Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 14, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PLRM | |
Entity Registrant Name | Pilgrim Bancshares, Inc. | |
Entity Central Index Key | 1,601,347 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,247,589 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 1,475 | $ 1,938 |
Interest-bearing demand deposits with other banks | 5,422 | 16,357 |
Total cash and cash equivalents | 6,897 | 18,295 |
Interest-bearing time deposits with other banks | 1,080 | 2,575 |
Investments in available-for-sale securities (at fair value) | 13,476 | 11,767 |
Investments in held-to-maturity securities (fair value of $175 at June 30, 2015, and $196 at December 31, 2014) | 133 | 149 |
Federal Home Loan Bank stock, at cost | 831 | 694 |
Investment in The Co-operative Central Reserve Fund, at cost | 384 | 384 |
Loans, net of allowance for loan losses of $803 at June 30, 2015, and $743 at December 31, 2014 | 159,846 | 143,774 |
Premises and equipment, net | 5,304 | 5,409 |
Investment in real estate, net | 1,600 | 1,623 |
Accrued interest receivable | 455 | 447 |
Deferred income tax asset, net | 427 | 410 |
Bank-owned life insurance | 2,254 | 2,230 |
Other assets | 247 | 278 |
Total assets | 192,934 | 188,035 |
Deposits: | ||
Noninterest-bearing | 15,981 | 13,978 |
Interest-bearing | 135,722 | 137,032 |
Total deposits | 151,703 | 151,010 |
Federal Home Loan Bank advances | 9,000 | 5,000 |
Other liabilities | 404 | 423 |
Total liabilities | 161,107 | 156,433 |
Stockholders' equity: | ||
Common stock $.01 par value per share: 10,000,000 shares authorized, 2,247,589 shares issued at June 30, 2015 and December 31, 2014 | 22 | 22 |
Additional paid-in capital | 20,759 | 20,770 |
Retained earnings | 12,834 | 12,599 |
Unearned compensation - ESOP (170,816 shares unallocated at June 30, 2015 and 173,813 shares unallocated at December 31, 2014) | (1,708) | (1,738) |
Accumulated other comprehensive loss | (80) | (51) |
Total stockholders' equity | 31,827 | 31,602 |
Total liabilities and stockholders' equity | $ 192,934 | $ 188,035 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Securities held-to-maturity, fair value | $ 175 | $ 196 |
Allowance for loan losses | $ 803 | $ 743 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,247,589 | 2,247,589 |
Employee stock ownership plan, shares unallocated | 170.816 | 173,813 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Interest and dividend income: | |||||
Interest and fees on loans | $ 1,609 | $ 1,394 | $ 3,143 | $ 2,860 | |
Interest on debt securities: | |||||
Taxable | 45 | 46 | 86 | 89 | |
Tax-exempt | 17 | 17 | 34 | 40 | |
Other interest and dividends | 11 | 13 | 25 | 24 | |
Total interest and dividend income | 1,682 | 1,470 | 3,288 | 3,013 | |
Interest expense: | |||||
Interest on deposits | 238 | 258 | 479 | 504 | |
Interest on Federal Home Loan Bank advances | 15 | 14 | 28 | 30 | |
Total interest expense | 253 | 272 | 507 | 534 | |
Net interest and dividend income | 1,429 | 1,198 | 2,781 | 2,479 | |
Provision for loan losses | 38 | 0 | 60 | 0 | |
Net interest and dividend income after provision for loan losses | 1,391 | 1,198 | 2,721 | 2,479 | |
Noninterest income: | |||||
Service charges on deposit accounts | 32 | 31 | 60 | 61 | |
Net gain on sales of securities | 0 | 63 | 0 | 68 | |
Writedown of securities (includes losses of $12 and $12, with no amounts recognized in other comprehensive income for the three and six month periods ended June 30, 2014, before taxes) | 0 | (12) | 0 | (12) | |
Gain on sales of loans, net | 3 | 33 | 37 | 48 | |
Rental income | 64 | 67 | 131 | 126 | |
Other income | 34 | 35 | 64 | 64 | |
Total noninterest income | 133 | 217 | 292 | 355 | |
Noninterest expense: | |||||
Salaries and employee benefits | 739 | 641 | 1,510 | 1,356 | |
Occupancy expense | 135 | 129 | 298 | 259 | |
Equipment expense | 45 | 40 | 93 | 79 | |
Data processing expense | 89 | 98 | 177 | 187 | |
Professional fees | 103 | 67 | 196 | 134 | |
FDIC assessment | 34 | 25 | 71 | 61 | |
Communications expense | 30 | 31 | 60 | 59 | |
Advertising and public relations expense | 40 | 29 | 56 | 45 | |
Insurance expense | 20 | 16 | 40 | 33 | |
Supplies expense | 17 | 13 | 32 | 31 | |
Other expense | 61 | 58 | 124 | 111 | |
Total noninterest expense | 1,313 | 1,147 | 2,657 | 2,355 | |
Income before income taxes | 211 | 268 | 356 | 479 | |
Income tax expense | 77 | 93 | 121 | 178 | |
Net income | $ 134 | $ 175 | $ 235 | $ 301 | |
Weighted-average number of common shares outstanding: | |||||
Basic | 2,076,024 | 2,075,274 | |||
Diluted | 2,076,024 | 2,075,274 | |||
Earnings per share: | |||||
Basic | $ 0.06 | $ 0.11 | |||
Diluted | [1] | $ 0.06 | $ 0.11 | ||
[1] | No potentially dilutive common shares |
CONSOLIDATED STATEMENTS OF INC5
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Losses recognized in other comprehensive income, before taxes | $ 0 | $ (12) | $ 0 | $ (12) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Net income | $ 134 | $ 175 | $ 235 | $ 301 | |
Other comprehensive (loss) income, net of tax: | |||||
Net unrealized holding (loss) gain on available-for-sale securities | (110) | 132 | (46) | 289 | |
Reclassification adjustment for net realized gains in net income | [1] | 0 | (63) | 0 | (68) |
Other comprehensive (loss) income before income tax effect | (110) | 69 | (46) | 221 | |
Income tax benefit (expense) | 41 | (26) | 17 | (82) | |
Other comprehensive (loss) income, net of tax | (69) | 43 | (29) | 139 | |
Comprehensive income | $ 65 | $ 218 | $ 206 | $ 440 | |
[1] | Reclassification adjustments are comprised of realized security gains. The gains have been reclassified out of accumulated other comprehensive loss and have affected certain lines in the consolidated statements of income as follows: the pre-tax amount is included in net gain on sales of securities, the tax expense amount is included in income tax expense and the after tax amount is included in net income. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Compensation - ESOP [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Dec. 31, 2013 | $ 12,504 | $ 0 | $ 0 | $ 12,718 | $ 0 | $ (214) |
Balance (in Shares) at Dec. 31, 2013 | 0 | |||||
Net income | 301 | $ 0 | 0 | 301 | 0 | 0 |
Other comprehensive income, net of tax effect | 139 | 0 | 0 | 0 | 0 | 139 |
Balance at Jun. 30, 2014 | 12,944 | $ 0 | 0 | 13,019 | 0 | (75) |
Balance (in Shares) at Jun. 30, 2014 | 0 | |||||
Balance at Dec. 31, 2014 | 31,602 | $ 22 | 20,770 | 12,599 | (1,738) | (51) |
Balance (in Shares) at Dec. 31, 2014 | 2,247,589 | |||||
Net income | 235 | $ 0 | 0 | 235 | 0 | 0 |
Common stock held by ESOP committed to be allocated (2,997 shares) | 35 | 0 | 5 | 0 | 30 | 0 |
Other comprehensive income, net of tax effect | (29) | 0 | 0 | 0 | 0 | (29) |
Issuance costs related to initial public offering | (16) | 0 | (16) | 0 | 0 | 0 |
Balance at Jun. 30, 2015 | $ 31,827 | $ 22 | $ 20,759 | $ 12,834 | $ (1,708) | $ (80) |
Balance (in Shares) at Jun. 30, 2015 | 2,247,589 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 6 Months Ended |
Jun. 30, 2015shares | |
Common Stock [Member] | |
Number of shares committed to be allocated | 2,997 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 235 | $ 301 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 60 | 0 |
Capitalized interest - interest-bearing time deposits | (5) | (1) |
Amortization of securities, net | 43 | 52 |
Net gain on sales of securities | 0 | (68) |
Loans originated for sale | (1,260) | (1,800) |
Proceeds from sales of loans originated for sale | 1,297 | 1,848 |
Gain on sales of loans | (37) | (48) |
Change in deferred origination fees, costs and discounts, excluding purchase discounts | (2) | 32 |
Writedown of securities | 0 | 12 |
Depreciation and amortization | 171 | 157 |
(Increase) decrease in accrued interest receivable | (8) | 16 |
Decrease (increase) in other assets | 34 | (800) |
Increase in prepaid expenses | (41) | (48) |
Decrease in income taxes receivable | 38 | 0 |
Deferred tax benefit | 0 | 2 |
Increase in bank-owned life insurance | (24) | (24) |
Stock based compensation expense | 35 | 0 |
(Decrease) increase in other liabilities | (37) | 10 |
Increase (decrease) in accrued expenses | 18 | (58) |
Net cash provided by (used in) operating activities | 517 | (417) |
Cash flows from investing activities: | ||
Proceeds from redemption and maturities of interest-bearing time deposits | 1,500 | 1,246 |
Purchase of Federal Home Loan Bank stock | (137) | (65) |
Purchases of available-for-sale securities | (2,787) | (1,185) |
Proceeds from maturities of available-for-sale securities | 250 | 240 |
Proceeds from sales of available-for-sale securities | 0 | 3,300 |
Principal payments received on available-for-sale securities | 736 | 0 |
Principal payments received on held-to-maturity securities | 19 | 30 |
Loan principal collections and originations, net | (9,725) | 4,860 |
Loans purchased | (8,055) | 0 |
Loan participations sold | 1,650 | 0 |
Capital expenditures | (43) | (84) |
Net cash (used in) provided by investing activities | (16,592) | 8,342 |
Cash flows from financing activities: | ||
Net increase (decrease) in demand deposits, NOW and savings accounts | 2,021 | (6,570) |
Net (decrease) increase in time deposits | (1,328) | 4,442 |
Payments on Federal Home Loan Bank long-term advances | (500) | (1,000) |
Federal Home Loan Bank long-term advances received | 5,500 | 0 |
Net change in short-term Federal Home Loan Bank advances | (1,000) | (2,500) |
Issuance costs related to initial public offering | (16) | 0 |
Net cash provided by (used in) financing activities | 4,677 | (5,628) |
Net (decrease) increase in cash and cash equivalents | (11,398) | 2,297 |
Cash and cash equivalents at beginning of period | 18,295 | 8,991 |
Cash and cash equivalents at end of period | 6,897 | 11,288 |
Supplemental disclosures: | ||
Interest paid | 504 | 536 |
Income taxes paid | $ 83 | $ 119 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | NOTE 1 - NATURE OF OPERATIONS Pilgrim Bank (“the Bank”) is a Massachusetts-chartered stock co-operative bank which was incorporated in 1916 and is headquartered in Cohasset, Massachusetts. The Bank operates its business from three banking offices located in Massachusetts. The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits in residential and commercial real estate loans, and in commercial, consumer and small business loans. On October 10, 2014, in accordance with a Plan of Conversion (the “Conversion”), Conahasset Bancshares, MHC, the Bank’s former mutual holding company, completed a mutual-to-stock conversion pursuant to which the Bank became a wholly owned subsidiary of Pilgrim Bancshares, Inc., (the “Company”) a stock holding company incorporated in February 2014. In connection with the conversion, the Company sold 2,182,125 179,807 10 65,464 2,247,589 1,685,000 20,136,000 At the time of conversion, the Company substantially restricted retained earnings by establishing a liquidation account and the Bank established a parallel liquidation account. The liquidation accounts will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after conversion. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation accounts. In the event of a complete liquidation of the Bank or the Bank and the Company, and only in such event, each account holder will be entitled to receive a distribution from the liquidation accounts in an amount proportionate to the adjusted qualifying account balances then held. The Company and the Bank may not pay dividends if those dividends would cause regulatory capital to be reduced below applicable capital requirements or the amount required to maintain its respective liquidation account amount. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 2 - BASIS OF PRESENTATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, 48 South Main Street Corporation, which was formed to hold securities for its own account; 40 South Main Street Realty Trust, which was formed to hold our main office, and 800 CJC Realty Corporation, which was formed to invest in and develop residential and commercial property. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes required by U.S. generally accepted accounting principles for complete financial statements. Information included herein as of June 30, 2015 and for the interim periods ended June 30, 2015 and 2014 is unaudited; however, in the opinion of management, all adjustments considered necessary for a fair presentation have been included and were of a normal recurring nature. The results of operations for the six months ended June 30, 2015 and 2014 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. These statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. In preparing consolidated financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of securities and the valuation of deferred tax assets. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. However, in July 2015, the FASB voted to approve deferring the effective date by one year (i.e. interim and annual reporting periods beginning after December 15, 2017). Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The objective of this update is to address the diversity in practice related to how certain investments measured at net asset value with redemption dates in the future are categorized within the fair value hierarchy. The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. |
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | NOTE 4 - EARNINGS PER SHARE (EPS) The Company has adopted the EPS guidance included in Accounting Standards Codification (“ASC”) 260-10. As presented below, basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS, if presented, reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For purposes of computing diluted EPS, the treasury stock method is used. Because the formation of the Company was completed on October 10, 2014, earnings per share data is not meaningful for prior comparative periods and is therefore not presented. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Net income (In thousands) $ 134 $ 235 Basic common shares: Weighted average shares outstanding 2,247,589 2,247,589 Less: Weighted average unallocated ESOP shares (171,565) (172,315) Basic weighted average shares outstanding 2,076,024 2,075,274 Basic earnings per share $ 0.06 $ 0.11 Diluted earnings per share (1) $ 0.06 $ 0.11 (1) No potentially dilutive common shares |
INVESTMENTS IN SECURITIES
INVESTMENTS IN SECURITIES | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Securities | NOTE 5 - INVESTMENTS IN SECURITIES Investments in securities have been classified in the consolidated balance sheets according to management’s intent. Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Available-for-sale securities: June 30, 2015 (unaudited): Debt securities issued by U.S. government corporations and agencies $ 2,785 $ 11 $ 17 $ 2,779 Debt securities issued by states of the United States and political subdivisions of the states 2,998 1 54 2,945 Mortgage-backed securities 7,821 23 92 7,752 $ 13,604 $ 35 $ 163 $ 13,476 December 31, 2014 : Debt securities issued by U.S. government corporations and agencies $ 1,985 $ 7 $ 17 $ 1,975 Debt securities issued by states of the United States and political subdivisions of the states 3,258 5 30 3,233 Mortgage-backed securities 6,606 24 71 6,559 $ 11,849 $ 36 $ 118 $ 11,767 Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Held-to-maturity securities: June 30, 2015 (unaudited): Mortgage-backed securities $ 133 $ 44 $ 2 $ 175 $ 133 $ 44 $ 2 $ 175 December 31, 2014 : Mortgage-backed securities $ 149 $ 47 $ - $ 196 $ 149 $ 47 $ - $ 196 Available-For-Sale Held-To-Maturity Amortized Fair Cost Fair Value Basis Value (In Thousands) Due within one year $ 407 $ - $ - Due after one year through five years 2,357 - - Due after five years through ten years 1,461 - - Due after ten years 1,499 - - Mortgage-backed securities 7,752 133 175 $ 13,476 $ 133 $ 175 There were no sales of available-for-sale securities during the six months ended June 30, 2015 (unaudited). Proceeds from sales of available-for-sale securities during the six months ended June 30, 2014 (unaudited) were $ 3,300,000 68,000 28,000 As of June 30, 2015 (unaudited) and December 31, 2014, there were no securities of issuers whose aggregate carrying amount exceeded 10 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) June 30, 2015 (unaudited) : Debt securities issued by U.S. government corporations and agencies $ 299 $ 1 $ 484 $ 16 $ 783 $ 17 Debt securities issued by states of the United States and political subdivisions of the states 1,462 23 1,366 31 2,828 54 Mortgage-backed securities 2,151 21 2,339 72 4,490 93 Total temporarily impaired securities 3,912 45 4,189 119 8,101 164 Other-than-temporarily impaired securities: Mortgage-backed securities - - 2 1 2 1 Total temporarily impaired and other- than-temporarily impaired securities $ 3,912 $ 45 $ 4,191 $ 120 $ 8,103 $ 165 December 31, 2014 : Debt securities issued by U.S. government corporations and agencies $ - $ - $ 1,485 $ 17 $ 1,485 $ 17 Debt securities issued by states of the United States and political subdivisions of the states 950 8 1,232 22 2,182 30 Mortgage-backed securities 1,411 3 2,641 68 4,052 71 Total temporarily impaired securities 2,361 11 5,358 107 7,719 118 Other-than-temporarily impaired securities: Mortgage-backed securities - - 3 - 3 - Total temporarily impaired and other- than-temporarily impaired securities $ 2,361 $ 11 $ 5,361 $ 107 $ 7,722 $ 118 As of June 30, 2015 (unaudited) and December 31, 2014, investment securities with unrealized losses consist of debt securities issued by U.S. government agencies and government-sponsored enterprises, debt securities issued by states of the United States and political subdivisions of the states and non-agency mortgage-backed securities. The Company reviews investments for other-than-temporary impairment using a number of factors including the length of time and the extent to which the market value has been less than cost and by examining any credit deterioration or ratings downgrades. The unrealized losses in the above tables are primarily attributable to changes in market interest rates. As Company management has the intent and ability to hold impaired debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary. For those debt securities for which the fair value of the security is less than its amortized cost and the Company does not intend to sell such security and it is more likely than not that it will not be required to sell such security prior to the recovery of its amortized cost basis less any credit losses, ASC 320-10, “Investments - Debt and Equity Securities,” requires that the credit component of the other-than-temporary impairment losses be recognized in earnings while the noncredit component is recognized in other comprehensive income, net of related taxes. Upon acquisition of a security, the Company decides whether it is within the scope of the accounting guidance for beneficial interests in securitized financial assets or will be evaluated for impairment under the accounting guidance for investments in debt and equity securities. The accounting guidance for beneficial interests in securitized financial assets provides incremental impairment guidance for a subset of debt securities within the scope of the guidance for investments in debt and equity securities. For securities where the security is a beneficial interest in securitized financial assets, the Company uses the beneficial interests in securitized financial assets impairment model. For securities where the security is not a beneficial interest in securitized financial assets, the Company uses the debt and equity securities impairment model. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Non-Agency Non-Agency Non-Agency Non-Agency Mortgage-Backed Mortgage-Backed Mortgage-Backed Mortgage-Backed Securities Securities Securities Securities (In Thousands) (In Thousands) Total other-than-temporary impairment losses $ - $ 12 $ - $ 12 Less: unrealized other-than-temporary losses recognized in other comprehensive income (1) - - - - Net impairment losses recognized in earnings (2) $ - $ 12 $ - $ 12 (1) Represents the noncredit component of the other-than-temporary impairment on the securities. (2) Represents the credit component of the other-than-temporary impairment on securities For the three and six months ended June 30, 2014, debt securities with other-than-temporary impairment losses related to credit quality that were recognized in earnings consisted of non-agency mortgage-backed securities. The Company estimated the credit component portion of loss for the non-agency mortgage-backed securities using a discounted cash flow model. Significant inputs for the non-agency mortgage-backed securities included estimated cash flows of the underlying collateral based on key assumptions such as default rate, loss severity and prepayment rate. The present value of the expected cash flows was compared to the Company’s holdings to determine the credit-related impairment loss. Based on the expected cash flows derived from the model, the Company expects to recover the remaining unrealized losses on non-agency mortgage-backed securities. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans | NOTE 6 - LOANS June 30, December 31, 2015 2014 (unaudited) (In Thousands) Real estate loans: One-to four- family residential $ 101,123 $ 96,440 Commercial 18,836 17,401 Multi-family 12,562 10,171 Home equity loans and lines of credit 2,121 2,854 Construction 17,556 12,072 Commercial and industrial loans 4,661 3,012 Consumer loans: Consumer line of credit 23 21 Other consumer loans 3,665 2,446 160,547 144,417 Net deferred loan origination fees, costs and discounts 102 100 Allowance for loan losses (803) (743) Net loans $ 159,846 $ 143,774 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Line of Credit Other Consumer Unallocated Total (In Thousands) Six months ended June 30, 2015 (unaudited): Allowance for loan losses: Beginning balance $ 362 $ 134 $ 36 $ 27 $ 121 $ 8 $ 1 $ 20 $ 34 $ 743 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - (Benefit) provision (15) 1 5 (5) 81 11 - 14 (32) 60 Ending balance $ 347 $ 135 $ 41 $ 22 $ 202 $ 19 $ 1 $ 34 $ 2 $ 803 Six months ended June 30, 2014 (unaudited): Allowance for loan losses: Beginning balance $ 323 $ 195 $ 51 $ 30 $ 49 $ 16 $ 1 $ 20 $ 57 $ 742 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - (Benefit) provision (45) (23) 1 (5) 30 9 - (4) 37 - Ending balance $ 278 $ 172 $ 52 $ 25 $ 79 $ 25 $ 1 $ 16 $ 94 $ 742 At June 30, 2015 (unaudited): Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 28 $ - $ - $ - $ - $ - $ - $ - $ - $ 28 Ending balance: Collectively evaluated for impairment 319 135 41 22 202 19 1 34 2 775 Total allowance for loan losses ending balance $ 347 $ 135 $ 41 $ 22 $ 202 $ 19 $ 1 $ 34 $ 2 $ 803 Loans: Ending balance: Individually evaluated for impairment $ 6,517 $ 691 $ - $ 53 $ - $ - $ - $ - $ - $ 7,261 Ending balance: Collectively evaluated for impairment 94,606 18,145 12,562 2,068 17,556 4,661 23 3,665 - 153,286 Total loans ending balance $ 101,123 $ 18,836 $ 12,562 $ 2,121 $ 17,556 $ 4,661 $ 23 $ 3,665 $ - $ 160,547 At December 31, 2014 : Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 37 $ - $ - $ - $ - $ - $ - $ - $ - $ 37 Ending balance: Collectively evaluated for impairment 325 134 36 27 121 8 1 20 34 706 Total allowance for loan losses ending balance $ 362 $ 134 $ 36 $ 27 $ 121 $ 8 $ 1 $ 20 $ 34 $ 743 Loans: Ending balance: Individually evaluated for impairment $ 6,572 $ 695 $ - $ 53 $ - $ - $ - $ - $ - $ 7,320 Ending balance: Collectively evaluated for impairment 89,868 16,706 10,171 2,801 12,072 3,012 21 2,446 - 137,097 Total loans ending balance $ 96,440 $ 17,401 $ 10,171 $ 2,854 $ 12,072 $ 3,012 $ 21 $ 2,446 $ - $ 144,417 90 Days 90 Days or More or More Total Total Past Due Nonaccrual 30-59 Days 60-89 Days Past Due Past Due Current Total and Accruing Loans (In Thousands) June 30, 2015 (unaudited): Real estate loans: One- to four-family residential $ 1,103 $ - $ 1,393 $ 2,496 $ 98,627 $ 101,123 $ - $ 1,414 Commercial - - - 18,836 18,836 - - Multi-family - - - - 12,562 12,562 - - Home equity loans and lines of credit 178 53 - 231 1,890 2,121 - - Construction - - - - 17,556 17,556 - - Commercial and industrial loans 7 - - 7 4,654 4,661 - - Consumer loans: Consumer line of credit - - - - 23 23 - - Other consumer 8 - - 8 3,657 3,665 - - Total $ 1,296 $ 53 $ 1,393 $ 2,742 $ 157,805 $ 160,547 $ - $ 1,414 December 31, 2014: Real estate loans: One- to four-family residential $ 728 $ - $ 1,393 $ 2,121 $ 94,319 $ 96,440 $ - $ 1,419 Commercial - - - - 17,401 17,401 - - Multi-family 938 - - 938 9,233 10,171 - - Home equity loans and lines of credit - 53 - 53 2,801 2,854 - - Construction - - - - 12,072 12,072 - - Commercial and industrial loans - - - - 3,012 3,012 - - Consumer loans: Consumer line of credit - - - - 21 21 - - Other consumer 9 - - 9 2,437 2,446 - - Total $ 1,675 $ 53 $ 1,393 $ 3,121 $ 141,296 $ 144,417 $ - $ 1,419 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) June 30, 2015 (unaudited): With no related allowance recorded: Real estate loans: One- to four-family residential $ 5,945 $ 5,945 $ - $ 5,966 $ 108 Commercial 691 691 - 693 22 Home equity lines of credit 53 53 - 53 1 Total impaired with no related allowance $ 6,689 $ 6,689 $ - $ 6,712 $ 131 With an allowance recorded: Real estate loans: One- to four-family residential $ 572 $ 572 $ 28 $ 575 $ 11 Commercial - - - - - Home equity lines of credit - - - - - Total impaired with an allowance recorded $ 572 $ 572 $ 28 $ 575 $ 11 Total Real estate loans: One- to four-family residential $ 6,517 $ 6,517 $ 28 $ 6,541 $ 119 Commercial 691 691 - 693 22 Home equity lines of credit 53 53 - 53 1 Total impaired loans $ 7,261 $ 7,261 $ 28 $ 7,287 $ 142 December 31, 2014: With no related allowance recorded: Real estate loans: One- to four-family residential $ 5,991 $ 5,991 $ - $ 5,586 $ 226 Commercial 695 695 - 699 50 Home equity lines of credit 53 53 - 8 - Total impaired with no related allowance $ 6,739 $ 6,739 $ - $ 6,293 $ 276 With an allowance recorded: Real estate loans: One- to four-family residential $ 581 $ 581 $ 37 $ 589 $ 22 Commercial - - - - - Home equity lines of credit - - - - - Total impaired with an allowance recorded $ 581 $ 581 $ 37 $ 589 $ 22 Total Real estate loans: One- to four-family residential $ 6,572 $ 6,572 $ 37 $ 6,175 $ 248 Commercial 695 695 - 699 50 Home equity lines of credit 53 53 - 8 - Total impaired loans $ 7,320 $ 7,320 $ 37 $ 6,882 $ 298 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Line of Credit Other Consumer Total (In Thousands) June 30, 2015 (unaudited): Grade: Pass $ - $ 18,145 $ 11,631 $ - $ 17,556 $ 4,661 $ - $ - $ 51,993 Special mention 2,397 691 - 53 - - - - 3,141 Substandard 1,393 - 931 - - - - - 2,324 Loans not formally rated 97,333 2,068 - - 23 3,665 103,089 Total $ 101,123 $ 18,836 $ 12,562 $ 2,121 $ 17,556 $ 4,661 $ 23 $ 3,665 $ 160,547 December 31, 2014: Grade: Pass $ - $ 16,706 $ 9,233 $ - $ 12,072 $ 3,012 $ - $ - $ 41,023 Special mention 2,417 695 - 53 - - - - 3,165 Substandard 1,393 - 938 - - - - - 2,331 Loans not formally rated 92,630 - - 2,801 - - 21 2,446 97,898 Total $ 96,440 $ 17,401 $ 10,171 $ 2,854 $ 12,072 $ 3,012 $ 21 $ 2,446 $ 144,417 At June 30, 2015 and December 31, 2014, there were no loans rated “doubtful” or “loss.” Credit Quality Information The Company utilizes a seven grade internal loan rating system for commercial real estate, construction and commercial loans as follows: Loans rated 1 - 3: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 6: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial loans. For residential real estate and consumer loans, the Company initially assesses credit quality based upon the borrower’s ability to pay and subsequently monitors these loans based on the borrower’s payment activity. The Company classifies loans modified as troubled debt restructurings (TDRs) as impaired loans with an allowance established as part of the allocated component of the allowance for loan losses when the discounted cash flows or value of the underlying collateral of the impaired loan is lower than its carrying value. During the six months ended June 30, 2015 (unaudited), there were no loans modified as TDRs. As of June 30, 2015 (unaudited), there were no commitments to lend additional funds to borrowers whose loans were modified as troubled debt restructurings. Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage and other loans serviced for others were $ 19.5 17.6 |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 7 DEPOSITS The aggregate amount of time deposit accounts in denominations of $100,000 or more as of June 30, 2015 (unaudited) and December 31, 2014 was $38.9 million and $38.7 million, respectively. The aggregate amount of time deposits in denominations that meet or exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 at June 30, 2015 (unaudited) and December 31, 2014 was $15.8 million and $15.7 million, respectively. For time deposits as of June 30, 2015 (unaudited), the scheduled maturities for each of the following five years ended June 30 are: (In Thousands) 2016 $ 33,794 2017 12,029 2018 16,109 2019 1,966 2020 1,257 Total $ 65,155 |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank Advances | NOTE 8 - FEDERAL HOME LOAN BANK ADVANCES (In Thousands) 2016 $ 3,500 2017 2,500 2018 3,000 $ 9,000 Interest rates range from 0.24 2.03 0.80 Borrowings from the FHLB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9 - FAIR VALUE MEASUREMENTS ASC 820-10, “Fair Value Measurement - Overall,” provides a framework for measuring fair value under generally accepted accounting principles. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury, other U.S. Government and agency mortgage-backed securities that are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. Level 3 - Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value as of June 30, 2015 (unaudited) and December 31, 2014. The Company did not have any significant transfers between level 1 and level 2 of the fair value hierarchy during the six months ended June 30, 2015 (unaudited) and the year ended December 31, 2014. The Company’s investment in mortgage-backed securities and other debt securities available-for-sale is generally classified within level 2 of the fair value hierarchy. For these securities, we obtain fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. The Company’s impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using level 2 inputs based upon appraisals of similar properties obtained from a third party. For level 3 inputs, fair value is based upon management estimates of the value of the underlying collateral or the present value of the expected cash flows. Other real estate owned values are estimated using level 2 inputs based upon appraisals of similar properties obtained from a third party. For level 3 inputs, fair values are based on management estimates. ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) June 30, 2015 (unaudited): Debt securities issued by U.S. government corporations and agencies $ 2,779 $ - $ 2,779 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,945 - 2,945 - Mortgage-backed securities 7,752 - 7,752 - Totals $ 13,476 $ - $ 13,476 $ - December 31, 2014: Debt securities issued by U.S. government corporations and agencies $ 1,975 $ - $ 1,975 $ - Debt securities issued by states of the United States and political subdivisions of the states 3,233 - 3,233 - Mortgage-backed securities 6,559 - 6,559 - Totals $ 11,767 $ - $ 11,767 $ - ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS Under certain circumstances we make adjustments to fair value for certain assets and liabilities although they are not measured at fair value on an ongoing basis. Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) June 30, 2015 (unaudited): Impaired loans $ 544 $ - $ - $ 544 Totals $ 544 $ - $ - $ 544 December 31, 2014: Impaired loans $ 544 $ - $ - $ 544 Totals $ 544 $ - $ - $ 544 June 30, 2015 (unaudited) Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 6,897 $ 6,897 $ - $ - $ 6,897 Interest-bearing time deposits with other banks 1,080 - 1,081 - 1,081 Available-for-sale securities 13,476 - 13,476 - 13,476 Held-to-maturity securities 133 - 175 - 175 Federal Home Loan Bank stock 831 831 - - 831 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 159,846 - - 162,415 162,415 Accrued interest receivable 455 455 - - 455 Financial liabilities: Deposits 151,703 - 152,290 - 152,290 FHLB advances 9,000 - 8,987 - 8,987 December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 18,295 $ 18,295 $ - $ - $ 18,295 Interest-bearing time deposits with other banks 2,575 - 2,578 - 2,578 Available-for-sale securities 11,767 - 11,767 - 11,767 Held-to-maturity securities 149 - 196 - 196 Federal Home Loan Bank stock 694 694 - - 694 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 143,774 - - 146,705 146,705 Accrued interest receivable 447 447 - - 447 Financial liabilities: Deposits 151,010 - 151,638 - 151,638 FHLB advances 5,000 - 5,006 - 5,006 The carrying amounts of financial instruments shown in the above table are included in the consolidated balance sheets as of June 30, 2015 (unaudited) and December 31, 2014 under the indicated captions. Accounting policies related to financial instruments are described below. ASC 825, “Financial Instruments,” requires that the Company disclose estimated fair values for its financial instruments. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate those assets' fair values. Interest-bearing time deposits with other banks: The fair value of interest-bearing time deposits with other banks was determined by discounting the cash flows associated with these instruments using current market rates for deposits with similar characteristics. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated by discounting the future cash flows, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value. Deposit liabilities: The fair values disclosed for demand deposits, regular savings, NOW accounts, and money market accounts are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Federal Home Loan Bank advances: Fair values for Federal Home Loan Bank advances are estimated using a discounted cash flow technique that applies interest rates currently being offered on advances to a schedule of aggregated expected monthly maturities on Federal Home Loan Bank advances. Off-balance sheet instruments: The fair value of commitments to originate loans is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments and the unadvanced portion of loans, fair value also considers the difference between current levels of interest rates and the committed rates. |
REGULATORY CAPITAL
REGULATORY CAPITAL | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | NOTE 10 REGULATORY CAPITAL The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015 (with a phase-in period of two to four years for certain components), the Bank became subject to new capital regulations adopted by the Board of Governors of the Federal Reserve System (“FRB”) and the FDIC, which implement the Basel III regulatory capital reforms and the changes required by the Dodd-Frank Act. The new regulations require a new common equity Tier 1 (“CETI”) capital ratio of 4.5 6.0 4.0 8.0 4.0 6.5 8.0 6.0 10.0 5.0 0.625 0.625 2.5 The new regulations implemented changes to what constitutes regulatory capital. Certain instruments will no longer constitute qualifying capital, subject to phase-out periods. In addition, Tier 2 capital is no longer limited to the amount of Tier 1 capital included in total capital. Mortgage servicing rights, certain deferred tax assets and investments in unconsolidated subsidiaries over designated percentages of CETI will be deducted from capital. The Bank has elected to permanently opt out of the inclusion of accumulated other comprehensive income (loss) in capital calculations, as permitted by the regulations. This opt-out will reduce the impact of market volatility on our regulatory capital ratios. The new regulations also changed the risk weights of certain assets, including an increase in the risk weight of certain high volatility commercial real estate acquisition, development and construction loans and non-residential mortgage loans that are 90 days past due or on non-accrual status to 150 100 20 0 250 100 600 0 As of June 30, 2015 (unaudited), the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. June 30, December 31, Regulatory Capital and Ratios 2015 2014 (Dollars In Thousands) Regulatory Capital Total Shareholders' Equity $ 21,612 $ 21,347 Add (deduct): Net unrealized losses on investment securities 80 51 Other - - Common Equity Tier 1 Capital 21,692 na Tier 1 Capital 21,692 21,398 Allowable reserve for credit losses and unfunded commitments 824 755 Total Regulatory Capital (1) $ 22,516 $ 22,153 Risk Weighted Assets (1) $ 133,375 $ 101,078 Key Regulatory Ratios (1) Common Equity Tier 1 Capital Ratio 16.3 % na Tier 1 Capital Ratio 16.3 21.2 % Total Capital Ratio 16.9 21.9 Tier 1 Leverage Ratio 11.4 11.7 (1) |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, 48 South Main Street Corporation, which was formed to hold securities for its own account; 40 South Main Street Realty Trust, which was formed to hold our main office, and 800 CJC Realty Corporation, which was formed to invest in and develop residential and commercial property. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes required by U.S. generally accepted accounting principles for complete financial statements. Information included herein as of June 30, 2015 and for the interim periods ended June 30, 2015 and 2014 is unaudited; however, in the opinion of management, all adjustments considered necessary for a fair presentation have been included and were of a normal recurring nature. The results of operations for the six months ended June 30, 2015 and 2014 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. These statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. In preparing consolidated financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of securities and the valuation of deferred tax assets. |
New Accounting Pronouncements, Policy | In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. However, in July 2015, the FASB voted to approve deferring the effective date by one year (i.e. interim and annual reporting periods beginning after December 15, 2017). Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The objective of this update is to address the diversity in practice related to how certain investments measured at net asset value with redemption dates in the future are categorized within the fair value hierarchy. The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. |
Fair Value Measurement, Policy | In accordance with ASC 820-10, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury, other U.S. Government and agency mortgage-backed securities that are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. Level 3 - Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. |
EARNINGS PER SHARE (EPS) (Table
EARNINGS PER SHARE (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | EPS for the three and six months ended June 30, 2015 has been computed based on the following: Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Net income (In thousands) $ 134 $ 235 Basic common shares: Weighted average shares outstanding 2,247,589 2,247,589 Less: Weighted average unallocated ESOP shares (171,565) (172,315) Basic weighted average shares outstanding 2,076,024 2,075,274 Basic earnings per share $ 0.06 $ 0.11 Diluted earnings per share (1) $ 0.06 $ 0.11 (1) No potentially dilutive common shares |
INVESTMENTS IN SECURITIES (Tabl
INVESTMENTS IN SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Securities | The amortized cost of securities and their approximate fair values are as follows: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Available-for-sale securities: June 30, 2015 (unaudited): Debt securities issued by U.S. government corporations and agencies $ 2,785 $ 11 $ 17 $ 2,779 Debt securities issued by states of the United States and political subdivisions of the states 2,998 1 54 2,945 Mortgage-backed securities 7,821 23 92 7,752 $ 13,604 $ 35 $ 163 $ 13,476 December 31, 2014 : Debt securities issued by U.S. government corporations and agencies $ 1,985 $ 7 $ 17 $ 1,975 Debt securities issued by states of the United States and political subdivisions of the states 3,258 5 30 3,233 Mortgage-backed securities 6,606 24 71 6,559 $ 11,849 $ 36 $ 118 $ 11,767 Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Held-to-maturity securities: June 30, 2015 (unaudited): Mortgage-backed securities $ 133 $ 44 $ 2 $ 175 $ 133 $ 44 $ 2 $ 175 December 31, 2014 : Mortgage-backed securities $ 149 $ 47 $ - $ 196 $ 149 $ 47 $ - $ 196 |
Scheduled Maturities of Debt Securities | The scheduled maturities of debt securities were as follows as of June 30, 2015 (unaudited): Available-For-Sale Held-To-Maturity Amortized Fair Cost Fair Value Basis Value (In Thousands) Due within one year $ 407 $ - $ - Due after one year through five years 2,357 - - Due after five years through ten years 1,461 - - Due after ten years 1,499 - - Mortgage-backed securities 7,752 133 175 $ 13,476 $ 133 $ 175 |
Schedule of Aggregate Fair Value and Unrealized Losses of Securities | The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more are as follows: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) June 30, 2015 (unaudited) : Debt securities issued by U.S. government corporations and agencies $ 299 $ 1 $ 484 $ 16 $ 783 $ 17 Debt securities issued by states of the United States and political subdivisions of the states 1,462 23 1,366 31 2,828 54 Mortgage-backed securities 2,151 21 2,339 72 4,490 93 Total temporarily impaired securities 3,912 45 4,189 119 8,101 164 Other-than-temporarily impaired securities: Mortgage-backed securities - - 2 1 2 1 Total temporarily impaired and other- than-temporarily impaired securities $ 3,912 $ 45 $ 4,191 $ 120 $ 8,103 $ 165 December 31, 2014 : Debt securities issued by U.S. government corporations and agencies $ - $ - $ 1,485 $ 17 $ 1,485 $ 17 Debt securities issued by states of the United States and political subdivisions of the states 950 8 1,232 22 2,182 30 Mortgage-backed securities 1,411 3 2,641 68 4,052 71 Total temporarily impaired securities 2,361 11 5,358 107 7,719 118 Other-than-temporarily impaired securities: Mortgage-backed securities - - 3 - 3 - Total temporarily impaired and other- than-temporarily impaired securities $ 2,361 $ 11 $ 5,361 $ 107 $ 7,722 $ 118 |
Schedule of Other-than-Temporary Impairment Losses on Securities | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Non-Agency Non-Agency Non-Agency Non-Agency Mortgage-Backed Mortgage-Backed Mortgage-Backed Mortgage-Backed Securities Securities Securities Securities (In Thousands) (In Thousands) Total other-than-temporary impairment losses $ - $ 12 $ - $ 12 Less: unrealized other-than-temporary losses recognized in other comprehensive income (1) - - - - Net impairment losses recognized in earnings (2) $ - $ 12 $ - $ 12 (1) Represents the noncredit component of the other-than-temporary impairment on the securities. (2) Represents the credit component of the other-than-temporary impairment on securities |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following: June 30, December 31, 2015 2014 (unaudited) (In Thousands) Real estate loans: One-to four- family residential $ 101,123 $ 96,440 Commercial 18,836 17,401 Multi-family 12,562 10,171 Home equity loans and lines of credit 2,121 2,854 Construction 17,556 12,072 Commercial and industrial loans 4,661 3,012 Consumer loans: Consumer line of credit 23 21 Other consumer loans 3,665 2,446 160,547 144,417 Net deferred loan origination fees, costs and discounts 102 100 Allowance for loan losses (803) (743) Net loans $ 159,846 $ 143,774 |
Schedule of Allowance for Loan Losses | The following tables set forth information regarding the allowance for loan losses as of and for the six months ended June 30, 2015 and 2014 (unaudited) and at December 31, 2014: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Line of Credit Other Consumer Unallocated Total (In Thousands) Six months ended June 30, 2015 (unaudited): Allowance for loan losses: Beginning balance $ 362 $ 134 $ 36 $ 27 $ 121 $ 8 $ 1 $ 20 $ 34 $ 743 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - (Benefit) provision (15) 1 5 (5) 81 11 - 14 (32) 60 Ending balance $ 347 $ 135 $ 41 $ 22 $ 202 $ 19 $ 1 $ 34 $ 2 $ 803 Six months ended June 30, 2014 (unaudited): Allowance for loan losses: Beginning balance $ 323 $ 195 $ 51 $ 30 $ 49 $ 16 $ 1 $ 20 $ 57 $ 742 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - (Benefit) provision (45) (23) 1 (5) 30 9 - (4) 37 - Ending balance $ 278 $ 172 $ 52 $ 25 $ 79 $ 25 $ 1 $ 16 $ 94 $ 742 At June 30, 2015 (unaudited): Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 28 $ - $ - $ - $ - $ - $ - $ - $ - $ 28 Ending balance: Collectively evaluated for impairment 319 135 41 22 202 19 1 34 2 775 Total allowance for loan losses ending balance $ 347 $ 135 $ 41 $ 22 $ 202 $ 19 $ 1 $ 34 $ 2 $ 803 Loans: Ending balance: Individually evaluated for impairment $ 6,517 $ 691 $ - $ 53 $ - $ - $ - $ - $ - $ 7,261 Ending balance: Collectively evaluated for impairment 94,606 18,145 12,562 2,068 17,556 4,661 23 3,665 - 153,286 Total loans ending balance $ 101,123 $ 18,836 $ 12,562 $ 2,121 $ 17,556 $ 4,661 $ 23 $ 3,665 $ - $ 160,547 At December 31, 2014 : Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 37 $ - $ - $ - $ - $ - $ - $ - $ - $ 37 Ending balance: Collectively evaluated for impairment 325 134 36 27 121 8 1 20 34 706 Total allowance for loan losses ending balance $ 362 $ 134 $ 36 $ 27 $ 121 $ 8 $ 1 $ 20 $ 34 $ 743 Loans: Ending balance: Individually evaluated for impairment $ 6,572 $ 695 $ - $ 53 $ - $ - $ - $ - $ - $ 7,320 Ending balance: Collectively evaluated for impairment 89,868 16,706 10,171 2,801 12,072 3,012 21 2,446 - 137,097 Total loans ending balance $ 96,440 $ 17,401 $ 10,171 $ 2,854 $ 12,072 $ 3,012 $ 21 $ 2,446 $ - $ 144,417 |
Schedule of Nonaccrual Loans and Past-Due Loans | The following tables set forth information regarding nonaccrual loans and past-due loans at June 30, 2015 and December 31, 2014: 90 Days 90 Days or More or More Total Total Past Due Nonaccrual 30-59 Days 60-89 Days Past Due Past Due Current Total and Accruing Loans (In Thousands) June 30, 2015 (unaudited): Real estate loans: One- to four-family residential $ 1,103 $ - $ 1,393 $ 2,496 $ 98,627 $ 101,123 $ - $ 1,414 Commercial - - - 18,836 18,836 - - Multi-family - - - - 12,562 12,562 - - Home equity loans and lines of credit 178 53 - 231 1,890 2,121 - - Construction - - - - 17,556 17,556 - - Commercial and industrial loans 7 - - 7 4,654 4,661 - - Consumer loans: Consumer line of credit - - - - 23 23 - - Other consumer 8 - - 8 3,657 3,665 - - Total $ 1,296 $ 53 $ 1,393 $ 2,742 $ 157,805 $ 160,547 $ - $ 1,414 December 31, 2014: Real estate loans: One- to four-family residential $ 728 $ - $ 1,393 $ 2,121 $ 94,319 $ 96,440 $ - $ 1,419 Commercial - - - - 17,401 17,401 - - Multi-family 938 - - 938 9,233 10,171 - - Home equity loans and lines of credit - 53 - 53 2,801 2,854 - - Construction - - - - 12,072 12,072 - - Commercial and industrial loans - - - - 3,012 3,012 - - Consumer loans: Consumer line of credit - - - - 21 21 - - Other consumer 9 - - 9 2,437 2,446 - - Total $ 1,675 $ 53 $ 1,393 $ 3,121 $ 141,296 $ 144,417 $ - $ 1,419 |
Schedule of Impaired Loan | Information about loans that meet the definition of an impaired loan in ASC 310-10-35, “Receivables Overall Subsequent Measurement,” is as follows at June 30, 2015 and December 31, 2014 and the six months and year then ended, respectively. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) June 30, 2015 (unaudited): With no related allowance recorded: Real estate loans: One- to four-family residential $ 5,945 $ 5,945 $ - $ 5,966 $ 108 Commercial 691 691 - 693 22 Home equity lines of credit 53 53 - 53 1 Total impaired with no related allowance $ 6,689 $ 6,689 $ - $ 6,712 $ 131 With an allowance recorded: Real estate loans: One- to four-family residential $ 572 $ 572 $ 28 $ 575 $ 11 Commercial - - - - - Home equity lines of credit - - - - - Total impaired with an allowance recorded $ 572 $ 572 $ 28 $ 575 $ 11 Total Real estate loans: One- to four-family residential $ 6,517 $ 6,517 $ 28 $ 6,541 $ 119 Commercial 691 691 - 693 22 Home equity lines of credit 53 53 - 53 1 Total impaired loans $ 7,261 $ 7,261 $ 28 $ 7,287 $ 142 December 31, 2014: With no related allowance recorded: Real estate loans: One- to four-family residential $ 5,991 $ 5,991 $ - $ 5,586 $ 226 Commercial 695 695 - 699 50 Home equity lines of credit 53 53 - 8 - Total impaired with no related allowance $ 6,739 $ 6,739 $ - $ 6,293 $ 276 With an allowance recorded: Real estate loans: One- to four-family residential $ 581 $ 581 $ 37 $ 589 $ 22 Commercial - - - - - Home equity lines of credit - - - - - Total impaired with an allowance recorded $ 581 $ 581 $ 37 $ 589 $ 22 Total Real estate loans: One- to four-family residential $ 6,572 $ 6,572 $ 37 $ 6,175 $ 248 Commercial 695 695 - 699 50 Home equity lines of credit 53 53 - 8 - Total impaired loans $ 7,320 $ 7,320 $ 37 $ 6,882 $ 298 |
Schedule of Loans by Risk Rating | The following tables present the Company’s loans by risk rating: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Line of Credit Other Consumer Total (In Thousands) June 30, 2015 (unaudited): Grade: Pass $ - $ 18,145 $ 11,631 $ - $ 17,556 $ 4,661 $ - $ - $ 51,993 Special mention 2,397 691 - 53 - - - - 3,141 Substandard 1,393 - 931 - - - - - 2,324 Loans not formally rated 97,333 2,068 - - 23 3,665 103,089 Total $ 101,123 $ 18,836 $ 12,562 $ 2,121 $ 17,556 $ 4,661 $ 23 $ 3,665 $ 160,547 December 31, 2014: Grade: Pass $ - $ 16,706 $ 9,233 $ - $ 12,072 $ 3,012 $ - $ - $ 41,023 Special mention 2,417 695 - 53 - - - - 3,165 Substandard 1,393 - 938 - - - - - 2,331 Loans not formally rated 92,630 - - 2,801 - - 21 2,446 97,898 Total $ 96,440 $ 17,401 $ 10,171 $ 2,854 $ 12,072 $ 3,012 $ 21 $ 2,446 $ 144,417 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Scheduled Maturities of Time Deposits | For time deposits as of June 30, 2015 (unaudited), the scheduled maturities for each of the following five years ended June 30 are: (In Thousands) 2016 $ 33,794 2017 12,029 2018 16,109 2019 1,966 2020 1,257 Total $ 65,155 |
FEDERAL HOME LOAN BANK ADVANC25
FEDERAL HOME LOAN BANK ADVANCES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Maturities of Advances from the Federal Home Loan Bank ("FHLB") of Boston | Maturities of advances from the Federal Home Loan Bank of Boston (“FHLB”) for the years ending after June 30, 2015 (unaudited) are summarized as follows: (In Thousands) 2016 $ 3,500 2017 2,500 2018 3,000 $ 9,000 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | The following summarizes assets measured at fair value as of June 30, 2015 (unaudited) and December 31, 2014. ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) June 30, 2015 (unaudited): Debt securities issued by U.S. government corporations and agencies $ 2,779 $ - $ 2,779 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,945 - 2,945 - Mortgage-backed securities 7,752 - 7,752 - Totals $ 13,476 $ - $ 13,476 $ - December 31, 2014: Debt securities issued by U.S. government corporations and agencies $ 1,975 $ - $ 1,975 $ - Debt securities issued by states of the United States and political subdivisions of the states 3,233 - 3,233 - Mortgage-backed securities 6,559 - 6,559 - Totals $ 11,767 $ - $ 11,767 $ - |
Summary of Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents assets carried on the consolidated balance sheets by caption and by level in the fair value hierarchy at June 30, 2015 (unaudited) and December 31, 2014, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) June 30, 2015 (unaudited): Impaired loans $ 544 $ - $ - $ 544 Totals $ 544 $ - $ - $ 544 December 31, 2014: Impaired loans $ 544 $ - $ - $ 544 Totals $ 544 $ - $ - $ 544 |
Schedule of Estimated Fair Values of Financial Instruments Held or Issued for Purposes Other Than Trading | The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: June 30, 2015 (unaudited) Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 6,897 $ 6,897 $ - $ - $ 6,897 Interest-bearing time deposits with other banks 1,080 - 1,081 - 1,081 Available-for-sale securities 13,476 - 13,476 - 13,476 Held-to-maturity securities 133 - 175 - 175 Federal Home Loan Bank stock 831 831 - - 831 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 159,846 - - 162,415 162,415 Accrued interest receivable 455 455 - - 455 Financial liabilities: Deposits 151,703 - 152,290 - 152,290 FHLB advances 9,000 - 8,987 - 8,987 December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 18,295 $ 18,295 $ - $ - $ 18,295 Interest-bearing time deposits with other banks 2,575 - 2,578 - 2,578 Available-for-sale securities 11,767 - 11,767 - 11,767 Held-to-maturity securities 149 - 196 - 196 Federal Home Loan Bank stock 694 694 - - 694 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 143,774 - - 146,705 146,705 Accrued interest receivable 447 447 - - 447 Financial liabilities: Deposits 151,010 - 151,638 - 151,638 FHLB advances 5,000 - 5,006 - 5,006 |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the table below. June 30, December 31, Regulatory Capital and Ratios 2015 2014 (Dollars In Thousands) Regulatory Capital Total Shareholders' Equity $ 21,612 $ 21,347 Add (deduct): Net unrealized losses on investment securities 80 51 Other - - Common Equity Tier 1 Capital 21,692 na Tier 1 Capital 21,692 21,398 Allowable reserve for credit losses and unfunded commitments 824 755 Total Regulatory Capital (1) $ 22,516 $ 22,153 Risk Weighted Assets (1) $ 133,375 $ 101,078 Key Regulatory Ratios (1) Common Equity Tier 1 Capital Ratio 16.3 % na Tier 1 Capital Ratio 16.3 21.2 % Total Capital Ratio 16.9 21.9 Tier 1 Leverage Ratio 11.4 11.7 (1) |
NATURE OF OPERATIONS - Addition
NATURE OF OPERATIONS - Additional Information (Detail) - USD ($) | Oct. 10, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Organization and Nature of Operations [Line Items] | |||
Aggregate issuance of common stock | 2,247,589 | 2,247,589 | 2,247,589 |
Proceeds from issuance of common stock | $ 20,136,000 | ||
Net offering cost of issuance | $ 1,685,000 | ||
Foundation [Member] | |||
Organization and Nature of Operations [Line Items] | |||
Additional issuance of common stock | 65,464 | ||
Conahasset Bancshares, MHC [Member] | |||
Organization and Nature of Operations [Line Items] | |||
Common stock issued in connection with conversion | 2,182,125 | ||
Common stock issued price per share | $ 10 | ||
Employee Stock Ownership Plan (ESOP) [Member] | |||
Organization and Nature of Operations [Line Items] | |||
Common stock issued in connection with employee stock purchase plan | 179,807 |
EARNINGS PER SHARE (EPS) - Summ
EARNINGS PER SHARE (EPS) - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Net income | $ 134 | $ 175 | $ 235 | $ 301 | |
Basic common shares: | |||||
Weighted average shares outstanding | 2,247,589 | 2,247,589 | |||
Less: Weighted average unallocated ESOP shares | (171,565) | (172,315) | |||
Basic weighted average shares outstanding | 2,076,024 | 2,075,274 | |||
Basic earnings per share | $ 0.06 | $ 0.11 | |||
Diluted earnings per share | [1] | $ 0.06 | $ 0.11 | ||
[1] | No potentially dilutive common shares |
INVESTMENTS IN SECURITIES - Sch
INVESTMENTS IN SECURITIES - Schedule of Amortized Cost and Fair Values of Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | $ 13,604 | $ 11,849 |
Available-for-sale securities, Gross Unrealized Gains | 35 | 36 |
Available-for-sale securities, Gross Unrealized Losses | 163 | 118 |
Available-for-sale securities, Fair Value | 13,476 | 11,767 |
Held-to-maturity securities, Amortized Cost Basis | 133 | 149 |
Held-to-maturity securities, Gross Unrealized Gains | 44 | 47 |
Held-to-maturity securities, Gross Unrealized Losses | 2 | 0 |
Held-to-maturity securities, Fair Value | 175 | 196 |
Debt Securities Issued by the U.S. Treasury and Other U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 2,785 | 1,985 |
Available-for-sale securities, Gross Unrealized Gains | 11 | 7 |
Available-for-sale securities, Gross Unrealized Losses | 17 | 17 |
Available-for-sale securities, Fair Value | 2,779 | 1,975 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 2,998 | 3,258 |
Available-for-sale securities, Gross Unrealized Gains | 1 | 5 |
Available-for-sale securities, Gross Unrealized Losses | 54 | 30 |
Available-for-sale securities, Fair Value | 2,945 | 3,233 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 7,821 | 6,606 |
Available-for-sale securities, Gross Unrealized Gains | 23 | 24 |
Available-for-sale securities, Gross Unrealized Losses | 92 | 71 |
Available-for-sale securities, Fair Value | 7,752 | 6,559 |
Held-to-maturity securities, Amortized Cost Basis | 133 | 149 |
Held-to-maturity securities, Gross Unrealized Gains | 44 | 47 |
Held-to-maturity securities, Gross Unrealized Losses | 2 | 0 |
Held-to-maturity securities, Fair Value | $ 175 | $ 196 |
INVESTMENTS IN SECURITIES - S31
INVESTMENTS IN SECURITIES - Scheduled Maturities of Debt Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Due within one year, Available-For-Sale Securities Fair Value | $ 407 | |
Due after one year through five years, Available-For-Sale Securities Fair Value | 2,357 | |
Due after five years through ten years, Available-For-Sale Securities Fair Value | 1,461 | |
Due after ten years, Available-For-Sale Securities Fair Value | 1,499 | |
Mortgage-backed securities, Available-For-Sale Securities Fair Value | 7,752 | |
Available-For-Sale Securities Fair Value Total | 13,476 | |
Due within one year, Held-To-Maturity Securities Amortized Cost Basis | 0 | |
Due after one year through five years, Held-To-Maturity Securities Amortized Cost Basis | 0 | |
Due after five years through ten years, Held-To-Maturity Securities Amortized Cost Basis | 0 | |
Due after ten years, Held-To-Maturity Securities Amortized Cost Basis | 0 | |
Mortgage-backed securities, Held-To-Maturity Securities Amortized Cost Basis | 133 | |
Held-To-Maturity Securities Amortized Cost Basis Total | 133 | $ 149 |
Due within one year, Held-To-Maturity Securities Fair Value | 0 | |
Due after one year through five years, Held-To-Maturity Securities Fair Value | 0 | |
Due after five years through ten years, Held-To-Maturity Securities Fair Value | 0 | |
Due after ten years, Held-To-Maturity Securities Fair Value | 0 | |
Mortgage-backed securities, Held-To-Maturity Securities Fair Value | 175 | |
Held-To-Maturity Securities Fair Value Total | $ 175 | $ 196 |
INVESTMENTS IN SECURITIES - S32
INVESTMENTS IN SECURITIES - Schedule of Aggregate Fair Value and Unrealized Losses of Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 3,912 | $ 2,361 |
Less than 12 Months, Unrealized Losses | 45 | 11 |
12 Months or Longer, Fair Value | 4,191 | 5,361 |
12 Months or Longer, Unrealized Losses | 120 | 107 |
Fair Value, Total | 8,103 | 7,722 |
Unrealized Losses, Total | 165 | 118 |
Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 3,912 | 2,361 |
Less than 12 Months, Unrealized Losses | 45 | 11 |
12 Months or Longer, Fair Value | 4,189 | 5,358 |
12 Months or Longer, Unrealized Losses | 119 | 107 |
Fair Value, Total | 8,101 | 7,719 |
Unrealized Losses, Total | 164 | 118 |
Debt Securities Issued by the U.S. Treasury and Other U.S. Government Corporations and Agencies [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 299 | 0 |
Less than 12 Months, Unrealized Losses | 1 | 0 |
12 Months or Longer, Fair Value | 484 | 1,485 |
12 Months or Longer, Unrealized Losses | 16 | 17 |
Fair Value, Total | 783 | 1,485 |
Unrealized Losses, Total | 17 | 17 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,462 | 950 |
Less than 12 Months, Unrealized Losses | 23 | 8 |
12 Months or Longer, Fair Value | 1,366 | 1,232 |
12 Months or Longer, Unrealized Losses | 31 | 22 |
Fair Value, Total | 2,828 | 2,182 |
Unrealized Losses, Total | 54 | 30 |
Mortgage-Backed Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 2,151 | 1,411 |
Less than 12 Months, Unrealized Losses | 21 | 3 |
12 Months or Longer, Fair Value | 2,339 | 2,641 |
12 Months or Longer, Unrealized Losses | 72 | 68 |
Fair Value, Total | 4,490 | 4,052 |
Unrealized Losses, Total | 93 | 71 |
Mortgage-Backed Securities [Member] | Other-Than-Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 2 | 3 |
12 Months or Longer, Unrealized Losses | 1 | 0 |
Fair Value, Total | 2 | 3 |
Unrealized Losses, Total | $ 1 | $ 0 |
INVESTMENTS IN SECURITIES - S33
INVESTMENTS IN SECURITIES - Schedule of Other-Than-Temporary Impairment Losses on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Gain (Loss) on Investments [Line Items] | |||||
Total other-than-temporary impairment losses | $ 0 | $ 12 | |||
NonAgency Mortgage Backed Securities [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Total other-than-temporary impairment losses | $ 0 | $ 12 | 0 | 12 | |
Less: unrealized other-than-temporary losses recognized in other comprehensive income | [1] | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings | [2] | $ 0 | $ 12 | $ 0 | $ 12 |
[1] | Represents the noncredit component of the other-than-temporary impairment on the securities. | ||||
[2] | Represents the credit component of the other-than-temporary impairment on securities |
INVESTMENTS IN SECURITIES - Add
INVESTMENTS IN SECURITIES - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of available-for-sale securities | $ 0 | $ 3,300,000 | |
Gross realized gains | 68,000 | ||
Tax expenses applicable to net realized gains | $ 28,000 | ||
Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of available-for-sale securities | $ 3,300,000 | ||
Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of stockholders' equity | 10.00% | 10.00% |
LOANS - Schedule of Loan (Detai
LOANS - Schedule of Loan (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 160,547 | $ 144,417 | ||
Net deferred loan origination fees, costs and discounts | 102 | 100 | ||
Allowance for loan losses | (803) | (743) | $ (742) | $ (742) |
Net loans | 159,846 | 143,774 | ||
One-to Four-Family Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 101,123 | 96,440 | ||
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 18,836 | 17,401 | ||
Multi-Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 12,562 | 10,171 | ||
Home Equity Loans and Lines of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 2,121 | 2,854 | ||
Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 17,556 | 12,072 | ||
Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 4,661 | 3,012 | ||
Allowance for loan losses | (19) | (8) | (25) | (16) |
Consumer Line of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 23 | 21 | ||
Other Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 3,665 | 2,446 | ||
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 101,123 | 96,440 | ||
Allowance for loan losses | (347) | (362) | (278) | (323) |
Real Estate Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 18,836 | 17,401 | ||
Allowance for loan losses | (135) | (134) | (172) | (195) |
Real Estate Loans [Member] | Multi-Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 12,562 | 10,171 | ||
Allowance for loan losses | (41) | (36) | (52) | (51) |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 2,121 | 2,854 | ||
Allowance for loan losses | (22) | (27) | (25) | (30) |
Real Estate Loans [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 17,556 | 12,072 | ||
Allowance for loan losses | (202) | (121) | (79) | (49) |
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 23 | 21 | ||
Allowance for loan losses | (1) | (1) | (1) | (1) |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 3,665 | 2,446 | ||
Allowance for loan losses | $ (34) | $ (20) | $ (16) | $ (20) |
LOANS - Schedule of Allowance f
LOANS - Schedule of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | $ 743 | $ 742 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | $ 38 | $ 0 | 60 | 0 | |
Ending balance | 803 | 742 | 803 | 742 | |
Individually evaluated for impairment | 28 | 28 | $ 37 | ||
Collectively evaluated for impairment | 775 | 775 | 706 | ||
Total allowance for loan losses ending balance | 803 | 803 | 743 | ||
Individually evaluated for impairment | 7,261 | 7,261 | 7,320 | ||
Collectively evaluated for impairment | 153,286 | 153,286 | 137,097 | ||
Total | 160,547 | 160,547 | 144,417 | ||
One-to Four-Family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total | 101,123 | 101,123 | 96,440 | ||
Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total | 18,836 | 18,836 | 17,401 | ||
Multi-Family [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total | 12,562 | 12,562 | 10,171 | ||
Home Equity Loans and Lines of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total | 2,121 | 2,121 | 2,854 | ||
Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total | 17,556 | 17,556 | 12,072 | ||
Commercial and Industrial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 8 | 16 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | 11 | 9 | |||
Ending balance | 19 | 25 | 19 | 25 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 19 | 19 | 8 | ||
Total allowance for loan losses ending balance | 19 | 19 | 8 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 4,661 | 4,661 | 3,012 | ||
Total | 4,661 | 4,661 | 3,012 | ||
Consumer Line of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total | 23 | 23 | 21 | ||
Other Consumer Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total | 3,665 | 3,665 | 2,446 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 34 | 57 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | (32) | 37 | |||
Ending balance | 2 | 94 | 2 | 94 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 2 | 2 | 34 | ||
Total allowance for loan losses ending balance | 2 | 2 | 34 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 362 | 323 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | (15) | (45) | |||
Ending balance | 347 | 278 | 347 | 278 | |
Individually evaluated for impairment | 28 | 28 | 37 | ||
Collectively evaluated for impairment | 319 | 319 | 325 | ||
Total allowance for loan losses ending balance | 347 | 347 | 362 | ||
Individually evaluated for impairment | 6,517 | 6,517 | 6,572 | ||
Collectively evaluated for impairment | 94,606 | 94,606 | 89,868 | ||
Total | 101,123 | 101,123 | 96,440 | ||
Real Estate Loans [Member] | Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 134 | 195 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | 1 | (23) | |||
Ending balance | 135 | 172 | 135 | 172 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 135 | 135 | 134 | ||
Total allowance for loan losses ending balance | 135 | 135 | 134 | ||
Individually evaluated for impairment | 691 | 691 | 695 | ||
Collectively evaluated for impairment | 18,145 | 18,145 | 16,706 | ||
Total | 18,836 | 18,836 | 17,401 | ||
Real Estate Loans [Member] | Multi-Family [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 36 | 51 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | 5 | 1 | |||
Ending balance | 41 | 52 | 41 | 52 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 41 | 41 | 36 | ||
Total allowance for loan losses ending balance | 41 | 41 | 36 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 12,562 | 12,562 | 10,171 | ||
Total | 12,562 | 12,562 | 10,171 | ||
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 27 | 30 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | (5) | (5) | |||
Ending balance | 22 | 25 | 22 | 25 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 22 | 22 | 27 | ||
Total allowance for loan losses ending balance | 22 | 22 | 27 | ||
Individually evaluated for impairment | 53 | 53 | 53 | ||
Collectively evaluated for impairment | 2,068 | 2,068 | 2,801 | ||
Total | 2,121 | 2,121 | 2,854 | ||
Real Estate Loans [Member] | Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 121 | 49 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | 81 | 30 | |||
Ending balance | 202 | 79 | 202 | 79 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 202 | 202 | 121 | ||
Total allowance for loan losses ending balance | 202 | 202 | 121 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 17,556 | 17,556 | 12,072 | ||
Total | 17,556 | 17,556 | 12,072 | ||
Consumer Loans [Member] | Consumer Line of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 1 | 1 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | 0 | 0 | |||
Ending balance | 1 | 1 | 1 | 1 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1 | 1 | 1 | ||
Total allowance for loan losses ending balance | 1 | 1 | 1 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 23 | 23 | 21 | ||
Total | 23 | 23 | 21 | ||
Consumer Loans [Member] | Other Consumer Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 20 | 20 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
(Benefit) provision | 14 | (4) | |||
Ending balance | 34 | $ 16 | 34 | $ 16 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 34 | 34 | 20 | ||
Total allowance for loan losses ending balance | 34 | 34 | 20 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 3,665 | 3,665 | 2,446 | ||
Total | $ 3,665 | $ 3,665 | $ 2,446 |
LOANS - Schedule of Nonaccrual
LOANS - Schedule of Nonaccrual Loans and Past-Due Loans (Detail) - Financial Instruments [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,742 | $ 3,121 |
Total Current | 157,805 | 141,296 |
Total | 160,547 | 144,417 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 1,414 | 1,419 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 53 | 53 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,296 | 1,675 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,393 | 1,393 |
One-to Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,496 | 2,121 |
Total Current | 98,627 | 94,319 |
Total | 101,123 | 96,440 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 1,414 | 1,419 |
One-to Four-Family Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
One-to Four-Family Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,103 | 728 |
One-to Four-Family Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,393 | 1,393 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 18,836 | 17,401 |
Total | 18,836 | 17,401 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 938 |
Total Current | 12,562 | 9,233 |
Total | 12,562 | 10,171 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Multi-Family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-Family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 938 |
Multi-Family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 231 | 53 |
Total Current | 1,890 | 2,801 |
Total | 2,121 | 2,854 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Home Equity Loans and Lines of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 53 | 53 |
Home Equity Loans and Lines of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 178 | 0 |
Home Equity Loans and Lines of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 17,556 | 12,072 |
Total | 17,556 | 12,072 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7 | 0 |
Total Current | 4,654 | 3,012 |
Total | 4,661 | 3,012 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and Industrial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7 | 0 |
Commercial and Industrial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 23 | 21 |
Total | 23 | 21 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Consumer Line of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Line of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Line of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8 | 9 |
Total Current | 3,657 | 2,437 |
Total | 3,665 | 2,446 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Other Consumer Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Other Consumer Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8 | 9 |
Other Consumer Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
LOANS - Schedule of Impaired Lo
LOANS - Schedule of Impaired Loan (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | $ 6,689 | $ 6,739 |
With no related allowance recorded, Unpaid Principal Balance | 6,689 | 6,739 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 6,712 | 6,293 |
With no related allowance recorded, Interest Income Recognized | 131 | 276 |
With an allowance recorded, Recorded Investment | 572 | 581 |
With an allowance recorded, Unpaid Principal Balance | 572 | 581 |
With an allowance recorded, Related Allowance | 28 | 37 |
With an allowance recorded, Average Recorded Investment | 575 | 589 |
With an allowance recorded, Interest Income Recognized | 11 | 22 |
Total, Recorded Investment | 7,261 | 7,320 |
Total, Unpaid Principal Balance | 7,261 | 7,320 |
Total, Related Allowance | 28 | 37 |
Total, Average Recorded Investment | 7,287 | 6,882 |
Total, Interest Income Recognized | 142 | 298 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 5,945 | 5,991 |
With no related allowance recorded, Unpaid Principal Balance | 5,945 | 5,991 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 5,966 | 5,586 |
With no related allowance recorded, Interest Income Recognized | 108 | 226 |
With an allowance recorded, Recorded Investment | 572 | 581 |
With an allowance recorded, Unpaid Principal Balance | 572 | 581 |
With an allowance recorded, Related Allowance | 28 | 37 |
With an allowance recorded, Average Recorded Investment | 575 | 589 |
With an allowance recorded, Interest Income Recognized | 11 | 22 |
Total, Recorded Investment | 6,517 | 6,572 |
Total, Unpaid Principal Balance | 6,517 | 6,572 |
Total, Related Allowance | 28 | 37 |
Total, Average Recorded Investment | 6,541 | 6,175 |
Total, Interest Income Recognized | 119 | 248 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 691 | 695 |
With no related allowance recorded, Unpaid Principal Balance | 691 | 695 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 693 | 699 |
With no related allowance recorded, Interest Income Recognized | 22 | 50 |
With an allowance recorded, Recorded Investment | 0 | 0 |
With an allowance recorded, Unpaid Principal Balance | 0 | 0 |
With an allowance recorded, Related Allowance | 0 | 0 |
With an allowance recorded, Average Recorded Investment | 0 | 0 |
With an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 691 | 695 |
Total, Unpaid Principal Balance | 691 | 695 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 693 | 699 |
Total, Interest Income Recognized | 22 | 50 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 53 | 53 |
With no related allowance recorded, Unpaid Principal Balance | 53 | 53 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 53 | 8 |
With no related allowance recorded, Interest Income Recognized | 1 | 0 |
With an allowance recorded, Recorded Investment | 0 | 0 |
With an allowance recorded, Unpaid Principal Balance | 0 | 0 |
With an allowance recorded, Related Allowance | 0 | 0 |
With an allowance recorded, Average Recorded Investment | 0 | 0 |
With an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 53 | 53 |
Total, Unpaid Principal Balance | 53 | 53 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 53 | 8 |
Total, Interest Income Recognized | $ 1 | $ 0 |
LOANS - Schedule of Loans by Ri
LOANS - Schedule of Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | $ 160,547 | $ 144,417 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 51,993 | 41,023 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 3,141 | 3,165 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,324 | 2,331 |
Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 103,089 | 97,898 |
One-to Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 101,123 | 96,440 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 18,836 | 17,401 |
Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 12,562 | 10,171 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,121 | 2,854 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 17,556 | 12,072 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 4,661 | 3,012 |
Commercial and Industrial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 4,661 | 3,012 |
Commercial and Industrial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Commercial and Industrial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Commercial and Industrial Loans [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 23 | 21 |
Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 3,665 | 2,446 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 101,123 | 96,440 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,397 | 2,417 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 1,393 | 1,393 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 97,333 | 92,630 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 18,836 | 17,401 |
Real Estate Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 18,145 | 16,706 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 691 | 695 |
Real Estate Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | |
Real Estate Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 12,562 | 10,171 |
Real Estate Loans [Member] | Multi-Family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 11,631 | 9,233 |
Real Estate Loans [Member] | Multi-Family [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 931 | 938 |
Real Estate Loans [Member] | Multi-Family [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,121 | 2,854 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 53 | 53 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,068 | 2,801 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 17,556 | 12,072 |
Real Estate Loans [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 17,556 | 12,072 |
Real Estate Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 23 | 21 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 23 | 21 |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 3,665 | 2,446 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | $ 3,665 | $ 2,446 |
LOANS - Additional Information
LOANS - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Loans serviced for others | $ 19.5 | $ 17.6 |
DEPOSITS - Summary of Scheduled
DEPOSITS - Summary of Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
2,016 | $ 33,794 |
2,017 | 12,029 |
2,018 | 16,109 |
2,019 | 1,966 |
2,020 | 1,257 |
Total | $ 65,155 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Aggregate amount of time deposit accounts in denominations of $100,000 or more | $ 38.9 | $ 38.7 |
Aggregate amount of time deposit accounts in denominations of $250,000 or more | $ 15.8 | $ 15.7 |
FEDERAL HOME LOAN BANK ADVANC43
FEDERAL HOME LOAN BANK ADVANCES - Summary of Maturities of Advances from the Federal Home Loan Bank ("FHLB") of Boston (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
2,016 | $ 3,500 | |
2,017 | 2,500 | |
2,018 | 3,000 | |
Maturities of advances from FHLB, total | $ 9,000 | $ 5,000 |
FEDERAL HOME LOAN BANK ADVANC44
FEDERAL HOME LOAN BANK ADVANCES - Additional Information (Detail) - Jun. 30, 2015 | Total |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Weighted-average interest rate | 0.80% |
Borrowings from FHLB, description | Borrowings from the FHLB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets. |
Minimum [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Interest rates | 0.24% |
Maximum [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Interest rates | 2.03% |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 13,476 | $ 11,767 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 13,476 | 11,767 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Debt Securities Issued by U.S. Government Corporations and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,779 | 1,975 |
Debt Securities Issued by U.S. Government Corporations and Agencies [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Debt Securities Issued by U.S. Government Corporations and Agencies [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,779 | 1,975 |
Debt Securities Issued by U.S. Government Corporations and Agencies [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,945 | 3,233 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,945 | 3,233 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 7,752 | 6,559 |
Mortgage-Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 7,752 | 6,559 |
Mortgage-Backed Securities [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Sum46
FAIR VALUE MEASUREMENTS - Summary of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 544 | $ 544 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 544 | 544 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 544 | 544 |
Impaired Loans [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Impaired Loans [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Impaired Loans [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 544 | $ 544 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Estimated Fair Values of Financial Instruments Held or Issued for Purposes Other Than Trading (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financial assets: | ||||
Cash and cash equivalents | $ 6,897 | $ 18,295 | $ 11,288 | $ 8,991 |
Interest-bearing time deposits with other banks | 1,080 | 2,575 | ||
Available-for-sale securities | 13,476 | 11,767 | ||
Held-to-maturity securities | 133 | 149 | ||
Federal Home Loan Bank stock | 831 | 694 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 159,846 | 143,774 | ||
Accrued interest receivable | 455 | 447 | ||
Financial liabilities: | ||||
Deposits | 151,703 | 151,010 | ||
FHLB advances | 9,000 | 5,000 | ||
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 6,897 | 18,295 | ||
Interest-bearing time deposits with other banks | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Federal Home Loan Bank stock | 831 | 694 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 455 | 447 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
FHLB advances | 0 | 0 | ||
Significant Other Observable Inputs Level 2 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Interest-bearing time deposits with other banks | 1,081 | 2,578 | ||
Available-for-sale securities | 13,476 | 11,767 | ||
Held-to-maturity securities | 175 | 196 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Investment in The Co-operative Central Reserve Fund | 0 | 0 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Financial liabilities: | ||||
Deposits | 152,290 | 151,638 | ||
FHLB advances | 8,987 | 5,006 | ||
Significant Unobservable Inputs Level 3 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Interest-bearing time deposits with other banks | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Investment in The Co-operative Central Reserve Fund | 0 | 0 | ||
Loans, net | 162,415 | 146,705 | ||
Accrued interest receivable | 0 | 0 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
FHLB advances | 0 | 0 | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 6,897 | 18,295 | ||
Interest-bearing time deposits with other banks | 1,080 | 2,575 | ||
Available-for-sale securities | 13,476 | 11,767 | ||
Held-to-maturity securities | 133 | 149 | ||
Federal Home Loan Bank stock | 831 | 694 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 159,846 | 143,774 | ||
Accrued interest receivable | 455 | 447 | ||
Financial liabilities: | ||||
Deposits | 151,703 | 151,010 | ||
FHLB advances | 9,000 | 5,000 | ||
Estimated Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 6,897 | 18,295 | ||
Interest-bearing time deposits with other banks | 1,081 | 2,578 | ||
Available-for-sale securities | 13,476 | 11,767 | ||
Held-to-maturity securities | 175 | 196 | ||
Federal Home Loan Bank stock | 831 | 694 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 162,415 | 146,705 | ||
Accrued interest receivable | 455 | 447 | ||
Financial liabilities: | ||||
Deposits | 152,290 | 151,638 | ||
FHLB advances | $ 8,987 | $ 5,006 |
REGULATORY CAPITAL - Schedule o
REGULATORY CAPITAL - Schedule of Bank's Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Regulatory Capital | |||
Total Shareholders' Equity | $ 21,612 | $ 21,347 | |
Add (deduct): Net unrealized losses on investment securities | 80 | 51 | |
Other | 0 | 0 | |
Common Equity Tier 1 Capital | 21,692 | ||
Tier 1 Capital | 21,692 | 21,398 | |
Allowable reserve for credit losses and unfunded commitments | 824 | 755 | |
Total Regulatory Capital | [1] | 22,516 | 22,153 |
Risk Weighted Assets | [1] | $ 133,375 | $ 101,078 |
Key Regulatory Ratios | |||
Common Equity Tier 1 Capital Ratio | [1] | 16.30% | |
Tier 1 Capital Ratio | [1] | 16.30% | 21.20% |
Total Capital Ratio | [1] | 16.90% | 21.90% |
Tier 1 Leverage Ratio | [1] | 11.40% | 11.70% |
[1] | June 30, 2015 capital levels and ratios were calculated under the new capital regulations, which became effective January 1, 2015 |
REGULATORY CAPITAL - Additional
REGULATORY CAPITAL - Additional Information (Detail) | Jun. 30, 2015 | Jan. 02, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier 1 capital to risk-weighted assets | [1] | 16.30% | 21.20% | |
Total capital to risk-weighted assets | [1] | 16.90% | 21.90% | |
Tier 1 Leverage Ratio | [1] | 11.40% | 11.70% | |
Financing receivable non-accrual status percentage | 100.00% | |||
Credit conversion factor for unused portion of commitments | 0.00% | |||
Risk weight for mortgage servicing and deferred tax assets | 100.00% | |||
Risk weight for equity exposures | 0.00% | |||
New Capital Regulations [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier 1 capital to risk-weighted assets | 4.50% | |||
Total capital to risk-weighted assets | 8.00% | |||
Common equity tier 1 capital required to be well capitalized to risk-weighted assets | 6.50% | |||
Capital required to be well capitalized to risk weighted assets | 10.00% | |||
Tier 1 leverage capital required to be well capitalized to average assets | 5.00% | |||
Tier 1 capital to risk-weighted assets, year one | 0.625% | |||
Tier 1 capital to risk-weighted assets, multiple period increase | 0.625% | |||
Tier 1 capital to risk-weighted assets, year four | 2.50% | |||
Financing receivable non-accrual status percentage | 150.00% | |||
Credit conversion factor for unused portion of commitments | 20.00% | |||
Risk weight for mortgage servicing and deferred tax assets | 250.00% | |||
Risk weight for equity exposures | 600.00% | |||
Minimum [Member] | New Capital Regulations [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier 1 capital to risk-weighted assets | 4.00% | |||
Tier 1 Leverage Ratio | 4.00% | |||
Tier 1 capital required to be well capitalized to risk-weighted assets | 6.00% | |||
Maximum [Member] | New Capital Regulations [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier 1 capital to risk-weighted assets | 6.00% | |||
Tier 1 capital required to be well capitalized to risk-weighted assets | 8.00% | |||
[1] | June 30, 2015 capital levels and ratios were calculated under the new capital regulations, which became effective January 1, 2015 |