Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2013 | Jun. 30, 2012 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Waterstone Financial, Inc. | ' | ' |
Entity Central Index Key | '0001569994 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $366.80 |
Entity Common Stock, Shares Outstanding | ' | 34,389,312 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Cash | $428,832,000 | $37,129,000 |
Federal funds sold | 93,000 | 28,576,000 |
Interest-earning deposits in other financial institutions and other short term investments | 244,000 | 5,764,000 |
Cash and cash equivalents | 429,169,000 | 71,469,000 |
Securities available for sale (at fair value) | 213,418,000 | 205,017,000 |
Securities held to maturity (at amortized cost), fair value of $2,648 in 2011 | 0 | 0 |
Loans held for sale (at fair value) | 97,021,000 | 133,613,000 |
Loans receivable | 1,092,676,000 | 1,133,672,000 |
Less: Allowance for loan losses | 24,264,000 | 31,043,000 |
Loans receivable, net | 1,068,412,000 | 1,102,629,000 |
Office properties and equipment, net | 27,090,000 | 26,935,000 |
Federal Home Loan Bank stock (at cost) | 17,500,000 | 20,193,000 |
Cash surrender value of life insurance | 39,378,000 | 38,061,000 |
Real estate owned | 22,663,000 | 35,974,000 |
Prepaid expenses and other assets | 32,388,000 | 27,185,000 |
Total assets | 1,947,039,000 | 1,661,076,000 |
Liabilities: | ' | ' |
Demand deposits | 93,275,000 | 84,140,000 |
Money market and savings deposits | 513,716,000 | 118,453,000 |
Time deposits | 637,750,000 | 736,920,000 |
Total deposits | 1,244,741,000 | 939,513,000 |
Short-term borrowings | 21,197,000 | 45,888,000 |
Long-term borrowings | 434,000,000 | 434,000,000 |
Advance payments by borrowers for taxes | 2,482,000 | 1,672,000 |
Other liabilities | 30,147,000 | 37,369,000 |
Total liabilities | 1,732,567,000 | 1,458,442,000 |
Shareholders' equity: | ' | ' |
Preferred stock (par value $.01 per share) Authorized 20,000,000 shares, no shares issued | 0 | 0 |
Common stock (par value $.01 per share) Authorized - 200,000,000 shares in 2012 and 2011 Issued - 34,072,909 in 2012 and 33,974,450 in 2011 Outstanding - 31,348,556 in 2012 and 31,250,097 in 2011 | 341,000 | 341,000 |
Additional paid-in capital | 110,480,000 | 110,490,000 |
Retained earnings | 151,195,000 | 136,487,000 |
Unearned ESOP shares | -854,000 | -1,708,000 |
Accumulated other comprehensive income, net of taxes | -1,429,000 | 2,285,000 |
Treasury shares (2,724,353 shares), at cost | -45,261,000 | -45,261,000 |
Total shareholders' equity | 214,472,000 | 202,634,000 |
Total liabilities and shareholders' equity | $1,947,039,000 | $1,661,076,000 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Securities held to maturity | $0 | $0 |
Shareholders' equity: | ' | ' |
Preferred stock - par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock - shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock - shares issued (in shares) | 0 | 0 |
Common stock - par value (in dollars per share) | $0.01 | $0.01 |
Common stock - shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock - shares issued (in shares) | 34,073,670 | 34,072,909 |
Common stock - shares outstanding (in shares) | 31,349,317 | 31,348,556 |
Treasury shares (in shares) | 2,724,353 | 2,724,353 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Loans | $58,470 | $64,317 | $72,269 |
Mortgage-related securities | 1,849 | 3,278 | 3,822 |
Debt securities, federal funds sold and short-term investments | 2,545 | 2,251 | 3,261 |
Total interest income | 62,864 | 69,846 | 79,352 |
Interest expense: | ' | ' | ' |
Deposits | 5,215 | 9,477 | 15,289 |
Borrowings | 18,443 | 18,424 | 17,547 |
Total interest expense | 23,658 | 27,901 | 32,836 |
Net interest income | 39,206 | 41,945 | 46,516 |
Provision for loan losses | 4,532 | 8,300 | 22,077 |
Net interest income after provision for loan losses | 34,674 | 33,645 | 24,439 |
Noninterest income: | ' | ' | ' |
Service charges on loans and deposits | 1,337 | 1,331 | 1,078 |
Increase in cash surrender value of life insurance | 1,076 | 1,071 | 1,124 |
Total other than temporary investment losses | 0 | -190 | -1,479 |
Portion of (gain) loss recognized in other comprehensive income (before tax) | 0 | -23 | 1,023 |
Net impairment losses recognized in earnings | 0 | -213 | -456 |
Mortgage banking income | 80,260 | 87,375 | 39,845 |
Gain on sale of available for sale securities | -9 | 522 | 53 |
Other | 5,135 | 1,117 | 1,585 |
Total noninterest income | 87,799 | 91,203 | 43,229 |
Noninterest expenses: | ' | ' | ' |
Compensation, payroll taxes, and other employee benefits | 68,807 | 63,507 | 39,159 |
Occupancy, office furniture and equipment | 8,165 | 6,968 | 6,488 |
Advertising | 3,085 | 2,647 | 1,568 |
Data processing | 2,032 | 1,523 | 1,400 |
Communications | 1,557 | 1,277 | 968 |
Professional fees | 2,386 | 2,109 | 1,648 |
Real estate owned | 255 | 8,746 | 12,140 |
FDIC insurance premiums | 1,986 | 3,390 | 3,814 |
Other | 10,871 | 11,971 | 7,394 |
Total noninterest expenses | 99,144 | 102,138 | 74,579 |
Income (loss) before income tax | 23,329 | 22,710 | -6,911 |
Income tax expense (benefit) | 8,621 | -12,204 | 562 |
Net income (loss) | $14,708 | $34,914 | ($7,473) |
Loss per share: | ' | ' | ' |
Basic (in dollars per share) | $0.43 | $1.02 | ($0.22) |
Diluted (in dollars per share) | $0.43 | $1.02 | ($0.22) |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 34,185 | 34,076 | 33,938 |
Diluted (in shares) | 34,439 | 34,194 | 33,938 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income (loss) | $14,708 | $34,914 | ($7,473) |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Net unrealized holding gain (loss) on available for sale securities arising during the period, net of tax (expense) benefit of ($791), ($1,240) and ($2,102), respectively | -3,719 | 1,082 | -201 |
Reclassification adjustment for net gain (loss) on available for sale securities realized during the period, net of tax expense (benefit) of $124, ($22) and $22, respectively | 5 | -185 | 31 |
Total other comprehensive income (loss) | -3,714 | 897 | -170 |
Comprehensive income (loss) | $10,994 | $35,811 | ($7,643) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Net unrealized holding gain (loss) on available for sale securities arising during the period, net of tax (expense) benefit | $2,436 | ($791) | ($1,240) |
Reclassification adjustment for net gains on available for sale securities realized during the period, net of taxes | ($4) | $124 | ($22) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive (Loss) [Member] | Treasury Shares [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
Balances at Dec. 31, 2010 | $340 | $109,953 | $109,046 | ($3,416) | $1,558 | ($45,261) | $172,220 |
Balances (in shares) at Dec. 31, 2010 | 31,250 | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 0 | 0 | -7,473 | 0 | 0 | 0 | -7,473 |
Other comprehensive income: | 0 | 0 | 0 | 0 | -170 | 0 | -170 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | -7,643 |
ESOP shares committed to be released to Plan participants | 0 | -652 | 0 | 854 | 0 | 0 | 202 |
Stock based compensation | 0 | 1,593 | 0 | 0 | 0 | 0 | 1,593 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares) | 0 | ' | ' | ' | ' | ' | ' |
Balances at Dec. 31, 2011 | 340 | 110,894 | 101,573 | -2,562 | 1,388 | -45,261 | 166,372 |
Balances (in shares) at Dec. 31, 2011 | 31,250 | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 0 | 0 | 34,914 | 0 | 0 | 0 | 34,914 |
Other comprehensive income: | 0 | 0 | 0 | 0 | 897 | 0 | 897 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | 35,811 |
ESOP shares committed to be released to Plan participants | 0 | -548 | 0 | 854 | 0 | 0 | 306 |
Stock based compensation | 1 | 144 | 0 | 0 | 0 | 0 | 145 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares) | 98 | ' | ' | ' | ' | ' | ' |
Balances at Dec. 31, 2012 | 341 | 110,490 | 136,487 | -1,708 | 2,285 | -45,261 | 202,634 |
Balances (in shares) at Dec. 31, 2012 | 31,348 | ' | ' | ' | ' | ' | 31,348,556 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 0 | 0 | 14,708 | 0 | 0 | 0 | 14,708 |
Other comprehensive income: | 0 | 0 | 0 | 0 | -3,714 | 0 | -3,714 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | 10,994 |
ESOP shares committed to be released to Plan participants | 0 | -136 | 0 | 854 | 0 | 0 | 718 |
Stock based compensation | 0 | 126 | 0 | 0 | 0 | 0 | 126 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares) | 1 | ' | ' | ' | ' | ' | ' |
Balances at Dec. 31, 2013 | $341 | $110,480 | $151,195 | ($854) | ($1,429) | ($45,261) | $214,472 |
Balances (in shares) at Dec. 31, 2013 | 31,349 | ' | ' | ' | ' | ' | 31,349,317 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income (loss) | $14,708 | $34,914 | ($7,473) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Provision for loan losses | 4,532 | 8,300 | 22,077 |
Provision for depreciation | 2,717 | 2,081 | 1,842 |
Deferred income taxes | 5,394 | -16,895 | -735 |
Stock based compensation | 126 | 145 | 1,593 |
Net amortization of premium/discount on debt and mortgage related securities | 2,203 | 1,647 | 635 |
Amortization of unearned ESOP shares | 718 | 306 | 202 |
Amortization Of MSR | 1,125 | 389 | 13 |
Gain on sale of loans held for sale | -73,548 | -90,171 | -37,667 |
Loans originated for sale | -1,751,054 | -1,749,426 | -1,027,346 |
Proceeds on sales of loans originated for sale | 1,861,194 | 1,794,268 | 1,072,863 |
Decrease in accrued interest receivable | -352 | 612 | 37 |
Increase in cash surrender value of life insurance | -1,076 | -1,071 | -1,124 |
Decrease in accrued interest on deposits and borrowings | -120 | -372 | -239 |
Increase in other liabilities | -6,007 | 4,796 | 211 |
Increase (decrease) in accrued tax payable | -3,119 | -161 | 1,282 |
Gain on sale of available for sale securities | 9 | -522 | -53 |
Impairment of securities | 0 | 213 | 456 |
Net realized and unrealized loss related to real estate owned | -1,415 | 6,162 | 6,052 |
Gain Sale Of MSR | -2,578 | 0 | 0 |
Other | -1,173 | -3,352 | 2,464 |
Net cash (used in) provided by operating activities | 52,284 | -8,137 | 35,090 |
Investing activities: | ' | ' | ' |
Net decrease in loans receivable | 16,133 | 51,023 | 42,692 |
Purchases of: | ' | ' | ' |
Debt securities | -44,540 | -19,269 | -85,802 |
Mortgage related securities | -16,264 | -115,660 | -14,184 |
Premises and equipment, net | -5,360 | -1,674 | -1,021 |
Bank owned life insurance | -240 | -240 | -240 |
Proceeds from: | ' | ' | ' |
Principal repayments on mortgage-related securities | 36,952 | 35,504 | 31,433 |
Maturities of debt securities | 6,170 | 71,065 | 62,115 |
Sales of debt securities | 921 | 11,798 | 0 |
Sales of mortgage-related securities | 0 | 18,291 | 3,230 |
Calls of structured notes | 0 | 2,648 | 0 |
Sales of foreclosed properties and other assets | 27,604 | 36,580 | 23,231 |
Redemption of FHLB stock | 2,693 | 1,459 | 0 |
Net cash used in investing activities | 24,069 | 91,525 | 61,454 |
Financing activities: | ' | ' | ' |
Net decrease in deposits | 305,228 | -111,779 | -94,237 |
Net increase (decrease) in short-term borrowings | -24,691 | 18,750 | 4,179 |
Net increase (decrease) in advance payments by borrowers for taxes | 810 | 730 | -1,437 |
Net cash used by financing activities | 281,347 | -92,299 | -91,495 |
(Decrease) Increase in cash and cash equivalents | 357,700 | -8,911 | 5,049 |
Cash and cash equivalents at beginning of year | 71,469 | 80,380 | 75,331 |
Cash and cash equivalents at end of year | 429,169 | 71,469 | 80,380 |
Cash paid, credited or (received) during the period for: | ' | ' | ' |
Income tax payments (refunds) | 6,265 | 4,852 | 69 |
Interest payments | 23,778 | 28,273 | 33,076 |
Noncash investing activities: | ' | ' | ' |
Loans receivable transferred to other real estate | $13,552 | $22,282 | $28,259 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
1) | Summary of Significant Accounting Policies | ||
The following significant accounting and reporting policies of Waterstone Financial, Inc. and subsidiaries (collectively, the "Company"), conform to U.S. generally accepted accounting principles, or ("GAAP"), and are used in preparing and presenting these consolidated financial statements. | |||
(a)Â Â Â Â Â Â Plan of Conversion and Reorganization | |||
On June 6, 2013, the Board of Directors of Lamplighter Financial, MHC ("MHC") and the Board of Directors of the Waterstone Financial, Inc. ("Waterstone-Federal") adopted a new Plan of Conversion and Reorganization (the "Plan"). Pursuant to the Plan, Waterstone Financial, Inc., a Maryland Corporation, ("New Waterstone") was organized and the MHC converted from the mutual holding company form of organization to the fully public form on January 22, 2014.  As part of the conversion, the MHC's ownership interest of the New Waterstone was offered for sale in a public offering. The existing publicly held shares of the Waterstone-Federal, were exchanged for new shares of common stock of New Waterstone. The exchange ratio ensured that immediately after the conversion and public offering, the public shareholders of the Waterstone-Federal owned the same aggregate percentage of New Waterstone common stock that they owned immediately prior to that time (excluding shares purchased in the stock offering and cash received in lieu of fractional shares). When the conversion and public offering was completed, New Waterstone became the holding company of WaterStone Bank and succeeded to all of the business and operations of Waterstone-Federal and each of Waterstone-Federal and Lamplighter Financial, MHC ceased to exist. | |||
The Plan provided for the establishment of special "liquidation accounts" for the benefit of certain depositors of WaterStoneBank in an amount equal to the greater of the MHC's ownership interest in the retained earnings of the Company as of the date of the latest balance sheet contained in the prospectus or the retained earnings of WaterStone Bank at the time it reorganized into the MHC. Following the completion of the conversion, under the rules of the Board of Governors of the Federal Reserve System, WaterStone Bank is not permitted to pay dividends on its capital stock to Waterstone Financial, Inc., its sole shareholder, if WaterStone Bank's shareholder's equity would be reduced below the amount of the liquidation accounts. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder's interest in the liquidation accounts. | |||
Direct costs of the conversion and public offering will be deferred and reduce the proceeds from the shares sold in the public offering. Costs of $1.4 million have been incurred related to the conversion as of December 31, 2013, and are included in other assets. | |||
Share amounts have been restated to reflect the completion of our second-step conversion on January 22, 2014 at a conversion ratio of 1.0973 unless noted otherwise. | |||
b) | Nature of Operations | ||
The Company is a one-bank holding company with two operating segments – community banking and mortgage banking.  The Bank is principally engaged in the business of attracting deposits from the general public and using such deposits to originate real estate, business and consumer loans. | |||
The Bank provides a full range of financial services to customers through branch locations in southeastern Wisconsin. The Bank is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. | |||
The Bank owns a mortgage banking subsidiary that originates residential real estate loans held for sale at various branch offices across the country.  Mortgage banking volume fluctuates widely given movements in interest rates.  Mortgage banking income is reported as a single line item in the statements of operations while mortgage banking expense is distributed among the various noninterest expense lines.  Compensation, payroll taxes and other employee benefits expense varies directly with mortgage banking income. | |||
c) | Principles of Consolidation | ||
The consolidated financial statements include the accounts and operations of Waterstone Financial, Inc. and its wholly owned subsidiary, WaterStone Bank.  The Bank has the following wholly owned subsidiaries: Wauwatosa Investments, Inc. and Waterstone Mortgage Corporation. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||
d) | Use of Estimates | ||
The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include: the allowance for loan losses, deferred income taxes, valuation of investments, evaluation of other than temporary impairment on investments and valuation of real estate owned. Actual results could differ from those estimates and the current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions. | |||
e) | Cash and Cash Equivalents | ||
The Company considers federal funds sold and highly liquid debt instruments with a maturity of three months or less when purchased to be cash equivalents. | |||
f) | Securities | ||
Available for Sale Securities | |||
At the time of purchase, investment securities are classified as available for sale, as management has the intent and ability to hold such securities for an indefinite period of time, but not necessarily to maturity.  Any decision to sell investment securities available for sale would be based on various factors, including, but not limited to asset/liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations.  Available for sale securities are carried at fair value, with the unrealized gains and losses, net of deferred tax, reported as a separate component of equity, accumulated other comprehensive income.  The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity or, in the case of mortgage-backed securities and collateralized mortgage obligations, over the estimated life of the security. Such amortization is included in interest income from securities.  Realized gains or losses on securities sales (using specific identification method) are included in other income.  Declines in value judged to be other than temporary are included in net impairment losses recognized in earnings in the consolidated statements of operations. | |||
  | |||
Other Than Temporary Impairment | |||
One of the significant estimates related to securities is the evaluation of investments for other than temporary impairment.  The Company assesses  investment securities with unrealized loss positions for other than temporary impairment on at least a quarterly basis.  When the fair value of an investment is less than its amortized cost at the balance sheet date of the reporting period for which impairment is assessed, the impairment is designated as either temporary or other than temporary.  In evaluating other than temporary impairment, management considers the length of time and extent to which the fair value has been less than cost and the expected recovery period of the security, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term.  Declines in the fair value of investment securities below amortized cost are deemed to be other than temporary when the Company cannot assert that it will recover its amortized cost basis, including whether the present value of cash flows expected to be collected is less than the amortized cost basis of the security. If it is more likely than not that the Company will be required to sell the security before recovery or if the Company has the intent to sell, an other than temporary impairment write down is recognized in earnings equal to the difference between the security's amortized cost and its fair value.  If it is not more likely than not that the Company will be required to sell the security before recovery and if the Company does not intend to sell, the other than temporary impairment write down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to other factors, which is recognized as a separate component of equity.  Following the recognition of an other than temporary impairment representing credit loss, the book value of an investment less the impairment loss realized becomes the new cost basis.  Because the Company's assessments are based on factual information as well as subjective information available at the time of assessment, the determination as to whether an other than temporary impairment exists and, if so, the amount considered other than temporarily impaired, or not impaired, is subjective and, therefore, the timing and amount of other than temporary impairments constitute material estimates that are subjective to significant change. | |||
  | |||
Federal Home Loan Bank Stock | |||
Federal Home Loan Bank stock is carried at cost, which is the amount that the stock is redeemable by tendering to the FHLBC or the amount at which shares can be sold to other FHLBC members.  FHLBC dividends are recognized as income on their ex-dividend date. | |||
g) | Loans Held for Sale | ||
The origination of residential real estate loans is an integral component of the business of the Company. The Company generally sells its originations of long-term fixed interest rate mortgage loans in the secondary market. Gains and losses on the sales of these loans are determined using the specific identification method. The Company generally sells mortgage loans in the secondary market on a servicing released basis, however, servicing is retained when economic conditions so warrant. Mortgage loans originated for sale are generally sold within 45Â days after closing. | |||
The Company has elected to carry loans held for sale at fair value.  Fair value is generally determined by estimating a gross premium or discount, which is derived from pricing currently observable in the market.  The amount by which cost differs from market value is accounted for as a valuation adjustment to the carrying value of the loans.  Changes in value are included in mortgage banking income in the consolidated statements of operations.  The carrying value of loans held for sale included a market valuation adjustment of $2.3 million at December 31, 2013 and $6.0 million at December 31, 2012. | |||
Costs to originate loans held for sale are expensed as incurred and are included on the appropriate noninterest expense lines of the statements of operations.  Salaries, commissions and related payroll taxes are the primary costs to originate and comprise approximately 73% of total mortgage banking noninterest expense. | |||
The value of mortgage loans held for sale and other residential mortgage loan commitments to customers are hedged by utilizing both best efforts and mandatory forward commitments to sell loans to investors in the secondary market. Such forward commitments are generally entered into at the time when applications are taken to protect the value of the mortgage loans from increases in market interest rates during the period held. The Corporation recognizes revenue associated with the expected future cash flows of servicing loans at the time a forward loan commitment is made, as required under Securities and Exchange Commission Staff Accounting Bulletin No. 109, Written Loan Commitments Recorded at Fair Value Through Earnings. | |||
h) | Loans Receivable and Related Interest Income | ||
Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff.  Loans are carried at the principal amount outstanding, net of any unearned income, charge-offs and unamortized deferred fees and costs.  Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of the related loan yield. Amortization is based on a level-yield method over the contractual life of the related loans or until the loan is paid in full. | |||
Loan interest income is recognized on the accrual basis.  Accrual of interest is generally discontinued either when reasonable doubt exists as to the full, timely collection of interest or principal, or when a loan becomes contractually past due more than 90 days with respect to interest or principal. At that time, previously accrued and uncollected interest on such loans is reversed and additional income is recorded only to the extent that payments are received and the collection of principal is reasonably assured.  Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. | |||
  | |||
A loan is accounted for as a troubled debt restructuring if the Company, for economic reasons related to the borrower's financial condition, grants a concession to the borrower that it would not otherwise consider.  A troubled debt restructuring typically involves a modification of terms such as a reduction of the stated interest rate, a deferral of principal payments or a combination of both for a temporary period of time.  If the borrower was performing in accordance with the original contractual terms at the time of the restructuring, the restructured loan is accounted for on an accruing basis as long as the borrower continues to comply with the modified terms.  If the loan was not accounted for on an accrual basis at the time of restructuring, the restructured loan remains in non-accrual status until the loan returns to its original contractual terms and a positive payment history is established. | |||
i) | Allowance for Loan Losses | ||
The allowance for loan losses is presented as a reserve against loans and represents the Bank's assessment of probable loan losses inherent in the loan portfolio.  The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income.  Estimated loan losses are charged against the allowance when the loan balance is confirmed to be uncollectible directly or indirectly by the borrower or upon initiation of a foreclosure action by the Bank.  Subsequent recoveries, if any, are credited to the allowance. | |||
The allowance provides for probable losses that have been identified with specific customer relationships and for probable losses believed to be inherent in the loan portfolio, but have not been specifically identified.  The Bank utilizes its own loss history to estimate inherent losses on loans. Although the Bank allocates portions of the allowance to specific loans and loan types, the entire allowance is available for any loan losses that occur. | |||
The Bank evaluates the need for specific valuation allowances on loans that are considered impaired. A loan is considered impaired when, based on current information and events, it is probable that the Bank will not be able to collect all amounts due according to the contractual terms of the loan agreement. Within the loan portfolio, all non-accrual loans and loans modified under troubled debt restructurings have been determined by the Bank to meet the definition of an impaired loan.  In addition, other one- to four-family, over four-family, construction and land, commercial real estate and commercial loans may be considered impaired loans.  A valuation allowance is established for an amount equal to the impairment when the carrying amount of the loan exceeds the present value of the expected future cash flows, discounted at the loan's original effective interest rate or the fair value of the underlying collateral. | |||
The Bank also establishes valuation allowances based on an evaluation of the various risk components that are inherent in the loan portfolio. The risk components that are evaluated include past loan loss experience; the level of non-performing and classified assets; current economic conditions; volume, growth, and composition of the loan portfolio; adverse situations that may affect the borrower's ability to repay; the estimated value of any underlying collateral; regulatory guidance; and other relevant factors. | |||
The appropriateness of the allowance for loan losses is approved quarterly by the Bank's board of directors. The allowance reflects management's best estimate of the amount needed to provide for the probable loss on impaired loans, as well as other credit risks of the Bank, and is based on a risk model developed and implemented by management and approved by the Bank's board of directors. | |||
Actual results could differ from this estimate, and future additions to the allowance may be necessary based on unforeseen changes in economic conditions. In addition, federal regulators periodically review the Bank's allowance for loan losses. Such regulators have the authority to require the Bank to recognize additions to the allowance at the time of their examination. | |||
j) | Real Estate Owned | ||
Real estate owned consists of properties acquired through, or in lieu of, loan foreclosure.  Real estate owned is transferred into the portfolio at the lower of estimated fair value less anticipated selling costs based upon the property's appraised value at the date of transfer or the net carrying value of the loan.  To the extent that the net carrying value of the loan exceeds the estimated fair value of the property at the date of transfer, the excess is charged to the allowance for loan losses.  Subsequent write-downs to reflect current fair market value, as well as gains and losses upon disposition and revenue and expenses incurred in maintaining such properties, are treated as period costs and included in real estate owned in the consolidated statements of operations. | |||
k) | Mortgage Servicing Rights | ||
The Company sells residential mortgage loans in the secondary market and, on a selective basis, retains the right to service the loans sold.  Upon sale, a mortgage servicing rights asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities.  Mortgage servicing rights, when purchased, are initially recorded at fair value.  Mortgage servicing rights are amortized over the period of estimated net servicing income, and assessed for impairment at each reporting date. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets, net in the consolidated balance sheets. To the extent that the Company sells mortgage servicing rights, a gain is recognized for the amount of which sale proceeds exceed the remaining unamortized cost of the servicing rights that were sold. Gains on sale of mortgage serving rights are included in other noninterest income in the consolidated statements of operations. | |||
l) | Cash Surrender Value of Life Insurance | ||
The Company purchased bank owned life insurance on the lives of certain employees.  The Company is the beneficiary of the life insurance policies.  The cash surrender value of life insurance is reported at the amount that would be received in cash if the polices were surrendered.  Increases in the cash value of the policies and proceeds of death benefits received are recorded in non-interest income.  The increase in cash surrender value of life insurance is not subject to income taxes, as long as the Company has the intent and ability to hold the policies until the death benefits are received. | |||
m) | Office Properties and Equipment | ||
Office properties and equipment, including leasehold improvements and software, are stated at cost, net of depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lease term, if shorter than the estimated useful life. Maintenance and repairs are charged to expense as incurred, while additions or major improvements are capitalized and depreciated over their estimated useful lives. Estimated useful lives of the assets are 10 to 30 years for office properties, 3 to 10 years for equipment, and 3 years for software. Rent expense related to long-term operating leases is recorded on the accrual basis. | |||
n) | Income Taxes | ||
The Company and its subsidiaries file consolidated federal and combined state income tax returns. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax returns.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss carry fowards.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date.  | |||
The Company evaluates the realizability of its deferred tax assets on a quarterly basis.  Under generally accepted accounting principles, a valuation allowance is required to be recognized if it is "more likely than not" that a deferred tax asset will not be realized.  The determination of the realizability of the deferred tax assets is highly subjective and dependent upon judgment concerning management's evaluation of both positive and negative evidence, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions. | |||
Positions taken in the Company's tax returns may be subject to challenge by the taxing authorities upon examination.  The benefit of uncertain tax positions are initially recognized in the financial statements only when it is more likely than not the position will be sustained upon examination by the tax authorities.  Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts.   Interest and penalties on income tax uncertainties are classified within income tax expense in the income statement. | |||
o) | Earnings Per Share | ||
Earnings per share are computed using the two-class method.  Basic earnings per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities.  Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of all potential common shares.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.  Shares of the Employee Stock Ownership Plan committed to be released are considered outstanding for both common and diluted EPS.  Incentive stock compensation awards granted can result in dilution. | |||
p) | Comprehensive Income | ||
Comprehensive income is the total of reported net income and changes in unrealized gains or losses, net of tax, on securities available for sale. | |||
q) | Employee Stock Ownership Plan (ESOP) | ||
Compensation expense under the ESOP is equal to the fair value of common shares released or committed to be released to participants in the ESOP in each respective period.  Common stock purchased by the ESOP and not committed to be released to participants is included in the consolidated statements of financial condition at cost as a reduction of shareholders' equity. | |||
  | |||
r) | Impact of Recent Accounting Pronouncements | ||
In January 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-01, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, which amended disclosures by requiring improved information about financial instruments and derivative instruments that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset on the balance sheet. Reporting entities are required to provide both net and gross information for these assets and liabilities in order to enhance comparability between those entities that prepare their financial statements on the basis of international financial reporting standards ("IFRS"). Companies were required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those years. The adoption of this accounting standard did not have a material impact on the Company's results of operation, financial position, or liquidity. | |||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under this standard, an entity is required to provide information about the amounts reclassified out of accumulated OCI by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated OCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. This standard does not change the current requirements for reporting net income or other comprehensive income in the financial statements and was effective for interim and annual periods beginning on or after December 15, 2012. The adoption of this accounting standard did not have a material impact on the Company's results of operation, financial position, or liquidity. | |||
In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure."Â This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar agreement. In addition, the amendment requires interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure in accordance with local requirements of the applicable jurisdiction. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. An entity can elect to adopt the amendments using either a modified retrospective method or a prospective transition method. Early adoption is permitted. The Company is in the process of evaluating the impact of this standard to its results of operations, financial position, or liquidity. | |||
In July 2013, the FASB issued ASU No. 2013-10, "Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force)." This ASU permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to US Treasuries (UST) and London Interbank Offered Rate (LIBOR). The amendment also removes the restriction on using different benchmark rates for similar hedges. The amendment applies to all entities that elect to apply hedge accounting of the benchmark interest rate. This ASU is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this standard did not have a material impact on the Company's consolidated financial position or results of operations. | |||
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exits." This ASU provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use the deferred tax asset for such purpose. In these cases, the unrecognized tax benefit should be presented as a liability. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application is permitted. The Company is in the process of evaluating the impact of this standard to its existing disclosures and currently does not expect this standard to have a material impact on the Company's consolidated financial position or results of operations. | |||
    | |||
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
2) | Securities | ||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
The amortized cost and fair values of the Company's investment in securities follow: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 104,462 | 1,192 | (731 | ) | 104,923 | |||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Government sponsored enterprise issued | 18,946 | 320 | (25 | ) | 19,241 | ||||||||||||||||||||
Mortgage related securities | 123,408 | 1,512 | (756 | ) | 124,164 | ||||||||||||||||||||
Government sponsored enterprise bonds | 18,171 | 4 | (241 | ) | 17,934 | ||||||||||||||||||||
Municipal securities | 61,014 | 802 | (3,023 | ) | 58,793 | ||||||||||||||||||||
Other debt securities | 5,000 | 160 | – | 5,160 | |||||||||||||||||||||
Debt securities | 84,185 | 966 | (3,264 | ) | 81,887 | ||||||||||||||||||||
Certificates of Deposit | 7,350 | 32 | (15 | ) | 7,367 | ||||||||||||||||||||
$ | 214,943 | 2,510 | (4,035 | ) | 213,418 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 116,813 | 2,349 | (106 | ) | 119,056 | |||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Government sponsored enterprise issued | 29,207 | 373 | (1 | ) | 29,579 | ||||||||||||||||||||
Mortgage related securities | 146,020 | 2,722 | (107 | ) | 148,635 | ||||||||||||||||||||
Government sponsored enterprise bonds | 8,000 | 17 | – | 8,017 | |||||||||||||||||||||
Municipal securities | 35,493 | 2,043 | (165 | ) | 37,371 | ||||||||||||||||||||
Other debt securities | 5,000 | 70 | – | 5,070 | |||||||||||||||||||||
Debt securities | 48,493 | 2,130 | (165 | ) | 50,458 | ||||||||||||||||||||
Certificates of Deposit | 5,880 | 45 | (1 | ) | 5,924 | ||||||||||||||||||||
$ | 200,393 | 4,897 | (273 | ) | 205,017 | ||||||||||||||||||||
The Company's mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by one of the following government sponsored enterprises: Fannie Mae, Freddie Mac or Ginnie Mae.  At December 31, 2013, $988,000 of the Company's government sponsored enterprise bonds and $99.7 million of the Company's mortgage related securities were pledged as collateral to secure repurchase agreement obligations of the Company.  As of December 31, 2013, $1.2 million of municipal securities were pledged as collateral to secure Federal Home Loan Bank advances. | |||||||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers or borrowers may have the right to prepay obligations with or without prepayment penalties. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized cost | Fair value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Due within one year | $ | 2,611 | 2,632 | ||||||||||||||||||||||
Due after one year through five years | 33,927 | 34,318 | |||||||||||||||||||||||
Due after five years through ten years | 22,292 | 21,134 | |||||||||||||||||||||||
Due after ten years | 32,705 | 31,170 | |||||||||||||||||||||||
Mortgage-related securities | 123,408 | 124,164 | |||||||||||||||||||||||
$ | 214,943 | 213,418 | |||||||||||||||||||||||
Total proceeds and gross gains and losses from sales of investment securities available for sale for each of periods listed below. | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Gross gains | $ | 6 | 522 | 53 | |||||||||||||||||||||
Gross losses | (15 | ) | - | - | |||||||||||||||||||||
Gains on sale of investment securities, net | $ | (9 | ) | 522 | 53 | ||||||||||||||||||||
Proceeds from sales of investment securities | $ | 921 | 30,089 | 3,230 | |||||||||||||||||||||
  | |||||||||||||||||||||||||
Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
value | loss | value | loss | value | loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Mortgage-backed securities | $Â | 45,094 | (539 | ) | 5,349 | (192 | ) | 50,443 | (731 | ) | |||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Government sponsored enterprise issued | 5,669 | (25 | ) | – | – | 5,669 | (25 | ) | |||||||||||||||||
Government sponsored enterprise bonds | 15,530 | (241 | ) | - | - | 15,530 | (241 | ) | |||||||||||||||||
Municipal securities | 37,498 | (2,546 | ) | 4,708 | (477 | ) | 42,206 | (3,023 | ) | ||||||||||||||||
Certificates of Deposit | 3,660 | (15 | ) | – | – | 3,660 | (15 | ) | |||||||||||||||||
$ | 107,451 | (3,366 | ) | 10,057 | (669 | ) | 117,508 | (4,035 | ) | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
value | loss | value | loss | value | loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 19,382 | (106 | ) | – | – | 19,382 | (106 | ) | ||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Government sponsored enterprise issued | 1,419 | (1 | ) | – | – | 1,419 | (1 | ) | |||||||||||||||||
Municipal securities | 9,009 | (94 | ) | 398 | (71 | ) | 9,407 | (165 | ) | ||||||||||||||||
Certificates of Deposit | 244 | (1 | ) | – | – | 244 | (1 | ) | |||||||||||||||||
$ | 30,054 | (202 | ) | 398 | (71 | ) | 30,452 | (273 | ) | ||||||||||||||||
The Company reviews the investment securities portfolio on a quarterly basis to monitor its exposure to other-than-temporary impairment.  In evaluating whether a security's decline in market value is other-than-temporary, management considers the length of time and extent to which the fair value has been less than cost, financial condition of the issuer and the underlying obligors, quality of credit enhancements, volatility of the fair value of the security, the expected recovery period of the security and ratings agency evaluations.  In addition the Company may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds and the value of any underlying collateral.  For certain securities in unrealized loss positions, the Company prepares cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. | |||||||||||||||||||||||||
As of December 31, 2013, the Company identified two municipal securities that were deemed to be other-than-temporarily impaired.  Both securities were issued by a tax incremental district in a municipality located in Wisconsin.  During the year ended December 31, 2012, the Company received audited financial statements with respect to the municipal issuer that called into question the ability of the underlying taxing district that issued the securities to operate as a going concern.  During the year ended December 31, 2012, the Company's analysis of these securities resulted in $100,000 in credit losses that were charged to earnings with respect to these two municipal securities.  As of December 31, 2013, these securities had a combined amortized cost of $189,000 and a combined estimated fair value of $215,000.  | |||||||||||||||||||||||||
As of December 31, 2013, the Company had sixteen municipal securities and two mortgage-backed securities which had been in an unrealized loss position for twelve months or longer.  These securities were determined not to be other-than-temporarily impaired as of December 31, 2013. The Company has determined that the decline in fair value of these securities is not attributable to credit deterioration, and as the Company does not intend to sell nor is it more likely than not that it will be required to sell these securities before recovery of the amortized cost basis, these securities are not considered other-than-temporarily impaired. | |||||||||||||||||||||||||
Continued deterioration of general economic market conditions could result in the recognition of future other than temporary impairment losses within the investment portfolio and such amounts could be material to our consolidated financial statements. | |||||||||||||||||||||||||
During the year ended December 31, 2012, two private-label collateralized mortgage obligations, that had been identified as other than temporarily impaired, were sold at a combined gain of $282,000.  At the time of sale, these securities had a combined amortized cost of $18.0 million. | |||||||||||||||||||||||||
The following table presents the change in other-than-temporary credit related impairment charges on collateralized mortgage obligations and municipal securities for which a portion of the other-than-temporary impairments related to other factors was recognized in other comprehensive loss. | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Credit related impairments on securities as of December 31, 2011 | $ | 2,096 | |||||||||||||||||||||||
Credit related impairments related to a security for which other-than-temporary impairment was not previously recognized | 100 | ||||||||||||||||||||||||
Increase in credit related impairments related to securities for which an other-than-temporary impairment was previously recognized | 113 | ||||||||||||||||||||||||
Reduction for sales of securities for which other-than-temporary was previously recognized | (2,209 | ) | |||||||||||||||||||||||
Credit related impairments on securities as of December 31, 2012 | 100 | ||||||||||||||||||||||||
Credit related impairments related to a security for which other-than-temporary impairment was not previously recognized | - | ||||||||||||||||||||||||
Increase in credit related impairments related to securities for which an other-than-temporary impairment was previously recognized | - | ||||||||||||||||||||||||
Credit related impairments on securities as of December 31, 2013 | $ | 100 | |||||||||||||||||||||||
Loans_Receivable
Loans Receivable | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Loan Receivable [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans Receivable | ' | ||||||||||||||||||||||||||||||||
3) | Loans Receivable | ||||||||||||||||||||||||||||||||
Loans receivable at December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Mortgage loans: | (In Thousands) | ||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 413,614 | 460,821 | ||||||||||||||||||||||||||||||
Over four-family | 521,597 | 514,363 | |||||||||||||||||||||||||||||||
Home equity | 35,432 | 36,494 | |||||||||||||||||||||||||||||||
Construction and land | 31,905 | 33,818 | |||||||||||||||||||||||||||||||
Commercial real estate | 71,698 | 65,495 | |||||||||||||||||||||||||||||||
Consumer | 134 | 132 | |||||||||||||||||||||||||||||||
Commercial loans | 18,296 | 22,549 | |||||||||||||||||||||||||||||||
Total loans receivable | $ | 1,092,676 | 1,133,672 | ||||||||||||||||||||||||||||||
The Company provides several types of loans to its customers, including residential, construction, commercial and consumer loans.  Significant loan concentrations are considered to exist for a financial institution when there are amounts loaned to one borrower or to multiple borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions.  While credit risks tend to be geographically concentrated in the Company's Milwaukee metropolitan area and while 88.8% of the Company's loan portfolio involves loans that are secured by residential real estate, there are no concentrations with individual or groups of related borrowers.  While the real estate collateralizing these loans is primarily residential in nature, it ranges from owner-occupied single family homes to large apartment complexes.  In addition, real estate collateralizing $60.3 million or 5.5% of total mortgage loans is located outside of the state of Wisconsin. | |||||||||||||||||||||||||||||||||
Qualifying loans receivable totaling $882.9 million and $801.6 million are pledged as collateral against $350.0 million in outstanding Federal Home Loan Bank of Chicago advances under a blanket security agreement at both December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
An analysis of past due loans receivable as of As of December 31, 2013 and 2012 follows: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
1-59 Days Past | 60-89 Days Past | Greater Than 90 | Total Past Due | Current (3) | Total Loans | ||||||||||||||||||||||||||||
Due (1) | Due (2) | Days | |||||||||||||||||||||||||||||||
Mortgage loans: | (In Thousands) | ||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 4,994 | 5,236 | 17,499 | 27,729 | 385,885 | 413,614 | ||||||||||||||||||||||||||
Over four-family | 804 | 1,293 | 7,743 | 9,840 | 511,757 | 521,597 | |||||||||||||||||||||||||||
Home equity | 373 | 205 | 465 | 1,043 | 34,389 | 35,432 | |||||||||||||||||||||||||||
Construction and land | - | 39 | 4,195 | 4,234 | 27,671 | 31,905 | |||||||||||||||||||||||||||
Commercial real estate | 287 | - | 357 | 644 | 71,054 | 71,698 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | 134 | 134 | |||||||||||||||||||||||||||
Commercial loans | - | - | 521 | 521 | 17,775 | 18,296 | |||||||||||||||||||||||||||
Total | $ | 6,458 | 6,773 | 30,780 | 44,011 | 1,048,665 | 1,092,676 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
1-59 Days Past | 60-89 Days Past | Greater Than 90 | Total Past Due | Current (3) | Total Loans | ||||||||||||||||||||||||||||
Due (1) | Due (2) | Days | |||||||||||||||||||||||||||||||
Mortgage loans: | (In Thousands) | ||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 11,745 | 5,402 | 29,259 | 46,406 | 414,415 | 460,821 | ||||||||||||||||||||||||||
Over four-family | 3,543 | 1,498 | 18,336 | 23,377 | 490,986 | 514,363 | |||||||||||||||||||||||||||
Home equity | 416 | 111 | 404 | 931 | 35,563 | 36,494 | |||||||||||||||||||||||||||
Construction and land | 87 | - | 2,180 | 2,266 | 31,552 | 33,818 | |||||||||||||||||||||||||||
Commercial real estate | 290 | - | 668 | 959 | 64,536 | 65,495 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | 132 | 132 | |||||||||||||||||||||||||||
Commercial loans | - | - | 511 | 511 | 22,038 | 22,549 | |||||||||||||||||||||||||||
Total | $ | 16,081 | 7,011 | 51,358 | 74,450 | 1,059,222 | 1,133,672 | ||||||||||||||||||||||||||
-1 | Includes $1.1 million and $2.4 million for December 31, 2013 and 2012, respectively, which are on non-accrual status. | ||||||||||||||||||||||||||||||||
-2 | Includes $5.7 million and $2.8 million for December 31, 2013 and 2012, respectively, which are on non-accrual status. | ||||||||||||||||||||||||||||||||
-3 | Includes $12.9 million and $18.2 million for December 31, 2013 and 2012, respectively, which are on non-accrual status. | ||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, there are no loans that are 90 or more days past due and still accruing interest. | |||||||||||||||||||||||||||||||||
A summary of the activity for the years ended December 31, 2013, 2012 and 2011 in the allowance for loan losses follows: | |||||||||||||||||||||||||||||||||
One- to Four- | Over Four | Home Equity | Construction | Commercial | Consumer | Commercial | Total | ||||||||||||||||||||||||||
Family | Family | and Land | Real Estate | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,819 | 7,734 | 2,097 | 1,323 | 1,259 | 30 | 781 | 31,043 | ||||||||||||||||||||||||
Provision for loan losses | 1,479 | 859 | 305 | 1,719 | 303 | (2 | ) | (131 | ) | 4,532 | |||||||||||||||||||||||
Charge-offs | (8,706 | ) | (1,640 | ) | (630 | ) | (1,480 | ) | (160 | ) | - | (8 | ) | (12,624 | ) | ||||||||||||||||||
Recoveries | 957 | 258 | 35 | 51 | - | 6 | 6 | 1,313 | |||||||||||||||||||||||||
Balance at end of period | $ | 11,549 | 7,211 | 1,807 | 1,613 | 1,402 | 34 | 648 | 24,264 | ||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,475 | 8,252 | 1,998 | 2,922 | 941 | 28 | 814 | 32,430 | ||||||||||||||||||||||||
Provision for loan losses | 6,149 | 534 | 559 | (181 | ) | 1,500 | 6 | (267 | ) | 8,300 | |||||||||||||||||||||||
Charge-offs | (6,472 | ) | (1,108 | ) | (485 | ) | (1,668 | ) | (1,182 | ) | (4 | ) | (59 | ) | (10,978 | ) | |||||||||||||||||
Recoveries | 667 | 56 | 25 | 250 | - | - | 293 | 1,291 | |||||||||||||||||||||||||
Balance at end of period | $ | 17,819 | 7,734 | 2,097 | 1,323 | 1,259 | 30 | 781 | 31,043 | ||||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 16,150 | 6,877 | 1,196 | 3,252 | 671 | 28 | 1,001 | 29,175 | ||||||||||||||||||||||||
Provision for loan losses | 12,567 | 5,331 | 1,429 | 1,346 | 998 | 9 | 397 | 22,077 | |||||||||||||||||||||||||
Charge-offs | (11,553 | ) | (3,996 | ) | (634 | ) | (1,745 | ) | (734 | ) | (10 | ) | (619 | ) | (19,291 | ) | |||||||||||||||||
Recoveries | 311 | 40 | 7 | 69 | 6 | 1 | 35 | 469 | |||||||||||||||||||||||||
Balance at end of period | $ | 17,475 | 8,252 | 1,998 | 2,922 | 941 | 28 | 814 | 32,430 | ||||||||||||||||||||||||
  | |||||||||||||||||||||||||||||||||
A summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class as of the year ended December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
One- to Four- | Over Four | Home Equity | Construction | Commercial | Consumer | Commercial | Total | ||||||||||||||||||||||||||
Family | Family | and Land | Real Estate | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Allowance related to loans individually evaluated for impairment | $ | 2,631 | 2,196 | 862 | 624 | 370 | - | 258 | 6,941 | ||||||||||||||||||||||||
Allowance related to loans collectively evaluated for impairment | 8,918 | 5,015 | 945 | 989 | 1,032 | 34 | 390 | 17,323 | |||||||||||||||||||||||||
Balance at end of period | $ | 11,549 | 7,211 | 1,807 | 1,613 | 1,402 | 34 | 648 | 24,264 | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 37,064 | 17,221 | 1,956 | 6,527 | 1,298 | 17 | 580 | 64,663 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 376,550 | 504,376 | 33,476 | 25,378 | 70,400 | 117 | 17,716 | 1,028,013 | |||||||||||||||||||||||||
Total gross loans | $ | 413,614 | 521,597 | 35,432 | 31,905 | 71,698 | 134 | 18,296 | 1,092,676 | ||||||||||||||||||||||||
A summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class as of the year ended December 31, 2012 follows: | |||||||||||||||||||||||||||||||||
One- to Four- | Over Four | Home Equity | Construction | Commercial | Consumer | Commercial | Total | ||||||||||||||||||||||||||
Family | Family | and Land | Real Estate | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Allowance related to loans individually evaluated for impairment | $ | 7,058 | 3,268 | 1,033 | 377 | 341 | - | 331 | 12,408 | ||||||||||||||||||||||||
Allowance related to loans collectively evaluated for impairment | 10,761 | 4,466 | 1,064 | 946 | 918 | 30 | 450 | 18,635 | |||||||||||||||||||||||||
Balance at end of period | $ | 17,819 | 7,734 | 2,097 | 1,323 | 1,259 | 30 | 781 | 31,043 | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 57,467 | 28,281 | 2,127 | 4,470 | 1,250 | 24 | 1,352 | 94,971 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 403,354 | 486,082 | 34,367 | 29,348 | 64,245 | 108 | 21,197 | 1,038,701 | |||||||||||||||||||||||||
Total gross loans | $ | 460,821 | 514,363 | 36,494 | 33,818 | 65,495 | 132 | 22,549 | 1,133,672 | ||||||||||||||||||||||||
The following table presents information relating to the Company's internal risk ratings of its loans receivable as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
One- to Four- | Over Four | Home Equity | Construction | Commercial | Consumer | Commercial | Total | ||||||||||||||||||||||||||
Family | Family | and Land | Real Estate | ||||||||||||||||||||||||||||||
At December 31, 2013 | (In Thousands) | ||||||||||||||||||||||||||||||||
Substandard | $ | 37,060 | 14,809 | 2,169 | 6,576 | 1,298 | 17 | 580 | 62,509 | ||||||||||||||||||||||||
Watch | 14,402 | 13,108 | 1,077 | 1,866 | 1,401 | - | 1,120 | 32,974 | |||||||||||||||||||||||||
Pass | 362,152 | 493,680 | 32,186 | 23,463 | 68,999 | 117 | 16,596 | 997,193 | |||||||||||||||||||||||||
$ | 413,614 | 521,597 | 35,432 | 31,905 | 71,698 | 134 | 18,296 | 1,092,676 | |||||||||||||||||||||||||
At December 31, 2012 | (In Thousands) | ||||||||||||||||||||||||||||||||
Substandard | $ | 53,242 | 24,767 | 2,913 | 3,705 | 1,251 | 23 | 1,365 | 87,266 | ||||||||||||||||||||||||
Watch | 17,082 | 14,157 | 606 | 2,803 | 1,234 | - | 964 | 36,846 | |||||||||||||||||||||||||
Pass | 390,497 | 475,439 | 32,975 | 27,310 | 63,010 | 109 | 20,220 | 1,009,560 | |||||||||||||||||||||||||
$ | 460,821 | 514,363 | 36,494 | 33,818 | 65,495 | 132 | 22,549 | 1,133,672 | |||||||||||||||||||||||||
Factors that are important to managing overall credit quality include sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, an allowance for loan losses, and sound non-accrual and charge-off policies.  Our underwriting policies require an officers' loan committee review and approval of all loans in excess of $500,000.  In addition, an independent loan review function exists for all loans.  Our ability to manage credit risk depends in large part on our ability to properly identify and manage problem loans.  To do so, we maintain a loan review system under which our credit management personnel review non-owner occupied one- to four-family, over four-family, construction and land, commercial real estate and commercial loans that individually, or as part of an overall borrower relationship exceed $1.0 million in potential exposure.  Loans meeting these criteria are reviewed on an annual basis, or more frequently, if the loan renewal is less than one year.  With respect to this review process, management has determined that pass loans include loans that exhibit acceptable financial statements, cash flow and leverage.  Watch loans have potential weaknesses that deserve management's attention, and if left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit.  Substandard loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged.  These loans generally have a well-defined weakness that may jeopardize liquidation of the debt and are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.  Finally, a loan is considered to be impaired when it is probable that the Bank will not be able to collect all amounts due according to the contractual terms of the loan agreement. Management has determined that all non-accrual loans and loans modified under troubled debt restructurings meet the definition of an impaired loan. | |||||||||||||||||||||||||||||||||
The Company's procedures dictate that an updated valuation must be obtained with respect to underlying collateral at the time a loan is deemed impaired.  Updated valuations may also be obtained upon transfer from loans receivable to real estate owned based upon the age of the prior appraisal, changes in market conditions or known changes to the physical condition of the property. | |||||||||||||||||||||||||||||||||
Estimated fair values are reduced to account for sales commissions, broker fees, unpaid property taxes and additional selling expenses to arrive at an estimated net realizable value.  The adjustment factor is based upon the Company's actual experience with respect to sales of real estate owned over the prior two years.  In situations in which we are placing reliance on an appraisal that is more than one year old, an additional adjustment factor is applied to account for downward market pressure since the date of appraisal.  The additional adjustment factor is based upon relevant sales data available for our general operating market as well as company-specific historical net realizable values as compared to the most recent appraisal prior to disposition. | |||||||||||||||||||||||||||||||||
With respect to over-four family income producing real estate, appraisals are reviewed and estimated collateral values are adjusted by updating significant appraisal assumptions to reflect current real estate market conditions.  Significant assumptions reviewed and updated include the capitalization rate, rental income and operating expenses.  These adjusted assumptions are based upon recent appraisals received on similar properties as well as on actual experience related to real estate owned and currently under Company management. | |||||||||||||||||||||||||||||||||
    The following tables present data on impaired loans at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
As of or for the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Reserve | Cumulative | Average | Int Paid YTD | ||||||||||||||||||||||||||||
Investment | Principal | Charge-Offs | Recorded | ||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
Total Impaired with Reserve | (in thousands) | ||||||||||||||||||||||||||||||||
One- to four-family | $ | 12,263 | 12,674 | 2,631 | 411 | 13,256 | 577 | ||||||||||||||||||||||||||
Over four-family | 13,352 | 13,400 | 2,196 | 48 | 14,047 | 660 | |||||||||||||||||||||||||||
Home equity | 1,427 | 1,427 | 862 | - | 1,536 | 59 | |||||||||||||||||||||||||||
Construction and land | 3,087 | 3,087 | 624 | - | 3,092 | 93 | |||||||||||||||||||||||||||
Commercial real estate | 839 | 1,324 | 370 | 485 | 1,339 | 35 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial | 569 | 569 | 258 | - | 570 | 1 | |||||||||||||||||||||||||||
$ | 31,537 | 32,481 | 6,941 | 944 | 33,840 | 1,425 | |||||||||||||||||||||||||||
Total Impaired with no Reserve | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 24,801 | 30,519 | - | 5,718 | 30,629 | 1,080 | ||||||||||||||||||||||||||
Over four-family | 3,869 | 4,902 | - | 1,033 | 5,431 | 114 | |||||||||||||||||||||||||||
Home equity | 529 | 529 | - | - | 533 | 12 | |||||||||||||||||||||||||||
Construction and land | 3,440 | 6,133 | - | 2,693 | 6,135 | 62 | |||||||||||||||||||||||||||
Commercial real estate | 459 | 523 | - | 64 | 524 | 27 | |||||||||||||||||||||||||||
Consumer | 17 | 17 | - | - | 19 | 1 | |||||||||||||||||||||||||||
Commercial | 11 | 11 | - | - | 11 | 1 | |||||||||||||||||||||||||||
$ | 33,126 | 42,634 | - | 9,508 | 43,282 | 1,297 | |||||||||||||||||||||||||||
Total Impaired | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 37,064 | 43,193 | 2,631 | 6,129 | 43,885 | 1,657 | ||||||||||||||||||||||||||
Over four-family | 17,221 | 18,302 | 2,196 | 1,081 | 19,478 | 774 | |||||||||||||||||||||||||||
Home equity | 1,956 | 1,956 | 862 | - | 2,069 | 71 | |||||||||||||||||||||||||||
Construction and land | 6,527 | 9,220 | 624 | 2,693 | 9,227 | 155 | |||||||||||||||||||||||||||
Commercial real estate | 1,298 | 1,847 | 370 | 549 | 1,863 | 62 | |||||||||||||||||||||||||||
Consumer | 17 | 17 | - | - | 19 | 1 | |||||||||||||||||||||||||||
Commercial | 580 | 580 | 258 | - | 581 | 2 | |||||||||||||||||||||||||||
$ | 64,663 | 75,115 | 6,941 | 10,452 | 77,122 | 2,722 | |||||||||||||||||||||||||||
The difference between a loan's recorded investment and the unpaid principal balance represents a partial charge-off resulting from a confirmed loss due to the value of the collateral securing the loan being below the loan balance and management's assessment that the full collection of the loan balance is not likely. | |||||||||||||||||||||||||||||||||
When a loan is considered impaired, interest payments received are treated as interest income on a cash basis as long as the remaining book value of the loan (i.e., after charge-off of all identified losses) is deemed to be fully collectible. If the remaining book value is not deemed to be fully collectible, all payments received are applied to unpaid principal. Determination as to the ultimate collectability of the remaining book value is supported by an updated credit department evaluation of the borrower's financial condition and prospects for repayment, including consideration of the borrower's sustained historical repayment performance and other relevant factors. | |||||||||||||||||||||||||||||||||
As of or for the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Reserve | Cumulative | Average | Int Paid YTD | ||||||||||||||||||||||||||||
Investment | Principal | Charge-Offs | Recorded | ||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
Total Impaired with Reserve | Â Â (in thousands) | ||||||||||||||||||||||||||||||||
One- to four-family | $ | 29,057 | 29,456 | 7,058 | 399 | 29,768 | 874 | ||||||||||||||||||||||||||
Over four-family | 17,397 | 17,642 | 3,268 | 245 | 18,073 | 722 | |||||||||||||||||||||||||||
Home equity | 1,544 | 1,544 | 1,033 | - | 1,615 | 74 | |||||||||||||||||||||||||||
Construction and land | 2,316 | 2,316 | 377 | - | 2,316 | 78 | |||||||||||||||||||||||||||
Commercial real estate | 813 | 1,179 | 341 | 366 | 1,748 | 50 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial | 1,352 | 1,352 | 331 | - | 1,352 | 42 | |||||||||||||||||||||||||||
$ | 52,479 | 53,489 | 12,408 | 1,010 | 54,872 | 1,840 | |||||||||||||||||||||||||||
Total Impaired with no Reserve | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 28,410 | 31,315 | - | 2,905 | 31,358 | 1,175 | ||||||||||||||||||||||||||
Over four-family | 10,884 | 11,179 | - | 295 | 11,649 | 549 | |||||||||||||||||||||||||||
Home equity | 583 | 749 | - | 166 | 755 | 14 | |||||||||||||||||||||||||||
Construction and land | 2,154 | 3,655 | - | 1,501 | 3,656 | 5 | |||||||||||||||||||||||||||
Commercial real estate | 437 | 461 | - | 24 | 473 | 12 | |||||||||||||||||||||||||||
Consumer | 24 | 24 | - | - | 24 | 1 | |||||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | |||||||||||||||||||||||||||
$ | 42,492 | 47,383 | - | 4,891 | 47,915 | 1,756 | |||||||||||||||||||||||||||
Total Impaired | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 57,467 | 60,771 | 7,058 | 3,304 | 61,126 | 2,049 | ||||||||||||||||||||||||||
Over four-family | 28,281 | 28,821 | 3,268 | 540 | 29,722 | 1,271 | |||||||||||||||||||||||||||
Home equity | 2,127 | 2,293 | 1,033 | 166 | 2,370 | 88 | |||||||||||||||||||||||||||
Construction and land | 4,470 | 5,971 | 377 | 1,501 | 5,972 | 83 | |||||||||||||||||||||||||||
Commercial real estate | 1,250 | 1,640 | 341 | 390 | 2,221 | 62 | |||||||||||||||||||||||||||
Consumer | 24 | 24 | - | - | 24 | 1 | |||||||||||||||||||||||||||
Commercial | 1,352 | 1,352 | 331 | - | 1,352 | 42 | |||||||||||||||||||||||||||
$ | 94,971 | 100,872 | 12,408 | 5,901 | 102,787 | 3,596 | |||||||||||||||||||||||||||
The determination as to whether an allowance is required with respect to impaired loans is based upon an analysis of the value of the underlying collateral and/or the borrower's intent and ability to make all principal and interest payments in accordance with contractual terms.  The evaluation process is subject to the use of significant estimates and actual results could differ from estimates.  This analysis is primarily based upon third party appraisals and/or a discounted cash flow analysis.  In those cases in which no allowance has been provided for an impaired loan, the Company has determined that the estimated value of the underlying collateral exceeds the remaining outstanding balance of the loan.  Of the total $33.1 million of impaired loans as of December 31, 2013 for which no allowance has been provided, $9.5 million in charge-offs have been recorded to reduce the unpaid principal balance to an amount that is commensurate with the loan's net realizable value, using the estimated fair value of the underlying collateral.  To the extent that further deterioration in property values continues, the Company may have to reevaluate the sufficiency of the collateral servicing these impaired loans resulting in additional provisions to the allowance for loans losses or charge-offs. | |||||||||||||||||||||||||||||||||
The following presents data on troubled debt restructurings: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Accruing | Non-accruing | Total | |||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 6,218 | 13 | $ | 11,875 | 70 | $ | 18,093 | 83 | ||||||||||||||||||||||||
Over four-family | 2,710 | 1 | 5,314 | 4 | 8,024 | 5 | |||||||||||||||||||||||||||
Home equity | - | - | 972 | 3 | 972 | 3 | |||||||||||||||||||||||||||
Construction and land | 1,408 | 1 | 833 | 2 | 2,241 | 3 | |||||||||||||||||||||||||||
Commercial real estate | - | - | 257 | 2 | 257 | 2 | |||||||||||||||||||||||||||
$ | 10,336 | 15 | $ | 19,251 | 81 | $ | 29,587 | 96 | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
Accruing | Non-accruing | Total | |||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 9,921 | 17 | $ | 21,847 | 95 | $ | 31,768 | 112 | ||||||||||||||||||||||||
Over four-family | 3,917 | 4 | 20,030 | 13 | 23,947 | 17 | |||||||||||||||||||||||||||
Home equity | - | - | 986 | 3 | 986 | 3 | |||||||||||||||||||||||||||
Construction and land | 2,173 | 2 | 79 | 1 | 2,252 | 3 | |||||||||||||||||||||||||||
Commercial real estate | - | - | 668 | 2 | 668 | 2 | |||||||||||||||||||||||||||
$ | 16,011 | 23 | $ | 43,610 | 114 | $ | 59,621 | 137 | |||||||||||||||||||||||||
Troubled debt restructurings involve granting concessions to a borrower experiencing financial difficulty by modifying the terms of the loan in an effort to avoid foreclosure.  Typical restructured terms include six to twelve months of principal forbearance, a reduction in interest rate or both.  In no instances have the restructured terms included a reduction of outstanding principal balance.  At December 31, 2013, $29.6 million in loans had been modified in troubled debt restructurings and $19.3 million of these loans were included in the non-accrual loan total.  The remaining $10.3 million, while meeting the internal requirements for modification in a troubled debt restructuring, were current with respect to payments under their original loan terms at the time of the restructuring and thus, continued to be included with accruing loans.  Provided these loans perform in accordance with the modified terms, they will continue to be accounted for on an accrual basis. | |||||||||||||||||||||||||||||||||
All loans that have been modified in a troubled debt restructuring are considered to be impaired.  As such, an analysis has been performed with respect to all of these loans to determine the need for a valuation reserve.  When a loan is expected to perform in accordance with the restructured terms and ultimately return to and perform under contract terms, a valuation allowance is established for an amount equal to the excess of the present value of the expected future cash flows under the original contract terms as compared with the modified terms, including an estimated default rate.  When there is doubt as to the borrower's ability to perform under the restructured terms or ultimately return to and perform under market terms, a valuation allowance is established equal to the impairment when the carrying amount exceeds fair value of the underlying collateral.  As a result of the impairment analysis, a $2.6 million valuation allowance has been established as of December 31, 2013 with respect to the $29.6 million in troubled debt restructurings.  As of December 31, 2012, $6.4 million in valuation allowance had been established with respect to the $59.6 million in troubled debt restructurings. | |||||||||||||||||||||||||||||||||
After a troubled debt restructuring reverts to market terms, a minimum of six consecutive contractual payments must be received prior to consideration for a return to accrual status.  If an updated credit department review indicates no other evidence of elevated credit risk, the loan is returned to accrual status at that time. | |||||||||||||||||||||||||||||||||
The following presents troubled debt restructurings by concession type at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Performing in | In Default | Total | |||||||||||||||||||||||||||||||
accordance with | |||||||||||||||||||||||||||||||||
modified terms | |||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Interest reduction and principal forebearance | $ | 15,160 | 37 | 3,638 | 19 | 18,798 | 56 | ||||||||||||||||||||||||||
Principal forebearance | 5,240 | 5 | - | - | 5,240 | 5 | |||||||||||||||||||||||||||
Interest reduction | 3,317 | 11 | 2,232 | 24 | 5,549 | 35 | |||||||||||||||||||||||||||
$ | 23,717 | 53 | 5,870 | 43 | 29,587 | 96 | |||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
Performing in | In Default | Total | |||||||||||||||||||||||||||||||
accordance with | |||||||||||||||||||||||||||||||||
modified terms | |||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Interest reduction and principal  forebearance | $ | 26,051 | 77 | 2,770 | 11 | 28,821 | 88 | ||||||||||||||||||||||||||
Principal forebearance | 17,574 | 11 | 348 | 1 | 17,922 | 12 | |||||||||||||||||||||||||||
Interest reduction | 11,984 | 35 | 894 | 2 | 12,878 | 37 | |||||||||||||||||||||||||||
$ | 55,609 | 123 | 4,012 | 14 | 59,621 | 137 | |||||||||||||||||||||||||||
The following presents data on troubled debt restructurings: | |||||||||||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||
Loans modified as a troubled debt restructure | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 1,682 | 9 | 14,821 | 27 | ||||||||||||||||||||||||||||
Over four-family | - | - | 18,520 | 8 | |||||||||||||||||||||||||||||
Home equity | 37 | 1 | 12 | 1 | |||||||||||||||||||||||||||||
Land and construction | - | - | 764 | 1 | |||||||||||||||||||||||||||||
$ | 1,719 | 10 | 34,117 | 37 | |||||||||||||||||||||||||||||
Troubled debt restructuring modified within the past twelve months for which there was a default | |||||||||||||||||||||||||||||||||
One- to four-family | - | - | - | - | |||||||||||||||||||||||||||||
$ | - | - | - | - | |||||||||||||||||||||||||||||
  | |||||||||||||||||||||||||||||||||
The following table presents data on non-accrual loans: | |||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 30,207 | 46,467 | ||||||||||||||||||||||||||||||
Over four-family | 13,498 | 23,205 | |||||||||||||||||||||||||||||||
Home equity | 1,585 | 1,578 | |||||||||||||||||||||||||||||||
Construction and land | 4,195 | 2,215 | |||||||||||||||||||||||||||||||
Commercial real estate | 938 | 668 | |||||||||||||||||||||||||||||||
Commercial | 521 | 511 | |||||||||||||||||||||||||||||||
Consumer | 17 | 24 | |||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 50,961 | 74,668 | ||||||||||||||||||||||||||||||
Total non-accrual loans to total loans, net | 4.66 | % | 6.59 | % | |||||||||||||||||||||||||||||
Total non-accrual loans and performing troubled debt restructurings to total loans receivable | 5.61 | % | 8 | % | |||||||||||||||||||||||||||||
Total non-accrual loans to total assets | 2.62 | % | 4.5 | % | |||||||||||||||||||||||||||||
Office_Properties_and_Equipmen
Office Properties and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Office Properties and Equipment [Abstract] | ' | ||||||||
Office Properties and Equipment | ' | ||||||||
4) | Office Properties and Equipment | ||||||||
Office properties and equipment are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Land | $ | 6,444 | 6,836 | ||||||
Office buildings and improvements | 27,634 | 29,652 | |||||||
Furniture and equipment | 15,195 | 12,347 | |||||||
49,273 | 48,835 | ||||||||
Less accumulated depreciation | (22,183 | ) | (21,900 | ) | |||||
$ | 27,090 | 26,935 | |||||||
Depreciation of premises and equipment totaled $2.7 million, $2.1 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
The Company and certain subsidiaries are obligated under non-cancelable operating leases for other facilities and equipment.  Rent and equipment lease expense totaled $3.3 million, $2.8 million and $2.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.  The appropriate minimum annual commitments under all non-cancelable lease agreements as of December 31, 2013 are as follows: | |||||||||
Operating | |||||||||
leases | |||||||||
(In Thousands) | |||||||||
Within one year | $ | 2,696 | |||||||
One to two years | 1,558 | ||||||||
Two to three years | 1,295 | ||||||||
Three to four years | 1,009 | ||||||||
Four through five years | 844 | ||||||||
After five years | 4,025 | ||||||||
Total | $ | 11,427 | |||||||
Real_Estate_Owned
Real Estate Owned | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate Owned [Abstract] | ' | ||||||||
Real Estate Owned [Text Block] | ' | ||||||||
5) | Real Estate Owned | ||||||||
Real estate owned is summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
One- to four-family | $ | 12,980 | 17,353 | ||||||
Over four-family | 3,040 | 9,890 | |||||||
Construction and land | 6,258 | 7,029 | |||||||
Commercial real estate | 385 | 1,702 | |||||||
$ | 22,663 | 35,974 | |||||||
The following table presents the activity in real estate owned: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Real estate owned at beginning of period | $ | 35,974 | 56,670 | ||||||
Transferred in from loans receivable | 13,552 | 22,282 | |||||||
Sales | (25,734 | ) | (35,159 | ) | |||||
Write downs | (1,382 | ) | (7,562 | ) | |||||
Other activity | 253 | (257 | ) | ||||||
Real estate owned at end of period | $ | 22,663 | 35,974 | ||||||
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Mortgage Servicing Rights [Abstract] | ' | ||||||||
Mortgage Servicing Rights | ' | ||||||||
6) | Mortgage Servicing Rights | ||||||||
The following table presents the activity related to the Company's mortgage servicing rights: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Mortgage servicing rights at beginning of the period | $ | 3,220 | $ | 198 | |||||
Additions | 4,077 | 3,411 | |||||||
Amortization | (1,125 | ) | (389 | ) | |||||
Sales | (2,795 | ) | - | ||||||
Mortgage servicing rights at end of the period | 3,377 | 3,220 | |||||||
Valuation allowance at end of period | - | - | |||||||
Mortgage servicing rights at the end of the period, net | $ | 3,377 | $ | 3,220 | |||||
During the twelve months ended December 31, 2013, $1.8 billion in residential loans were originated for sale. During the same period, sales of loans held for sale totaled $1.9 billion, generating mortgage banking income of $80.3 million. The unpaid principal balance of loans serviced for others was $563.7 million and $635.8 million at December 31, 2013 and December 31, 2012 respectively. These loans are not reflected in the consolidated statements of financial condition. | |||||||||
During the twelve months ended December 31, 2013, the Company sold mortgage servicing rights related to $541.6 million in loans receivable and with a book value of $2.8 million for $5.4 million resulting in a gain on sale of $2.6 million. There were no comparable transactions in prior periods. | |||||||||
The following table shows the estimated future amortization expense for mortgage servicing rights at December 31, 2013 for the periods indicated: | |||||||||
(In Thousands) | |||||||||
Estimate for the years ended December 31: | 2014 | $ | 770 | ||||||
 2015 | 670 | ||||||||
 2016 | 569 | ||||||||
 2017 | 470 | ||||||||
 2018 | 369 | ||||||||
Thereafter | 529 | ||||||||
Total | $ | 3,377 | |||||||
Deposits
Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deposits [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
7) | Deposits | ||||||||||||
At December 31, 2013 and 2012, time deposits with balances greater than $100,000 amounted to $165.9 million and $193.6 million, respectively. | |||||||||||||
A summary of interest expense on deposits is as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Interest-bearing demand deposits | $ | 13 | 23 | 30 | |||||||||
Money market and savings deposits | 132 | 272 | 369 | ||||||||||
Time deposits | 5,070 | 9,182 | 14,890 | ||||||||||
$ | 5,215 | 9,477 | 15,289 | ||||||||||
A summary of the contractual maturities of time deposits at December 31, 2013 is as follows: | |||||||||||||
(In Thousands) | |||||||||||||
Within one year | $ | 505,847 | |||||||||||
One to two years | 86,826 | ||||||||||||
Two to three years | 9,491 | ||||||||||||
Three to four years | 25,846 | ||||||||||||
Four through five years | 9,740 | ||||||||||||
$ | 637,750 | ||||||||||||
The Company's subscription offering related to its second step conversion closed on December 17, 2013. As a result, money market and savings deposits at December 31, 2013 include $388.7 million in proceeds from the offering. Of the total proceeds, $253.0 million is reserved for the purchase of common stock and remaining funds are to be returned to subscribers upon completion of the conversion. |
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Borrowings [Abstract] | ' | ||||||||||||||||
Borrowings | ' | ||||||||||||||||
8) | Borrowings | ||||||||||||||||
Borrowings consist of the following: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Balance | Weighted | Balance | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Rate | Rate | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Short-term repurchase agreements | $ | 21,197 | 3.19 | % | 45,888 | 3.09 | % | ||||||||||
Federal Home Loan Bank advances maturing: | |||||||||||||||||
2016 | 220,000 | 4.34 | % | 220,000 | 4.34 | % | |||||||||||
2017 | 65,000 | 3.19 | % | 65,000 | 3.19 | % | |||||||||||
2018 | 65,000 | 2.97 | % | 65,000 | 2.97 | % | |||||||||||
Repurchase agreements maturing: | |||||||||||||||||
2017 | 84,000 | 3.96 | % | 84,000 | 3.96 | % | |||||||||||
$ | 455,197 | 3.86 | % | 479,888 | 3.82 | % | |||||||||||
The short-term repurchase agreements represent the outstanding portion of a total $90.0 million commitment with two unrelated banks.  The short-term repurchase agreements are utilized by Waterstone Mortgage Corporation to finance loans originated for sale.  These agreements are secured by the underlying loans being financed.  Related interest rates are based upon the note rate associated with the loans being financed.  The first of short-term repurchase agreements has an outstanding balance of $17.5 million, a rate of 3.17% and a total commitment of $40.0 million at December 31, 2013.  The second short-term repurchase agreement has an outstanding balance of $3.7 million, a rate of 3.30% and a total commitment of $50.0 million at December 31, 2013. | |||||||||||||||||
The $220.0 million in advances due in 2016 consist of eight advances with fixed rates ranging from 4.01% to 4.82% callable quarterly until maturity. | |||||||||||||||||
The $65.0 million in advances due in 2017 consist of three advances with fixed rates ranging from 3.09% to 3.46% callable quarterly until maturity. | |||||||||||||||||
The $65.0 million in advances due in 2018 consist of three advances with fixed rates ranging from 2.73% to 3.11% callable quarterly until maturity. | |||||||||||||||||
The $84.0 million in repurchase agreements have fixed rates ranging from 2.89% to 4.31% callable quarterly until their maturity in 2017.  The repurchase agreements are collateralized by securities available for sale with an estimated fair value of $100.6 million at December 31, 2013. | |||||||||||||||||
The Company selects loans that meet underwriting criteria established by the Federal Home Loan Bank Chicago (FHLBC) as collateral for outstanding advances. The Company's borrowings at the FHLBC are limited to 75% of the carrying value of unencumbered one- to four-family mortgage loans, 40% of the carrying value of home equity loans and 60% of the carrying value of over four-family loans. In addition, these advances are collateralized by FHLBC stock of $17.5 million at December 31, 2013 and $20.2 million at December 31, 2012. In the event of prepayment, the Company is obligated to pay all remaining contractual interest on the advance. | |||||||||||||||||
Regulatory_Capital
Regulatory Capital | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Regulatory Capital [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Capital | ' | ||||||||||||||||||||||||
9) | Regulatory Capital | ||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements, or overall financial performance deemed by the regulators to be inadequate, can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined). Management believes, as of December 31, 2013, that the Bank meets all capital adequacy requirements to which it is subject. | |||||||||||||||||||||||||
Effective December 11, 2012, the WDFI and the Federal Deposit Insurance Corporation terminated a consent order originally agreed to by WaterStone Bank on November 25, 2009 and replaced it with a memorandum of understanding.  The memorandum of understanding required, among other things, maintenance of a minimum Tier I capital ratio of 8.0% and a minimum Total risk based capital ratio of 12.0%. The memorandum of understanding was subsequently terminated by the WDFI and the Federal Deposit Insurance Corporation effective November 4, 2013. The Company and its subsidiaries were in full compliance with all regulatory orders throughout the term of each order. | |||||||||||||||||||||||||
As of December 31, 2013 the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as quantitatively "well capitalized" under the regulatory framework for prompt corrective action. To be categorized as "well capitalized," the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios, as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank's category. | |||||||||||||||||||||||||
As a state-chartered savings bank, the Bank is required to meet minimum capital levels established by the state of Wisconsin in addition to federal requirements. For the state of Wisconsin, regulatory capital consists of retained income, paid-in-capital, capital stock equity and other forms of capital considered to be qualifying capital by the Federal Deposit Insurance Corporation. | |||||||||||||||||||||||||
The actual and required capital amounts and ratios for the Bank as of December 31, 2013 and 2012 are presented in the table below: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well-Capitalized | |||||||||||||||||||||||
Adequacy Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||
WaterStone Bank | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 219,146 | 21.67 | % | 80,887 | 8 | % | 101,109 | 10 | % | |||||||||||||||
Tier I capital (to risk-weighted assets) | 206,364 | 20.41 | % | 40,443 | 4 | % | 60,665 | 6 | % | ||||||||||||||||
Tier I capital (to average assets) | 206,364 | 12.48 | % | 66,161 | 4 | % | 82,701 | 5 | % | ||||||||||||||||
State of Wisconsin (to total assets) | 206,364 | 10.65 | % | 116,252 | 6 | % | N/ | A | N/ | A | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
WaterStone Bank | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 199,098 | 17.34 | % | 91,844 | 8 | % | 114,806 | 10 | % | |||||||||||||||
Tier I capital (to risk-weighted assets) | 184,542 | 16.07 | % | 45,922 | 4 | % | 68,883 | 6 | % | ||||||||||||||||
Tier I capital (to average assets) | 184,542 | 11.13 | % | 66,312 | 4 | % | 82,890 | 5 | % | ||||||||||||||||
State of Wisconsin (to total assets) | 184,542 | 11.15 | % | 99,305 | 6 | % | N/ | A | N/ | A | |||||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Based Compensation [Abstract] | ' | ||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||
10) | Stock Based Compensation | ||||||||||||||||
Stock-Based Compensation Plan | |||||||||||||||||
In 2006, the Company's shareholders approved the 2006 Equity Incentive Plan.  All stock awards granted under this plan vest over a period of five years and are required to be settled in shares of the Company's common stock.  The exercise price for all stock options granted is equal to the quoted NASDAQ market close price on the date that the awards were granted and expire ten years after the grant date, if not exercised.  All restricted stock grants are issued from previously unissued shares. | |||||||||||||||||
Accounting for Stock-Based Compensation Plan | |||||||||||||||||
The fair value of stock options granted is estimated on the grant date using a Black-Scholes pricing model.   The fair value of restricted shares is equal to the quoted NASDAQ market close price on the date of grant.  The fair value of stock grants is recognized as compensation expense on a straight-line basis over the vesting period of the grants.  Compensation expense is included in compensation, payroll taxes and other employee benefits in the consolidated statements of income. | |||||||||||||||||
Assumptions are used in estimating the fair value of stock options granted.  The weighted average expected life of the stock options represent the period of time that the options are expected to be outstanding and is based on the SEC simplified approach to calculating expected term.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant.  The expected volatility is based on the actual volatility of Waterstone Financial, Inc. stock from the original date of issue, October 4, 2005.  The following assumptions were used in estimating the fair value of options granted in the year ended 2012.  There were no options granted during the years ended December 31, 2013 or 2011. | |||||||||||||||||
2012 | |||||||||||||||||
Dividend Yield | 0 | % | |||||||||||||||
Risk-free interest rate | 0.25 | % | |||||||||||||||
Expected volatility | 74.53 | % | |||||||||||||||
Weighted average expected life | 6.5 years | ||||||||||||||||
Weighted average per share value of options | $ | 1.25 | |||||||||||||||
The Company estimates potential forfeitures of stock grants and adjusts compensation expense recorded accordingly.  The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates.  Changes in estimated forfeitures will be recognized in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. | |||||||||||||||||
A summary of the Company's stock option activity for the years ended December 31, 2013, 2012 and 2011 is presented below. | |||||||||||||||||
Stock Options | Shares | Weighted Average | Weighted Average | Aggregate | |||||||||||||
Exercise Price | Years Remaining in | Intrinsic Value | |||||||||||||||
Contractual Term | (000's) | ||||||||||||||||
Outstanding December 31, 2010 | 880,583 | $ | 14.99 | 6.34 | - | ||||||||||||
Options exercisable at December 31, 2010 | 489,944 | 15.99 | 6.04 | - | |||||||||||||
Granted | - | - | - | ||||||||||||||
Exercised | - | - | - | ||||||||||||||
Forfeited | (10,973 | ) | 15.64 | - | |||||||||||||
Outstanding December 31, 2011 | 869,610 | 14.88 | 5.37 | - | |||||||||||||
Options exercisable at December 31, 2011 | 657,282 | 15.75 | 5.12 | - | |||||||||||||
Granted | 279,811 | 1.85 | - | ||||||||||||||
Exercised | (3,291 | ) | 4.24 | 9 | |||||||||||||
Forfeited | (26,335 | ) | 8.14 | (72 | ) | ||||||||||||
Outstanding December 31, 2012 | 1,119,795 | 11.95 | 5.69 | 1,622 | |||||||||||||
Options exercisable at December 31, 2012 | 816,939 | 15.12 | 4.31 | 80 | |||||||||||||
Granted | - | - | - | ||||||||||||||
Exercised | (1,097 | ) | 1.72 | (9 | ) | ||||||||||||
Forfeited | (19,751 | ) | 4.63 | (112 | ) | ||||||||||||
Outstanding December 31, 2013 | 1,098,947 | 12.11 | 4.18 | 2,744 | |||||||||||||
Options exercisable at December 31, 2013 | 870,707 | 14.23 | 3.28 | 636 | |||||||||||||
The following table summarizes information about the Company's nonvested stock option activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Stock Options | Shares | Weighted Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Nonvested at December 31, 2011 | 212,327 | $ | 4.84 | ||||||||||||||
Granted | 279,811 | 1.22 | |||||||||||||||
Vested | (173,922 | ) | 5.27 | ||||||||||||||
Forfeited | (15,362 | ) | 1.21 | ||||||||||||||
Nonvested at December 31, 2012 | 302,854 | 1.35 | |||||||||||||||
Nonvested at December 31, 2012 | 302,854 | $ | 1.35 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (62,546 | ) | 1.41 | ||||||||||||||
Forfeited | (12,070 | ) | 1.36 | ||||||||||||||
Nonvested at December 31, 2013 | 228,238 | 1.33 | |||||||||||||||
The Company amortizes the expense related to stock options as compensation expense over the vesting period.  During the year ended December 31, 2013, no options were granted, 19,751 were forfeited, of which 7,681 were vested and 1,097 shares were exercised.  During the year ended December 31, 2012, 279,811 options were granted, 26,335 were forfeited, of which 10,973 were vested.  During the year ended December 31, 2011, no options were granted and 10,973 were forfeited, of which 8,779 were vested.  Expense for the stock options granted of $81,000, $94,000 and $745,000 was recognized during the years ended December 31, 2013, 2012 and 2011, respectively.  At December 31, 2013, the Company had $222,000 in estimated unrecognized compensation costs related to outstanding stock options that is expected to be recognized over a weighted average period of 28 months. | |||||||||||||||||
The following table summarizes information about the Company's restricted stock shares activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Restricted Stock | Shares | Weighted Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Nonvested at December 31, 2011 | 57,279 | $ | 15.14 | ||||||||||||||
Granted | 109,730 | 1.72 | |||||||||||||||
Vested | (53,987 | ) | 15.71 | ||||||||||||||
Forfeited | (2,195 | ) | 4.24 | ||||||||||||||
Nonvested at December 31, 2012 | 110,827 | 1.79 | |||||||||||||||
Nonvested at December 31, 2012 | 110,827 | 1.79 | |||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (23,043 | ) | 2.09 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Nonvested at December 31, 2013 | 87,784 | 1.72 | |||||||||||||||
The Company amortizes the expense related to restricted stock awards as compensation expense over the vesting period.  During the year ended December 31, 2013, no shares of restricted stock were granted and no shares were forfeited. During the year ended December 31, 2012, 109,730 shares of restricted stock were granted and 2,195 were forfeited.  During the year ended December 31, 2011, no shares of restricted stock were awarded and no shares were forfeited.  Expense for the restricted stock awards of $45,000, $51,000 and $848,000 was recorded for the years ended December 31, 2013, 2012 and 2011, respectively.  At December 31, 2013, the Company had $113,000 of unrecognized compensation expense related to restricted stock shares that is expected to be recognized over a weighted average period 36 months. | |||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |
Dec. 31, 2013 | ||
Employee Benefit Plans [Abstract] | ' | |
Employee Benefit Plans | ' | |
11) | Employee Benefit Plans | |
The Company has two 401(k) profit sharing plans and trusts covering substantially all employees.  WaterStone Bank employees over 18 years of age are immediately eligible to participate in the Bank's Plan.  Waterstone Mortgage employees over 21 years of age are eligible to participate in its Plan as of the first of the month following their date of employment.  Participating employees may annually contribute pretax compensation in accordance with IRS limits.  The Company made matching contributions of $486,000 and $70,000 to the Plans during the years ended December 31, 2013 and 2012, respectively. No contribution was made during the year ended December 31, 2011. | ||
The Company has a nonqualified salary continuation plan for one former employee. This agreement provides for payments of specific amounts over a 10-year period subsequent to the employee's retirement. The deferred compensation liability was accrued ratably to the employee's respective normal retirement date. Payments made to the retired employee reduce the liability.  As of December 31, 2013 and 2012, approximately $535,000 and $687,000 was accrued related to this plan. This agreement is funded by a life insurance policy with a death benefit of $6.7 million and a cash surrender value of $3.6 million and $3.3 million at December 31, 2013 and 2012, respectively. The former employee has no interest in this policy.  There was no expense for compensation under this agreement during the years ended December 31, 2013, 2012 and 2011. |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Employee Stock Ownership Plan [Abstract] | ' | ||||||||
Employee Stock Ownership Plan | ' | ||||||||
12) | Employee Stock Ownership Plan | ||||||||
All employees are eligible to participate in the WaterStone Bank Employee Stock Ownership Plan (the "Plan") after they attain twenty one years of age and complete twelve consecutive months of service in which they work at least 1,000 hours of service.  During the year ended December 31, 2005, the Plan borrowed $8.5 million from the Company and purchased 835,610 shares of common stock of the Company in the open market.  The Plan debt is secured by shares of the Company.  The Company has committed to make annual contributions to the Plan necessary to repay the loan, including interest.  The loan is scheduled to be repaid in ten annual installments through the year ended December 31, 2015.  While the shares are not released and allocated to Plan participants until the loan payment is made, the shares are deemed to be earned and are therefore, committed to be released throughout the service period.  As such, one-tenth of the shares are scheduled to be released annually as shares are earned over a period of ten years, beginning with the period ended December 31, 2005.  As the debt is repaid, shares are released from collateral and allocated to active participant accounts.  The shares pledged as collateral are reported as "Unearned ESOP shares" in the consolidated statement of financial condition.  As shares are committed to be released from collateral, the Company reports compensation expense equal to the average fair market price of the shares, and the shares become outstanding for earnings per share computations.  Compensation expense attributed to the ESOP was $719,000, $306,000 and $202,000, respectively for the years ended December 31, 2013, 2012 and 2011. | |||||||||
The aggregate activity in the number of unearned ESOP shares, considering the allocation of those shares committed to be released as of December 31, is as follows: | |||||||||
2013 | 2012 | ||||||||
Beginning ESOP shares | 167,122 | 250,683 | |||||||
Shares committed to be released | (83,561 | ) | (83,561 | ) | |||||
Unreleased shares | 83,561 | 167,122 | |||||||
Fair value of unreleased shares (in thousands) | $ | 845 | 1,188 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
13) | Income Taxes | ||||||||||||
The provision (benefit) for income taxes for the year ended December 31, 2013, 2012 and 2011 consists of the following: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 2,842 | 4,256 | 1,216 | |||||||||
State | 385 | 435 | 81 | ||||||||||
3,227 | 4,691 | 1,297 | |||||||||||
Deferred: | |||||||||||||
Federal | 3,861 | (12,664 | ) | (590 | ) | ||||||||
State | 1,533 | (4,231 | ) | (145 | ) | ||||||||
5,394 | (16,895 | ) | (735 | ) | |||||||||
Total | $ | 8,621 | (12,204 | ) | 562 | ||||||||
The income tax provisions differ from that computed at the Federal statutory corporate tax rate for the years ended December 31, 2013, 2012 and 2011 as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars In Thousands) | |||||||||||||
Income (loss) before income taxes | $ | 23,329 | 22,710 | (6,911 | ) | ||||||||
Tax at Federal statutory rate (35%) | 8,165 | 7,949 | (2,419 | ) | |||||||||
Add (deduct) effect of: | |||||||||||||
State income taxes net of Federal income tax benefit (expense) | 1,246 | (2,467 | ) | (41 | ) | ||||||||
Cash surrender value of life insurance | (376 | ) | (375 | ) | (393 | ) | |||||||
Non-deductible ESOP and stock option expense | (62 | ) | 103 | 119 | |||||||||
Tax-exempt interest income | (392 | ) | (185 | ) | (254 | ) | |||||||
Reversal of federal valuation allowance on deferred taxes | - | (17,008 | ) | 2,921 | |||||||||
Intra-period tax allocation between other comprehensive income and loss from operations | - | - | (591 | ) | |||||||||
Increase in tax exposure reserve | - | (184 | ) | 1,216 | |||||||||
Other | 40 | (37 | ) | 4 | |||||||||
Income tax provision (benefit) | 8,621 | (12,204 | ) | 562 | |||||||||
Effective tax rate | 37 | % | (53.7 | %) | (8.1 | %) | |||||||
Deferred tax asset valuation allowances originally established in 2008 were fully reversed at December 31, 2012.  Under generally accepted accounting principles, a valuation allowance is required to be recognized if it is "more likely than not" that a deferred tax asset will not be realized.  The determination of the realizability of the deferred tax assets is highly subjective and dependent upon judgment concerning management's evaluation of both positive and negative evidence, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions. Examples of positive evidence may include the existence of taxes paid in available carry back years as well as the probability that taxable income will be generated in future periods, while examples of negative evidence may include the cumulative losses in the current year and prior two years and general business and economic trends.  In addition, general uncertainty surrounding future economic and business conditions increased the potential volatility and uncertainty of projected earnings.  At December 31, 2011, the Company determined a valuation allowance was necessary, largely based on the negative evidence represented by a cumulative loss in the most recent three-year period caused by the significant loan loss provisions recorded during the period.  Cummulative pretax income, the existence of taxes paid and available for carry back in future years, applicable tax planning strategies and general economic conditions resulted in the conclusion that as of December 31, 2013 and 2012, it is more likely than not that net deferred tax assets will be realized in future periods. | |||||||||||||
The income tax provision for 2011 includes a federal and state tax benefit of $736,000 due to an intra-period tax allocation between other comprehensive income and loss from continuing operations representing an out-of-period adjustment for an error that originated beginning in 2008 that was corrected during the quarter ended June 30, 2011. The correction of the error was not material to the year ended December 31, 2011. The impact of this error to all prior periods was not deemed to be material. | |||||||||||||
The significant components of the Company's net deferred tax assets (liabilities) included in prepaid expenses and other assets are as follows at December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Gross deferred tax assets: | (In Thousands) | ||||||||||||
Fixed Assets | $ | 46 | 653 | ||||||||||
Compensation agreements | 210 | 277 | |||||||||||
Restricted stock and stock options | 991 | 935 | |||||||||||
Allowance for loan losses | 9,523 | 12,316 | |||||||||||
Repurchase reserve for loans sold | 122 | 357 | |||||||||||
Real estate owned | 2,401 | 4,005 | |||||||||||
Nonaccrual interest | 1,390 | 1,609 | |||||||||||
Capital loss carryforward | 467 | – | |||||||||||
State NOL carryforward | 508 | 817 | |||||||||||
Unrealized loss on securities available for sale, net | 598 | – | |||||||||||
Other | 291 | 426 | |||||||||||
Total gross deferred tax assets | 16,547 | 21,395 | |||||||||||
Gross deferred tax liabilities: | |||||||||||||
Unrealized gain on securities available for sale, net | – | (1,834 | ) | ||||||||||
Mortgage servicing rights | (1,365 | ) | (1,278 | ) | |||||||||
FHLB stock | (736 | ) | (858 | ) | |||||||||
Deferred loan fees | (622 | ) | (639 | ) | |||||||||
Deferred liabilities | (2,723 | ) | (4,609 | ) | |||||||||
Net deferred tax assets | $ | 13,824 | 16,786 | ||||||||||
The Company had a Federal NOL carry forward at December 31, 2011 which was fully utilized in 2012.  The Company has a Wisconsin NOL carry forward of $9.9 million at December 31, 2013 which will begin to expire in 2028. The Company has a capital loss carry forward of $1.2 million which will expire if unused as of December 31, 2016. | |||||||||||||
Under the Internal Revenue Code and Wisconsin Statutes, the Company was permitted to deduct, for tax years beginning before 1988, an annual addition to a reserve for bad debts. This amount differs from the provision for loan losses recorded for financial accounting purposes. Under prior law, bad debt deductions for income tax purposes were included in taxable income of later years only if the bad debt reserves were used for purposes other than to absorb bad debt losses. Because the Company did not intend to use the reserve for purposes other than to absorb losses, no deferred income taxes were provided. Retained earnings at December 31, 2013 include approximately $16.7 million for which no deferred Federal or state income taxes were provided.  Deferred income taxes have been provided on certain additions to the tax reserve for bad debts. | |||||||||||||
The Company and its subsidiaries file consolidated federal and combined state tax returns. One subsidiary also files separate state income tax returns in certain states.  The Company is no longer subject to federal or state income tax examinations by tax authorities for years before 2010. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Balance at January 1 | $ | 71 | 2,004 | ||||||||||
Increases related to prior year tax positions | - | 13 | |||||||||||
Increases related to current year tax positions | - | 2 | |||||||||||
Decreases related to prior year tax positions | (71 | ) | (1,948 | ) | |||||||||
Balance at December 31 | $ | - | 71 | ||||||||||
The Internal Revenue Service (IRS) commenced an examination of the Company's income tax returns for 2005 through 2009 in the first quarter of 2010.  In the fourth quarter of 2011, the IRS proposed significant adjustments related to the Company's deduction of expenses related to real estate owned and acquired through foreclosure, loan loss charge-offs and state tax deductions.  All of these significant proposed adjustments are timing differences which resulted in current tax expense offset by deferred tax benefit to be realized in future periods.  In the second quarter of 2012, a payment of $982,000 was made towards the proposed IRS adjustment.  Final consideration of the case was given by the Joint Committee on Taxation of the United States Department of the Treasury in 2013 and during the year ended December 31, 2013 all remaining previously unrecognized tax benefits have been recognized. | |||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense.  During the year ended December 31, 2011, the Company recognized $241,000 in interest which was accrued for as of December 31, 2011.  The Company recognized no interest or penalties during the years ended December 31, 2013 and 2012.  The Company had an accrual for the payment of interest and penalties of $53,000 at December 31, 2012, $241,000 at December 31, 2011 and zero at December 31, 2013. | |||||||||||||
Offsetting_of_Assets_and_Liabi
Offsetting of Assets and Liabilities | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Offsetting of Assets and Liabilities [Abstract] | ' | ||||||||||||||||||||
liabilities subject to an enforceable master netting agreement [Text Block] | ' | ||||||||||||||||||||
14)Â Â Offsetting of Assets and Liabilities | |||||||||||||||||||||
The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. In addition, the Company enters into agreements under which it sells loans held for sale subject to an obligation to repurchase the same loans. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of assets. The obligation to repurchase the assets is reflected as a liability in the Company's consolidated statements of condition, while the securities and loans held for sale underlying the repurchase agreements remain in the respective investment securities and loans held for sale asset accounts. In other words, there is no offsetting or netting of the investment securities or loans held for sale assets with the repurchase agreement liabilities. One of the Company's two short-term repurchase agreements and all of the Company's long-term repurchase agreements are subject to master netting agreements, which sets forth the rights and obligations for repurchase and offset. Under the master netting agreement, the Company is entitled to set off the collateral placed with a single counterparty against obligations owed to that counterparty. | |||||||||||||||||||||
The following table presents the liabilities subject to an enforceable master netting agreement as of December 31, 2013 and December 31, 2012. | |||||||||||||||||||||
Gross Recognized Liabililities | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Repurchase Agreements | |||||||||||||||||||||
Short-term | $ | 17,526 | - | 17,526 | 17,526 | - | |||||||||||||||
Long-term | 84,000 | - | 84,000 | 84,000 | - | ||||||||||||||||
$ | 101,526 | - | 101,526 | 101,526 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Repurchase Agreements | |||||||||||||||||||||
Short-term | $ | 38,090 | - | 38,090 | 38,090 | - | |||||||||||||||
Long-term | 84,000 | - | 84,000 | 84,000 | - | ||||||||||||||||
$ | 122,090 | - | 122,090 | 122,090 | - | ||||||||||||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments with Off Balance Sheet Risk [Abstract] | ' | ||||||||
Financial Instruments with Off-Balance Sheet Risk | ' | ||||||||
15) | Financial Instruments with Off-Balance-Sheet Risk | ||||||||
The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Financial instruments whose contract amounts represent potential credit risk: | |||||||||
Commitments to extend credit under first mortgage loans | $ | 9,637 | 20,836 | ||||||
Commitments to extend credit under home equity lines of credit | 14,699 | 17,628 | |||||||
Unused portion of construction loans | 8,637 | 5,502 | |||||||
Unused portion of business lines of credit | 10,364 | 10,967 | |||||||
Standby letters of credit | 696 | 736 | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements of the Company. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the counter-party. Collateral obtained generally consists of mortgages on the underlying real estate. | |||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds mortgages on the underlying real estate as collateral supporting those commitments for which collateral is deemed necessary. | |||||||||
The Company has determined that there are no probable losses related to commitments to extend credit or the standby letters of credit as of December 31, 2013 and 2012. | |||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |
Dec. 31, 2013 | ||
Derivative Financial Instruments [Abstract] | ' | |
Derivative Financial Instruments | ' | |
16) | Derivative Financial Instruments | |
In connection with its mortgage banking activities, the Company enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates.   Mortgage banking derivatives include interest rate lock commitments provided to customers to fund mortgage loans to be sold in the secondary market and forward commitments for the future delivery of such loans.  It is the Company's practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale.  The Company's mortgage banking derivatives have not been designated as being a hedge relationship.  These instruments are used to manage the Company's exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815.  Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings.  The Company does not use derivatives for speculative purposes. | ||
Forward commitments to sell mortgage loans represent commitments obtained by the Company from a secondary market agency to purchase mortgages from the Company at specified interest rates and within specified periods of time.  Commitments to sell loans are made to mitigate interest rate risk on interest rate lock commitments to originate loans and loans held for sale.    At December 31, 2013, the Company had forward commitments to sell mortgage loans with an aggregate notional amount of $128.0 million and interest rate lock commitments with an aggregate notional amount of $100.4 million.  The fair value of the mortgage derivatives at December 31, 2013 included a gain of $1.2 million that is reported as a component of other assets on the Company's consolidated statements of financial condition. | ||
In determining the fair value of its derivative loan commitments, the Company considers the value that would be generated when the loan arising from exercise of the loan commitment is sold in the secondary mortgage market. That value includes the price that the loan is expected to be sold for in the secondary mortgage market.  The fair value of these commitments is recorded on the consolidated statements of financial condition with the changes in fair value recorded as a component of mortgage banking income. | ||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||||||||
17) | Fair Values Measurements | ||||||||||||||||||||||||||||||||||||||||
ASC Topic 820, "Fair Value Measurements and Disclosures" defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This accounting standard applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements. The standard also emphasizes that fair value (i.e., the price that would be received in an orderly transaction that is not a forced liquidation or distressed sale at the measurement date), among other things, is based on exit price versus entry price, should include assumptions about risk such as nonperformance risk in liability fair values, and is a market-based measurement, not an entity-specific measurement. When considering the assumptions that market participants would use in pricing the asset or liability, this accounting standard establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||||||||||||||||||||||||||||||
The fair value hierarchy prioritizes inputs used to measure fair value into three broad levels. | |||||||||||||||||||||||||||||||||||||||||
Level 1 inputs - In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that we have the ability to access. | |||||||||||||||||||||||||||||||||||||||||
Level 2 inputs - Fair values determined by Level 2 inputs use inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets where there are few transactions and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. | |||||||||||||||||||||||||||||||||||||||||
Level 3 inputs - Level 3 inputs are unobservable inputs for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. | |||||||||||||||||||||||||||||||||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.  The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||||||||||||||||||||||||||
The following table presents information about our assets recorded in our consolidated statement of financial position at their fair value on a recurring basis as of December 31, 2013 and December 31, 2012, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 104,923 | - | 104,923 | - | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 19,241 | - | 19,241 | - | |||||||||||||||||||||||||||||||||||||
Government sponsored enterprise bonds | 17,934 | - | 17,934 | - | |||||||||||||||||||||||||||||||||||||
Municipal securities | 58,793 | - | 58,793 | - | |||||||||||||||||||||||||||||||||||||
Other debt securities | 5,160 | 5,160 | - | - | |||||||||||||||||||||||||||||||||||||
Certificates of deposit | 7,367 | - | 7,367 | - | |||||||||||||||||||||||||||||||||||||
Loans held for sale | 97,021 | - | 97,021 | - | |||||||||||||||||||||||||||||||||||||
Mortgage banking derivative assets | 1,189 | - | - | 1,189 | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 119,056 | - | 119,056 | - | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 29,579 | - | 29,579 | - | |||||||||||||||||||||||||||||||||||||
Government sponsored enterprise bonds | 8,017 | - | 8,017 | - | |||||||||||||||||||||||||||||||||||||
Municipal securities | 37,371 | - | 37,371 | - | |||||||||||||||||||||||||||||||||||||
Other debt securities | 5,070 | 5,070 | - | - | |||||||||||||||||||||||||||||||||||||
Certificates of deposit | 5,924 | - | 5,924 | - | |||||||||||||||||||||||||||||||||||||
Loans held for sale | 133,613 | - | 133,613 | - | |||||||||||||||||||||||||||||||||||||
Mortgage banking derivative assets | 1,668 | - | - | 1,668 | |||||||||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | 249 | - | - | 249 | |||||||||||||||||||||||||||||||||||||
The following summarizes the valuation techniques for assets recorded in our consolidated statements of financial condition at their fair value on a recurring basis: | |||||||||||||||||||||||||||||||||||||||||
Available for sale securities – The Company's investment securities classified as available for sale include: mortgage-backed securities, collateralized mortgage obligations, government sponsored enterprise bonds, municipal securities and other debt securities. The fair value of mortgage-backed securities, collateralized mortgage obligations and government sponsored enterprise bonds are determined by a third party valuation source using observable market data utilizing a matrix or multi-dimensional relational pricing model.  Standard inputs to these models include observable market data such as benchmark yields, reported trades, broker quotes, issuer spreads, benchmark securities, prepayment models and bid/offer market data.  For securities with an early redemption feature, an option adjusted spread model is utilized to adjust the issuer spread.  These model and matrix measurements are classified as Level 2 and Level 3 in the fair value hierarchy.  The fair value of municipal securities is determined by a third party valuation source using observable market data utilizing a multi-dimensional relational pricing model.  Standard inputs to this model include observable market data such as benchmark yields, reported trades, broker quotes, rating updates and issuer spreads.  These model measurements are classified as Level 2 in the fair value hierarchy.  The fair value of other debt securities, which includes a trust preferred security issued by a financial institution, is determined through quoted prices in active markets and is classified as Level 1 in the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale – The Company carries loans held for sale at fair value under the fair value option model.  Fair value is generally determined by estimating a gross premium or discount, which is derived from pricing currently observable in the secondary market, principally from observable prices for forward sale commitments.  Loans held-for-sale are considered to be Level 2 in the fair value hierarchy of valuation techniques. | |||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives - Mortgage banking derivatives include interest rate lock commitments to originate residential loans held for sale to individual customers and forward commitments to sell residential mortgage loans to various investors.  The Company utilizes a valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held for sale, which includes applying a pull through rate based upon historical experience and the current interest rate environment and then multiplying by quoted investor prices.  The Company also utilizes a valuation model to estimate the fair value of its forward commitments to sell residential loans, which includes matching specific terms and maturities of the forward commitments against applicable investor pricing available.  While there are Level 2 and 3 inputs used in the valuation models, the Company has determined that one or more of the inputs significant in the valuation of both of the mortgage banking derivatives fall within Level 3 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||||||
The table below presents reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
Available for sale | Mortgage banking | ||||||||||||||||||||||||||||||||||||||||
securities | derivatives, net | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 18,451 | 527 | ||||||||||||||||||||||||||||||||||||||
Transfer into level 3 | - | - | |||||||||||||||||||||||||||||||||||||||
Unrealized holding losses arising during the period: | |||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | 1,023 | - | |||||||||||||||||||||||||||||||||||||||
Other than temporary impairment included in net loss | (113 | ) | - | ||||||||||||||||||||||||||||||||||||||
Principal repayments | (1,352 | ) | - | ||||||||||||||||||||||||||||||||||||||
Net accretion of discount/amortization of premium | (18,009 | ) | - | ||||||||||||||||||||||||||||||||||||||
Mortgage derivative gain, net | - | 892 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | - | 1,419 | |||||||||||||||||||||||||||||||||||||||
Transfer into level 3 | - | - | |||||||||||||||||||||||||||||||||||||||
Mortgage derivative gain, net | - | (230 | ) | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | - | 1,189 | ||||||||||||||||||||||||||||||||||||||
Prior to December 31, 2012, level 3 available-for-sale securities included two corporate collateralized mortgage obligations.  The market for these securities was not active as of December 31, 2011.  As such, the Company valued these securities based on the present value of estimated future cash flows. | |||||||||||||||||||||||||||||||||||||||||
Assets Recorded at Fair Value on a Non-recurring Basis | |||||||||||||||||||||||||||||||||||||||||
The following table presents information about our assets recorded in our consolidated statement of financial position at their fair value on a non-recurring basis as of December 31, 2013 and December 31, 2012, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Impaired loans, net (1) | $ | 24,596 | - | - | 24,596 | ||||||||||||||||||||||||||||||||||||
Real estate owned | 22,663 | - | - | 22,663 | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Impaired loans, net (1) | $ | 40,071 | - | - | 40,071 | ||||||||||||||||||||||||||||||||||||
Real estate owned | 35,974 | - | - | 35,974 | |||||||||||||||||||||||||||||||||||||
_________ | |||||||||||||||||||||||||||||||||||||||||
(1) Represents collateral-dependent impaired loans, net, which are included in loans. | |||||||||||||||||||||||||||||||||||||||||
Loans – We do not record loans at fair value on a recurring basis.  On a non-recurring basis, loans determined to be impaired are analyzed to determine whether a collateral shortfall exists, and if such a shortfall exists, are recorded on our consolidated statements of financial condition at net realizable value of the underlying collateral.  Fair value is determined based on third party appraisals.  Appraised values are adjusted to consider disposition costs and also to take into consideration the age of the most recent appraisal.  Given the significance of the adjustments made to appraised values necessary to estimate the fair value of impaired loans, loans that have been deemed to be impaired are considered to be Level 3 in the fair value hierarchy of valuation techniques.  At December 31, 2013, loans determined to be impaired with an outstanding balance of $31.5 million were carried net of specific reserves of $6.9 million for a fair value of $24.6 million.  At December 31, 2012, loans determined to be impaired with an outstanding balance of $52.5 million were carried net of specific reserves of $12.4 million for a fair value of $40.1 million.  Impaired loans collateralized by assets which are valued in excess of the net investment in the loan do not require any specific reserves. | |||||||||||||||||||||||||||||||||||||||||
Real estate owned – On a non-recurring basis, real estate owned, is recorded in our consolidated statements of financial condition at the lower of cost or fair value.  Fair value is determined based on third party appraisals and, if less than the carrying value of the foreclosed loan, the carrying value of the real estate owned is adjusted to the fair value.  Appraised values are adjusted to consider disposition costs and also to take into consideration the age of the most recent appraisal.  Given the significance of the adjustments made to appraised values necessary to estimate the fair value of the properties, real estate owned is considered to be Level 3 in the fair value hierarchy of valuation techniques.  Changes in the fair value of real estate owned totaled $1.4 million and $7.6 million during the year ended December 31, 2013 and 2012, respectively and are recorded in real estate owned expense. At December 31, 2013 and December 31, 2012, real estate owned totaled $22.7 million and $36.0 million, respectively. | |||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights - The Company utilizes a discounted cash flow model to estimate the fair value of mortgage servicing rights. The model utilizes prepayment assumptions to project cash flows related to the mortgage servicing rights based upon the current interest rate environment, which is then discounted to estimate an expected fair value of the mortgage servicing rights. The model considers characteristics related to the underlying mortgage portfolio, such as: contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue and costs to service. The Company periodically reviews and assesses the underlying assumptions used in the model. In addition, the Company compares its fair value estimates and assumptions to observable market data for mortgage servicing rights, where available, and to recent market activity and actual portfolio experience. Given the significance of the unobservable inputs utilized in the estimation process, mortgage servicing rights are classified as Level 3 within the fair value hierarchy. The Company records the mortgage servicing rights at the lower of amortized cost or fair value. At December 31, 2013 and 2012, there was no impairment identified for mortgage servicing rights, therefore mortgage servicing rights were not recorded at fair value on a non-recurring basis. | |||||||||||||||||||||||||||||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||||||||||||||||||||||
Fair Value at | Significant | Significant Unobservable Input Value | |||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Valuation | Unobservable | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||
Technique | Inputs | Value | Value | ||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives | $Â | 1,189 | Pricing models | Pull through rate | 69.3 | % | 100 | % | |||||||||||||||||||||||||||||||||
Impaired loans | 24,596 | Market approach | Discount rates applied to appraisals | 15 | % | 30 | % | ||||||||||||||||||||||||||||||||||
Real estate owned | 22,663 | Market approach | Discount rates applied to appraisals | 5 | % | 89 | % | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights | 5,829 | Pricing models | Prepayment rate | 7.1 | % | 18 | % | ||||||||||||||||||||||||||||||||||
     | Discount rate | 10 | % | 10 | % | ||||||||||||||||||||||||||||||||||||
     | Cost to service | $ | 65 | $ | 65 | ||||||||||||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||||||||
The significant unobservable input used in the fair value measurement of the Company's mortgage banking derivatives, including interest rate lock commitments, is the loan pull through rate.  This represents the percentage of loans currently in a lock position which the Company estimates will ultimately close.  Generally, the fair value of an interest rate lock commitment will be positively (negatively) impacted when the prevailing interest rate is lower (higher) than the interest rate lock commitment.  Generally, an increase in the pull through rate will result in the fair value of the interest rate lock increasing when in a gain position, or decreasing when in a loss position.  The pull through rate is largely dependent on the loan processing stage that a loan is currently in and the change in prevailing interest rates from the time of the rate lock.  The pull through rate is computed using historical data and the ratio is periodically reviewed by the Company. | |||||||||||||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and real estate owned included in the above table primarily relate to discounting criteria applied to independent appraisals received with respect to the collateral.  Discounts applied to the appraisals are dependent on the vintage of the appraisal as well as the marketability of the property.  The discount factor is computed using actual realization rates on properties that have been foreclosed upon and liquidated in the open market. | |||||||||||||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement or mortgage servicing rights include the prepayment rate, discount rate and cost to service. The prepayment rate represents the assumed rate of prepayment of the outstanding principal balance of the underlying mortgage notes. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. Although the prepayment rate and discount rate are not directly interrelated, they will generally move in opposite directions. | |||||||||||||||||||||||||||||||||||||||||
Fair value information about financial instruments follows, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Certain financial instruments and all nonfinancial instruments are excluded from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. | |||||||||||||||||||||||||||||||||||||||||
The carrying amounts and fair values of the Company's financial instruments consist of the following at December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Carrying amount | Fair Value | Carrying amount | Fair value | ||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 429,169 | 429,169 | 429,169 | - | - | 71,649 | 71,469 | 71,469 | - | - | ||||||||||||||||||||||||||||||
Securities available-for-sale | 213,418 | 213,418 | 5,160 | 208,258 | - | 205,017 | 205,017 | 5,070 | 199,947 | - | |||||||||||||||||||||||||||||||
Loans held for sale | 97,021 | 97,021 | - | 97,021 | - | 133,613 | 133,613 | - | 133,613 | - | |||||||||||||||||||||||||||||||
Loans receivable | 1,092,676 | 1,117,959 | - | - | 1,117,959 | 1,133,672 | 1,148,107 | - | - | 1,148,107 | |||||||||||||||||||||||||||||||
FHLB stock | 17,500 | 17,500 | - | 17,500 | - | 20,193 | 20,193 | - | 20,193 | - | |||||||||||||||||||||||||||||||
Cash surrender value of life insurance | 39,378 | 39,378 | 39,378 | - | - | 38,061 | 38,061 | 38,061 | - | - | |||||||||||||||||||||||||||||||
Real estate owned | 22,663 | 22,663 | - | - | 22,663 | 35,974 | 35,974 | - | - | 35,974 | |||||||||||||||||||||||||||||||
Accrued interest receivable | 3,804 | 3,804 | 3,804 | - | - | 3,452 | 3,452 | 3,452 | - | - | |||||||||||||||||||||||||||||||
Mortgage Servicing Rights | 3,377 | 5,829 | - | - | 5,829 | 3,220 | 4,070 | - | - | 4,070 | |||||||||||||||||||||||||||||||
Mortgage banking derivative assets | 1,189 | 1,189 | - | - | 1,189 | 1,668 | 1,668 | - | - | 1,668 | |||||||||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||||||||||||||
Deposits | 1,244,741 | 1,246,541 | 606,991 | 639,550 | - | 939,513 | 942,118 | 202,593 | 739,525 | - | |||||||||||||||||||||||||||||||
Advance payments by borrowers for taxes | 2,482 | 2,482 | 2,482 | - | - | 1,672 | 1,672 | 1,672 | - | - | |||||||||||||||||||||||||||||||
Borrowings | 455,197 | 491,053 | 21,197 | 469,856 | - | 479,888 | 537,299 | - | 537,299 | - | |||||||||||||||||||||||||||||||
Accrued interest payable | 1,595 | 1,595 | 1,595 | - | - | 1,715 | 1,715 | 1,715 | - | - | |||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | - | - | - | - | - | 249 | 249 | - | - | 249 | |||||||||||||||||||||||||||||||
Other Financial Instruments | |||||||||||||||||||||||||||||||||||||||||
Stand-by letters of credit | - | - | - | - | - | 5 | 5 | - | - | 5 | |||||||||||||||||||||||||||||||
The following methods and assumptions were used by the Company in determining its fair value disclosures for financial instruments. | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||||||||||
The carrying amount reported in the consolidated statements of financial condition for cash and cash equivalents is a reasonable estimate of fair value for these short-term instruments. | |||||||||||||||||||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||||||||||||||
The fair value of securities is determined by a third party valuation source using observable market data utilizing a matrix or multi-dimensional relational pricing model.  Standard inputs to these models include observable market data such as benchmark yields, reported trades, broker quotes, issuer spreads, benchmark securities and bid/offer market data.  For securities with an early redemption feature, an option adjusted spread model is utilized to adjust the issuer spread.  Prepayment models are used for mortgage related securities with prepayment features. | |||||||||||||||||||||||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||||||||||||||||||||||
Fair value is estimated using the prices of the Company's existing commitments to sell such loans and/or the quoted market price for commitments to sell similar loans. | |||||||||||||||||||||||||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
Loans determined to be impaired are analyzed to determine whether a collateral shortfall exists, and if such a shortfall exists, are recorded on our consolidated statements of financial condition at fair value.  Fair value is determined based on third party appraisals.  Appraised values are adjusted to consider disposition costs and also to take into consideration the age of the most recent appraisal.  With respect to loans that are not considered to be impaired, fair value is estimated by discounting the future contractual cash flows using discount rates that that reflect a current rate offered to borrowers of similar credit standing for the remaining term to maturity.  This method of estimating fair value does not incorporate the exit-price concept of fair value prescribed by ASC 820-10 and generally produces a higher fair value. | |||||||||||||||||||||||||||||||||||||||||
FHLB Stock | |||||||||||||||||||||||||||||||||||||||||
For FHLB stock, the carrying amount is the amount at which shares can be redeemed with the FHLB and is a reasonable estimate of fair value. | |||||||||||||||||||||||||||||||||||||||||
Cash Surrender Value of Life Insurance | |||||||||||||||||||||||||||||||||||||||||
The carrying amounts reported in the consolidated statements of financial condition for the cash surrender value of life insurance approximate those assets' fair values. | |||||||||||||||||||||||||||||||||||||||||
Deposits and Advance Payments by Borrowers for Taxes | |||||||||||||||||||||||||||||||||||||||||
The fair values for interest-bearing and noninterest-bearing negotiable order of withdrawal accounts, savings accounts, and money market accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of similar remaining maturities to a schedule of aggregated expected monthly maturities of the outstanding certificates of deposit. The advance payments by borrowers for taxes are equal to their carrying amounts at the reporting date. | |||||||||||||||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||||||||||||||
Fair values for borrowings are estimated using a discounted cash flow calculation that applies current interest rates to estimated future cash flows of the borrowings. | |||||||||||||||||||||||||||||||||||||||||
Accrued Interest Payable and Accrued Interest Receivable | |||||||||||||||||||||||||||||||||||||||||
For accrued interest payable and accrued interest receivable, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||||||||||||||||||||||
Commitments to Extend Credit and Standby Letters of Credit | |||||||||||||||||||||||||||||||||||||||||
Commitments to extend credit and standby letters of credit are generally not marketable. Furthermore, interest rates on any amounts drawn under such commitments would be generally established at market rates at the time of the draw. Fair values for the Company's commitments to extend credit and standby letters of credit are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the counterparty's credit standing, and discounted cash flow analyses. The fair value of the Company's commitments to extend credit is not material at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
Mortgage Banking Derivative Assets and Liabilities | |||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives include interest rate lock commitments to originate residential loans held for sale to individual customers and forward commitments to sell residential mortgage loans to various investors.  The Company utilizes a valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held for sale, which includes applying a pull through rate based upon historical experience and the current interest rate environment, and then multiplying by quoted investor prices.  The Company also utilizes a valuation model to estimate the fair value of its forward commitments to sell residential loans, which includes matching specific terms and maturities of the forward commitments against applicable investor pricing available.  On the Company's Consolidated Statements of Condition, instruments that have a positive fair value are included in prepaid expenses and other assets, and those instruments that have a negative fair value are included in other liabilities. | |||||||||||||||||||||||||||||||||||||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings (Loss) Per Share [Abstract] | ' | ||||||||||||
Earnings (Loss) Per Share | ' | ||||||||||||
18) | Earnings (Loss) Per Share | ||||||||||||
Earnings per share are computed using the two-class method.  Basic earnings (loss) per share is computed by dividing net income (loss) allocated to common shares by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities.  Participating securities include unvested restricted shares.  Unvested restricted shares are considered participating securities because holders of these securities have the right to receive dividends at the same rate as holders of the Company's common stock.  Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding adjusted for the dilutive effect of all potential common shares.  Unvested restricted stock and stock options are considered outstanding for diluted earnings per share only.  Unvested restricted stock and stock options totaling 87,784 and 228,238 shares for the year ended December 31, 2013 and 110,827 and 302,854 shares for the year ended December 31, 2012 and 57,279 and 212,327 shares for the year ended December 31, 2011 are antidilutive and are excluded from the loss per share calculation.  Presented below are the calculations for basic and diluted earnings loss per share. | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands, except per share amounts) | |||||||||||||
Net income (loss) | 14,708 | 34,914 | (7,473 | ) | |||||||||
Net income available to unvested restricted stockholders | 38 | 113 | - | ||||||||||
Net income (loss) available to common stockholders | $ | 14,670 | 34,801 | (7,473 | ) | ||||||||
Weighted average shares outstanding | 34,185 | 34,076 | 33,938 | ||||||||||
Effect of dilutive potential common shares | 254 | 118 | - | ||||||||||
Diluted weighted average shares outstanding | 34,439 | 34,194 | 33,938 | ||||||||||
Basic income (loss) per share | $ | 0.43 | 1.02 | (0.22 | ) | ||||||||
Diluted income (loss) per share | $ | 0.43 | 1.02 | (0.22 | ) | ||||||||
Condensed_Parent_Company_Only_
Condensed Parent Company Only Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Parent Company Only Statements [Abstract] | ' | ||||||||||||
Condensed Parent Company Only Statements | ' | ||||||||||||
19) | Condensed Parent Company Only Statements | ||||||||||||
Statements of Financial Condition | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 349 | 337 | ||||||||||
Securities available for sale (at fair value) | 5,160 | 5,070 | |||||||||||
Investment in subsidiaries | 205,776 | 195,451 | |||||||||||
Other assets | 3,276 | 1,926 | |||||||||||
Total Assets | $ | 214,561 | 202,784 | ||||||||||
Liabilities and shareholders' equity | |||||||||||||
Liabilities: | |||||||||||||
Other liabilities | 89 | 150 | |||||||||||
Shareholders' equity | |||||||||||||
Preferred Stock (par value $.01 per share), Authorized - 20,000,000 shares, no shares issued | - | - | |||||||||||
Common stock (par value $.01 per share), Authorized - 200,000,000 shares in 2013 and 2012, Issued - 34,073,670 in 2013 and 34,072,909 in 2012, Outstanding -Â Â 31,349,317 in 2013 and 31,348,556 in 2012 | 341 | 341 | |||||||||||
Additional paid-in-capital | 110,480 | 110,490 | |||||||||||
Retained earnings | 151,195 | 136,487 | |||||||||||
Unearned ESOP shares | (854 | ) | (1,708 | ) | |||||||||
Treasury stock (2,724,353 shares), at cost | (45,261 | ) | (45,261 | ) | |||||||||
Accumulated other comprehensive (loss) income (net of taxes) | (1,429 | ) | 2,285 | ||||||||||
Total shareholders' equity | 214,472 | 202,634 | |||||||||||
Total liabilities and shareholders' equity | $ | 214,561 | 202,784 | ||||||||||
Statements of Operations | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Interest income | $ | 586 | 644 | 669 | |||||||||
Equity in income (loss) of subsidiaries | 14,468 | 33,448 | (8,250 | ) | |||||||||
Total income (loss) | 15,054 | 34,092 | (7,581 | ) | |||||||||
Compensation | (118 | ) | (523 | ) | (605 | ) | |||||||
Professional fees | 16 | 3 | 57 | ||||||||||
Other expense | 287 | 279 | 440 | ||||||||||
Total expense (income) | 185 | (241 | ) | (108 | ) | ||||||||
Income (loss) before income tax expense | 14,869 | 34,333 | (7,473 | ) | |||||||||
Income tax expense (benefit) | 161 | (581 | ) | - | |||||||||
Net income (loss) | $ | 14,708 | 34,914 | (7,473 | ) | ||||||||
Statements of Cash Flows | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Cash flows from operating activities | |||||||||||||
Net income (loss) | $ | 14,708 | 34,914 | (7,473 | ) | ||||||||
Adjustments to reconcile net income (loss) to net  cash (used in) provided by operating activities: | |||||||||||||
Amortization of unearned ESOP | 718 | 306 | 202 | ||||||||||
Stock based compensation | 126 | 145 | 1,593 | ||||||||||
Deferred income taxes | (21 | ) | (954 | ) | (71 | ) | |||||||
Equity in (earnings) loss of subsidiaries | (14,468 | ) | (33,448 | ) | 8,250 | ||||||||
Change in other assets and liabilities | (1,051 | ) | (1,147 | ) | (1,537 | ) | |||||||
Net cash provided by (used in) operating activities | 12 | (184 | ) | 964 | |||||||||
Cash flows used in investing activities: | |||||||||||||
Capital contributions to subsidiary | - | - | (1,000 | ) | |||||||||
Net cash used in investing activities | - | - | (1,000 | ) | |||||||||
Net cash provided by (used in) financing activities | - | - | - | ||||||||||
Net increase (decrease) in cash | 12 | (184 | ) | (36 | ) | ||||||||
Cash and cash equivalents at beginning of year | 337 | 521 | 557 | ||||||||||
Cash and cash equivalents at end of year | $ | 349 | 337 | 521 | |||||||||
Segment_and_Related_Informatio
Segment and Related Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segments and Related Information [Abstract] | ' | ||||||||||||||||
Segments and Related Information | ' | ||||||||||||||||
20) | Segment Reporting | ||||||||||||||||
Selected financial and descriptive information is required to be provided about reportable operating segments, considering a "management approach" concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the enterprise for making operating decisions, allocating resources, and assessing performance. Consequently, the segments are evident from the structure of the enterprise's internal organization, focusing on financial information that an enterprise's chief operating decision-makers use to make decisions about the enterprise's operating matters. | |||||||||||||||||
The Company has determined that it has two reportable segments: community banking and mortgage banking. The Company's operating segments are presented based on its management structure and management accounting practices. The structure and practices are specific to the Company and therefore, the financial results of the Company's business segments are not necessarily comparable with similar information for other financial institutions. | |||||||||||||||||
Community Banking | |||||||||||||||||
The Community Banking segment provides consumer and business banking products and services to customers primarily within Southeastern Wisconsin. Consumer products include loan and deposit products:  mortgage, home equity loans and lines, personal term loans, demand deposit accounts, interest bearing transaction accounts and time deposits.  Business banking products include secured and unsecured lines and term loans for working capital, inventory and general corporate use, commercial real estate construction loans, demand deposit accounts, interest bearing transaction accounts and time deposits. | |||||||||||||||||
Mortgage Banking | |||||||||||||||||
The Mortgage Banking segment provides residential mortgage loans for the purpose of sale on the secondary market.  Mortgage banking products and services are provided by offices in 22 states. | |||||||||||||||||
As of or for the Year ended December 31, 2013 | |||||||||||||||||
Community | Mortgage | Holding | Consolidated | ||||||||||||||
Banking | Banking | Company and | |||||||||||||||
Other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 38,148 | 557 | 501 | 39,206 | ||||||||||||
Provision for loan losses | 4,472 | 60 | - | 4,532 | |||||||||||||
Net interest income after provision for loan losses | 33,676 | 497 | 501 | 34,674 | |||||||||||||
Noninterest income | 3,134 | 84,879 | (214 | ) | 87,799 | ||||||||||||
Noninterest expenses: | |||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 13,526 | 55,484 | (203 | ) | 68,807 | ||||||||||||
Occupancy, office furniture, and equipment | 3,052 | 5,194 | (81 | ) | 8,165 | ||||||||||||
FDIC insurance premiums | 1,986 | - | - | 1,986 | |||||||||||||
Real estate owned | 255 | - | - | 255 | |||||||||||||
Other | 4,197 | 15,565 | 169 | 19,931 | |||||||||||||
Total noninterest expenses | 23,016 | 76,243 | (115 | ) | 99,144 | ||||||||||||
Income before income taxes | 13,794 | 9,133 | 402 | 23,329 | |||||||||||||
Income taxes | 4,777 | 3,682 | 162 | 8,621 | |||||||||||||
Net income | $ | 9,017 | 5,451 | 240 | 14,708 | ||||||||||||
Total Assets | $ | 1,895,833 | 119,401 | (68,195 | ) | 1,947,039 | |||||||||||
As of or for the Year ended December 31, 2012 | |||||||||||||||||
Community | Mortgage | Holding | Consolidated | ||||||||||||||
Banking | Banking | Company and | |||||||||||||||
Other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 40,973 | 470 | 502 | 41,945 | ||||||||||||
Provision for loan losses | 8,250 | 50 | - | 8,300 | |||||||||||||
Net interest income after provision for loan losses | 32,723 | 420 | 502 | 33,645 | |||||||||||||
Noninterest income | 3,259 | 87,944 | - | 91,203 | |||||||||||||
Noninterest expenses: | |||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 13,424 | 50,748 | (665 | ) | 63,507 | ||||||||||||
Occupancy, office furniture and equipment | 3,112 | 3,856 | - | 6,968 | |||||||||||||
FDIC insurance premiums | 3,390 | - | - | 3,390 | |||||||||||||
Real estate owned | 8,746 | - | - | 8,746 | |||||||||||||
Other | 4,728 | 14,517 | 282 | 19,527 | |||||||||||||
Total noninterest expenses | 33,400 | 69,121 | (383 | ) | 102,138 | ||||||||||||
Income before income taxes (benefit) | 2,582 | 19,243 | 885 | 22,710 | |||||||||||||
Income taxes (benefit) | (19,347 | ) | 7,724 | (581 | ) | (12,204 | ) | ||||||||||
Net income | $ | 21,929 | 11,519 | 1,466 | 34,914 | ||||||||||||
Total Assets | $ | 1,589,314 | 147,699 | (75,937 | ) | 1,661,076 | |||||||||||
  | |||||||||||||||||
As of or for the Year ended December 31, 2011 | |||||||||||||||||
Community | Mortgage | Holding | Consolidated | ||||||||||||||
Banking | Banking | Company and | |||||||||||||||
Other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 45,611 | 406 | 499 | 46,516 | ||||||||||||
Provision for loan losses | 21,960 | 117 | - | 22,077 | |||||||||||||
Net interest income after provision for loan losses | 23,651 | 289 | 499 | 24,439 | |||||||||||||
Noninterest income | 2,431 | 40,798 | - | 43,229 | |||||||||||||
Noninterest expenses: | |||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 13,006 | 26,929 | (776 | ) | 39,159 | ||||||||||||
Occupancy, office furniture and equipment | 3,262 | 3,226 | - | 6,488 | |||||||||||||
FDIC insurance premiums | 3,814 | - | - | 3,814 | |||||||||||||
Real estate owned | 12,140 | - | - | 12,140 | |||||||||||||
Other | 4,598 | 7,883 | 497 | 12,978 | |||||||||||||
Total noninterest expenses | 36,820 | 38,038 | (279 | ) | 74,579 | ||||||||||||
Income (loss) before income taxes (benefit) | (10,738 | ) | 3,049 | 778 | (6,911 | ) | |||||||||||
Income taxes (benefit) | (833 | ) | 1,395 | - | 562 | ||||||||||||
Net income (loss) | $ | (9,905 | ) | 1,654 | 778 | (7,473 | ) | ||||||||||
Total Assets | $ | 1,669,231 | 100,177 | (56,557 | ) | 1,712,851 | |||||||||||
Other_Matters
Other Matters | 12 Months Ended |
Dec. 31, 2013 | |
Other Matters [Abstract] | ' |
Other Matters [Text Block] | ' |
Note 21 – Subsequent Events | |
On January 22, 2014, Waterstone Financial, Inc., a Maryland Corporation, completed its conversion from the mutual holding company to the stock holding company form of organization. A total of 25,300,000 shares were sold in the subscription offering at a price of $10.00 per share. As part of the conversion, each existing share of Waterstone-Federal common stock held by current public shareholders was converted into the right to receive 1.0973 shares of New Waterstone common stock. The exchange ratio ensured that, after the conversion and offering, the current public shareholders of Waterstone-Federal maintained approximately the same ownership interest in New Waterstone as they previously owned prior to the closing of the conversion. Cash was issued in lieu of fractional shares based on the offering price of $10.00 per share. Approximately 34,406,929 shares of Waterstone common stock were outstanding after the completion of the offering and the exchange, before taking into account adjustments for fractional shares. | |
The Plan of Conversion and Reorganization provided for the establishment of special "liquidation accounts" for the benefit of certain depositors of WaterStone Bank in an amount equal to the greater of the MHC's ownership interest in the retained earnings of the Company as of the date of the latest balance sheet contained in the prospectus or the retained earnings of Waterstone Bank at the time it reorganized into the MHC. Following the completion of the conversion, under the rules of the Board of Governors of the Federal Reserve System, Waterstone Bank is not permitted to pay dividends on its capital stock to Waterstone Financial, Inc., its sole shareholder, if Waterstone Bank's shareholder's equity would be reduced below the amount of the liquidation accounts. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder's interest in the liquidation accounts. | |
Waterstone-Federal's common stock began trading on the Nasdaq Global Select Market under the trading symbol "WSBF" on January 23, 2014. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Organization | ' | ||
(a)Â Â Â Â Â Â Plan of Conversion and Reorganization | |||
On June 6, 2013, the Board of Directors of Lamplighter Financial, MHC ("MHC") and the Board of Directors of the Waterstone Financial, Inc. ("Waterstone-Federal") adopted a new Plan of Conversion and Reorganization (the "Plan"). Pursuant to the Plan, Waterstone Financial, Inc., a Maryland Corporation, ("New Waterstone") was organized and the MHC converted from the mutual holding company form of organization to the fully public form on January 22, 2014.  As part of the conversion, the MHC's ownership interest of the New Waterstone was offered for sale in a public offering. The existing publicly held shares of the Waterstone-Federal, were exchanged for new shares of common stock of New Waterstone. The exchange ratio ensured that immediately after the conversion and public offering, the public shareholders of the Waterstone-Federal owned the same aggregate percentage of New Waterstone common stock that they owned immediately prior to that time (excluding shares purchased in the stock offering and cash received in lieu of fractional shares). When the conversion and public offering was completed, New Waterstone became the holding company of WaterStone Bank and succeeded to all of the business and operations of Waterstone-Federal and each of Waterstone-Federal and Lamplighter Financial, MHC ceased to exist. | |||
The Plan provided for the establishment of special "liquidation accounts" for the benefit of certain depositors of WaterStoneBank in an amount equal to the greater of the MHC's ownership interest in the retained earnings of the Company as of the date of the latest balance sheet contained in the prospectus or the retained earnings of WaterStone Bank at the time it reorganized into the MHC. Following the completion of the conversion, under the rules of the Board of Governors of the Federal Reserve System, WaterStone Bank is not permitted to pay dividends on its capital stock to Waterstone Financial, Inc., its sole shareholder, if WaterStone Bank's shareholder's equity would be reduced below the amount of the liquidation accounts. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder's interest in the liquidation accounts. | |||
Direct costs of the conversion and public offering will be deferred and reduce the proceeds from the shares sold in the public offering. Costs of $1.4 million have been incurred related to the conversion as of December 31, 2013, and are included in other assets. | |||
Share amounts have been restated to reflect the completion of our second-step conversion on January 22, 2014 at a conversion ratio of 1.0973 unless noted otherwise. | |||
Nature of Operations | ' | ||
b) | Nature of Operations | ||
The Company is a one-bank holding company with two operating segments – community banking and mortgage banking.  The Bank is principally engaged in the business of attracting deposits from the general public and using such deposits to originate real estate, business and consumer loans. | |||
The Bank provides a full range of financial services to customers through branch locations in southeastern Wisconsin. The Bank is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. | |||
The Bank owns a mortgage banking subsidiary that originates residential real estate loans held for sale at various branch offices across the country.  Mortgage banking volume fluctuates widely given movements in interest rates.  Mortgage banking income is reported as a single line item in the statements of operations while mortgage banking expense is distributed among the various noninterest expense lines.  Compensation, payroll taxes and other employee benefits expense varies directly with mortgage banking income. | |||
Principles of Consolidation | ' | ||
c) | Principles of Consolidation | ||
The consolidated financial statements include the accounts and operations of Waterstone Financial, Inc. and its wholly owned subsidiary, WaterStone Bank.  The Bank has the following wholly owned subsidiaries: Wauwatosa Investments, Inc. and Waterstone Mortgage Corporation. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||
Use of Estimates | ' | ||
d) | Use of Estimates | ||
The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include: the allowance for loan losses, deferred income taxes, valuation of investments, evaluation of other than temporary impairment on investments and valuation of real estate owned. Actual results could differ from those estimates and the current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions. | |||
Cash and Cash Equivalents | ' | ||
e) | Cash and Cash Equivalents | ||
The Company considers federal funds sold and highly liquid debt instruments with a maturity of three months or less when purchased to be cash equivalents. | |||
Securities | ' | ||
f) | Securities | ||
Available for Sale Securities | |||
At the time of purchase, investment securities are classified as available for sale, as management has the intent and ability to hold such securities for an indefinite period of time, but not necessarily to maturity.  Any decision to sell investment securities available for sale would be based on various factors, including, but not limited to asset/liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations.  Available for sale securities are carried at fair value, with the unrealized gains and losses, net of deferred tax, reported as a separate component of equity, accumulated other comprehensive income.  The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity or, in the case of mortgage-backed securities and collateralized mortgage obligations, over the estimated life of the security. Such amortization is included in interest income from securities.  Realized gains or losses on securities sales (using specific identification method) are included in other income.  Declines in value judged to be other than temporary are included in net impairment losses recognized in earnings in the consolidated statements of operations. | |||
  | |||
Other Than Temporary Impairment | |||
One of the significant estimates related to securities is the evaluation of investments for other than temporary impairment.  The Company assesses  investment securities with unrealized loss positions for other than temporary impairment on at least a quarterly basis.  When the fair value of an investment is less than its amortized cost at the balance sheet date of the reporting period for which impairment is assessed, the impairment is designated as either temporary or other than temporary.  In evaluating other than temporary impairment, management considers the length of time and extent to which the fair value has been less than cost and the expected recovery period of the security, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term.  Declines in the fair value of investment securities below amortized cost are deemed to be other than temporary when the Company cannot assert that it will recover its amortized cost basis, including whether the present value of cash flows expected to be collected is less than the amortized cost basis of the security. If it is more likely than not that the Company will be required to sell the security before recovery or if the Company has the intent to sell, an other than temporary impairment write down is recognized in earnings equal to the difference between the security's amortized cost and its fair value.  If it is not more likely than not that the Company will be required to sell the security before recovery and if the Company does not intend to sell, the other than temporary impairment write down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to other factors, which is recognized as a separate component of equity.  Following the recognition of an other than temporary impairment representing credit loss, the book value of an investment less the impairment loss realized becomes the new cost basis.  Because the Company's assessments are based on factual information as well as subjective information available at the time of assessment, the determination as to whether an other than temporary impairment exists and, if so, the amount considered other than temporarily impaired, or not impaired, is subjective and, therefore, the timing and amount of other than temporary impairments constitute material estimates that are subjective to significant change. | |||
  | |||
Federal Home Loan Bank Stock | |||
Federal Home Loan Bank stock is carried at cost, which is the amount that the stock is redeemable by tendering to the FHLBC or the amount at which shares can be sold to other FHLBC members.  FHLBC dividends are recognized as income on their ex-dividend date. | |||
Loans Held for Sale | ' | ||
g) | Loans Held for Sale | ||
The origination of residential real estate loans is an integral component of the business of the Company. The Company generally sells its originations of long-term fixed interest rate mortgage loans in the secondary market. Gains and losses on the sales of these loans are determined using the specific identification method. The Company generally sells mortgage loans in the secondary market on a servicing released basis, however, servicing is retained when economic conditions so warrant. Mortgage loans originated for sale are generally sold within 45Â days after closing. | |||
The Company has elected to carry loans held for sale at fair value.  Fair value is generally determined by estimating a gross premium or discount, which is derived from pricing currently observable in the market.  The amount by which cost differs from market value is accounted for as a valuation adjustment to the carrying value of the loans.  Changes in value are included in mortgage banking income in the consolidated statements of operations.  The carrying value of loans held for sale included a market valuation adjustment of $2.3 million at December 31, 2013 and $6.0 million at December 31, 2012. | |||
Costs to originate loans held for sale are expensed as incurred and are included on the appropriate noninterest expense lines of the statements of operations.  Salaries, commissions and related payroll taxes are the primary costs to originate and comprise approximately 73% of total mortgage banking noninterest expense. | |||
The value of mortgage loans held for sale and other residential mortgage loan commitments to customers are hedged by utilizing both best efforts and mandatory forward commitments to sell loans to investors in the secondary market. Such forward commitments are generally entered into at the time when applications are taken to protect the value of the mortgage loans from increases in market interest rates during the period held. The Corporation recognizes revenue associated with the expected future cash flows of servicing loans at the time a forward loan commitment is made, as required under Securities and Exchange Commission Staff Accounting Bulletin No. 109, Written Loan Commitments Recorded at Fair Value Through Earnings. | |||
Loans Receivable and Related Interest Income | ' | ||
h) | Loans Receivable and Related Interest Income | ||
Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff.  Loans are carried at the principal amount outstanding, net of any unearned income, charge-offs and unamortized deferred fees and costs.  Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of the related loan yield. Amortization is based on a level-yield method over the contractual life of the related loans or until the loan is paid in full. | |||
Loan interest income is recognized on the accrual basis.  Accrual of interest is generally discontinued either when reasonable doubt exists as to the full, timely collection of interest or principal, or when a loan becomes contractually past due more than 90 days with respect to interest or principal. At that time, previously accrued and uncollected interest on such loans is reversed and additional income is recorded only to the extent that payments are received and the collection of principal is reasonably assured.  Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. | |||
  | |||
A loan is accounted for as a troubled debt restructuring if the Company, for economic reasons related to the borrower's financial condition, grants a concession to the borrower that it would not otherwise consider.  A troubled debt restructuring typically involves a modification of terms such as a reduction of the stated interest rate, a deferral of principal payments or a combination of both for a temporary period of time.  If the borrower was performing in accordance with the original contractual terms at the time of the restructuring, the restructured loan is accounted for on an accruing basis as long as the borrower continues to comply with the modified terms.  If the loan was not accounted for on an accrual basis at the time of restructuring, the restructured loan remains in non-accrual status until the loan returns to its original contractual terms and a positive payment history is established. | |||
Allowance for Loan Losses | ' | ||
i) | Allowance for Loan Losses | ||
The allowance for loan losses is presented as a reserve against loans and represents the Bank's assessment of probable loan losses inherent in the loan portfolio.  The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income.  Estimated loan losses are charged against the allowance when the loan balance is confirmed to be uncollectible directly or indirectly by the borrower or upon initiation of a foreclosure action by the Bank.  Subsequent recoveries, if any, are credited to the allowance. | |||
The allowance provides for probable losses that have been identified with specific customer relationships and for probable losses believed to be inherent in the loan portfolio, but have not been specifically identified.  The Bank utilizes its own loss history to estimate inherent losses on loans. Although the Bank allocates portions of the allowance to specific loans and loan types, the entire allowance is available for any loan losses that occur. | |||
The Bank evaluates the need for specific valuation allowances on loans that are considered impaired. A loan is considered impaired when, based on current information and events, it is probable that the Bank will not be able to collect all amounts due according to the contractual terms of the loan agreement. Within the loan portfolio, all non-accrual loans and loans modified under troubled debt restructurings have been determined by the Bank to meet the definition of an impaired loan.  In addition, other one- to four-family, over four-family, construction and land, commercial real estate and commercial loans may be considered impaired loans.  A valuation allowance is established for an amount equal to the impairment when the carrying amount of the loan exceeds the present value of the expected future cash flows, discounted at the loan's original effective interest rate or the fair value of the underlying collateral. | |||
The Bank also establishes valuation allowances based on an evaluation of the various risk components that are inherent in the loan portfolio. The risk components that are evaluated include past loan loss experience; the level of non-performing and classified assets; current economic conditions; volume, growth, and composition of the loan portfolio; adverse situations that may affect the borrower's ability to repay; the estimated value of any underlying collateral; regulatory guidance; and other relevant factors. | |||
The appropriateness of the allowance for loan losses is approved quarterly by the Bank's board of directors. The allowance reflects management's best estimate of the amount needed to provide for the probable loss on impaired loans, as well as other credit risks of the Bank, and is based on a risk model developed and implemented by management and approved by the Bank's board of directors. | |||
Actual results could differ from this estimate, and future additions to the allowance may be necessary based on unforeseen changes in economic conditions. In addition, federal regulators periodically review the Bank's allowance for loan losses. Such regulators have the authority to require the Bank to recognize additions to the allowance at the time of their examination. | |||
Real Estate Owned | ' | ||
j) | Real Estate Owned | ||
Real estate owned consists of properties acquired through, or in lieu of, loan foreclosure.  Real estate owned is transferred into the portfolio at the lower of estimated fair value less anticipated selling costs based upon the property's appraised value at the date of transfer or the net carrying value of the loan.  To the extent that the net carrying value of the loan exceeds the estimated fair value of the property at the date of transfer, the excess is charged to the allowance for loan losses.  Subsequent write-downs to reflect current fair market value, as well as gains and losses upon disposition and revenue and expenses incurred in maintaining such properties, are treated as period costs and included in real estate owned in the consolidated statements of operations. | |||
Mortgage Servicing Rights | ' | ||
k) | Mortgage Servicing Rights | ||
The Company sells residential mortgage loans in the secondary market and, on a selective basis, retains the right to service the loans sold.  Upon sale, a mortgage servicing rights asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities.  Mortgage servicing rights, when purchased, are initially recorded at fair value.  Mortgage servicing rights are amortized over the period of estimated net servicing income, and assessed for impairment at each reporting date. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets, net in the consolidated balance sheets. To the extent that the Company sells mortgage servicing rights, a gain is recognized for the amount of which sale proceeds exceed the remaining unamortized cost of the servicing rights that were sold. Gains on sale of mortgage serving rights are included in other noninterest income in the consolidated statements of operations. | |||
Cash Surrender Value of Life Insurance | ' | ||
l) | Cash Surrender Value of Life Insurance | ||
The Company purchased bank owned life insurance on the lives of certain employees.  The Company is the beneficiary of the life insurance policies.  The cash surrender value of life insurance is reported at the amount that would be received in cash if the polices were surrendered.  Increases in the cash value of the policies and proceeds of death benefits received are recorded in non-interest income.  The increase in cash surrender value of life insurance is not subject to income taxes, as long as the Company has the intent and ability to hold the policies until the death benefits are received. | |||
Office Properties and Equipment | ' | ||
m) | Office Properties and Equipment | ||
Office properties and equipment, including leasehold improvements and software, are stated at cost, net of depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lease term, if shorter than the estimated useful life. Maintenance and repairs are charged to expense as incurred, while additions or major improvements are capitalized and depreciated over their estimated useful lives. Estimated useful lives of the assets are 10 to 30 years for office properties, 3 to 10 years for equipment, and 3 years for software. Rent expense related to long-term operating leases is recorded on the accrual basis. | |||
Income Taxes | ' | ||
n) | Income Taxes | ||
The Company and its subsidiaries file consolidated federal and combined state income tax returns. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax returns.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss carry fowards.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date.  | |||
The Company evaluates the realizability of its deferred tax assets on a quarterly basis.  Under generally accepted accounting principles, a valuation allowance is required to be recognized if it is "more likely than not" that a deferred tax asset will not be realized.  The determination of the realizability of the deferred tax assets is highly subjective and dependent upon judgment concerning management's evaluation of both positive and negative evidence, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions. | |||
Positions taken in the Company's tax returns may be subject to challenge by the taxing authorities upon examination.  The benefit of uncertain tax positions are initially recognized in the financial statements only when it is more likely than not the position will be sustained upon examination by the tax authorities.  Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts.   Interest and penalties on income tax uncertainties are classified within income tax expense in the income statement. | |||
Earnings Per Share | ' | ||
o) | Earnings Per Share | ||
Earnings per share are computed using the two-class method.  Basic earnings per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities.  Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of all potential common shares.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.  Shares of the Employee Stock Ownership Plan committed to be released are considered outstanding for both common and diluted EPS.  Incentive stock compensation awards granted can result in dilution. | |||
Other Comprehensive Income | ' | ||
p) | Comprehensive Income | ||
Comprehensive income is the total of reported net income and changes in unrealized gains or losses, net of tax, on securities available for sale. | |||
Employee Stock Ownership Plan (ESOP) | ' | ||
q) | Employee Stock Ownership Plan (ESOP) | ||
Compensation expense under the ESOP is equal to the fair value of common shares released or committed to be released to participants in the ESOP in each respective period.  Common stock purchased by the ESOP and not committed to be released to participants is included in the consolidated statements of financial condition at cost as a reduction of shareholders' equity. | |||
  | |||
Impact of Recent Accounting Pronouncements | ' | ||
r) | Impact of Recent Accounting Pronouncements | ||
In January 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-01, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, which amended disclosures by requiring improved information about financial instruments and derivative instruments that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset on the balance sheet. Reporting entities are required to provide both net and gross information for these assets and liabilities in order to enhance comparability between those entities that prepare their financial statements on the basis of international financial reporting standards ("IFRS"). Companies were required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those years. The adoption of this accounting standard did not have a material impact on the Company's results of operation, financial position, or liquidity. | |||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under this standard, an entity is required to provide information about the amounts reclassified out of accumulated OCI by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated OCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. This standard does not change the current requirements for reporting net income or other comprehensive income in the financial statements and was effective for interim and annual periods beginning on or after December 15, 2012. The adoption of this accounting standard did not have a material impact on the Company's results of operation, financial position, or liquidity. | |||
In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure."Â This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar agreement. In addition, the amendment requires interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure in accordance with local requirements of the applicable jurisdiction. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. An entity can elect to adopt the amendments using either a modified retrospective method or a prospective transition method. Early adoption is permitted. The Company is in the process of evaluating the impact of this standard to its results of operations, financial position, or liquidity. | |||
In July 2013, the FASB issued ASU No. 2013-10, "Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force)." This ASU permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to US Treasuries (UST) and London Interbank Offered Rate (LIBOR). The amendment also removes the restriction on using different benchmark rates for similar hedges. The amendment applies to all entities that elect to apply hedge accounting of the benchmark interest rate. This ASU is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this standard did not have a material impact on the Company's consolidated financial position or results of operations. | |||
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exits." This ASU provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use the deferred tax asset for such purpose. In these cases, the unrecognized tax benefit should be presented as a liability. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application is permitted. The Company is in the process of evaluating the impact of this standard to its existing disclosures and currently does not expect this standard to have a material impact on the Company's consolidated financial position or results of operations. | |||
    | |||
Securities_Policies
Securities (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Securities [Abstract] | ' |
Impairment of investment securities | ' |
The Company reviews the investment securities portfolio on a quarterly basis to monitor its exposure to other-than-temporary impairment.  In evaluating whether a security's decline in market value is other-than-temporary, management considers the length of time and extent to which the fair value has been less than cost, financial condition of the issuer and the underlying obligors, quality of credit enhancements, volatility of the fair value of the security, the expected recovery period of the security and ratings agency evaluations.  In addition the Company may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds and the value of any underlying collateral.  For certain securities in unrealized loss positions, the Company prepares cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. | |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Financial Instruments [Abstract] | ' |
Derivative financial instruments | ' |
In connection with its mortgage banking activities, the Company enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates.   Mortgage banking derivatives include interest rate lock commitments provided to customers to fund mortgage loans to be sold in the secondary market and forward commitments for the future delivery of such loans.  It is the Company's practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale.  The Company's mortgage banking derivatives have not been designated as being a hedge relationship.  These instruments are used to manage the Company's exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815.  Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings.  The Company does not use derivatives for speculative purposes. | |
Forward commitments to sell mortgage loans represent commitments obtained by the Company from a secondary market agency to purchase mortgages from the Company at specified interest rates and within specified periods of time.  Commitments to sell loans are made to mitigate interest rate risk on interest rate lock commitments to originate loans and loans held for sale.    At December 31, 2013, the Company had forward commitments to sell mortgage loans with an aggregate notional amount of $128.0 million and interest rate lock commitments with an aggregate notional amount of $100.4 million.  The fair value of the mortgage derivatives at December 31, 2013 included a gain of $1.2 million that is reported as a component of other assets on the Company's consolidated statements of financial condition. | |
In determining the fair value of its derivative loan commitments, the Company considers the value that would be generated when the loan arising from exercise of the loan commitment is sold in the secondary mortgage market. That value includes the price that the loan is expected to be sold for in the secondary mortgage market.  The fair value of these commitments is recorded on the consolidated statements of financial condition with the changes in fair value recorded as a component of mortgage banking income. | |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized cost and fair values of investment in securities available for sale | ' | ||||||||||||||||||||||||
The amortized cost and fair values of the Company's investment in securities follow: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 104,462 | 1,192 | (731 | ) | 104,923 | |||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Government sponsored enterprise issued | 18,946 | 320 | (25 | ) | 19,241 | ||||||||||||||||||||
Mortgage related securities | 123,408 | 1,512 | (756 | ) | 124,164 | ||||||||||||||||||||
Government sponsored enterprise bonds | 18,171 | 4 | (241 | ) | 17,934 | ||||||||||||||||||||
Municipal securities | 61,014 | 802 | (3,023 | ) | 58,793 | ||||||||||||||||||||
Other debt securities | 5,000 | 160 | – | 5,160 | |||||||||||||||||||||
Debt securities | 84,185 | 966 | (3,264 | ) | 81,887 | ||||||||||||||||||||
Certificates of Deposit | 7,350 | 32 | (15 | ) | 7,367 | ||||||||||||||||||||
$ | 214,943 | 2,510 | (4,035 | ) | 213,418 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 116,813 | 2,349 | (106 | ) | 119,056 | |||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Government sponsored enterprise issued | 29,207 | 373 | (1 | ) | 29,579 | ||||||||||||||||||||
Mortgage related securities | 146,020 | 2,722 | (107 | ) | 148,635 | ||||||||||||||||||||
Government sponsored enterprise bonds | 8,000 | 17 | – | 8,017 | |||||||||||||||||||||
Municipal securities | 35,493 | 2,043 | (165 | ) | 37,371 | ||||||||||||||||||||
Other debt securities | 5,000 | 70 | – | 5,070 | |||||||||||||||||||||
Debt securities | 48,493 | 2,130 | (165 | ) | 50,458 | ||||||||||||||||||||
Certificates of Deposit | 5,880 | 45 | (1 | ) | 5,924 | ||||||||||||||||||||
$ | 200,393 | 4,897 | (273 | ) | 205,017 | ||||||||||||||||||||
Amortized cost and fair values of investment securities by contractual maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers or borrowers may have the right to prepay obligations with or without prepayment penalties. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized cost | Fair value | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Due within one year | $ | 2,611 | 2,632 | ||||||||||||||||||||||
Due after one year through five years | 33,927 | 34,318 | |||||||||||||||||||||||
Due after five years through ten years | 22,292 | 21,134 | |||||||||||||||||||||||
Due after ten years | 32,705 | 31,170 | |||||||||||||||||||||||
Mortgage-related securities | 123,408 | 124,164 | |||||||||||||||||||||||
$ | 214,943 | 213,418 | |||||||||||||||||||||||
Total proceeds and gross gains and losses from sales of investment securities available for sale | ' | ||||||||||||||||||||||||
Total proceeds and gross gains and losses from sales of investment securities available for sale for each of periods listed below. | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Gross gains | $ | 6 | 522 | 53 | |||||||||||||||||||||
Gross losses | (15 | ) | - | - | |||||||||||||||||||||
Gains on sale of investment securities, net | $ | (9 | ) | 522 | 53 | ||||||||||||||||||||
Proceeds from sales of investment securities | $ | 921 | 30,089 | 3,230 | |||||||||||||||||||||
  | |||||||||||||||||||||||||
Fair value and gross unrealized losses on securities available for sale and in a continuous unrealized loss position | ' | ||||||||||||||||||||||||
Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
value | loss | value | loss | value | loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Mortgage-backed securities | $Â | 45,094 | (539 | ) | 5,349 | (192 | ) | 50,443 | (731 | ) | |||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Government sponsored enterprise issued | 5,669 | (25 | ) | – | – | 5,669 | (25 | ) | |||||||||||||||||
Government sponsored enterprise bonds | 15,530 | (241 | ) | - | - | 15,530 | (241 | ) | |||||||||||||||||
Municipal securities | 37,498 | (2,546 | ) | 4,708 | (477 | ) | 42,206 | (3,023 | ) | ||||||||||||||||
Certificates of Deposit | 3,660 | (15 | ) | – | – | 3,660 | (15 | ) | |||||||||||||||||
$ | 107,451 | (3,366 | ) | 10,057 | (669 | ) | 117,508 | (4,035 | ) | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
value | loss | value | loss | value | loss | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 19,382 | (106 | ) | – | – | 19,382 | (106 | ) | ||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||
Government sponsored enterprise issued | 1,419 | (1 | ) | – | – | 1,419 | (1 | ) | |||||||||||||||||
Municipal securities | 9,009 | (94 | ) | 398 | (71 | ) | 9,407 | (165 | ) | ||||||||||||||||
Certificates of Deposit | 244 | (1 | ) | – | – | 244 | (1 | ) | |||||||||||||||||
$ | 30,054 | (202 | ) | 398 | (71 | ) | 30,452 | (273 | ) | ||||||||||||||||
Change in other-than-temporary credit related impairment charges on collateralized mortgage obligations for which a portion of OTTI related to other factors was recognized in other comprehensive loss | ' | ||||||||||||||||||||||||
The following table presents the change in other-than-temporary credit related impairment charges on collateralized mortgage obligations and municipal securities for which a portion of the other-than-temporary impairments related to other factors was recognized in other comprehensive loss. | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Credit related impairments on securities as of December 31, 2011 | $ | 2,096 | |||||||||||||||||||||||
Credit related impairments related to a security for which other-than-temporary impairment was not previously recognized | 100 | ||||||||||||||||||||||||
Increase in credit related impairments related to securities for which an other-than-temporary impairment was previously recognized | 113 | ||||||||||||||||||||||||
Reduction for sales of securities for which other-than-temporary was previously recognized | (2,209 | ) | |||||||||||||||||||||||
Credit related impairments on securities as of December 31, 2012 | 100 | ||||||||||||||||||||||||
Credit related impairments related to a security for which other-than-temporary impairment was not previously recognized | - | ||||||||||||||||||||||||
Increase in credit related impairments related to securities for which an other-than-temporary impairment was previously recognized | - | ||||||||||||||||||||||||
Credit related impairments on securities as of December 31, 2013 | $ | 100 | |||||||||||||||||||||||
Loans_Receivable_Tables
Loans Receivable (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Loan Receivable [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Components of Loans Receivable | ' | ||||||||||||||||||||||||||||||||
Loans receivable at December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Mortgage loans: | (In Thousands) | ||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 413,614 | 460,821 | ||||||||||||||||||||||||||||||
Over four-family | 521,597 | 514,363 | |||||||||||||||||||||||||||||||
Home equity | 35,432 | 36,494 | |||||||||||||||||||||||||||||||
Construction and land | 31,905 | 33,818 | |||||||||||||||||||||||||||||||
Commercial real estate | 71,698 | 65,495 | |||||||||||||||||||||||||||||||
Consumer | 134 | 132 | |||||||||||||||||||||||||||||||
Commercial loans | 18,296 | 22,549 | |||||||||||||||||||||||||||||||
Total loans receivable | $ | 1,092,676 | 1,133,672 | ||||||||||||||||||||||||||||||
Analysis of Past Due Loans Receivable | ' | ||||||||||||||||||||||||||||||||
An analysis of past due loans receivable as of As of December 31, 2013 and 2012 follows: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
1-59 Days Past | 60-89 Days Past | Greater Than 90 | Total Past Due | Current (3) | Total Loans | ||||||||||||||||||||||||||||
Due (1) | Due (2) | Days | |||||||||||||||||||||||||||||||
Mortgage loans: | (In Thousands) | ||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 4,994 | 5,236 | 17,499 | 27,729 | 385,885 | 413,614 | ||||||||||||||||||||||||||
Over four-family | 804 | 1,293 | 7,743 | 9,840 | 511,757 | 521,597 | |||||||||||||||||||||||||||
Home equity | 373 | 205 | 465 | 1,043 | 34,389 | 35,432 | |||||||||||||||||||||||||||
Construction and land | - | 39 | 4,195 | 4,234 | 27,671 | 31,905 | |||||||||||||||||||||||||||
Commercial real estate | 287 | - | 357 | 644 | 71,054 | 71,698 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | 134 | 134 | |||||||||||||||||||||||||||
Commercial loans | - | - | 521 | 521 | 17,775 | 18,296 | |||||||||||||||||||||||||||
Total | $ | 6,458 | 6,773 | 30,780 | 44,011 | 1,048,665 | 1,092,676 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
1-59 Days Past | 60-89 Days Past | Greater Than 90 | Total Past Due | Current (3) | Total Loans | ||||||||||||||||||||||||||||
Due (1) | Due (2) | Days | |||||||||||||||||||||||||||||||
Mortgage loans: | (In Thousands) | ||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 11,745 | 5,402 | 29,259 | 46,406 | 414,415 | 460,821 | ||||||||||||||||||||||||||
Over four-family | 3,543 | 1,498 | 18,336 | 23,377 | 490,986 | 514,363 | |||||||||||||||||||||||||||
Home equity | 416 | 111 | 404 | 931 | 35,563 | 36,494 | |||||||||||||||||||||||||||
Construction and land | 87 | - | 2,180 | 2,266 | 31,552 | 33,818 | |||||||||||||||||||||||||||
Commercial real estate | 290 | - | 668 | 959 | 64,536 | 65,495 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | 132 | 132 | |||||||||||||||||||||||||||
Commercial loans | - | - | 511 | 511 | 22,038 | 22,549 | |||||||||||||||||||||||||||
Total | $ | 16,081 | 7,011 | 51,358 | 74,450 | 1,059,222 | 1,133,672 | ||||||||||||||||||||||||||
-1 | Includes $1.1 million and $2.4 million for December 31, 2013 and 2012, respectively, which are on non-accrual status. | ||||||||||||||||||||||||||||||||
-2 | Includes $5.7 million and $2.8 million for December 31, 2013 and 2012, respectively, which are on non-accrual status. | ||||||||||||||||||||||||||||||||
-3 | Includes $12.9 million and $18.2 million for December 31, 2013 and 2012, respectively, which are on non-accrual status. | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
A summary of the activity for the years ended December 31, 2013, 2012 and 2011 in the allowance for loan losses follows: | |||||||||||||||||||||||||||||||||
One- to Four- | Over Four | Home Equity | Construction | Commercial | Consumer | Commercial | Total | ||||||||||||||||||||||||||
Family | Family | and Land | Real Estate | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,819 | 7,734 | 2,097 | 1,323 | 1,259 | 30 | 781 | 31,043 | ||||||||||||||||||||||||
Provision for loan losses | 1,479 | 859 | 305 | 1,719 | 303 | (2 | ) | (131 | ) | 4,532 | |||||||||||||||||||||||
Charge-offs | (8,706 | ) | (1,640 | ) | (630 | ) | (1,480 | ) | (160 | ) | - | (8 | ) | (12,624 | ) | ||||||||||||||||||
Recoveries | 957 | 258 | 35 | 51 | - | 6 | 6 | 1,313 | |||||||||||||||||||||||||
Balance at end of period | $ | 11,549 | 7,211 | 1,807 | 1,613 | 1,402 | 34 | 648 | 24,264 | ||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,475 | 8,252 | 1,998 | 2,922 | 941 | 28 | 814 | 32,430 | ||||||||||||||||||||||||
Provision for loan losses | 6,149 | 534 | 559 | (181 | ) | 1,500 | 6 | (267 | ) | 8,300 | |||||||||||||||||||||||
Charge-offs | (6,472 | ) | (1,108 | ) | (485 | ) | (1,668 | ) | (1,182 | ) | (4 | ) | (59 | ) | (10,978 | ) | |||||||||||||||||
Recoveries | 667 | 56 | 25 | 250 | - | - | 293 | 1,291 | |||||||||||||||||||||||||
Balance at end of period | $ | 17,819 | 7,734 | 2,097 | 1,323 | 1,259 | 30 | 781 | 31,043 | ||||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 16,150 | 6,877 | 1,196 | 3,252 | 671 | 28 | 1,001 | 29,175 | ||||||||||||||||||||||||
Provision for loan losses | 12,567 | 5,331 | 1,429 | 1,346 | 998 | 9 | 397 | 22,077 | |||||||||||||||||||||||||
Charge-offs | (11,553 | ) | (3,996 | ) | (634 | ) | (1,745 | ) | (734 | ) | (10 | ) | (619 | ) | (19,291 | ) | |||||||||||||||||
Recoveries | 311 | 40 | 7 | 69 | 6 | 1 | 35 | 469 | |||||||||||||||||||||||||
Balance at end of period | $ | 17,475 | 8,252 | 1,998 | 2,922 | 941 | 28 | 814 | 32,430 | ||||||||||||||||||||||||
  | |||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Loss for Loans Evaluated Individually and Collectively For Impairment | ' | ||||||||||||||||||||||||||||||||
A summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class as of the year ended December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
One- to Four- | Over Four | Home Equity | Construction | Commercial | Consumer | Commercial | Total | ||||||||||||||||||||||||||
Family | Family | and Land | Real Estate | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Allowance related to loans individually evaluated for impairment | $ | 2,631 | 2,196 | 862 | 624 | 370 | - | 258 | 6,941 | ||||||||||||||||||||||||
Allowance related to loans collectively evaluated for impairment | 8,918 | 5,015 | 945 | 989 | 1,032 | 34 | 390 | 17,323 | |||||||||||||||||||||||||
Balance at end of period | $ | 11,549 | 7,211 | 1,807 | 1,613 | 1,402 | 34 | 648 | 24,264 | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 37,064 | 17,221 | 1,956 | 6,527 | 1,298 | 17 | 580 | 64,663 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 376,550 | 504,376 | 33,476 | 25,378 | 70,400 | 117 | 17,716 | 1,028,013 | |||||||||||||||||||||||||
Total gross loans | $ | 413,614 | 521,597 | 35,432 | 31,905 | 71,698 | 134 | 18,296 | 1,092,676 | ||||||||||||||||||||||||
A summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class as of the year ended December 31, 2012 follows: | |||||||||||||||||||||||||||||||||
One- to Four- | Over Four | Home Equity | Construction | Commercial | Consumer | Commercial | Total | ||||||||||||||||||||||||||
Family | Family | and Land | Real Estate | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Allowance related to loans individually evaluated for impairment | $ | 7,058 | 3,268 | 1,033 | 377 | 341 | - | 331 | 12,408 | ||||||||||||||||||||||||
Allowance related to loans collectively evaluated for impairment | 10,761 | 4,466 | 1,064 | 946 | 918 | 30 | 450 | 18,635 | |||||||||||||||||||||||||
Balance at end of period | $ | 17,819 | 7,734 | 2,097 | 1,323 | 1,259 | 30 | 781 | 31,043 | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 57,467 | 28,281 | 2,127 | 4,470 | 1,250 | 24 | 1,352 | 94,971 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 403,354 | 486,082 | 34,367 | 29,348 | 64,245 | 108 | 21,197 | 1,038,701 | |||||||||||||||||||||||||
Total gross loans | $ | 460,821 | 514,363 | 36,494 | 33,818 | 65,495 | 132 | 22,549 | 1,133,672 | ||||||||||||||||||||||||
Internal Risk Rating of Loans Receivable | ' | ||||||||||||||||||||||||||||||||
The following table presents information relating to the Company's internal risk ratings of its loans receivable as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
One- to Four- | Over Four | Home Equity | Construction | Commercial | Consumer | Commercial | Total | ||||||||||||||||||||||||||
Family | Family | and Land | Real Estate | ||||||||||||||||||||||||||||||
At December 31, 2013 | (In Thousands) | ||||||||||||||||||||||||||||||||
Substandard | $ | 37,060 | 14,809 | 2,169 | 6,576 | 1,298 | 17 | 580 | 62,509 | ||||||||||||||||||||||||
Watch | 14,402 | 13,108 | 1,077 | 1,866 | 1,401 | - | 1,120 | 32,974 | |||||||||||||||||||||||||
Pass | 362,152 | 493,680 | 32,186 | 23,463 | 68,999 | 117 | 16,596 | 997,193 | |||||||||||||||||||||||||
$ | 413,614 | 521,597 | 35,432 | 31,905 | 71,698 | 134 | 18,296 | 1,092,676 | |||||||||||||||||||||||||
At December 31, 2012 | (In Thousands) | ||||||||||||||||||||||||||||||||
Substandard | $ | 53,242 | 24,767 | 2,913 | 3,705 | 1,251 | 23 | 1,365 | 87,266 | ||||||||||||||||||||||||
Watch | 17,082 | 14,157 | 606 | 2,803 | 1,234 | - | 964 | 36,846 | |||||||||||||||||||||||||
Pass | 390,497 | 475,439 | 32,975 | 27,310 | 63,010 | 109 | 20,220 | 1,009,560 | |||||||||||||||||||||||||
$ | 460,821 | 514,363 | 36,494 | 33,818 | 65,495 | 132 | 22,549 | 1,133,672 | |||||||||||||||||||||||||
Impaired Loan Receivables | ' | ||||||||||||||||||||||||||||||||
    The following tables present data on impaired loans at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
As of or for the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Reserve | Cumulative | Average | Int Paid YTD | ||||||||||||||||||||||||||||
Investment | Principal | Charge-Offs | Recorded | ||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
Total Impaired with Reserve | (in thousands) | ||||||||||||||||||||||||||||||||
One- to four-family | $ | 12,263 | 12,674 | 2,631 | 411 | 13,256 | 577 | ||||||||||||||||||||||||||
Over four-family | 13,352 | 13,400 | 2,196 | 48 | 14,047 | 660 | |||||||||||||||||||||||||||
Home equity | 1,427 | 1,427 | 862 | - | 1,536 | 59 | |||||||||||||||||||||||||||
Construction and land | 3,087 | 3,087 | 624 | - | 3,092 | 93 | |||||||||||||||||||||||||||
Commercial real estate | 839 | 1,324 | 370 | 485 | 1,339 | 35 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial | 569 | 569 | 258 | - | 570 | 1 | |||||||||||||||||||||||||||
$ | 31,537 | 32,481 | 6,941 | 944 | 33,840 | 1,425 | |||||||||||||||||||||||||||
Total Impaired with no Reserve | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 24,801 | 30,519 | - | 5,718 | 30,629 | 1,080 | ||||||||||||||||||||||||||
Over four-family | 3,869 | 4,902 | - | 1,033 | 5,431 | 114 | |||||||||||||||||||||||||||
Home equity | 529 | 529 | - | - | 533 | 12 | |||||||||||||||||||||||||||
Construction and land | 3,440 | 6,133 | - | 2,693 | 6,135 | 62 | |||||||||||||||||||||||||||
Commercial real estate | 459 | 523 | - | 64 | 524 | 27 | |||||||||||||||||||||||||||
Consumer | 17 | 17 | - | - | 19 | 1 | |||||||||||||||||||||||||||
Commercial | 11 | 11 | - | - | 11 | 1 | |||||||||||||||||||||||||||
$ | 33,126 | 42,634 | - | 9,508 | 43,282 | 1,297 | |||||||||||||||||||||||||||
Total Impaired | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 37,064 | 43,193 | 2,631 | 6,129 | 43,885 | 1,657 | ||||||||||||||||||||||||||
Over four-family | 17,221 | 18,302 | 2,196 | 1,081 | 19,478 | 774 | |||||||||||||||||||||||||||
Home equity | 1,956 | 1,956 | 862 | - | 2,069 | 71 | |||||||||||||||||||||||||||
Construction and land | 6,527 | 9,220 | 624 | 2,693 | 9,227 | 155 | |||||||||||||||||||||||||||
Commercial real estate | 1,298 | 1,847 | 370 | 549 | 1,863 | 62 | |||||||||||||||||||||||||||
Consumer | 17 | 17 | - | - | 19 | 1 | |||||||||||||||||||||||||||
Commercial | 580 | 580 | 258 | - | 581 | 2 | |||||||||||||||||||||||||||
$ | 64,663 | 75,115 | 6,941 | 10,452 | 77,122 | 2,722 | |||||||||||||||||||||||||||
The difference between a loan's recorded investment and the unpaid principal balance represents a partial charge-off resulting from a confirmed loss due to the value of the collateral securing the loan being below the loan balance and management's assessment that the full collection of the loan balance is not likely. | |||||||||||||||||||||||||||||||||
When a loan is considered impaired, interest payments received are treated as interest income on a cash basis as long as the remaining book value of the loan (i.e., after charge-off of all identified losses) is deemed to be fully collectible. If the remaining book value is not deemed to be fully collectible, all payments received are applied to unpaid principal. Determination as to the ultimate collectability of the remaining book value is supported by an updated credit department evaluation of the borrower's financial condition and prospects for repayment, including consideration of the borrower's sustained historical repayment performance and other relevant factors. | |||||||||||||||||||||||||||||||||
As of or for the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Reserve | Cumulative | Average | Int Paid YTD | ||||||||||||||||||||||||||||
Investment | Principal | Charge-Offs | Recorded | ||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
Total Impaired with Reserve | Â Â (in thousands) | ||||||||||||||||||||||||||||||||
One- to four-family | $ | 29,057 | 29,456 | 7,058 | 399 | 29,768 | 874 | ||||||||||||||||||||||||||
Over four-family | 17,397 | 17,642 | 3,268 | 245 | 18,073 | 722 | |||||||||||||||||||||||||||
Home equity | 1,544 | 1,544 | 1,033 | - | 1,615 | 74 | |||||||||||||||||||||||||||
Construction and land | 2,316 | 2,316 | 377 | - | 2,316 | 78 | |||||||||||||||||||||||||||
Commercial real estate | 813 | 1,179 | 341 | 366 | 1,748 | 50 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial | 1,352 | 1,352 | 331 | - | 1,352 | 42 | |||||||||||||||||||||||||||
$ | 52,479 | 53,489 | 12,408 | 1,010 | 54,872 | 1,840 | |||||||||||||||||||||||||||
Total Impaired with no Reserve | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 28,410 | 31,315 | - | 2,905 | 31,358 | 1,175 | ||||||||||||||||||||||||||
Over four-family | 10,884 | 11,179 | - | 295 | 11,649 | 549 | |||||||||||||||||||||||||||
Home equity | 583 | 749 | - | 166 | 755 | 14 | |||||||||||||||||||||||||||
Construction and land | 2,154 | 3,655 | - | 1,501 | 3,656 | 5 | |||||||||||||||||||||||||||
Commercial real estate | 437 | 461 | - | 24 | 473 | 12 | |||||||||||||||||||||||||||
Consumer | 24 | 24 | - | - | 24 | 1 | |||||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | |||||||||||||||||||||||||||
$ | 42,492 | 47,383 | - | 4,891 | 47,915 | 1,756 | |||||||||||||||||||||||||||
Total Impaired | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 57,467 | 60,771 | 7,058 | 3,304 | 61,126 | 2,049 | ||||||||||||||||||||||||||
Over four-family | 28,281 | 28,821 | 3,268 | 540 | 29,722 | 1,271 | |||||||||||||||||||||||||||
Home equity | 2,127 | 2,293 | 1,033 | 166 | 2,370 | 88 | |||||||||||||||||||||||||||
Construction and land | 4,470 | 5,971 | 377 | 1,501 | 5,972 | 83 | |||||||||||||||||||||||||||
Commercial real estate | 1,250 | 1,640 | 341 | 390 | 2,221 | 62 | |||||||||||||||||||||||||||
Consumer | 24 | 24 | - | - | 24 | 1 | |||||||||||||||||||||||||||
Commercial | 1,352 | 1,352 | 331 | - | 1,352 | 42 | |||||||||||||||||||||||||||
$ | 94,971 | 100,872 | 12,408 | 5,901 | 102,787 | 3,596 | |||||||||||||||||||||||||||
Troubled Debt Restructurings on Loan Receivables | ' | ||||||||||||||||||||||||||||||||
The following presents data on troubled debt restructurings: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Accruing | Non-accruing | Total | |||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 6,218 | 13 | $ | 11,875 | 70 | $ | 18,093 | 83 | ||||||||||||||||||||||||
Over four-family | 2,710 | 1 | 5,314 | 4 | 8,024 | 5 | |||||||||||||||||||||||||||
Home equity | - | - | 972 | 3 | 972 | 3 | |||||||||||||||||||||||||||
Construction and land | 1,408 | 1 | 833 | 2 | 2,241 | 3 | |||||||||||||||||||||||||||
Commercial real estate | - | - | 257 | 2 | 257 | 2 | |||||||||||||||||||||||||||
$ | 10,336 | 15 | $ | 19,251 | 81 | $ | 29,587 | 96 | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
Accruing | Non-accruing | Total | |||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 9,921 | 17 | $ | 21,847 | 95 | $ | 31,768 | 112 | ||||||||||||||||||||||||
Over four-family | 3,917 | 4 | 20,030 | 13 | 23,947 | 17 | |||||||||||||||||||||||||||
Home equity | - | - | 986 | 3 | 986 | 3 | |||||||||||||||||||||||||||
Construction and land | 2,173 | 2 | 79 | 1 | 2,252 | 3 | |||||||||||||||||||||||||||
Commercial real estate | - | - | 668 | 2 | 668 | 2 | |||||||||||||||||||||||||||
$ | 16,011 | 23 | $ | 43,610 | 114 | $ | 59,621 | 137 | |||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings by Concession Type | ' | ||||||||||||||||||||||||||||||||
The following presents troubled debt restructurings by concession type at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Performing in | In Default | Total | |||||||||||||||||||||||||||||||
accordance with | |||||||||||||||||||||||||||||||||
modified terms | |||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Interest reduction and principal forebearance | $ | 15,160 | 37 | 3,638 | 19 | 18,798 | 56 | ||||||||||||||||||||||||||
Principal forebearance | 5,240 | 5 | - | - | 5,240 | 5 | |||||||||||||||||||||||||||
Interest reduction | 3,317 | 11 | 2,232 | 24 | 5,549 | 35 | |||||||||||||||||||||||||||
$ | 23,717 | 53 | 5,870 | 43 | 29,587 | 96 | |||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
Performing in | In Default | Total | |||||||||||||||||||||||||||||||
accordance with | |||||||||||||||||||||||||||||||||
modified terms | |||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Interest reduction and principal  forebearance | $ | 26,051 | 77 | 2,770 | 11 | 28,821 | 88 | ||||||||||||||||||||||||||
Principal forebearance | 17,574 | 11 | 348 | 1 | 17,922 | 12 | |||||||||||||||||||||||||||
Interest reduction | 11,984 | 35 | 894 | 2 | 12,878 | 37 | |||||||||||||||||||||||||||
$ | 55,609 | 123 | 4,012 | 14 | 59,621 | 137 | |||||||||||||||||||||||||||
Schedule of Data on Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
The following presents data on troubled debt restructurings: | |||||||||||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | ||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||
Loans modified as a troubled debt restructure | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 1,682 | 9 | 14,821 | 27 | ||||||||||||||||||||||||||||
Over four-family | - | - | 18,520 | 8 | |||||||||||||||||||||||||||||
Home equity | 37 | 1 | 12 | 1 | |||||||||||||||||||||||||||||
Land and construction | - | - | 764 | 1 | |||||||||||||||||||||||||||||
$ | 1,719 | 10 | 34,117 | 37 | |||||||||||||||||||||||||||||
Troubled debt restructuring modified within the past twelve months for which there was a default | |||||||||||||||||||||||||||||||||
One- to four-family | - | - | - | - | |||||||||||||||||||||||||||||
$ | - | - | - | - | |||||||||||||||||||||||||||||
  | |||||||||||||||||||||||||||||||||
Schedule of Loans Receivables, Non Accrual Status | ' | ||||||||||||||||||||||||||||||||
The following table presents data on non-accrual loans: | |||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||
One- to four-family | $ | 30,207 | 46,467 | ||||||||||||||||||||||||||||||
Over four-family | 13,498 | 23,205 | |||||||||||||||||||||||||||||||
Home equity | 1,585 | 1,578 | |||||||||||||||||||||||||||||||
Construction and land | 4,195 | 2,215 | |||||||||||||||||||||||||||||||
Commercial real estate | 938 | 668 | |||||||||||||||||||||||||||||||
Commercial | 521 | 511 | |||||||||||||||||||||||||||||||
Consumer | 17 | 24 | |||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 50,961 | 74,668 | ||||||||||||||||||||||||||||||
Total non-accrual loans to total loans, net | 4.66 | % | 6.59 | % | |||||||||||||||||||||||||||||
Total non-accrual loans and performing troubled debt restructurings to total loans receivable | 5.61 | % | 8 | % | |||||||||||||||||||||||||||||
Total non-accrual loans to total assets | 2.62 | % | 4.5 | % | |||||||||||||||||||||||||||||
Office_Properties_and_Equipmen1
Office Properties and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Office Properties and Equipment [Abstract] | ' | ||||||||
Schedule of office properties and equipment | ' | ||||||||
Office properties and equipment are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Land | $ | 6,444 | 6,836 | ||||||
Office buildings and improvements | 27,634 | 29,652 | |||||||
Furniture and equipment | 15,195 | 12,347 | |||||||
49,273 | 48,835 | ||||||||
Less accumulated depreciation | (22,183 | ) | (21,900 | ) | |||||
$ | 27,090 | 26,935 | |||||||
Minimum annual commitments under all non-cancelable lease agreements | ' | ||||||||
The Company and certain subsidiaries are obligated under non-cancelable operating leases for other facilities and equipment.  Rent and equipment lease expense totaled $3.3 million, $2.8 million and $2.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.  The appropriate minimum annual commitments under all non-cancelable lease agreements as of December 31, 2013 are as follows: | |||||||||
Operating | |||||||||
leases | |||||||||
(In Thousands) | |||||||||
Within one year | $ | 2,696 | |||||||
One to two years | 1,558 | ||||||||
Two to three years | 1,295 | ||||||||
Three to four years | 1,009 | ||||||||
Four through five years | 844 | ||||||||
After five years | 4,025 | ||||||||
Total | $ | 11,427 | |||||||
Real_Estate_Owned_Tables
Real Estate Owned (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate Owned [Abstract] | ' | ||||||||
Summary of real estate owned | ' | ||||||||
Real estate owned is summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
One- to four-family | $ | 12,980 | 17,353 | ||||||
Over four-family | 3,040 | 9,890 | |||||||
Construction and land | 6,258 | 7,029 | |||||||
Commercial real estate | 385 | 1,702 | |||||||
$ | 22,663 | 35,974 | |||||||
The following table presents the activity in real estate owned: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Real estate owned at beginning of period | $ | 35,974 | 56,670 | ||||||
Transferred in from loans receivable | 13,552 | 22,282 | |||||||
Sales | (25,734 | ) | (35,159 | ) | |||||
Write downs | (1,382 | ) | (7,562 | ) | |||||
Other activity | 253 | (257 | ) | ||||||
Real estate owned at end of period | $ | 22,663 | 35,974 | ||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Mortgage Servicing Rights [Abstract] | ' | ||||||||
Mortgage Servicing Rights Activity | ' | ||||||||
The following table presents the activity related to the Company's mortgage servicing rights: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Mortgage servicing rights at beginning of the period | $ | 3,220 | $ | 198 | |||||
Additions | 4,077 | 3,411 | |||||||
Amortization | (1,125 | ) | (389 | ) | |||||
Sales | (2,795 | ) | - | ||||||
Mortgage servicing rights at end of the period | 3,377 | 3,220 | |||||||
Valuation allowance at end of period | - | - | |||||||
Mortgage servicing rights at the end of the period, net | $ | 3,377 | $ | 3,220 | |||||
During the twelve months ended December 31, 2013, $1.8 billion in residential loans were originated for sale. During the same period, sales of loans held for sale totaled $1.9 billion, generating mortgage banking income of $80.3 million. The unpaid principal balance of loans serviced for others was $563.7 million and $635.8 million at December 31, 2013 and December 31, 2012 respectively. These loans are not reflected in the consolidated statements of financial condition. | |||||||||
During the twelve months ended December 31, 2013, the Company sold mortgage servicing rights related to $541.6 million in loans receivable and with a book value of $2.8 million for $5.4 million resulting in a gain on sale of $2.6 million. There were no comparable transactions in prior periods. | |||||||||
Estimated Amortization Expense of Mortgage Servicing Rights | ' | ||||||||
The following table shows the estimated future amortization expense for mortgage servicing rights at December 31, 2013 for the periods indicated: | |||||||||
(In Thousands) | |||||||||
Estimate for the years ended December 31: | 2014 | $ | 770 | ||||||
 2015 | 670 | ||||||||
 2016 | 569 | ||||||||
 2017 | 470 | ||||||||
 2018 | 369 | ||||||||
Thereafter | 529 | ||||||||
Total | $ | 3,377 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deposits [Abstract] | ' | ||||||||||||
Summary of interest expense on deposits | ' | ||||||||||||
A summary of interest expense on deposits is as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Interest-bearing demand deposits | $ | 13 | 23 | 30 | |||||||||
Money market and savings deposits | 132 | 272 | 369 | ||||||||||
Time deposits | 5,070 | 9,182 | 14,890 | ||||||||||
$ | 5,215 | 9,477 | 15,289 | ||||||||||
Contractual maturities of time deposits | ' | ||||||||||||
A summary of the contractual maturities of time deposits at December 31, 2013 is as follows: | |||||||||||||
(In Thousands) | |||||||||||||
Within one year | $ | 505,847 | |||||||||||
One to two years | 86,826 | ||||||||||||
Two to three years | 9,491 | ||||||||||||
Three to four years | 25,846 | ||||||||||||
Four through five years | 9,740 | ||||||||||||
$ | 637,750 | ||||||||||||
The Company's subscription offering related to its second step conversion closed on December 17, 2013. As a result, money market and savings deposits at December 31, 2013 include $388.7 million in proceeds from the offering. Of the total proceeds, $253.0 million is reserved for the purchase of common stock and remaining funds are to be returned to subscribers upon completion of the conversion. |
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Borrowings [Abstract] | ' | ||||||||||||||||
Borrowings | ' | ||||||||||||||||
Borrowings consist of the following: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Balance | Weighted | Balance | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Rate | Rate | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Short-term repurchase agreements | $ | 21,197 | 3.19 | % | 45,888 | 3.09 | % | ||||||||||
Federal Home Loan Bank advances maturing: | |||||||||||||||||
2016 | 220,000 | 4.34 | % | 220,000 | 4.34 | % | |||||||||||
2017 | 65,000 | 3.19 | % | 65,000 | 3.19 | % | |||||||||||
2018 | 65,000 | 2.97 | % | 65,000 | 2.97 | % | |||||||||||
Repurchase agreements maturing: | |||||||||||||||||
2017 | 84,000 | 3.96 | % | 84,000 | 3.96 | % | |||||||||||
$ | 455,197 | 3.86 | % | 479,888 | 3.82 | % |
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Regulatory Capital [Abstract] | ' | ||||||||||||||||||||||||
Actual and required capital amounts and ratios | ' | ||||||||||||||||||||||||
The actual and required capital amounts and ratios for the Bank as of December 31, 2013 and 2012 are presented in the table below: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well-Capitalized | |||||||||||||||||||||||
Adequacy Purposes | Under Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||
WaterStone Bank | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 219,146 | 21.67 | % | 80,887 | 8 | % | 101,109 | 10 | % | |||||||||||||||
Tier I capital (to risk-weighted assets) | 206,364 | 20.41 | % | 40,443 | 4 | % | 60,665 | 6 | % | ||||||||||||||||
Tier I capital (to average assets) | 206,364 | 12.48 | % | 66,161 | 4 | % | 82,701 | 5 | % | ||||||||||||||||
State of Wisconsin (to total assets) | 206,364 | 10.65 | % | 116,252 | 6 | % | N/ | A | N/ | A | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
WaterStone Bank | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 199,098 | 17.34 | % | 91,844 | 8 | % | 114,806 | 10 | % | |||||||||||||||
Tier I capital (to risk-weighted assets) | 184,542 | 16.07 | % | 45,922 | 4 | % | 68,883 | 6 | % | ||||||||||||||||
Tier I capital (to average assets) | 184,542 | 11.13 | % | 66,312 | 4 | % | 82,890 | 5 | % | ||||||||||||||||
State of Wisconsin (to total assets) | 184,542 | 11.15 | % | 99,305 | 6 | % | N/ | A | N/ | A | |||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Based Compensation [Abstract] | ' | ||||||||||||||||
Estimated fair value of options granted | ' | ||||||||||||||||
Assumptions are used in estimating the fair value of stock options granted.  The weighted average expected life of the stock options represent the period of time that the options are expected to be outstanding and is based on the SEC simplified approach to calculating expected term.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant.  The expected volatility is based on the actual volatility of Waterstone Financial, Inc. stock from the original date of issue, October 4, 2005.  The following assumptions were used in estimating the fair value of options granted in the year ended 2012.  There were no options granted during the years ended December 31, 2013 or 2011. | |||||||||||||||||
2012 | |||||||||||||||||
Dividend Yield | 0 | % | |||||||||||||||
Risk-free interest rate | 0.25 | % | |||||||||||||||
Expected volatility | 74.53 | % | |||||||||||||||
Weighted average expected life | 6.5 years | ||||||||||||||||
Weighted average per share value of options | $ | 1.25 | |||||||||||||||
Stock option activity | ' | ||||||||||||||||
A summary of the Company's stock option activity for the years ended December 31, 2013, 2012 and 2011 is presented below. | |||||||||||||||||
Stock Options | Shares | Weighted Average | Weighted Average | Aggregate | |||||||||||||
Exercise Price | Years Remaining in | Intrinsic Value | |||||||||||||||
Contractual Term | (000's) | ||||||||||||||||
Outstanding December 31, 2010 | 880,583 | $ | 14.99 | 6.34 | - | ||||||||||||
Options exercisable at December 31, 2010 | 489,944 | 15.99 | 6.04 | - | |||||||||||||
Granted | - | - | - | ||||||||||||||
Exercised | - | - | - | ||||||||||||||
Forfeited | (10,973 | ) | 15.64 | - | |||||||||||||
Outstanding December 31, 2011 | 869,610 | 14.88 | 5.37 | - | |||||||||||||
Options exercisable at December 31, 2011 | 657,282 | 15.75 | 5.12 | - | |||||||||||||
Granted | 279,811 | 1.85 | - | ||||||||||||||
Exercised | (3,291 | ) | 4.24 | 9 | |||||||||||||
Forfeited | (26,335 | ) | 8.14 | (72 | ) | ||||||||||||
Outstanding December 31, 2012 | 1,119,795 | 11.95 | 5.69 | 1,622 | |||||||||||||
Options exercisable at December 31, 2012 | 816,939 | 15.12 | 4.31 | 80 | |||||||||||||
Granted | - | - | - | ||||||||||||||
Exercised | (1,097 | ) | 1.72 | (9 | ) | ||||||||||||
Forfeited | (19,751 | ) | 4.63 | (112 | ) | ||||||||||||
Outstanding December 31, 2013 | 1,098,947 | 12.11 | 4.18 | 2,744 | |||||||||||||
Options exercisable at December 31, 2013 | 870,707 | 14.23 | 3.28 | 636 | |||||||||||||
Summary of nonvested stock option activity | ' | ||||||||||||||||
The following table summarizes information about the Company's nonvested stock option activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Stock Options | Shares | Weighted Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Nonvested at December 31, 2011 | 212,327 | $ | 4.84 | ||||||||||||||
Granted | 279,811 | 1.22 | |||||||||||||||
Vested | (173,922 | ) | 5.27 | ||||||||||||||
Forfeited | (15,362 | ) | 1.21 | ||||||||||||||
Nonvested at December 31, 2012 | 302,854 | 1.35 | |||||||||||||||
Nonvested at December 31, 2012 | 302,854 | $ | 1.35 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (62,546 | ) | 1.41 | ||||||||||||||
Forfeited | (12,070 | ) | 1.36 | ||||||||||||||
Nonvested at December 31, 2013 | 228,238 | 1.33 | |||||||||||||||
Summary of restricted stock shares activity | ' | ||||||||||||||||
The following table summarizes information about the Company's restricted stock shares activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Restricted Stock | Shares | Weighted Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Nonvested at December 31, 2011 | 57,279 | $ | 15.14 | ||||||||||||||
Granted | 109,730 | 1.72 | |||||||||||||||
Vested | (53,987 | ) | 15.71 | ||||||||||||||
Forfeited | (2,195 | ) | 4.24 | ||||||||||||||
Nonvested at December 31, 2012 | 110,827 | 1.79 | |||||||||||||||
Nonvested at December 31, 2012 | 110,827 | 1.79 | |||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (23,043 | ) | 2.09 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Nonvested at December 31, 2013 | 87,784 | 1.72 | |||||||||||||||
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Employee Stock Ownership Plan [Abstract] | ' | ||||||||
Employee Stock Ownership Plan | ' | ||||||||
The aggregate activity in the number of unearned ESOP shares, considering the allocation of those shares committed to be released as of December 31, is as follows: | |||||||||
2013 | 2012 | ||||||||
Beginning ESOP shares | 167,122 | 250,683 | |||||||
Shares committed to be released | (83,561 | ) | (83,561 | ) | |||||
Unreleased shares | 83,561 | 167,122 | |||||||
Fair value of unreleased shares (in thousands) | $ | 845 | 1,188 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Provision (benefit) for income taxes | ' | ||||||||||||
The provision (benefit) for income taxes for the year ended December 31, 2013, 2012 and 2011 consists of the following: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 2,842 | 4,256 | 1,216 | |||||||||
State | 385 | 435 | 81 | ||||||||||
3,227 | 4,691 | 1,297 | |||||||||||
Deferred: | |||||||||||||
Federal | 3,861 | (12,664 | ) | (590 | ) | ||||||||
State | 1,533 | (4,231 | ) | (145 | ) | ||||||||
5,394 | (16,895 | ) | (735 | ) | |||||||||
Total | $ | 8,621 | (12,204 | ) | 562 | ||||||||
Differential income tax provisions computed at the Federal statutory corporate tax rate | ' | ||||||||||||
The income tax provisions differ from that computed at the Federal statutory corporate tax rate for the years ended December 31, 2013, 2012 and 2011 as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars In Thousands) | |||||||||||||
Income (loss) before income taxes | $ | 23,329 | 22,710 | (6,911 | ) | ||||||||
Tax at Federal statutory rate (35%) | 8,165 | 7,949 | (2,419 | ) | |||||||||
Add (deduct) effect of: | |||||||||||||
State income taxes net of Federal income tax benefit (expense) | 1,246 | (2,467 | ) | (41 | ) | ||||||||
Cash surrender value of life insurance | (376 | ) | (375 | ) | (393 | ) | |||||||
Non-deductible ESOP and stock option expense | (62 | ) | 103 | 119 | |||||||||
Tax-exempt interest income | (392 | ) | (185 | ) | (254 | ) | |||||||
Reversal of federal valuation allowance on deferred taxes | - | (17,008 | ) | 2,921 | |||||||||
Intra-period tax allocation between other comprehensive income and loss from operations | - | - | (591 | ) | |||||||||
Increase in tax exposure reserve | - | (184 | ) | 1,216 | |||||||||
Other | 40 | (37 | ) | 4 | |||||||||
Income tax provision (benefit) | 8,621 | (12,204 | ) | 562 | |||||||||
Effective tax rate | 37 | % | (53.7 | %) | (8.1 | %) | |||||||
Components of net deferred tax assets (liabilities) included in prepaid expenses and other assets | ' | ||||||||||||
The significant components of the Company's net deferred tax assets (liabilities) included in prepaid expenses and other assets are as follows at December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Gross deferred tax assets: | (In Thousands) | ||||||||||||
Fixed Assets | $ | 46 | 653 | ||||||||||
Compensation agreements | 210 | 277 | |||||||||||
Restricted stock and stock options | 991 | 935 | |||||||||||
Allowance for loan losses | 9,523 | 12,316 | |||||||||||
Repurchase reserve for loans sold | 122 | 357 | |||||||||||
Real estate owned | 2,401 | 4,005 | |||||||||||
Nonaccrual interest | 1,390 | 1,609 | |||||||||||
Capital loss carryforward | 467 | – | |||||||||||
State NOL carryforward | 508 | 817 | |||||||||||
Unrealized loss on securities available for sale, net | 598 | – | |||||||||||
Other | 291 | 426 | |||||||||||
Total gross deferred tax assets | 16,547 | 21,395 | |||||||||||
Gross deferred tax liabilities: | |||||||||||||
Unrealized gain on securities available for sale, net | – | (1,834 | ) | ||||||||||
Mortgage servicing rights | (1,365 | ) | (1,278 | ) | |||||||||
FHLB stock | (736 | ) | (858 | ) | |||||||||
Deferred loan fees | (622 | ) | (639 | ) | |||||||||
Deferred liabilities | (2,723 | ) | (4,609 | ) | |||||||||
Net deferred tax assets | $ | 13,824 | 16,786 | ||||||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Balance at January 1 | $ | 71 | 2,004 | ||||||||||
Increases related to prior year tax positions | - | 13 | |||||||||||
Increases related to current year tax positions | - | 2 | |||||||||||
Decreases related to prior year tax positions | (71 | ) | (1,948 | ) | |||||||||
Balance at December 31 | $ | - | 71 | ||||||||||
Offsetting_of_Assets_and_Liabi1
Offsetting of Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Offsetting of Assets and Liabilities [Abstract] | ' | ||||||||||||||||||||
Repurchase liabilities [Table Text Block] | ' | ||||||||||||||||||||
14)Â Â Offsetting of Assets and Liabilities | |||||||||||||||||||||
The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. In addition, the Company enters into agreements under which it sells loans held for sale subject to an obligation to repurchase the same loans. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of assets. The obligation to repurchase the assets is reflected as a liability in the Company's consolidated statements of condition, while the securities and loans held for sale underlying the repurchase agreements remain in the respective investment securities and loans held for sale asset accounts. In other words, there is no offsetting or netting of the investment securities or loans held for sale assets with the repurchase agreement liabilities. One of the Company's two short-term repurchase agreements and all of the Company's long-term repurchase agreements are subject to master netting agreements, which sets forth the rights and obligations for repurchase and offset. Under the master netting agreement, the Company is entitled to set off the collateral placed with a single counterparty against obligations owed to that counterparty. | |||||||||||||||||||||
The following table presents the liabilities subject to an enforceable master netting agreement as of December 31, 2013 and December 31, 2012. | |||||||||||||||||||||
Gross Recognized Liabililities | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Repurchase Agreements | |||||||||||||||||||||
Short-term | $ | 17,526 | - | 17,526 | 17,526 | - | |||||||||||||||
Long-term | 84,000 | - | 84,000 | 84,000 | - | ||||||||||||||||
$ | 101,526 | - | 101,526 | 101,526 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Repurchase Agreements | |||||||||||||||||||||
Short-term | $ | 38,090 | - | 38,090 | 38,090 | - | |||||||||||||||
Long-term | 84,000 | - | 84,000 | 84,000 | - | ||||||||||||||||
$ | 122,090 | - | 122,090 | 122,090 | - | ||||||||||||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments with Off Balance Sheet Risk [Abstract] | ' | ||||||||
Financial Instruments with Off-Balance Sheet Risk | ' | ||||||||
The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Financial instruments whose contract amounts represent potential credit risk: | |||||||||
Commitments to extend credit under first mortgage loans | $ | 9,637 | 20,836 | ||||||
Commitments to extend credit under home equity lines of credit | 14,699 | 17,628 | |||||||
Unused portion of construction loans | 8,637 | 5,502 | |||||||
Unused portion of business lines of credit | 10,364 | 10,967 | |||||||
Standby letters of credit | 696 | 736 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured On Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents information about our assets recorded in our consolidated statement of financial position at their fair value on a recurring basis as of December 31, 2013 and December 31, 2012, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 104,923 | - | 104,923 | - | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 19,241 | - | 19,241 | - | |||||||||||||||||||||||||||||||||||||
Government sponsored enterprise bonds | 17,934 | - | 17,934 | - | |||||||||||||||||||||||||||||||||||||
Municipal securities | 58,793 | - | 58,793 | - | |||||||||||||||||||||||||||||||||||||
Other debt securities | 5,160 | 5,160 | - | - | |||||||||||||||||||||||||||||||||||||
Certificates of deposit | 7,367 | - | 7,367 | - | |||||||||||||||||||||||||||||||||||||
Loans held for sale | 97,021 | - | 97,021 | - | |||||||||||||||||||||||||||||||||||||
Mortgage banking derivative assets | 1,189 | - | - | 1,189 | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 119,056 | - | 119,056 | - | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 29,579 | - | 29,579 | - | |||||||||||||||||||||||||||||||||||||
Government sponsored enterprise bonds | 8,017 | - | 8,017 | - | |||||||||||||||||||||||||||||||||||||
Municipal securities | 37,371 | - | 37,371 | - | |||||||||||||||||||||||||||||||||||||
Other debt securities | 5,070 | 5,070 | - | - | |||||||||||||||||||||||||||||||||||||
Certificates of deposit | 5,924 | - | 5,924 | - | |||||||||||||||||||||||||||||||||||||
Loans held for sale | 133,613 | - | 133,613 | - | |||||||||||||||||||||||||||||||||||||
Mortgage banking derivative assets | 1,668 | - | - | 1,668 | |||||||||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | 249 | - | - | 249 | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents information about our assets recorded in our consolidated statement of financial position at their fair value on a non-recurring basis as of December 31, 2013 and December 31, 2012, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Impaired loans, net (1) | $ | 24,596 | - | - | 24,596 | ||||||||||||||||||||||||||||||||||||
Real estate owned | 22,663 | - | - | 22,663 | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Impaired loans, net (1) | $ | 40,071 | - | - | 40,071 | ||||||||||||||||||||||||||||||||||||
Real estate owned | 35,974 | - | - | 35,974 | |||||||||||||||||||||||||||||||||||||
_________ | |||||||||||||||||||||||||||||||||||||||||
(1) Represents collateral-dependent impaired loans, net, which are included in loans. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||||||||||||||||||||||
Fair Value at | Significant | Significant Unobservable Input Value | |||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Valuation | Unobservable | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||
Technique | Inputs | Value | Value | ||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives | $Â | 1,189 | Pricing models | Pull through rate | 69.3 | % | 100 | % | |||||||||||||||||||||||||||||||||
Impaired loans | 24,596 | Market approach | Discount rates applied to appraisals | 15 | % | 30 | % | ||||||||||||||||||||||||||||||||||
Real estate owned | 22,663 | Market approach | Discount rates applied to appraisals | 5 | % | 89 | % | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights | 5,829 | Pricing models | Prepayment rate | 7.1 | % | 18 | % | ||||||||||||||||||||||||||||||||||
     | Discount rate | 10 | % | 10 | % | ||||||||||||||||||||||||||||||||||||
     | Cost to service | $ | 65 | $ | 65 | ||||||||||||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The carrying amounts and fair values of the Company's financial instruments consist of the following at December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Carrying amount | Fair Value | Carrying amount | Fair value | ||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 429,169 | 429,169 | 429,169 | - | - | 71,649 | 71,469 | 71,469 | - | - | ||||||||||||||||||||||||||||||
Securities available-for-sale | 213,418 | 213,418 | 5,160 | 208,258 | - | 205,017 | 205,017 | 5,070 | 199,947 | - | |||||||||||||||||||||||||||||||
Loans held for sale | 97,021 | 97,021 | - | 97,021 | - | 133,613 | 133,613 | - | 133,613 | - | |||||||||||||||||||||||||||||||
Loans receivable | 1,092,676 | 1,117,959 | - | - | 1,117,959 | 1,133,672 | 1,148,107 | - | - | 1,148,107 | |||||||||||||||||||||||||||||||
FHLB stock | 17,500 | 17,500 | - | 17,500 | - | 20,193 | 20,193 | - | 20,193 | - | |||||||||||||||||||||||||||||||
Cash surrender value of life insurance | 39,378 | 39,378 | 39,378 | - | - | 38,061 | 38,061 | 38,061 | - | - | |||||||||||||||||||||||||||||||
Real estate owned | 22,663 | 22,663 | - | - | 22,663 | 35,974 | 35,974 | - | - | 35,974 | |||||||||||||||||||||||||||||||
Accrued interest receivable | 3,804 | 3,804 | 3,804 | - | - | 3,452 | 3,452 | 3,452 | - | - | |||||||||||||||||||||||||||||||
Mortgage Servicing Rights | 3,377 | 5,829 | - | - | 5,829 | 3,220 | 4,070 | - | - | 4,070 | |||||||||||||||||||||||||||||||
Mortgage banking derivative assets | 1,189 | 1,189 | - | - | 1,189 | 1,668 | 1,668 | - | - | 1,668 | |||||||||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||||||||||||||
Deposits | 1,244,741 | 1,246,541 | 606,991 | 639,550 | - | 939,513 | 942,118 | 202,593 | 739,525 | - | |||||||||||||||||||||||||||||||
Advance payments by borrowers for taxes | 2,482 | 2,482 | 2,482 | - | - | 1,672 | 1,672 | 1,672 | - | - | |||||||||||||||||||||||||||||||
Borrowings | 455,197 | 491,053 | 21,197 | 469,856 | - | 479,888 | 537,299 | - | 537,299 | - | |||||||||||||||||||||||||||||||
Accrued interest payable | 1,595 | 1,595 | 1,595 | - | - | 1,715 | 1,715 | 1,715 | - | - | |||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | - | - | - | - | - | 249 | 249 | - | - | 249 | |||||||||||||||||||||||||||||||
Other Financial Instruments | |||||||||||||||||||||||||||||||||||||||||
Stand-by letters of credit | - | - | - | - | - | 5 | 5 | - | - | 5 | |||||||||||||||||||||||||||||||
Earnings_loss_per_share_Tables
Earnings (loss) per share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings (Loss) Per Share [Abstract] | ' | ||||||||||||
Calculations for basic and diluted earnings loss per share | ' | ||||||||||||
Earnings per share are computed using the two-class method.  Basic earnings (loss) per share is computed by dividing net income (loss) allocated to common shares by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities.  Participating securities include unvested restricted shares.  Unvested restricted shares are considered participating securities because holders of these securities have the right to receive dividends at the same rate as holders of the Company's common stock.  Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding adjusted for the dilutive effect of all potential common shares.  Unvested restricted stock and stock options are considered outstanding for diluted earnings per share only.  Unvested restricted stock and stock options totaling 87,784 and 228,238 shares for the year ended December 31, 2013 and 110,827 and 302,854 shares for the year ended December 31, 2012 and 57,279 and 212,327 shares for the year ended December 31, 2011 are antidilutive and are excluded from the loss per share calculation.  Presented below are the calculations for basic and diluted earnings loss per share. | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands, except per share amounts) | |||||||||||||
Net income (loss) | 14,708 | 34,914 | (7,473 | ) | |||||||||
Net income available to unvested restricted stockholders | 38 | 113 | - | ||||||||||
Net income (loss) available to common stockholders | $ | 14,670 | 34,801 | (7,473 | ) | ||||||||
Weighted average shares outstanding | 34,185 | 34,076 | 33,938 | ||||||||||
Effect of dilutive potential common shares | 254 | 118 | - | ||||||||||
Diluted weighted average shares outstanding | 34,439 | 34,194 | 33,938 | ||||||||||
Basic income (loss) per share | $ | 0.43 | 1.02 | (0.22 | ) | ||||||||
Diluted income (loss) per share | $ | 0.43 | 1.02 | (0.22 | ) | ||||||||
Condensed_Parent_Company_Only_1
Condensed Parent Company Only Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Parent Company Only Statements [Abstract] | ' | ||||||||||||
Statements of Financial Condition | ' | ||||||||||||
Statements of Financial Condition | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 349 | 337 | ||||||||||
Securities available for sale (at fair value) | 5,160 | 5,070 | |||||||||||
Investment in subsidiaries | 205,776 | 195,451 | |||||||||||
Other assets | 3,276 | 1,926 | |||||||||||
Total Assets | $ | 214,561 | 202,784 | ||||||||||
Liabilities and shareholders' equity | |||||||||||||
Liabilities: | |||||||||||||
Other liabilities | 89 | 150 | |||||||||||
Shareholders' equity | |||||||||||||
Preferred Stock (par value $.01 per share), Authorized - 20,000,000 shares, no shares issued | - | - | |||||||||||
Common stock (par value $.01 per share), Authorized - 200,000,000 shares in 2013 and 2012, Issued - 34,073,670 in 2013 and 34,072,909 in 2012, Outstanding -Â Â 31,349,317 in 2013 and 31,348,556 in 2012 | 341 | 341 | |||||||||||
Additional paid-in-capital | 110,480 | 110,490 | |||||||||||
Retained earnings | 151,195 | 136,487 | |||||||||||
Unearned ESOP shares | (854 | ) | (1,708 | ) | |||||||||
Treasury stock (2,724,353 shares), at cost | (45,261 | ) | (45,261 | ) | |||||||||
Accumulated other comprehensive (loss) income (net of taxes) | (1,429 | ) | 2,285 | ||||||||||
Total shareholders' equity | 214,472 | 202,634 | |||||||||||
Total liabilities and shareholders' equity | $ | 214,561 | 202,784 | ||||||||||
Statements of Operations | ' | ||||||||||||
Statements of Operations | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Interest income | $ | 586 | 644 | 669 | |||||||||
Equity in income (loss) of subsidiaries | 14,468 | 33,448 | (8,250 | ) | |||||||||
Total income (loss) | 15,054 | 34,092 | (7,581 | ) | |||||||||
Compensation | (118 | ) | (523 | ) | (605 | ) | |||||||
Professional fees | 16 | 3 | 57 | ||||||||||
Other expense | 287 | 279 | 440 | ||||||||||
Total expense (income) | 185 | (241 | ) | (108 | ) | ||||||||
Income (loss) before income tax expense | 14,869 | 34,333 | (7,473 | ) | |||||||||
Income tax expense (benefit) | 161 | (581 | ) | - | |||||||||
Net income (loss) | $ | 14,708 | 34,914 | (7,473 | ) | ||||||||
Statements of Cash Flows | ' | ||||||||||||
Statements of Cash Flows | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Cash flows from operating activities | |||||||||||||
Net income (loss) | $ | 14,708 | 34,914 | (7,473 | ) | ||||||||
Adjustments to reconcile net income (loss) to net  cash (used in) provided by operating activities: | |||||||||||||
Amortization of unearned ESOP | 718 | 306 | 202 | ||||||||||
Stock based compensation | 126 | 145 | 1,593 | ||||||||||
Deferred income taxes | (21 | ) | (954 | ) | (71 | ) | |||||||
Equity in (earnings) loss of subsidiaries | (14,468 | ) | (33,448 | ) | 8,250 | ||||||||
Change in other assets and liabilities | (1,051 | ) | (1,147 | ) | (1,537 | ) | |||||||
Net cash provided by (used in) operating activities | 12 | (184 | ) | 964 | |||||||||
Cash flows used in investing activities: | |||||||||||||
Capital contributions to subsidiary | - | - | (1,000 | ) | |||||||||
Net cash used in investing activities | - | - | (1,000 | ) | |||||||||
Net cash provided by (used in) financing activities | - | - | - | ||||||||||
Net increase (decrease) in cash | 12 | (184 | ) | (36 | ) | ||||||||
Cash and cash equivalents at beginning of year | 337 | 521 | 557 | ||||||||||
Cash and cash equivalents at end of year | $ | 349 | 337 | 521 | |||||||||
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segments and Related Information [Abstract] | ' | ||||||||||||||||
Schedule of segment reporting information, by segment | ' | ||||||||||||||||
As of or for the Year ended December 31, 2013 | |||||||||||||||||
Community | Mortgage | Holding | Consolidated | ||||||||||||||
Banking | Banking | Company and | |||||||||||||||
Other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 38,148 | 557 | 501 | 39,206 | ||||||||||||
Provision for loan losses | 4,472 | 60 | - | 4,532 | |||||||||||||
Net interest income after provision for loan losses | 33,676 | 497 | 501 | 34,674 | |||||||||||||
Noninterest income | 3,134 | 84,879 | (214 | ) | 87,799 | ||||||||||||
Noninterest expenses: | |||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 13,526 | 55,484 | (203 | ) | 68,807 | ||||||||||||
Occupancy, office furniture, and equipment | 3,052 | 5,194 | (81 | ) | 8,165 | ||||||||||||
FDIC insurance premiums | 1,986 | - | - | 1,986 | |||||||||||||
Real estate owned | 255 | - | - | 255 | |||||||||||||
Other | 4,197 | 15,565 | 169 | 19,931 | |||||||||||||
Total noninterest expenses | 23,016 | 76,243 | (115 | ) | 99,144 | ||||||||||||
Income before income taxes | 13,794 | 9,133 | 402 | 23,329 | |||||||||||||
Income taxes | 4,777 | 3,682 | 162 | 8,621 | |||||||||||||
Net income | $ | 9,017 | 5,451 | 240 | 14,708 | ||||||||||||
Total Assets | $ | 1,895,833 | 119,401 | (68,195 | ) | 1,947,039 | |||||||||||
As of or for the Year ended December 31, 2012 | |||||||||||||||||
Community | Mortgage | Holding | Consolidated | ||||||||||||||
Banking | Banking | Company and | |||||||||||||||
Other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 40,973 | 470 | 502 | 41,945 | ||||||||||||
Provision for loan losses | 8,250 | 50 | - | 8,300 | |||||||||||||
Net interest income after provision for loan losses | 32,723 | 420 | 502 | 33,645 | |||||||||||||
Noninterest income | 3,259 | 87,944 | - | 91,203 | |||||||||||||
Noninterest expenses: | |||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 13,424 | 50,748 | (665 | ) | 63,507 | ||||||||||||
Occupancy, office furniture and equipment | 3,112 | 3,856 | - | 6,968 | |||||||||||||
FDIC insurance premiums | 3,390 | - | - | 3,390 | |||||||||||||
Real estate owned | 8,746 | - | - | 8,746 | |||||||||||||
Other | 4,728 | 14,517 | 282 | 19,527 | |||||||||||||
Total noninterest expenses | 33,400 | 69,121 | (383 | ) | 102,138 | ||||||||||||
Income before income taxes (benefit) | 2,582 | 19,243 | 885 | 22,710 | |||||||||||||
Income taxes (benefit) | (19,347 | ) | 7,724 | (581 | ) | (12,204 | ) | ||||||||||
Net income | $ | 21,929 | 11,519 | 1,466 | 34,914 | ||||||||||||
Total Assets | $ | 1,589,314 | 147,699 | (75,937 | ) | 1,661,076 | |||||||||||
  | |||||||||||||||||
As of or for the Year ended December 31, 2011 | |||||||||||||||||
Community | Mortgage | Holding | Consolidated | ||||||||||||||
Banking | Banking | Company and | |||||||||||||||
Other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 45,611 | 406 | 499 | 46,516 | ||||||||||||
Provision for loan losses | 21,960 | 117 | - | 22,077 | |||||||||||||
Net interest income after provision for loan losses | 23,651 | 289 | 499 | 24,439 | |||||||||||||
Noninterest income | 2,431 | 40,798 | - | 43,229 | |||||||||||||
Noninterest expenses: | |||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 13,006 | 26,929 | (776 | ) | 39,159 | ||||||||||||
Occupancy, office furniture and equipment | 3,262 | 3,226 | - | 6,488 | |||||||||||||
FDIC insurance premiums | 3,814 | - | - | 3,814 | |||||||||||||
Real estate owned | 12,140 | - | - | 12,140 | |||||||||||||
Other | 4,598 | 7,883 | 497 | 12,978 | |||||||||||||
Total noninterest expenses | 36,820 | 38,038 | (279 | ) | 74,579 | ||||||||||||
Income (loss) before income taxes (benefit) | (10,738 | ) | 3,049 | 778 | (6,911 | ) | |||||||||||
Income taxes (benefit) | (833 | ) | 1,395 | - | 562 | ||||||||||||
Net income (loss) | $ | (9,905 | ) | 1,654 | 778 | (7,473 | ) | ||||||||||
Total Assets | $ | 1,669,231 | 100,177 | (56,557 | ) | 1,712,851 | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | Segment | Segment | |
Organization [Abstract] | ' | ' | ' |
Common shares outstanding (in hundredths) | 73.50% | ' | ' |
Nature of Operations [Abstract] | ' | ' | ' |
Number of operating segments (in segments) | 2 | 2 | 2 |
Cash and Cash Equivalents [Abstract] | ' | ' | ' |
Federal funds and debt instruments maturity period (in months) | '3 months | ' | ' |
Loans Held for Sale [Abstract] | ' | ' | ' |
Mortgage loans selling period (in days) | '45 days | ' | ' |
Carrying value of loans held for sale | $2.30 | $6 | ' |
Percentage of costs expensed on appropriate noninterest expense (in hundredths) | 73.00% | ' | ' |
Income Taxes [Abstract] | ' | ' | ' |
Realized income tax benefit (in hundredths) | 50.00% | ' | ' |
Office properties [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of office properties and equipment (in years) | 'P10Y | ' | ' |
Office properties [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of office properties and equipment (in years) | 'P30Y | ' | ' |
Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of office properties and equipment (in years) | 'P3Y | ' | ' |
Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of office properties and equipment (in years) | 'P10Y | ' | ' |
Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of office properties and equipment (in years) | 'P3Y | ' | ' |
Securities_Part_I_Details
Securities, Part I (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | $214,943,000 | $200,393,000 | ' |
Gross unrealized gains | 2,510,000 | 4,897,000 | ' |
Gross unrealized losses | -4,035,000 | -273,000 | ' |
Fair value | 213,418,000 | 205,017,000 | ' |
Amortized cost of investment securities by contractual maturity [Abstract] | ' | ' | ' |
Due within one year | 2,611,000 | ' | ' |
Due after one year through five years | 33,927,000 | ' | ' |
Due after five years through ten years | 22,292,000 | ' | ' |
Due after ten years | 32,705,000 | ' | ' |
Mortgage-related securities | 123,408,000 | ' | ' |
Amortized cost | 214,943,000 | ' | ' |
Fair value of investment securities by contractual maturity [Abstract] | ' | ' | ' |
Due within one year | 2,632,000 | ' | ' |
Due after one year through five years | 34,318,000 | ' | ' |
Due after five years through ten years | 21,134,000 | ' | ' |
Due after ten years | 31,170,000 | ' | ' |
Mortgage-related securities | 124,164,000 | ' | ' |
Fair value | 213,418,000 | ' | ' |
Gross gains and losses from sales of investment securities available for sale [Abstract] | ' | ' | ' |
Gross gains | 6,000 | 522,000 | 53,000 |
Gross losses | -15,000 | 0 | 0 |
Gains on sale of investment securities, net | -9,000 | 522,000 | 53,000 |
Proceeds from sales of investment securities | 921,000 | 30,089,000 | 3,230,000 |
Fair value of securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | 107,451,000 | 30,054,000 | ' |
12 months or longer | 10,057,000 | 398,000 | ' |
Fair value | 117,508,000 | 30,452,000 | ' |
Unrealized loss on securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | -3,366,000 | -202,000 | ' |
12 months or longer | -669,000 | -71,000 | ' |
Unrealized loss | -4,035,000 | -273,000 | ' |
Mortgage-backed securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 104,462,000 | 116,813,000 | ' |
Gross unrealized gains | 1,192,000 | 2,349,000 | ' |
Gross unrealized losses | -731,000 | -106,000 | ' |
Fair value | 104,923,000 | 119,056,000 | ' |
Fair value of securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | 45,094,000 | 19,382,000 | ' |
12 months or longer | 5,349,000 | 0 | ' |
Fair value | 50,443,000 | 19,382,000 | ' |
Unrealized loss on securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | -539,000 | -106,000 | ' |
12 months or longer | -192,000 | 0 | ' |
Unrealized loss | -731,000 | -106,000 | ' |
Collateralized mortgage obligations, government sponsored enterprise issued [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 18,946,000 | 29,207,000 | ' |
Gross unrealized gains | 320,000 | 373,000 | ' |
Gross unrealized losses | -25,000 | -1,000 | ' |
Fair value | 19,241,000 | 29,579,000 | ' |
Fair value of securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | 5,669,000 | 1,419,000 | ' |
12 months or longer | 0 | 0 | ' |
Fair value | 5,669,000 | 1,419,000 | ' |
Unrealized loss on securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | -25,000 | -1,000 | ' |
12 months or longer | 0 | 0 | ' |
Unrealized loss | -25,000 | -1,000 | ' |
Mortgage-related securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 123,408,000 | 146,020,000 | ' |
Gross unrealized gains | 1,512,000 | 2,722,000 | ' |
Gross unrealized losses | -756,000 | -107,000 | ' |
Fair value | 124,164,000 | 148,635,000 | ' |
Securities pledged as collateral to secure repurchase agreements or related to mortgage banking activities | 99,700,000 | ' | ' |
Government-sponsored enterprise bonds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 18,171,000 | 8,000,000 | ' |
Gross unrealized gains | 4,000 | 17,000 | ' |
Gross unrealized losses | -241,000 | 0 | ' |
Fair value | 17,934,000 | 8,017,000 | ' |
Securities pledged as collateral to secure repurchase agreements or related to mortgage banking activities | 988,000,000,000 | ' | ' |
Fair value of securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | 15,530,000 | ' | ' |
12 months or longer | 0 | ' | ' |
Fair value | 15,530,000 | ' | ' |
Unrealized loss on securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | -241,000 | ' | ' |
12 months or longer | 0 | ' | ' |
Unrealized loss | -241,000 | ' | ' |
Municipal securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 61,014,000 | 35,493,000 | ' |
Gross unrealized gains | 802,000 | 2,043,000 | ' |
Gross unrealized losses | -3,023,000 | -165,000 | ' |
Fair value | 58,793,000 | 37,371,000 | ' |
Securities pledged as collateral to secure repurchase agreements or related to mortgage banking activities | 1,200,000 | ' | ' |
Fair value of securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | 37,498,000 | 9,009,000 | ' |
12 months or longer | 4,708,000 | 398,000 | ' |
Fair value | 42,206,000 | 9,407,000 | ' |
Unrealized loss on securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | -2,546,000 | -94,000 | ' |
12 months or longer | -477,000 | -71,000 | ' |
Unrealized loss | -3,023,000 | -165,000 | ' |
Other debt securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 5,000,000 | 5,000,000 | ' |
Gross unrealized gains | 160,000 | 70,000 | ' |
Gross unrealized losses | 0 | 0 | ' |
Fair value | 5,160,000 | 5,070,000 | ' |
Debt securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 84,185,000 | 48,493,000 | ' |
Gross unrealized gains | 966,000 | 2,130,000 | ' |
Gross unrealized losses | -3,264,000 | -165,000 | ' |
Fair value | 81,887,000 | 50,458,000 | ' |
Certificates of Deposit [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 7,350,000 | 5,880,000 | ' |
Gross unrealized gains | 32,000 | 45,000 | ' |
Gross unrealized losses | -15,000 | -1,000 | ' |
Fair value | 7,367,000 | 5,924,000 | ' |
Fair value of securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | 3,660,000 | 244,000 | ' |
12 months or longer | 0 | 0 | ' |
Fair value | 3,660,000 | 244,000 | ' |
Unrealized loss on securities available for sale in a continuous unrealized loss position [Abstract] | ' | ' | ' |
Less than 12 months | -15,000 | -1,000 | ' |
12 months or longer | 0 | 0 | ' |
Unrealized loss | ($15,000) | ($1,000) | ' |
Securities_Part_II_Details
Securities, Part II (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Security | Security | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Gain on sale | ($9,000) | $522,000 | $53,000 |
Fair value | 213,418,000 | ' | ' |
Other-than-temporary impairment charges recognized in other comprehensive loss [Roll Forward] | ' | ' | ' |
Credit related impairments on securities as of beginning of period | -2,209,000 | 2,096,000 | ' |
Credit related impairments related to securities for which an other-than-temporary impairment was not previously recognized | 100,000 | 100,000 | ' |
Reduction for sales of securities for which other-than-temporary impairment was previously recognized | 0 | ' | ' |
Increase in credit related impairments related to securities for which an other-than-temporary impairment was previously recognized | 0 | 113,000 | ' |
Credit related impairments on securities as of end of period | 100,000 | -2,209,000 | 2,096,000 |
Securities Held to Maturity [Abstract] | ' | ' | ' |
Number of securities held to maturity (in securities) | 0 | 0 | ' |
Securities held to maturity, at amortized cost | 0 | 0 | ' |
Debt security, other-than-temporarily Impaired 1 [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Analysis resulted in an estimate of approximately in credit losses | 'Â Â | ' | ' |
Collateralized mortgage obligations, private-label issued [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Number of securities for which a cash flow analysis was performed | 'Â Â | ' | ' |
Gain on sale | 'Â Â | ' | ' |
Amortized cost of securities for which a cash flow analysis was performed | 'Â Â | ' | ' |
Number of securities that were other-than-temporarily impaired | 'Â Â | ' | ' |
Municipal securities [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Number of securities that were other-than-temporarily impaired | 2 | ' | ' |
Amortized cost | 189,000 | ' | ' |
Fair value | 215,000 | ' | ' |
Number of securities that were in unrealized loss position twelve months or longer (in securities) | 16 | ' | ' |
Other-than-temporary impairment charges recognized in other comprehensive loss [Roll Forward] | ' | ' | ' |
Credit related impairments on securities as of end of period | 'Â Â | ' | ' |
Loans_Receivable_Part_I_Detail
Loans Receivable, Part I (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Mortgage Loans [Abstract] | ' | ' | ' |
Loans receivable | $1,092,676,000 | $1,133,672,000 | ' |
Percentage of total loans receivable secured by residential real estate (in hundredths) | 88.80% | ' | ' |
Mortgage loans receivable located outside the state of Wisconsin | 60,300,000 | ' | ' |
Percentage of total mortgage loans located outside of the state of Wisconsin (in hundredths) | 5.50% | ' | ' |
Loans originated for sale | 1,751,054,000 | 1,749,426,000 | 1,027,346,000 |
Proceeds on sales of loans originated for sale | 1,861,194,000 | 1,794,268,000 | 1,072,863,000 |
Noninterest income | 80,260,000 | 87,375,000 | 39,845,000 |
Loans sold on a servicing retained basis | 563,700,000 | 635,800,000 | ' |
Loans receivable pledged as collateral | 882,900,000 | 801,600,000 | ' |
Advances by Federal Home Loan Bank | 350,000,000 | 350,000,000 | ' |
One-to Four-family [Member] | ' | ' | ' |
Mortgage Loans [Abstract] | ' | ' | ' |
Loans receivable | 413,614,000 | 460,821,000 | ' |
Over Four-Family [Member] | ' | ' | ' |
Mortgage Loans [Abstract] | ' | ' | ' |
Loans receivable | 521,597,000 | 514,363,000 | ' |
Home Equity [Member] | ' | ' | ' |
Mortgage Loans [Abstract] | ' | ' | ' |
Loans receivable | 35,432,000 | 36,494,000 | ' |
Construction and Land [Member] | ' | ' | ' |
Mortgage Loans [Abstract] | ' | ' | ' |
Loans receivable | 31,905,000 | 33,818,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Mortgage Loans [Abstract] | ' | ' | ' |
Loans receivable | 71,698,000 | 65,495,000 | ' |
Consumer [Member] | ' | ' | ' |
Mortgage Loans [Abstract] | ' | ' | ' |
Loans receivable | 134,000 | 132,000 | ' |
Commercial Loans [Member] | ' | ' | ' |
Mortgage Loans [Abstract] | ' | ' | ' |
Loans receivable | $18,296,000 | $22,549,000 | ' |
Loans_Receivable_Part_II_Detai
Loans Receivable, Part II (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Financing receivable, recorded investment, aging [Abstract] | ' | ' | ||
1 to 59 Days Past Due | $6,458,000 | [1] | $16,081,000 | [1] |
60 to 89 Days Past Due | 6,773,000 | [2] | 7,011,000 | [2] |
Greater than 90 Days | 30,780,000 | 51,358,000 | ||
Total Past Due | 44,011,000 | 74,450,000 | ||
Current | 1,048,665,000 | [3] | 1,059,222,000 | [3] |
Total Loans | 1,092,676,000 | 1,133,672,000 | ||
Loan Receivable, 1 to 59 Days Past Due, Nonaccrual Status | 1,100,000 | 2,400,000 | ||
Loan Receivable, 60 to 89 Days Past Due, Nonaccrual Status | 5,700,000 | 2,800,000 | ||
Loan Receivable, Nonaccrual Status | 12,900,000 | 18,200,000 | ||
90 or more days past due | 0 | 0 | ||
One-to Four-family [Member] | ' | ' | ||
Financing receivable, recorded investment, aging [Abstract] | ' | ' | ||
1 to 59 Days Past Due | 4,994,000 | [1] | 11,745,000 | [1] |
60 to 89 Days Past Due | 5,236,000 | [2] | 5,402,000 | [2] |
Greater than 90 Days | 17,499,000 | 29,259,000 | ||
Total Past Due | 27,729,000 | 46,406,000 | ||
Current | 385,885,000 | [3] | 414,415,000 | [3] |
Total Loans | 413,614,000 | 460,821,000 | ||
Over Four-Family [Member] | ' | ' | ||
Financing receivable, recorded investment, aging [Abstract] | ' | ' | ||
1 to 59 Days Past Due | 804,000 | [1] | 3,543,000 | [1] |
60 to 89 Days Past Due | 1,293,000 | [2] | 1,498,000 | [2] |
Greater than 90 Days | 7,743,000 | 18,336,000 | ||
Total Past Due | 9,840,000 | 23,377,000 | ||
Current | 511,757,000 | [3] | 490,986,000 | [3] |
Total Loans | 521,597,000 | 514,363,000 | ||
Home Equity [Member] | ' | ' | ||
Financing receivable, recorded investment, aging [Abstract] | ' | ' | ||
1 to 59 Days Past Due | 373,000 | [1] | 416,000 | [1] |
60 to 89 Days Past Due | 205,000 | [2] | 111,000 | [2] |
Greater than 90 Days | 465,000 | 404,000 | ||
Total Past Due | 1,043,000 | 931,000 | ||
Current | 34,389,000 | [3] | 35,563,000 | [3] |
Total Loans | 35,432,000 | 36,494,000 | ||
Construction and Land [Member] | ' | ' | ||
Financing receivable, recorded investment, aging [Abstract] | ' | ' | ||
1 to 59 Days Past Due | 0 | [1] | 87,000 | [1] |
60 to 89 Days Past Due | 39,000 | [2] | 0 | [2] |
Greater than 90 Days | 4,195,000 | 2,180,000 | ||
Total Past Due | 4,234,000 | 2,266,000 | ||
Current | 27,671,000 | [3] | 31,552,000 | [3] |
Total Loans | 31,905,000 | 33,818,000 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing receivable, recorded investment, aging [Abstract] | ' | ' | ||
1 to 59 Days Past Due | 287,000 | [1] | 290,000 | [1] |
60 to 89 Days Past Due | 0 | [2] | 0 | [2] |
Greater than 90 Days | 357,000 | 668,000 | ||
Total Past Due | 644,000 | 959,000 | ||
Current | 71,054,000 | [3] | 64,536,000 | [3] |
Total Loans | 71,698,000 | 65,495,000 | ||
Consumer [Member] | ' | ' | ||
Financing receivable, recorded investment, aging [Abstract] | ' | ' | ||
1 to 59 Days Past Due | 0 | [1] | 0 | [1] |
60 to 89 Days Past Due | 0 | [2] | 0 | [2] |
Greater than 90 Days | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Current | 134,000 | [3] | 132,000 | [3] |
Total Loans | 134,000 | 132,000 | ||
Commercial Loans [Member] | ' | ' | ||
Financing receivable, recorded investment, aging [Abstract] | ' | ' | ||
1 to 59 Days Past Due | 0 | [1] | 0 | [1] |
60 to 89 Days Past Due | 0 | [2] | 0 | [2] |
Greater than 90 Days | 521,000 | 511,000 | ||
Total Past Due | 521,000 | 511,000 | ||
Current | 17,775,000 | [3] | 22,038,000 | [3] |
Total Loans | $18,296,000 | $22,549,000 | ||
[1] | Includes $2.4 million and $4.6 million for December 31, 2012 and 2011, respectively, which are on non-accrual status. | |||
[2] | Includes $2.8 million and $1.4 million for December 31, 2012 and 2011, respectively, which are on non-accrual status. | |||
[3] | Includes $18.2 million and $15.7 million for December 31, 2012 and 2011, respectively, which are on non-accrual status. |
Loans_Receivable_Part_III_Deta
Loans Receivable, Part III (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for loan losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $31,043 | $32,430 | $29,175 |
Provision for loan losses | 4,532 | 8,300 | 22,077 |
Charge-offs | -12,624 | -10,978 | -19,291 |
Recoveries | 1,313 | 1,291 | 469 |
Balance at end of period | 24,264 | 31,043 | 32,430 |
Summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class [Abstract] | ' | ' | ' |
Allowance related to loans individually evaluated for impairment | 6,941 | 12,408 | ' |
Allowance related to loans collectively evaluated for impairment | 17,323 | 18,635 | ' |
Loans individually evaluated for impairment | 64,663 | 94,971 | ' |
Loans collectively evaluated for impairment | 1,028,013 | 1,038,701 | ' |
Total loans | 1,092,676 | 1,133,672 | ' |
One-to Four-family [Member] | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 17,819 | 17,475 | 16,150 |
Provision for loan losses | 1,479 | 6,149 | 12,567 |
Charge-offs | -8,706 | -6,472 | -11,553 |
Recoveries | 957 | 667 | 311 |
Balance at end of period | 11,549 | 17,819 | 17,475 |
Summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class [Abstract] | ' | ' | ' |
Allowance related to loans individually evaluated for impairment | 2,631 | 7,058 | ' |
Allowance related to loans collectively evaluated for impairment | 8,918 | 10,761 | ' |
Loans individually evaluated for impairment | 37,064 | 57,467 | ' |
Loans collectively evaluated for impairment | 376,550 | 403,354 | ' |
Total loans | 413,614 | 460,821 | ' |
Over Four-Family [Member] | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 7,734 | 8,252 | 6,877 |
Provision for loan losses | 859 | 534 | 5,331 |
Charge-offs | -1,640 | -1,108 | -3,996 |
Recoveries | 258 | 56 | 40 |
Balance at end of period | 7,211 | 7,734 | 8,252 |
Summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class [Abstract] | ' | ' | ' |
Allowance related to loans individually evaluated for impairment | 2,196 | 3,268 | ' |
Allowance related to loans collectively evaluated for impairment | 5,015 | 4,466 | ' |
Loans individually evaluated for impairment | 17,221 | 28,281 | ' |
Loans collectively evaluated for impairment | 504,376 | 486,082 | ' |
Total loans | 521,597 | 514,363 | ' |
Home Equity [Member] | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 2,097 | 1,998 | 1,196 |
Provision for loan losses | 305 | 559 | 1,429 |
Charge-offs | -630 | -485 | -634 |
Recoveries | 35 | 25 | 7 |
Balance at end of period | 1,807 | 2,097 | 1,998 |
Summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class [Abstract] | ' | ' | ' |
Allowance related to loans individually evaluated for impairment | 862 | 1,033 | ' |
Allowance related to loans collectively evaluated for impairment | 945 | 1,064 | ' |
Loans individually evaluated for impairment | 1,956 | 2,127 | ' |
Loans collectively evaluated for impairment | 33,476 | 34,367 | ' |
Total loans | 35,432 | 36,494 | ' |
Construction and Land [Member] | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 1,323 | 2,922 | 3,252 |
Provision for loan losses | 1,719 | -181 | 1,346 |
Charge-offs | -1,480 | -1,668 | -1,745 |
Recoveries | 51 | 250 | 69 |
Balance at end of period | 1,613 | 1,323 | 2,922 |
Summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class [Abstract] | ' | ' | ' |
Allowance related to loans individually evaluated for impairment | 624 | 377 | ' |
Allowance related to loans collectively evaluated for impairment | 989 | 946 | ' |
Loans individually evaluated for impairment | 6,527 | 4,470 | ' |
Loans collectively evaluated for impairment | 25,378 | 29,348 | ' |
Total loans | 31,905 | 33,818 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 1,259 | 941 | 671 |
Provision for loan losses | 303 | 1,500 | 998 |
Charge-offs | -160 | -1,182 | -734 |
Recoveries | 0 | 0 | 6 |
Balance at end of period | 1,402 | 1,259 | 941 |
Summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class [Abstract] | ' | ' | ' |
Allowance related to loans individually evaluated for impairment | 370 | 341 | ' |
Allowance related to loans collectively evaluated for impairment | 1,032 | 918 | ' |
Loans individually evaluated for impairment | 1,298 | 1,250 | ' |
Loans collectively evaluated for impairment | 70,400 | 64,245 | ' |
Total loans | 71,698 | 65,495 | ' |
Consumer [Member] | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 30 | 28 | 28 |
Provision for loan losses | -2 | 6 | 9 |
Charge-offs | 0 | -4 | -10 |
Recoveries | 6 | 0 | 1 |
Balance at end of period | 34 | 30 | 28 |
Summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class [Abstract] | ' | ' | ' |
Allowance related to loans individually evaluated for impairment | 0 | 0 | ' |
Allowance related to loans collectively evaluated for impairment | 34 | 30 | ' |
Loans individually evaluated for impairment | 17 | 24 | ' |
Loans collectively evaluated for impairment | 117 | 108 | ' |
Total loans | 134 | 132 | ' |
Commercial Loans [Member] | ' | ' | ' |
Allowance for loan losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 781 | 814 | 1,001 |
Provision for loan losses | -131 | -267 | 397 |
Charge-offs | -8 | -59 | -619 |
Recoveries | 6 | 293 | 35 |
Balance at end of period | 648 | 781 | 814 |
Summary of the allowance for loan loss for loans evaluated individually and collectively for impairment by collateral class [Abstract] | ' | ' | ' |
Allowance related to loans individually evaluated for impairment | 258 | 331 | ' |
Allowance related to loans collectively evaluated for impairment | 390 | 450 | ' |
Loans individually evaluated for impairment | 580 | 1,352 | ' |
Loans collectively evaluated for impairment | 17,716 | 21,197 | ' |
Total loans | $18,296 | $22,549 | ' |
Loans_Receivable_Part_IV_Detai
Loans Receivable, Part IV (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | $1,092,676,000 | $1,133,672,000 |
Loans requiring an officers' loans committee review and approval, minimum | 500,000 | 500,000 |
Minimum amount of potential loan exposure to be reviewed by credit management personnel | 1,000,000 | 1,000,000 |
Maximum period of time loan is reviewed if renewed (in years) | '1 year | '1 year |
Impaired Loans Receivable, Recorded Investment [Abstract] | ' | ' |
Total Impaired, with Reserve, Recorded Investment | 31,537,000 | 52,479,000 |
Total Impaired, with no Reserve, Recorded Investment | 33,126,000 | 42,492,000 |
Total Impaired, Recorded Investment | 64,663,000 | 94,971,000 |
Impaired Loans Receivable, Unpaid Principal Balance [Abstract] | ' | ' |
Total Impaired with Reserve, Unpaid Principal Balance | 32,481,000 | 53,489,000 |
Total Impaired with no Reserve, Unpaid Principal Balance | 42,634,000 | 47,383,000 |
Total Impaired, Unpaid Principal Balance, Total | 75,115,000 | 100,872,000 |
Impaired Loans Receivable, Reserve [Abstract] | ' | ' |
Total Impaired with Reserve, Reserve | 6,941,000 | 12,408,000 |
Total Impaired with no Reserve, Reserve | 0 | 0 |
Impaired Loans, Reserve | 6,941,000 | 12,408,000 |
Impaired Loans Receivable, Cumulative Charge-Offs [Abstract] | ' | ' |
Total Impaired with Reserve, Cumulative Charge-offs | 944,000 | 1,010,000 |
Total Impaired with no Reserve, Cumulative Charge-offs | 9,508,000 | 4,891,000 |
Total Impaired, Cumulative Charge-offs | 10,452,000 | 5,901,000 |
Impaired Loans Receivable, Average Recorded Investment [Abstract] | ' | ' |
Total Impaired with Reserve, Average Recorded Investment | 33,840,000 | 54,872,000 |
Total Impaired with no Reserve, Average Recorded Investment | 43,282,000 | 47,915,000 |
Total Impaired, Average Recorded Investment, Total | 77,122,000 | 102,787,000 |
Impaired Loans Receivable, Interest Paid YTD [Abstract] | ' | ' |
Total Impaired with Reserve, Interest Paid YTD | 1,425,000 | 1,840,000 |
Total Impaired with no Reserve, Interest Paid YTD | 1,297,000 | 1,756,000 |
Total Impaired, Interest Paid YTD | 2,722,000 | 3,596,000 |
One-to Four-Family [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 413,614,000 | 460,821,000 |
Impaired Loans Receivable, Recorded Investment [Abstract] | ' | ' |
Total Impaired, with Reserve, Recorded Investment | 12,263,000 | 29,057,000 |
Total Impaired, with no Reserve, Recorded Investment | 24,801,000 | 28,410,000 |
Total Impaired, Recorded Investment | 37,064,000 | 57,467,000 |
Impaired Loans Receivable, Unpaid Principal Balance [Abstract] | ' | ' |
Total Impaired with Reserve, Unpaid Principal Balance | 12,674,000 | 29,456,000 |
Total Impaired with no Reserve, Unpaid Principal Balance | 30,519,000 | 31,315,000 |
Total Impaired, Unpaid Principal Balance, Total | 43,193,000 | 60,771,000 |
Impaired Loans Receivable, Reserve [Abstract] | ' | ' |
Total Impaired with Reserve, Reserve | 2,631,000 | 7,058,000 |
Total Impaired with no Reserve, Reserve | 0 | 0 |
Impaired Loans, Reserve | 2,631,000 | 7,058,000 |
Impaired Loans Receivable, Cumulative Charge-Offs [Abstract] | ' | ' |
Total Impaired with Reserve, Cumulative Charge-offs | 411,000 | 399,000 |
Total Impaired with no Reserve, Cumulative Charge-offs | 5,718,000 | 2,905,000 |
Total Impaired, Cumulative Charge-offs | 6,129,000 | 3,304,000 |
Impaired Loans Receivable, Average Recorded Investment [Abstract] | ' | ' |
Total Impaired with Reserve, Average Recorded Investment | 13,256,000 | 29,768,000 |
Total Impaired with no Reserve, Average Recorded Investment | 30,629,000 | 31,358,000 |
Total Impaired, Average Recorded Investment, Total | 43,885,000 | 61,126,000 |
Impaired Loans Receivable, Interest Paid YTD [Abstract] | ' | ' |
Total Impaired with Reserve, Interest Paid YTD | 577,000 | 874,000 |
Total Impaired with no Reserve, Interest Paid YTD | 1,080,000 | 1,175,000 |
Total Impaired, Interest Paid YTD | 1,657,000 | 2,049,000 |
Over Four-Family [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 521,597,000 | 514,363,000 |
Impaired Loans Receivable, Recorded Investment [Abstract] | ' | ' |
Total Impaired, with Reserve, Recorded Investment | 13,352,000 | 17,397,000 |
Total Impaired, with no Reserve, Recorded Investment | 3,869,000 | 10,884,000 |
Total Impaired, Recorded Investment | 17,221,000 | 28,281,000 |
Impaired Loans Receivable, Unpaid Principal Balance [Abstract] | ' | ' |
Total Impaired with Reserve, Unpaid Principal Balance | 13,400,000 | 17,642,000 |
Total Impaired with no Reserve, Unpaid Principal Balance | 4,902,000 | 11,179,000 |
Total Impaired, Unpaid Principal Balance, Total | 18,302,000 | 28,821,000 |
Impaired Loans Receivable, Reserve [Abstract] | ' | ' |
Total Impaired with Reserve, Reserve | 2,196,000 | 3,268,000 |
Total Impaired with no Reserve, Reserve | 0 | 0 |
Impaired Loans, Reserve | 2,196,000 | 3,268,000 |
Impaired Loans Receivable, Cumulative Charge-Offs [Abstract] | ' | ' |
Total Impaired with Reserve, Cumulative Charge-offs | 48,000 | 245,000 |
Total Impaired with no Reserve, Cumulative Charge-offs | 1,033,000 | 295,000 |
Total Impaired, Cumulative Charge-offs | 1,081,000 | 540,000 |
Impaired Loans Receivable, Average Recorded Investment [Abstract] | ' | ' |
Total Impaired with Reserve, Average Recorded Investment | 14,047,000 | 18,073,000 |
Total Impaired with no Reserve, Average Recorded Investment | 5,431,000 | 11,649,000 |
Total Impaired, Average Recorded Investment, Total | 19,478,000 | 29,722,000 |
Impaired Loans Receivable, Interest Paid YTD [Abstract] | ' | ' |
Total Impaired with Reserve, Interest Paid YTD | 660,000 | 722,000 |
Total Impaired with no Reserve, Interest Paid YTD | 114,000 | 549,000 |
Total Impaired, Interest Paid YTD | 774,000 | 1,271,000 |
Home Equity [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 35,432,000 | 36,494,000 |
Impaired Loans Receivable, Recorded Investment [Abstract] | ' | ' |
Total Impaired, with Reserve, Recorded Investment | 1,427,000 | 1,544,000 |
Total Impaired, with no Reserve, Recorded Investment | 529,000 | 583,000 |
Total Impaired, Recorded Investment | 1,956,000 | 2,127,000 |
Impaired Loans Receivable, Unpaid Principal Balance [Abstract] | ' | ' |
Total Impaired with Reserve, Unpaid Principal Balance | 1,427,000 | 1,544,000 |
Total Impaired with no Reserve, Unpaid Principal Balance | 529,000 | 749,000 |
Total Impaired, Unpaid Principal Balance, Total | 1,956,000 | 2,293,000 |
Impaired Loans Receivable, Reserve [Abstract] | ' | ' |
Total Impaired with Reserve, Reserve | 862,000 | 1,033,000 |
Total Impaired with no Reserve, Reserve | 0 | 0 |
Impaired Loans, Reserve | 862,000 | 1,033,000 |
Impaired Loans Receivable, Cumulative Charge-Offs [Abstract] | ' | ' |
Total Impaired with Reserve, Cumulative Charge-offs | 0 | 0 |
Total Impaired with no Reserve, Cumulative Charge-offs | 0 | 166,000 |
Total Impaired, Cumulative Charge-offs | 0 | 166,000 |
Impaired Loans Receivable, Average Recorded Investment [Abstract] | ' | ' |
Total Impaired with Reserve, Average Recorded Investment | 1,536,000 | 1,615,000 |
Total Impaired with no Reserve, Average Recorded Investment | 533,000 | 755,000 |
Total Impaired, Average Recorded Investment, Total | 2,069,000 | 2,370,000 |
Impaired Loans Receivable, Interest Paid YTD [Abstract] | ' | ' |
Total Impaired with Reserve, Interest Paid YTD | 59,000 | 74,000 |
Total Impaired with no Reserve, Interest Paid YTD | 12,000 | 14,000 |
Total Impaired, Interest Paid YTD | 71,000 | 88,000 |
Construction and Land [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 31,905,000 | 33,818,000 |
Impaired Loans Receivable, Recorded Investment [Abstract] | ' | ' |
Total Impaired, with Reserve, Recorded Investment | 3,087,000 | 2,316,000 |
Total Impaired, with no Reserve, Recorded Investment | 3,440,000 | 2,154,000 |
Total Impaired, Recorded Investment | 6,527,000 | 4,470,000 |
Impaired Loans Receivable, Unpaid Principal Balance [Abstract] | ' | ' |
Total Impaired with Reserve, Unpaid Principal Balance | 3,087,000 | 2,316,000 |
Total Impaired with no Reserve, Unpaid Principal Balance | 6,133,000 | 3,655,000 |
Total Impaired, Unpaid Principal Balance, Total | 9,220,000 | 5,971,000 |
Impaired Loans Receivable, Reserve [Abstract] | ' | ' |
Total Impaired with Reserve, Reserve | 624,000 | 377,000 |
Total Impaired with no Reserve, Reserve | 0 | 0 |
Impaired Loans, Reserve | 624,000 | 377,000 |
Impaired Loans Receivable, Cumulative Charge-Offs [Abstract] | ' | ' |
Total Impaired with Reserve, Cumulative Charge-offs | 0 | 0 |
Total Impaired with no Reserve, Cumulative Charge-offs | 2,693,000 | 1,501,000 |
Total Impaired, Cumulative Charge-offs | 2,693,000 | 1,501,000 |
Impaired Loans Receivable, Average Recorded Investment [Abstract] | ' | ' |
Total Impaired with Reserve, Average Recorded Investment | 3,092,000 | 2,316,000 |
Total Impaired with no Reserve, Average Recorded Investment | 6,135,000 | 3,656,000 |
Total Impaired, Average Recorded Investment, Total | 9,227,000 | 5,972,000 |
Impaired Loans Receivable, Interest Paid YTD [Abstract] | ' | ' |
Total Impaired with Reserve, Interest Paid YTD | 93,000 | 78,000 |
Total Impaired with no Reserve, Interest Paid YTD | 62,000 | 5,000 |
Total Impaired, Interest Paid YTD | 155,000 | 83,000 |
Commercial Real Estate [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 71,698,000 | 65,495,000 |
Impaired Loans Receivable, Recorded Investment [Abstract] | ' | ' |
Total Impaired, with Reserve, Recorded Investment | 839,000 | 813,000 |
Total Impaired, with no Reserve, Recorded Investment | 459,000 | 437,000 |
Total Impaired, Recorded Investment | 1,298,000 | 1,250,000 |
Impaired Loans Receivable, Unpaid Principal Balance [Abstract] | ' | ' |
Total Impaired with Reserve, Unpaid Principal Balance | 1,324,000 | 1,179,000 |
Total Impaired with no Reserve, Unpaid Principal Balance | 523,000 | 461,000 |
Total Impaired, Unpaid Principal Balance, Total | 1,847,000 | 1,640,000 |
Impaired Loans Receivable, Reserve [Abstract] | ' | ' |
Total Impaired with Reserve, Reserve | 370,000 | 341,000 |
Total Impaired with no Reserve, Reserve | 0 | 0 |
Impaired Loans, Reserve | 370,000 | 341,000 |
Impaired Loans Receivable, Cumulative Charge-Offs [Abstract] | ' | ' |
Total Impaired with Reserve, Cumulative Charge-offs | 485,000 | 366,000 |
Total Impaired with no Reserve, Cumulative Charge-offs | 64,000 | 24,000 |
Total Impaired, Cumulative Charge-offs | 549,000 | 390,000 |
Impaired Loans Receivable, Average Recorded Investment [Abstract] | ' | ' |
Total Impaired with Reserve, Average Recorded Investment | 1,339,000 | 1,748,000 |
Total Impaired with no Reserve, Average Recorded Investment | 524,000 | 473,000 |
Total Impaired, Average Recorded Investment, Total | 1,863,000 | 2,221,000 |
Impaired Loans Receivable, Interest Paid YTD [Abstract] | ' | ' |
Total Impaired with Reserve, Interest Paid YTD | 35,000 | 50,000 |
Total Impaired with no Reserve, Interest Paid YTD | 27,000 | 12,000 |
Total Impaired, Interest Paid YTD | 62,000 | 62,000 |
Consumer [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 134,000 | 132,000 |
Impaired Loans Receivable, Recorded Investment [Abstract] | ' | ' |
Total Impaired, with Reserve, Recorded Investment | 0 | 0 |
Total Impaired, with no Reserve, Recorded Investment | 17,000 | 24,000 |
Total Impaired, Recorded Investment | 17,000 | 24,000 |
Impaired Loans Receivable, Unpaid Principal Balance [Abstract] | ' | ' |
Total Impaired with Reserve, Unpaid Principal Balance | 0 | 0 |
Total Impaired with no Reserve, Unpaid Principal Balance | 17,000 | 24,000 |
Total Impaired, Unpaid Principal Balance, Total | 17,000 | 24,000 |
Impaired Loans Receivable, Reserve [Abstract] | ' | ' |
Total Impaired with Reserve, Reserve | 0 | 0 |
Total Impaired with no Reserve, Reserve | 0 | 0 |
Impaired Loans, Reserve | 0 | 0 |
Impaired Loans Receivable, Cumulative Charge-Offs [Abstract] | ' | ' |
Total Impaired with Reserve, Cumulative Charge-offs | 0 | 0 |
Total Impaired with no Reserve, Cumulative Charge-offs | 0 | 0 |
Total Impaired, Cumulative Charge-offs | 0 | 0 |
Impaired Loans Receivable, Average Recorded Investment [Abstract] | ' | ' |
Total Impaired with Reserve, Average Recorded Investment | 0 | 0 |
Total Impaired with no Reserve, Average Recorded Investment | 19,000 | 24,000 |
Total Impaired, Average Recorded Investment, Total | 19,000 | 24,000 |
Impaired Loans Receivable, Interest Paid YTD [Abstract] | ' | ' |
Total Impaired with Reserve, Interest Paid YTD | 0 | 0 |
Total Impaired with no Reserve, Interest Paid YTD | 1,000 | 1,000 |
Total Impaired, Interest Paid YTD | 1,000 | 1,000 |
Commercial Loans [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 18,296,000 | 22,549,000 |
Impaired Loans Receivable, Recorded Investment [Abstract] | ' | ' |
Total Impaired, with Reserve, Recorded Investment | 569,000 | 1,352,000 |
Total Impaired, with no Reserve, Recorded Investment | 11,000 | 0 |
Total Impaired, Recorded Investment | 580,000 | 1,352,000 |
Impaired Loans Receivable, Unpaid Principal Balance [Abstract] | ' | ' |
Total Impaired with Reserve, Unpaid Principal Balance | 569,000 | 1,352,000 |
Total Impaired with no Reserve, Unpaid Principal Balance | 11,000 | 0 |
Total Impaired, Unpaid Principal Balance, Total | 580,000 | 1,352,000 |
Impaired Loans Receivable, Reserve [Abstract] | ' | ' |
Total Impaired with Reserve, Reserve | 258,000 | 331,000 |
Total Impaired with no Reserve, Reserve | 0 | 0 |
Impaired Loans, Reserve | 258,000 | 331,000 |
Impaired Loans Receivable, Cumulative Charge-Offs [Abstract] | ' | ' |
Total Impaired with Reserve, Cumulative Charge-offs | 0 | 0 |
Total Impaired with no Reserve, Cumulative Charge-offs | 0 | 0 |
Total Impaired, Cumulative Charge-offs | 0 | 0 |
Impaired Loans Receivable, Average Recorded Investment [Abstract] | ' | ' |
Total Impaired with Reserve, Average Recorded Investment | 570,000 | 1,352,000 |
Total Impaired with no Reserve, Average Recorded Investment | 11,000 | 0 |
Total Impaired, Average Recorded Investment, Total | 581,000 | 1,352,000 |
Impaired Loans Receivable, Interest Paid YTD [Abstract] | ' | ' |
Total Impaired with Reserve, Interest Paid YTD | 1,000 | 42,000 |
Total Impaired with no Reserve, Interest Paid YTD | 1,000 | 0 |
Total Impaired, Interest Paid YTD | 2,000 | 42,000 |
Substandard [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 62,509,000 | 87,266,000 |
Substandard [Member] | One-to Four-Family [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 37,060,000 | 53,242,000 |
Substandard [Member] | Over Four-Family [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 14,809,000 | 24,767,000 |
Substandard [Member] | Home Equity [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 2,169,000 | 2,913,000 |
Substandard [Member] | Construction and Land [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 6,576,000 | 3,705,000 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 1,298,000 | 1,251,000 |
Substandard [Member] | Consumer [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 17,000 | 23,000 |
Substandard [Member] | Commercial Loans [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 580,000 | 1,365,000 |
Watch [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 32,974,000 | 36,846,000 |
Watch [Member] | One-to Four-Family [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 14,402,000 | 17,082,000 |
Watch [Member] | Over Four-Family [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 13,108,000 | 14,157,000 |
Watch [Member] | Home Equity [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 1,077,000 | 606,000 |
Watch [Member] | Construction and Land [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 1,866,000 | 2,803,000 |
Watch [Member] | Commercial Real Estate [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 1,401,000 | 1,234,000 |
Watch [Member] | Consumer [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 0 | 0 |
Watch [Member] | Commercial Loans [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 1,120,000 | 964,000 |
Pass [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 997,193,000 | 1,009,560,000 |
Pass [Member] | One-to Four-Family [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 362,152,000 | 390,497,000 |
Pass [Member] | Over Four-Family [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 493,680,000 | 475,439,000 |
Pass [Member] | Home Equity [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 32,186,000 | 32,975,000 |
Pass [Member] | Construction and Land [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 23,463,000 | 27,310,000 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 68,999,000 | 63,010,000 |
Pass [Member] | Consumer [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | 117,000 | 109,000 |
Pass [Member] | Commercial Loans [Member] | ' | ' |
Loans Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable, net | $16,596,000 | $20,220,000 |
Loans_Receivable_Part_V_Detail
Loans Receivable, Part V (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loan | Loan | |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | $29,587,000 | $59,621,000 |
Total number of troubled debt restructurings | 96 | 137 |
Valuation allowance with respect to troubled debt restructurings | 2,600,000 | 6,400,000 |
Troubled Debt Restructurings by Concession Type [Abstract] | ' | ' |
Loans Receivable, Modifications, Loans Performing in Accordance with Modified Terms | 23,717,000 | 55,609,000 |
Number of loans performing in accordance with modified terms (in loans) | 53 | 123 |
Loans Receivable, Modifications, Loans in Default | 5,870,000 | 4,012,000 |
Number of Loans in Default (in loans) | 43 | 14 |
Loans Receivable, Modifications, Total | 29,587,000 | 59,621,000 |
Number of Loans, Total (in loans) | 96 | 137 |
Data on Troubled Debt Restructuring [Abstract] | ' | ' |
Loans modified as a troubled debt restructure | 1,719,000 | 34,117,000 |
Number of loans modified as a troubled debt restructuring (in loans) | 10 | 37 |
Trouble debt restructuring modified within the past twelve months for which there was a default | 0 | 0 |
Number of trouble debt restructuring modified within the past twelve months for which there was a default (in loans) | 0 | 0 |
Non-accrual Loans [Abstract] | ' | ' |
Total non-accrual loans | 50,961,000 | 74,668,000 |
Ratio of total non-accrual loans to total loans, net of allowance (in hundredths) | 4.66% | 6.59% |
Ratio of total non-accrual loans and performing troubled debt restructurings to total loans receivable (in hundredths) | 5.61% | 8.00% |
Ratio of total non-accrual loans to total assets (in hundredths) | 2.62% | 4.50% |
One-to Four-Family [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 18,093,000 | 31,768,000 |
Total number of troubled debt restructurings | 83 | 112 |
Data on Troubled Debt Restructuring [Abstract] | ' | ' |
Loans modified as a troubled debt restructure | 1,682,000 | 14,821,000 |
Number of loans modified as a troubled debt restructuring (in loans) | 9 | 27 |
Trouble debt restructuring modified within the past twelve months for which there was a default | 0 | 0 |
Number of trouble debt restructuring modified within the past twelve months for which there was a default (in loans) | 0 | 0 |
Non-accrual Loans [Abstract] | ' | ' |
Total non-accrual loans | 30,207,000 | 46,467,000 |
Over Four-Family [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 8,024,000 | 23,947,000 |
Total number of troubled debt restructurings | 5 | 17 |
Data on Troubled Debt Restructuring [Abstract] | ' | ' |
Loans modified as a troubled debt restructure | 0 | 18,520,000 |
Number of loans modified as a troubled debt restructuring (in loans) | 0 | 8 |
Non-accrual Loans [Abstract] | ' | ' |
Total non-accrual loans | 13,498,000 | 23,205,000 |
Home Equity [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 972,000 | 986,000 |
Total number of troubled debt restructurings | 3 | 3 |
Data on Troubled Debt Restructuring [Abstract] | ' | ' |
Loans modified as a troubled debt restructure | 37,000 | 12,000 |
Number of loans modified as a troubled debt restructuring (in loans) | 1 | 1 |
Non-accrual Loans [Abstract] | ' | ' |
Total non-accrual loans | 1,585,000 | 1,578,000 |
Construction and Land [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 2,241,000 | 2,252,000 |
Total number of troubled debt restructurings | 3 | 3 |
Data on Troubled Debt Restructuring [Abstract] | ' | ' |
Loans modified as a troubled debt restructure | 0 | 764,000 |
Number of loans modified as a troubled debt restructuring (in loans) | 0 | 1 |
Non-accrual Loans [Abstract] | ' | ' |
Total non-accrual loans | 4,195,000 | 2,215,000 |
Commercial Real Estate [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 257,000 | 668,000 |
Total number of troubled debt restructurings | 2 | 2 |
Non-accrual Loans [Abstract] | ' | ' |
Total non-accrual loans | 938,000 | 668,000 |
Consumer [Member] | ' | ' |
Non-accrual Loans [Abstract] | ' | ' |
Total non-accrual loans | 17,000 | 24,000 |
Commercial Loans [Member] | ' | ' |
Non-accrual Loans [Abstract] | ' | ' |
Total non-accrual loans | 521,000 | 511,000 |
Minimum [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 6,000,000 | ' |
Period of principal forbearance, reduction in interest rate or both included in typical restructured terms (in months) | '6 months | ' |
Minimum number of consecutive contractual payments received prior to consideration for a return to accrual status (in payments) | 6 | ' |
Maximum [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 12,000,000 | ' |
Period of principal forbearance, reduction in interest rate or both included in typical restructured terms (in months) | '12 months | ' |
Accruing [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 10,336,000 | 16,011,000 |
Total number of troubled debt restructurings | 15 | 23 |
Accruing [Member] | One-to Four-Family [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 6,218,000 | 9,921,000 |
Total number of troubled debt restructurings | 13 | 17 |
Accruing [Member] | Over Four-Family [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 2,710,000 | 3,917,000 |
Total number of troubled debt restructurings | 1 | 4 |
Accruing [Member] | Home Equity [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 0 | 0 |
Total number of troubled debt restructurings | 0 | 0 |
Accruing [Member] | Construction and Land [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 1,408,000 | 2,173,000 |
Total number of troubled debt restructurings | 1 | 2 |
Accruing [Member] | Commercial Real Estate [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 0 | 0 |
Total number of troubled debt restructurings | 0 | 0 |
Non-accruing [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 19,251,000 | 43,610,000 |
Total number of troubled debt restructurings | 81 | 114 |
Non-accruing [Member] | One-to Four-Family [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 11,875,000 | 21,847,000 |
Total number of troubled debt restructurings | 70 | 95 |
Non-accruing [Member] | Over Four-Family [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 5,314,000 | 20,030,000 |
Total number of troubled debt restructurings | 4 | 13 |
Non-accruing [Member] | Home Equity [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 972,000 | 986,000 |
Total number of troubled debt restructurings | 3 | 3 |
Non-accruing [Member] | Construction and Land [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 833,000 | 79,000 |
Total number of troubled debt restructurings | 2 | 1 |
Non-accruing [Member] | Commercial Real Estate [Member] | ' | ' |
Troubled Debt Restructuring Note, Debtor [Abstract] | ' | ' |
Amount of troubled debt restructuring | 257,000 | 668,000 |
Total number of troubled debt restructurings | 2 | 2 |
Interest Reduction and Principal Forbearance [Member] | ' | ' |
Troubled Debt Restructurings by Concession Type [Abstract] | ' | ' |
Loans Receivable, Modifications, Loans Performing in Accordance with Modified Terms | 15,160,000 | 26,051,000 |
Number of loans performing in accordance with modified terms (in loans) | 37 | 77 |
Loans Receivable, Modifications, Loans in Default | 3,638,000 | 2,770,000 |
Number of Loans in Default (in loans) | 19 | 11 |
Loans Receivable, Modifications, Total | 18,798,000 | 28,821,000 |
Number of Loans, Total (in loans) | 56 | 88 |
Interest Reduction [Member] | ' | ' |
Troubled Debt Restructurings by Concession Type [Abstract] | ' | ' |
Loans Receivable, Modifications, Loans Performing in Accordance with Modified Terms | 3,317,000 | 11,984,000 |
Number of loans performing in accordance with modified terms (in loans) | 11 | 35 |
Loans Receivable, Modifications, Loans in Default | 2,232,000 | 894,000 |
Number of Loans in Default (in loans) | 24 | 2 |
Loans Receivable, Modifications, Total | 5,549,000 | 12,878,000 |
Number of Loans, Total (in loans) | 35 | 37 |
Principal Forbearance [Member] | ' | ' |
Troubled Debt Restructurings by Concession Type [Abstract] | ' | ' |
Loans Receivable, Modifications, Loans Performing in Accordance with Modified Terms | 5,240,000 | 17,574,000 |
Number of loans performing in accordance with modified terms (in loans) | 5 | 11 |
Loans Receivable, Modifications, Loans in Default | 0 | 348,000 |
Number of Loans in Default (in loans) | 0 | 1 |
Loans Receivable, Modifications, Total | $5,240,000 | $17,922,000 |
Number of Loans, Total (in loans) | 5 | 12 |
Office_Properties_and_Equipmen2
Office Properties and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Office properties and equipment [Abstract] | ' | ' | ' |
Office properties and equipment, gross | $49,273,000 | $48,835,000 | ' |
Less accumulated depreciation | -22,183,000 | -21,900,000 | ' |
Office properties and equipment, net | 27,090,000 | 26,935,000 | ' |
Depreciation of premises and equipment | 2,717,000 | 2,081,000 | 1,842,000 |
Rent expense totaled | 3,300,000 | 2,800,000 | 2,600,000 |
Minimum annual commitments under all non-cancelable lease agreements [Abstract] | ' | ' | ' |
Within one year | 2,696,000 | ' | ' |
One to two years | 1,558,000 | ' | ' |
Two to three years | 1,295,000 | ' | ' |
Three to four years | 1,009,000 | ' | ' |
Four through five years | 844,000 | ' | ' |
After five years | 4,025,000 | ' | ' |
Total | 11,427,000 | ' | ' |
Land [Member] | ' | ' | ' |
Office properties and equipment [Abstract] | ' | ' | ' |
Office properties and equipment, gross | 6,444,000 | 6,836,000 | ' |
Office buildings and improvements [Member] | ' | ' | ' |
Office properties and equipment [Abstract] | ' | ' | ' |
Office properties and equipment, gross | 27,634,000 | 29,652,000 | ' |
Furniture and equipment [Member] | ' | ' | ' |
Office properties and equipment [Abstract] | ' | ' | ' |
Office properties and equipment, gross | $15,195,000 | $12,347,000 | ' |
Real_Estate_Owned_Details
Real Estate Owned (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Owned [Line Items] | ' | ' | ' |
Real estate owned | $22,663 | $35,974 | $56,670 |
Mortgage loans transferred to real estate owned upon completion of foreclosure | 13,552 | 22,282 | ' |
Sales of real estate owned | -25,734 | -35,159 | ' |
Write downs of real estate owned | -1,382 | -7,562 | ' |
Other Real Estate Owned | 253 | -257 | ' |
One- to four-family [Member] | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' |
Real estate owned | 12,980 | 17,353 | ' |
Over four-family [Member] | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' |
Real estate owned | 3,040 | 9,890 | ' |
Construction and land [Member] | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' |
Real estate owned | 6,258 | 7,029 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' |
Real estate owned | $385 | $1,702 | ' |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Mortgage servicing rights [Roll Forward] | ' | ' |
Mortgage servicing rights, beginning balance | $3,220,000 | $198,000 |
Additions | 4,077,000 | 3,411,000 |
Amortization | -1,125,000 | -389,000 |
Sales Of Mortgage Servicing Rights | -2,795,000 | 0 |
Mortgage servicing rights, ending balance | 3,377,000 | 3,220,000 |
Valuation allowance at period end | 0 | 0 |
Mortgage servicing rights, end of period net | 3,377,000 | 3,220,000 |
MSR Sales [Line Items] | ' | ' |
Loans Originated for Sale - Residential | 1,800,000,000 | 1,700,000,000 |
Sales of Loans Held for Sale | 1,900,000,000 | 1,800,000,000 |
Generated Mortgage Banking Inc | 80,300,000 | 87,400,000 |
Loans sold on a servicing retained basis | 563,700,000 | 635,800,000 |
Mortgage Servicing Rights [Member] | ' | ' |
Estimated future servicing rights amortization expense by period [Abstract] | ' | ' |
2013 | 770,000 | ' |
2014 | 670,000 | ' |
2015 | 569,000 | ' |
2016 | 470,000 | ' |
2017 | 369,000 | ' |
Thereafter | 529,000 | ' |
Total | $3,377,000 | ' |
Deposits_Details
Deposits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deposits [Abstract] | ' | ' | ' |
Time deposits, greater than $100,000 | $165,900,000 | $193,600,000 | ' |
Summary of interest expense on deposits [Abstract] | ' | ' | ' |
Interest-bearing demand deposits | 13,000 | 23,000 | 30,000 |
Money market and savings deposits | 132,000 | 272,000 | 369,000 |
Time deposits | 5,070,000 | 9,182,000 | 14,890,000 |
Interest expense on deposits | 5,215,000 | 9,477,000 | 15,289,000 |
Summary of the contractual maturities of time deposits [Abstract] | ' | ' | ' |
Within one year | 505,847,000 | ' | ' |
More than one to two years | 86,826,000 | ' | ' |
More than two to three years | 9,491,000 | ' | ' |
More than three to four years | 25,846,000 | ' | ' |
More than four through five years | 9,740,000 | ' | ' |
Time deposits | $637,750,000 | $736,920,000 | ' |
Borrowings_Details
Borrowings (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Debt [Line Items] | ' | ' |
Short-term borrowings | $21,197,000 | $45,888,000 |
Weighted average rate (in hundredths) | 3.19% | 3.09% |
Long-term Debt [Line Items] | ' | ' |
Long-term borrowings | 434,000,000 | 434,000,000 |
Total debt | 455,197,000 | 479,888,000 |
Weighted average rate (in hundredths) | 3.86% | 3.82% |
Total commitment on repurchase agreements | 90,000,000 | ' |
First Repurchase Agreement [Member] | ' | ' |
Long-term Debt [Line Items] | ' | ' |
Repurchase agreement outstanding balance | 17,500,000 | ' |
Interest rate (in hundredths) | 3.17% | ' |
Total commitment on repurchase agreements | 40,000,000 | ' |
Second Repurchase Agreement [Member] | ' | ' |
Long-term Debt [Line Items] | ' | ' |
Repurchase agreement outstanding balance | 3,700,000 | ' |
Interest rate (in hundredths) | 3.30% | ' |
Total commitment on repurchase agreements | 50,000,000 | ' |
Percentage of carrying value of qualifying unencumbered mortgage loans (in hundredths) | 75.00% | ' |
Percentage of carrying value of qualifying home equity loans (in hundredths) | 40.00% | ' |
Percentage of carrying value of qualifying of over four-family loans (in hundredths) | 60.00% | ' |
FHLBC stock as collateral | 17,500,000 | 20,200,000 |
FHLB, Chicago, Advances, Maturing 2016 [Member] | ' | ' |
Long-term Debt [Line Items] | ' | ' |
Long-term borrowings | 220,000,000 | 220,000,000 |
FHLB, weighted average rate (in hundredths) | 4.34% | 4.34% |
FHLB, year of maturity | '2016 | ' |
Number of Federal Home Loan Bank Advances (in loans) | 8 | ' |
FHLB, interest rate, minimum (in hundredths) | 4.01% | ' |
FHLB, interest rate, maximum (in hundredths) | 4.82% | ' |
FHLB, Chicago, Advances, Maturing 2017 [Member] | ' | ' |
Long-term Debt [Line Items] | ' | ' |
Long-term borrowings | 65,000,000 | 65,000,000 |
FHLB, weighted average rate (in hundredths) | 3.19% | 3.19% |
FHLB, year of maturity | '2017 | ' |
Number of Federal Home Loan Bank Advances (in loans) | 3 | ' |
FHLB, interest rate, minimum (in hundredths) | 3.09% | ' |
FHLB, interest rate, maximum (in hundredths) | 3.46% | ' |
FHLB, Chicago, Advances, Maturing 2018 [Member] | ' | ' |
Long-term Debt [Line Items] | ' | ' |
Long-term borrowings | 65,000,000 | 65,000,000 |
FHLB, weighted average rate (in hundredths) | 2.97% | 2.97% |
FHLB, year of maturity | '2018 | ' |
Number of Federal Home Loan Bank Advances (in loans) | 3 | ' |
FHLB, interest rate, minimum (in hundredths) | 2.73% | ' |
FHLB, interest rate, maximum (in hundredths) | 3.11% | ' |
Repurchase Agreements Maturing 2018 [Member] | ' | ' |
Long-term Debt [Line Items] | ' | ' |
Long-term borrowings | 84,000,000 | 84,000,000 |
Weighted average rate (in hundredths) | 3.96% | 3.96% |
FHLB, year of maturity | '2017 | ' |
Interest rate, minimum (in hundredths) | 2.89% | ' |
Interest rate, maximum (in hundredths) | 4.31% | ' |
Available for sale securities as collateral | $100,600,000 | ' |
Regulatory_Capital_Details
Regulatory Capital (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 25, 2009 |
In Thousands, unless otherwise specified | |||
Regulatory Capital [Abstract] | ' | ' | ' |
Minimum Tier 1 capital ratio (in hundredths) | 8.00% | ' | 8.50% |
Minimum total risk based capital ratio (in hundredths) | 12.00% | ' | 12.00% |
Actual [Abstract] | ' | ' | ' |
Total capital (to risk-weighted assets) | $219,146 | $199,098 | ' |
Tier I capital (to risk-weighted assets) | 206,364 | 184,542 | ' |
Tier I capital (to average assets) | 206,364 | 184,542 | ' |
State of Wisconsin (to total assets) | 206,364 | 184,542 | ' |
Total capital (to risk-weighted assets) (in hundredths) | 21.67% | 17.34% | ' |
Tier I capital (to risk-weighted assets) (in hundredths) | 20.41% | 16.07% | ' |
Tier I capital (to average assets) (in hundredths) | 12.48% | 11.13% | ' |
State of Wisconsin (to total assets) (in hundredths) | 10.65% | 11.15% | ' |
For Capital Adequacy Purposes [Abstract] | ' | ' | ' |
Total capital (to risk-weighted assets) | 80,887 | 91,844 | ' |
Tier I capital (to risk-weighted assets) | 40,443 | 45,922 | ' |
Tier I capital (to average assets) | 66,161 | 66,312 | ' |
State of Wisconsin (to total assets) | 116,252 | 99,305 | ' |
Total capital (to risk-weighted assets) (in hundredths) | 8.00% | 8.00% | ' |
Tier I capital (to risk-weighted assets) (in hundredths) | 4.00% | 4.00% | ' |
Tier I capital (to average assets) (in hundredths) | 4.00% | 4.00% | ' |
State of Wisconsin (to total assets) (in hundredths) | 6.00% | 6.00% | ' |
To Be Well-Capitalized Under Prompt Corrective Action Provisions [Abstract] | ' | ' | ' |
Total capital (to risk-weighted assets) | 101,109 | 114,806 | ' |
Tier I capital (to risk-weighted assets) | 60,665 | 68,883 | ' |
Tier I capital (to average assets) | $82,701 | $82,890 | ' |
Total capital (to risk-weighted assets) (in hundredths) | 10.00% | 10.00% | ' |
Tier I capital (to risk-weighted assets) (in hundredths) | 6.00% | 6.00% | ' |
Tier I capital (to average assets) (in hundredths) | 5.00% | 5.00% | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Schedule for assumptions for estimating the fair value of options granted [Abstract] | ' | ' | ' | ' |
Dividend Yield (in hundredths) | 0.00% | ' | ' | ' |
Risk-free interest rate (in hundredths) | 0.25% | ' | ' | ' |
Expected volatility (in hundredths) | 74.53% | ' | ' | ' |
Weighted average expected life (in years) | '6 years 6 months | ' | ' | ' |
Weighted average per share value of options (in dollars per share) | $1.25 | ' | ' | ' |
Stock option activity shares [Roll Forward] | ' | ' | ' | ' |
Outstanding, beginning balance (in shares) | 1,119,795 | 869,610 | 880,583 | ' |
Options exercisable, beginning balance (in shares) | 816,939 | 657,282 | 489,944 | ' |
Granted (in shares) | 0 | 279,811 | 0 | ' |
Exercised (in shares) | -1,097 | -3,291 | 0 | ' |
Forfeited (in shares) | -19,751 | -26,335 | -10,973 | ' |
Outstanding, ending balance (in shares) | 1,098,947 | 1,119,795 | 869,610 | 880,583 |
Options exercisable, ending balance (in shares) | 870,707 | 816,939 | 657,282 | 489,944 |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Outstanding, beginning balance (in dollars per share) | $11.95 | $14.88 | $14.99 | ' |
Outstanding, beginning balance (in dollars per share) | $15.12 | $15.75 | $15.99 | ' |
Granted (in dollars per share) | $0 | $109,730 | $0 | ' |
Exercised (in dollars per share) | $1.72 | $4.24 | $0 | ' |
Forfeited (in dollars per share) | $4.63 | $8.14 | $15.64 | ' |
Outstanding, beginning balance (in dollars per share) | $12.11 | $15.12 | $15.75 | $15.99 |
Outstanding, ending balance (in dollars per share) | $14.23 | $11.95 | $14.88 | $14.99 |
Weighted Average Years Remaining in Contractual Term [Abstract] | ' | ' | ' | ' |
Outstanding, Weighted Average Years Remaining in Contractual Term | '4 years 2 months 5 days | '5 years 8 months 8 days | '5 years 4 months 13 days | '6 years 4 months 2 days |
Options exercisable, Weighted Average Years Remaining in Contractual Term | '3 years 3 months 11 days | '4 years 3 months 22 days | '5 years 1 month 13 days | '6 years 0 months 14 days |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' |
Outstanding, Aggregate Intrinsic Value, beginning period | $1,622,000 | $0 | $0 | ' |
Options exercisable, Aggregate Intrinsic Value, beginning period | 80,000 | 0 | 0 | ' |
Granted, Aggregate Intrinsic Value | 0 | 0 | 0 | ' |
Exercised, Aggregate Intrinsic Value | -9,000 | 9,000 | 0 | ' |
Forfeited, Aggregate Intrinsic Value | -112,000 | -72,000 | 0 | ' |
Outstanding, Aggregate Intrinsic Value, ending period | 2,744,000 | 1,622,000 | 0 | 0 |
Options exercisable, Aggregate Intrinsic Value, ending period | 636,000 | 80,000 | 0 | 0 |
Nonvested stock option and restricted stock shares [Roll Forward] | ' | ' | ' | ' |
Granted (in shares) | 0 | 279,811 | 0 | ' |
Vested (in shares) | 7,681 | 10,973 | 8,779 | ' |
Forfeited (in shares) | 19,751 | 26,335 | 10,973 | ' |
Exercised (in shares) | 1,097 | 3,291 | 0 | ' |
Forfeited (in shares) | -19,751 | -26,335 | -10,973 | ' |
Nonvested stock option and restricted stock weighted average grant date fair value [Roll Forward] | ' | ' | ' | ' |
Share-based compensation expense | 81,000 | 94,000 | 745,000 | ' |
2006 Equity Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period (in years) | '5 years | ' | ' | ' |
Award grant life (in years) | '10 years | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Granted (in dollars per share) | ' | $1.85 | ' | ' |
Nonvested stock option and restricted stock shares [Roll Forward] | ' | ' | ' | ' |
Nonvested, beginning period (in shares) | 302,854 | 212,327 | ' | ' |
Granted (in shares) | 0 | 279,811 | ' | ' |
Vested (in shares) | -62,546 | -173,922 | ' | ' |
Forfeited (in shares) | -12,070 | -15,362 | ' | ' |
Nonvested, ending period (in shares) | 228,238 | 302,854 | ' | ' |
Forfeited (in shares) | 12,070 | 15,362 | ' | ' |
Nonvested stock option and restricted stock weighted average grant date fair value [Roll Forward] | ' | ' | ' | ' |
Nonvested, beginning period (in dollars per share) | $1.35 | $4.84 | ' | ' |
Granted (in dollars per share) | $0 | $1.22 | ' | ' |
Vested (in dollars per share) | $1.41 | $5.27 | ' | ' |
Forfeited (in dollars per share) | $1.36 | $1.21 | ' | ' |
Nonvested, ending period (in dollars per share) | $1.33 | $1.35 | ' | ' |
Unrecognized stock based compensation expense | 222,000 | ' | ' | ' |
Unrecognized stock based compensation expense recognize period (in months) | '28 months | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Nonvested stock option and restricted stock shares [Roll Forward] | ' | ' | ' | ' |
Nonvested, beginning period (in shares) | 110,827 | 57,279 | ' | ' |
Granted (in shares) | 0 | 109,730 | ' | ' |
Vested (in shares) | -23,043 | -53,987 | ' | ' |
Forfeited (in shares) | 0 | -2,195 | ' | ' |
Nonvested, ending period (in shares) | 87,784 | 110,827 | 57,279 | ' |
Forfeited (in shares) | 0 | 2,195 | ' | ' |
Nonvested stock option and restricted stock weighted average grant date fair value [Roll Forward] | ' | ' | ' | ' |
Nonvested, beginning period (in dollars per share) | $1.79 | $15.14 | ' | ' |
Granted (in dollars per share) | $0 | $1.72 | ' | ' |
Vested (in dollars per share) | $2.09 | $15.71 | ' | ' |
Forfeited (in dollars per share) | $0 | $4.24 | ' | ' |
Nonvested, ending period (in dollars per share) | $1.72 | $1.79 | $15.14 | ' |
Share-based compensation expense | 45,000 | 51,000 | 848,000 | ' |
Unrecognized stock based compensation expense | $113,000 | ' | ' | ' |
Unrecognized stock based compensation expense recognize period (in months) | '36 months | ' | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Minimum age criteria for participation in benefit plan (in years) | '18 years | ' | ' |
Contributions to the Plans | $486,000 | $70,000 | $0 |
Number of employees under nonqualified salary continuation plan (in employees) | 1 | ' | ' |
Defined Contribution Plan period under nonqualified salary continuation plan (in years) | '10 years | ' | ' |
Accrued liability | 535,000 | 687,000 | ' |
Death benefit under nonqualified salary continuation plan | 6,700,000 | ' | ' |
Cash surrender value of life insurance | 3,600,000 | 3,300,000 | ' |
Expense for compensation | $0 | $0 | ' |
Waterstone Mortgage [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Minimum age criteria for participation in benefit plan (in years) | '21 years | ' | ' |
Employee_Stock_Ownership_Plan_1
Employee Stock Ownership Plan (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2005 | |
Employee Stock Ownership Plan [Abstract] | ' | ' | ' | ' |
Minimum employee age (in years) | '21 years | ' | ' | ' |
Minimum employee tenure (in months) | '12 months | ' | ' | ' |
Minimum service hour required for employee stock option plan (in hours) | '1000 hours | ' | ' | ' |
Borrowings under stock ownership plan | $8,500,000 | ' | ' | ' |
Common stock open market purchase (in shares) | ' | ' | ' | 835,610 |
Amount of share released | 'one-tenth | ' | ' | ' |
Tenure of shares earned (in years) | '10 years | ' | ' | ' |
Compensation expense attributed to the ESOP | 719,000 | 306,000 | 202,000 | ' |
Aggregate activity of unearned ESOP shares [Abstract] | ' | ' | ' | ' |
Beginning ESOP shares (in shares) | 167,122 | 250,683 | ' | ' |
Shares committed to be released (in shares) | -83,561 | -83,561 | ' | ' |
Unreleased shares (in shares) | 83,561 | 167,122 | ' | ' |
Fair value of unreleased shares | $845,000 | $1,188,000 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current [Abstract] | ' | ' | ' | ' |
Federal | ' | $2,842,000 | $4,256,000 | $1,216,000 |
State | ' | 385,000 | 435,000 | 81,000 |
Current Total | ' | 3,227,000 | 4,691,000 | 1,297,000 |
Deferred [Abstract] | ' | ' | ' | ' |
Federal | ' | 3,861,000 | -12,664,000 | -590,000 |
State | ' | 1,533,000 | -4,231,000 | -145,000 |
Deferred Total | ' | 5,394,000 | -16,895,000 | -735,000 |
Total | ' | 8,621,000 | -12,204,000 | 562,000 |
Differential income tax provisions computed at the Federal statutory corporate tax rate [Abstract] | ' | ' | ' | ' |
Income (loss) before income tax | ' | 23,329,000 | 22,710,000 | -6,911,000 |
Tax at Federal statutory rate (35%) | ' | 8,165,000 | 7,949,000 | -2,419,000 |
Add (deduct) effect of [Abstract] | ' | ' | ' | ' |
State income taxes net of Federal income tax benefit (expense) | ' | 1,246,000 | -2,467,000 | -41,000 |
Cash surrender value of life insurance | ' | -376,000 | -375,000 | -393,000 |
Non-deductible ESOP and stock option expense | ' | -62,000 | 103,000 | 119,000 |
Tax-exempt interest income | ' | -392,000 | -185,000 | -254,000 |
Reversal of federal valuation allowance on deferred taxes | ' | 0 | -17,008,000 | 2,921,000 |
Intra-period tax allocation between other comprehensive income and loss from operations | ' | 0 | 0 | -591,000 |
Increase in tax exposure reserve | ' | 0 | -184,000 | 1,216,000 |
Other | ' | 40,000 | -37,000 | 4,000 |
Total | ' | 8,621,000 | -12,204,000 | 562,000 |
Federal statutory rate (in hundredths) | ' | 35.00% | 35.00% | 35.00% |
Effective tax rate (in hundredths) | ' | 37.00% | -53.70% | -8.10% |
Number of prior periods of cumulative losses included in examples of negative evidence | ' | 'Â Â | '2 years | ' |
Number of most recent periods of cumulative loss used as negative evidence in determining necessity of valuation allowance | ' | 'Â Â | '3 years | 'Â Â |
Federal and state income tax benefit | ' | ' | 'Â Â | 736,000 |
Gross deferred tax assets [Abstract] | ' | ' | ' | ' |
Excess book depreciation | ' | 46,000 | 653,000 | ' |
Compensation agreements | ' | 210,000 | 277,000 | ' |
Restricted stock and stock options | ' | 991,000 | 935,000 | ' |
Allowance for loan losses | ' | 9,523,000 | 12,316,000 | ' |
Repurchase reserve for loans sold | ' | 122,000 | 357,000 | ' |
Real estate owned write-downs | ' | 2,401,000 | 4,005,000 | ' |
Interest recognized for tax but not books | ' | 1,390,000 | 1,609,000 | ' |
Federal NOL carryforward | ' | 467,000 | 0 | ' |
State NOL carryforward | ' | 508,000 | 817,000 | ' |
Unrealized loss on impaired securities | ' | 598,000 | 0 | ' |
Other | ' | 291,000 | 426,000 | ' |
Total gross deferred tax assets | ' | 16,547,000 | 21,395,000 | ' |
Gross deferred tax liabilities [Abstract] | ' | ' | ' | ' |
Unrealized gain on securities available for sale, net | ' | 0 | -1,834,000 | ' |
Mortgage Servicing Rights | ' | -1,365,000 | -1,278,000 | ' |
FHLB stock dividends | ' | -736,000 | -858,000 | ' |
Deferred loan fees | ' | -622,000 | -639,000 | ' |
Deferred liabilities | ' | -2,723,000 | -4,609,000 | ' |
Net deferred tax assets | ' | 13,824,000 | 16,786,000 | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Retained earnings excluding federal or state taxes | ' | 16,700,000 | ' | ' |
Reconciliation of the beginning and ending amount of unrecognized tax benefits [Roll Forward] | ' | ' | ' | ' |
Balance at January 1 | ' | 71,000 | 2,004,000 | ' |
Increases related to prior year tax positions | ' | 0 | 13,000 | ' |
Increases related to current year tax positions | ' | 0 | 2,000 | ' |
Decreases related to prior year tax positions | ' | -71,000 | -1,948,000 | ' |
Balance at December 31 | ' | 0 | 71,000 | 2,004,000 |
Payment towards IRS proposed IRS adjustment | 982,000 | ' | ' | ' |
Income tax interest or penalties | ' | 0 | 0 | 241,000 |
Income tax interest or penalties accrued | ' | 0 | 53,000 | 241,000 |
Federal [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
NOL Carryforwards | ' | ' | 'Â Â | ' |
Wisconsin [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
NOL Carryforwards | ' | $9,900,000 | ' | ' |
Operating loss carryforwards expiration date | ' | '2028 | ' | ' |
Offsetting_of_Assets_and_Liabi2
Offsetting of Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Repo-Net Amount [Member] | ' | ' |
Schedule of Liabilities subject to netting agreement [Line Items] | ' | ' |
Repurchase Agreement Totals | $0 | $0 |
Short-term Repurchase Agreements | 0 | 0 |
Long term repurchase agreements | 0 | 0 |
Repo-Gross Recognized Liabilities [Member] | ' | ' |
Schedule of Liabilities subject to netting agreement [Line Items] | ' | ' |
Repurchase Agreement Totals | 101,526 | 122,090 |
Short-term Repurchase Agreements | 17,526 | 38,090 |
Long term repurchase agreements | 84,000 | 84,000 |
Gross Amounts Offset [Member] | ' | ' |
Schedule of Liabilities subject to netting agreement [Line Items] | ' | ' |
Repurchase Agreement Totals | 0 | 0 |
Short-term Repurchase Agreements | 0 | 0 |
Long term repurchase agreements | 0 | 0 |
Net Amounts Presented [Member] | ' | ' |
Schedule of Liabilities subject to netting agreement [Line Items] | ' | ' |
Repurchase Agreement Totals | 101,526 | 122,090 |
Short-term Repurchase Agreements | 17,526 | 38,090 |
Long term repurchase agreements | 84,000 | 84,000 |
Gross Amounts Not Offset [Member] | ' | ' |
Schedule of Liabilities subject to netting agreement [Line Items] | ' | ' |
Repurchase Agreement Totals | 101,526 | 122,090 |
Short-term Repurchase Agreements | 17,526 | 38,090 |
Long term repurchase agreements | $84,000 | $84,000 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet risks liability amount | $696,000 | $736,000 |
Probable losses | 0 | 0 |
Commitments to Extend Credit Under Amortizing Loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet risks asset amount | 9,637,000 | 20,836,000 |
Commitments to Extend Credit Under Home Equity Lines of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet risks asset amount | 14,699,000 | 17,628,000 |
Unused Portion of Construction Loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet risks asset amount | 8,637,000 | 5,502,000 |
Unused Portion of Business Lines of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet risks asset amount | $10,364,000 | $10,967,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Forward commitments to sell mortgage loans [Member] | ' |
Derivative [Line Items] | ' |
Aggregate notional amount of derivatives | $128,000,000 |
Cumulative net gain reported as a component of other assets | 1,200,000 |
Interest rate lock commitments [Member] | ' |
Derivative [Line Items] | ' |
Aggregate notional amount of derivatives | 100,400,000 |
Cumulative net gain reported as a component of other assets | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans held for sale (at fair value) | $97,021,000 | $133,613,000 | ||
Real Estate Owned, Fair Value Disclosure | 22,663,000 | 35,974,000 | ||
Unrealized holding losses arising during the period [Abstract] | ' | ' | ||
Ending balance | 5,829,000 | ' | ||
Loans and Leases Receivable, Impaired, Outstanding Balance | 31,500,000 | 52,500,000 | ||
Loans and Leases Receivable, Impaired, Specific Reserve | 6,900,000 | 12,400,000 | ||
Real Estate Owned, Change in Fair Value | 1,400,000 | 7,600,000 | ||
Securities (Assets) [Member] | ' | ' | ||
Assets measured on recurring basis, unobservable input reconciliation [Roll Forward] | ' | ' | ||
Beginning balance | 0 | 18,451,000 | ||
Transfer into level 3 | 0 | 0 | ||
Unrealized holding losses arising during the period [Abstract] | ' | ' | ||
Included in other comprehensive income | ' | 1,023,000 | ||
Other than temporary impairment in net loss | ' | -113,000 | ||
Principal repayments | ' | -1,352,000 | ||
Net accretion of discount/amortization of premium | ' | -18,009,000 | ||
Mortgage derivative gain, net | 0 | 0 | ||
Ending balance | 0 | 0 | ||
Mortgage Banking Derivatives [Member] | ' | ' | ||
Assets measured on recurring basis, unobservable input reconciliation [Roll Forward] | ' | ' | ||
Beginning balance | 1,419,000 | 527,000 | ||
Transfer into level 3 | 0 | 0 | ||
Unrealized holding losses arising during the period [Abstract] | ' | ' | ||
Included in other comprehensive income | ' | 0 | ||
Other than temporary impairment in net loss | ' | 0 | ||
Principal repayments | ' | 0 | ||
Net accretion of discount/amortization of premium | ' | 0 | ||
Mortgage derivative gain, net | -230,000 | 892,000 | ||
Ending balance | 1,189,000 | 1,419,000 | ||
Impaired Loans, Net [Member] | ' | ' | ||
Unrealized holding losses arising during the period [Abstract] | ' | ' | ||
Ending balance | 24,596,000 | ' | ||
Real Estate Owned [Member] | ' | ' | ||
Unrealized holding losses arising during the period [Abstract] | ' | ' | ||
Ending balance | 22,663,000 | ' | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Mortgage-backed securities | 104,923,000 | 119,056,000 | ||
Collateralized mortgage obligations, Government sponsored enterprise bonds | 19,241,000 | 29,579,000 | ||
Government sponsored enterprise bonds | 17,934,000 | 8,017,000 | ||
Municipal securities | 58,793,000 | 37,371,000 | ||
Other debt securities | 5,160,000 | 5,070,000 | ||
Certificates of deposit | 7,367,000 | 5,924,000 | ||
Loans held for sale (at fair value) | 97,021,000 | 133,613,000 | ||
Mortgage Banking Derivative Assets | 1,189,000 | 1,668,000 | ||
Mortgage Banking Derivatives Liabilities | ' | 249,000 | ||
Impaired Loans, Fair Value Disclosure | 24,596,000 | 40,071,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Mortgage-backed securities | 0 | 0 | ||
Collateralized mortgage obligations, Government sponsored enterprise bonds | 0 | 0 | ||
Government sponsored enterprise bonds | 0 | 0 | ||
Municipal securities | 0 | 0 | ||
Other debt securities | 5,160,000 | 5,070,000 | ||
Certificates of deposit | 0 | 0 | ||
Loans held for sale (at fair value) | 0 | 0 | ||
Mortgage Banking Derivative Assets | 0 | 0 | ||
Mortgage Banking Derivatives Liabilities | ' | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Mortgage-backed securities | 104,923,000 | 119,056,000 | ||
Collateralized mortgage obligations, Government sponsored enterprise bonds | 19,241,000 | 29,579,000 | ||
Government sponsored enterprise bonds | 17,934,000 | 8,017,000 | ||
Municipal securities | 58,793,000 | 37,371,000 | ||
Other debt securities | 0 | 0 | ||
Certificates of deposit | 7,367,000 | 5,924,000 | ||
Loans held for sale (at fair value) | 97,021,000 | 133,613,000 | ||
Mortgage Banking Derivative Assets | 0 | 0 | ||
Mortgage Banking Derivatives Liabilities | ' | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Mortgage-backed securities | 0 | 0 | ||
Collateralized mortgage obligations, Government sponsored enterprise bonds | 0 | 0 | ||
Government sponsored enterprise bonds | 0 | 0 | ||
Municipal securities | 0 | 0 | ||
Other debt securities | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Loans held for sale (at fair value) | 0 | 0 | ||
Mortgage Banking Derivative Assets | 1,189,000 | 1,668,000 | ||
Mortgage Banking Derivatives Liabilities | ' | 249,000 | ||
Number of corporate collateralized mortgage obligations, available-for-sale securities (in loans) | ' | 'Â Â | ||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired Loans, Fair Value Disclosure | 24,596,000 | [1] | 40,071,000 | [1] |
Real Estate Owned, Fair Value Disclosure | 22,663,000 | 35,974,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired Loans, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Real Estate Owned, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired Loans, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Real Estate Owned, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired Loans, Fair Value Disclosure | 24,596,000 | [1] | 40,071,000 | [1] |
Real Estate Owned, Fair Value Disclosure | $22,663,000 | $35,974,000 | ||
[1] | Represents collateral-dependent impaired loans, net, which are included in loans. |
Fair_Value_Measurements_Valuat
Fair Value Measurements, Valuation Techniques (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Maximum [Member] | Minimum [Member] | Securities (Assets) [Member] | Securities (Assets) [Member] | Securities (Assets) [Member] | Mortgage Banking Derivatives [Member] | Mortgage Banking Derivatives [Member] | Mortgage Banking Derivatives [Member] | Mortgage Banking Derivatives [Member] | Mortgage Banking Derivatives [Member] | Impaired Loans, Net [Member] | Impaired Loans, Net [Member] | Impaired Loans, Net [Member] | Real Estate Owned [Member] | Real Estate Owned [Member] | Real Estate Owned [Member] | ||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | $5,829,000 | ' | ' | $0 | $0 | $18,451,000 | $1,189,000 | $1,419,000 | $527,000 | ' | ' | $24,596,000 | ' | ' | $22,663,000 | ' | ' |
Fair Value Inputs, Pull Through Rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 69.30% | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rates Applied to Appraisals (in hundredths) | ' | 18.00% | 7.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 15.00% | ' | 89.00% | 5.00% |
Fair Value Inputs, Discount Rate | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Cost to Service | ' | $65 | $65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_by_Bal
Fair Value Measurements, by Balance Sheet Grouping (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Loans held for sale (at fair value) | $97,021 | $133,613 |
Real estate owned | 22,663 | 35,974 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Assets | ' | ' |
Mortgage Servicing Rights Fair Value | 5,829 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Mortgage Servicing Rights Fair Value | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Mortgage Servicing Rights Fair Value | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets | ' | ' |
Mortgage Servicing Rights Fair Value | 5,829 | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 429,169 | 71,649 |
Securities available for sale | 213,418 | 205,017 |
Loans held for sale (at fair value) | 97,021 | 133,613 |
Loans receivable, net | 1,092,676 | 1,133,672 |
FHLB stock | 17,500 | 20,193 |
Cash surrender value of life insurance | 39,378 | 38,061 |
Real estate owned | 22,663 | 35,974 |
Accrued interest receivable | 3,804 | 3,452 |
Mortgage Servicing Rights Fair Value | 3,377 | 3,220 |
Mortgage banking derivative assets | 1,189 | 1,668 |
Liabilities: | ' | ' |
Deposits | 1,244,741 | 939,513 |
Advance payments by borrowers for taxes | 2,482 | 1,672 |
Borrowings | 455,197 | 479,888 |
Accrued interest payable | 1,595 | 1,715 |
Mortgage banking derivative liabilities | 0 | 249 |
Other Financial Instruments [Abstract] | ' | ' |
Stand-by letters of credit | 0 | 5 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 429,169 | 71,469 |
Securities available for sale | 213,418 | 205,017 |
Loans held for sale (at fair value) | 97,021 | 133,613 |
Loans receivable, net | 1,117,959 | 1,148,107 |
FHLB stock | 17,500 | 20,193 |
Cash surrender value of life insurance | 39,378 | 38,061 |
Real estate owned | 22,663 | 35,974 |
Accrued interest receivable | 3,804 | 3,452 |
Mortgage Servicing Rights Fair Value | ' | 4,070 |
Mortgage banking derivative assets | 1,189 | 1,668 |
Liabilities: | ' | ' |
Deposits | 1,246,541 | 942,118 |
Advance payments by borrowers for taxes | 2,482 | 1,672 |
Borrowings | 491,053 | 537,299 |
Accrued interest payable | 1,595 | 1,715 |
Mortgage banking derivative liabilities | 0 | 249 |
Other Financial Instruments [Abstract] | ' | ' |
Stand-by letters of credit | 0 | 5 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 429,169 | 71,469 |
Securities available for sale | 5,160 | 5,070 |
Loans held for sale (at fair value) | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Cash surrender value of life insurance | 39,378 | 38,061 |
Real estate owned | 0 | 0 |
Accrued interest receivable | 3,804 | 3,452 |
Mortgage Servicing Rights Fair Value | ' | 0 |
Mortgage banking derivative assets | 0 | 0 |
Liabilities: | ' | ' |
Deposits | 606,991 | 202,593 |
Advance payments by borrowers for taxes | 2,482 | 1,672 |
Borrowings | 21,197 | 0 |
Accrued interest payable | 1,595 | 1,715 |
Mortgage banking derivative liabilities | 0 | 0 |
Other Financial Instruments [Abstract] | ' | ' |
Stand-by letters of credit | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 208,258 | 199,947 |
Loans held for sale (at fair value) | 97,021 | 133,613 |
Loans receivable, net | 0 | 0 |
FHLB stock | 17,500 | 20,193 |
Cash surrender value of life insurance | 0 | 0 |
Real estate owned | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage Servicing Rights Fair Value | ' | 0 |
Mortgage banking derivative assets | 0 | 0 |
Liabilities: | ' | ' |
Deposits | 639,550 | 739,525 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 469,856 | 537,299 |
Accrued interest payable | 0 | 0 |
Mortgage banking derivative liabilities | 0 | 0 |
Other Financial Instruments [Abstract] | ' | ' |
Stand-by letters of credit | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans held for sale (at fair value) | 0 | 0 |
Loans receivable, net | 1,117,959 | 1,148,107 |
FHLB stock | 0 | 0 |
Cash surrender value of life insurance | 0 | 0 |
Real estate owned | 22,663 | 35,974 |
Accrued interest receivable | 0 | 0 |
Mortgage Servicing Rights Fair Value | ' | 4,070 |
Mortgage banking derivative assets | 1,189 | 1,668 |
Liabilities: | ' | ' |
Deposits | 0 | 0 |
Advance payments by borrowers for taxes | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Mortgage banking derivative liabilities | 0 | 249 |
Other Financial Instruments [Abstract] | ' | ' |
Stand-by letters of credit | $0 | $5 |
Earnings_loss_per_share_Detail
Earnings (loss) per share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic and diluted earnings per share calculations [Abstract] | ' | ' | ' |
Net income (loss) | $14,708 | $34,914 | ($7,473) |
Net Income available to unvested restricted stockholders | 38 | 113 | 0 |
Net Income (Loss) available to common stockholders | $14,670 | $34,801 | ($7,473) |
Weighted average shares outstanding (in shares) | 34,185,000 | 34,076,000 | 33,938,000 |
Effect of dilutive potential common shares (in shares) | 254,000 | 118,000 | 0 |
Diluted weighted average shares outstanding (in shares) | 34,439,000 | 34,194,000 | 33,938,000 |
Basic loss per share (in dollars per share) | $0.43 | $1.02 | ($0.22) |
Diluted loss per share (in dollars per share) | $0.43 | $1.02 | ($0.22) |
Nonvested Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 228,238 | 302,854 | 212,327 |
Nonvested Restricted Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 87,784 | 110,827 | 57,279 |
Condensed_Parent_Company_Only_2
Condensed Parent Company Only Statements (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $429,169 | $71,469 | ' | ' |
Securities available for sale (at fair value) | 213,418 | 205,017 | ' | ' |
Total assets | 1,947,039 | 1,661,076 | 1,712,851 | ' |
Liabilities [Abstract] | ' | ' | ' | ' |
Other liabilities | 30,147 | 37,369 | ' | ' |
Shareholders' equity [Abstract] | ' | ' | ' | ' |
Preferred Stock (par value $.01 per share) Authorized - 20,000,000 shares, no shares issued | 0 | 0 | ' | ' |
Common stock (par value $.01 per share) Authorized - 200,000,000 shares in 2012 and 2011 Issued - 34,072,909 in 2012 and 33,974,450 in 2011 Outstanding - 31,348,556 in 2012 and 31,250,097 in 2011 | 341 | 341 | ' | ' |
Additional paid-in-capital | 110,480 | 110,490 | ' | ' |
Retained earnings | 151,195 | 136,487 | ' | ' |
Unearned ESOP shares | -854 | -1,708 | ' | ' |
Treasury stock (2,724,353 shares), at cost | -45,261 | -45,261 | ' | ' |
Accumulated other comprehensive income (net of taxes) | -1,429 | 2,285 | ' | ' |
Total shareholders' equity | 214,472 | 202,634 | 166,372 | 172,220 |
Total liabilities and shareholders' equity | 1,947,039 | 1,661,076 | ' | ' |
Preferred stock - par value (in dollars per share) | $0.01 | $0.01 | ' | ' |
Preferred stock - shares authorized (in shares) | 20,000,000 | 20,000,000 | ' | ' |
Preferred stock - shares issued (in shares) | 0 | 0 | ' | ' |
Common stock - par value (in dollars per share) | $0.01 | $0.01 | ' | ' |
Common stock - shares authorized (in shares) | 200,000,000 | 200,000,000 | ' | ' |
Common stock - shares issued (in shares) | 34,073,670 | 34,072,909 | ' | ' |
Common stock - shares outstanding (in shares) | 31,349,317 | 31,348,556 | ' | ' |
Treasury shares (in shares) | 2,724,353 | 2,724,353 | ' | ' |
Statements of Operations [Abstract] | ' | ' | ' | ' |
Interest income | 62,864 | 69,846 | 79,352 | ' |
Total income (loss) | 39,206 | 41,945 | 46,516 | ' |
Compensation | 68,807 | 63,507 | 39,159 | ' |
Professional fees | 2,386 | 2,109 | 1,648 | ' |
Other expense | 10,871 | 11,971 | 7,394 | ' |
Total expense | 99,144 | 102,138 | 74,579 | ' |
Income (loss) before income tax | 23,329 | 22,710 | -6,911 | ' |
Income tax benefit | 8,621 | -12,204 | 562 | ' |
Net income (loss) | 14,708 | 34,914 | -7,473 | ' |
Cash flows from operating activities [Abstract] | ' | ' | ' | ' |
Net income (loss) | 14,708 | 34,914 | -7,473 | ' |
Adjustments to reconcile net loss to net cash provided by operating activities [Abstract] | ' | ' | ' | ' |
Amortization of unearned ESOP shares | 718 | 306 | 202 | ' |
Stock based compensation | 126 | 145 | 1,593 | ' |
Deferred income taxes | 5,394 | -16,895 | -735 | ' |
Change in other assets and liabilities | -1,173 | -3,352 | 2,464 | ' |
Net cash (used in) provided by operating activities | 52,284 | -8,137 | 35,090 | ' |
Cash flows from investing activities [Abstract] | ' | ' | ' | ' |
Net cash used in investing activities | 24,069 | 91,525 | 61,454 | ' |
Net cash provided by (used in) financing activities | 281,347 | -92,299 | -91,495 | ' |
Net increase (decrease) in cash | 357,700 | -8,911 | 5,049 | ' |
Cash and cash equivalents at beginning of year | 71,469 | 80,380 | 75,331 | ' |
Cash and cash equivalents at end of year | 429,169 | 71,469 | 80,380 | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 349 | 337 | ' | ' |
Securities available for sale (at fair value) | 5,160 | 5,070 | ' | ' |
Investment in subsidiaries | 205,776 | 195,451 | ' | ' |
Other assets | 3,276 | 1,926 | ' | ' |
Total assets | 214,561 | 202,784 | ' | ' |
Liabilities [Abstract] | ' | ' | ' | ' |
Other liabilities | 89 | 150 | ' | ' |
Shareholders' equity [Abstract] | ' | ' | ' | ' |
Preferred Stock (par value $.01 per share) Authorized - 20,000,000 shares, no shares issued | 0 | 0 | ' | ' |
Common stock (par value $.01 per share) Authorized - 200,000,000 shares in 2012 and 2011 Issued - 34,072,909 in 2012 and 33,974,450 in 2011 Outstanding - 31,348,556 in 2012 and 31,250,097 in 2011 | 341 | 341 | ' | ' |
Additional paid-in-capital | 110,480 | 110,490 | ' | ' |
Retained earnings | 151,195 | 136,487 | ' | ' |
Unearned ESOP shares | -854 | -1,708 | ' | ' |
Treasury stock (2,724,353 shares), at cost | -45,261 | -45,261 | ' | ' |
Accumulated other comprehensive income (net of taxes) | -1,429 | 2,285 | ' | ' |
Total shareholders' equity | 214,472 | 202,634 | ' | ' |
Total liabilities and shareholders' equity | 214,561 | 202,784 | ' | ' |
Preferred stock - par value (in dollars per share) | $0.01 | $0.01 | ' | ' |
Preferred stock - shares authorized (in shares) | 20,000,000 | 20,000,000 | ' | ' |
Preferred stock - shares issued (in shares) | 0 | 0 | ' | ' |
Common stock - par value (in dollars per share) | $0.01 | $0.01 | ' | ' |
Common stock - shares authorized (in shares) | 200,000,000 | 200,000,000 | ' | ' |
Common stock - shares issued (in shares) | 34,073,670 | 34,072,909 | ' | ' |
Common stock - shares outstanding (in shares) | 31,349,317 | 31,348,556 | ' | ' |
Treasury shares (in shares) | 2,724,353 | 2,724,353 | ' | ' |
Statements of Operations [Abstract] | ' | ' | ' | ' |
Interest income | 586 | 644 | 669 | ' |
Equity in loss of subsidiaries | 14,468 | 33,448 | -8,250 | ' |
Total income (loss) | 15,054 | 34,092 | -7,581 | ' |
Compensation | -118 | -523 | -605 | ' |
Professional fees | 16 | 3 | 57 | ' |
Other expense | 287 | 279 | 440 | ' |
Total expense | 185 | -241 | -108 | ' |
Income (loss) before income tax | 14,869 | 34,333 | -7,473 | ' |
Income tax benefit | 161 | -581 | 0 | ' |
Net income (loss) | 14,708 | 34,914 | -7,473 | ' |
Cash flows from operating activities [Abstract] | ' | ' | ' | ' |
Net income (loss) | 14,708 | 34,914 | -7,473 | ' |
Adjustments to reconcile net loss to net cash provided by operating activities [Abstract] | ' | ' | ' | ' |
Amortization of unearned ESOP shares | 718 | 306 | 202 | ' |
Stock based compensation | 126 | 145 | 1,593 | ' |
Deferred income taxes | -21 | -954 | -71 | ' |
Equity in (earnings) loss of subsidiaries | -14,468 | -33,448 | 8,250 | ' |
Change in other assets and liabilities | -1,051 | -1,147 | -1,537 | ' |
Net cash (used in) provided by operating activities | 12 | -184 | 964 | ' |
Cash flows from investing activities [Abstract] | ' | ' | ' | ' |
Capital contributions to subsidiary | 0 | 0 | -1,000 | ' |
Net cash used in investing activities | 0 | 0 | -1,000 | ' |
Net cash provided by (used in) financing activities | 0 | 0 | 0 | ' |
Net increase (decrease) in cash | 12 | -184 | -36 | ' |
Cash and cash equivalents at beginning of year | 337 | 521 | 557 | ' |
Cash and cash equivalents at end of year | $349 | $337 | $521 | ' |
Segment_and_Related_Informatio2
Segment and Related Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | Segment | Segment | |
Segments and Related Information [Abstract] | ' | ' | ' |
Number of operating segments (in segments) | 2 | 2 | 2 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | $39,206 | $41,945 | $46,516 |
Provision for loan losses | 4,532 | 8,300 | 22,077 |
Net interest income after provision for loan losses | 34,674 | 33,645 | 24,439 |
Noninterest income | 87,799 | 91,203 | 43,229 |
Noninterest expenses [Abstract] | ' | ' | ' |
Compensation, payroll taxes, and other employee benefits | 68,807 | 63,507 | 39,159 |
Occupancy, office furniture and equipment | 8,165 | 6,968 | 6,488 |
FDIC insurance premiums | 1,986 | 3,390 | 3,814 |
Real estate owned | 255 | 8,746 | 12,140 |
Other | 19,931 | 19,527 | 12,978 |
Total noninterest expenses | 99,144 | 102,138 | 74,579 |
Income (loss) before income tax | 23,329 | 22,710 | -6,911 |
Income tax expense (benefit) | 8,621 | -12,204 | 562 |
Net income (loss) | 14,708 | 34,914 | -7,473 |
Total Assets | 1,947,039 | 1,661,076 | 1,712,851 |
Mortgage Banking [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | 557 | 470 | 406 |
Provision for loan losses | 60 | 50 | 117 |
Net interest income after provision for loan losses | 497 | 420 | 289 |
Noninterest income | 84,879 | 87,944 | 40,798 |
Noninterest expenses [Abstract] | ' | ' | ' |
Compensation, payroll taxes, and other employee benefits | 55,484 | 50,748 | 26,929 |
Occupancy, office furniture and equipment | 5,194 | 3,856 | 3,226 |
FDIC insurance premiums | 0 | 0 | 0 |
Real estate owned | 0 | 0 | 0 |
Other | 15,565 | 14,517 | 7,883 |
Total noninterest expenses | 76,243 | 69,121 | 38,038 |
Income (loss) before income tax | 9,133 | 19,243 | 3,049 |
Income tax expense (benefit) | 3,682 | 7,724 | 1,395 |
Net income (loss) | 5,451 | 11,519 | 1,654 |
Total Assets | 119,401 | 147,699 | 100,177 |
Community Banking [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | 38,148 | 40,973 | 45,611 |
Provision for loan losses | 4,472 | 8,250 | 21,960 |
Net interest income after provision for loan losses | 33,676 | 32,723 | 23,651 |
Noninterest income | 3,134 | 3,259 | 2,431 |
Noninterest expenses [Abstract] | ' | ' | ' |
Compensation, payroll taxes, and other employee benefits | 13,526 | 13,424 | 13,006 |
Occupancy, office furniture and equipment | 3,052 | 3,112 | 3,262 |
FDIC insurance premiums | 1,986 | 3,390 | 3,814 |
Real estate owned | 255 | 8,746 | 12,140 |
Other | 4,197 | 4,728 | 4,598 |
Total noninterest expenses | 23,016 | 33,400 | 36,820 |
Income (loss) before income tax | 13,794 | 2,582 | -10,738 |
Income tax expense (benefit) | 4,777 | -19,347 | -833 |
Net income (loss) | 9,017 | 21,929 | -9,905 |
Total Assets | 1,895,833 | 1,589,314 | 1,669,231 |
Holding Company and Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | 501 | 502 | 499 |
Provision for loan losses | 0 | 0 | 0 |
Net interest income after provision for loan losses | 501 | 502 | 499 |
Noninterest income | -214 | 0 | 0 |
Noninterest expenses [Abstract] | ' | ' | ' |
Compensation, payroll taxes, and other employee benefits | -203 | -665 | -776 |
Occupancy, office furniture and equipment | -81 | 0 | 0 |
FDIC insurance premiums | 0 | 0 | 0 |
Real estate owned | 0 | 0 | 0 |
Other | 169 | 282 | 497 |
Total noninterest expenses | -115 | -383 | -279 |
Income (loss) before income tax | 402 | 885 | 778 |
Income tax expense (benefit) | 162 | -581 | 0 |
Net income (loss) | 240 | 1,466 | 778 |
Total Assets | ($68,195) | ($75,937) | ($56,557) |
Other_Matters_Details
Other Matters (Details) (USD $) | Dec. 31, 2013 |
Other Matters [Abstract] | ' |
Other Matters | $1,400 |