
Total Past Due | 565 | 267 |
Total Current | 53,319 | 54,005 |
Total Loans | 53,884 | 54,272 |
Non-accrual Loans | 267 | ' |
Commercial business | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 16,521 | 16,681 |
Total Loans | 16,521 | 16,681 |
Construction loans: | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Loans | 25,754 | 21,107 |
One-to-four family, construction loans | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 12,068 | 9,848 |
Total Loans | 12,068 | 9,848 |
Multi-family | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 9,435 | 7,304 |
Total Loans | 9,435 | 7,304 |
Non-residential | ' | ' |
Past-due and non-accrual loans | ' | ' |
Total Current | 4,251 | 3,955 |
Total Loans | 4,251 | 3,955 |
Consumer | ' | ' |
Past-due and non-accrual loans | ' | ' |
Loans delinquent for: 30 - 59 Days | 1 | 1 |
Loans delinquent for: 90 days or more | 2 | ' |
Total Past Due | 3 | 1 |
Total Current | 375 | 407 |
Total Loans | 378 | 408 |
Non-accrual Loans | $2 | ' |
Loans_and_Servicing_Details_4
Loans and Servicing (Details 4) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | $326 | $330 |
Impaired loans with a valuation allowance | 586 | 2,825 |
Unpaid Principal Balance | ' | ' |
Impaired loans without a valuation allowance | 326 | 330 |
Impaired loans with a valuation allowance | 586 | 2,928 |
Related Allowance | ' | ' |
Impaired loans with a valuation allowance | 44 | 333 |
Average Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | 329 | 335 |
Impaired loans with a valuation allowance | 1,302 | 2,861 |
Interest Income Recognized | ' | ' |
Impaired loans without a valuation allowance | 9 | 19 |
Impaired loans with a valuation allowance | 16 | 119 |
One- to four- family, residential loans | ' | ' |
Recorded Investment | ' | ' |
Impaired loans with a valuation allowance | 319 | 321 |
Unpaid Principal Balance | ' | ' |
Impaired loans with a valuation allowance | 319 | 321 |
Related Allowance | ' | ' |
Impaired loans with a valuation allowance | 7 | 7 |
Average Recorded Investment | ' | ' |
Impaired loans with a valuation allowance | 320 | 379 |
Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | 8 | 13 |
Home equity loans and lines of credit | ' | ' |
Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | 28 | 29 |
Impaired loans with a valuation allowance | ' | 399 |
Unpaid Principal Balance | ' | ' |
Impaired loans without a valuation allowance | 28 | 29 |
Impaired loans with a valuation allowance | ' | 399 |
Related Allowance | ' | ' |
Impaired loans with a valuation allowance | ' | 49 |
Average Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | 29 | 31 |
Impaired loans with a valuation allowance | 228 | 377 |
Interest Income Recognized | ' | ' |
Impaired loans without a valuation allowance | ' | 1 |
Impaired loans with a valuation allowance | ' | 2 |
Commercial real estate | ' | ' |
Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | 298 | 301 |
Impaired loans with a valuation allowance | 267 | 2,105 |
Unpaid Principal Balance | ' | ' |
Impaired loans without a valuation allowance | 298 | 301 |
Impaired loans with a valuation allowance | 267 | 2,208 |
Related Allowance | ' | ' |
Impaired loans with a valuation allowance | 37 | 277 |
Average Recorded Investment | ' | ' |
Impaired loans without a valuation allowance | 300 | 304 |
Impaired loans with a valuation allowance | 754 | 2,105 |
Interest Income Recognized | ' | ' |
Impaired loans without a valuation allowance | 9 | 18 |
Impaired loans with a valuation allowance | $8 | $104 |
Loans_and_Servicing_Details_5
Loans and Servicing (Details 5) | 6 Months Ended | 12 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
item | item | One- to four- family, residential loans | One- to four- family, residential loans | |
item | item | |||
Loans modified and classified as troubled debt restructures | ' | ' | ' | ' |
Number of loan modifications that resulted in the classification of TDR | ' | ' | 0 | 0 |
Number of TDRs in default of their modified terms | 0 | 0 | ' | ' |
Loans_and_Servicing_Details_6
Loans and Servicing (Details 6) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | grade | |
Loans by risk rating | ' | ' |
Total loans | $226,065 | $225,868 |
Internal Loan Rating System | ' | ' |
Number of grades in internal loan rating system | 9 | ' |
Not formally rated | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 106,344 | 107,537 |
Pass | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 119,059 | 115,239 |
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 | 662 | 3,092 |
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 | 106,361 | 107,849 |
One- to four- family, residential loans | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 90,939 | 92,450 |
One- to four- family, residential loans | Not formally rated | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 90,620 | 92,129 |
One- to four- family, residential loans | Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 319 | 321 |
Home equity loans and lines of credit | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 15,422 | 15,399 |
Home equity loans and lines of credit | Not formally rated | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 15,348 | 15,000 |
Home equity loans and lines of credit | Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 74 | 399 |
Commercial loans: | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 93,572 | 96,504 |
One-to four-family investment property | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 9,438 | 11,089 |
One-to four-family investment property | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 9,438 | 11,089 |
Multi-family real estate | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 13,729 | 14,462 |
Multi-family real estate | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 13,729 | 14,462 |
Commercial real estate | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 53,884 | 54,272 |
Commercial real estate | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 53,617 | 51,900 |
Commercial real estate | Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 267 | 2,372 |
Commercial business | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 16,521 | 16,681 |
Commercial business | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 16,521 | 16,681 |
Construction loans: | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 25,754 | 21,107 |
One-to four-family, construction loans | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 12,068 | 9,848 |
One-to four-family, construction loans | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 12,068 | 9,848 |
Multi-family | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 9,435 | 7,304 |
Multi-family | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 9,435 | 7,304 |
Non-residential | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 4,251 | 3,955 |
Non-residential | Pass | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 4,251 | 3,955 |
Consumer | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 378 | 408 |
Consumer | Not formally rated | ' | ' |
Loans by risk rating | ' | ' |
Total loans | 376 | 408 |
Consumer | Substandard | ' | ' |
Loans by risk rating | ' | ' |
Total loans | $2 | ' |
Loans_and_Servicing_Details_7
Loans and Servicing (Details 7) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Loans serviced for others | ' | ' | ' |
Unpaid principal balances of mortgage loans serviced for others not included in the accompanying consolidated balance sheets | $115,700,000 | ' | $117,700,000 |
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 | 1,084,000 | 910,000 | ' |
Additions | 48,000 | 375,000 | ' |
Amortization | -178,000 | -163,000 | ' |
Balance at end of period | 954,000 | 1,122,000 | ' |
Valuation allowances: | ' | ' | ' |
Balance at beginning of period | 26,000 | 20,000 | ' |
Additions | ' | 3,000 | ' |
Recoveries | -22,000 | -15,000 | ' |
Balance at end of period | 4,000 | 8,000 | ' |
Mortgage servicing assets, net | 950,000 | 1,114,000 | ' |
Fair value of mortgage servicing assets | $1,386,000 | $1,429,000 | $1,400,000 |
Secured_Borrowings_and_Collate1
Secured Borrowings and Collateral (Details) (USD $) | Jun. 30, 2014 |
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 | $81.80 |
Mortgage-backed securities | ' |
Secured borrowings and collateral | ' |
Amount of qualified collateral pledged on FHLB Boston advances | $19 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | $20,547 | $18,281 |
State and municipal | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 2,490 | 2,394 |
Residential mortgage-backed securities | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 18,057 | 15,887 |
Level 2 | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 20,547 | 18,281 |
Assets at Fair Value | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 20,547 | 18,281 |
Recurring basis | Level 2 | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 20,547 | 18,281 |
Recurring basis | Level 2 | State and municipal | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 2,490 | 2,394 |
Recurring basis | Level 2 | Residential mortgage-backed securities | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 18,057 | 15,887 |
Recurring basis | Assets at Fair Value | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 20,547 | 18,281 |
Recurring basis | Assets at Fair Value | State and municipal | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | 2,490 | 2,394 |
Recurring basis | Assets at Fair Value | Residential mortgage-backed securities | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Securities available for sale | $18,057 | $15,887 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
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 | Impaired Loans | ' | ' |
Fair value measurements | ' | ' |
Adjustments to Fair Value | ($44) | ($333) |
Non-recurring basis | Level 3 | Impaired Loans | ' | ' |
Fair value measurements | ' | ' |
Assets at Fair Value | 542 | 2,492 |
Non-recurring basis | Assets at Fair Value | Impaired Loans | ' | ' |
Fair value measurements | ' | ' |
Assets at Fair Value | $542 | $2,492 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Securities available for sale | $20,547 | $18,281 |
Securities held to maturity | 991 | ' |
Financial liabilities: | ' | ' |
Short-term FHLB advances | 26,750 | 32,825 |
Mortgagor's escrow accounts | 1,324 | 1,230 |
Level 1 | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 1,301 | 6,295 |
FHLB stock | 2,907 | 2,907 |
Loans held for sale | 2,097 | 1,019 |
Accrued interest receivable | 725 | 729 |
Financial liabilities: | ' | ' |
Short-term FHLB advances | 26,750 | 32,825 |
Mortgagor's escrow accounts | 1,324 | 1,230 |
Accrued interest payable | 51 | 45 |
Level 2 | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 20,547 | 18,281 |
Securities held to maturity | 991 | 1,136 |
Capitalized mortgage servicing rights | 1,386 | 1,361 |
Financial liabilities: | ' | ' |
Deposits | 180,953 | 176,405 |
Long-term FHLB advances | 24,394 | 22,405 |
Level 3 | ' | ' |
Financial assets: | ' | ' |
Loans, net | 223,234 | 223,659 |
Total | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 1,301 | 6,295 |
Securities available for sale | 20,547 | 18,281 |
Securities held to maturity | 991 | 1,136 |
FHLB stock | 2,907 | 2,907 |
Loans held for sale | 2,097 | 1,019 |
Loans, net | 223,234 | 223,659 |
Accrued interest receivable | 725 | 729 |
Capitalized mortgage servicing rights | 1,386 | 1,361 |
Financial liabilities: | ' | ' |
Deposits | 180,953 | 176,405 |
Short-term FHLB advances | 26,750 | 32,825 |
Long-term FHLB advances | 24,394 | 22,405 |
Mortgagor's escrow accounts | 1,324 | 1,230 |
Accrued interest payable | 51 | 45 |
Carrying Amount | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 4,301 | 6,295 |
Securities available for sale | 20,547 | 18,281 |
Securities held to maturity | 905 | 1,050 |
FHLB stock | 2,907 | 2,907 |
Loans held for sale | 2,070 | 1,001 |
Loans, net | 224,406 | 223,912 |
Accrued interest receivable | 725 | 729 |
Capitalized mortgage servicing rights | 950 | 1,058 |
Financial liabilities: | ' | ' |
Deposits | 180,464 | 175,961 |
Short-term FHLB advances | 26,750 | 32,825 |
Long-term FHLB advances | 24,100 | 22,100 |
Mortgagor's escrow accounts | 1,324 | 1,230 |
Accrued interest payable | $51 | $45 |
Equity_Incentive_Plan_Details
Equity Incentive Plan (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
item | |
Equity Incentive Plan | ' |
Number of equity incentive plans | 2 |
Number of Shares | ' |
Exercised (in shares) | -3,263 |
2014 Equity Plan | ' |
Equity Incentive Plan | ' |
Number of shares issued | 0 |
Stock Options | 2009 Equity Plan | ' |
Number of Shares | ' |
Outstanding at beginning of year (in shares) | 52,924 |
Granted (in shares) | 22,000 |
Exercised (in shares) | -3,263 |
Forfeited (in shares) | -7,417 |
Outstanding at end of period (in shares) | 64,244 |
Exercisable at end of period (in shares) | 25,163 |
Weighted Average Exercise Price | ' |
Outstanding at beginning of year (in dollars per share) | 11.12 |
Granted (in dollars per share) | 14.98 |
Exercised (in dollars per share) | 10.56 |
Forfeited (in dollars per share) | 13.61 |
Outstanding at end of period (in dollars per share) | 12.19 |
Equity_Incentive_Plan_Details_
Equity Incentive Plan (Details 2) (2009 Equity Plan, USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 64,244 |
Weighted-Average Remaining Contractual Life | '8 years |
Weighted Average Exercise Price (in dollars per share) | $12.26 |
Options Exercisable | ' |
Number Exercisable at the end of the period (in shares) | 25,163 |
Weighted Average Exercise Price (in dollars per share) | $10.12 |
Weighted Average Exercise Price - $9.33 | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 10,062 |
Weighted-Average Remaining Contractual Life | '5 years 7 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) | 8,909 |
Weighted Average Exercise Price (in dollars per share) | $9.33 |
Weighted Average Exercise Price - $9.55 | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 10,651 |
Weighted-Average Remaining Contractual Life | '6 years 7 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) | 8,130 |
Weighted Average Exercise Price (in dollars per share) | $9.55 |
Weighted Average Exercise Price - $9.58 | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 9,196 |
Weighted-Average Remaining Contractual Life | '7 years 7 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) | 4,513 |
Weighted Average Exercise Price (in dollars per share) | $9.58 |
Weighted Average Exercise Price $14.00 | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 15,550 |
Weighted-Average Remaining Contractual Life | '8 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $14 |
Options Exercisable | ' |
Number Exercisable at the end of the period (in shares) | 3,611 |
Weighted Average Exercise Price (in dollars per share) | $14 |
Weighted Average Exercise Price $14.98 | ' |
Options Outstanding | ' |
Number Outstanding at the end of the period (in shares) | 18,785 |
Weighted-Average Remaining Contractual Life | '9 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $14.98 |
Equity_Incentive_Plan_Details_1
Equity Incentive Plan (Details 3) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Stock Options | ' |
Additional Disclosures | ' |
Unrecognized share-based compensation expense related to non-vested options (in dollars) | $183,000 |
Weighted average period for recognition of share-based compensation | '3 years 4 months 24 days |
Share-based compensation expense recognized (in dollars) | 17,000 |
Tax benefit from recognized compensation expense (in dollars) | 4,000 |
Non-vested Restricted Stock | ' |
Number of Shares | ' |
Outstanding at beginning of year (in shares) | 35,751 |
Granted (in shares) | 22,000 |
Vested (in shares) | -11,246 |
Forfeited (in shares) | -7,005 |
Outstanding at end of period (in shares) | 39,500 |
Weighted Average Grant Date Value | ' |
Outstanding at beginning of year (in dollars per share) | $10.83 |
Granted (in dollars per share) | $14.98 |
Vested (in dollars per share) | $10.21 |
Forfeited (in dollars per share) | $13 |
Outstanding at end of period (in dollars per share) | $12.93 |
Additional Disclosures | ' |
Unrecognized share-based compensation expense related to non-vested restricted stock (in dollars) | 472,000 |
Weighted average period for recognition of share-based compensation | '3 years 6 months |
Share-based compensation expense recognized (in dollars) | 52,000 |
Tax benefit from recognized compensation expense (in dollars) | $21,000 |