Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 25, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Sunnyside Bancorp, Inc. | ||
Entity Central Index Key | 1571398 | ||
Trading Symbol | snny | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 793,500 | ||
Entity Public Float | $6,674,103 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||
Cash and cash equivalents | $3,719,882 | $2,636,523 |
Securities held to maturity, net; approximate fair value of $6,378,000 (2014) and $4,809,000 (2013) | 6,154,237 | 4,666,508 |
Securities available for sale | 34,511,669 | 38,240,458 |
Loans receivable, net | 43,219,661 | 40,040,109 |
Premises and equipment, net | 1,612,029 | 1,602,451 |
Federal Home Loan Bank of New York and other stock, at cost | 207,820 | 222,420 |
Accrued interest receivable | 275,571 | 267,796 |
Cash surrender value of life insurance | 2,073,455 | 2,008,494 |
Deferred income taxes | 929,235 | 1,046,964 |
Other assets | 449,821 | 519,277 |
Total assets | 93,153,380 | 91,251,000 |
Liabilities: | ||
Deposits | 79,555,416 | 78,024,604 |
Advances from borrowers for taxes and insurance | 731,757 | 693,183 |
Other liabilities | 668,090 | 597,210 |
Total liabilities | 80,955,263 | 79,314,997 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Serial preferred stock; par value $.01, 1,000,000 shares authorized, no shares issued | ||
Common stock; par value $.01, 30,000,000 shares authorized and 793,500 shares issued | 7,935 | 7,935 |
Additional paid-in capital | 7,081,577 | 7,082,343 |
Unallocated common stock held by the Employee Stock Ownership Plan | -511,030 | -533,229 |
Retained earnings | 6,435,539 | 6,645,906 |
Accumulated other comprehensive (loss) | -815,904 | -1,266,952 |
Total stockholders' equity | 12,198,117 | 11,936,003 |
Total liabilities and stockholders' equity | $93,153,380 | $91,251,000 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Statements Of Financial Condition [Abstract] | ||
Securities held to maturity, fair value (in dollars) | $6,378,000 | $4,809,000 |
Serial preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Serial preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Serial preferred stock, shares issued | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 793,500 | 793,500 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and dividend income: | ||
Loans | $1,847,551 | $1,932,161 |
Investment securities | 170,171 | 121,214 |
Mortgage-backed securities | 671,296 | 631,882 |
Federal funds sold and other earning assets | 10,317 | 5,750 |
Total interest and dividend income | 2,699,335 | 2,691,007 |
Interest expense: | ||
Deposits | 396,720 | 573,900 |
Borrowings | 354 | 35 |
Total interest expense | 397,074 | 573,935 |
Net interest income | 2,302,261 | 2,117,072 |
Provision for loan losses | 55,910 | 24,500 |
Net interest income after provision for loan losses | 2,246,351 | 2,092,572 |
Non-interest income: | ||
Fees and service charges | 92,114 | 99,488 |
Net gain on sale of securities | 18,078 | 163,959 |
Income on bank owned life insurance | 64,961 | 63,560 |
Total non-interest income | 175,153 | 327,007 |
Non-interest expense: | ||
Compensation and benefits | 1,342,714 | 1,307,729 |
Occupancy and equipment, net | 399,737 | 386,404 |
Data processing service fees | 204,205 | 165,566 |
Professional fees | 471,329 | 338,085 |
Federal deposit insurance premiums | 63,639 | 61,703 |
Advertising and promotion | 101,578 | 75,928 |
Other | 226,170 | 235,008 |
Total non-interest expense | 2,809,372 | 2,570,423 |
(Loss) before income taxes | -387,868 | -150,844 |
Income tax (benefit) | -177,501 | -91,018 |
Net (loss) | ($210,367) | ($59,826) |
Basic and diluted loss per share (in dollars per share) | ($0.28) | |
Weighted average shares outstanding basic and diluted (in shares) | 741,383 | 342,159 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Comprehensive (Loss) [Abstract] | ||
Net (loss) | ($210,367) | ($59,826) |
Defined benefit pension plans: | ||
Net loss arising during the period | -208,328 | -122,358 |
Amortization of loss included in net periodic plan cost | 72,841 | 64,505 |
Unrealized gains (losses) on securities available for sale: | ||
Unrealized holding gains (losses) arising during the period | 897,094 | -1,068,507 |
Reclassification adjustment for (gains) losses included in operations | -13,653 | -159,163 |
Other comprehensive income (loss), before tax | 747,954 | -1,285,523 |
Income tax (benefit) expense related to items of other comprehensive income | 296,906 | -510,298 |
Other comprehensive income (loss), net of tax | 451,048 | -775,225 |
Comprehensive income (loss) | $240,681 | ($835,051) |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Common Stock | Additional Paid-in Capital | Unallocated Common Stock Held by ESOP | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2012 | $6,705,732 | ($491,727) | $6,214,005 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock at conversion | 7,935 | 7,082,343 | 7,090,278 | |||
Acquisition of ESOP shares | -555,450 | -555,450 | ||||
Net Loss | -59,826 | -59,826 | ||||
ESOP shares allocated or committed to be released | 22,221 | 22,221 | ||||
Other comprehensive income (loss), net of tax | -775,225 | -775,225 | ||||
Balance at Dec. 31, 2013 | 7,935 | 7,082,343 | -533,229 | 6,645,906 | -1,266,952 | 11,936,003 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Loss | -210,367 | -210,367 | ||||
ESOP shares allocated or committed to be released | -766 | 22,199 | 21,433 | |||
Other comprehensive income (loss), net of tax | 451,048 | 451,048 | ||||
Balance at Dec. 31, 2014 | $7,935 | $7,081,577 | ($511,030) | $6,435,539 | ($815,904) | $12,198,117 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net (loss) | ($210,367) | ($59,826) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation expense | 152,678 | 134,259 |
Amortization of premiums and accretion of discounts, net | 199,279 | 300,128 |
Amortization of deferred loan fees and costs, net | 19,942 | -3,731 |
Provision for loan losses | 55,910 | 24,500 |
Net gain on sales of securities | -18,078 | -163,959 |
(Increase) decrease in accrued interest receivable | -7,775 | 12,403 |
Increase in cash surrender value of life insurance | -64,961 | -63,560 |
Net (increase) decrease in other assets | -109,721 | 218,564 |
Net decrease in other liabilities | -64,607 | -409,528 |
Amortization of ESOP shares | 21,433 | 22,221 |
Net cash (used in) provided by operating activities | -26,267 | 11,471 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | -3,000,000 | -22,825,587 |
Purchases of securities held to maturity | -2,552,844 | |
Repayments and maturities of securities held to maturity | 838,155 | 2,755,081 |
Repayments and maturities of securities available for sale | 5,549,488 | 9,052,074 |
Proceeds from sales of securities held to maturity | 230,771 | 2,764,870 |
Proceeds from sales of securities available for sale | 1,877,730 | 7,381,400 |
Redemption (purchase) of Federal Home Loan Bank and other stock | 14,600 | -21,300 |
Loans purchased | -2,235,964 | |
Loan originations, net of principal repayments | -3,255,404 | 2,080,404 |
Purchases of bank premises and equipment | -162,256 | -121,300 |
Net cash used in investing activities | -459,760 | -1,170,322 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 1,530,812 | -8,161,073 |
Net increase (decrease) in advances from borrowers for taxes and insurance | 38,574 | -12,853 |
Net proceeds from stock conversion | 6,534,828 | |
Net cash provided by (used in) financing activities | 1,569,386 | -1,639,098 |
Net increase (decrease) in cash and cash equivalents | 1,083,359 | -2,797,949 |
Cash and cash equivalents at beginning of year | 2,636,523 | 5,434,472 |
Cash and cash equivalents at end of year | 3,719,882 | 2,636,523 |
Cash paid for: | ||
Interest | 396,287 | 573,935 |
Income taxes (refunds received), net | ($36,966) | ($9,895) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The following is a description of the more significant policies used in the presentation of the accompanying consolidated financial statements of Sunnyside Bancorp, Inc. and Subsidiary (the “Company”). | ||
Principles of Consolidation | ||
The consolidated financial statements are comprised of the accounts of Sunnyside Bancorp. Inc., and its wholly-owned subsidiary, Sunnyside Federal Savings and Loan Association of Irvington (the “Association”). All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Business | ||
Sunnyside Federal Savings and Loan Association of Irvington is a community-oriented savings institution whose primary business is accepting deposits from customers within its market area (Westchester County, New York) and investing those funds in mortgage loans secured by one-to-four family residences and in mortgage-backed and other securities. To a significantly lesser extent, funds are invested in multi-family and commercial mortgage loans, commercial loans, and consumer loans. Customer deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (the “FDIC”). As a federally-chartered savings association, the Association’s primary regulator is the Office of the Controller of the Currency (the “OCC”). | ||
Basis of Financial Statement Presentation | ||
The financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period then ended. Actual results could differ significantly from those estimates. | ||
A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Company’s market area. | ||
In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. | ||
Cash and Cash Equivalents | ||
For purposes of reporting cash flows, the Company considers all cash and amounts due from depository institutions and interest-bearing deposits in other depository institutions with original maturities of three months or less to be cash equivalents. | ||
Investment and Mortgage-Backed Securities | ||
Securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Securities classified as available-for-sale securities are reported at fair value, with unrealized holding gains or losses reported in a separate component of retained earnings. As of December 31, 2014 and 2013, the Company had no securities classified as held for trading. | ||
The Company conducts a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. The evaluation of other-than-temporary impairment considers the duration and severity of the impairment, the Company’s intent and ability to hold the securities and assessments of the reason for the decline in value and the likelihood of a near-term recovery. If such a decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to income as a component of non-interest expense. | ||
Premiums and discounts on securities are amortized by use of the level-yield method, over the life of the individual securities. Gain or loss on sales of securities is based upon the specific identification method. | ||
Loans Receivable | ||
Loans receivable are stated at unpaid principal balances less the allowance for loan losses and net deferred loan fees. | ||
Recognition of interest on the accrual method is generally discontinued when interest or principal payments are ninety days or more in arrears, or when other factors indicate that the collection of such amounts is doubtful. At that time, a loan is placed on a nonaccrual status, and all previously accrued and uncollected interest is reversed against interest income in the current period. Interest on such loans, if appropriate, is recognized as income when payments are received. A loan is returned to an accrual status when factors indicating doubtful collectibility no longer exist. | ||
Allowance for Loan Losses | ||
An allowance for loan losses is maintained at a level, to the best of management’s knowledge, to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate. Management of the Association, in determining the provision for loan losses considers the risks inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Company utilizes a two tier approach: (1) identification of problem loans and establishment of specific loss allowances on such loans; and (2) establishment of general valuation allowances on the remainder of its loan portfolio. The Company maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potential problem loans. Such system takes into consideration, among other things, delinquency status, size of loans, type of collateral, and financial condition of the borrowers. Specific loan losses are established for identified loans based on a review of such information and appraisals of the underlying collateral. General loan losses are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, and management's judgment. Although management believes that adequate specific and general loan loss allowances are established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may be necessary. | ||
A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. An insignificant payment delay, which is defined as up to ninety days by the Company, will not cause a loan to be classified as impaired. A loan is not impaired during a period of delay in payment if the Association expects to collect all amounts due, including interest accrued at the contractual interest rate for the period of delay. The amount of loan impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. All loans identified as impaired are evaluated independently. The Association does not aggregate such loans for evaluation purposes. | ||
Federal Home Loan Bank of New York stock | ||
As a member of the Federal Home Loan Bank of New York (“FHLB”), the Company is required to acquire and hold shares of FHLB Class B stock. The holding requirement varies based on the Company’s activities, primarily its outstanding borrowings, with the FHLB. The investment in FHLB stock is carried at cost. The Company conducts a periodic review and evaluation of its FHLB stock to determine if any impairment exists. | ||
Premises and Equipment | ||
Premises and equipment are comprised of land, building, and furniture, fixtures, and equipment, at cost, less accumulated depreciation. Depreciation charges are computed on the straight-line method over the following estimated useful lives: | ||
Building and improvements | 5 to 40 years | |
Furniture, fixtures and equipment | 2 to 10 years | |
Bank-Owned Life Insurance | ||
Bank-owned life insurance (“BOLI”) is accounted for in accordance with Financial Accounting Standards Board “FASB”) guidance. The cash surrender value of BOLI is recorded on the statement of financial condition as an asset and the change in the cash surrender value is recorded as non-interest income. The amount by which any death benefits received exceeds a policy’s cash surrender value is recorded in non-interest income at the time of receipt. A liability is also recorded on the statement of financial condition for postretirement death benefits provided by the split-dollar endorsement policy. A corresponding expense is recorded in non-interest expense for the accrual of benefits over the period during which employees provide services to earn the benefits. | ||
Income Taxes | ||
Federal and state income taxes have been provided on the basis of reported income. The amounts reflected on the tax return differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not likely to be realized. | ||
The Company accounts for uncertainty in income taxes recognized in the financial statements in accordance with accounting guidance which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As a result of the Company’s evaluation, no significant income tax uncertainties have been identified. Therefore, the Company recognized no adjustment for unrecognized income tax benefits for the years ended December 31, 2014 and 2013. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the statement of income. The amount of interest and penalties for the years ended December 31, 2014 and 2013 was immaterial. The Company is subject to U.S. federal income tax, as well as income tax of the State of New York. The Company is no longer subject to examination by taxing authorities for years before 2010. | ||
Employee Benefits | ||
Defined Benefit Plans: | ||
The accounting guidance related to retirement benefits requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize, in comprehensive income, changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. The accounting guidance requires that plan assets and benefit obligations be measured as of the date of the employer’s fiscal year-end statement of financial condition. | ||
401K Plan: | ||
The Company has a 401(k) plan covering substantially all employees. The Company matches 50% of the first 6% contributed by participants and recognizes expense as its contributions are made. | ||
Employee Stock Ownership Plan: | ||
The employee stock ownership plan (ESOP) is accounted for in accordance with the provisions of ASC 718-40, “Employers’ Accounting for Employee Stock Ownership Plans.” The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Association’s contributions over a period of up to 25 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants. | ||
Equity Incentive Plan: | ||
On July 17, 2014, the Board of Directors adopted the Sunnyside Bancorp, Inc. 2014 Equity Incentive Plan (the “Stock Incentive Plan”) which was approved by shareholders at the Company’s 2014 Annual Meeting of Shareholders held on September 16, 2014. Stock options and restricted stock may be granted to directors, officers and other employees of the Company. The maximum number of shares which may be issued upon exercise of the options under the plan cannot exceed 79,350 shares. The maximum number of shares of stock that may be issued as restricted stock awards cannot exceed 23,805. | ||
The Stock Incentive Plan will remain in effect as long as any awards under it are outstanding; however, no awards may be granted under the Stock Incentive Plan on or after the 10-year anniversary of the effective date of the Stock Incentive Plan or July 17, 2024. | ||
Under FASB ASC Topic 718, the Company will recognize compensation expense on its income statement over the requisite service period or performance period based on the grant date fair value of stock options and other equity-based compensation (such as restricted stock). No awards have been granted under the 2014 Stock Incentive Plan and therefore, no compensation expense was recognized through December 31, 2014. | ||
Comprehensive Income | ||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, and the actuarial gains and losses of the pension plan, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. | ||
Concentration of Credit Risk and Interest-Rate Risk | ||
Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Investment securities include securities backed by the U.S. Government and other highly rated instruments. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in the state. | ||
The Company is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans secured by real estate in the State of New York. The potential for interest-rate risk exists as a result of the shorter duration of interest-sensitive liabilities compared to the generally longer duration of interest-sensitive assets. In a rising rate environment, liabilities will reprice faster than assets, thereby reducing net interest income. For this reason, management regularly monitors the maturity structure of the Company's assets and liabilities in order to measure its level of interest-rate risk and to plan for future volatility. | ||
Earnings Per Share | ||
Basic earnings per common share, or EPS, are computed by dividing net income by the weighted-average common shares outstanding during the year. The weighted-average common shares outstanding includes the weighted-average number of shares of common stock outstanding less the weighted average number of unallocated shares held by the ESOP. For EPS calculations, ESOP shares that have been committed to be released are considered outstanding. ESOP shares that have not been committed to be released are excluded from outstanding shares on a weighted average basis for EPS calculations. | ||
Earnings per share are not applicable for periods prior to the date of conversion, July 15, 2013. | ||
Reclassifications | ||
Certain amounts in the 2013 financial statements have been reclassified in order to conform to the 2014 presentation. | ||
Advertising Costs | ||
It is the Company’s policy to expense advertising costs in the period in which they are incurred. | ||
Subsequent Events | ||
The Company has evaluated all events subsequent to the balance sheet date of December 31, 2014, through the date of this report, and has determined that there are no subsequent events that require disclosure under FASB guidance. | ||
Recent Accounting Pronouncements | ||
In January 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-04, “Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted and entities can elect to adopt a modified retrospective transition method or a prospective transition method. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. | ||
In June 2014, the FASB issued ASU 2014-12, “Compensation — Stock Compensation (Topic 718)”. The amendments in this ASU require a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award, and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods beginning after December 15, 2015. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. | ||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. | ||
In January 2015, the FASB issued ASU 2015-01, “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20)”. This ASU eliminates extraordinary items from US GAAP and will align more closely with International Accounting Standards 1, “Presentation of Financial Statements”. The amendments in this ASU are effective beginning after December 15, 2015. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. | ||
In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810)”. This ASU focuses on the consolidation evaluation for reporting organizations that are required to evaluate consolidation of certain legal entities by reducing the number of consolidation models from four to two and is intended to improve current GAAP. The amendments in this ASU are effective beginning after December 15, 2016. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. |
MUTUAL_TO_STOCK_CONVERSION_AND
MUTUAL TO STOCK CONVERSION AND LIQUIDATION ACCOUNT | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
MUTUAL TO STOCK CONVERSION AND LIQUIDATION ACCOUNT | 2. MUTUAL TO STOCK CONVERSION AND LIQUIDATION ACCOUNT |
On July 15, 2013, the Association completed its mutual-to-stock conversion, and the Company consummated its initial stock offering. The Company sold 793,500 shares of its common stock, including 55,545 shares purchased by the Association’s employee stock ownership plan (“ESOP”), at a price of $10.00 per share, in a subscription offering, for gross offering proceeds of $7,935,000. The cost of conversion and the stock offering were deferred and deducted from the proceeds of the offering. Conversion costs incurred totaled $845,000 resulting in net proceeds of $6.5 million after also deducting the shares acquired by the ESOP. | |
In accordance with applicable federal conversion regulations, at the time of the completion of the mutual-to-stock conversion, the Company established a liquidation account in the Association in an amount equal to the Association’s total retained earnings as of the latest balance sheet date in the final prospectus used in the conversion. Each eligible account holder or supplemental account holder is entitled to a proportionate share of this liquidation account in the event of a complete liquidation of the Association, and only in such event. This share will be reduced if the eligible account holder’s or supplemental account holder’s deposit balance falls below the amounts on the date of record as of any December 31 and will cease to exist if the account is closed. The liquidation account will never be increased despite any increase after conversion in the related deposit balance. | |
The Company may not declare, pay a dividend on, or repurchase any of its capital stock, if the effect thereof would cause retained earnings to be reduced below the liquidation account amount or regulatory capital requirements. |
SECURITIES
SECURITIES | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Securities [Abstract] | ||||||||||||||||||||||||||||||
SECURITIES | 3. SECURITIES | |||||||||||||||||||||||||||||
| | | December 31, 2014 | | ||||||||||||||||||||||||||
| | | Amortized | | | Gross Unrealized | | | Fair | | ||||||||||||||||||||
| | Cost | | Gains | | | Losses | | Value | |||||||||||||||||||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 2,000,000 | | | | | $ | 76,654 | | | | | $ | — | | | | | $ | 2,076,654 | | | |||||
State, county, and municipal obligations | | | | 817,280 | | | | | 10,234 | | | | | 2,423 | | | | | 825,091 | | | |||||||||
Mortgage-backed securities | | | | | 3,336,957 | | | | | | 138,807 | | | | | | — | | | | | | 3,475,764 | | | |||||
| | | | $ | 6,154,237 | | | | | $ | 225,695 | | | | | $ | 2,423 | | | | | $ | 6,377,509 | | | |||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 5,997,345 | | | | | $ | 2,025 | | | | | $ | 58,756 | | | | | $ | 5,940,614 | | | |||||
Mortgage-backed securities | | | | | 28,526,918 | | | | | | 229,096 | | | | | | 184,959 | | | | | | 28,571,055 | | | |||||
| | | | $ | 34,524,263 | | | | | $ | 231,121 | | | | | $ | 243,715 | | | | | $ | 34,511,669 | | | |||||
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| | | December 31, 2013 | | ||||||||||||||||||||||||||
| | | Amortized | | | Gross Unrealized | | | Fair | | ||||||||||||||||||||
| | Cost | | Gains | | | Losses | | Value | |||||||||||||||||||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
State, county, and municipal obligations | | | | $ | 489,566 | | | | | $ | 17,035 | | | | | $ | — | | | | | $ | 506,601 | | | |||||
Mortgage-backed securities | | | | | 4,176,942 | | | | | | 125,291 | | | | | | — | | | | | | 4,302,233 | | | |||||
| | | | $ | 4,666,508 | | | | | $ | 142,326 | | | | | $ | — | | | | | $ | 4,808,834 | | | |||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 3,996,781 | | | | | $ | — | | | | | $ | 225,048 | | | | | $ | 3,771,733 | | | |||||
Mortgage-backed securities | | | | | 35,139,713 | | | | | | 100,428 | | | | | | 771,416 | | | | | | 34,468,725 | | | |||||
| | | | $ | 39,136,494 | | | | | $ | 100,428 | | | | | $ | 996,464 | | | | | $ | 38,240,458 | | | |||||
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Mortgage-backed securities consist of securities guaranteed by Ginnie Mae, Fannie Mae, Freddie Mac, and the Small Business Administration with amortized costs of $5.1 million, $14.0 million, $7.3 million, and $5.5 million, respectively, at December 31, 2014 ($6.3 million, $16.4 million, $9.1 million, and $7.5 million, respectively, at December 31, 2013). | ||||||||||||||||||||||||||||||
Proceeds from the sale of securities available for sale amounted to $1,878,000 and $7,381,000 for the years ended December 31, 2014 and December 31, 2013, respectively. Net gains of $13,700 and $4,800 were recognized on these sales for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
Proceeds from the sale of securities held to maturity amounted to $231,000 and $2,765,000 for the years ended December 31, 2014 and 2013, respectively. Net gains of $4,400 and $159,000 were recognized on these sales, respectively. The sale of the securities occurred after the Company had already collected a substantial portion (at least 85%) of the principal outstanding at acquisition due to prepayments on the debt securities. | ||||||||||||||||||||||||||||||
The following is a summary of the amortized cost and fair value of securities at December 31, 2014 and 2013, by remaining period to contractual maturity. Actual maturities may differ from these amounts because certain debt security issuers have the right to call or redeem their obligations prior to contractual maturity. In addition, mortgage backed securities that amortize monthly are listed in the period the security is legally set to pay off in full. | ||||||||||||||||||||||||||||||
| | | December 31, 2014 | | ||||||||||||||||||||||||||
| | | Held to Maturity | | | Available for Sale | | |||||||||||||||||||||||
| | | Amortized | | | Fair | | | Amortized | | | Fair | | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||
Within one year | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | |||||
After one to five years | | | | | 391,777 | | | | | | 394,383 | | | | | | 3,997,344 | | | | | | 3,957,863 | | | |||||
After five to ten years | | | | | 79,829 | | | | | | 82,066 | | | | | | 8,769,676 | | | | | | 8,803,062 | | | |||||
After ten years | | | | | 5,682,631 | | | | | | 5,901,060 | | | | | | 21,757,243 | | | | | | 21,750,744 | | | |||||
| | | | $ | 6,154,237 | | | | | $ | 6,377,509 | | | | | $ | 34,524,263 | | | | | $ | 34,511,669 | | | |||||
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| | | December 31, 2013 | | ||||||||||||||||||||||||||
| | | Held to Maturity | | | Available for Sale | | |||||||||||||||||||||||
| | | Amortized | | | Fair | | | Amortized | | | Fair | | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||
Within one year | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | |||||
After one to five years | | | | | 110,095 | | | | | | 116,846 | | | | | | 574,576 | | | | | | 577,199 | | | |||||
After five to ten years | | | | | 379,471 | | | | | | 389,755 | | | | | | 12,429,566 | | | | | | 12,191,416 | | | |||||
After ten years | | | | | 4,176,942 | | | | | | 4,302,233 | | | | | | 26,132,352 | | | | | | 25,471,843 | | | |||||
| | | | $ | 4,666,508 | | | | | $ | 4,808,834 | | | | | $ | 39,136,494 | | | | | $ | 38,240,458 | | | |||||
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The following tables summarize the fair values and unrealized losses of securities with an unrealized loss at December 31, 2014 and 2013, segregated between securities that have been in an unrealized loss position for less than one year, or one year or longer, at the respective dates. | ||||||||||||||||||||||||||||||
| | | December 31, 2014 | | ||||||||||||||||||||||||||
| | | Under One Year | | | One Year or More | | |||||||||||||||||||||||
| | | Fair | | | Gross | | | Fair | | | Gross | | |||||||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 999,738 | | | | | $ | 262 | | | | | $ | 2,938,851 | | | | | $ | 58,494 | | | |||||
Mortgage-backed securities | | | | | 5,573,324 | | | | | | 21,827 | | | | | | 6,116,841 | | | | | | 163,131 | | | |||||
| | | | | 6,573,062 | | | | | | 22,089 | | | | | | 9,055,692 | | | | | | 221,625 | | | |||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
State, county, and municipal obligations | | | | | 204,584 | | | | | | 2,423 | | | | | | — | | | | | | — | | | |||||
| | | | $ | 6,777,646 | | | | | $ | 24,512 | | | | | $ | 9,055,692 | | | | | $ | 221,625 | | | |||||
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| | | December 31, 2013 | | ||||||||||||||||||||||||||
| | | Under One Year | | | One Year or More | | |||||||||||||||||||||||
| | | Fair | | | Gross | | | Fair | | | Gross | | |||||||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 3,771,733 | | | | | $ | 225,048 | | | | | $ | — | | | | | $ | — | | | |||||
Mortgage-backed securities | | | | | 20,801,105 | | | | | | 447,844 | | | | | | 3,941,749 | | | | | | 323,572 | | | |||||
| | | | $ | 24,572,838 | | | | | $ | 672,892 | | | | | $ | 3,941,749 | | | | | $ | 323,572 | | | |||||
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The unrealized losses are primarily due to changes in market interest rates subsequent to purchase. At December 31, 2014, a total of 19 securities were in an unrealized loss position (33 at December 31, 2013). The Company generally purchases securities issued by Government Sponsored Enterprises (GSE). Accordingly, it is expected that the GSE securities would not be settled at a price less than the Company’s amortized cost basis. The Company does not consider these investments to be other-than-temporarily impaired at December 31, 2014 and December 31, 2013 since the decline in market value is attributable to changes in interest rates and not credit quality and the Company has the intent and ability to hold these investments until there is a full recovery of the unrealized loss, which may be at maturity. |
LOANS_RECEIVABLE_NET
LOANS RECEIVABLE, NET | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE, NET | 4. LOANS RECEIVABLE, NET | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family | | | | $ | 31,457,055 | | | | | $ | 33,526,400 | | | ||||||||||||||||||||||||||||||||||||||
Commercial and multi-family | | | | | 9,428,335 | | | | | | 5,548,498 | | | ||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 369,795 | | | | | | 689,805 | | | ||||||||||||||||||||||||||||||||||||||
| | | | | 41,255,185 | | | | | | 39,764,703 | | | ||||||||||||||||||||||||||||||||||||||
Other loans: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Secured by savings accounts | | | | | 32,371 | | | | | | 43,683 | | | ||||||||||||||||||||||||||||||||||||||
Student | | | | | 126,688 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Commercial | | | | | 2,155,951 | | | | | | 500,000 | | | ||||||||||||||||||||||||||||||||||||||
| | | | | 2,315,010 | | | | | | 543,683 | | | ||||||||||||||||||||||||||||||||||||||
Total loans | | | | | 43,570,195 | | | | | | 40,308,386 | | | ||||||||||||||||||||||||||||||||||||||
Less: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred loan fees (costs), net | | | | | -45,521 | | | | | | -71,868 | | | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | | | | | 396,055 | | | | | | 340,145 | | | ||||||||||||||||||||||||||||||||||||||
| | | | | 350,534 | | | | | | 268,277 | | | ||||||||||||||||||||||||||||||||||||||
| | | | $ | 43,219,661 | | | | | $ | 40,040,109 | | | ||||||||||||||||||||||||||||||||||||||
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In the ordinary course of business, the Company makes loans to its directors, executive officers, and their associates (related parties) on the same terms as those prevailing at the time of origination for comparable loans with other borrowers. The unpaid principal balances of related party loans were approximately $228,000 and $260,000 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Year Ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | | | | $ | 340,145 | | | | | $ | 314,490 | | | ||||||||||||||||||||||||||||||||||||||
Provision for loan losses | | | | | 55,910 | | | | | | 24,500 | | | ||||||||||||||||||||||||||||||||||||||
Charge offs | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Recoveries | | | | | — | | | | | | 1,155 | | | ||||||||||||||||||||||||||||||||||||||
Balance at end of year | | | | $ | 396,055 | | | | | $ | 340,145 | | | ||||||||||||||||||||||||||||||||||||||
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The allowance for loan losses consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. There are no specific allowances as of December 31, 2014 and 2013. The general component covers pools of loans by loan class not considered impaired, as well as smaller balance homogeneous loans, such as one-to-four family real estate, home equity lines of credit and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: | |||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | ||||||||||||||||||||||||||||||||||||||||||||||||||
2 | National, regional, and local economic and business conditions including the value of underlying collateral for collateral dependent loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Nature and volume of the portfolio and terms of loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Experience, ability, and depth of lending management and staff and the quality of the Association’s loan review system. | ||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Volume and severity of past due, classified and nonaccrual loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||
6 | Existence and effect of any concentrations of credit and changes in the level of such concentrations. | ||||||||||||||||||||||||||||||||||||||||||||||||||
7 | Effect of external factors, such as competition and legal and regulatory requirements. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | |||||||||||||||||||||||||||||||||||||||||||||||||||
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |||||||||||||||||||||||||||||||||||||||||||||||||||
The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of pass, special mention, substandard, doubtful and loss. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loan classifications are defined as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||
• | Pass — These loans are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Special Mention — These loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects. | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Substandard — These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Doubtful — These loans have all the weaknesses inherent in a loan classified substandard with the added characteristic that the weaknesses make the full recovery of our principal balance highly questionable and improbable on the basis of currently known facts, conditions, and values. The likelihood of a loss on an asset or portion of an asset classified as doubtful is high. Its classification as Loss is not appropriate, however, because pending events are expected to materially affect the amount of loss. | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Loss — These loans are considered uncollectible and of such little value that a charge-off is warranted. This classification does not necessarily mean that an asset has no recovery or salvage value; but rather, there is much doubt about whether, how much, or when the recovery will occur. | ||||||||||||||||||||||||||||||||||||||||||||||||||
One of the primary methods the Company uses as an indicator of the credit quality of their portfolio is the regulatory classification system. The following table reflects the credit quality indicators by portfolio segment and class, at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | December 31, 2014 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Commercial | | | Total | | |||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Residential | | | Commercial | | | Home Equity | | Other | ||||||||||||||||||||||||||||||||||||||||
1 – 4 Family | Real Estate and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | | | | $ | 31,025 | | | | | $ | 8,974 | | | | | $ | 370 | | | | | $ | 2,315 | | | | | $ | 42,684 | | | ||||||||||||||||||||
Special Mention | | | | | — | | | | | | 454 | | | | | | — | | | | | | — | | | | | | 454 | | | ||||||||||||||||||||
Substandard | | | | | 432 | | | | | | — | | | | | | — | | | | | | — | | | | | | 432 | | | ||||||||||||||||||||
Total | | | | $ | 31,457 | | | | | $ | 9,428 | | | | | $ | 370 | | | | | $ | 2,315 | | | | | $ | 43,570 | | | ||||||||||||||||||||
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| | | December 31, 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Commercial | | | Total | | |||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Residential | | | Commercial | | | Home Equity | | Other | ||||||||||||||||||||||||||||||||||||||||
1 – 4 Family | and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | | | | $ | 33,019 | | | | | $ | 5,048 | | | | | $ | 690 | | | | | $ | 543 | | | | | $ | 39,300 | | | ||||||||||||||||||||
Special Mention | | | | | 138 | | | | | | 501 | | | | | | — | | | | | | — | | | | | | 639 | | | ||||||||||||||||||||
Substandard | | | | | 369 | | | | | | — | | | | | | — | | | | | | — | | | | | | 369 | | | ||||||||||||||||||||
Total | | | | $ | 33,526 | | | | | $ | 5,549 | | | | | $ | 690 | | | | | $ | 543 | | | | | $ | 40,308 | | | ||||||||||||||||||||
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The following table provides information about loan delinquencies at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | December 31, 2014 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | 30 – 59 | | | 60 – 89 | | | 90 Days | | | Total | | | Current | | | Total | | | 90 Days | | |||||||||||||||||||||||||||||
Days | Days | or More | Past Due | Loans | Loans | or More | |||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family | | | | $ | — | | | | | $ | — | | | | | $ | 297 | | | | | $ | 297 | | | | | $ | 31,160 | | | | | $ | 31,457 | | | | | $ | — | | | ||||||||
Commercial and multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,428 | | | | | | 9,428 | | | | | | — | | | ||||||||
Home equity lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 370 | | | | | | 370 | | | | | | — | | | ||||||||
Other loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,315 | | | | | | 2,315 | | | | | | — | | | ||||||||
| | | | $ | — | | | | | $ | — | | | | | $ | 297 | | | | | $ | 297 | | | | | $ | 43,273 | | | | | $ | 43,570 | | | | | $ | — | | | ||||||||
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| | | December 31, 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | 30 – 59 | | | 60 – 89 | | | 90 Days | | | Total | | | Current | | | Total | | | 90 Days | | |||||||||||||||||||||||||||||
Days | Days | or More | Past Due | Loans | Loans | or More | |||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family | | | | $ | 138 | | | | | $ | — | | | | | $ | 369 | | | | | $ | 507 | | | | | $ | 33,019 | | | | | $ | 33,526 | | | | | $ | — | | | ||||||||
Commercial and multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,549 | | | | | | 5,549 | | | | | | — | | | ||||||||
Home equity lines of credit | | | | | — | | | | | | 198 | | | | | | — | | | | | | 198 | | | | | | 492 | | | | | | 690 | | | | | | — | | | ||||||||
Other loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 543 | | | | | | 543 | | | | | | — | | | ||||||||
| | | | $ | 138 | | | | | $ | 198 | | | | | $ | 369 | | | | | $ | 705 | | | | | $ | 39,603 | | | | | $ | 40,308 | | | | | $ | — | | | ||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
There were no impaired loans or troubled debt restructured loans at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
The following is a summary of loans, by loan type, on which the accrual of income has been discontinued and loans that are contractually past due 90 days or more but have not been classified as non-accrual at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family | | | | $ | 432 | | | | | $ | 369 | | | ||||||||||||||||||||||||||||||||||||||
Commercial and multi-family | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Other loans | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | | | | | 432 | | | | | | 369 | | | ||||||||||||||||||||||||||||||||||||||
Accruing loans delinquent 90 days or more | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Total non-performing loans | | | | $ | 432 | | | | | $ | 369 | ||||||||||||||||||||||||||||||||||||||||
The total amount of interest income on non-accrual loans that would have been recognized if interest on all such loans had been recorded based upon original contract terms amounted to approximately $29,600 and $18,500 for the year ended December 31, 2014 and 2013, respectively. The total amount of interest income recognized on non-accrual loans amounted to approximately $15,700 and $6,400 during the year ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables present the activity in the allowance for loan losses by loan type for the years indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Year Ended December 31, 2014 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Other | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||||||||||
| | | Residential | | | Commercial | | | Home | | |||||||||||||||||||||||||||||||||||||||||
1 – 4 Family | and | Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | | | | $ | 295 | | | | | $ | 34 | | | | | $ | 6 | | | | | $ | 5 | | | | | $ | — | | | | | $ | 340 | | | ||||||||||||||
Provision for loan losses | | | | | -37 | | | | | | 57 | | | | | | -3 | | | | | | 27 | | | | | | 12 | | | | | | 56 | | | ||||||||||||||
Ending Balance | | | | $ | 258 | | | | | $ | 91 | | | | | $ | 3 | | | | | $ | 32 | | | | | $ | 12 | | | | | $ | 396 | | | ||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Year Ended December 31, 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Other | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||||||||||
| | | Residential | | | Commercial | | | Home | | |||||||||||||||||||||||||||||||||||||||||
1 – 4 Family | and | Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | | | | $ | 128 | | | | | $ | 59 | | | | | $ | 5 | | | | | $ | 4 | | | | | $ | 118 | | | | | $ | 314 | | | ||||||||||||||
Provision for loan losses | | | | | 167 | | | | | | -25 | | | | | | 1 | | | | | | — | | | | | | -118 | | | | | | 25 | | | ||||||||||||||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | | ||||||||||||||
Ending Balance | | | | $ | 295 | | | | | $ | 34 | | | | | $ | 6 | | | | | $ | 5 | | | | | $ | — | | | | | $ | 340 | | | ||||||||||||||
|
PREMISES_AND_EQUIPMENT_NET
PREMISES AND EQUIPMENT, NET | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Premises And Equipment, Net [Abstract] | ||||||||||||||||
PREMISES AND EQUIPMENT, NET | 5. PREMISES AND EQUIPMENT, NET | |||||||||||||||
| | | December 31, | | ||||||||||||
| | | 2014 | | | 2013 | | |||||||||
Land and land improvements | | | | $ | 766,939 | | | | | $ | 766,939 | | | |||
Building and building improvements | | | | | 2,452,621 | | | | | | 2,387,547 | | | |||
Furniture, fixtures and equipment | | | | | 885,434 | | | | | | 788,252 | | | |||
| | | | | 4,104,994 | | | | | | 3,942,738 | | | |||
Less accumulated depreciation | | | | | -2,492,965 | | | | | | -2,340,287 | | | |||
| | | | $ | 1,612,029 | | | | | $ | 1,602,451 | | | |||
| ||||||||||||||||
Depreciation expense for the years ended, December 31, 2014 and 2013, was $152,678 and $134,259, respectively. |
ACCRUED_INTEREST_RECEIVABLE
ACCRUED INTEREST RECEIVABLE | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accrued Interest Receivable [Abstract] | ||||||||||||||||
ACCRUED INTEREST RECEIVABLE | 6. ACCRUED INTEREST RECEIVABLE | |||||||||||||||
| | | December 31, | | ||||||||||||
| | | 2014 | | | 2013 | | |||||||||
Loans | | | | $ | 137,154 | | | | | $ | 140,967 | | | |||
Mortgage-backed securities | | | | | 89,211 | | | | | | 107,666 | | | |||
Investment securities | | | | | 49,206 | | | | | | 19,163 | | | |||
| | | | $ | 275,571 | | | | | $ | 267,796 | | | |||
|
DEPOSITS
DEPOSITS | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||
DEPOSITS | 7. DEPOSITS | |||||||||||||||||||||||||||||
| | | December 31, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
| | | Weighted | | | Amount | | | Weighted | | | Amount | | |||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||
Rate | Rate | |||||||||||||||||||||||||||||
Non-interest bearing checking | | | | | 0.00% | | | | | $ | 4,736,482 | | | | | | 0.00% | | | | | $ | 3,575,695 | | | |||||
NOW accounts | | | | | 0.05% | | | | | | 10,730,326 | | | | | | 0.05% | | | | | | 9,577,864 | | | |||||
Regular savings and clubs | | | | | 0.10% | | | | | | 21,479,246 | | | | | | 0.10% | | | | | | 20,445,862 | | | |||||
Super saver | | | | | 0.15% | | | | | | 7,443,330 | | | | | | 0.15% | | | | | | 8,491,734 | | | |||||
Money market | | | | | 0.10% | | | | | | 3,464,679 | | | | | | 0.10% | | | | | | 3,339,699 | | | |||||
| | | | | | | | | | | 47,854,063 | | | | | | | | | | | | 45,430,854 | | | |||||
Certificates of deposit | | | | | 1.04% | | | | | | 31,701,353 | | | | | | 1.47% | | | | | | 32,593,750 | | | |||||
| | | | | 0.46% | | | | | $ | 79,555,416 | | | | | | 0.72% | | | | | $ | 78,024,604 | | | |||||
| ||||||||||||||||||||||||||||||
Certificates of deposit are summarized by remaining period to contractual maturity as follows: | ||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||
One year or less | | | | $ | 13,953 | | | | | $ | 19,416 | | | |||||||||||||||||
Over one to three years | | | | | 15,532 | | | | | | 9,239 | | | |||||||||||||||||
Over three years | | | | | 2,216 | | | | | | 3,939 | | | |||||||||||||||||
| | | | $ | 31,701 | | | | | $ | 32,594 | | | |||||||||||||||||
| ||||||||||||||||||||||||||||||
Certificates of deposit with balances of $100,000 or more totaled $11.6 million and $13.8 million at December 31, 2014 and 2013, respectively. The Company’s deposits are insurable to applicable limits established by the Federal Deposit Insurance Corporation. The maximum deposit insurance amount is $250,000. | ||||||||||||||||||||||||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||||||||||||||||||||
| | | Year Ended December 31, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
NOW | | | | $ | 5,663 | | | | | $ | 5,033 | | | |||||||||||||||||
Savings and clubs | | | | | 31,955 | | | | | | 33,579 | | | |||||||||||||||||
Money market | | | | | 3,426 | | | | | | 3,397 | | | |||||||||||||||||
Certificates of deposit | | | | | 355,676 | | | | | | 531,891 | | | |||||||||||||||||
| | | | $ | 396,720 | | | | | $ | 573,900 | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||
INCOME TAXES | 8. INCOME TAXES | |||||||||||||||
The components of income taxes are summarized as follows: | ||||||||||||||||
| | | Year Ended December 31, | | ||||||||||||
| | | 2014 | | | 2013 | | |||||||||
Current tax expense (benefit): | | | | |||||||||||||
Federal | | | | $ | -7,412 | | | | | $ | 11,570 | | | |||
State | | | | | 9,088 | | | | | | 11,251 | | | |||
| | | | | 1,676 | | | | | | 22,821 | | | |||
Deferred tax expense (benefit): | | | | |||||||||||||
Federal | | | | | -142,187 | | | | | | -91,373 | | | |||
State | | | | | -36,990 | | | | | | -22,466 | | | |||
| | | | | -179,177 | | | | | | -113,839 | | | |||
| | | | $ | -177,501 | | | | | $ | -91,018 | | | |||
| ||||||||||||||||
The following is a reconciliation of expected income taxes (benefit), computed at the applicable federal statutory rate of 34% to the actual income tax expense (benefit): | ||||||||||||||||
| | | Year Ended December 31, | | ||||||||||||
| | | 2014 | | | 2013 | | |||||||||
Federal income tax expense (benefit) | | | | $ | -131,875 | | | | | $ | -51,287 | | | |||
State income tax expense (benefit) | | | | | -18,415 | | | | | | -7,402 | | | |||
Income from life insurance | | | | | -23,881 | | | | | | -22,583 | | | |||
Tax-exempt interest | | | | | -5,972 | | | | | | -9,693 | | | |||
Other | | | | | 2,642 | | | | | | -53 | | | |||
Actual income tax (benefit) | | | | $ | -177,501 | | | | | $ | -91,018 | | | |||
Effective income tax rate | | | | | -45.76% | | | | | | -60.34% | | | |||
| ||||||||||||||||
The components of deferred tax assets and liabilities are as follows: | ||||||||||||||||
| | | December 31, | | ||||||||||||
| | | 2014 | | | 2013 | | |||||||||
Deferred tax assets: | | | | |||||||||||||
Depreciation | | | | $ | 86,409 | | | | | $ | 78,281 | | | |||
Benefit plan liabilities | | | | | 164,863 | | | | | | 171,189 | | | |||
Allowance for loan losses | | | | | 125,702 | | | | | | 103,508 | | | |||
Charitable contribution carryover | | | | | 1,129 | | | | | | 991 | | | |||
Capital loss carryover | | | | | 719,639 | | | | | | 719,639 | | | |||
Net operating loss carryover | | | | | 495,585 | | | | | | 317,388 | | | |||
Unfunded pension liability | | | | | 532,077 | | | | | | 478,294 | | | |||
Unrealized loss on securities available for sale | | | | | 4,999 | | | | | | 355,688 | | | |||
Net deferred loan costs/fees | | | | | 7,921 | | | | | | — | | | |||
Other | | | | | 9,702 | | | | | | — | | | |||
| | | | | 2,148,026 | | | | | | 2,224,978 | | | |||
Valuation allowance | | | | | -719,639 | | | | | | -719,639 | | | |||
Total deferred tax assets | | | | | 1,428,387 | | | | | | 1,505,339 | | | |||
Deferred tax liabilities: | | | | |||||||||||||
Discounts on investments | | | | | 591 | | | | | | 333 | | | |||
Prepaid benefit plans | | | | | 498,561 | | | | | | 447,203 | | | |||
Net deferred loan costs/fees | | | | | — | | | | | | 10,180 | | | |||
Other | | | | | — | | | | | | 659 | | | |||
Total deferred tax liabilities | | | | | 499,152 | | | | | | 458,375 | | | |||
Net deferred tax assets | | | | $ | 929,235 | | | | | $ | 1,046,964 | | | |||
| ||||||||||||||||
At December 31, 2014, the Company had a federal net operating loss carryover of $1,252,000 and a New York state net operating loss carryover of $1,224,000 available to offset future taxable income. | ||||||||||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Management believes that it is more likely than not that the tax benefits of certain future deductible temporary differences will be realized based on the reversal of existing temporary differences and future taxable income, and therefore, a valuation allowance has not been provided for these deferred tax assets. Additionally, management has determined that the realization of certain of the Association’s deferred tax assets related to the capital loss carryover is not more likely than not to be realized due to the fact that the loss can only be offset against capital gains, and as such, has provided a valuation allowance against those deferred tax assets at December 31, 2014 and 2013. | ||||||||||||||||
The Association qualifies as a savings and loan association under the provisions of the Internal Revenue Code and, therefore, was permitted, prior to January 1, 1996, to deduct from federal taxable income an allowance for bad debts based on eight percent of taxable income before such deduction less certain adjustments, subject to certain limitations. Beginning January 1, 1996, the Association, for federal income tax purposes, must calculate its bad debt deduction using either the experience or the specific charge off method. Retained earnings at December 31, 2014 included approximately $1,700,000 of such bad deductions for which income taxes have not been provided. |
BENEFIT_PLANS
BENEFIT PLANS | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||
BENEFIT PLANS | 9. BENEFIT PLANS | |||||||||||||||||||||||||||||
Pension Plan | ||||||||||||||||||||||||||||||
All eligible Company employees are included in a non-contributory defined benefit pension plan. Effective April 15, 2008, the plan was “Frozen.” At the freeze date, no employee will be permitted to commence or recommence participation in the plan and no further benefits will accrue to any plan participants. In addition, compensation received on or after the plan freeze date will not be considered for any purpose under the plan. | ||||||||||||||||||||||||||||||
The following table sets forth the change in benefit obligation, change in plan assets, and a reconciliation of the funded status: | ||||||||||||||||||||||||||||||
| | | December 31, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
Change in projected benefit obligation: | | | | |||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | | | | $ | 2,499,163 | | | | | $ | 2,278,426 | | | |||||||||||||||||
Interest cost | | | | | 104,214 | | | | | | 116,099 | | | |||||||||||||||||
Actuarial loss | | | | | 146,862 | | | | | | 272,169 | | | |||||||||||||||||
Benefits paid | | | | | -198,582 | | | | | | -167,531 | | | |||||||||||||||||
Projected benefit obligation at end of year | | | | | 2,551,657 | | | | | | 2,499,163 | | | |||||||||||||||||
Change in fair value of plan assets: | | | | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | | | | | 2,450,687 | | | | | | 1,852,575 | | | |||||||||||||||||
Actual return on plan assets | | | | | 128,964 | | | | | | 339,792 | | | |||||||||||||||||
Employer contributions | | | | | 112,905 | | | | | | 425,851 | | | |||||||||||||||||
Benefits paid | | | | | -198,582 | | | | | | -167,531 | | | |||||||||||||||||
Fair value of plan assets at end of year | | | | | 2,493,974 | | | | | | 2,450,687 | | | |||||||||||||||||
Funded status of plan included in other liabilitites | | | | $ | -57,683 | | | | | $ | -48,476 | | | |||||||||||||||||
| ||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the components of accumulated other comprehensive loss on a pretax basis are an unrecognized actuarial loss of $1,340,386 and $1,204,899, respectively. | ||||||||||||||||||||||||||||||
The estimated net actuarial loss for the pension plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2015 is $81,903. | ||||||||||||||||||||||||||||||
The weighted average assumptions used to determine the Plan’s benefit obligation are as follows: | ||||||||||||||||||||||||||||||
| | | December 31, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
Discount rate | | | | | 4.50% | | | | | | 4.50% | | | |||||||||||||||||
Salary increase rate | | | | | N/A | | | | | | N/A | | | |||||||||||||||||
The components of net periodic plan cost is as follows: | ||||||||||||||||||||||||||||||
| | | Year Ended December 31, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
Components of net periodic plan cost (credit): | | | | |||||||||||||||||||||||||||
Interest cost | | | | $ | 104,214 | | | | | $ | 116,099 | | | |||||||||||||||||
Expected return on assets | | | | | -190,430 | | | | | | -189,981 | | | |||||||||||||||||
Amortization of unrecognized loss | | | | | 72,841 | | | | | | 64,505 | | | |||||||||||||||||
Net periodic plan cost (credit) included in compensation and benefits expense | | | | | -13,375 | | | | | | -9,377 | | | |||||||||||||||||
Changes in benefit obligation recognized in other comprehensive (income) loss: | | | | |||||||||||||||||||||||||||
Net loss | | | | | 208,328 | | | | | | 122,358 | | | |||||||||||||||||
Amortization of loss | | | | | -72,841 | | | | | | -64,505 | | | |||||||||||||||||
Benefit obligation recognized in other comprehensive (income) loss | | | | | 135,487 | | | | | | 57,853 | | | |||||||||||||||||
Total recognized in net periodic plan cost and other comprehensive (income) loss | | | | $ | 122,112 | | | | | $ | 48,476 | | | |||||||||||||||||
| ||||||||||||||||||||||||||||||
The weighted average assumptions used to determine net periodic plan cost are as follows: | ||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5.5 | % | ||||||||||||||||||||||||||
Expected rate of return on plan assets | 8 | % | 9 | % | ||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | ||||||||||||||||||||||||||||
Amortization period | 13.25 | 14.25 | ||||||||||||||||||||||||||||
Investment Policies and Strategies | ||||||||||||||||||||||||||||||
Wilmington Trust Retirement & Institutional Services Company acts as Trustee for the Plan. The Plan assets are managed by Pinnacle Associates, Ltd. | ||||||||||||||||||||||||||||||
The long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. A broadly diversified combination of equity and fixed income portfolios and various risk management techniques are used to help achieve these objectives. | ||||||||||||||||||||||||||||||
Allowable investments include common stocks, preferred stocks, fixed income securities, depository receipts, money market funds, real estate investment trusts, and publicly traded limited partnerships with the following limitations: | ||||||||||||||||||||||||||||||
· | The account will be a balanced account, with a target of 60% equity securities and 40% fixed income securities ratio which may vary based on the portfolio manager’s discretion. | |||||||||||||||||||||||||||||
· | The account will generally not invest more than 20% of its net assets in cash and cash equivalents. | |||||||||||||||||||||||||||||
· | The account will invest, under normal circumstances, between 20% to 60% of its net assets in fixed income securities. | |||||||||||||||||||||||||||||
· | The account will invest, under normal circumstances, between 30% to 80% of its net assets in equity securities. The equities will be mostly of a large capitalization nature. | |||||||||||||||||||||||||||||
· | The account will generally hold between 50 to 90 equity securities. | |||||||||||||||||||||||||||||
· | The maximum equity position size will be limited to 5% of net assets at the time of purchase. | |||||||||||||||||||||||||||||
· | For equities, each significant economic sector will be considered for the investment. | |||||||||||||||||||||||||||||
· | The account may invest up to 15% of its net assets in companies incorporated outside of the United States, at the time of purchase. | |||||||||||||||||||||||||||||
· | The account will not sell securities short. Any short transactions in futures, swaps, structured products, and call options will apply to this limit. | |||||||||||||||||||||||||||||
The investment goal is to achieve investment results that will contribute to the proper funding of the pension plan by exceeding the rate of inflation over the long term. | ||||||||||||||||||||||||||||||
Determination of Long-Term Rate-of-Return | ||||||||||||||||||||||||||||||
The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return on in the ranges of 5-9% and 2-6%, respectively. The long-term inflation rate was estimated to be 3%. When these overall return expectations are applied to the plan’s target allocation, the result is an expected rate of return of 4% to 8%. | ||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid: | ||||||||||||||||||||||||||||||
Fiscal year ending December 31, | | | | | | | | |||||||||||||||||||||||
2015 | | | | $ | 183,307 | | | |||||||||||||||||||||||
2016 | | | | | 183,655 | | | |||||||||||||||||||||||
2017 | | | | | 187,562 | | | |||||||||||||||||||||||
2018 | | | | | 190,162 | | | |||||||||||||||||||||||
2019 | | | | | 199,672 | | | |||||||||||||||||||||||
Years 2020 – 2024 | | | | | 1,024,304 | | | |||||||||||||||||||||||
| | | | $ | 1,968,662 | | | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
The Company expects to contribute cash of $113,000 to the plan in 2015. | ||||||||||||||||||||||||||||||
The fair values of the pension plan assets at December 31, 2014, by asset category (see note 13 for the definition of levels) are as follows: | ||||||||||||||||||||||||||||||
Asset Category | | | Total | | | Quoted Prices | | | Significant | | | Significant | | |||||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||
Cash and money market funds | | | | $ | 405,115 | | | | | $ | 405,115 | | | | | $ | — | | | | | $ | — | | | |||||
Corporate bonds(a) | | | | | 606,331 | | | | | | — | | | | | | 606,331 | | | | | | — | | | |||||
Federal, state and local government bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Equity securities(b) | | | | | 1,482,528 | | | | | | 1,482,528 | | | | | | — | | | | | | — | | | |||||
Total | | | | $ | 2,493,974 | | | | | $ | 1,887,643 | | | | | $ | 606,331 | | | | | $ | — | | | |||||
| ||||||||||||||||||||||||||||||
(a) Includes ten corporate bonds due within ten years rated BBB- or better by the S&P. | ||||||||||||||||||||||||||||||
(b) Includes 65 companies spread over various market sectors. | ||||||||||||||||||||||||||||||
The fair values of the Association’s pension plan assets at December 31, 2013, by asset category (see note 13 for the definition of levels) are as follows: | ||||||||||||||||||||||||||||||
Asset Category | | | Total | | | Quoted Prices | | | Significant | | | Significant | | |||||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||
Cash and money market funds | | | | $ | 295,955 | | | | | $ | 295,955 | | | | | $ | — | | | | | $ | — | | | |||||
Corporate bonds(a) | | | | | 669,098 | | | | | | — | | | | | | 669,098 | | | | | | — | | | |||||
Federal, state and local government bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Equity securities(b) | | | | | 1,485,634 | | | | | | 1,485,634 | | | | | | — | | | | | | — | | | |||||
Total | | | | $ | 2,450,687 | | | | | $ | 1,781,589 | | | | | $ | 669,098 | | | | | $ | — | | | |||||
| ||||||||||||||||||||||||||||||
(a) Includes eleven corporate bonds due within ten years rated BBB- or better by the S&P. | ||||||||||||||||||||||||||||||
(b) Includes 70 companies spread over various market sectors. | ||||||||||||||||||||||||||||||
Employee Savings Plan | ||||||||||||||||||||||||||||||
The Company also maintains a defined contribution plan for eligible employees under Section 401(k) of the Internal Revenue Code. All employees who meet the plan eligibility requirements may elect to participate in the plan by making contributions up to the maximum permissible IRS limit. The Company makes matching contributions limited to 50% of the participant’s contributions up to 6% of compensation. Savings plan expense was approximately $26,000 and $26,400 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||||||||||||||||||
Effective upon completion of the Company’s initial public offering in July 2013, the Association established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees who complete a twelve-month period of employment with the Association, have attained the age of 21 and complete at least 1,000 hours of service in a plan year. The ESOP used $555,450 in proceeds from a term loan obtained from the Company to purchase 55,545 shares of Company common stock. The remaining term loan principal is payable over 25 equal annual installments through December 31, 2037. The interest rate on the term loan is the prime rate. Each year, the Association intends to make discretionary contributions to the ESOP, which will be equal to principal and interest payments required on the term loan. The Association may substitute dividends paid, if any, on the Company common stock held by the ESOP for discretionary contributions. | ||||||||||||||||||||||||||||||
Shares purchased with the loan proceeds provide collateral for the term loan and are held in a suspense account for future allocations among participants. Contributions to the ESOP and shares released from the suspense account are to be allocated among the participants on the basis of compensation, as described by the ESOP, in the year of allocation. | ||||||||||||||||||||||||||||||
ESOP shares pledged as collateral were initially recorded as unearned ESOP shares in the consolidated statements of financial condition. Thereafter, on a monthly basis, 185 shares are committed to be released, compensation expense is recorded equal to the number of shares committed to be released times the monthly average market price of the shares, and the committed shares become outstanding for basic net income per common share computations. ESOP compensation expense was approximately $21,400, and $22,200 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
The ESOP shares were as follows: | ||||||||||||||||||||||||||||||
| | | December 31, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
Allocated shares | | | | | 2,221 | | | | | | — | | | |||||||||||||||||
Shares committed to be released | | | | | 2,221 | | | | | | 2,221 | | | |||||||||||||||||
Unearned shares | | | | | 51,103 | | | | | | 53,324 | | | |||||||||||||||||
Total ESOP shares | | | | | 55,545 | | | | | | 55,545 | | | |||||||||||||||||
Fair value of unearned shares | | | | $ | 506,431 | | | | | $ | 504,000 | | | |||||||||||||||||
| ||||||||||||||||||||||||||||||
Equity Incentive Plan | ||||||||||||||||||||||||||||||
On July 17, 2014, the Board of Directors adopted the Sunnyside Bancorp, Inc. 2014 Equity Incentive Plan (the “Stock Incentive Plan”) which was approved by shareholders at the Company’s 2014 Annual Meeting of Shareholders held on September 16, 2014. Stock options and restricted stock may be granted to directors, officers and other employees of the Company. The maximum number of shares which may be issued upon exercise of the options under the plan cannot exceed 79,350 shares. The maximum number of shares of stock that may be issued as restricted stock awards cannot exceed 23,805. | ||||||||||||||||||||||||||||||
No awards have been granted under the Stock Incentive Plan, and therefore, no compensation expense was recognized through December 31, 2014. | ||||||||||||||||||||||||||||||
Other Retirement Benefits | ||||||||||||||||||||||||||||||
Effective June 2002, the Company entered into salary continuation agreements with certain of its officers. The agreements provide for specified benefit payments for life, 15-year period certain commencing at normal retirement, as well as payments upon early retirement, disability and death. The amounts payable under the agreements vest at an annual rate of 5% over 20 years and are computed as a specified percentage of a defined total compensation base, less (i) benefits under the Company’s pension plan, 401(k) plan and deferred compensation agreements, and (ii) a portion of social security benefits. The Association also entered into agreements providing for split-dollar life insurance death benefits based on each officer’s total compensation, as defined. The salary continuation and split-dollar agreements are unfunded, non-qualified benefits plans. However, the Company has purchased life insurance policies held by a Rabbi Trust in consideration of its obligations under the salary continuation agreements and certain prior deferred compensation agreements. During 2009, certain of these obligations were renegotiated by the Company with the purchase of annuity contracts. At December 31, 2014 and 2013, recorded obligations of $415,316 and $431,251, respectively, are included in other liabilities with respect to these agreements. The related life insurance policies are reported as assets at their cash surrender values of $2,073,455 and $2,008,494 at December 31, 2014 and 2013, respectively. Total expense (credit) under these plans was approximately $(1,400) and $(24,100) for the years ended December 31, 2014 and 2013, respectively. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | 10. ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||||
The components of accumulated other comprehensive loss included in stockholders’ equity are as follows: | |||||||||||||||||
| | | December 31, | | |||||||||||||
| | | 2014 | | | 2013 | | | |||||||||
Unrealized net loss on pension plan | | | | $ | -1,340,386 | | | | | $ | -1,204,899 | | | | |||
Unrealized loss on securities available for sale | | | | | -12,594 | | | | | | -896,035 | | | | |||
Accumulated other comprehensive loss before taxes | | | | | -1,352,980 | | | | | | -2,100,934 | | | | |||
Tax effect | | | | | 537,076 | | | | | | 833,982 | | | | |||
Accumulated other comprehensive loss | | | | $ | -815,904 | | | | | $ | -1,266,952 | | | | |||
| |||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES |
Off-Balance Sheet Financial Instruments | |
The Company is a party to certain financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments are limited to agreements to extend credit that involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the balance sheets. The contract or notional amounts of these instruments reflect the extent of the Association’s involvement in particular classes of financial instruments. The Company’s maximum exposure to credit loss in the event of nonperformance by the other parties to these instruments represents the contract amounts, assuming that they are fully funded at a later date and any collateral proves to be worthless. | |
The Company had loan origination commitments of $2,750,000 and $1,242,000 at December 31, 2014 and 2013, respectively. Of the commitments at December 31, 2014, loans totaling $250,000 were fixed rate with interest rates ranging from 3.25% to 4.5% and $2,500,000 was a variable rate loan at prime plus 2.75%. In addition, the Company has outstanding undisbursed home equity and other lines of credit totaling $387,000 and $381,000 at December 31, 2014 and 2013, respectively. These are contractual agreements to lend to customers within specified time periods at interest rates and on other terms based on existing market conditions. | |
Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. The commitment amounts do not necessarily represent future cash requirements since certain agreements may expire without being funded. The credit risk associated with these instruments is essentially the same as for outstanding loans reported in the balance sheets. Commitments are subject to the same credit approval process, including a case-by-case evaluation of the customer’s creditworthiness and related collateral requirements. | |
At December 31, 2014, the Company has a $2.0 million unsecured line of credit with Atlantic Central Bankers Bank which has no balance outstanding. | |
Legal Proceedings | |
The Company is not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. At December 31, 2014, the Company is not involved in any legal proceedings, the outcome of which would be material to the financial statements. |
REGULATORY_CAPITAL
REGULATORY CAPITAL | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Regulatory Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||
REGULATORY CAPITAL | 12. REGULATORY CAPITAL | |||||||||||||||||||||||||||||||||||||
The Association is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary, actions by regulators, that if undertaken could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Association must meet specific capital guidelines that involve quantitative measures of the Association’s assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. 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 Association to maintain minimum amounts and ratios of tangible and core capital (as defined in the regulations) to total assets and of total risk-based capital (as defined) to risk-weighted assets (as defined). As of December 31, 2014 and 2013 the Association was well capitalized as defined in the regulatory framework for prompt corrective action. There were no conditions or events since December 31, 2014 that management believes have changed the Association’s capital ratings. | ||||||||||||||||||||||||||||||||||||||
The following table presents a reconciliation of the Association’s capital per GAAP and regulatory capital at the dates indicated (in thousands): | ||||||||||||||||||||||||||||||||||||||
| | | December 31, | | ||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | | ||||||||||||||||||||||||||||||
GAAP capital | | | | $ | 11,475 | | | | | $ | 11,210 | | | | ||||||||||||||||||||||||
Add (subtract): Disallowed deferred tax assets | | | | | -207 | | | | | | -252 | | | | ||||||||||||||||||||||||
Unrealized loss on securities available for sale | | | | | 8 | | | | | | 540 | | | | ||||||||||||||||||||||||
Adjustment to record funded status of pension | | | | | 808 | | | | | | 727 | | | | ||||||||||||||||||||||||
Core and tangible capital | | | | | 12,084 | | | | | | 12,225 | | | | ||||||||||||||||||||||||
Add: Allowable allowance for loan losses | | | | | 396 | | | | | | 340 | | | | ||||||||||||||||||||||||
Total risk-based capital | | | | $ | 12,480 | | | | | $ | 12,565 | | | | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
The following is a summary of the Association’s actual capital amounts and ratios compared to the amounts and ratios required for minimum capital adequacy and for classification as a well-capitalized institution: | ||||||||||||||||||||||||||||||||||||||
| | | Actual | | | Minimum Capital | | | To be Well | | ||||||||||||||||||||||||||||
Requirements | Capitalized Under | |||||||||||||||||||||||||||||||||||||
Prompt Corrective | ||||||||||||||||||||||||||||||||||||||
Action Provisions | ||||||||||||||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | |||||||||||||||||||
| | | (Dollars in Thousands) | | ||||||||||||||||||||||||||||||||||
December 31, 2014 | | | | | | | | |||||||||||||||||||||||||||||||
Tangible Capital | | | | $ | 12,084 | | | | | | 12.81% | | | | | $ | 1,415 | | | | | | 1.50% | | | | | $ | N/A | | | | | | — | | | |
Tier 1 (core) Capital | | | | | 12,084 | | | | | | 12.81% | | | | | | 3,774 | | | | | | 4.00% | | | | | | 4,718 | | | | | | 5.00% | | | |
Risk-based Capital: | | | | | | | | |||||||||||||||||||||||||||||||
Tier 1 | | | | | 12,084 | | | | | | 30.50% | | | | | | 1,585 | | | | | | 4.00% | | | | | | 2,378 | | | | | | 6.00% | | | |
Total | | | | | 12,480 | | | | | | 31.49% | | | | | | 3,170 | | | | | | 8.00% | | | | | | 3,963 | | | | | | 10.00% | | | |
December 31, 2013 | | | | | | | | |||||||||||||||||||||||||||||||
Tangible Capital | | | | $ | 12,225 | | | | | | 13.25% | | | | | $ | 1,384 | | | | | | 1.50% | | | | | $ | N/A | | | | | | — | | | |
Tier 1 (core) Capital | | | | | 12,225 | | | | | | 13.25% | | | | | | 3,691 | | | | | | 4.00% | | | | | | 4,613 | | | | | | 5.00% | | | |
Risk-based Capital: | | | | | | | | |||||||||||||||||||||||||||||||
Tier 1 | | | | | 12,225 | | | | | | 35.19% | | | | | | 1,390 | | | | | | 4.00% | | | | | | 2,085 | | | | | | 6.00% | | | |
Total | | | | | 12,565 | | | | | | 36.17% | | | | | | 2,779 | | | | | | 8.00% | | | | | | 3,474 | | | | | | 10.00% | | |
FAIR_VALUE_MEASUREMENTS_AND_DI
FAIR VALUE MEASUREMENTS AND DISCLOSURES | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Fair Value Measurements And Disclosures [Abstract] | ||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AND DISCLOSURES | 13. FAIR VALUE MEASUREMENTS AND DISCLOSURES | |||||||||||||||||||||||||
A. Fair Value Measurements | ||||||||||||||||||||||||||
The Accounting Standards Codification (“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. ASC Topic 820 applies only to fair value measurements already required or permitted by other accounting standards and does not impose requirements for additional fair value measures. ASC Topic 820 was issued to increase consistency and comparability in reporting fair values. | ||||||||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. The Company did not have any liabilities that were measured at fair value at December 31, 2014 and 2013. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as foreclosed real estate owned and certain impaired loans. These non-recurring fair value adjustments generally involve the write-down of individual assets due to impairment losses. | ||||||||||||||||||||||||||
In accordance with ASC Topic 820, the Company groups its assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: | ||||||||||||||||||||||||||
• | Level 1 — Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||||||||||||||
• | Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||||||||||||
• | Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. | |||||||||||||||||||||||||
The Company bases its fair values on the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. ASC Topic 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||||||||||||||
Assets that are measured on a recurring basis are limited to the available-for-sale securities portfolio. The available-for-sale portfolio is carried at estimated fair value with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Substantially all of the available-for-sale portfolio consists of investment securities issued by government-sponsored enterprises. The fair values for substantially all of these securities are obtained from an independent securities broker. Based on the nature of the securities, the securities broker provides the Company with prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available for the majority of securities in the portfolio. | ||||||||||||||||||||||||||
The following table provides the level of valuation assumptions used to determine the carrying value of assets measured at fair value on a recurring basis at December 31, 2014 and 2013: | ||||||||||||||||||||||||||
Description | | | Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||
December 31, 2014: | | | | | | |||||||||||||||||||||
Securities available for sale | | | | $ | 34,511,669 | | | | | $ | — | | | | | $ | 34,511,669 | | | | | $ | — | | | |
December 31, 2013: | | | | | | |||||||||||||||||||||
Securities available for sale | | | | $ | 38,240,458 | | | | | $ | — | | | | | $ | 38,240,458 | | | | | $ | — | | | |
There were no assets measured at fair value on a non-recurring basis at December 31, 2014 and 2013. | ||||||||||||||||||||||||||
B. Fair Value Disclosures | ||||||||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair values of financial instruments as disclosed herein. | ||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||
For cash and due from banks and federal funds sold, the carrying amount approximates the fair value (Level 1). | ||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||
The fair value of securities is estimated based on bid quotations received from securities dealers, if available (Level 1). If a quoted market price was not available, fair value was estimated using quoted market prices of similar instruments, adjusted for differences between the quoted instruments and the instruments being valued (Level 2). | ||||||||||||||||||||||||||
FHLB and other stock, at cost | ||||||||||||||||||||||||||
The fair value for FHLB and other stock, at cost is its carrying value, since this is the amount for which it could be redeemed. There is no active market for this stock, and the Company is required to maintain a minimum balance based upon the unpaid principal of home mortgage loans (Level 2). | ||||||||||||||||||||||||||
Loans Receivable | ||||||||||||||||||||||||||
Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage, commercial, and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and nonperforming categories (Level 3). | ||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||
The fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, savings, and NOW and money market accounts, is equal to the amount payable on demand (Level 1). The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits with similar remaining maturities (Level 2). | ||||||||||||||||||||||||||
Short-Term Borrowings | ||||||||||||||||||||||||||
The carrying amounts of federal funds purchased, and other short-term borrowings maturing within 90 days approximate their fair values. Fair values of other short-term borrowings are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 1). | ||||||||||||||||||||||||||
Long-Term Borrowings | ||||||||||||||||||||||||||
The fair value of long-term borrowings is estimated using discounted cash flow analysis based on the current incremental borrowing rates for similar types of borrowing arrangements (Level 2). | ||||||||||||||||||||||||||
Off-Balance-Sheet Instruments | ||||||||||||||||||||||||||
In the ordinary course of business the Company has entered into off-balance-sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the financial statements when they are funded. Their fair value would approximate fees currently charged to enter into similar agreements. For further information on these financial instruments, see Note 11. | ||||||||||||||||||||||||||
The carrying values and estimated fair values of financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||
| | | December 31, | | ||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||
| | | Carrying | | | Estimated | | | Carrying | | | Estimated | | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||||||||||||
| | | (In Thousands) | | ||||||||||||||||||||||
Financial assets: | | | | | | |||||||||||||||||||||
Cash and cash equivalents | | | | $ | 3,720 | | | | | $ | 3,720 | | | | | $ | 2,637 | | | | | $ | 2,637 | | | |
Securities held to maturity | | | | | 6,154 | | | | | | 6,378 | | | | | | 4,667 | | | | | | 4,809 | | | |
Securities available for sale | | | | | 34,512 | | | | | | 34,512 | | | | | | 38,240 | | | | | | 38,240 | | | |
Loans receivable | | | | | 43,220 | | | | | | 44,097 | | | | | | 40,040 | | | | | | 40,180 | | | |
FHLB and other stock, at cost | | | | | 208 | | | | | | 208 | | | | | | 222 | | | | | | 222 | | | |
Accrued interest receivable | | | | | 276 | | | | | | 276 | | | | | | 268 | | | | | | 268 | | | |
Financial liabilities: | | | | | | |||||||||||||||||||||
Deposits | | | | | 79,555 | | | | | | 79,851 | | | | | | 78,025 | | | | | | 78,533 | | | |
The fair value estimates are made at a discrete point in time based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Further, the foregoing estimates may not reflect the actual amount that could be realized if all or substantially all of the financial instruments were offered for sale. | ||||||||||||||||||||||||||
In addition, the fair value estimates were based on existing on-and-off balance sheet financial instruments without attempting to value the anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment and advances from borrowers for taxes and insurance. In addition, the tax ramifications related to the realization of the unrealized gains and losses have a significant effect on fair value estimates and have not been considered in any of the estimates. | ||||||||||||||||||||||||||
Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. The lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation | |
The consolidated financial statements are comprised of the accounts of Sunnyside Bancorp. Inc., and its wholly-owned subsidiary, Sunnyside Federal Savings and Loan Association of Irvington (the “Association”). All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Basis Of Financial Statement Presentation | Basis of Financial Statement Presentation | |
The financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period then ended. Actual results could differ significantly from those estimates. | ||
A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Company’s market area. | ||
In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. | ||
Cash And Cash Equivalents | Cash and Cash Equivalents | |
For purposes of reporting cash flows, the Company considers all cash and amounts due from depository institutions and interest-bearing deposits in other depository institutions with original maturities of three months or less to be cash equivalents. | ||
Investment And Mortgage-Backed Securities | Investment and Mortgage-Backed Securities | |
Securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Securities classified as available-for-sale securities are reported at fair value, with unrealized holding gains or losses reported in a separate component of retained earnings. As of December 31, 2014 and 2013, the Company had no securities classified as held for trading. | ||
The Company conducts a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. The evaluation of other-than-temporary impairment considers the duration and severity of the impairment, the Company’s intent and ability to hold the securities and assessments of the reason for the decline in value and the likelihood of a near-term recovery. If such a decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to income as a component of non-interest expense. | ||
Premiums and discounts on securities are amortized by use of the level-yield method, over the life of the individual securities. Gain or loss on sales of securities is based upon the specific identification method. | ||
Loans Receivable | Loans Receivable | |
Loans receivable are stated at unpaid principal balances less the allowance for loan losses and net deferred loan fees. | ||
Recognition of interest on the accrual method is generally discontinued when interest or principal payments are ninety days or more in arrears, or when other factors indicate that the collection of such amounts is doubtful. At that time, a loan is placed on a nonaccrual status, and all previously accrued and uncollected interest is reversed against interest income in the current period. Interest on such loans, if appropriate, is recognized as income when payments are received. A loan is returned to an accrual status when factors indicating doubtful collectibility no longer exist. | ||
Allowance For Loan Losses | Allowance for Loan Losses | |
An allowance for loan losses is maintained at a level, to the best of management’s knowledge, to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate. Management of the Association, in determining the provision for loan losses considers the risks inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Company utilizes a two tier approach: (1) identification of problem loans and establishment of specific loss allowances on such loans; and (2) establishment of general valuation allowances on the remainder of its loan portfolio. The Company maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potential problem loans. Such system takes into consideration, among other things, delinquency status, size of loans, type of collateral, and financial condition of the borrowers. Specific loan losses are established for identified loans based on a review of such information and appraisals of the underlying collateral. General loan losses are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, and management's judgment. Although management believes that adequate specific and general loan loss allowances are established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may be necessary. | ||
A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. An insignificant payment delay, which is defined as up to ninety days by the Company, will not cause a loan to be classified as impaired. A loan is not impaired during a period of delay in payment if the Association expects to collect all amounts due, including interest accrued at the contractual interest rate for the period of delay. The amount of loan impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. All loans identified as impaired are evaluated independently. The Association does not aggregate such loans for evaluation purposes. | ||
Federal Home Loan Bank Of New York stock | Federal Home Loan Bank of New York stock | |
As a member of the Federal Home Loan Bank of New York (“FHLB”), the Company is required to acquire and hold shares of FHLB Class B stock. The holding requirement varies based on the Company’s activities, primarily its outstanding borrowings, with the FHLB. The investment in FHLB stock is carried at cost. The Company conducts a periodic review and evaluation of its FHLB stock to determine if any impairment exists. | ||
Premises And Equipment | Premises and Equipment | |
Premises and equipment are comprised of land, building, and furniture, fixtures, and equipment, at cost, less accumulated depreciation. Depreciation charges are computed on the straight-line method over the following estimated useful lives: | ||
Building and improvements | 5 to 40 years | |
Furniture, fixtures and equipment | 2 to 10 years | |
Bank-Owned Life Insurance | Bank-Owned Life Insurance | |
Bank-owned life insurance (“BOLI”) is accounted for in accordance with Financial Accounting Standards Board “FASB”) guidance. The cash surrender value of BOLI is recorded on the statement of financial condition as an asset and the change in the cash surrender value is recorded as non-interest income. The amount by which any death benefits received exceeds a policy’s cash surrender value is recorded in non-interest income at the time of receipt. A liability is also recorded on the statement of financial condition for postretirement death benefits provided by the split-dollar endorsement policy. A corresponding expense is recorded in non-interest expense for the accrual of benefits over the period during which employees provide services to earn the benefits. | ||
Income Taxes | Income Taxes | |
Federal and state income taxes have been provided on the basis of reported income. The amounts reflected on the tax return differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not likely to be realized. | ||
The Company accounts for uncertainty in income taxes recognized in the financial statements in accordance with accounting guidance which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As a result of the Company’s evaluation, no significant income tax uncertainties have been identified. Therefore, the Company recognized no adjustment for unrecognized income tax benefits for the years ended December 31, 2014 and 2013. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the statement of income. The amount of interest and penalties for the years ended December 31, 2014 and 2013 was immaterial. The Company is subject to U.S. federal income tax, as well as income tax of the State of New York. The Company is no longer subject to examination by taxing authorities for years before 2010. | ||
Employee Benefits | Employee Benefits | |
Defined Benefit Plans: | ||
The accounting guidance related to retirement benefits requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize, in comprehensive income, changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. The accounting guidance requires that plan assets and benefit obligations be measured as of the date of the employer’s fiscal year-end statement of financial condition. | ||
401K Plan: | ||
The Company has a 401(k) plan covering substantially all employees. The Company matches 50% of the first 6% contributed by participants and recognizes expense as its contributions are made. | ||
Employee Stock Ownership Plan: | ||
The employee stock ownership plan (ESOP) is accounted for in accordance with the provisions of ASC 718-40, “Employers’ Accounting for Employee Stock Ownership Plans.” The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Association’s contributions over a period of up to 25 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants. | ||
Equity Incentive Plan: | ||
On July 17, 2014, the Board of Directors adopted the Sunnyside Bancorp, Inc. 2014 Equity Incentive Plan (the “Stock Incentive Plan”) which was approved by shareholders at the Company’s 2014 Annual Meeting of Shareholders held on September 16, 2014. Stock options and restricted stock may be granted to directors, officers and other employees of the Company. The maximum number of shares which may be issued upon exercise of the options under the plan cannot exceed 79,350 shares. The maximum number of shares of stock that may be issued as restricted stock awards cannot exceed 23,805. | ||
The Stock Incentive Plan will remain in effect as long as any awards under it are outstanding; however, no awards may be granted under the Stock Incentive Plan on or after the 10-year anniversary of the effective date of the Stock Incentive Plan or July 17, 2024. | ||
Under FASB ASC Topic 718, the Company will recognize compensation expense on its income statement over the requisite service period or performance period based on the grant date fair value of stock options and other equity-based compensation (such as restricted stock). No awards have been granted under the 2014 Stock Incentive Plan and therefore, no compensation expense was recognized through December 31, 2014. | ||
Comprehensive Income | Comprehensive Income | |
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, and the actuarial gains and losses of the pension plan, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. | ||
Concentration Of Credit Risk and Interest-Rate Risk | Concentration of Credit Risk and Interest-Rate Risk | |
Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Investment securities include securities backed by the U.S. Government and other highly rated instruments. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in the state. | ||
The Company is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans secured by real estate in the State of New York. The potential for interest-rate risk exists as a result of the shorter duration of interest-sensitive liabilities compared to the generally longer duration of interest-sensitive assets. In a rising rate environment, liabilities will reprice faster than assets, thereby reducing net interest income. For this reason, management regularly monitors the maturity structure of the Company's assets and liabilities in order to measure its level of interest-rate risk and to plan for future volatility. | ||
Earnings Per Share | Earnings Per Share | |
Basic earnings per common share, or EPS, are computed by dividing net income by the weighted-average common shares outstanding during the year. The weighted-average common shares outstanding includes the weighted-average number of shares of common stock outstanding less the weighted average number of unallocated shares held by the ESOP. For EPS calculations, ESOP shares that have been committed to be released are considered outstanding. ESOP shares that have not been committed to be released are excluded from outstanding shares on a weighted average basis for EPS calculations. | ||
Earnings per share are not applicable for periods prior to the date of conversion, July 15, 2013. | ||
Reclassifications | Reclassifications | |
Certain amounts in the 2013 financial statements have been reclassified in order to conform to the 2014 presentation. | ||
Advertising Costs | Advertising Costs | |
It is the Company’s policy to expense advertising costs in the period in which they are incurred. | ||
Subsequent Events | Subsequent Events | |
The Company has evaluated all events subsequent to the balance sheet date of December 31, 2014, through the date of this report, and has determined that there are no subsequent events that require disclosure under FASB guidance. | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |
In January 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-04, “Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted and entities can elect to adopt a modified retrospective transition method or a prospective transition method. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. | ||
In June 2014, the FASB issued ASU 2014-12, “Compensation — Stock Compensation (Topic 718)”. The amendments in this ASU require a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award, and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods beginning after December 15, 2015. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. | ||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. | ||
In January 2015, the FASB issued ASU 2015-01, “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20)”. This ASU eliminates extraordinary items from US GAAP and will align more closely with International Accounting Standards 1, “Presentation of Financial Statements”. The amendments in this ASU are effective beginning after December 15, 2015. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. | ||
In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810)”. This ASU focuses on the consolidation evaluation for reporting organizations that are required to evaluate consolidation of certain legal entities by reducing the number of consolidation models from four to two and is intended to improve current GAAP. The amendments in this ASU are effective beginning after December 15, 2016. The adoption of this guidance should not have a material impact on the Company’s financial condition or results of operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Schedule of estimated useful lives of premises and equipment | Building and improvements | 5 to 40 years |
Furniture, fixtures and equipment | 2 to 10 years |
SECURITIES_Tables
SECURITIES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Securities [Abstract] | ||||||||||||||||||||||||||||||
Schedule of held to maturity and available for sale securities | | | | December 31, 2014 | | |||||||||||||||||||||||||
| | | Amortized | | | Gross Unrealized | | | Fair | | ||||||||||||||||||||
| | Cost | | Gains | | | Losses | | Value | |||||||||||||||||||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 2,000,000 | | | | | $ | 76,654 | | | | | $ | — | | | | | $ | 2,076,654 | | | |||||
State, county, and municipal obligations | | | | 817,280 | | | | | 10,234 | | | | | 2,423 | | | | | 825,091 | | | |||||||||
Mortgage-backed securities | | | | | 3,336,957 | | | | | | 138,807 | | | | | | — | | | | | | 3,475,764 | | | |||||
| | | | $ | 6,154,237 | | | | | $ | 225,695 | | | | | $ | 2,423 | | | | | $ | 6,377,509 | | | |||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 5,997,345 | | | | | $ | 2,025 | | | | | $ | 58,756 | | | | | $ | 5,940,614 | | | |||||
Mortgage-backed securities | | | | | 28,526,918 | | | | | | 229,096 | | | | | | 184,959 | | | | | | 28,571,055 | | | |||||
| | | | $ | 34,524,263 | | | | | $ | 231,121 | | | | | $ | 243,715 | | | | | $ | 34,511,669 | | | |||||
| ||||||||||||||||||||||||||||||
| | | December 31, 2013 | | ||||||||||||||||||||||||||
| | | Amortized | | | Gross Unrealized | | | Fair | | ||||||||||||||||||||
| | Cost | | Gains | | | Losses | | Value | |||||||||||||||||||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
State, county, and municipal obligations | | | | $ | 489,566 | | | | | $ | 17,035 | | | | | $ | — | | | | | $ | 506,601 | | | |||||
Mortgage-backed securities | | | | | 4,176,942 | | | | | | 125,291 | | | | | | — | | | | | | 4,302,233 | | | |||||
| | | | $ | 4,666,508 | | | | | $ | 142,326 | | | | | $ | — | | | | | $ | 4,808,834 | | | |||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 3,996,781 | | | | | $ | — | | | | | $ | 225,048 | | | | | $ | 3,771,733 | | | |||||
Mortgage-backed securities | | | | | 35,139,713 | | | | | | 100,428 | | | | | | 771,416 | | | | | | 34,468,725 | | | |||||
| | | | $ | 39,136,494 | | | | | $ | 100,428 | | | | | $ | 996,464 | | | | | $ | 38,240,458 | | | |||||
| ||||||||||||||||||||||||||||||
Schedule of amortized cost and fair value of securities by remaining period to contractual maturity | | | | December 31, 2014 | | |||||||||||||||||||||||||
| | | Held to Maturity | | | Available for Sale | | |||||||||||||||||||||||
| | | Amortized | | | Fair | | | Amortized | | | Fair | | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||
Within one year | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | |||||
After one to five years | | | | | 391,777 | | | | | | 394,383 | | | | | | 3,997,344 | | | | | | 3,957,863 | | | |||||
After five to ten years | | | | | 79,829 | | | | | | 82,066 | | | | | | 8,769,676 | | | | | | 8,803,062 | | | |||||
After ten years | | | | | 5,682,631 | | | | | | 5,901,060 | | | | | | 21,757,243 | | | | | | 21,750,744 | | | |||||
| | | | $ | 6,154,237 | | | | | $ | 6,377,509 | | | | | $ | 34,524,263 | | | | | $ | 34,511,669 | | | |||||
| ||||||||||||||||||||||||||||||
| | | December 31, 2013 | | ||||||||||||||||||||||||||
| | | Held to Maturity | | | Available for Sale | | |||||||||||||||||||||||
| | | Amortized | | | Fair | | | Amortized | | | Fair | | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||
Within one year | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | |||||
After one to five years | | | | | 110,095 | | | | | | 116,846 | | | | | | 574,576 | | | | | | 577,199 | | | |||||
After five to ten years | | | | | 379,471 | | | | | | 389,755 | | | | | | 12,429,566 | | | | | | 12,191,416 | | | |||||
After ten years | | | | | 4,176,942 | | | | | | 4,302,233 | | | | | | 26,132,352 | | | | | | 25,471,843 | | | |||||
| | | | $ | 4,666,508 | | | | | $ | 4,808,834 | | | | | $ | 39,136,494 | | | | | $ | 38,240,458 | | | |||||
| ||||||||||||||||||||||||||||||
Schedule of fair values and unrealized losses of securities with an unrealized loss | | | | December 31, 2014 | | |||||||||||||||||||||||||
| | | Under One Year | | | One Year or More | | |||||||||||||||||||||||
| | | Fair | | | Gross | | | Fair | | | Gross | | |||||||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 999,738 | | | | | $ | 262 | | | | | $ | 2,938,851 | | | | | $ | 58,494 | | | |||||
Mortgage-backed securities | | | | | 5,573,324 | | | | | | 21,827 | | | | | | 6,116,841 | | | | | | 163,131 | | | |||||
| | | | | 6,573,062 | | | | | | 22,089 | | | | | | 9,055,692 | | | | | | 221,625 | | | |||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
State, county, and municipal obligations | | | | | 204,584 | | | | | | 2,423 | | | | | | — | | | | | | — | | | |||||
| | | | $ | 6,777,646 | | | | | $ | 24,512 | | | | | $ | 9,055,692 | | | | | $ | 221,625 | | | |||||
| ||||||||||||||||||||||||||||||
| | | December 31, 2013 | | ||||||||||||||||||||||||||
| | | Under One Year | | | One Year or More | | |||||||||||||||||||||||
| | | Fair | | | Gross | | | Fair | | | Gross | | |||||||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
U.S. government and agency obligations | | | | $ | 3,771,733 | | | | | $ | 225,048 | | | | | $ | — | | | | | $ | — | | | |||||
Mortgage-backed securities | | | | | 20,801,105 | | | | | | 447,844 | | | | | | 3,941,749 | | | | | | 323,572 | | | |||||
| | | | $ | 24,572,838 | | | | | $ | 672,892 | | | | | $ | 3,941,749 | | | | | $ | 323,572 | | | |||||
| ||||||||||||||||||||||||||||||
LOANS_RECEIVABLE_NET_Tables
LOANS RECEIVABLE, NET (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable, net | | | | December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family | | | | $ | 31,457,055 | | | | | $ | 33,526,400 | | | ||||||||||||||||||||||||||||||||||||||
Commercial and multi-family | | | | | 9,428,335 | | | | | | 5,548,498 | | | ||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 369,795 | | | | | | 689,805 | | | ||||||||||||||||||||||||||||||||||||||
| | | | | 41,255,185 | | | | | | 39,764,703 | | | ||||||||||||||||||||||||||||||||||||||
Other loans: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Secured by savings accounts | | | | | 32,371 | | | | | | 43,683 | | | ||||||||||||||||||||||||||||||||||||||
Student | | | | | 126,688 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Commercial | | | | | 2,155,951 | | | | | | 500,000 | | | ||||||||||||||||||||||||||||||||||||||
| | | | | 2,315,010 | | | | | | 543,683 | | | ||||||||||||||||||||||||||||||||||||||
Total loans | | | | | 43,570,195 | | | | | | 40,308,386 | | | ||||||||||||||||||||||||||||||||||||||
Less: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred loan fees (costs), net | | | | | -45,521 | | | | | | -71,868 | | | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | | | | | 396,055 | | | | | | 340,145 | | | ||||||||||||||||||||||||||||||||||||||
| | | | | 350,534 | | | | | | 268,277 | | | ||||||||||||||||||||||||||||||||||||||
| | | | $ | 43,219,661 | | | | | $ | 40,040,109 | | | ||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of activity in allowance for loan losses | | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | | | | $ | 340,145 | | | | | $ | 314,490 | | | ||||||||||||||||||||||||||||||||||||||
Provision for loan losses | | | | | 55,910 | | | | | | 24,500 | | | ||||||||||||||||||||||||||||||||||||||
Charge offs | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Recoveries | | | | | — | | | | | | 1,155 | | | ||||||||||||||||||||||||||||||||||||||
Balance at end of year | | | | $ | 396,055 | | | | | $ | 340,145 | | | ||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of credit quality indicators by portfolio segment | | | | December 31, 2014 | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Commercial | | | Total | | |||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Residential | | | Commercial | | | Home Equity | | Other | ||||||||||||||||||||||||||||||||||||||||
1 – 4 Family | Real Estate and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | | | | $ | 31,025 | | | | | $ | 8,974 | | | | | $ | 370 | | | | | $ | 2,315 | | | | | $ | 42,684 | | | ||||||||||||||||||||
Special Mention | | | | | — | | | | | | 454 | | | | | | — | | | | | | — | | | | | | 454 | | | ||||||||||||||||||||
Substandard | | | | | 432 | | | | | | — | | | | | | — | | | | | | — | | | | | | 432 | | | ||||||||||||||||||||
Total | | | | $ | 31,457 | | | | | $ | 9,428 | | | | | $ | 370 | | | | | $ | 2,315 | | | | | $ | 43,570 | | | ||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | December 31, 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Commercial | | | Total | | |||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Residential | | | Commercial | | | Home Equity | | Other | ||||||||||||||||||||||||||||||||||||||||
1 – 4 Family | and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | | | | $ | 33,019 | | | | | $ | 5,048 | | | | | $ | 690 | | | | | $ | 543 | | | | | $ | 39,300 | | | ||||||||||||||||||||
Special Mention | | | | | 138 | | | | | | 501 | | | | | | — | | | | | | — | | | | | | 639 | | | ||||||||||||||||||||
Substandard | | | | | 369 | | | | | | — | | | | | | — | | | | | | — | | | | | | 369 | | | ||||||||||||||||||||
Total | | | | $ | 33,526 | | | | | $ | 5,549 | | | | | $ | 690 | | | | | $ | 543 | | | | | $ | 40,308 | | | ||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information about loan delinquencies | | | | December 31, 2014 | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | 30 – 59 | | | 60 – 89 | | | 90 Days | | | Total | | | Current | | | Total | | | 90 Days | | |||||||||||||||||||||||||||||
Days | Days | or More | Past Due | Loans | Loans | or More | |||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family | | | | $ | — | | | | | $ | — | | | | | $ | 297 | | | | | $ | 297 | | | | | $ | 31,160 | | | | | $ | 31,457 | | | | | $ | — | | | ||||||||
Commercial and multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,428 | | | | | | 9,428 | | | | | | — | | | ||||||||
Home equity lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 370 | | | | | | 370 | | | | | | — | | | ||||||||
Other loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,315 | | | | | | 2,315 | | | | | | — | | | ||||||||
| | | | $ | — | | | | | $ | — | | | | | $ | 297 | | | | | $ | 297 | | | | | $ | 43,273 | | | | | $ | 43,570 | | | | | $ | — | | | ||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | December 31, 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | 30 – 59 | | | 60 – 89 | | | 90 Days | | | Total | | | Current | | | Total | | | 90 Days | | |||||||||||||||||||||||||||||
Days | Days | or More | Past Due | Loans | Loans | or More | |||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family | | | | $ | 138 | | | | | $ | — | | | | | $ | 369 | | | | | $ | 507 | | | | | $ | 33,019 | | | | | $ | 33,526 | | | | | $ | — | | | ||||||||
Commercial and multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,549 | | | | | | 5,549 | | | | | | — | | | ||||||||
Home equity lines of credit | | | | | — | | | | | | 198 | | | | | | — | | | | | | 198 | | | | | | 492 | | | | | | 690 | | | | | | — | | | ||||||||
Other loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 543 | | | | | | 543 | | | | | | — | | | ||||||||
| | | | $ | 138 | | | | | $ | 198 | | | | | $ | 369 | | | | | $ | 705 | | | | | $ | 39,603 | | | | | $ | 40,308 | | | | | $ | — | | | ||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summary of loans on which accrual of income has been discontinued and loans past due but not classified as non-accrual | | | | December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family | | | | $ | 432 | | | | | $ | 369 | | | ||||||||||||||||||||||||||||||||||||||
Commercial and multi-family | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Other loans | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | | | | | 432 | | | | | | 369 | | | ||||||||||||||||||||||||||||||||||||||
Accruing loans delinquent 90 days or more | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||
Total non-performing loans | | | | $ | 432 | | | | | $ | 369 | | | ||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of activity in allowance for loan losses by loan type | | | | Year Ended December 31, 2014 | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Other | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||||||||||
| | | Residential | | | Commercial | | | Home | | |||||||||||||||||||||||||||||||||||||||||
1 – 4 Family | and | Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | | | | $ | 295 | | | | | $ | 34 | | | | | $ | 6 | | | | | $ | 5 | | | | | $ | — | | | | | $ | 340 | | | ||||||||||||||
Provision for loan losses | | | | | -37 | | | | | | 57 | | | | | | -3 | | | | | | 27 | | | | | | 12 | | | | | | 56 | | | ||||||||||||||
Ending Balance | | | | $ | 258 | | | | | $ | 91 | | | | | $ | 3 | | | | | $ | 32 | | | | | $ | 12 | | | | | $ | 396 | | | ||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Year Ended December 31, 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Other | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||||||||||
| | | Residential | | | Commercial | | | Home | | |||||||||||||||||||||||||||||||||||||||||
1 – 4 Family | and | Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | | | | $ | 128 | | | | | $ | 59 | | | | | $ | 5 | | | | | $ | 4 | | | | | $ | 118 | | | | | $ | 314 | | | ||||||||||||||
Provision for loan losses | | | | | 167 | | | | | | -25 | | | | | | 1 | | | | | | — | | | | | | -118 | | | | | | 25 | | | ||||||||||||||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | | ||||||||||||||
Ending Balance | | | | $ | 295 | | | | | $ | 34 | | | | | $ | 6 | | | | | $ | 5 | | | | | $ | — | | | | | $ | 340 | | | ||||||||||||||
|
PREMISES_AND_EQUIPMENT_NET_Tab
PREMISES AND EQUIPMENT, NET (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Premises And Equipment, Net [Abstract] | ||||||||||||||||
Schedule of premises and equipments, net | | | | December 31, | | |||||||||||
| | | 2014 | | | 2013 | | |||||||||
Land and land improvements | | | | $ | 766,939 | | | | | $ | 766,939 | | | |||
Building and building improvements | | | | | 2,452,621 | | | | | | 2,387,547 | | | |||
Furniture, fixtures and equipment | | | | | 885,434 | | | | | | 788,252 | | | |||
| | | | | 4,104,994 | | | | | | 3,942,738 | | | |||
Less accumulated depreciation | | | | | -2,492,965 | | | | | | -2,340,287 | | | |||
| | | | $ | 1,612,029 | | | | | $ | 1,602,451 | | | |||
|
ACCRUED_INTEREST_RECEIVABLE_Ta
ACCRUED INTEREST RECEIVABLE (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accrued Interest Receivable [Abstract] | ||||||||||||||||
Schedule of accrued interest receivable | 6. ACCRUED INTEREST RECEIVABLE | |||||||||||||||
| | | December 31, | | ||||||||||||
| | | 2014 | | | 2013 | | |||||||||
Loans | | | | $ | 137,154 | | | | | $ | 140,967 | | | |||
Mortgage-backed securities | | | | | 89,211 | | | | | | 107,666 | | | |||
Investment securities | | | | | 49,206 | | | | | | 19,163 | | | |||
| | | | $ | 275,571 | | | | | $ | 267,796 | | | |||
|
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||
Schedule of deposits | | | | December 31, | | |||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
| | | Weighted | | | Amount | | | Weighted | | | Amount | | |||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||
Rate | Rate | |||||||||||||||||||||||||||||
Non-interest bearing checking | | | | | 0.00% | | | | | $ | 4,736,482 | | | | | | 0.00% | | | | | $ | 3,575,695 | | | |||||
NOW accounts | | | | | 0.05% | | | | | | 10,730,326 | | | | | | 0.05% | | | | | | 9,577,864 | | | |||||
Regular savings and clubs | | | | | 0.10% | | | | | | 21,479,246 | | | | | | 0.10% | | | | | | 20,445,862 | | | |||||
Super saver | | | | | 0.15% | | | | | | 7,443,330 | | | | | | 0.15% | | | | | | 8,491,734 | | | |||||
Money market | | | | | 0.10% | | | | | | 3,464,679 | | | | | | 0.10% | | | | | | 3,339,699 | | | |||||
| | | | | | | | | | | 47,854,063 | | | | | | | | | | | | 45,430,854 | | | |||||
Certificates of deposit | | | | | 1.04% | | | | | | 31,701,353 | | | | | | 1.47% | | | | | | 32,593,750 | | | |||||
| | | | | 0.46% | | | | | $ | 79,555,416 | | | | | | 0.72% | | | | | $ | 78,024,604 | | | |||||
| ||||||||||||||||||||||||||||||
Schedule of certificates of deposit by contractual maturity | | | | 2014 | | | 2013 | | ||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||
One year or less | | | | $ | 13,953 | | | | | $ | 19,416 | | | |||||||||||||||||
Over one to three years | | | | | 15,532 | | | | | | 9,239 | | | |||||||||||||||||
Over three years | | | | | 2,216 | | | | | | 3,939 | | | |||||||||||||||||
| | | | $ | 31,701 | | | | | $ | 32,594 | | | |||||||||||||||||
| ||||||||||||||||||||||||||||||
Schedule of interest expense on deposits | | | | Year Ended December 31, | | |||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
NOW | | | | $ | 5,663 | | | | | $ | 5,033 | | | |||||||||||||||||
Savings and clubs | | | | | 31,955 | | | | | | 33,579 | | | |||||||||||||||||
Money market | | | | | 3,426 | | | | | | 3,397 | | | |||||||||||||||||
Certificates of deposit | | | | | 355,676 | | | | | | 531,891 | | | |||||||||||||||||
| | | | $ | 396,720 | | | | | $ | 573,900 | | | |||||||||||||||||
|
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||
Schedule of components of income tax expense (benefit) | | | | Year Ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | |||||||||
Current tax expense (benefit): | | | | |||||||||||||
Federal | | | | $ | -7,412 | | | | | $ | 11,570 | | | |||
State | | | | | 9,088 | | | | | | 11,251 | | | |||
| | | | | 1,676 | | | | | | 22,821 | | | |||
Deferred tax expense (benefit): | | | | |||||||||||||
Federal | | | | | -142,187 | | | | | | -91,373 | | | |||
State | | | | | -36,990 | | | | | | -22,466 | | | |||
| | | | | -179,177 | | | | | | -113,839 | | | |||
| | | | $ | -177,501 | | | | | $ | -91,018 | | | |||
| ||||||||||||||||
Schedule of reconciliation of effective income tax rate from the statutory federal rate | | | | Year Ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | |||||||||
Federal income tax expense (benefit) | | | | $ | -131,875 | | | | | $ | -51,287 | | | |||
State income tax expense (benefit) | | | | | -18,415 | | | | | | -7,402 | | | |||
Income from life insurance | | | | | -23,881 | | | | | | -22,583 | | | |||
Tax-exempt interest | | | | | -5,972 | | | | | | -9,693 | | | |||
Other | | | | | 2,642 | | | | | | -53 | | | |||
Actual income tax (benefit) | | | | $ | -177,501 | | | | | $ | -91,018 | | | |||
Effective income tax rate | | | | | -45.76% | | | | | | -60.34% | | | |||
| ||||||||||||||||
Schedule of deferred tax assets and liabilities | | | | December 31, | | |||||||||||
| | | 2014 | | | 2013 | | |||||||||
Deferred tax assets: | | | | |||||||||||||
Depreciation | | | | $ | 86,409 | | | | | $ | 78,281 | | | |||
Benefit plan liabilities | | | | | 164,863 | | | | | | 171,189 | | | |||
Allowance for loan losses | | | | | 125,702 | | | | | | 103,508 | | | |||
Charitable contribution carryover | | | | | 1,129 | | | | | | 991 | | | |||
Capital loss carryover | | | | | 719,639 | | | | | | 719,639 | | | |||
Net operating loss carryover | | | | | 495,585 | | | | | | 317,388 | | | |||
Unfunded pension liability | | | | | 532,077 | | | | | | 478,294 | | | |||
Unrealized loss on securities available for sale | | | | | 4,999 | | | | | | 355,688 | | | |||
Net deferred loan costs/fees | | | | | 7,921 | | | | | | — | | | |||
Other | | | | | 9,702 | | | | | | — | | | |||
| | | | | 2,148,026 | | | | | | 2,224,978 | | | |||
Valuation allowance | | | | | -719,639 | | | | | | -719,639 | | | |||
Total deferred tax assets | | | | | 1,428,387 | | | | | | 1,505,339 | | | |||
Deferred tax liabilities: | | | | |||||||||||||
Discounts on investments | | | | | 591 | | | | | | 333 | | | |||
Prepaid benefit plans | | | | | 498,561 | | | | | | 447,203 | | | |||
Net deferred loan costs/fees | | | | | — | | | | | | 10,180 | | | |||
Other | | | | | — | | | | | | 659 | | | |||
Total deferred tax liabilities | | | | | 499,152 | | | | | | 458,375 | | | |||
Net deferred tax assets | | | | $ | 929,235 | | | | | $ | 1,046,964 | | | |||
|
BENEFIT_PLANS_Tables
BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||
Schedule of change in benefit obligation, change in plan assets, and a reconciliation of the funded status | | | | December 31, | | |||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
Change in projected benefit obligation: | | | | |||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | | | | $ | 2,499,163 | | | | | $ | 2,278,426 | | | |||||||||||||||||
Interest cost | | | | | 104,214 | | | | | | 116,099 | | | |||||||||||||||||
Actuarial loss | | | | | 146,862 | | | | | | 272,169 | | | |||||||||||||||||
Benefits paid | | | | | -198,582 | | | | | | -167,531 | | | |||||||||||||||||
Projected benefit obligation at end of year | | | | | 2,551,657 | | | | | | 2,499,163 | | | |||||||||||||||||
Change in fair value of plan assets: | | | | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | | | | | 2,450,687 | | | | | | 1,852,575 | | | |||||||||||||||||
Actual return on plan assets | | | | | 128,964 | | | | | | 339,792 | | | |||||||||||||||||
Employer contributions | | | | | 112,905 | | | | | | 425,851 | | | |||||||||||||||||
Benefits paid | | | | | -198,582 | | | | | | -167,531 | | | |||||||||||||||||
Fair value of plan assets at end of year | | | | | 2,493,974 | | | | | | 2,450,687 | | | |||||||||||||||||
Funded status of plan included in other liabilitites | | | | $ | -57,683 | | | | | $ | -48,476 | | | |||||||||||||||||
| ||||||||||||||||||||||||||||||
Schedule of weighted average assumptions used to determine the Plan's benefit obligation | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||||
Salary increase rate | N/A | N/A | ||||||||||||||||||||||||||||
Schedule of components of net periodic plan cost | Year Ended | |||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Components of net periodic plan cost (credit): | ||||||||||||||||||||||||||||||
Interest cost | $ | 104,214 | $ | 116,099 | ||||||||||||||||||||||||||
Expected return on assets | (190,430 | ) | (189,981 | ) | ||||||||||||||||||||||||||
Amortization of unrecognized loss | 72,841 | 64,505 | ||||||||||||||||||||||||||||
Net periodic plan cost (credit) included in compensation and benefits expense | (13,375 | ) | (9,377 | ) | ||||||||||||||||||||||||||
Changes in benefit obligation recognized in other comprehensive (income) loss: | ||||||||||||||||||||||||||||||
Net loss | 208,328 | 122,358 | ||||||||||||||||||||||||||||
Amortization of loss | (72,841 | ) | (64,505 | ) | ||||||||||||||||||||||||||
Benefit obligation recognized in other comprehensive (income) loss | 135,487 | 57,853 | ||||||||||||||||||||||||||||
Total recognized in net periodic plan cost and other comprehensive (income) loss | $ | 122,112 | $ | 48,476 | ||||||||||||||||||||||||||
Schedule of weighted average assumptions used to determine net periodic plan | Year Ended | |||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5.5 | % | ||||||||||||||||||||||||||
Expected rate of return on plan assets | 8 | % | 9 | % | ||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | ||||||||||||||||||||||||||||
Amortization period | 13.25 | 14.25 | ||||||||||||||||||||||||||||
Schedule of benefit payments expected to be paid | Fiscal year ending December 31, | | | | | | | | ||||||||||||||||||||||
2015 | | | | $ | 183,307 | | | |||||||||||||||||||||||
2016 | | | | | 183,655 | | | |||||||||||||||||||||||
2017 | | | | | 187,562 | | | |||||||||||||||||||||||
2018 | | | | | 190,162 | | | |||||||||||||||||||||||
2019 | | | | | 199,672 | | | |||||||||||||||||||||||
Years 2020 – 2024 | | | | | 1,024,304 | | | |||||||||||||||||||||||
| | | | $ | 1,968,662 | | | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
Schedule of fair values of the pension plan assets | The fair values of the pension plan assets at December 31, 2014, by asset category (see note 13 for the definition of levels) are as follows: | |||||||||||||||||||||||||||||
Asset Category | | | Total | | | Quoted Prices | | | Significant | | | Significant | | |||||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||
Cash and money market funds | | | | $ | 405,115 | | | | | $ | 405,115 | | | | | $ | — | | | | | $ | — | | | |||||
Corporate bonds(a) | | | | | 606,331 | | | | | | — | | | | | | 606,331 | | | | | | — | | | |||||
Federal, state and local government bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Equity securities(b) | | | | | 1,482,528 | | | | | | 1,482,528 | | | | | | — | | | | | | — | | | |||||
Total | | | | $ | 2,493,974 | | | | | $ | 1,887,643 | | | | | $ | 606,331 | | | | | $ | — | | | |||||
| ||||||||||||||||||||||||||||||
(a) Includes ten corporate bonds due within ten years rated BBB- or better by the S&P. | ||||||||||||||||||||||||||||||
(b) Includes 65 companies spread over various market sectors. | ||||||||||||||||||||||||||||||
The fair values of the Association’s pension plan assets at December 31, 2013, by asset category (see note 13 for the definition of levels) are as follows: | ||||||||||||||||||||||||||||||
Asset Category | | | Total | | | Quoted Prices | | | Significant | | | Significant | | |||||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||
Cash and money market funds | | | | $ | 295,955 | | | | | $ | 295,955 | | | | | $ | — | | | | | $ | — | | | |||||
Corporate bonds(a) | | | | | 669,098 | | | | | | — | | | | | | 669,098 | | | | | | — | | | |||||
Federal, state and local government bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Equity securities(b) | | | | | 1,485,634 | | | | | | 1,485,634 | | | | | | — | | | | | | — | | | |||||
Total | | | | $ | 2,450,687 | | | | | $ | 1,781,589 | | | | | $ | 669,098 | | | | | $ | — | | | |||||
| ||||||||||||||||||||||||||||||
(a) Includes eleven corporate bonds due within ten years rated BBB- or better by the S&P. | ||||||||||||||||||||||||||||||
(b) Includes 70 companies spread over various market sectors. | ||||||||||||||||||||||||||||||
Schedule of ESOP shares | | | | December 31, | | |||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
Allocated shares | | | | | 2,221 | | | | | | — | | | |||||||||||||||||
Shares committed to be released | | | | | 2,221 | | | | | | 2,221 | | | |||||||||||||||||
Unearned shares | | | | | 51,103 | | | | | | 53,324 | | | |||||||||||||||||
Total ESOP shares | | | | | 55,545 | | | | | | 55,545 | | | |||||||||||||||||
Fair value of unearned shares | | | | $ | 506,431 | | | | | $ | 504,000 | | | |||||||||||||||||
|
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||
Schedule of components of accumulated other comprehensive loss | | | | December 31, | | ||||||||||||
| | | 2014 | | | 2013 | | | |||||||||
Unrealized net loss on pension plan | | | | $ | -1,340,386 | | | | | $ | -1,204,899 | | | | |||
Unrealized loss on securities available for sale | | | | | -12,594 | | | | | | -896,035 | | | | |||
Accumulated other comprehensive loss before taxes | | | | | -1,352,980 | | | | | | -2,100,934 | | | | |||
Tax effect | | | | | 537,076 | | | | | | 833,982 | | | | |||
Accumulated other comprehensive loss | | | | $ | -815,904 | | | | | $ | -1,266,952 | | | | |||
|
REGULATORY_CAPITAL_Tables
REGULATORY CAPITAL (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Regulatory Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of the association's capital per GAAP And regulatory capital | | | | December 31, | | |||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | | ||||||||||||||||||||||||||||||
GAAP capital | | | | $ | 11,475 | | | | | $ | 11,210 | | | | ||||||||||||||||||||||||
Add (subtract): Disallowed deferred tax assets | | | | | -207 | | | | | | -252 | | | | ||||||||||||||||||||||||
Unrealized loss on securities available for sale | | | | | 8 | | | | | | 540 | | | | ||||||||||||||||||||||||
Adjustment to record funded status of pension | | | | | 808 | | | | | | 727 | | | | ||||||||||||||||||||||||
Core and tangible capital | | | | | 12,084 | | | | | | 12,225 | | | | ||||||||||||||||||||||||
Add: Allowable allowance for loan losses | | | | | 396 | | | | | | 340 | | | | ||||||||||||||||||||||||
Total risk-based capital | | | | $ | 12,480 | | | | | $ | 12,565 | | | | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
Schedule of summary of actual capital amounts and ratios | | | | Actual | | | Minimum Capital | | | To be Well | | |||||||||||||||||||||||||||
Requirements | Capitalized Under | |||||||||||||||||||||||||||||||||||||
Prompt Corrective | ||||||||||||||||||||||||||||||||||||||
Action Provisions | ||||||||||||||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | |||||||||||||||||||
| | | (Dollars in Thousands) | | ||||||||||||||||||||||||||||||||||
December 31, 2014 | | | | | | | | |||||||||||||||||||||||||||||||
Tangible Capital | | | | $ | 12,084 | | | | | | 12.81% | | | | | $ | 1,415 | | | | | | 1.50% | | | | | $ | N/A | | | | | | — | | | |
Tier 1 (core) Capital | | | | | 12,084 | | | | | | 12.81% | | | | | | 3,774 | | | | | | 4.00% | | | | | | 4,718 | | | | | | 5.00% | | | |
Risk-based Capital: | | | | | | | | |||||||||||||||||||||||||||||||
Tier 1 | | | | | 12,084 | | | | | | 30.50% | | | | | | 1,585 | | | | | | 4.00% | | | | | | 2,378 | | | | | | 6.00% | | | |
Total | | | | | 12,480 | | | | | | 31.49% | | | | | | 3,170 | | | | | | 8.00% | | | | | | 3,963 | | | | | | 10.00% | | | |
December 31, 2013 | | | | | | | | |||||||||||||||||||||||||||||||
Tangible Capital | | | | $ | 12,225 | | | | | | 13.25% | | | | | $ | 1,384 | | | | | | 1.50% | | | | | $ | N/A | | | | | | — | | | |
Tier 1 (core) Capital | | | | | 12,225 | | | | | | 13.25% | | | | | | 3,691 | | | | | | 4.00% | | | | | | 4,613 | | | | | | 5.00% | | | |
Risk-based Capital: | | | | | | | | |||||||||||||||||||||||||||||||
Tier 1 | | | | | 12,225 | | | | | | 35.19% | | | | | | 1,390 | | | | | | 4.00% | | | | | | 2,085 | | | | | | 6.00% | | | |
Total | | | | | 12,565 | | | | | | 36.17% | | | | | | 2,779 | | | | | | 8.00% | | | | | | 3,474 | | | | | | 10.00% | | |
FAIR_VALUE_MEASUREMENTS_AND_DI1
FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Fair Value Measurements And Disclosures [Abstract] | ||||||||||||||||||||||||||
Schedule of assets measured at fair value on recurring basis | Description | | | Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
December 31, 2014: | | | | | | |||||||||||||||||||||
Securities available for sale | | | | $ | 34,511,669 | | | | | $ | — | | | | | $ | 34,511,669 | | | | | $ | — | | | |
December 31, 2013: | | | | | | |||||||||||||||||||||
Securities available for sale | | | | $ | 38,240,458 | | | | | $ | — | | | | | $ | 38,240,458 | | | | | $ | — | | | |
Schedule of estimated fair values of financial instruments | | | | December 31, | | |||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||
| | | Carrying | | | Estimated | | | Carrying | | | Estimated | | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||||||||||||
| | | (In Thousands) | | ||||||||||||||||||||||
Financial assets: | | | | | | |||||||||||||||||||||
Cash and cash equivalents | | | | $ | 3,720 | | | | | $ | 3,720 | | | | | $ | 2,637 | | | | | $ | 2,637 | | | |
Securities held to maturity | | | | | 6,154 | | | | | | 6,378 | | | | | | 4,667 | | | | | | 4,809 | | | |
Securities available for sale | | | | | 34,512 | | | | | | 34,512 | | | | | | 38,240 | | | | | | 38,240 | | | |
Loans receivable | | | | | 43,220 | | | | | | 44,097 | | | | | | 40,040 | | | | | | 40,180 | | | |
FHLB and other stock, at cost | | | | | 208 | | | | | | 208 | | | | | | 222 | | | | | | 222 | | | |
Accrued interest receivable | | | | | 276 | | | | | | 276 | | | | | | 268 | | | | | | 268 | | | |
Financial liabilities: | | | | | | |||||||||||||||||||||
Deposits | | | | | 79,555 | | | | | | 79,851 | | | | | | 78,025 | | | | | | 78,533 | | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building and building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Building and building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 2 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |
Defined contribution plan, employer matching contribution percent of match | 50.00% |
Defined contribution plan maximum annual contributions per employee percent | 6.00% |
ESOP repayment period for common stock borrowed from company | 25 years |
Stock option | 2014 Stock Incentive Plan | |
Summary Of Significant Accounting Policies [Line Items] | |
Maximum number of shares which may be issued | 79,350 |
Restricted stock | 2014 Stock Incentive Plan | |
Summary Of Significant Accounting Policies [Line Items] | |
Maximum number of shares which may be issued | 23,805 |
MUTUAL_TO_STOCK_CONVERSION_AND1
MUTUAL TO STOCK CONVERSION AND LIQUIDATION ACCOUNT (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ||
Shares of common stock sold | 793,500 | 793,500 |
Shares purchased by ESOP | 55,545 | |
ESOP purchase price per share | $10 | |
Gross offering proceeds | $7,935,000 | |
Conversion costs | 845,000 | |
Net proceeds after deducting shares acquired by ESOP | $6,500,000 |
SECURITIES_Held_to_maturity_an
SECURITIES - Held to maturity and available for sale securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Securities held to maturity: | ||
Amortized Cost | $6,154,237 | $4,666,508 |
Gross Unrealized Gains | 225,695 | 142,326 |
Gross Unrealized Losses | 2,423 | |
Fair Value | 6,378,000 | 4,809,000 |
Securities available for sale: | ||
Amortized Cost | 34,524,263 | 39,136,494 |
Gross Unrealized Gains | 231,121 | 100,428 |
Gross Unrealized Losses | 243,715 | 996,464 |
Fair Value | 34,511,669 | 38,240,458 |
U.S.government and agency obligations | ||
Securities held to maturity: | ||
Amortized Cost | 2,000,000 | |
Gross Unrealized Gains | 76,654 | |
Gross Unrealized Losses | ||
Fair Value | 2,076,654 | |
Securities available for sale: | ||
Amortized Cost | 5,997,345 | 3,996,781 |
Gross Unrealized Gains | 2,025 | |
Gross Unrealized Losses | 58,756 | 225,048 |
Fair Value | 5,940,614 | 3,771,733 |
State, county, and municipal obligations | ||
Securities held to maturity: | ||
Amortized Cost | 817,280 | 489,566 |
Gross Unrealized Gains | 10,234 | 17,035 |
Gross Unrealized Losses | 2,423 | |
Fair Value | 825,091 | 506,601 |
Mortgage-backed securities | ||
Securities held to maturity: | ||
Amortized Cost | 3,336,957 | 4,176,942 |
Gross Unrealized Gains | 138,807 | 125,291 |
Gross Unrealized Losses | ||
Fair Value | 3,475,764 | 4,302,233 |
Securities available for sale: | ||
Amortized Cost | 28,526,918 | 35,139,713 |
Gross Unrealized Gains | 229,096 | 100,428 |
Gross Unrealized Losses | 184,959 | 771,416 |
Fair Value | $28,571,055 | $34,468,725 |
SECURITIES_Amortized_cost_and_
SECURITIES - Amortized cost and fair value of securities by remaining period to contractual maturity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Held to Maturity, Amortized Cost | ||
Within one year | ||
After one to five years | 391,777 | 110,095 |
After five to ten years | 79,829 | 379,471 |
After ten years | 5,682,631 | 4,176,942 |
Held to Maturity, Amortized Cost | 6,154,237 | 4,666,508 |
Held to Maturity, Fair Value | ||
Within one year | ||
After one to five years | 394,383 | 116,846 |
After five to ten years | 82,066 | 389,755 |
After ten years | 5,901,060 | 4,302,233 |
Fair Value | 6,378,000 | 4,809,000 |
Available for Sale, Amortized Cost | ||
Within one year | ||
After one to five years | 3,997,344 | 574,576 |
After five to ten years | 8,769,676 | 12,429,566 |
After ten years | 21,757,243 | 26,132,352 |
Available for Sale, Amortized Cost | 34,524,263 | 39,136,494 |
Available for Sale, Fair Value | ||
Within one year | ||
After one to five years | 3,957,863 | 577,199 |
After five to ten years | 8,803,062 | 12,191,416 |
After ten years | 21,750,744 | 25,471,843 |
Available for Sale, Fair Value | $34,511,669 | $38,240,458 |
SECURITIES_Fair_values_and_unr
SECURITIES - Fair values and unrealized losses of securities with an unrealized loss (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Securities available for sale: | ||
Under One Year, Fair Value | $6,573,062 | $24,572,838 |
Under One Year, Gross Unrealized Loss | 22,089 | 672,892 |
One Year or More, Fair Value | 9,055,692 | 3,941,749 |
One Year or More, Gross Unrealized Loss | 221,625 | 323,572 |
Marketable Securities | ||
Under One Year, Fair Value | 6,777,646 | |
Under One Year, Gross Unrealized Loss | 24,512 | |
One Year or More, Fair Value | 9,055,692 | |
One Year or More, Gross Unrealized Loss | 221,625 | |
U.S.government and agency obligations | ||
Securities available for sale: | ||
Under One Year, Fair Value | 999,738 | 3,771,733 |
Under One Year, Gross Unrealized Loss | 262 | 225,048 |
One Year or More, Fair Value | 2,938,851 | |
One Year or More, Gross Unrealized Loss | 58,494 | |
Mortgage-backed securities | ||
Securities available for sale: | ||
Under One Year, Fair Value | 5,573,324 | 20,801,105 |
Under One Year, Gross Unrealized Loss | 21,827 | 447,844 |
One Year or More, Fair Value | 6,116,841 | 3,941,749 |
One Year or More, Gross Unrealized Loss | 163,131 | 323,572 |
State, county, and municipal obligations | ||
Securities held to maturity: | ||
Under One Year, Fair Value | 204,584 | |
Under One Year, Gross Unrealized Loss | 2,423 | |
One Year or More, Fair Value | ||
One Year or More, Gross Unrealized Loss |
SECURITIES_Detail_Textuals
SECURITIES (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Security | Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Proceeds from sales of securities available for sale | $1,877,730 | $7,381,400 |
Net gains recognized on sales of securities available for sale | 13,700 | 4,800 |
Proceeds from sales of securities held to maturity | 230,771 | 2,764,870 |
Net gains recognized on sales of held to maturity securities | 4,400 | 159,000 |
Percentage of principal outstanding collected due to prepayments on debt securities | 85.00% | |
Number of securities in an unrealized loss position | 19 | 33 |
Guaranteed By Ginnie Mae | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Mortgage-backed securities | 5,100,000 | 6,300,000 |
Guaranteed By Fannie Mae | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Mortgage-backed securities | 14,000,000 | 16,400,000 |
Guaranteed By Freddie Mac | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Mortgage-backed securities | 7,300,000 | 9,100,000 |
Guaranteed By Small Business Administration | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Mortgage-backed securities | $5,500,000 | $7,500,000 |
LOANS_RECEIVABLE_NET_Loans_rec
LOANS RECEIVABLE, NET - Loans receivable, net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Less: Allowance for loan losses | $396,000 | $340,000 | |
Total loans, net | 43,219,661 | 40,040,109 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 43,570,195 | 40,308,386 | |
Less: Deferred loan fees (costs), net | -45,521 | -71,868 | |
Less: Allowance for loan losses | 396,055 | 340,145 | 314,490 |
Total loan after deduction of deferred loan fees (costs), net and allowance for loan losses | 350,534 | 268,277 | |
Total loans, net | 43,219,661 | 40,040,109 | |
Loans Receivable | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 41,255,185 | 39,764,703 | |
Loans Receivable | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,315,010 | 543,683 | |
Less: Allowance for loan losses | 32,000 | 5,000 | 4,000 |
Loans Receivable | Residential 1-4 family | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 31,457,055 | 33,526,400 | |
Less: Allowance for loan losses | 258,000 | 295,000 | 128,000 |
Loans Receivable | Commercial and multi-family | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 9,428,335 | 5,548,498 | |
Less: Allowance for loan losses | 91,000 | 34,000 | 59,000 |
Loans Receivable | Home equity lines of credit | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 369,795 | 689,805 | |
Less: Allowance for loan losses | 3,000 | 6,000 | 5,000 |
Loans Receivable | Secured by savings accounts | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 32,371 | 43,683 | |
Loans Receivable | Student | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 126,688 | ||
Loans Receivable | Commercial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $2,155,951 | $500,000 |
LOANS_RECEIVABLE_NET_Allowance
LOANS RECEIVABLE, NET - Allowance for loan losses (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of year | $340,000 | $396,000 | |
Provision for loan losses | 55,910 | 24,500 | |
Loans Receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of year | 340,145 | 314,490 | 396,055 |
Provision for loan losses | 55,910 | 24,500 | |
Charge offs | |||
Recoveries | 1,155 | ||
Balance at end of year | $396,055 | $340,145 |
LOANS_RECEIVABLE_NET_Credit_qu
LOANS RECEIVABLE, NET - Credit quality indicators by portfolio segment and class (Details 2) (Loans Receivable, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $43,570,195 | $40,308,386 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 42,684,000 | 39,300,000 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 454,000 | 639,000 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 432,000 | 369,000 |
Mortgage loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 41,255,185 | 39,764,703 |
Mortgage loans | Residential 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 31,457,055 | 33,526,400 |
Mortgage loans | Residential 1-4 family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 31,025,000 | 33,019,000 |
Mortgage loans | Residential 1-4 family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 138,000 | |
Mortgage loans | Residential 1-4 family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 432,000 | 369,000 |
Mortgage loans | Commercial and multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,428,335 | 5,548,498 |
Mortgage loans | Commercial and multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 8,974,000 | 5,048,000 |
Mortgage loans | Commercial and multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 454,000 | 501,000 |
Mortgage loans | Commercial and multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Mortgage loans | Home equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 369,795 | 689,805 |
Mortgage loans | Home equity lines of credit | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 370,000 | 690,000 |
Mortgage loans | Home equity lines of credit | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Mortgage loans | Home equity lines of credit | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Commercial and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,315,010 | 543,683 |
Commercial and other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,315,000 | 543,000 |
Commercial and other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Commercial and other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total |
LOANS_RECEIVABLE_NET_Summary_o
LOANS RECEIVABLE, NET - Summary of information about loan delinquencies (Details 3) (Loans Receivable, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 Days Past Due | $138,000 | |
60 - 89 Days Past Due | 198,000 | |
90 Days or More Past Due | 297,000 | 369,000 |
Total Past Due | 297,000 | 705,000 |
Current Loans | 43,273,000 | 39,603,000 |
Total loans | 43,570,195 | 40,308,386 |
90 Days or More Past Due and Accruing | ||
Mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 41,255,185 | 39,764,703 |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 Days Past Due | ||
60 - 89 Days Past Due | ||
90 Days or More Past Due | ||
Total Past Due | ||
Current Loans | 2,315,000 | 543,000 |
Total loans | 2,315,010 | 543,683 |
90 Days or More Past Due and Accruing | ||
Residential 1-4 family | Mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 Days Past Due | 138,000 | |
60 - 89 Days Past Due | ||
90 Days or More Past Due | 297,000 | 369,000 |
Total Past Due | 297,000 | 507,000 |
Current Loans | 31,160,000 | 33,019,000 |
Total loans | 31,457,055 | 33,526,400 |
90 Days or More Past Due and Accruing | ||
Commercial and multi-family | Mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 Days Past Due | ||
60 - 89 Days Past Due | ||
90 Days or More Past Due | ||
Total Past Due | ||
Current Loans | 9,428,000 | 5,549,000 |
Total loans | 9,428,335 | 5,548,498 |
90 Days or More Past Due and Accruing | ||
Home equity lines of credit | Mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 Days Past Due | ||
60 - 89 Days Past Due | 198,000 | |
90 Days or More Past Due | ||
Total Past Due | 198,000 | |
Current Loans | 370,000 | 492,000 |
Total loans | 369,795 | 689,805 |
90 Days or More Past Due and Accruing |
LOANS_RECEIVABLE_NET_Summary_o1
LOANS RECEIVABLE, NET - Summary of loans, by loan type, on which the accrual of income has been discontinued and loans that are contractually past due 90 days or more (Details 4) (Loans Receivable, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | $432 | $369 |
Accruing loans delinquent 90 days or more | ||
Total non-performing loans | 432 | 369 |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | ||
Accruing loans delinquent 90 days or more | ||
Residential 1-4 family | Mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 432 | 369 |
Accruing loans delinquent 90 days or more | ||
Commercial and multi-family | Mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | ||
Accruing loans delinquent 90 days or more | ||
Home equity lines of credit | Mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | ||
Accruing loans delinquent 90 days or more |
LOANS_RECEIVABLE_NET_Activity_
LOANS RECEIVABLE, NET - Activity in the allowance for loan losses by loan type (Details 5) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of year | $340,000 | |
Provision for loan losses | 55,910 | 24,500 |
Balance at end of year | 396,000 | 340,000 |
Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of year | 340,145 | 314,490 |
Provision for loan losses | 55,910 | 24,500 |
Recoveries | 1,155 | |
Balance at end of year | 396,055 | 340,145 |
Loans Receivable | Mortgage loans | Residential 1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of year | 295,000 | 128,000 |
Provision for loan losses | -37,000 | 167,000 |
Recoveries | ||
Balance at end of year | 258,000 | 295,000 |
Loans Receivable | Mortgage loans | Commercial and multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of year | 34,000 | 59,000 |
Provision for loan losses | 57,000 | -25,000 |
Recoveries | ||
Balance at end of year | 91,000 | 34,000 |
Loans Receivable | Mortgage loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of year | 6,000 | 5,000 |
Provision for loan losses | -3,000 | 1,000 |
Recoveries | ||
Balance at end of year | 3,000 | 6,000 |
Loans Receivable | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of year | 5,000 | 4,000 |
Provision for loan losses | 27,000 | |
Recoveries | 1,000 | |
Balance at end of year | 32,000 | 5,000 |
Loans Receivable | Unallocated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of year | 118,000 | |
Provision for loan losses | 12,000 | -118,000 |
Recoveries | ||
Balance at end of year | $12,000 |
LOANS_RECEIVABLE_NET_Detail_Te
LOANS RECEIVABLE, NET (Detail Textuals) (Loans Receivable, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balances of related party loans | $228,000 | $260,000 |
Interest income on non-accrual loans | 29,600 | 18,500 |
Amount of interest recognized on non-accrual loans | $15,700 | $6,400 |
PREMISES_AND_EQUIPMENT_NET_Det
PREMISES AND EQUIPMENT, NET (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $4,104,994 | $3,942,738 |
Less accumulated depreciation | -2,492,965 | -2,340,287 |
Premises and equipment, Net | 1,612,029 | 1,602,451 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 766,939 | 766,939 |
Building and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 2,452,621 | 2,387,547 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $885,434 | $788,252 |
PREMISES_AND_EQUIPMENT_NET_Det1
PREMISES AND EQUIPMENT, NET (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Premises And Equipment, Net [Abstract] | ||
Depreciation expense | $152,678 | $134,259 |
ACCRUED_INTEREST_RECEIVABLE_De
ACCRUED INTEREST RECEIVABLE (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Interest Receivable [Line Items] | ||
Accrued interest receivable | $275,571 | $267,796 |
Loans | ||
Interest Receivable [Line Items] | ||
Accrued interest receivable | 137,154 | 140,967 |
Mortgage-backed securities | ||
Interest Receivable [Line Items] | ||
Accrued interest receivable | 89,211 | 107,666 |
Investment securities | ||
Interest Receivable [Line Items] | ||
Accrued interest receivable | $49,206 | $19,163 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Weighted Average Rate | ||
Non-interest bearing checking | 0.00% | 0.00% |
NOW accounts | 0.05% | 0.05% |
Regular savings and clubs | 0.10% | 0.10% |
Super saver | 0.15% | 0.15% |
Money market | 0.10% | 0.10% |
Certificates of deposit | 1.04% | 1.47% |
Deposits, Weighted Average Rate | 0.46% | 0.72% |
Amount | ||
Non-interest bearing checking | $4,736,482 | $3,575,695 |
NOW accounts | 10,730,326 | 9,577,864 |
Regular savings and clubs | 21,479,246 | 20,445,862 |
Super saver | 7,443,330 | 8,491,734 |
Money market | 3,464,679 | 3,339,699 |
Deposits, Gross | 47,854,063 | 45,430,854 |
Certificates of deposit | 31,701,353 | 32,593,750 |
Deposits, Total | $79,555,416 | $78,024,604 |
DEPOSITS_Summarization_by_rema
DEPOSITS - Summarization by remaining period to contractual maturity (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | ||
One year or less | $13,953,000 | $19,416,000 |
Over one to three years | 15,532,000 | 9,239,000 |
Over three years | 2,216,000 | 3,939,000 |
Certificates of deposit | $31,701,353 | $32,593,750 |
DEPOSITS_Interest_expense_on_d
DEPOSITS - Interest expense on deposits (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Deposits [Abstract] | ||
NOW | $5,663 | $5,033 |
Savings and clubs | 31,955 | 33,579 |
Money market | 3,426 | 3,397 |
Certificates of deposit | 355,676 | 531,891 |
Interest Expense, Deposits, Total | $396,720 | $573,900 |
DEPOSITS_Detail_Textuals
DEPOSITS (Detail Textuals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | ||
Certificates of deposits of $100,000 or more | $11,600,000 | $13,800,000 |
Maximum deposit insurance amount | $250,000 |
INCOME_TAXES_Components_of_inc
INCOME TAXES - Components of income taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax expense (benefit): | ||
Federal | ($7,412) | $11,570 |
State | 9,088 | 11,251 |
Current tax expense (benefit) | 1,676 | 22,821 |
Deferred tax expense (benefit): | ||
Federal | -142,187 | -91,373 |
State | -36,990 | -22,466 |
Deferred tax expense (benefit) | -179,177 | -113,839 |
Actual income tax (benefit) | ($177,501) | ($91,018) |
INCOME_TAXES_Reconciliation_of
INCOME TAXES - Reconciliation of expected income taxes (benefit) (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||
Federal income tax expense (benefit) | ($131,875) | ($51,287) |
State income tax expense (benefit) | -18,415 | -7,402 |
Income from life insurance | -23,881 | -22,583 |
Tax-exempt interest | -5,972 | -9,693 |
Other | 2,642 | -53 |
Actual income tax (benefit) | ($177,501) | ($91,018) |
Effective income tax rate | -45.76% | -60.34% |
INCOME_TAXES_Components_of_def
INCOME TAXES - Components of deferred tax assets and liabilities (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Depreciation | $86,409 | $78,281 |
Benefit plan liabilities | 164,863 | 171,189 |
Allowance for loan losses | 125,702 | 103,508 |
Charitable contribution carryover | 1,129 | 991 |
Capital loss carryover | 719,639 | 719,639 |
Net operating loss carryover | 495,585 | 317,388 |
Unfunded pension liability | 532,077 | 478,294 |
Unrealized loss on securities available for sale | 4,999 | 355,688 |
Net deferred loan costs/fees | 7,921 | |
Other | 9,702 | |
Deferred tax assets, Gross | 2,148,026 | 2,224,978 |
Valuation allowance | -719,639 | -719,639 |
Total deferred tax assets | 1,428,387 | 1,505,339 |
Deferred tax liabilities: | ||
Discounts on investments | 591 | 333 |
Prepaid benefit plans | 498,561 | 447,203 |
Net deferred loan costs/fees | 10,180 | |
Other | 659 | |
Total deferred tax liabilities | 499,152 | 458,375 |
Net deferred tax assets | $929,235 | $1,046,964 |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Line Items] | |
Federal statutory rate | 34.00% |
Federal taxable income an allowance for bad debts based on percent of taxable income, percent | 8.00% |
Bad deductions | $1,700,000 |
Federal | |
Income Taxes [Line Items] | |
Net operating loss carryover | 1,252,000 |
State | |
Income Taxes [Line Items] | |
Net operating loss carryover | $1,224,000 |
BENEFIT_PLANS_Change_in_benefi
BENEFIT PLANS - Change in benefit obligation, plan assets, and a reconciliation of the funded status (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Change in projected benefit obligation: | ||
Projected benefit obligation at beginning of year | $2,499,163 | $2,278,426 |
Interest cost | 104,214 | 116,099 |
Actuarial loss | 146,862 | 272,169 |
Benefits paid | -198,582 | -167,531 |
Projected benefit obligation at end of year | 2,551,657 | 2,499,163 |
Change in fair value of plan assets: | ||
Fair value of plan assets at beginning of year | 2,450,687 | 1,852,575 |
Actual return on plan assets | 128,964 | 339,792 |
Employer contributions | 112,905 | 425,851 |
Benefits paid | -198,582 | -167,531 |
Fair value of plan assets at end of year | 2,493,974 | 2,450,687 |
Funded status of plan included in other liabilities | ($57,683) | ($48,476) |
BENEFIT_PLANS_Weighted_average
BENEFIT PLANS - Weighted average assumptions used to determine the Plan's benefit obligation (Details 1) | Dec. 31, 2014 | Dec. 31, 2013 |
Benefit Plans [Abstract] | ||
Discount rate | 4.50% | 4.50% |
Salary increase rate |
BENEFIT_PLANS_Components_of_ne
BENEFIT PLANS - Components of net periodic plan cost (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Components of net periodic plan cost (credit): | ||
Interest cost | $104,214 | $116,099 |
Expected return on assets | -190,430 | -189,981 |
Amortization of unrecognized loss | 72,841 | 64,505 |
Net periodic plan cost (credit) included in compensation and benefits expense | -13,375 | -9,377 |
Changes in benefit obligation recognized in other comprehensive (income) loss: | ||
Net loss | 208,328 | 122,358 |
Amortization of loss | -72,841 | -64,505 |
Benefit obligation recognized in other comprehensive (income) loss | 135,487 | 57,853 |
Total recognized in net periodic plan cost and other comprehensive (income) loss | $122,112 | $48,476 |
BENEFIT_PLANS_Weighted_average1
BENEFIT PLANS - Weighted average assumptions used to determine net periodic plan cost (Details 3) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Benefit Plans [Abstract] | ||
Discount rate | 4.50% | 5.50% |
Expected rate of return on plan assets | 8.00% | 9.00% |
Rate of compensation increase | ||
Amortization period | 13 years 3 months | 14 years 3 months |
BENEFIT_PLANS_Estimated_future
BENEFIT PLANS - Estimated future benefit payments (Details 4) (USD $) | Dec. 31, 2014 |
Benefit Plans [Abstract] | |
2015 | $183,307 |
2016 | 183,655 |
2017 | 187,562 |
2018 | 190,162 |
2019 | 199,672 |
Years 2020-2024 | 1,024,304 |
Total Estimated Future Benefit Payments | $1,968,662 |
BENEFIT_PLANS_Fair_values_of_t
BENEFIT PLANS - Fair values of the pension plan assets (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $2,493,974 | $2,450,687 | $1,852,575 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,887,643 | 1,781,589 | |||
Significant Observable Inputs (Level 2) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 606,331 | 669,098 | |||
Significant Unobservable Inputs (Level 3) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Cash and money market funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 405,115 | 295,955 | |||
Cash and money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 405,115 | 295,955 | |||
Cash and money market funds | Significant Observable Inputs (Level 2) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Cash and money market funds | Significant Unobservable Inputs (Level 3) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Corporate bonds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 606,331 | [1] | 669,098 | [2] | |
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [1] | [2] | |||
Corporate bonds | Significant Observable Inputs (Level 2) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 606,331 | [1] | 669,098 | [2] | |
Corporate bonds | Significant Unobservable Inputs (Level 3) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [1] | [2] | |||
Federal, state and local government bonds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Federal, state and local government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Federal, state and local government bonds | Significant Observable Inputs (Level 2) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Federal, state and local government bonds | Significant Unobservable Inputs (Level 3) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,482,528 | [3] | 1,485,634 | [4] | |
Equity Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,482,528 | [3] | 1,485,634 | [4] | |
Equity Securities | Significant Observable Inputs (Level 2) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [3] | [4] | |||
Equity Securities | Significant Unobservable Inputs (Level 3) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [3] | [4] | |||
[1] | Includes ten corporate bonds due within ten years rated BBB- or better by the S&P. | ||||
[2] | Includes eleven corporate bonds due within ten years rated BBB- or better by the S&P. | ||||
[3] | Includes 65 companies spread over various market sectors. | ||||
[4] | Includes 70 companies spread over various market sectors. |
BENEFIT_PLANS_ESOP_shares_Deta
BENEFIT PLANS - ESOP shares (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Shares committed to be released | 185 | |
Employee Stock Ownership Plan (ESOP) | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Allocated shares | 2,221 | |
Shares committed to be released | 2,221 | 2,221 |
Unearned shares | 51,103 | 53,324 |
Total ESOP shares | 55,545 | 55,545 |
Fair value of unearned shares | $506,431 | $504,000 |
BENEFIT_PLANS_Detail_Textuals
BENEFIT PLANS (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Installment | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated other comprehensive loss before taxes | ($1,352,980) | ($2,100,934) |
Net periodic benefit cost in 2015 | 81,903 | |
Expected rate of return on plan assets | 8.00% | 9.00% |
Long-term inflation rate | 3.00% | |
Defined benefit plan expected cash contribution | 113,000 | |
Percent of employee salary matched at 50% | 6.00% | |
Percent match of employees 6% contribution | 50.00% | |
Description of eligibility requirement | Eligible employees who complete a twelve-month period of employment with the Association, have attained the age of 21 and complete at least 1,000 hours of service in a plan year. | |
Defined contribution plan expense | 26,000 | 26,400 |
Number of equal annual installment | 25 | |
Value of shares purchased by ESOP | -555,450 | |
Shares purchased by ESOP | 55,545 | |
Number of shares committed-to be released | 185 | |
ESOP compensation expense | 21,400 | 22,200 |
Defined benefit plan benefit period | 15 years | |
Annual vesting percent | 5.00% | |
Vesting period | 20 years | |
Recorded obligations | 415,316 | 431,251 |
Cash surrender value of life insurance | 2,073,455 | 2,008,494 |
Stock option | 2014 Stock Incentive Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum number of shares which may be issued | 79,350 | |
Restricted stock | 2014 Stock Incentive Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum number of shares which may be issued | 23,805 | |
Other Pension Plans Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution plan expense | -1,400 | -24,100 |
Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target allocation, percent | 40.00% | |
Number of corporate bonds | 10 | 11 |
Debt instrument term | 10 years | 10 years |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target allocation, percent | 60.00% | |
Number of companies used | 65 | 70 |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected rate of return on plan assets | 4.00% | |
Minimum | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target allocation, percent | 30.00% | |
Defined benefit plan number of securities held | 50 | |
Defined benefit plan percent of net assets | 5.00% | |
Expected rate of return on plan assets | 5.00% | |
Minimum | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target allocation, percent | 20.00% | |
Expected rate of return on plan assets | 2.00% | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan percent of net assets in companies incorporated in foreign countries | 15.00% | |
Expected rate of return on plan assets | 8.00% | |
Maximum | Cash and money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target allocation, percent | 20.00% | |
Maximum | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target allocation, percent | 80.00% | |
Defined benefit plan number of securities held | 90 | |
Expected rate of return on plan assets | 9.00% | |
Maximum | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target allocation, percent | 60.00% | |
Expected rate of return on plan assets | 6.00% | |
Unrealized net loss on pension plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated other comprehensive loss before taxes | ($1,340,386) | ($1,204,899) |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of accumulated other comprehensive loss (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss before taxes | ($1,352,980) | ($2,100,934) |
Tax effect | 537,076 | 833,982 |
Accumulated other comprehensive loss | -815,904 | -1,266,952 |
Unrealized net loss on pension plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss before taxes | -1,340,386 | -1,204,899 |
Unrealized loss on securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss before taxes | ($12,594) | ($896,035) |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Loan origination commitments | ||
Commitments And Contingencies [Line Items] | ||
Financial liabilities | $2,750,000 | $1,242,000 |
Fixed rate line of credit | 250,000 | |
Variable rate line of credit | 2,500,000 | |
Variable rate line of credit interest rate description | Prime plus 2.75% | |
Undisbursed home equity and other lines of credit | ||
Commitments And Contingencies [Line Items] | ||
Financial liabilities | 387,000 | 381,000 |
Atlantic Central Bankers Bank | ||
Commitments And Contingencies [Line Items] | ||
Unsecured line of credit | $2,000,000 | |
Minimum | Loan origination commitments | ||
Commitments And Contingencies [Line Items] | ||
Fixed rate line of credit interest rate | 3.25% | |
Maximum | Loan origination commitments | ||
Commitments And Contingencies [Line Items] | ||
Fixed rate line of credit interest rate | 4.50% |
REGULATORY_CAPITAL_Reconciliat
REGULATORY CAPITAL - Reconciliation of the Association's capital per GAAP and regulatory capital (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Regulatory Capital [Abstract] | ||
GAAP capital | $11,475 | $11,210 |
Add (subtract): Disallowed deferred tax assets | 207 | -252 |
Unrealized loss on securities available for sale | 8 | 540 |
Adjustment to record funded status of pension | 808 | 727 |
Core and tangible capital | 12,084 | 12,225 |
Add: Allowable allowance for loan losses | 396 | 340 |
Total risk-based capital | $12,480 | $12,565 |
REGULATORY_CAPITAL_Association
REGULATORY CAPITAL - Association's actual capital amounts and ratios (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tangible Capital | ||
Tangible Capital, Actual, Amount | $12,084 | $12,225 |
Tangible Capital, Actual, Ratio | 12.81% | 13.25% |
Tangible Capital, Minimum Capital Requirements, Amount | 1,415 | 1,384 |
Tangible Capital, Minimum Capital Requirements, Ratio | 1.50% | 1.50% |
Tier 1 (core) Capital | ||
Tier 1 (core) Capital, Actual, Amount | 12,084 | 12,225 |
Tier 1 (core) Capital, Actual, Ratio | 12.81% | 13.25% |
Tier 1 (core) Capital, Minimum Capital Requirements, Amount | 3,774 | 3,691 |
Tier 1 (core) Capital, Minimum Capital Requirements, Ratio | 4.00% | 4.00% |
Tier 1 (core) Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 4,718 | 4,613 |
Tier 1 (core) Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Tier I Capital (Risk Based) | ||
Tier I Risk-based Capital, Actual, Amount | 12,084 | 12,225 |
Tier I Risk-based Capital, Actual, Ratio | 30.50% | 35.19% |
Tier I Risk-based Capital, Minimum Capital Requirements, Amount | 1,585 | 1,390 |
Tier I Risk-based Capital, Minimum Capital Requirements, Ratio | 4.00% | 4.00% |
Tier I Risk-based Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 2,378 | 2,085 |
Tier I Risk-based Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Total Risk-based Capital | ||
Total Risk-based Capital, Actual, Amount | 12,480 | 12,565 |
Total Risk-based Capital, Actual, Ratio | 31.49% | 36.17% |
Total Risk-based Capital, Minimum Capital Requirements, Amount | 3,170 | 2,779 |
Total Risk-based Capital, Minimum Capital Requirements, Ratio | 8.00% | 8.00% |
Total Risk-based Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $3,963 | $3,474 |
Total Risk-based Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
FAIR_VALUE_MEASUREMENTS_AND_DI2
FAIR VALUE MEASUREMENTS AND DISCLOSURES - Assets measured at fair value on a recurring basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Assets and Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $34,511,669 | $38,240,458 |
(Level 1) | Recurring | ||
Fair Value Assets and Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
(Level 2) | Recurring | ||
Fair Value Assets and Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 34,511,669 | 38,240,458 |
(Level 3) | Recurring | ||
Fair Value Assets and Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale |
FAIR_VALUE_MEASUREMENTS_AND_DI3
FAIR VALUE MEASUREMENTS AND DISCLOSURES - Carrying values and estimated fair values of financial instruments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | Cash and cash equivalents | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | $3,720 | $2,637 |
Carrying Value | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 6,154 | 4,667 |
Carrying Value | Securities available for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 34,512 | 38,240 |
Carrying Value | Loans receivable | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 43,220 | 40,040 |
Carrying Value | FHLB and other stock, at cost | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 208 | 222 |
Carrying Value | Accrued interest receivable | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 276 | 268 |
Carrying Value | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities | 79,555 | 78,025 |
Estimate Fair Value | Cash and cash equivalents | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 3,720 | 2,637 |
Estimate Fair Value | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 6,378 | 4,809 |
Estimate Fair Value | Securities available for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 34,512 | 38,240 |
Estimate Fair Value | Loans receivable | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 44,097 | 40,180 |
Estimate Fair Value | FHLB and other stock, at cost | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 208 | 222 |
Estimate Fair Value | Accrued interest receivable | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets | 276 | 268 |
Estimate Fair Value | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities | $79,851 | $78,533 |