Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 08, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | Georgetown Bancorp, Inc. | |
Entity Central Index Key | 1,542,299 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
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 | 1,840,920 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 1,794 | $ 1,927 |
Short-term investments | 3,858 | 5,831 |
Total cash and cash equivalents | 5,652 | 7,758 |
Securities available for sale, at fair value | 19,947 | 19,028 |
Securities held to maturity, at amortized cost (fair value of $3,121 at June 30, 2016 and $3,128 at December 31, 2015) | 3,011 | 3,112 |
Federal Home Loan Bank stock, at cost | 2,011 | 2,933 |
Bankers Bank Northeast stock, at cost | 60 | 60 |
Loans held for sale | 184 | |
Loans, net of allowance for loan losses of $2,483 at June 30, 2016 and $2,408 at December 31, 2015 | 259,221 | 253,983 |
Premises and equipment, net | 4,243 | 3,837 |
Accrued interest receivable | 783 | 799 |
Bank-owned life insurance | 3,153 | 3,101 |
Other assets | 1,630 | 1,891 |
Total assets | 299,895 | 296,502 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits | 232,878 | 207,726 |
Short-term Federal Home Loan Bank advances | 5,500 | 23,500 |
Long-term Federal Home Loan Bank advances | 25,600 | 27,100 |
Mortgagors' escrow accounts | 1,601 | 1,386 |
Due to broker for investment purchase | 2,505 | |
Accrued expenses and other liabilities | 1,924 | 2,377 |
Total liabilities | 267,503 | 264,594 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value per share: 50,000,000 shares authorized at June 30, 2016 and December 31, 2015; none outstanding | ||
Common stock, $0.01 par value per share: 100,000,000 shares authorized, 1,840,920 shares issued at June 30, 2016 and 1,828,238 shares issued at December 31, 2015 | 18 | 18 |
Additional paid-in capital | 19,738 | 19,402 |
Retained earnings | 13,850 | 13,788 |
Accumulated other comprehensive income | 286 | 46 |
Unearned compensation - ESOP (76,026 shares unallocated at June 30, 2016 and 79,645 shares unallocated at December 31, 2015) | (794) | (835) |
Unearned compensation - Restricted stock (46,449 shares non-vested at June 30, 2016 and 44,866 shares non-vested at December 31, 2015) | (706) | (511) |
Total stockholders' equity | 32,392 | 31,908 |
Total liabilities and stockholders' equity | $ 299,895 | $ 296,502 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
Securities held to maturity, fair value (in dollars) | $ 3,121 | $ 3,128 |
Loans, allowance for loan losses (in dollars) | $ 2,483 | $ 2,408 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
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 | 1,840,920 | 1,828,238 |
Unearned compensation - ESOP shares unallocated | 76,026 | 79,645 |
Unearned compensation - Restricted stock shares non-vested | 46,449 | 44,866 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and dividend income: | ||||
Loans, including fees | $ 3,035 | $ 2,733 | $ 6,038 | $ 5,448 |
Securities | 154 | 146 | 308 | 286 |
Short-term investments | 5 | 2 | 11 | 4 |
Total interest and dividend income | 3,194 | 2,881 | 6,357 | 5,738 |
Interest expense: | ||||
Deposits | 456 | 249 | 867 | 485 |
Short-term Federal Home Loan Bank advances | 8 | 7 | 28 | 21 |
Long-term Federal Home Loan Bank advances | 140 | 152 | 283 | 301 |
Total interest expense | 604 | 408 | 1,178 | 807 |
Net interest and dividend income | 2,590 | 2,473 | 5,179 | 4,931 |
Provision for loan losses | 74 | 27 | ||
Net interest and dividend income, after provision for loan losses | 2,590 | 2,473 | 5,105 | 4,904 |
Non-interest income: | ||||
Customer service fees | 171 | 181 | 355 | 350 |
Mortgage banking income, net | 46 | 29 | 55 | 51 |
Gain on sale of SBA loans | 15 | |||
Income from bank-owned life insurance | 26 | 25 | 52 | 50 |
Other | 12 | 8 | 20 | 14 |
Total non-interest income | 255 | 243 | 497 | 465 |
Non-interest expenses: | ||||
Salaries and employee benefits | 1,464 | 1,210 | 2,875 | 2,438 |
Occupancy and equipment expenses | 264 | 253 | 529 | 531 |
Data processing expenses | 167 | 165 | 381 | 325 |
Professional fees | 268 | 120 | 559 | 242 |
Advertising expenses | 88 | 88 | 175 | 176 |
FDIC insurance | 47 | 42 | 91 | 84 |
Other general and administrative expenses | 303 | 264 | 628 | 600 |
Total non-interest expenses | 2,601 | 2,142 | 5,238 | 4,396 |
Income before income taxes | 244 | 574 | 364 | 973 |
Income tax provision | 92 | 211 | 132 | 360 |
Net income | $ 152 | $ 363 | $ 232 | $ 613 |
Weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 1,763,721 | 1,751,698 | 1,759,123 | 1,749,765 |
Diluted (in shares) | 1,773,852 | 1,758,442 | 1,766,325 | 1,758,672 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.09 | $ 0.21 | $ 0.13 | $ 0.35 |
Diluted (in dollars per share) | 0.09 | 0.21 | 0.13 | 0.35 |
Dividends paid per share (in dollars per share) | $ 0.05 | $ 0.0475 | $ 0.0975 | $ 0.09 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 152 | $ 363 | $ 232 | $ 613 |
Net unrealized gain (loss) on securities available for sale | 134 | (251) | 372 | (180) |
Income tax (provision) benefit | (48) | 89 | (132) | 63 |
Other comprehensive income (loss) net of tax | 86 | (162) | 240 | (117) |
Comprehensive income | $ 238 | $ 201 | $ 472 | $ 496 |
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 | Unearned Compensation-ESOP | Unearned Compensation-Restricted Stock | Total |
Balance at Dec. 31, 2014 | $ 18 | $ 19,245 | $ 12,593 | $ 143 | $ (918) | $ (369) | $ 30,712 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 613 | 613 | |||||
Other comprehensive loss | (117) | (117) | |||||
Cash dividends paid ($0.0975 per share and $0.09 per share for the period ended June 30, 2016 and June 30, 2015 respectively) | (157) | (157) | |||||
Repurchased stock related to buyback program 17,000 shares for the period ended June 30, 2015 | (315) | (315) | |||||
Common stock held by ESOP allocated or committed to be allocated (3,620 shares and 3,620 shares for the period ended June 30, 2016 and June 30, 2015 respectively) | 24 | 41 | 65 | ||||
Restricted stock granted in connection with equity incentive plan (16,500 shares and 20,000 shares for the period ended June 30, 2016 and June 30, 2015 respectively) | 351 | (351) | |||||
Purchased stock related to vested restricted stock (3,818 and 3,091 shares for the period ended June 30, 2016 and June 30, 2015 respectively) | (54) | (54) | |||||
Exercise of stock options 884 shares for the period ended June 30, 2015 | 8 | 8 | |||||
Share based compensation - options | 42 | 42 | |||||
Share based compensation - restricted stock | 100 | 100 | |||||
Balance at Jun. 30, 2015 | 18 | 19,301 | 13,049 | 26 | (877) | (620) | 30,897 |
Balance at Dec. 31, 2015 | 18 | 19,402 | 13,788 | 46 | (835) | (511) | 31,908 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 232 | 232 | |||||
Other comprehensive loss | 240 | 240 | |||||
Cash dividends paid ($0.0975 per share and $0.09 per share for the period ended June 30, 2016 and June 30, 2015 respectively) | (170) | (170) | |||||
Common stock held by ESOP allocated or committed to be allocated (3,620 shares and 3,620 shares for the period ended June 30, 2016 and June 30, 2015 respectively) | 31 | 41 | 72 | ||||
Restricted stock granted in connection with equity incentive plan (16,500 shares and 20,000 shares for the period ended June 30, 2016 and June 30, 2015 respectively) | 320 | (320) | |||||
Purchased stock related to vested restricted stock (3,818 and 3,091 shares for the period ended June 30, 2016 and June 30, 2015 respectively) | (74) | (74) | |||||
Share based compensation - options | 59 | 59 | |||||
Share based compensation - restricted stock | 125 | 125 | |||||
Balance at Jun. 30, 2016 | $ 18 | $ 19,738 | $ 13,850 | $ 286 | $ (794) | $ (706) | $ 32,392 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||||
Dividends paid per share (in dollars per share) | $ 0.05 | $ 0.0475 | $ 0.0975 | $ 0.09 |
Repurchased stock related to buyback program (in shares) | 17,000 | |||
Common stock held by ESOP allocated or committed to be allocated (in shares) | 3,620 | 3,620 | 3,620 | 3,620 |
Restricted stock granted in connection with equity incentive plan (in shares) | 16,500 | 20,000 | ||
Purchased stock related to vested restricted stock (in shares) | 3,818 | 3,091 | ||
Exercise of stock options (in shares) | 884 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 232 | $ 613 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 74 | 27 |
Amortization of securities, net | 67 | 61 |
Net change in deferred loan fees and costs | (38) | 94 |
Depreciation and amortization expense | 205 | 191 |
Decrease (increase) in accrued interest receivable | 16 | (5) |
Income from bank-owned life insurance | (52) | (50) |
Stock-based compensation expense | 256 | 207 |
Gain on sales of loans | (17) | (36) |
Loans originated for sale | (436) | (1,334) |
Proceeds from sales of loans | 269 | 2,360 |
Net change in other assets and liabilities | (324) | 1,202 |
Net cash provided by operating activities | 252 | 3,330 |
Activity in securities available for sale: | ||
Maturities, prepayments and calls | 1,427 | 1,258 |
Purchases | (2,038) | (2,544) |
Maturities, prepayments and calls | 87 | 116 |
Purchases | (2,494) | |
Redemption of Federal Home Loan Bank stock | 922 | |
Purchase of Bankers Bank Northeast stock | (60) | |
Loan originations, net | (946) | 1,184 |
Principal balance of loans purchased | (4,328) | (2,443) |
Purchase of premises and equipment | (611) | (65) |
Proceeds from sale of premises and equipment | 77 | |
Net cash used by investing activities | (7,981) | (2,477) |
Cash flows from financing activities: | ||
Net change in deposits | 25,152 | 12,905 |
Net change in Federal Home Loan Bank advances with maturities of three months or less | (18,500) | (15,750) |
Proceeds from Federal Home Loan Bank advances with maturities greater than three months | 3,500 | 5,000 |
Repayments of Federal Home Loan Bank advances with maturities greater than three months | (4,500) | (1,500) |
Net change in mortgagors' escrow accounts | 215 | (25) |
Repurchase of common stock | (74) | (369) |
Exercise of stock options | 8 | |
Cash dividends paid on common stock | (170) | (157) |
Net cash provided by financing activities | 5,623 | 112 |
Net change in cash and cash equivalents | (2,106) | 965 |
Cash and cash equivalents at beginning of period | 7,758 | 4,918 |
Cash and cash equivalents at end of period | 5,652 | 5,883 |
Supplementary information: | ||
Interest paid on deposit accounts | 866 | 483 |
Interest paid on advances | 324 | 323 |
Income taxes paid | 431 | $ 604 |
Change in due to broker for investment purchases | $ 2,505 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2016 | |
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 six-month period ended June 30, 2016 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, 2015 Consolidated Financial Statements presented in the Annual Report on Form 10-K of the Company filed with the Securities and Exchange Commission on March 29, 2016. 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Common Share | |
Earnings Per Common Share | (3) Earnings Per Common Share The Company has adopted the Earnings Per Share (“EPS”) guidance included in Accounting Standards Codification (“ASC”) 260-10. As presented below, basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For purposes of computing diluted EPS, the treasury stock method is used. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Earnings per common share have been computed based on the following: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands, except share and per share data) 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 122,775 shares, representing all outstanding options, were included in the computation of diluted earnings per share for the three months and six months ended June 30, 2016. Options to purchase 90,797 shares, representing all outstanding options, were included in the computation of diluted earnings per share for the three and six months ended June 30, 2015. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2016 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | (4) Recent Accounting Pronouncements In May 2014 and August 2015, respectively, 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 ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 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, 2017, and interim periods within that period. Earlier application is permitted only as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. 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 January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and makes targeted improvements to GAAP as follows: 1. Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. 2. Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3. Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4. Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5. Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6. Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7. Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption of item 5 above is permitted as of the fiscal years or interim periods for which financial statements have not yet been issued. Early adoption of all other amendments in this ASU is not permitted. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU was issued to increase transparency and comparability among organizations by requiring reporting entities to recognize all leases, including operating, as lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting. ” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital ( “ APIC ” ). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer ’ s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the provisions of ASU 2016-09 to determine the potential impact the new standard will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU includes provisions intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by the entity. In order to achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted in interim and annual reporting periods beginning after December 15, 2018. Any increase in the allowance for loan losses or expenses incurred to determine the appropriate level of allowance for loan losses may have a material adverse effect on the Company’s financial condition and results of operations. The Company is currently evaluating the provisions of ASU 2016-13 to determine the potential impact the new standard will have on its consolidated financial statements. |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2016 | |
Securities | |
Securities | (5) Securities A summary of securities is as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) At June 30, 2016 Securities available for sale State and municipal $ $ $ — $ Residential mortgage-backed securities — Total securities available for sale $ $ $ — $ Securities held to maturity State and municipal $ $ $ — $ Residential mortgage-backed securities — Total securities held to maturity $ $ $ — $ At December 31, 2015 Securities available for sale State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity State and municipal $ $ $ — $ Residential mortgage-backed securities — Total securities held to maturity $ $ $ — $ All residential mortgage-backed securities have been issued by government-sponsored enterprises. The amortized cost and estimated fair value of debt securities by contractual maturity at June 30, 2016 is shown in the table below. 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 six months ended June 30, 2016 and 2015. 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 December 31, 2015 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”). There were no securities with gross unrealized losses at June 30, 2016. The unrealized losses in the above table 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 | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Servicing | |
Loans and Servicing | (6) Loans and Servicing Loans A summary of loans is as follows: At At June 30, December 31, 2016 2015 Amount Percent Amount Percent (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 six months ended June 30, 2016 and 2015 and at June 30, 2016 and December 31, 2015 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 Six Months Ended June 30, 2016 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ $ Charge-offs — — — — — — — — — — Recoveries — — — — — — — — — (Benefit) provision — — Ending Balance $ $ $ $ $ $ $ $ $ $ $ $ Six Months Ended June 30, 2015 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ — $ Charge-offs — — — — — — — — — Recoveries — — — — — — — — — (Benefit) provision Ending Balance $ $ $ $ $ $ $ $ $ $ $ $ At June 30, 2016 Allowance for loan losses Individually evaluated for impairment $ — $ — $ $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment $ $ $ $ $ $ $ $ $ $ $ $ Loans Individually evaluated for impairment $ $ $ $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ At December 31, 2015 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 June 30, 2016 and December 31, 2015. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. Loans delinquent for: 90 days 90 days Total Total Total or more Non-accrual 30 - 59 Days 60 - 89 Days or more Past Due Current Loans and accruing Loans (In thousands) At June 30, 2016 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, 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 $ $ $ $ $ $ $ — $ The following is a summary of impaired loans at June 30, 2016 and December 31, 2015, and average and interest amounts for the six months and year then ended, respectively. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At June 30, 2016 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, 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 $ $ $ $ $ The Company made no loan modifications that resulted in a troubled debt restructuring (“TDR”) during the six months ended June 30, 2016. The Company had two commercial business loans totaling $235,000 guaranteed by two individuals. During the six months ended June 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 troubled debt restructure (“TDR”) did not result in a material impact to the allowance for loan losses. At June 30, 2016 and December 31, 2015, there were no TDR loans in default of their modified terms. The Company has one residential loan in the process of foreclosure with a recorded balance of $649,000 at June 30, 2016. The following table represents the Company’s loans by risk rating at June 30, 2016 and December 31, 2015. 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 June 30, 2016 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ At December 31, 2015 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 $93.2 million and $100.5 million at June 30, 2016 and December 31, 2015, 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 $712,000 and $1.1 million at June 30, 2016 and December 31, 2015, 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. Six Months Ended June 30, 2016 2015 (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 rights, net $ $ Fair value of mortgage servicing rights $ $ |
SECURED BORROWINGS AND COLLATER
SECURED BORROWINGS AND COLLATERAL | 6 Months Ended |
Jun. 30, 2016 | |
Secured Borrowings and Collateral | |
Secured Borrowings and Collateral | (7) Secured Borrowings and Collateral Federal Home Loan Bank advances At June 30, 2016 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 $70.8 million, $24.5 million commercial real estate loans and mortgage-backed securities with a fair value of $20.0 million. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements | |
Fair Value Measurements | (8) Fair Value Measurements The Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value as follows: Level l - Valuation is based on quoted prices in active markets for identical assets or liabilities. Level l assets and liabilities generally include debt and equity securities that are traded in an active exchange market. At June 30, 2016, 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 six month period ended June 30, 2016. Assets and liabilities measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015 are summarized below. Total Assets Level 1 Level 2 Level 3 at Fair Value (In thousands) At June 30, 2016 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ At December 31, 2015 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 June 30, 2016 and December 31, 2015 are summarized below. The fair value adjustments relate to the amount of write-down recorded or related allowance recorded as of June 30, 2016 and December 31, 2015. Assets Adjustments Level 1 Level 2 Level 3 at Fair Value to Fair Value (In thousands) At June 30, 2016 Impaired loans $ — $ — $ $ $ Assets Adjustments Level 1 Level 2 Level 3 At Fair Value to Fair Value (In thousands) At December 31, 2015 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. 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 June 30, 2016 and December 31, 2015, the fair value of commitments outstanding is not significant since fees charged are not material. The estimated fair values and related carrying amounts of the Company’s financial instruments at June 30, 2016 and December 31, 2015 are as follows. June 30, 2016 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 — — BBN 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 — — December 31, 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 — — BBN 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 — — |
EQUITY INCENTIVE PLANS
EQUITY INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2016 | |
Equity Incentive Plans | |
Equity Incentive Plans | (9) Equity Incentive Plans At June 30, 2016 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, 2015. The following table presents the activity for the 2009 and 2014 Equity Plans for the six months ended June 30, 2016. Stock Options 2016 Weighted Average Number of Exercise Shares Price Outstanding at beginning of year $ Granted $ Outstanding at end of period $ Exercisable at end of period Weighted average fair value of options granted during the period $ Options Outstanding Options Exercisable Number Weighted-Average Weighted Number Weighted Outstanding Remaining Average Exercisable Average as of 6/30/2016 Contractual Life Exercise Price as of 6/30/2016 Exercise Price Years $ $ Years $ $ Years $ $ Years $ $ Years $ $ Years $ $ Years $ — $ — Years $ $ Non-vested Restricted Stock 2016 Weighted Average Number of Grant Date Shares Value Outstanding at beginning of year $ Granted $ Vested $ Outstanding at end of period $ As of June 30, 2016, unrecognized share-based compensation expense related to non-vested options amounted to $374,000 and the unrecognized share-based compensation expense related to non-vested restricted stock amounted to $706,000 . The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 3.4 years. For the six months ended June 30, 2016, the Company recognized compensation expense for stock options of $59,000 with a related tax benefit of $8,000 . The related tax benefit applies only to non-qualified stock options. For the six months ended June 30, 2016, the Company recognized compensation expense for restricted stock awards of $125,000 with a related tax benefit of $50,000 . |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
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) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Common Share | |
Schedule of basis of computation of earnings per common share | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands, except share and per share data) 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) | 6 Months Ended |
Jun. 30, 2016 | |
Securities | |
Summary of securities | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) At June 30, 2016 Securities available for sale State and municipal $ $ $ — $ Residential mortgage-backed securities — Total securities available for sale $ $ $ — $ Securities held to maturity State and municipal $ $ $ — $ Residential mortgage-backed securities — Total securities held to maturity $ $ $ — $ At December 31, 2015 Securities available for sale State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity State and municipal $ $ $ — $ Residential mortgage-backed securities — Total securities held to maturity $ $ $ — $ |
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 December 31, 2015 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities Total temporarily impaired securities $ $ $ $ |
LOANS AND SERVICING (Tables)
LOANS AND SERVICING (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Servicing | |
Summary of loans | At At June 30, December 31, 2016 2015 Amount Percent Amount Percent (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 Six Months Ended June 30, 2016 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ $ Charge-offs — — — — — — — — — — Recoveries — — — — — — — — — (Benefit) provision — — Ending Balance $ $ $ $ $ $ $ $ $ $ $ $ Six Months Ended June 30, 2015 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ — $ Charge-offs — — — — — — — — — Recoveries — — — — — — — — — (Benefit) provision Ending Balance $ $ $ $ $ $ $ $ $ $ $ $ At June 30, 2016 Allowance for loan losses Individually evaluated for impairment $ — $ — $ $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment $ $ $ $ $ $ $ $ $ $ $ $ Loans Individually evaluated for impairment $ $ $ $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ At December 31, 2015 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 June 30, 2016 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, 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 $ $ $ $ $ $ $ — $ |
Schedule of analysis of impaired loans | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At June 30, 2016 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, 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 $ $ $ $ $ |
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 June 30, 2016 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ At December 31, 2015 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ |
Schedule of mortgage servicing rights capitalized and amortized | Six Months Ended June 30, 2016 2015 (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 rights, net $ $ Fair value of mortgage servicing rights $ $ |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ At December 31, 2015 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 June 30, 2016 Impaired loans $ — $ — $ $ $ Assets Adjustments Level 1 Level 2 Level 3 At Fair Value to Fair Value (In thousands) At December 31, 2015 Impaired loans $ — $ — $ $ $ |
Schedule of estimated fair values and related carrying amounts of the Company's financial instruments | June 30, 2016 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 — — BBN 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 — — December 31, 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 — — BBN 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 — — |
EQUITY INCENTIVE PLANS (Tables)
EQUITY INCENTIVE PLANS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity Incentive Plans | |
Schedule of activity for stock options | Stock Options 2016 Weighted Average Number of Exercise Shares Price Outstanding at beginning of year $ Granted $ Outstanding at end of period $ Exercisable at end of period Weighted average fair value of options granted during the period $ |
Schedule of options outstanding and exercisable | Options Outstanding Options Exercisable Number Weighted-Average Weighted Number Weighted Outstanding Remaining Average Exercisable Average as of 6/30/2016 Contractual Life Exercise Price as of 6/30/2016 Exercise Price Years $ $ Years $ $ Years $ $ Years $ $ Years $ $ Years $ $ Years $ — $ — Years $ $ |
Schedule of activity for non-vested restricted stock | Non-vested Restricted Stock 2016 Weighted Average Number of Grant Date Shares Value Outstanding at beginning of year $ Granted $ Vested $ Outstanding at end of period $ |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Common Share | ||||
Net income available to common stockholders | $ 152 | $ 363 | $ 232 | $ 613 |
Basic common shares: | ||||
Weighted average shares outstanding | 1,794,469 | 1,791,270 | 1,791,237 | 1,792,537 |
Less: Weighted average unallocated ESOP shares | (77,199) | (84,440) | (78,104) | (85,345) |
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights | 46,451 | 44,868 | 45,990 | 42,573 |
Basic weighted average common shares outstanding | 1,763,721 | 1,751,698 | 1,759,123 | 1,749,765 |
Dilutive potential common shares | 10,131 | 6,744 | 7,202 | 8,907 |
Diluted weighted average common shares outstanding | 1,773,852 | 1,758,442 | 1,766,325 | 1,758,672 |
Basic earnings per share (in dollars per share) | $ 0.09 | $ 0.21 | $ 0.13 | $ 0.35 |
Diluted earnings per share (in dollars per share) | $ 0.09 | $ 0.21 | $ 0.13 | $ 0.35 |
Options to purchase shares included in the computation of diluted earnings per share (in shares) | 122,775 | 122,775 | ||
Options to purchase shares not included in the computation of diluted earnings per share (in shares) | 90,797 | 90,797 |
SECURITIES - AFS and HTM (Detai
SECURITIES - AFS and HTM (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Securities available for sale | ||
Amortized Cost | $ 19,500 | $ 18,953 |
Gross Unrealized Gains | 447 | 166 |
Gross Unrealized Losses | 91 | |
Fair Value | 19,947 | 19,028 |
Securities held to maturity | ||
Amortized Cost | 3,011 | 3,112 |
Gross Unrealized Gains | 110 | 16 |
Fair Value | 3,121 | 3,128 |
State and municipal | ||
Securities available for sale | ||
Amortized Cost | 2,386 | 2,410 |
Gross Unrealized Gains | 94 | 62 |
Gross Unrealized Losses | 2 | |
Fair Value | 2,480 | 2,470 |
Securities held to maturity | ||
Amortized Cost | 571 | 573 |
Gross Unrealized Gains | 43 | 12 |
Fair Value | 614 | 585 |
Residential mortgage-backed securities | ||
Securities available for sale | ||
Amortized Cost | 17,114 | 16,543 |
Gross Unrealized Gains | 353 | 104 |
Gross Unrealized Losses | 89 | |
Fair Value | 17,467 | 16,558 |
Securities held to maturity | ||
Amortized Cost | 2,440 | 2,539 |
Gross Unrealized Gains | 67 | 4 |
Fair Value | $ 2,507 | $ 2,543 |
SECURITIES - AFS and HTM - Amor
SECURITIES - AFS and HTM - Amortized Cost and FV (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Available for Sale, Amortized cost | |||
After five years through ten years | $ 533,000 | ||
Over 10 years | 1,853,000 | ||
Total | 2,386,000 | ||
Amortized Cost | 19,500,000 | $ 18,953,000 | |
Available for Sale, Fair Value | |||
After five years through ten years | 552,000 | ||
Over 10 years | 1,928,000 | ||
Total | 2,480,000 | ||
Fair Value | 19,947,000 | 19,028,000 | |
Held to maturity, Amortized Cost | |||
Over 10 years | 571,000 | ||
Total | 571,000 | ||
Total | 3,011,000 | ||
Held to Maturity, Fair Value | |||
Over 10 years | 614,000 | ||
Total | 614,000 | ||
Fair Value | 3,121,000 | 3,128,000 | |
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | |||
Less Than Twelve Months, Fair Value | 3,946,000 | ||
Less Than Twelve Months, Gross Unrealized Losses | 20,000 | ||
Twelve Months Or Longer, Gross Unrealized Losses | (71,000) | ||
Twelve Months Or Longer, Fair Value | 3,473,000 | ||
Additional disclosures | |||
Proceeds on sale of securities | 0 | $ 0 | |
Available for sale of securities, gross unrealized losses | 0 | ||
Residential mortgage-backed securities | |||
Available for Sale, Amortized cost | |||
Securities without single maturity date | 17,114,000 | ||
Amortized Cost | 17,114,000 | 16,543,000 | |
Available for Sale, Fair Value | |||
Securities without single maturity date | 17,467,000 | ||
Fair Value | 17,467,000 | 16,558,000 | |
Held to maturity, Amortized Cost | |||
Securities without single maturity date | 2,440,000 | ||
Held to Maturity, Fair Value | |||
Securities without single maturity date | 2,507,000 | ||
Fair Value | 2,507,000 | 2,543,000 | |
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position | |||
Less Than Twelve Months, Fair Value | 3,946,000 | ||
Less Than Twelve Months, Gross Unrealized Losses | 20,000 | ||
Twelve Months Or Longer, Gross Unrealized Losses | (69,000) | ||
Twelve Months Or Longer, Fair Value | 3,229,000 | ||
State and municipal | |||
Available for Sale, Amortized cost | |||
Amortized Cost | 2,386,000 | 2,410,000 | |
Available for Sale, Fair Value | |||
Fair Value | 2,480,000 | 2,470,000 | |
Held to Maturity, Fair Value | |||
Fair Value | $ 614,000 | 585,000 | |
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, Gross Unrealized Losses | (2,000) | ||
Twelve Months Or Longer, Fair Value | $ 244,000 |
LOANS AND SERVICING - Summary o
LOANS AND SERVICING - Summary of loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Summary of loans: | ||||
Loans receivable | $ 261,289 | $ 256,014 | ||
Total loans (as a percent) | 100.00% | 100.00% | ||
Other items: | ||||
Net deferred loan costs | $ 415 | $ 377 | ||
Allowance for loan losses | (2,483) | (2,408) | $ (2,234) | $ (2,229) |
Total loans, net | 259,221 | 253,983 | ||
Residential loans: | ||||
Summary of loans: | ||||
Loans receivable | $ 100,959 | $ 104,735 | ||
Total loans (as a percent) | 38.64% | 40.91% | ||
One- to four- family, residential loans | ||||
Summary of loans: | ||||
Loans receivable | $ 83,721 | $ 86,472 | ||
Total loans (as a percent) | 32.04% | 33.78% | ||
Other items: | ||||
Allowance for loan losses | $ (167) | $ (197) | (195) | (273) |
Home equity loans and lines of credit | ||||
Summary of loans: | ||||
Loans receivable | $ 17,238 | $ 18,263 | ||
Total loans (as a percent) | 6.60% | 7.13% | ||
Other items: | ||||
Allowance for loan losses | $ (259) | $ (276) | (257) | (249) |
Commercial loans: | ||||
Summary of loans: | ||||
Loans receivable | $ 137,512 | $ 130,664 | ||
Total loans (as a percent) | 52.62% | 51.04% | ||
One-to-four family investment property | ||||
Summary of loans: | ||||
Loans receivable | $ 12,386 | $ 15,255 | ||
Total loans (as a percent) | 4.74% | 5.96% | ||
Other items: | ||||
Allowance for loan losses | $ (75) | $ (90) | (53) | (46) |
Multi-family real estate | ||||
Summary of loans: | ||||
Loans receivable | $ 28,988 | $ 30,709 | ||
Total loans (as a percent) | 11.09% | 12.00% | ||
Other items: | ||||
Allowance for loan losses | $ (220) | $ (233) | (157) | (113) |
Commercial real estate | ||||
Summary of loans: | ||||
Loans receivable | $ 76,583 | $ 67,152 | ||
Total loans (as a percent) | 29.31% | 26.23% | ||
Other items: | ||||
Allowance for loan losses | $ (1,149) | $ (1,021) | (918) | (943) |
Commercial business loan | ||||
Summary of loans: | ||||
Loans receivable | $ 19,555 | $ 17,548 | ||
Total loans (as a percent) | 7.48% | 6.85% | ||
Other items: | ||||
Allowance for loan losses | $ (343) | $ (305) | (307) | (311) |
Construction loans | ||||
Summary of loans: | ||||
Loans receivable | $ 22,591 | $ 20,378 | ||
Total loans (as a percent) | 8.65% | 7.96% | ||
One-to-four family, construction loans | ||||
Summary of loans: | ||||
Loans receivable | $ 13,266 | $ 12,967 | ||
Total loans (as a percent) | 5.08% | 5.07% | ||
Other items: | ||||
Allowance for loan losses | $ (113) | $ (113) | (130) | (117) |
Multi-family | ||||
Summary of loans: | ||||
Loans receivable | $ 2,328 | $ 1,486 | ||
Total loans (as a percent) | 0.89% | 0.58% | ||
Other items: | ||||
Allowance for loan losses | $ (19) | $ (12) | (71) | (97) |
Non-residential | ||||
Summary of loans: | ||||
Loans receivable | $ 6,997 | $ 5,925 | ||
Total loans (as a percent) | 2.68% | 2.31% | ||
Other items: | ||||
Allowance for loan losses | $ (107) | $ (91) | (94) | (77) |
Consumer | ||||
Summary of loans: | ||||
Loans receivable | $ 227 | $ 237 | ||
Total loans (as a percent) | 0.09% | 0.09% | ||
Other items: | ||||
Allowance for loan losses | $ (2) | $ (2) | $ (3) | $ (3) |
LOANS AND SERVICING - Allowance
LOANS AND SERVICING - Allowance for loan losses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Allowance for loan losses | |||
Beginning Balance | $ 2,408 | $ 2,229 | |
Charge-offs | (2) | (25) | |
Recoveries | 3 | 3 | |
(Benefit) provision | 74 | 27 | |
Ending Balance | 2,483 | 2,234 | |
Ending balance: Individually evaluated for impairment | 7 | $ 14 | |
Ending balance: Collectively evaluated for impairment | 2,476 | 2,394 | |
Loans | |||
Ending Balance: Individually evaluated for impairment | 2,038 | 2,046 | |
Ending Balance: Collectively evaluated for impairment | 259,251 | 253,968 | |
Total Loans | 261,289 | 256,014 | |
Residential loans: | |||
Loans | |||
Total Loans | 100,959 | 104,735 | |
One- to four- family, residential loans | |||
Allowance for loan losses | |||
Beginning Balance | 197 | 273 | |
(Benefit) provision | (30) | (78) | |
Ending Balance | 167 | 195 | |
Ending balance: Individually evaluated for impairment | 7 | ||
Ending balance: Collectively evaluated for impairment | 167 | 190 | |
Loans | |||
Ending Balance: Individually evaluated for impairment | 1,564 | 1,567 | |
Ending Balance: Collectively evaluated for impairment | 82,157 | 84,905 | |
Total Loans | 83,721 | 86,472 | |
Home equity loans and lines of credit | |||
Allowance for loan losses | |||
Beginning Balance | 276 | 249 | |
Recoveries | 1 | 1 | |
(Benefit) provision | (18) | 7 | |
Ending Balance | 259 | 257 | |
Ending balance: Collectively evaluated for impairment | 259 | 276 | |
Loans | |||
Ending Balance: Individually evaluated for impairment | 103 | 104 | |
Ending Balance: Collectively evaluated for impairment | 17,135 | 18,159 | |
Total Loans | 17,238 | 18,263 | |
Commercial loans: | |||
Loans | |||
Total Loans | 137,512 | 130,664 | |
One-to-four family investment property | |||
Allowance for loan losses | |||
Beginning Balance | 90 | 46 | |
(Benefit) provision | (15) | 7 | |
Ending Balance | 75 | 53 | |
Ending balance: Individually evaluated for impairment | 7 | 7 | |
Ending balance: Collectively evaluated for impairment | 68 | 83 | |
Loans | |||
Ending Balance: Individually evaluated for impairment | 87 | 88 | |
Ending Balance: Collectively evaluated for impairment | 12,299 | 15,167 | |
Total Loans | 12,386 | 15,255 | |
Multi-family real estate | |||
Allowance for loan losses | |||
Beginning Balance | 233 | 113 | |
(Benefit) provision | (13) | 44 | |
Ending Balance | 220 | 157 | |
Ending balance: Collectively evaluated for impairment | 220 | 233 | |
Loans | |||
Ending Balance: Collectively evaluated for impairment | 28,988 | 30,709 | |
Total Loans | 28,988 | 30,709 | |
Commercial real estate | |||
Allowance for loan losses | |||
Beginning Balance | 1,021 | 943 | |
(Benefit) provision | 128 | (25) | |
Ending Balance | 1,149 | 918 | |
Ending balance: Collectively evaluated for impairment | 1,149 | 1,021 | |
Loans | |||
Ending Balance: Individually evaluated for impairment | 284 | 287 | |
Ending Balance: Collectively evaluated for impairment | 76,299 | 66,865 | |
Total Loans | 76,583 | 67,152 | |
Commercial business loan | |||
Allowance for loan losses | |||
Beginning Balance | 305 | 311 | |
Charge-offs | (22) | ||
(Benefit) provision | 38 | 18 | |
Ending Balance | 343 | 307 | |
Ending balance: Collectively evaluated for impairment | 343 | 305 | |
Loans | |||
Ending Balance: Collectively evaluated for impairment | 19,555 | 17,548 | |
Total Loans | 19,555 | 17,548 | |
Construction loans | |||
Loans | |||
Total Loans | 22,591 | 20,378 | |
One-to-four family, construction loans | |||
Allowance for loan losses | |||
Beginning Balance | 113 | 117 | |
(Benefit) provision | 13 | ||
Ending Balance | 113 | 130 | |
Ending balance: Collectively evaluated for impairment | 113 | 113 | |
Loans | |||
Ending Balance: Collectively evaluated for impairment | 13,266 | 12,967 | |
Total Loans | 13,266 | 12,967 | |
Multi-family | |||
Allowance for loan losses | |||
Beginning Balance | 12 | 97 | |
(Benefit) provision | 7 | (26) | |
Ending Balance | 19 | 71 | |
Ending balance: Collectively evaluated for impairment | 19 | 12 | |
Loans | |||
Ending Balance: Collectively evaluated for impairment | 2,328 | 1,486 | |
Total Loans | 2,328 | 1,486 | |
Non-residential | |||
Allowance for loan losses | |||
Beginning Balance | 91 | 77 | |
(Benefit) provision | 16 | 17 | |
Ending Balance | 107 | 94 | |
Ending balance: Collectively evaluated for impairment | 107 | 91 | |
Loans | |||
Ending Balance: Collectively evaluated for impairment | 6,997 | 5,925 | |
Total Loans | 6,997 | 5,925 | |
Consumer | |||
Allowance for loan losses | |||
Beginning Balance | 2 | 3 | |
Charge-offs | (2) | (3) | |
Recoveries | 2 | 2 | |
(Benefit) provision | 1 | ||
Ending Balance | 2 | 3 | |
Ending balance: Collectively evaluated for impairment | 2 | 2 | |
Loans | |||
Ending Balance: Collectively evaluated for impairment | 227 | 237 | |
Total Loans | 227 | 237 | |
Unallocated | |||
Allowance for loan losses | |||
Beginning Balance | 68 | ||
(Benefit) provision | (39) | 49 | |
Ending Balance | 29 | $ 49 | |
Ending balance: Collectively evaluated for impairment | $ 29 | $ 68 |
LOANS AND SERVICING - Past-due
LOANS AND SERVICING - Past-due and non-accrual loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Past-due and non-accrual loans | ||
Past due loans | $ 812 | $ 938 |
Total Current | 260,477 | 255,076 |
Total Loans | 261,289 | 256,014 |
Non-accrual Loans | 932 | 776 |
Loans delinquent for: 30 - 59 Days | ||
Past-due and non-accrual loans | ||
Past due loans | 6 | 285 |
Loans delinquent for: 60 - 89 Days | ||
Past-due and non-accrual loans | ||
Past due loans | 31 | 4 |
Loans delinquent for: 90 days or more | ||
Past-due and non-accrual loans | ||
Past due loans | 775 | 649 |
Residential loans: | ||
Past-due and non-accrual loans | ||
Total Loans | 100,959 | 104,735 |
One- to four- family, residential loans | ||
Past-due and non-accrual loans | ||
Past due loans | 775 | 649 |
Total Current | 82,946 | 85,823 |
Total Loans | 83,721 | 86,472 |
Non-accrual Loans | 775 | 776 |
One- to four- family, residential loans | Loans delinquent for: 90 days or more | ||
Past-due and non-accrual loans | ||
Past due loans | 775 | 649 |
Home equity loans and lines of credit | ||
Past-due and non-accrual loans | ||
Past due loans | 31 | 273 |
Total Current | 17,207 | 17,990 |
Total Loans | 17,238 | 18,263 |
Non-accrual Loans | 157 | |
Home equity loans and lines of credit | Loans delinquent for: 30 - 59 Days | ||
Past-due and non-accrual loans | ||
Past due loans | 273 | |
Home equity loans and lines of credit | Loans delinquent for: 60 - 89 Days | ||
Past-due and non-accrual loans | ||
Past due loans | 31 | |
Commercial loans: | ||
Past-due and non-accrual loans | ||
Total Loans | 137,512 | 130,664 |
One-to-four family investment property | ||
Past-due and non-accrual loans | ||
Total Current | 12,386 | 15,255 |
Total Loans | 12,386 | 15,255 |
Multi-family real estate | ||
Past-due and non-accrual loans | ||
Total Current | 28,988 | 30,709 |
Total Loans | 28,988 | 30,709 |
Commercial real estate | ||
Past-due and non-accrual loans | ||
Total Current | 76,583 | 67,152 |
Total Loans | 76,583 | 67,152 |
Commercial business loan | ||
Past-due and non-accrual loans | ||
Past due loans | 6 | 12 |
Total Current | 19,549 | 17,536 |
Total Loans | 19,555 | 17,548 |
Commercial business loan | Loans delinquent for: 30 - 59 Days | ||
Past-due and non-accrual loans | ||
Past due loans | 6 | 12 |
Construction loans | ||
Past-due and non-accrual loans | ||
Total Loans | 22,591 | 20,378 |
One-to-four family, construction loans | ||
Past-due and non-accrual loans | ||
Total Current | 13,266 | 12,967 |
Total Loans | 13,266 | 12,967 |
Multi-family | ||
Past-due and non-accrual loans | ||
Total Current | 2,328 | 1,486 |
Total Loans | 2,328 | 1,486 |
Non-residential | ||
Past-due and non-accrual loans | ||
Total Current | 6,997 | 5,925 |
Total Loans | 6,997 | 5,925 |
Consumer | ||
Past-due and non-accrual loans | ||
Past due loans | 4 | |
Total Current | 227 | 233 |
Total Loans | $ 227 | 237 |
Consumer | Loans delinquent for: 60 - 89 Days | ||
Past-due and non-accrual loans | ||
Past due loans | $ 4 |
LOANS AND SERVICING - Analysis
LOANS AND SERVICING - Analysis of impaired loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Recorded Investment | ||
Impaired loans without a valuation allowance | $ 1,951 | $ 1,646 |
Impaired loans with a valuation allowance | 87 | 400 |
Unpaid Principal Balance | ||
Impaired loans without a valuation allowance | 1,951 | 1,646 |
Impaired loans with a valuation allowance | 87 | 400 |
Related Allowance | ||
Impaired loans with a valuation allowance | 7 | 14 |
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 1,956 | 653 |
Impaired loans with a valuation allowance | 87 | 369 |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 35 | 40 |
Impaired loans with a valuation allowance | 2 | 20 |
One- to four- family, residential loans | ||
Recorded Investment | ||
Impaired loans without a valuation allowance | 1,564 | 1,255 |
Impaired loans with a valuation allowance | 312 | |
Unpaid Principal Balance | ||
Impaired loans without a valuation allowance | 1,564 | 1,255 |
Impaired loans with a valuation allowance | 312 | |
Related Allowance | ||
Impaired loans with a valuation allowance | 7 | |
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 1,566 | 236 |
Impaired loans with a valuation allowance | 314 | |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 24 | 12 |
Impaired loans with a valuation allowance | 16 | |
Home equity loans and lines of credit | ||
Recorded Investment | ||
Impaired loans without a valuation allowance | 103 | 104 |
Unpaid Principal Balance | ||
Impaired loans without a valuation allowance | 103 | 104 |
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 104 | 51 |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 2 | 2 |
Commercial real estate | ||
Recorded Investment | ||
Impaired loans without a valuation allowance | 284 | 287 |
Unpaid Principal Balance | ||
Impaired loans without a valuation allowance | 284 | 287 |
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 286 | 292 |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 9 | 17 |
Commercial business loan | ||
Average Recorded Investment | ||
Impaired loans without a valuation allowance | 74 | |
Interest Income Recognized | ||
Impaired loans without a valuation allowance | 9 | |
One-to-four family investment property | ||
Recorded Investment | ||
Impaired loans with a valuation allowance | 87 | 88 |
Unpaid Principal Balance | ||
Impaired loans with a valuation allowance | 87 | 88 |
Related Allowance | ||
Impaired loans with a valuation allowance | 7 | 7 |
Average Recorded Investment | ||
Impaired loans with a valuation allowance | 87 | 55 |
Interest Income Recognized | ||
Impaired loans with a valuation allowance | $ 2 | $ 4 |
LOANS AND SERVICING - Loans mod
LOANS AND SERVICING - Loans modified and classified as troubled debt restructures (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($)item | Dec. 31, 2015USD ($)item | |
Loans modified and classified as troubled debt restructures | ||
Loans receivable | $ 261,289,000 | $ 256,014,000 |
Number of TDRs in default of their modified terms | item | 0 | 0 |
Residential loans: | ||
Loans modified and classified as troubled debt restructures | ||
Loan modifications | $ 649,000 | |
Number of loans | item | 1 | |
Loans receivable | $ 100,959,000 | $ 104,735,000 |
One- to four- family, residential loans | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 83,721,000 | 86,472,000 |
Home equity loans and lines of credit | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 17,238,000 | 18,263,000 |
Commercial loans: | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 137,512,000 | 130,664,000 |
One-to-four family investment property | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 12,386,000 | 15,255,000 |
Multi-family real estate | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 28,988,000 | 30,709,000 |
Commercial real estate | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 76,583,000 | 67,152,000 |
Commercial business loan | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 19,555,000 | 17,548,000 |
Construction loans | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 22,591,000 | 20,378,000 |
One-to-four family, construction loans | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 13,266,000 | 12,967,000 |
Multi-family | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 2,328,000 | 1,486,000 |
Non-residential | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | 6,997,000 | 5,925,000 |
Consumer | ||
Loans modified and classified as troubled debt restructures | ||
Loans receivable | $ 227,000 | $ 237,000 |
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 | |
Number of loan modifications that resulted in the classification of TDR | item | 2 | |
Pre-modification balance in recorded investment | $ 135,000 | |
Commercial business loan one | ||
Loans modified and classified as troubled debt restructures | ||
Proceeds from loans by payment of guarantor | 22,500 | |
Allowances for credit losses | 22,500 | |
Pre-modification balance in recorded investment | 45,000 | |
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 |
LOANS AND SERVICING - Internal
LOANS AND SERVICING - Internal Credit Assessment (Details) $ in Thousands | Jun. 30, 2016USD ($)grade | Dec. 31, 2015USD ($) |
Loans by risk rating | ||
Loans receivable | $ 261,289 | $ 256,014 |
Internal Loan Rating System | ||
Number of grades in internal loan rating system | grade | 9 | |
Not formally rated | ||
Loans by risk rating | ||
Loans receivable | $ 99,259 | 103,198 |
Pass | ||
Loans by risk rating | ||
Loans receivable | $ 159,146 | 150,128 |
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 | ||
Loans by risk rating | ||
Loans receivable | 826 | |
Internal Loan Rating System | ||
Grade assigned in internal loan rating system | grade | 6 | |
Substandard | ||
Loans by risk rating | ||
Loans receivable | $ 2,884 | 1,862 |
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 | $ 261,289 | 256,014 |
Internal Loan Rating System | ||
Grade assigned in internal loan rating system | grade | 9 | |
Residential loans: | ||
Loans by risk rating | ||
Loans receivable | $ 100,959 | 104,735 |
One- to four- family, residential loans | ||
Loans by risk rating | ||
Loans receivable | 83,721 | 86,472 |
One- to four- family, residential loans | Not formally rated | ||
Loans by risk rating | ||
Loans receivable | 82,031 | 84,778 |
One- to four- family, residential loans | Substandard | ||
Loans by risk rating | ||
Loans receivable | 1,690 | 1,694 |
One- to four- family, residential loans | Loss | ||
Loans by risk rating | ||
Loans receivable | 83,721 | 86,472 |
Home equity loans and lines of credit | ||
Loans by risk rating | ||
Loans receivable | 17,238 | 18,263 |
Home equity loans and lines of credit | Not formally rated | ||
Loans by risk rating | ||
Loans receivable | 17,001 | 18,183 |
Home equity loans and lines of credit | Substandard | ||
Loans by risk rating | ||
Loans receivable | 237 | 80 |
Home equity loans and lines of credit | Loss | ||
Loans by risk rating | ||
Loans receivable | 17,238 | 18,263 |
Commercial loans: | ||
Loans by risk rating | ||
Loans receivable | 137,512 | 130,664 |
One-to-four family investment property | ||
Loans by risk rating | ||
Loans receivable | 12,386 | 15,255 |
One-to-four family investment property | Pass | ||
Loans by risk rating | ||
Loans receivable | 12,299 | 15,167 |
One-to-four family investment property | Substandard | ||
Loans by risk rating | ||
Loans receivable | 87 | 88 |
One-to-four family investment property | Loss | ||
Loans by risk rating | ||
Loans receivable | 12,386 | 15,255 |
Multi-family real estate | ||
Loans by risk rating | ||
Loans receivable | 28,988 | 30,709 |
Multi-family real estate | Pass | ||
Loans by risk rating | ||
Loans receivable | 28,988 | 30,709 |
Multi-family real estate | Loss | ||
Loans by risk rating | ||
Loans receivable | 28,988 | 30,709 |
Commercial real estate | ||
Loans by risk rating | ||
Loans receivable | 76,583 | 67,152 |
Commercial real estate | Pass | ||
Loans by risk rating | ||
Loans receivable | 75,862 | 66,420 |
Commercial real estate | Special mention | ||
Loans by risk rating | ||
Loans receivable | 732 | |
Commercial real estate | Substandard | ||
Loans by risk rating | ||
Loans receivable | 721 | |
Commercial real estate | Loss | ||
Loans by risk rating | ||
Loans receivable | 76,583 | 67,152 |
Commercial business loan | ||
Loans by risk rating | ||
Loans receivable | 19,555 | 17,548 |
Commercial business loan | Pass | ||
Loans by risk rating | ||
Loans receivable | 19,406 | 17,454 |
Commercial business loan | Special mention | ||
Loans by risk rating | ||
Loans receivable | 94 | |
Commercial business loan | Substandard | ||
Loans by risk rating | ||
Loans receivable | 149 | |
Commercial business loan | Loss | ||
Loans by risk rating | ||
Loans receivable | 19,555 | 17,548 |
Construction loans | ||
Loans by risk rating | ||
Loans receivable | 22,591 | 20,378 |
One-to-four family, construction loans | ||
Loans by risk rating | ||
Loans receivable | 13,266 | 12,967 |
One-to-four family, construction loans | Pass | ||
Loans by risk rating | ||
Loans receivable | 13,266 | 12,967 |
One-to-four family, construction loans | Loss | ||
Loans by risk rating | ||
Loans receivable | 13,266 | 12,967 |
Multi-family | ||
Loans by risk rating | ||
Loans receivable | 2,328 | 1,486 |
Multi-family | Pass | ||
Loans by risk rating | ||
Loans receivable | 2,328 | 1,486 |
Multi-family | Loss | ||
Loans by risk rating | ||
Loans receivable | 2,328 | 1,486 |
Non-residential | ||
Loans by risk rating | ||
Loans receivable | 6,997 | 5,925 |
Non-residential | Pass | ||
Loans by risk rating | ||
Loans receivable | 6,997 | 5,925 |
Non-residential | Loss | ||
Loans by risk rating | ||
Loans receivable | 6,997 | 5,925 |
Consumer | ||
Loans by risk rating | ||
Loans receivable | 227 | 237 |
Consumer | Not formally rated | ||
Loans by risk rating | ||
Loans receivable | 227 | 237 |
Consumer | Loss | ||
Loans by risk rating | ||
Loans receivable | $ 227 | $ 237 |
LOANS AND SERVICING - Servicing
LOANS AND SERVICING - Servicing Rights (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Loans serviced for others | |||
Unpaid principal balances of mortgage loans serviced for others not included in the accompanying consolidated balance sheets | $ 93,200 | $ 100,500 | |
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 | $ 523 | $ 840 | $ 840 |
Additions | 10 | ||
Amortization | (140) | (175) | |
Balance at end of period | 383 | 675 | 523 |
Valuation allowances: | |||
Balance at beginning of period | 4 | 6 | 6 |
Additions | 13 | 13 | |
Reductions | (13) | ||
Balance at end of period | 17 | 6 | 4 |
Mortgage servicing assets, net | 366 | 669 | |
Fair value of mortgage servicing assets | $ 712 | $ 1,157 | $ 1,100 |
SECURED BORROWINGS AND COLLAT34
SECURED BORROWINGS AND COLLATERAL - Federal Home Loan Bank Advances (Details) $ in Millions | Jun. 30, 2016USD ($) |
Residential loans: | |
Federal Home Loan Bank advances | |
Amount of qualified collateral pledged on FHLB advances | $ 70.8 |
Mortgage-backed securities | |
Federal Home Loan Bank advances | |
Amount of qualified collateral pledged on FHLB advances | 20 |
Commercial real estate | |
Federal Home Loan Bank advances | |
Amount of qualified collateral pledged on FHLB advances | $ 24.5 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Non-recurring basis - Impaired Loans - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Fair value measurements | ||
Adjustments to Fair Value | $ (7) | $ (14) |
Level 3 | ||
Fair value measurements | ||
Assets at Fair Value | 80 | 386 |
Total Assets at Fair Value | ||
Fair value measurements | ||
Assets at Fair Value | $ 80 | $ 386 |
FAIR VALUE MEASUREMENTS - Ass36
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
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 | |
Securities available for sale | $ 19,947 | $ 19,028 |
Residential mortgage-backed securities | ||
Short-term FHLB advances | ||
Securities available for sale | 17,467 | 16,558 |
State and municipal | ||
Short-term FHLB advances | ||
Securities available for sale | 2,480 | 2,470 |
Level 2 | ||
Short-term FHLB advances | ||
Securities available for sale | 19,947 | 19,028 |
Recurring basis | Total Assets at Fair Value | ||
Short-term FHLB advances | ||
Securities available for sale | 19,947 | 19,028 |
Recurring basis | Total Assets at Fair Value | Residential mortgage-backed securities | ||
Short-term FHLB advances | ||
Securities available for sale | 17,467 | 16,558 |
Recurring basis | Total Assets at Fair Value | State and municipal | ||
Short-term FHLB advances | ||
Securities available for sale | 2,480 | 2,470 |
Recurring basis | Level 2 | ||
Short-term FHLB advances | ||
Securities available for sale | 19,947 | 19,028 |
Recurring basis | Level 2 | Residential mortgage-backed securities | ||
Short-term FHLB advances | ||
Securities available for sale | 17,467 | 16,558 |
Recurring basis | Level 2 | State and municipal | ||
Short-term FHLB advances | ||
Securities available for sale | $ 2,480 | $ 2,470 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Cash and cash equivalents | $ 5,652 | $ 7,758 |
Securities available for sale | 19,947 | 19,028 |
Fair Value | 3,121 | 3,128 |
FHLB stock | 2,011 | 2,933 |
Bankers Bank Northeast stock | 60 | 60 |
Loans held for sale | 187 | |
Loans, net | 260,382 | 254,095 |
Accrued interest receivable | 783 | 799 |
Capitalized mortgage servicing rights | 712 | 1,100 |
Financial liabilities: | ||
Deposits | 233,544 | 207,894 |
Short-term FHLB advances | 5,500 | 23,500 |
Long-term FHLB advances | 25,774 | 27,255 |
Mortgagor's escrow accounts | 1,601 | 1,386 |
Accrued interest payable | 47 | 59 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 5,652 | 7,758 |
Securities available for sale | 19,947 | 19,028 |
Fair Value | 3,011 | 3,112 |
FHLB stock | 2,011 | 2,933 |
Bankers Bank Northeast stock | 60 | 60 |
Loans held for sale | 184 | |
Loans, net | 259,221 | 253,983 |
Accrued interest receivable | 783 | 799 |
Capitalized mortgage servicing rights | 366 | 519 |
Financial liabilities: | ||
Deposits | 232,878 | 207,726 |
Short-term FHLB advances | 5,500 | 23,500 |
Long-term FHLB advances | 25,600 | 27,100 |
Mortgagor's escrow accounts | 1,601 | 1,386 |
Accrued interest payable | 47 | 59 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 5,652 | 7,758 |
FHLB stock | 2,011 | 2,933 |
Bankers Bank Northeast stock | 60 | 60 |
Loans held for sale | 187 | |
Accrued interest receivable | 783 | 799 |
Financial liabilities: | ||
Short-term FHLB advances | 5,500 | 23,500 |
Mortgagor's escrow accounts | 1,601 | 1,386 |
Accrued interest payable | 47 | 59 |
Level 2 | ||
Financial assets: | ||
Securities available for sale | 19,947 | 19,028 |
Fair Value | 3,121 | 3,128 |
Capitalized mortgage servicing rights | 712 | 1,100 |
Financial liabilities: | ||
Deposits | 233,544 | 207,894 |
Long-term FHLB advances | 25,774 | 27,255 |
Level 3 | ||
Financial assets: | ||
Loans, net | $ 260,382 | $ 254,095 |
EQUITY INCENTIVE PLANS - Option
EQUITY INCENTIVE PLANS - Options (Details) - 2009 and 2014 Equity Plan - Stock Options | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Number of Shares | |
Outstanding at beginning of year (in shares) | shares | 89,275 |
Granted (in shares) | shares | 33,500 |
Outstanding at end of period (in shares) | shares | 122,775 |
Exercisable at end of period (in shares) | shares | 51,740 |
Weighted Average Exercise Price | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 14.02 |
Granted (in dollars per share) | $ / shares | 19.40 |
Outstanding at end of period (in dollars per share) | $ / shares | 15.49 |
Weighted average fair value of options granted during the period | |
Weighted average fair value of options granted during the period (in dollars per share) | $ / shares | $ 6.07 |
EQUITY INCENTIVE PLANS - Opti39
EQUITY INCENTIVE PLANS - Options Outstanding and Exercisable (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
2009 and 2014 Equity Plan | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 122,775 |
Weighted-Average Remaining Contractual Life | 7 years 7 months 28 days |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 15.49 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 51,740 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 12.40 |
Weighted Average Exercise Price - $9.33 | 2009 and 2014 Equity Plan | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 8,712 |
Weighted-Average Remaining Contractual Life | 3 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 9.33 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 8,712 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 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 | 9,683 |
Weighted-Average Remaining Contractual Life | 4 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 9.55 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 9,683 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 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 | 8,570 |
Weighted-Average Remaining Contractual Life | 5 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 9.58 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 7,359 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 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 | 15,200 |
Weighted-Average Remaining Contractual Life | 6 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 14 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 10,500 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 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 | 7 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 14.98 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 8,286 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 14.98 |
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 | 8 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 17.55 |
Options Exercisable | |
Number Exercisable at the end of the period (in shares) | shares | 7,200 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 17.55 |
Weighted Average Exercise Price - $19.40 | |
Options Outstanding | |
Number Outstanding at the end of the period (in shares) | shares | 33,500 |
Weighted-Average Remaining Contractual Life | 9 years 7 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 19.40 |
EQUITY INCENTIVE PLANS - Restri
EQUITY INCENTIVE PLANS - Restricted Stock and Additional Disclosures (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)item$ / sharesshares | |
Number of Shares | |
Outstanding at beginning of year (in shares) | shares | 44,866 |
Outstanding at end of period (in shares) | shares | 46,449 |
Additional Disclosures | |
Number of equity incentive plans | item | 2 |
Stock Options | |
Additional Disclosures | |
Unrecognized share-based compensation expense related to non-vested options (in dollars) | $ | $ 374,000 |
Weighted average period for recognition of share-based compensation | 3 years 4 months 24 days |
Share-based compensation expense recognized (in dollars) | $ | $ 59,000 |
Tax benefit from recognized compensation expense (in dollars) | $ | $ 8,000 |
Restricted stock award | |
Number of Shares | |
Outstanding at beginning of year (in shares) | shares | 44,866 |
Granted (in shares) | shares | 16,500 |
Vested (in shares) | shares | (14,917) |
Outstanding at end of period (in shares) | shares | 46,449 |
Weighted Average Grant Date Value | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 15.21 |
Granted (in dollars per share) | $ / shares | 19.40 |
Vested (in dollars per share) | $ / shares | 14.27 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 17 |
Additional Disclosures | |
Unrecognized share-based compensation expense related to non-vested restricted stock (in dollars) | $ | $ 706,000 |
Share-based compensation expense recognized (in dollars) | $ | 125,000,000 |
Tax benefit from recognized compensation expense (in dollars) | $ | $ 50,000,000 |