Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Georgetown Bancorp, Inc. | |
Entity Central Index Key | 1,542,299 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
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 | 1,828,238 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 1,547 | $ 2,382 |
Short-term investments | 4,980 | 2,536 |
Total cash and cash equivalents | 6,527 | 4,918 |
Securities available for sale, at fair value | 20,078 | 19,526 |
Securities held to maturity, at amortized cost (fair value of $739 at September 30, 2015 and $916 at December 31, 2014) | 677 | 837 |
Federal Home Loan Bank stock, at cost | 2,917 | 2,907 |
Bankers Bank Northeast stock, at cost | 60 | |
Loans held for sale | 990 | |
Loans, net of allowance for loan losses of $2,346 at September 30, 2015 and $2,229 at December 31, 2014 | 248,156 | 231,293 |
Premises and equipment, net | 3,609 | 3,819 |
Accrued interest receivable | 825 | 752 |
Bank-owned life insurance | 3,075 | 2,999 |
Other assets | 1,516 | 2,979 |
Total assets | 287,440 | 271,020 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits | 194,184 | 182,354 |
Short-term Federal Home Loan Bank advances | 31,000 | 30,000 |
Long-term Federal Home Loan Bank advances | 27,100 | 24,600 |
Mortgagors' escrow accounts | 1,623 | 1,194 |
Accrued expenses and other liabilities | 2,011 | 2,160 |
Total liabilities | $ 255,918 | $ 240,308 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value per share: 50,000,000 shares authorized at September 30, 2015 and December 31, 2014; none outstanding | ||
Common stock, $0.01 par value per share: 100,000,000 shares authorized, 1,828,238 shares issued at September 30, 2015 and 1,827,131 shares issued at December 31, 2014 | $ 18 | $ 18 |
Additional paid-in capital | 19,356 | 19,245 |
Retained earnings | 13,391 | 12,593 |
Accumulated other comprehensive income (loss) | 179 | 143 |
Unearned compensation - ESOP (81,443 shares unallocated at September 30, 2015 and 86,886 shares unallocated at December 31, 2014) | (857) | (918) |
Unearned compensation - Restricted stock (44,866 shares non-vested at September 30, 2015 and 37,071 shares non-vested at December 31, 2014) | (565) | (369) |
Total stockholders' equity | 31,522 | 30,712 |
Total liabilities and stockholders' equity | $ 287,440 | $ 271,020 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Securities held to maturity, fair value (in dollars) | $ 739 | $ 916 |
Loans, allowance for loan losses (in dollars) | $ 2,346 | $ 2,229 |
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 | 1,828,238 | 1,827,131 |
Unearned compensation - ESOP shares unallocated | (81,443) | 86,886 |
Unearned compensation - Restricted stock shares non-vested | 44,866 | 37,071 |
Restricted stock award | ||
Unearned compensation - Restricted stock shares non-vested | 44,866 | 37,071 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest and dividend income: | ||||
Loans, including fees | $ 2,841 | $ 2,655 | $ 8,289 | $ 7,908 |
Securities | 146 | 147 | 432 | 435 |
Short-term investments | 2 | 1 | 5 | 3 |
Total interest and dividend income | 2,989 | 2,803 | 8,726 | 8,346 |
Interest expense: | ||||
Deposits | 270 | 213 | 754 | 617 |
Short-term Federal Home Loan Bank advances | 14 | 16 | 35 | 45 |
Long-term Federal Home Loan Bank advances | 147 | 142 | 448 | 412 |
Total interest expense | 431 | 371 | 1,237 | 1,074 |
Net interest and dividend income | 2,558 | 2,432 | 7,489 | 7,272 |
Provision for loan losses | 111 | 1 | 138 | 1 |
Net interest and dividend income, after provision for loan losses | 2,447 | 2,431 | 7,351 | 7,271 |
Non-interest income: | ||||
Customer service fees | 189 | 160 | 539 | 494 |
Mortgage banking income, net | 61 | 56 | 112 | 179 |
Gain on sale of SBA loans | 86 | 86 | ||
Income from bank-owned life insurance | 26 | 25 | 76 | 75 |
Net gain on sale of other real estate owned | 8 | |||
Other | 12 | 8 | 26 | 19 |
Total non-interest income | 374 | 249 | 839 | 775 |
Non-interest expenses: | ||||
Salaries and employee benefits | 1,214 | 1,138 | 3,652 | 3,554 |
Occupancy and equipment expenses | 262 | 236 | 793 | 731 |
Data processing expenses | 151 | 136 | 476 | 452 |
Professional fees | 123 | 124 | 365 | 394 |
Advertising expenses | 87 | 88 | 263 | 263 |
FDIC insurance | 42 | 42 | 126 | 127 |
Other general and administrative expenses | 248 | 289 | 848 | 868 |
Total non-interest expenses | 2,127 | 2,053 | 6,523 | 6,389 |
Income before income taxes | 694 | 627 | 1,667 | 1,657 |
Income tax provision | 269 | 237 | 629 | 618 |
Net income | $ 425 | $ 390 | $ 1,038 | $ 1,039 |
Weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 1,745,431 | 1,737,511 | 1,748,320 | 1,738,950 |
Diluted (in shares) | 1,753,009 | 1,742,091 | 1,756,740 | 1,744,004 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.24 | $ 0.22 | $ 0.59 | $ 0.60 |
Diluted (in dollars per share) | 0.24 | 0.22 | 0.59 | 0.60 |
Cash dividend paid (in dollars per share) | $ 0.0475 | $ 0.0425 | $ 0.1375 | $ 0.125 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 425 | $ 390 | $ 1,038 | $ 1,039 |
Net unrealized (loss) gain on securities available for sale | 236 | (58) | 56 | 599 |
Income tax benefit (provision) | (83) | 18 | (20) | (217) |
Other comprehensive (loss) income, net of tax | 153 | (40) | 36 | 382 |
Comprehensive income | $ 578 | $ 350 | $ 1,074 | $ 1,421 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unearned Compensation-ESOP | Unearned Compensation-Restricted Stock | Total |
Balance at Dec. 31, 2013 | $ 18 | $ 19,212 | $ 11,388 | $ (389) | $ (1,001) | $ (286) | $ 28,942 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 1,039 | 1,039 | |||||
Other comprehensive income (loss) | 382 | 382 | |||||
Cash dividends paid ($0.1375 per share and $0.125 per share for the period ended September 30, 2015 and September 30, 2014 respectively) | (228) | (228) | |||||
Repurchased stock related to buyback program (17,000 shares for the period ended September 30, 2015 and September 30, 2014,respectively) | (252) | (252) | |||||
Common stock held by ESOP allocated or committed to be allocated (5,430 shares and 5,430 shares for the period ended September 30, 2015 and September 30, 2014 respectively) | 22 | 62 | 84 | ||||
Restricted stock granted in connection with equity incentive plan (20,000 shares and 22,000 shares for the period ended September 30, 2015 and September 30, 2014 respectively) | 329 | (329) | |||||
Forfeiture of restricted stock (8,105 shares for the period ended September 30, 2014 respectively) | (108) | 108 | |||||
Purchased stock related to vested restricted stock (3,091 and 2,417 shares for the period ended September 30, 2015 and September 30, 2014 respectively) | (36) | (36) | |||||
Exercise of stock options (1,198 shares and 3,813 shares for the period ended September 30, 2015 and September 30, 2014 respectively) | 39 | 39 | |||||
Purchased shares from cashless exercise of options (2,175 shares) for the period ended September 30, 2014 | (33) | (33) | |||||
Share based compensation - options | 33 | 33 | |||||
Share based compensation - restricted stock | 91 | 91 | |||||
Balance at Sep. 30, 2014 | 18 | 19,206 | 12,199 | (7) | (939) | (416) | 30,061 |
Balance at Dec. 31, 2014 | 18 | 19,245 | 12,593 | 143 | (918) | (369) | 30,712 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 1,038 | 1,038 | |||||
Other comprehensive income (loss) | 36 | 36 | |||||
Cash dividends paid ($0.1375 per share and $0.125 per share for the period ended September 30, 2015 and September 30, 2014 respectively) | (240) | (240) | |||||
Repurchased stock related to buyback program (17,000 shares for the period ended September 30, 2015 and September 30, 2014,respectively) | (315) | (315) | |||||
Common stock held by ESOP allocated or committed to be allocated (5,430 shares and 5,430 shares for the period ended September 30, 2015 and September 30, 2014 respectively) | 37 | 61 | 98 | ||||
Restricted stock granted in connection with equity incentive plan (20,000 shares and 22,000 shares for the period ended September 30, 2015 and September 30, 2014 respectively) | 351 | (351) | |||||
Purchased stock related to vested restricted stock (3,091 and 2,417 shares for the period ended September 30, 2015 and September 30, 2014 respectively) | (54) | (54) | |||||
Exercise of stock options (1,198 shares and 3,813 shares for the period ended September 30, 2015 and September 30, 2014 respectively) | 11 | 11 | |||||
Share based compensation - options | 66 | 66 | |||||
Share based compensation - restricted stock | 155 | 155 | |||||
Excess tax (provision) benefit from share-based compensation | 15 | 15 | |||||
Balance at Sep. 30, 2015 | $ 18 | $ 19,356 | $ 13,391 | $ 179 | $ (857) | $ (565) | $ 31,522 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||||
Cash dividend paid (in dollars per share) | $ 0.0475 | $ 0.0425 | $ 0.1375 | $ 0.125 |
Repurchased stock related to buyback program (in shares) | 17,000 | 17,000 | ||
Common stock held by ESOP allocated or committed to be allocated (in shares) | 5,430 | 5,430 | 5,430 | 5,430 |
Restricted stock granted in connection with equity incentive plan (in shares) | 20,000 | 22,000 | ||
Forfeiture of restricted stock (in shares) | 8,105 | |||
Purchased stock related to vested restricted stock (in shares) | 3,091 | 2,417 | ||
Exercise of stock options (in shares) | 1,198 | 3,813 | ||
Purchase shares from cashless exercise of options (in shares) | 2,175 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 1,038 | $ 1,039 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 138 | 1 |
Amortization of securities, net | 99 | 95 |
Net change in deferred loan fees and costs | 64 | (8) |
Depreciation and amortization expense | 290 | 247 |
(Increase) decrease in accrued interest receivable | (73) | 9 |
Income from bank-owned life insurance | (76) | (75) |
Stock-based compensation expense | 319 | 208 |
Gain on sales of loans | (122) | (139) |
Loans originated for sale | (2,500) | (14,399) |
Proceeds from sales of loans, net of repurchases | 3,612 | 14,628 |
Gain on sale of other real estate owned | (8) | |
Net change in other assets and liabilities | 1,294 | 560 |
Net cash provided by operating activities | 4,083 | 2,158 |
Activity in securities available for sale: | ||
Maturities, prepayments and calls | 1,948 | 1,408 |
Purchases | (2,544) | (2,558) |
Maturities, prepayments and calls of securities held to maturity | 161 | 182 |
Purchase of Bankers Bank Northeast stock | (60) | |
Purchase of Federal Home Loan Bank stock | (10) | |
Loan principal collections (originations), net | (9,454) | (5,207) |
Principal balance of loans purchased | (7,611) | |
Proceeds from sale of other real estate owned | 8 | |
Purchase of premises and equipment | (157) | (370) |
Proceeds from sale of premises and equipment | 77 | |
Net cash used in investing activities | (17,650) | (6,537) |
Cash flows from financing activities: | ||
Net change in deposits | 11,830 | 7,204 |
Net change in Federal Home Loan Bank advances with maturities of three months or less | 1,000 | (4,075) |
Proceeds from Federal Home Loan Bank advances with maturities greater than three months | 5,000 | 3,000 |
Repayments of Federal Home Loan Bank advances with maturities greater than three months | (2,500) | (1,000) |
Net change in mortgagors' escrow accounts | 429 | 115 |
Repurchase of common stock | (369) | (288) |
Cash dividends paid on common stock | (240) | (228) |
Exercise of stock options | 11 | 6 |
Excess tax benefit on share-based compensation | 15 | |
Net cash provided by financing activities | 15,176 | 4,734 |
Net change in cash and cash equivalents | 1,609 | 355 |
Cash and cash equivalents at beginning of period | 4,918 | |
Cash and cash equivalents at end of period | 6,527 | 6,650 |
Supplementary information: | ||
Interest paid on deposit accounts | 752 | 614 |
Interest paid on advances | 481 | 454 |
Income taxes paid | $ 941 | $ 497 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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 U.S. generally accepted accounting principles (“GAAP”) for interim financial information and 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 GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three- and nine-month periods ended September 30, 2015 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, 2014 Consolidated Financial Statements presented in the Annual Report on Form 10-K of the Company filed with the Securities and Exchange Commission on March 30, 2015. 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. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements. |
Corporate Structure
Corporate Structure | 9 Months Ended |
Sep. 30, 2015 | |
Corporate Structure | |
Corporate Structure | (2) Corporate Structure The Company completed a “second step” conversion to a fully public stock holding company on July 11, 2012. The Bank is a wholly owned subsidiary of the Company. Georgetown Securities Corporation, established in 1995 as a Massachusetts securities corporation for the purpose of buying, selling and holding securities on its own behalf, is a wholly owned subsidiary of the Bank. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Common Share | |
Earnings Per Common Share | (3) Earnings Per Common Share The Company has adopted the Earnings Per Share (“EPS”) guidance included in Accounting Standards Codification (“ASC”) 260-10. As presented below, basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For purposes of computing diluted EPS, the treasury stock method is used. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Earnings per common share have been computed based on the following: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income available to common stockholders $ $ $ $ Basic common shares: Weighted average shares outstanding Less: Weighted average unallocated ESOP shares Add: Weighted average unvested restricted stock shares with non-forfeitable dividend rights Basic weighted average common shares outstanding Dilutive potential common shares Diluted weighted average common shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ Options to purchase 90,483 shares, representing all outstanding options, were included in the computation of diluted earnings per share for the three and nine months ended September 30, 2015. Options to purchase 62,594 shares, representing all outstanding options, were included in the computation of diluted earnings per share for the three and nine months ended September 30, 2014. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | (4) Recent Accounting Pronouncements In May 2014 and August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 and 2015-14, “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. The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted only as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period, or an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which an entity first applies the guidance in ASU 2014-09.. The Company is currently reviewing ASUs 2014-09 and 2015-14 to determine if they will have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, “Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The objective of this update is to address the diversity in practice related to how certain investments measured at net asset value with redemption dates in the future are categorized within the fair value hierarchy. The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In June 2015, the FASB issued ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. This ASU amends SEC paragraphs in the codification pursuant to the Staff Announcement at the June 18, 2015 Emerging Issue Task Force (“EITF”) Meeting, to clarify that the staff “would not object” to an entity deferring and presenting these debt issuance costs as an asset and subsequently amortizing these costs ratably over the term of the line- of- credit arrangement, regardless of whether there are outstanding borrowings on the line. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. |
Securities
Securities | 9 Months Ended |
Sep. 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 September 30, 2015 Securities available for sale State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity Residential mortgage-backed securities $ $ $ — $ At December 31, 2014 State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity Residential mortgage-backed securities $ $ $ — $ All residential mortgage-backed securities have been issued by government-sponsored enterprises. The amortized cost and estimated fair value of debt securities by contractual maturity at September 30, 2015 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) After five years through ten years $ $ $ — $ — Over ten years — — — — Residential mortgage-backed securities $ $ $ $ There were no sales of securities for the three and nine months ended September 30, 2015 and 2014. 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 Longer Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) At September 30, 2015 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities — — Total temporarily impaired securities $ — $ — $ $ At December 31, 2014 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities — — Total temporarily impaired securities $ — $ — $ $ Each reporting period, the Company evaluates all securities classified as available-for-sale or held-to-maturity with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other-than-temporary (“OTTI”). At September 30, 2015, four securities classified as available for sale had an unrealized loss with aggregate depreciation of 0.81% 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 issued by government sponsored enterprises 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 OTTI. |
Loans and Servicing
Loans and Servicing | 9 Months Ended |
Sep. 30, 2015 | |
LOANS AND SERVICING | |
LOANS AND SERVICING | (6) Loans and Servicing Loans A summary of loans is as follows: At At September 30, December 31, 2015 2014 Amount Percent Amount Percent (Dollars in thousands) Residential loans: One- to four-family $ % $ % Home equity loans and lines of credit Total residential mortgage loans Commercial loans: One- to four-family investment property Multi-family real estate Commercial real estate Commercial business Total commercial loans Construction loans: One- to four-family Multi-family Non-residential Total construction loans Consumer Total loans % % Other items: Net deferred loan costs Allowance for loan losses Total loans, net $ $ An analysis of the allowance for loan losses for the nine months ended September 30, 2015 and 2014 and at September 30, 2015 and December 31, 2014 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 family One ‑ to four ‑ loans and investment Multi ‑family Commercial Commercial One ‑ to four ‑ Non- family lines of credit property real estate real estate business family Multi ‑family residential Consumer Unallocated Total (In thousands) Allowance for loan losses Nine Months Ended September 30, 2015 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ — $ Charge-offs — — — — — — — — — Recoveries — — — — — — — — — (Benefit) provision — Ending Balance $ $ $ $ $ $ $ $ $ $ $ — $ Nine Months Ended September 30, 2014 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ $ Charge-offs — — — — — — — — Recoveries — — — — — — — — — Provision (benefit) Ending Balance $ $ $ $ $ $ $ $ $ $ $ $ At September 30, 2015 Allowance for loan losses Individually evaluated for impairment $ $ — $ $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ Loans Individually evaluated for impairment $ $ $ $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ At December 31, 2014 Allowance for loan losses Individually evaluated for impairment $ $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ Loans Individually evaluated for impairment $ $ $ — $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ The following is a summary of past-due and non-accrual loans at September 30, 2015 and December 31, 2014. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. Loans delinquent for: 90 days 90 days Total Total Total or more Non-accrual 30 - 59 Days 60 - 89 Days or more Past Due Current Loans and accruing Loans (In thousands) At September 30, 2015 Residential loans: One- to four-family $ — $ $ $ $ $ $ — $ Home equity loans and lines of credit — — — — Commercial loans: One- to four-family investment property — — — — — — Multi-family real estate — — — — — — Commercial real estate — — — — Commercial business — — — — Construction loans: One- to four-family — — — — — — Multi-family — — — — — — Non-residential — — — — — — Consumer — — — — Total $ $ $ $ $ $ $ — $ 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 December 31, 2014 Residential loans: One- to four-family $ — $ $ $ $ $ $ — $ Home equity loans and lines of credit — — — Commercial loans: One- to four-family investment property — — — — — — Multi-family real estate — — — — — — Commercial real estate — — — — Commercial business — — — — — — Construction loans: One- to four-family — — — — — — Multi-family — — — — — — Non-residential — — — — — — Consumer — — — Total $ $ $ $ $ $ $ — $ The following is a summary of impaired loans at September 30, 2015 and December 31, 2014, and for the nine months and year then ended, respectively. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At September 30, 2015 Impaired loans without a valuation allowance Residential loans: One- to four-family $ $ $ — $ $ Home equity loans and lines of credit — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — Commercial business — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total impaired with no related allowance $ $ $ — $ $ Impaired loans with a valuation allowance Residential loans: One- to four-family $ $ $ $ $ Home equity loans and lines of credit — — — — — Commercial loans: One- to four-family investment property Multi-family real estate — — — — — Commercial real estate — — — — — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total with an allowance recorded $ $ $ $ $ Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At December 31, 2014 Impaired loans without a valuation allowance Residential loans: One- to four-family $ — $ — $ — $ — $ — Home equity loans and lines of credit — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total impaired with no related allowance $ $ $ — $ $ Impaired loans with a valuation allowance Residential loans: One- to four-family $ $ $ $ $ Home equity loans and lines of credit — — — — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — — — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total with an allowance recorded $ $ $ $ $ The Company had two loan relationships that were classified as troubled debt restructures (“TDR”) totaling $776,000 during the nine months ended September 30, 2015. The first relationship involved two commercial business loans totaling $235,000 guaranteed by two individuals. During the nine months ended September 30, 2015, the business was sold and net proceeds of $100,000 were applied to the outstanding balances leaving a combined deficiency or pre-modification balance of $135,000 . The $135,000 balance was modified into two loans held individually by the personal guarantors of the original loans on a pro-rated basis based on their respective ownership percentages. The first loan had a $45,000 balance and the borrower made a $22,500 cash payment and the remaining $22,500 balance was charged off to the allowance for loan losses resulting in a post-modification balance of zero . The remaining balance was modified into a one- to four-family investment property loan with a post modification balance of $90,000 . The TDR did not result in a material impact to the allowance for loan losses. The second relationship involved a one- to four-family residential loan totaling $606,000 to one individual. During the nine months ended September 30, 2015, the loan was modified to include a second individual and additional residential collateral was added. The loan, with a post modification balance of $606,000 , was restructured into an interest only note with maturity in 24 months. A second loan, an interest only home equity loan with maturity in 24 months, representing the real estate taxes paid by the Company on behalf of the borrower, was established as part of the Forbearance Agreement. The home equity loan had a post modification balance of $80,000 . As part of the Forbearance Agreement, the borrower will be working to develop land for potential sale which is collateralizing the TDR loan and the Company will receive 100% of the net proceeds to pay down the outstanding principle balance of the TDR. When the loans mature, any remaining balance due must be paid in full or refinanced at that time. The TDR did not result in a material impact to the allowance for loan losses. There is no commitment to lend additional funds to the borrowers whose loans were modified during the nine months ended September 30, 2015. There were no loan modifications made that resulted in a TDR during the nine months ended September 30, 2014. At September 30, 2015 and December 31, 2014, there were no TDR loans in default of their modified terms. The following table represents the Company’s loans by risk rating at September 30, 2015 and December 31, 2014. 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 family One ‑ to four ‑ loans and lines investment Multi ‑ family Commercial Commercial One ‑ to four ‑ Non- family of credit property real estate real estate business family Multi ‑ family residential Consumer Total (In thousands) At September 30, 2015 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ At December 31, 2014 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ 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 $103.7 million and $113.4 million at September 30, 2015 and December 31, 2014, 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 $1.1 million and $1.3 million at September 30, 2015 and December 31, 2014, respectively, 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 to valuation allowances. Nine Months Ended September 30, 2015 2014 (In thousands) Mortgage servicing rights: Balance at beginning of period $ $ Additions Amortization Balance at end of period Valuation allowance: Balance at beginning of period Additions — Reductions Balance at end of period Mortgage servicing assets, net $ $ Fair value of mortgage servicing assets $ $ |
Secured Borrowings and Collater
Secured Borrowings and Collateral | 9 Months Ended |
Sep. 30, 2015 | |
Secured Borrowings and Collateral | |
Secured Borrowings and Collateral | (7) Secured Borrowings and Collateral Federal Home Loan Bank advances At September 30, 2015 all Federal Home Loan Bank of Boston (“FHLB”) advances were secured by a blanket security agreement on qualified collateral, principally first mortgage loans on owner-occupied residential property in the amount of $70.5 million, $26.3 million commercial real estate loans and mortgage-backed securities with a fair value of $18.3 million. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements | |
Fair Value Measurements | (8) Fair Value Measurements The Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value as follows: Level l - Valuation is based on quoted prices in active markets for identical assets or liabilities. Level l assets and liabilities generally include debt and equity securities that are traded in an active exchange market. At September 30, 2015, 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 that are measured at fair value are included in Level 3 and are based on the appraised value of the underlying collateral considering discounting factors, if deemed appropriate, and adjusted for selling costs. These appraised values may be discounted based on management’s historical knowledge, expertise or changes in market conditions from time of valuation. The Company did not have any significant transfers of assets or liabilities to or from Levels 1 and 2 of the fair value hierarchy during the nine month period ended September 30, 2015. Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 are summarized below. Total Assets Level 1 Level 2 Level 3 at Fair Value (In thousands) At September 30, 2015 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ At December 31, 2014 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ The Company may also be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. Assets measured at fair value on a non-recurring basis at September 30, 2015 and December 31, 2014 are summarized below. The fair value adjustments relate to the amount of write-down recorded or related allowance recorded as of September 30, 2015 and December 31, 2014. Assets Adjustments Level 1 Level 2 Level 3 at Fair Value to Fair Value (In thousands) At September 30, 2015 Impaired loans $ — $ — $ $ $ Assets Adjustments Level 1 Level 2 Level 3 At Fair Value to Fair Value (In thousands) At December 31, 2014 Impaired loans $ — $ — $ $ $ 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 (FHLB) and Bankers Bank Northeast (BBN) stock : Fair value is based on redemption provisions of the FHLB and BBN. The FHLB and BBN stock have 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% 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. Mortgagors’ escrow accounts : The fair value of mortgagors’ escrow accounts approximates carrying value. Accrued interest : The carrying amounts of accrued interest approximate fair value. Off-balance-sheet instruments : The fair value of commitments to originate loans is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments and the unadvanced portion of loans, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligation with the counterparties at the reporting date. At September 30, 2015 and December 31, 2014, the fair value of commitments outstanding is not significant since fees charged are not material. The estimated fair values and related carrying amounts of the Company’s financial instruments at September 30, 2015 and December 31, 2014 are as follows. September 30, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents $ $ $ — $ — $ Securities available for sale — — Securities held to maturity — — FHLB stock — — Bankers Bank Northeast stock — — Loans, net — — Accrued interest receivable — — Capitalized mortgage servicing rights — — Financial liabilities: Deposits $ $ — $ $ — $ Short-term FHLB advances — — Long-term FHLB advances — — Mortgagors’ escrow accounts — — Accrued interest payable — — December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents $ $ $ — $ — $ Securities available for sale — — Securities held to maturity — — FHLB stock — — Loans held for sale — — Loans, net — — Accrued interest receivable — — Capitalized mortgage servicing rights — — Financial liabilities: Deposits $ $ — $ $ — $ Short-term FHLB advances — — Long-term FHLB advances — — Mortgagors’ escrow accounts — — Accrued interest payable — — |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2015 | |
Equity Incentive Plans | |
Equity Incentive Plans | (9) Equity Incentive Plans At September 30, 2015 the Company had two equity incentive plans, the 2009 Equity Plan and the 2014 Equity Plan. Both plans were described more fully in Note 12 of the consolidated financial statements and notes thereto for the year ended December 31, 2014. The following table presents the activity for the 2009 and 2014 Equity Plans for the nine months ended September 30, 2015. Stock Options Weighted Average Number of Exercise Shares Price Outstanding at beginning of year $ Granted $ Exercised $ Outstanding at end of year $ Exercisable at end of year Weighted average fair value of options granted during the year $ Options Outstanding Options Exercisable Number Weighted-Average Weighted Number Weighted Outstanding Remaining Average Exercisable Average as of 9/30/2015 Contractual Life Exercise Price as of 9/30/2015 Exercise Price Years $ $ Years $ $ Years $ $ Years $ $ Years $ $ Years $ — $ — Years $ $ Non-vested Restricted Stock Weighted Average Number of Grant Date Shares Value Outstanding at beginning of year $ Granted $ Vested $ Outstanding at end of year $ As of September 30, 2015, unrecognized share-based compensation expense related to non-vested options amounted to $254,000 and the unrecognized share-based compensation expense related to non-vested restricted stock amounted to $565,000 . The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 3. 3 years. For the nine months ended September 30, 2015, the Company recognized compensation expense for stock options of $66,000 with a related tax benefit of $9,000 . The related tax benefit applies only to non-qualified stock options. For the nine months ended September 30, 2015, the Company recognized compensation expense for restricted stock awards of $155,000 with a related tax benefit of $62,000 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Basis of Presentation | |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Common Share | |
Schedule of computation of earnings per common share | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income available to common stockholders $ $ $ $ Basic common shares: Weighted average shares outstanding Less: Weighted average unallocated ESOP shares Add: Weighted average unvested restricted stock shares with non-forfeitable dividend rights Basic weighted average common shares outstanding Dilutive potential common shares Diluted weighted average common shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2014 | |
SECURITIES | |
Summary of securities | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) At September 30, 2015 Securities available for sale State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity Residential mortgage-backed securities $ $ $ — $ At December 31, 2014 State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity Residential mortgage-backed securities $ $ $ — $ |
Schedule of maturities of debt securities | Available for Sale Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) After five years through ten years $ $ $ — $ — Over ten years — — — — Residential mortgage-backed securities $ $ $ $ |
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 Longer Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) At September 30, 2015 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities — — Total temporarily impaired securities $ — $ — $ $ At December 31, 2014 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities — — Total temporarily impaired securities $ — $ — $ $ |
Loans and Servicing (Tables)
Loans and Servicing (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
LOANS AND SERVICING | |
Summary of loans: | At At September 30, December 31, 2015 2014 Amount Percent Amount Percent (Dollars in thousands) Residential loans: One- to four-family $ % $ % Home equity loans and lines of credit Total residential mortgage loans Commercial loans: One- to four-family investment property Multi-family real estate Commercial real estate Commercial business Total commercial loans Construction loans: One- to four-family Multi-family Non-residential Total construction loans Consumer Total loans % % Other items: Net deferred loan costs Allowance for loan losses Total loans, net $ $ |
Schedule of information pertaining to the allowance for loan losses | Residential Commercial Construction One ‑ to four ‑ Home equity family One ‑ to four ‑ loans and investment Multi ‑family Commercial Commercial One ‑ to four ‑ Non- family lines of credit property real estate real estate business family Multi ‑family residential Consumer Unallocated Total (In thousands) Allowance for loan losses Nine Months Ended September 30, 2015 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ — $ Charge-offs — — — — — — — — — Recoveries — — — — — — — — — (Benefit) provision — Ending Balance $ $ $ $ $ $ $ $ $ $ $ — $ Nine Months Ended September 30, 2014 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ $ Charge-offs — — — — — — — — Recoveries — — — — — — — — — Provision (benefit) Ending Balance $ $ $ $ $ $ $ $ $ $ $ $ At September 30, 2015 Allowance for loan losses Individually evaluated for impairment $ $ — $ $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ Loans Individually evaluated for impairment $ $ $ $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ At December 31, 2014 Allowance for loan losses Individually evaluated for impairment $ $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ Loans Individually evaluated for impairment $ $ $ — $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ |
Summary of past-due and non-accrual loans | Loans delinquent for: 90 days 90 days Total Total Total or more Non-accrual 30 - 59 Days 60 - 89 Days or more Past Due Current Loans and accruing Loans (In thousands) At September 30, 2015 Residential loans: One- to four-family $ — $ $ $ $ $ $ — $ Home equity loans and lines of credit — — — — Commercial loans: One- to four-family investment property — — — — — — Multi-family real estate — — — — — — Commercial real estate — — — — Commercial business — — — — Construction loans: One- to four-family — — — — — — Multi-family — — — — — — Non-residential — — — — — — Consumer — — — — Total $ $ $ $ $ $ $ — $ 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 December 31, 2014 Residential loans: One- to four-family $ — $ $ $ $ $ $ — $ Home equity loans and lines of credit — — — Commercial loans: One- to four-family investment property — — — — — — Multi-family real estate — — — — — — Commercial real estate — — — — Commercial business — — — — — — Construction loans: One- to four-family — — — — — — Multi-family — — — — — — Non-residential — — — — — — Consumer — — — Total $ $ $ $ $ $ $ — $ |
Schedule of analysis of impaired loans | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At September 30, 2015 Impaired loans without a valuation allowance Residential loans: One- to four-family $ $ $ — $ $ Home equity loans and lines of credit — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — Commercial business — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total impaired with no related allowance $ $ $ — $ $ Impaired loans with a valuation allowance Residential loans: One- to four-family $ $ $ $ $ Home equity loans and lines of credit — — — — — Commercial loans: One- to four-family investment property Multi-family real estate — — — — — Commercial real estate — — — — — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total with an allowance recorded $ $ $ $ $ Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At December 31, 2014 Impaired loans without a valuation allowance Residential loans: One- to four-family $ — $ — $ — $ — $ — Home equity loans and lines of credit — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total impaired with no related allowance $ $ $ — $ $ Impaired loans with a valuation allowance Residential loans: One- to four-family $ $ $ $ $ Home equity loans and lines of credit — — — — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — — — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total with an allowance recorded $ $ $ $ $ |
Schedule of loans by risk rating | Residential Commercial Construction One ‑ to four ‑ Home equity family One ‑ to four ‑ loans and lines investment Multi ‑ family Commercial Commercial One ‑ to four ‑ Non- family of credit property real estate real estate business family Multi ‑ family residential Consumer Total (In thousands) At September 30, 2015 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ At December 31, 2014 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ |
Schedule of mortgage servicing rights capitalized and amortized | Nine Months Ended September 30, 2015 2014 (In thousands) Mortgage servicing rights: Balance at beginning of period $ $ Additions Amortization Balance at end of period Valuation allowance: Balance at beginning of period Additions — Reductions Balance at end of period Mortgage servicing assets, net $ $ Fair value of mortgage servicing assets $ $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements | |
Summary of assets and liabilities measured at fair value on a recurring basis | Total Assets Level 1 Level 2 Level 3 at Fair Value (In thousands) At September 30, 2015 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ At December 31, 2014 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ |
Schedule of assets measured at fair value on a non-recurring basis | Assets Adjustments Level 1 Level 2 Level 3 at Fair Value to Fair Value (In thousands) At September 30, 2015 Impaired loans $ — $ — $ $ $ Assets Adjustments Level 1 Level 2 Level 3 At Fair Value to Fair Value (In thousands) At December 31, 2014 Impaired loans $ — $ — $ $ $ |
Schedule of estimated fair values and related carrying amounts of the Company's financial instruments | September 30, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents $ $ $ — $ — $ Securities available for sale — — Securities held to maturity — — FHLB stock — — Bankers Bank Northeast stock — — Loans, net — — Accrued interest receivable — — Capitalized mortgage servicing rights — — Financial liabilities: Deposits $ $ — $ $ — $ Short-term FHLB advances — — Long-term FHLB advances — — Mortgagors’ escrow accounts — — Accrued interest payable — — December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents $ $ $ — $ — $ Securities available for sale — — Securities held to maturity — — FHLB stock — — Loans held for sale — — Loans, net — — Accrued interest receivable — — Capitalized mortgage servicing rights — — Financial liabilities: Deposits $ $ — $ $ — $ Short-term FHLB advances — — Long-term FHLB advances — — Mortgagors’ escrow accounts — — Accrued interest payable — — |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Incentive Plans | |
Schedule of activity for stock options | Stock Options Weighted Average Number of Exercise Shares Price Outstanding at beginning of year $ Granted $ Exercised $ Outstanding at end of year $ Exercisable at end of year Weighted average fair value of options granted during the year $ |
Schedule of options outstanding and exercisable | Options Outstanding Options Exercisable Number Weighted-Average Weighted Number Weighted Outstanding Remaining Average Exercisable Average as of 9/30/2015 Contractual Life Exercise Price as of 9/30/2015 Exercise Price Years $ $ Years $ $ Years $ $ Years $ $ Years $ $ Years $ — $ — Years $ $ |
Schedule of activity for non-vested restricted stock | Non-vested Restricted Stock Weighted Average Number of Grant Date Shares Value Outstanding at beginning of year $ Granted $ Vested $ Outstanding at end of year $ |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Common Share | ||||
Net income available to common stockholders (in dollars) | $ 425 | $ 390 | $ 1,038 | $ 1,039 |
Basic common shares: | ||||
Weighted average shares outstanding | 1,783,193 | 1,788,880 | 1,789,422 | 1,789,527 |
Less: Weighted average unallocated ESOP shares | (82,630) | (89,870) | (84,440) | (91,680) |
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights | 44,868 | 38,501 | 43,338 | 41,103 |
Basic weighted average common shares outstanding | 1,745,431 | 1,737,511 | 1,748,320 | 1,738,950 |
Dilutive potential common shares | 7,578 | 4,580 | 8,420 | 5,054 |
Diluted weighted average common shares outstanding | 1,753,009 | 1,742,091 | 1,756,740 | 1,744,004 |
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.22 | $ 0.59 | $ 0.60 |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.22 | $ 0.59 | $ 0.60 |
Options to purchase shares included in the computation of diluted earnings per share (in shares) | 90,483 | |||
Options to purchase shares not included in the computation of diluted earnings per share (in shares) | 62,594 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Securities available for sale | ||
Amortized Cost | $ 19,798 | $ 19,302 |
Gross Unrealized Gains | 312 | 288 |
Gross Unrealized Losses | (32) | (64) |
Fair Value | 20,078 | 19,526 |
Securities held to maturity | ||
Fair Value | 739 | 916 |
State and municipal | ||
Securities available for sale | ||
Amortized Cost | 2,422 | 2,458 |
Gross Unrealized Gains | 58 | 54 |
Gross Unrealized Losses | (5) | (5) |
Fair Value | 2,475 | 2,507 |
Residential mortgage-backed securities | ||
Securities available for sale | ||
Amortized Cost | 17,376 | 16,844 |
Gross Unrealized Gains | 254 | 234 |
Gross Unrealized Losses | (27) | (59) |
Fair Value | 17,603 | 17,019 |
Securities held to maturity | ||
Amortized Cost | 677 | 837 |
Gross Unrealized Gains | 62 | 79 |
Fair Value | $ 739 | $ 916 |
Securities (Details 2)
Securities (Details 2) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($) | |
Available for Sale, Amortized cost | ||
After five years through ten years | $ 271 | |
Over 10 years | 2,151 | |
Total | 2,422 | |
Amortized Cost | 19,798 | $ 19,302 |
Available for Sale, Fair Value | ||
After five years through ten years | 280 | |
Over 10 years | 2,195 | |
Total | 2,475 | |
Fair Value | 20,078 | 19,526 |
Held to maturity, Amortized Cost | ||
Total | 677 | |
Held to Maturity, Fair Value | ||
Fair Value | 739 | 916 |
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | ||
Twelve Months Or Longer, Fair Value | 3,902 | 6,261 |
Twelve Months Or Longer, Gross Unrealized Losses | (32) | (64) |
Additional disclosures | ||
Available for sale securities sold | $ 0 | |
Number of available-for-sale securities in unrealized loss position | item | 4 | |
Available for sale securities in unrealized loss position, aggregate depreciation rate (as a percent) | 0.81% | |
Residential mortgage-backed securities | ||
Available for Sale, Amortized cost | ||
Securities without single maturity date | $ 17,376 | |
Amortized Cost | 17,376 | 16,844 |
Available for Sale, Fair Value | ||
Securities without single maturity date | 17,603 | |
Fair Value | 17,603 | 17,019 |
Held to maturity, Amortized Cost | ||
Securities without single maturity date | 677 | |
Held to Maturity, Fair Value | ||
Securities without single maturity date | 739 | |
Fair Value | 739 | 916 |
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | ||
Twelve Months Or Longer, Fair Value | 3,391 | 5,456 |
Twelve Months Or Longer, Gross Unrealized Losses | (27) | (59) |
State and municipal | ||
Available for Sale, Amortized cost | ||
Amortized Cost | 2,422 | 2,458 |
Available for Sale, Fair Value | ||
Fair Value | 2,475 | 2,507 |
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | ||
Twelve Months Or Longer, Fair Value | 511 | 805 |
Twelve Months Or Longer, Gross Unrealized Losses | $ (5) | $ (5) |
Loans and Servicing (Details)
Loans and Servicing (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Summary of loans: | ||||
Loans receivable | $ 250,187 | $ 233,143 | ||
Total loans (as a percent) | 100.00% | 100.00% | ||
Other items: | ||||
Net deferred loan costs | $ 315 | $ 379 | ||
Allowance for loan losses | (2,346) | (2,229) | $ (2,136) | $ (2,396) |
Total loans, net | 248,156 | 231,293 | ||
Residential loans: | ||||
Summary of loans: | ||||
Loans receivable | $ 101,384 | $ 100,698 | ||
Total loans (as a percent) | 40.53% | 43.20% | ||
One- to four- family, residential loans | ||||
Summary of loans: | ||||
Loans receivable | $ 82,803 | $ 84,199 | ||
Total loans (as a percent) | 33.10% | 36.12% | ||
Other items: | ||||
Allowance for loan losses | $ (201) | $ (273) | (287) | (284) |
Home equity loans and lines of credit | ||||
Summary of loans: | ||||
Loans receivable | $ 18,581 | $ 16,499 | ||
Total loans (as a percent) | 7.43% | 7.08% | ||
Other items: | ||||
Allowance for loan losses | $ (280) | $ (249) | (240) | (274) |
Commercial loans: | ||||
Summary of loans: | ||||
Loans receivable | $ 120,718 | $ 103,430 | ||
Total loans (as a percent) | 48.25% | 44.36% | ||
One-to-four family investment property | ||||
Summary of loans: | ||||
Loans receivable | $ 12,260 | $ 8,345 | ||
Total loans (as a percent) | 4.90% | 3.58% | ||
Other items: | ||||
Allowance for loan losses | $ (73) | $ (46) | (52) | (61) |
Multi-family real estate | ||||
Summary of loans: | ||||
Loans receivable | $ 23,338 | $ 15,020 | ||
Total loans (as a percent) | 9.33% | 6.44% | ||
Other items: | ||||
Allowance for loan losses | $ (175) | $ (113) | (112) | (108) |
Commercial real estate | ||||
Summary of loans: | ||||
Loans receivable | $ 66,292 | $ 62,227 | ||
Total loans (as a percent) | 26.50% | 26.69% | ||
Other items: | ||||
Allowance for loan losses | $ (1,008) | $ (943) | (834) | (1,056) |
Commercial business loan | ||||
Summary of loans: | ||||
Loans receivable | $ 18,828 | $ 17,838 | ||
Total loans (as a percent) | 7.52% | 7.65% | ||
Other items: | ||||
Allowance for loan losses | $ (328) | $ (311) | (310) | (291) |
Construction loans: | ||||
Summary of loans: | ||||
Loans receivable | $ 27,824 | $ 28,726 | ||
Total loans (as a percent) | 11.12% | 12.32% | ||
One-to-four family, construction loans | ||||
Summary of loans: | ||||
Loans receivable | $ 14,511 | $ 13,056 | ||
Total loans (as a percent) | 5.80% | 5.60% | ||
Other items: | ||||
Allowance for loan losses | $ (129) | $ (117) | (128) | (133) |
Multi-family | ||||
Summary of loans: | ||||
Loans receivable | $ 7,821 | $ 10,842 | ||
Total loans (as a percent) | 3.13% | 4.65% | ||
Other items: | ||||
Allowance for loan losses | $ (66) | $ (97) | (90) | (66) |
Non-residential | ||||
Summary of loans: | ||||
Loans receivable | $ 5,492 | $ 4,828 | ||
Total loans (as a percent) | 2.19% | 2.07% | ||
Other items: | ||||
Allowance for loan losses | $ (84) | $ (77) | (68) | (63) |
Consumer | ||||
Summary of loans: | ||||
Loans receivable | $ 261 | $ 289 | ||
Total loans (as a percent) | 0.10% | 0.12% | ||
Other items: | ||||
Allowance for loan losses | $ (2) | $ (3) | $ (4) | $ (15) |
Loans and Servicing (Details 2)
Loans and Servicing (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for loan losses | |||||
Beginning Balance | $ 2,229 | $ 2,396 | |||
Charge-offs | (25) | (264) | |||
Recoveries | 4 | 3 | |||
(Benefit) provision | $ 111 | $ 1 | 138 | 1 | |
Ending Balance | 2,346 | 2,136 | 2,346 | 2,136 | |
Ending balance: Individually evaluated for impairment | 14 | 14 | $ 7 | ||
Ending balance: Collectively evaluated for impairment | 2,332 | 2,332 | 2,222 | ||
Loans | |||||
Total Loans | 250,187 | 250,187 | 233,143 | ||
Ending Balance: Individually evaluated for impairment | 1,403 | 1,403 | 639 | ||
Ending Balance: Collectively evaluated for impairment | 248,784 | 248,784 | 232,504 | ||
Residential loans: | |||||
Loans | |||||
Total Loans | 101,384 | 101,384 | 100,698 | ||
One- to four- family, residential loans | |||||
Allowance for loan losses | |||||
Beginning Balance | 273 | 284 | |||
(Benefit) provision | (72) | 3 | |||
Ending Balance | 201 | 287 | 201 | 287 | |
Ending balance: Individually evaluated for impairment | 7 | 7 | 7 | ||
Ending balance: Collectively evaluated for impairment | 194 | 194 | 266 | ||
Loans | |||||
Total Loans | 82,803 | 82,803 | 84,199 | ||
Ending Balance: Individually evaluated for impairment | 919 | 919 | 317 | ||
Ending Balance: Collectively evaluated for impairment | 81,884 | 81,884 | 83,882 | ||
Home equity loans and lines of credit | |||||
Allowance for loan losses | |||||
Beginning Balance | 249 | 274 | |||
Charge-offs | (14) | ||||
Recoveries | 1 | 1 | |||
(Benefit) provision | 30 | (21) | |||
Ending Balance | 280 | 240 | 280 | 240 | |
Ending balance: Collectively evaluated for impairment | 280 | 280 | 249 | ||
Loans | |||||
Total Loans | 18,581 | 18,581 | 16,499 | ||
Ending Balance: Individually evaluated for impairment | 105 | 105 | 27 | ||
Ending Balance: Collectively evaluated for impairment | 18,476 | 18,476 | 16,472 | ||
Commercial loans: | |||||
Loans | |||||
Total Loans | 120,718 | 120,718 | 103,430 | ||
One-to-four family investment property | |||||
Allowance for loan losses | |||||
Beginning Balance | 46 | 61 | |||
(Benefit) provision | 27 | (9) | |||
Ending Balance | 73 | 52 | 73 | 52 | |
Ending balance: Individually evaluated for impairment | 7 | 7 | |||
Ending balance: Collectively evaluated for impairment | 66 | 66 | 46 | ||
Loans | |||||
Total Loans | 12,260 | 12,260 | 8,345 | ||
Ending Balance: Individually evaluated for impairment | 89 | 89 | |||
Ending Balance: Collectively evaluated for impairment | 12,171 | 12,171 | 8,345 | ||
Multi-family real estate | |||||
Allowance for loan losses | |||||
Beginning Balance | 113 | 108 | |||
(Benefit) provision | 62 | 4 | |||
Ending Balance | 175 | 112 | 175 | 112 | |
Ending balance: Collectively evaluated for impairment | 175 | 175 | 113 | ||
Loans | |||||
Total Loans | 23,338 | 23,338 | 15,020 | ||
Ending Balance: Collectively evaluated for impairment | 23,338 | 23,338 | 15,020 | ||
Commercial real estate | |||||
Allowance for loan losses | |||||
Beginning Balance | 943 | 1,056 | |||
Charge-offs | (248) | ||||
(Benefit) provision | 65 | 26 | |||
Ending Balance | 1,008 | 834 | 1,008 | 834 | |
Ending balance: Collectively evaluated for impairment | 1,008 | 1,008 | 943 | ||
Loans | |||||
Total Loans | 66,292 | 66,292 | 62,227 | ||
Ending Balance: Individually evaluated for impairment | 290 | 290 | 295 | ||
Ending Balance: Collectively evaluated for impairment | 66,002 | 66,002 | 61,932 | ||
Commercial business loan | |||||
Allowance for loan losses | |||||
Beginning Balance | 311 | 291 | |||
Charge-offs | (22) | ||||
(Benefit) provision | 39 | 19 | |||
Ending Balance | 328 | 310 | 328 | 310 | |
Ending balance: Collectively evaluated for impairment | 328 | 328 | 311 | ||
Loans | |||||
Total Loans | 18,828 | 18,828 | 17,838 | ||
Ending Balance: Collectively evaluated for impairment | 18,828 | 18,828 | 17,838 | ||
Construction loans: | |||||
Loans | |||||
Total Loans | 27,824 | 27,824 | 28,726 | ||
One-to-four family, construction loans | |||||
Allowance for loan losses | |||||
Beginning Balance | 117 | 133 | |||
(Benefit) provision | 12 | (5) | |||
Ending Balance | 129 | 128 | 129 | 128 | |
Ending balance: Collectively evaluated for impairment | 129 | 129 | 117 | ||
Loans | |||||
Total Loans | 14,511 | 14,511 | 13,056 | ||
Ending Balance: Collectively evaluated for impairment | 14,511 | 14,511 | 13,056 | ||
Multi-family | |||||
Allowance for loan losses | |||||
Beginning Balance | 97 | 66 | |||
(Benefit) provision | (31) | 24 | |||
Ending Balance | 66 | 90 | 66 | 90 | |
Ending balance: Collectively evaluated for impairment | 66 | 66 | 97 | ||
Loans | |||||
Total Loans | 7,821 | 7,821 | 10,842 | ||
Ending Balance: Collectively evaluated for impairment | 7,821 | 7,821 | 10,842 | ||
Non-residential | |||||
Allowance for loan losses | |||||
Beginning Balance | 77 | 63 | |||
(Benefit) provision | 7 | 5 | |||
Ending Balance | 84 | 68 | 84 | 68 | |
Ending balance: Collectively evaluated for impairment | 84 | 84 | 77 | ||
Loans | |||||
Total Loans | 5,492 | 5,492 | 4,828 | ||
Ending Balance: Collectively evaluated for impairment | 5,492 | 5,492 | 4,828 | ||
Consumer | |||||
Allowance for loan losses | |||||
Beginning Balance | 3 | 15 | |||
Charge-offs | (3) | (2) | |||
Recoveries | 3 | 2 | |||
(Benefit) provision | (1) | (11) | |||
Ending Balance | 2 | 4 | 2 | 4 | |
Ending balance: Collectively evaluated for impairment | 2 | 2 | 3 | ||
Loans | |||||
Total Loans | 261 | 261 | 289 | ||
Ending Balance: Collectively evaluated for impairment | $ 261 | $ 261 | $ 289 | ||
Unallocated | |||||
Allowance for loan losses | |||||
Beginning Balance | 45 | ||||
(Benefit) provision | (34) | ||||
Ending Balance | $ 11 | $ 11 |
Loans and Servicing (Details 3)
Loans and Servicing (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Past-due and non-accrual loans | ||
Loans delinquent for: 30 - 59 Days | $ 356 | $ 333 |
Loans delinquent for: 60 - 89 Days | 128 | 633 |
Loans delinquent for: 90 days or more | 651 | 643 |
Total Past Due | 1,135 | 1,609 |
Total Current | 249,052 | 231,534 |
Total Loans | 250,187 | 233,143 |
Non-accrual Loans | 779 | 953 |
Residential loans: | ||
Past-due and non-accrual loans | ||
Total Loans | 101,384 | 100,698 |
One- to four- family, residential loans | ||
Past-due and non-accrual loans | ||
Loans delinquent for: 60 - 89 Days | 128 | 620 |
Loans delinquent for: 90 days or more | 651 | 641 |
Total Past Due | 779 | 1,261 |
Total Current | 82,024 | 82,938 |
Total Loans | 82,803 | 84,199 |
Non-accrual Loans | 779 | 951 |
Home equity loans and lines of credit | ||
Past-due and non-accrual loans | ||
Loans delinquent for: 30 - 59 Days | 47 | 38 |
Loans delinquent for: 60 - 89 Days | 13 | |
Total Past Due | 47 | 51 |
Total Current | 18,534 | 16,448 |
Total Loans | 18,581 | 16,499 |
Commercial loans: | ||
Past-due and non-accrual loans | ||
Total Loans | 120,718 | 103,430 |
One-to-four family investment property | ||
Past-due and non-accrual loans | ||
Total Current | 12,260 | 8,345 |
Total Loans | 12,260 | 8,345 |
Multi-family real estate | ||
Past-due and non-accrual loans | ||
Total Current | 23,338 | 15,020 |
Total Loans | 23,338 | 15,020 |
Commercial real estate | ||
Past-due and non-accrual loans | ||
Loans delinquent for: 30 - 59 Days | 290 | 295 |
Total Past Due | 290 | 295 |
Total Current | 66,002 | 61,932 |
Total Loans | 66,292 | 62,227 |
Commercial business loan | ||
Past-due and non-accrual loans | ||
Loans delinquent for: 30 - 59 Days | 15 | |
Total Past Due | 15 | |
Total Current | 18,813 | 17,838 |
Total Loans | 18,828 | 17,838 |
Construction loans: | ||
Past-due and non-accrual loans | ||
Total Loans | 27,824 | 28,726 |
One-to-four family, construction loans | ||
Past-due and non-accrual loans | ||
Total Current | 14,511 | 13,056 |
Total Loans | 14,511 | 13,056 |
Multi-family | ||
Past-due and non-accrual loans | ||
Total Current | 7,821 | 10,842 |
Total Loans | 7,821 | 10,842 |
Non-residential | ||
Past-due and non-accrual loans | ||
Total Current | 5,492 | 4,828 |
Total Loans | 5,492 | 4,828 |
Consumer | ||
Past-due and non-accrual loans | ||
Loans delinquent for: 30 - 59 Days | 4 | |
Loans delinquent for: 90 days or more | 2 | |
Total Past Due | 4 | 2 |
Total Current | 257 | 287 |
Total Loans | $ 261 | 289 |
Non-accrual Loans | $ 2 |
Loans and Servicing (Details 4)
Loans and Servicing (Details 4) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Recorded Investment | ||
Impaired loans without a valuation allowance | $ 1,001 | $ 322 |
Impaired loans with a valuation allowance | 402 | 317 |
Unpaid Principal Balance | ||
Impaired loans without a valuation allowance | 1,001 | 322 |
Impaired loans with a valuation allowance | 402 | 317 |
Related Allowance | ||
Impaired loans with a valuation allowance | 14 | 7 |
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 484 | 326 |
Impaired loans with a valuation allowance | 359 | 868 |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 27 | 19 |
Impaired loans with a valuation allowance | 14 | 24 |
One- to four- family, residential loans | ||
Recorded Investment | ||
Impaired loans without a valuation allowance | 606 | |
Impaired loans with a valuation allowance | 313 | 317 |
Unpaid Principal Balance | ||
Impaired loans without a valuation allowance | 606 | |
Impaired loans with a valuation allowance | 313 | 317 |
Related Allowance | ||
Impaired loans with a valuation allowance | 7 | 7 |
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 61 | |
Impaired loans with a valuation allowance | 314 | 319 |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 4 | |
Impaired loans with a valuation allowance | 12 | 16 |
Home equity loans and lines of credit | ||
Recorded Investment | ||
Impaired loans without a valuation allowance | 105 | 27 |
Unpaid Principal Balance | ||
Impaired loans without a valuation allowance | 105 | 27 |
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 34 | 28 |
Impaired loans with a valuation allowance | 123 | |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 1 | 1 |
One-to-four family investment property | ||
Recorded Investment | ||
Impaired loans with a valuation allowance | 89 | |
Unpaid Principal Balance | ||
Impaired loans with a valuation allowance | 89 | |
Related Allowance | ||
Impaired loans with a valuation allowance | 7 | |
Average Recorded Investment | ||
Impaired loans with a valuation allowance | 45 | |
Interest Income Recognized | ||
Impaired loans with a valuation allowance | 2 | |
Commercial real estate | ||
Recorded Investment | ||
Impaired loans without a valuation allowance | 290 | 295 |
Unpaid Principal Balance | ||
Impaired loans without a valuation allowance | 290 | 295 |
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 293 | 298 |
Impaired loans with a valuation allowance | 426 | |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 13 | 18 |
Impaired loans with a valuation allowance | $ 8 | |
Commercial business loan | ||
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 96 | |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | $ 9 |
Loans and Servicing (Details 5)
Loans and Servicing (Details 5) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)item | Sep. 30, 2014item | Dec. 31, 2014USD ($)item | |
Loans modified and classified as troubled debt restructures | |||
Number of relationships with TDR loans | item | 2 | ||
Loan modifications | $ 776,000 | ||
Loans receivable | $ 250,187,000 | $ 233,143,000 | |
Number of loan modifications that resulted in the classification of TDR | item | 0 | ||
Percentage of proceeds, tdr | 100.00% | ||
Commitments to lend additional funds to borrowers with modified loans | $ 0 | ||
Number of TDRs in default of their modified terms | item | 0 | 0 | |
Commercial portfolio segment | |||
Loans modified and classified as troubled debt restructures | |||
Number of loans | item | 2 | ||
Loans receivable | $ 235,000 | ||
Number of individuals guaranteeing the loans | item | 2 | ||
Sale of loans receivable | $ 100,000 | ||
Pre-modification balance in recorded investment | $ 135,000 | ||
Number of loan modifications that resulted in the classification of TDR | item | 2 | ||
Commercial business loan one | |||
Loans modified and classified as troubled debt restructures | |||
Pre-modification balance in recorded investment | $ 45,000 | ||
Proceeds from loans by payment of guarantor | 22,500 | ||
Allowances for credit losses | 22,500 | ||
Post-modification balance in recorded investment | 0 | ||
Commercial business loan two | |||
Loans modified and classified as troubled debt restructures | |||
Post-modification balance in recorded investment | 90,000 | ||
Residential loans: | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 101,384,000 | $ 100,698,000 | |
One- to four- family, residential loans | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | $ 82,803,000 | 84,199,000 | |
Number of individuals guaranteeing the loans | item | 1 | ||
Pre-modification balance in recorded investment | $ 606,000 | ||
Post-modification balance in recorded investment | 606,000 | ||
Home equity loans and lines of credit | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 18,581,000 | 16,499,000 | |
Post-modification balance in recorded investment | 80,000 | ||
Commercial loans: | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 120,718,000 | 103,430,000 | |
One-to-four family investment property | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 12,260,000 | 8,345,000 | |
Multi-family real estate | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 23,338,000 | 15,020,000 | |
Commercial real estate | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 66,292,000 | 62,227,000 | |
Commercial business loan | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 18,828,000 | 17,838,000 | |
Construction loans: | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 27,824,000 | 28,726,000 | |
One-to-four family, construction loans | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 14,511,000 | 13,056,000 | |
Multi-family | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 7,821,000 | 10,842,000 | |
Non-residential | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | 5,492,000 | 4,828,000 | |
Consumer | |||
Loans modified and classified as troubled debt restructures | |||
Loans receivable | $ 261,000 | $ 289,000 |
Loans and Servicing (Details 6)
Loans and Servicing (Details 6) $ in Thousands | Sep. 30, 2015USD ($)grade | Dec. 31, 2014USD ($) |
Loans by risk rating | ||
Loans receivable | $ 250,187 | $ 233,143 |
Internal Loan Rating System | ||
Number of grades in internal loan rating system | grade | 9 | |
Not formally rated | ||
Loans by risk rating | ||
Loans receivable | $ 99,868 | 99,097 |
Pass | ||
Loans by risk rating | ||
Loans receivable | $ 148,453 | 132,156 |
Pass | Minimum | ||
Internal Loan Rating System | ||
Grade assigned in internal loan rating system | grade | 1 | |
Pass | Maximum | ||
Internal Loan Rating System | ||
Grade assigned in internal loan rating system | grade | 5 | |
Special mention | ||
Internal Loan Rating System | ||
Grade assigned in internal loan rating system | grade | 6 | |
Substandard | ||
Loans by risk rating | ||
Loans receivable | $ 1,866 | 1,890 |
Internal Loan Rating System | ||
Grade assigned in internal loan rating system | grade | 7 | |
Doubtful | ||
Internal Loan Rating System | ||
Grade assigned in internal loan rating system | grade | 8 | |
Loss | ||
Loans by risk rating | ||
Loans receivable | $ 250,187 | 233,143 |
Internal Loan Rating System | ||
Grade assigned in internal loan rating system | grade | 9 | |
Residential loans: | ||
Loans by risk rating | ||
Loans receivable | $ 101,384 | 100,698 |
One- to four- family, residential loans | ||
Loans by risk rating | ||
Loans receivable | 82,803 | 84,199 |
One- to four- family, residential loans | Not formally rated | ||
Loans by risk rating | ||
Loans receivable | 81,106 | 82,311 |
One- to four- family, residential loans | Substandard | ||
Loans by risk rating | ||
Loans receivable | 1,697 | 1,888 |
One- to four- family, residential loans | Loss | ||
Loans by risk rating | ||
Loans receivable | 82,803 | 84,199 |
Home equity loans and lines of credit | ||
Loans by risk rating | ||
Loans receivable | 18,581 | 16,499 |
Home equity loans and lines of credit | Not formally rated | ||
Loans by risk rating | ||
Loans receivable | 18,501 | 16,499 |
Home equity loans and lines of credit | Substandard | ||
Loans by risk rating | ||
Loans receivable | 80 | |
Home equity loans and lines of credit | Loss | ||
Loans by risk rating | ||
Loans receivable | 18,581 | 16,499 |
Commercial loans: | ||
Loans by risk rating | ||
Loans receivable | 120,718 | 103,430 |
One-to-four family investment property | ||
Loans by risk rating | ||
Loans receivable | 12,260 | 8,345 |
One-to-four family investment property | Pass | ||
Loans by risk rating | ||
Loans receivable | 12,171 | 8,345 |
One-to-four family investment property | Substandard | ||
Loans by risk rating | ||
Loans receivable | 89 | |
One-to-four family investment property | Loss | ||
Loans by risk rating | ||
Loans receivable | 12,260 | 8,345 |
Multi-family real estate | ||
Loans by risk rating | ||
Loans receivable | 23,338 | 15,020 |
Multi-family real estate | Pass | ||
Loans by risk rating | ||
Loans receivable | 23,338 | 15,020 |
Multi-family real estate | Loss | ||
Loans by risk rating | ||
Loans receivable | 23,338 | 15,020 |
Commercial real estate | ||
Loans by risk rating | ||
Loans receivable | 66,292 | 62,227 |
Commercial real estate | Pass | ||
Loans by risk rating | ||
Loans receivable | 66,292 | 62,227 |
Commercial real estate | Loss | ||
Loans by risk rating | ||
Loans receivable | 66,292 | 62,227 |
Commercial business loan | ||
Loans by risk rating | ||
Loans receivable | 18,828 | 17,838 |
Commercial business loan | Pass | ||
Loans by risk rating | ||
Loans receivable | 18,828 | 17,838 |
Commercial business loan | Loss | ||
Loans by risk rating | ||
Loans receivable | 18,828 | 17,838 |
Construction loans: | ||
Loans by risk rating | ||
Loans receivable | 27,824 | 28,726 |
One-to-four family, construction loans | ||
Loans by risk rating | ||
Loans receivable | 14,511 | 13,056 |
One-to-four family, construction loans | Pass | ||
Loans by risk rating | ||
Loans receivable | 14,511 | 13,056 |
One-to-four family, construction loans | Loss | ||
Loans by risk rating | ||
Loans receivable | 14,511 | 13,056 |
Multi-family | ||
Loans by risk rating | ||
Loans receivable | 7,821 | 10,842 |
Multi-family | Pass | ||
Loans by risk rating | ||
Loans receivable | 7,821 | 10,842 |
Multi-family | Loss | ||
Loans by risk rating | ||
Loans receivable | 7,821 | 10,842 |
Non-residential | ||
Loans by risk rating | ||
Loans receivable | 5,492 | 4,828 |
Non-residential | Pass | ||
Loans by risk rating | ||
Loans receivable | 5,492 | 4,828 |
Non-residential | Loss | ||
Loans by risk rating | ||
Loans receivable | 5,492 | 4,828 |
Consumer | ||
Loans by risk rating | ||
Loans receivable | 261 | 289 |
Consumer | Not formally rated | ||
Loans by risk rating | ||
Loans receivable | 261 | 287 |
Consumer | Substandard | ||
Loans by risk rating | ||
Loans receivable | 2 | |
Consumer | Loss | ||
Loans by risk rating | ||
Loans receivable | $ 261 | $ 289 |
Loans and Servicing (Details 7)
Loans and Servicing (Details 7) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loans serviced for others | |||
Unpaid principal balances of mortgage loans serviced for others not included in the accompanying consolidated balance sheets | $ 103,700 | $ 113,400 | |
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 | 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% | 5.00% | |
Mortgage servicing rights capitalized and amortized | |||
Balance at beginning of period | $ 840 | $ 1,084 | $ 1,084 |
Additions | 10 | 62 | |
Amortization | (255) | (266) | |
Balance at end of period | 595 | 880 | 840 |
Valuation allowances: | |||
Balance at beginning of period | 6 | 26 | 26 |
Additions | 13 | ||
Reductions | (15) | (24) | |
Balance at end of period | 4 | 2 | 6 |
Mortgage servicing assets, net | 591 | 878 | |
Fair value of mortgage servicing assets | $ 1,140 | $ 1,364 | $ 1,300 |
Secured Borrowings and Collat34
Secured Borrowings and Collateral (Details) $ in Millions | Sep. 30, 2015USD ($) |
Residential loans: | |
Secured borrowings and collateral | |
Amount of qualified collateral pledged on FHLB advances | $ 70.5 |
Commercial real estate | |
Secured borrowings and collateral | |
Amount of qualified collateral pledged on FHLB advances | 26.3 |
Mortgage-backed securities | |
Secured borrowings and collateral | |
Amount of qualified collateral pledged on FHLB advances | $ 18.3 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets measured at fair value on a recurring basis | ||
Securities available for sale | $ 20,078 | $ 19,526 |
Residential mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 17,603 | 17,019 |
State and municipal | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 2,475 | 2,507 |
Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 20,078 | 19,526 |
Recurring basis | Total Assets at Fair Value | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 20,078 | 19,526 |
Recurring basis | Total Assets at Fair Value | Residential mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 17,603 | 17,019 |
Recurring basis | Total Assets at Fair Value | State and municipal | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 2,475 | 2,507 |
Recurring basis | Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 20,078 | 19,526 |
Recurring basis | Level 2 | Residential mortgage-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 17,603 | 17,019 |
Recurring basis | Level 2 | State and municipal | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | $ 2,475 | $ 2,507 |
Fair Value Measurements (Deta36
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
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 (in years) | 10 years | 10 years |
Servicing Assets at Fair Value Assumptions Used to Estimate Fair Value Discount Rate Basis Spread on Variable Rate | 5.00% | 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 | $ (14) | $ (7) |
Non-recurring basis | Level 3 | Impaired Loans | ||
Fair value measurements | ||
Assets at Fair Value | 388 | 310 |
Non-recurring basis | Total Assets at Fair Value | Impaired Loans | ||
Fair value measurements | ||
Assets at Fair Value | $ 388 | $ 310 |
Fair Value Measurements (Deta37
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Cash and cash equivalents | $ 6,527 | $ 4,918 |
Securities available for sale | 20,078 | 19,526 |
Fair Value | 739 | 916 |
FHLB stock | 2,917 | 2,907 |
Bankers Bank Northeast stock | 60 | |
Loans held for sale | 1,016 | |
Loans, net | 248,853 | 231,971 |
Accrued interest receivable | 825 | 752 |
Capitalized mortgage servicing rights | 1,140 | 1,335 |
Financial liabilities: | ||
Deposits | 194,400 | 182,799 |
Short-term FHLB advances | 31,000 | 30,000 |
Long-term FHLB advances | 27,309 | 24,847 |
Mortgagor's escrow accounts | 1,623 | 1,194 |
Accrued interest payable | 56 | 52 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 6,527 | 4,918 |
Securities available for sale | 20,078 | 19,526 |
Fair Value | 677 | 837 |
FHLB stock | 2,917 | 2,907 |
Bankers Bank Northeast stock | 60 | |
Loans held for sale | 990 | |
Loans, net | 248,156 | 231,293 |
Accrued interest receivable | 825 | 752 |
Capitalized mortgage servicing rights | 591 | 834 |
Financial liabilities: | ||
Deposits | 194,184 | 182,354 |
Short-term FHLB advances | 31,000 | 30,000 |
Long-term FHLB advances | 27,100 | 24,600 |
Mortgagor's escrow accounts | 1,623 | 1,194 |
Accrued interest payable | 56 | 52 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 6,527 | 4,918 |
FHLB stock | 2,917 | 2,907 |
Bankers Bank Northeast stock | 60 | |
Loans held for sale | 1,016 | |
Accrued interest receivable | 825 | 752 |
Financial liabilities: | ||
Short-term FHLB advances | 31,000 | 30,000 |
Mortgagor's escrow accounts | 1,623 | 1,194 |
Accrued interest payable | 56 | 52 |
Level 2 | ||
Financial assets: | ||
Securities available for sale | 20,078 | 19,526 |
Fair Value | 739 | 916 |
Capitalized mortgage servicing rights | 1,140 | 1,335 |
Financial liabilities: | ||
Deposits | 194,400 | 182,799 |
Long-term FHLB advances | 27,309 | 24,847 |
Level 3 | ||
Financial assets: | ||
Loans, net | $ 248,853 | $ 231,971 |
Equity Incentive Plans (Details
Equity Incentive Plans (Details) | 9 Months Ended | |
Sep. 30, 2015item$ / sharesshares | Sep. 30, 2014shares | |
Equity Incentive Plans | ||
Number of equity incentive plans | item | 2 | |
Number of Shares | ||
Exercised (in shares) | (1,198) | (3,813) |
Stock Options | 2009 and 2014 Equity Plan | ||
Number of Shares | ||
Outstanding at beginning of year (in shares) | 61,681 | |
Granted (in shares) | 30,000 | |
Exercised (in shares) | (1,198) | |
Outstanding at end of period (in shares) | 90,483 | |
Exercisable at end of period (in shares) | 35,625 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 12.13 | |
Granted (in dollars per share) | $ / shares | 17.55 | |
Exercised (in dollars per share) | $ / shares | 9.48 | |
Outstanding at end of period (in dollars per share) | $ / shares | 13.96 | |
Weighted average fair value of options granted during the period (in dollars per share) | $ / shares | $ 5.91 |
Equity Incentive Plans (Detai39
Equity Incentive Plans (Details 2) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
2009 and 2014 Equity Plan | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 90,483 |
Weighted-Average Remaining Contractual Life | 7 years 7 months 17 days |
Weighted Average Exercise Price (in dollars per share) | $ 13.96 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 35,625 |
Weighted Average Exercise Price (in dollars per share) | $ 11.02 |
Weighted Average Exercise Price - $9.33 | 2009 and 2014 Equity Plan | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 9,162 |
Weighted-Average Remaining Contractual Life | 4 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ 9.33 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 9,162 |
Weighted Average Exercise Price (in dollars per share) | $ 9.33 |
Weighted Average Exercise Price - $9.55 | 2009 and 2014 Equity Plan | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 10,117 |
Weighted-Average Remaining Contractual Life | 5 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ 9.55 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 8,856 |
Weighted Average Exercise Price (in dollars per share) | $ 9.55 |
Weighted Average Exercise Price - $9.58 | 2009 and 2014 Equity Plan | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 8,778 |
Weighted-Average Remaining Contractual Life | 6 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ 9.58 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 6,358 |
Weighted Average Exercise Price (in dollars per share) | $ 9.58 |
Weighted Average Exercise Price $14.00 | 2009 and 2014 Equity Plan | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 15,316 |
Weighted-Average Remaining Contractual Life | 7 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ 14 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 7,106 |
Weighted Average Exercise Price (in dollars per share) | $ 14 |
Weighted Average Exercise Price $14.98 | 2009 and 2014 Equity Plan | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 17,110 |
Weighted-Average Remaining Contractual Life | 8 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ 14.98 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 4,143 |
Weighted Average Exercise Price (in dollars per share) | $ 15 |
Weighted Average Exercise Price $17.55 | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 30,000 |
Weighted-Average Remaining Contractual Life | 9 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ 17.55 |
Equity Incentive Plans (Detai40
Equity Incentive Plans (Details 3) | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding at beginning of year (in shares) | 37,071 |
Outstanding at end of period (in shares) | 44,866 |
Stock Options | |
Additional Disclosures | |
Unrecognized share-based compensation expense related to non-vested options (in dollars) | $ | $ 254,000 |
Weighted average period for recognition of share-based compensation | 3 years 3 months 18 days |
Share-based compensation expense recognized (in dollars) | $ | $ 66,000 |
Tax benefit from recognized compensation expense (in dollars) | $ | $ 9,000 |
Restricted stock award | |
Number of Shares | |
Outstanding at beginning of year (in shares) | 37,071 |
Granted (in shares) | 20,000 |
Vested (in shares) | (12,205) |
Outstanding at end of period (in shares) | 44,866 |
Weighted Average Grant Date Value | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 12.85 |
Granted (in dollars per share) | $ / shares | 17.55 |
Vested (in dollars per share) | $ / shares | 11.89 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 15.21 |
Additional Disclosures | |
Unrecognized share-based compensation expense related to non-vested restricted stock (in dollars) | $ | $ 565,000 |
Share-based compensation expense recognized (in dollars) | $ | 155,000 |
Tax benefit from recognized compensation expense (in dollars) | $ | $ 62,000 |