Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 15-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PLRM | |
Entity Registrant Name | Pilgrim Bancshares, Inc. | |
Entity Central Index Key | 1601347 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,247,589 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $1,748 | $1,938 |
Interest-bearing demand deposits with other banks | 8,477 | 16,357 |
Total cash and cash equivalents | 10,225 | 18,295 |
Interest-bearing time deposits with other banks | 2,575 | 2,575 |
Investments in available-for-sale securities (at fair value) | 13,336 | 11,767 |
Investments in held-to-maturity securities (fair value of $185 at March 31, 2015, and $196 at December 31, 2014) | 140 | 149 |
Federal Home Loan Bank stock, at cost | 766 | 694 |
Investment in The Co-operative Central Reserve Fund, at cost | 384 | 384 |
Loans, net of allowance for loan losses of $765 at March 31, 2015, and $743 at December 31, 2014 | 150,503 | 143,774 |
Premises and equipment, net | 5,367 | 5,409 |
Investment in real estate, net | 1,612 | 1,623 |
Accrued interest receivable | 479 | 447 |
Deferred income tax asset, net | 387 | 410 |
Bank-owned life insurance | 2,242 | 2,230 |
Other assets | 251 | 278 |
Total assets | 188,267 | 188,035 |
Deposits: | ||
Noninterest-bearing | 13,732 | 13,978 |
Interest-bearing | 136,386 | 137,032 |
Total deposits | 150,118 | 151,010 |
Federal Home Loan Bank advances | 6,000 | 5,000 |
Other liabilities | 405 | 423 |
Total liabilities | 156,523 | 156,433 |
Stockholders' equity: | ||
Common stock $.01 par value per share: 10,000,000 shares authorized, 2,247,589 shares issued at March 31, 2015 and December 31, 2014 | 22 | 22 |
Additional paid-in capital | 20,755 | 20,770 |
Retained earnings | 12,700 | 12,599 |
Unearned compensation - ESOP (172,315 shares unallocated at March 31, 2015 and 173,813 shares unallocated at December 31, 2014) | -1,723 | -1,738 |
Accumulated other comprehensive loss | -10 | -51 |
Total stockholders' equity | 31,744 | 31,602 |
Total liabilities and stockholders' equity | $188,267 | $188,035 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, fair value | $185 | $196 |
Allowance for loan losses | $765 | $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 | 172,315 | 173,813 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest and dividend income: | ||
Interest and fees on loans | $1,534 | $1,466 |
Interest on debt securities: | ||
Taxable | 40 | 43 |
Tax-exempt | 18 | 23 |
Other interest and dividends | 14 | 11 |
Total interest and dividend income | 1,606 | 1,543 |
Interest expense: | ||
Interest on deposits | 241 | 246 |
Interest on Federal Home Loan Bank advances | 13 | 16 |
Total interest expense | 254 | 262 |
Net interest and dividend income | 1,352 | 1,281 |
Provision for loan losses | 22 | |
Net interest and dividend income after provision for loan losses | 1,330 | 1,281 |
Noninterest income: | ||
Service charges on deposit accounts | 28 | 30 |
Net gain on sales of securities | 5 | |
Gain on sales of loans, net | 32 | 15 |
Rental income | 68 | 59 |
Other income | 31 | 30 |
Total noninterest income | 159 | 139 |
Noninterest expense: | ||
Salaries and employee benefits | 772 | 715 |
Occupancy expense | 164 | 130 |
Equipment expense | 48 | 39 |
Data processing expense | 88 | 89 |
Professional fees | 92 | 67 |
FDIC assessment | 35 | 36 |
Communications expense | 28 | 28 |
Advertising and public relations expense | 15 | 16 |
Insurance expense | 20 | 17 |
Supplies expense | 16 | 18 |
Other expense | 66 | 54 |
Total noninterest expense | 1,344 | 1,209 |
Income before income taxes | 145 | 211 |
Income tax expense | 44 | 85 |
Net income | $101 | $126 |
Weighted-average number of common shares outstanding: | ||
Basic | 2,074,525 | |
Diluted | 2,074,525 | |
Earnings per share: | ||
Basic | $0.05 | |
Diluted | $0.05 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $101 | $126 | |
Other comprehensive income, net of tax: | |||
Net unrealized holding gain on available-for-sale securities | 64 | 157 | |
Reclassification adjustment for net realized gains in net income | -5 | [1] | |
Other comprehensive income before income tax effect | 64 | 152 | |
Income tax expense | -23 | -56 | |
Other comprehensive income, net of tax | 41 | 96 | |
Comprehensive income | $142 | $222 | |
[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 and calls 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_Cha
Consolidated Statements of Changes In Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Compensation - ESOP [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2013 | $12,504 | $12,718 | ($214) | |||
Net income | 126 | 126 | ||||
Other comprehensive income, net of tax effect | 96 | 96 | ||||
Ending Balance at Mar. 31, 2014 | 12,726 | 12,844 | -118 | |||
Beginning Balance at Dec. 31, 2014 | 31,602 | 22 | 20,770 | 12,599 | -1,738 | -51 |
Beginning Balance, Shares at Dec. 31, 2014 | 2,247,589,000 | |||||
Net income | 101 | 101 | ||||
Common stock held by ESOP committed to be allocated (1,498 shares) | 16 | 1 | 15 | |||
Other comprehensive income, net of tax effect | 41 | 41 | ||||
Issuance costs related to initial public offering | -16 | -16 | ||||
Ending Balance at Mar. 31, 2015 | $31,744 | $22 | $20,755 | $12,700 | ($1,723) | ($10) |
Ending Balance , Shares at Mar. 31, 2015 | 2,247,589 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) (Common Stock [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Common Stock [Member] | |
Number of shares committed to be allocated | 1,498 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $101 | $126 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 22 | |
Capitalized interest - interest-bearing time deposits | -1 | |
Amortization of securities, net | 20 | 20 |
Net gain on sales of securities | -5 | |
Loans originated for sale | -970 | -499 |
Proceeds from sales of loans originated for sale | 1,002 | 514 |
Gain on sales of loans | -32 | -15 |
Change in deferred origination fees, costs and discounts, excluding purchase discounts | -3 | -5 |
Depreciation and amortization | 88 | 81 |
Increase in accrued interest receivable | -32 | -38 |
Decrease (increase) in other assets | 27 | -426 |
Increase in prepaid expenses | -37 | -69 |
Decrease in income taxes receivable | 37 | 52 |
Deferred tax benefit | 9 | |
Increase in bank-owned life insurance | -12 | -12 |
Stock based compensation expense | 16 | |
Decrease in other liabilities | -26 | -13 |
Increase in income taxes payable | 21 | |
Increase (decrease) in accrued expenses | 8 | -62 |
Net cash provided by (used in) operating activities | 209 | -322 |
Cash flows from investing activities: | ||
Proceeds from redemption and maturities of interest-bearing time deposits | 747 | |
Purchase of Federal Home Loan Bank stock | -72 | -8 |
Purchases of available-for-sale securities | -2,084 | |
Proceeds from maturities of available-for-sale securities | 251 | 286 |
Proceeds from sales of available-for-sale securities | 0 | 787 |
Principal payments received on available-for-sale securities | 306 | |
Principal payments received on held-to-maturity securities | 11 | 14 |
Loan principal collections and originations, net | -6,704 | 473 |
Loans purchased | -1,694 | |
Loan participations sold | 1,650 | |
Capital expenditures | -35 | -13 |
Net cash (used in) provided by investing activities | -8,371 | 2,286 |
Cash flows from financing activities: | ||
Net increase (decrease) in demand deposits, NOW and savings accounts | 660 | -6,162 |
Net (decrease) increase in time deposits | -1,552 | 1,809 |
Payments on Federal Home Loan Bank long-term advances | -500 | |
Federal Home Loan Bank long-term advances received | 3,000 | |
Net change in short-term Federal Home Loan Bank advances | -1,500 | 2,000 |
Issuance costs related to initial public offering | -16 | |
Net cash provided by (used in) financing activities | 92 | -2,353 |
Net decrease in cash and cash equivalents | -8,070 | -389 |
Cash and cash equivalents at beginning of period | 18,295 | 8,991 |
Cash and cash equivalents at end of period | 10,225 | 8,602 |
Supplemental disclosures: | ||
Interest paid | 252 | 262 |
Income taxes paid | $7 | $3 |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 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 shares of common stock, including 179,807 shares to a newly established employee stock ownership plan, at an offering price of $10 per share, and issued an additional 65,464 shares of its common stock to the Pilgrim Bank Foundation (the “Foundation”), resulting in an aggregate issuance of 2,247,589 shares of common stock. The Foundation supports charitable causes and community development activities in the Bank’s area of operations. The net proceeds from the stock offering, net of offering costs of $1,685,000, amounted to $20,136,000. The Company’s stock began trading on October 13, 2014 under the symbol PLRM on the OTC Pink Marketplace operated by OTC Market Group. | |
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 | 3 Months Ended |
Mar. 31, 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 March 31, 2015 and for the interim periods ended March 31, 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 three months ended March 31, 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_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 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. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. 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. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 3 Months Ended | ||||
Mar. 31, 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. | |||||
EPS for the three months ended March 31, 2015 has been computed based on the following: | |||||
Three Months Ended | |||||
March 31, 2015 | |||||
Net income (In thousands) | $ | 101 | |||
Basic common shares: | |||||
Weighted average shares outstanding | 2,247,589 | ||||
Less: Weighted average unallocated ESOP shares | (173,064 | ) | |||
Basic weighted average shares outstanding | 2,074,525 | ||||
Basic earnings per share | $ | 0.05 | |||
Diluted earnings per share (1) | $ | 0.05 | |||
-1 | No diluted potential common shares |
Investments_in_Securities
Investments in Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 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. The amortized cost of securities and their approximate fair values are as follows: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Basis | Gains | Losses | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||
Debt securities issued by U.S. government corporations and agencies | $ | 2,485 | $ | 22 | $ | 4 | $ | 2,503 | |||||||||||||||||
Debt securities issued by states of the United States and political subdivisions of the states | 3,002 | 13 | 28 | 2,987 | |||||||||||||||||||||
Mortgage-backed securities | 7,867 | 36 | 57 | 7,846 | |||||||||||||||||||||
$ | 13,354 | $ | 71 | $ | 89 | $ | 13,336 | ||||||||||||||||||
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 | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Basis | Gains | Losses | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 140 | $ | 46 | $ | 1 | $ | 185 | |||||||||||||||||
$ | 140 | $ | 46 | $ | 1 | $ | 185 | ||||||||||||||||||
December 31, 2014 : | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 149 | $ | 47 | $ | — | $ | 196 | |||||||||||||||||
$ | 149 | $ | 47 | $ | — | $ | 196 | ||||||||||||||||||
The scheduled maturities of debt securities were as follows as of March 31, 2015 (unaudited): | |||||||||||||||||||||||||
Available-For-Sale | Held-To-Maturity | ||||||||||||||||||||||||
Fair | Amortized | Fair | |||||||||||||||||||||||
Value | Cost | Value | |||||||||||||||||||||||
Basis | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Due within one year | $ | 115 | $ | — | $ | — | |||||||||||||||||||
Due after one year through five years | 1,851 | — | — | ||||||||||||||||||||||
Due after five years through ten years | 2,338 | — | — | ||||||||||||||||||||||
Due after ten years | 1,186 | — | — | ||||||||||||||||||||||
Mortgage-backed securities | 7,846 | 140 | 185 | ||||||||||||||||||||||
$ | 13,336 | $ | 140 | $ | 185 | ||||||||||||||||||||
There were no sales of available-for-sale securities during the three months ended March 31, 2015 (unaudited). Proceeds from sales of available-for-sale securities during the three months ended March 31, 2014 (unaudited) were $787,000 with gross realized gains of $5,000 and no gross realized losses. The tax expense applicable to the net realized gains for the three month period ended March 31, 2014 (unaudited) amounted to $2,000. | |||||||||||||||||||||||||
As of March 31, 2015 (unaudited) and December 31, 2014, there were no securities whose aggregate carrying amount exceeded 10% of stockholders’ equity. | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
March 31, 2015 (unaudited) : | |||||||||||||||||||||||||
Debt securities issued by U.S. government corporations and agencies | $ | — | $ | — | $ | 496 | $ | 4 | $ | 496 | $ | 4 | |||||||||||||
Debt securities issued by states of the United States and political subdivisions of the states | 657 | 8 | 1,380 | 20 | 2,037 | 28 | |||||||||||||||||||
Mortgage-backed securities | 384 | 1 | 2,524 | 56 | 2,908 | 57 | |||||||||||||||||||
Total temporarily impaired securities | 1,041 | 9 | 4,400 | 80 | 5,441 | 89 | |||||||||||||||||||
Other-than-temporarily impaired securities: | |||||||||||||||||||||||||
Mortgage-backed securities | — | — | 2 | 1 | 2 | 1 | |||||||||||||||||||
Total temporarily impaired and other-than-temporarily impaired securities | $ | 1,041 | $ | 9 | $ | 4,402 | $ | 81 | $ | 5,443 | $ | 90 | |||||||||||||
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 March 31, 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. | |||||||||||||||||||||||||
There were no other-than-temporary impairment losses on securities for the three months ended March 31, 2015 and 2014 (unaudited). |
Loans
Loans | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Loans | NOTE 6 - LOANS | ||||||||||||||||||||||||||||||||||||||||
Loans consisted of the following: | |||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One-to four- family residential | $ | 97,557 | $ | 96,440 | |||||||||||||||||||||||||||||||||||||
Commercial | 17,535 | 17,401 | |||||||||||||||||||||||||||||||||||||||
Multi-family | 12,103 | 10,171 | |||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 2,450 | 2,854 | |||||||||||||||||||||||||||||||||||||||
Construction | 16,162 | 12,072 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | 3,126 | 3,012 | |||||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||
Consumer line of credit | 28 | 21 | |||||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,204 | 2,446 | |||||||||||||||||||||||||||||||||||||||
151,165 | 144,417 | ||||||||||||||||||||||||||||||||||||||||
Net deferred loan origination fees, costs and discounts | 103 | 100 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (765 | ) | (743 | ) | |||||||||||||||||||||||||||||||||||||
Net loans | $ | 150,503 | $ | 143,774 | |||||||||||||||||||||||||||||||||||||
The following tables set forth information regarding the allowance for loan losses as of and for the three months ended March 31, 2015 and 2014 (unaudited) and at December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
Real Estate: | Consumer | ||||||||||||||||||||||||||||||||||||||||
One- | Commercial | Multi-family | Home Equity | Construction | Commercial | Consumer | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||
to four- | Loans and | and | Line of | Consumer | |||||||||||||||||||||||||||||||||||||
family | Lines of | Industrial | Credit | ||||||||||||||||||||||||||||||||||||||
Residential | Credit | Loans | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 362 | $ | 134 | $ | 36 | $ | 27 | $ | 121 | $ | 8 | $ | 1 | $ | 20 | $ | 34 | $ | 743 | |||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(Benefit) provision | (22 | ) | (16 | ) | 6 | (3 | ) | 65 | 3 | — | 2 | (13 | ) | 22 | |||||||||||||||||||||||||||
Ending balance | $ | 340 | $ | 118 | $ | 42 | $ | 24 | $ | 186 | $ | 11 | $ | 1 | $ | 22 | $ | 21 | $ | 765 | |||||||||||||||||||||
Three months ended March 31, 2014 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 323 | $ | 195 | $ | 51 | $ | 30 | $ | 49 | $ | 16 | $ | 1 | $ | 20 | $ | 57 | $ | 742 | |||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(Benefit) provision | (7 | ) | (20 | ) | 4 | (5 | ) | 34 | 4 | 16 | (19 | ) | (7 | ) | — | ||||||||||||||||||||||||||
Ending balance | $ | 316 | $ | 175 | $ | 55 | $ | 25 | $ | 83 | $ | 20 | $ | 17 | $ | 1 | $ | 50 | $ | 742 | |||||||||||||||||||||
At March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 31 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 309 | 118 | 42 | 24 | 186 | 11 | 1 | 22 | 21 | 734 | |||||||||||||||||||||||||||||||
Total allowance for loan losses ending balance | $ | 340 | $ | 118 | $ | 42 | $ | 24 | $ | 186 | $ | 11 | $ | 1 | $ | 22 | $ | 21 | $ | 765 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,548 | $ | 693 | $ | — | $ | 53 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,294 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 91,009 | 16,842 | 12,103 | 2,397 | 16,162 | 3,126 | 28 | 2,204 | — | 143,871 | |||||||||||||||||||||||||||||||
Total loans ending balance | $ | 97,557 | $ | 17,535 | $ | 12,103 | $ | 2,450 | $ | 16,162 | $ | 3,126 | $ | 28 | $ | 2,204 | $ | — | $ | 151,165 | |||||||||||||||||||||
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 | |||||||||||||||||||||
The following tables set forth information regarding nonaccrual loans and past-due loans at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Total | Total | 90 Days | Nonaccrual | ||||||||||||||||||||||||||||||||||
or More | Past Due | Current | or More | Loans | |||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||
and Accruing | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 522 | $ | — | $ | 1,393 | $ | 1,915 | $ | 95,642 | $ | 97,557 | $ | — | $ | 1,417 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 17,535 | 17,535 | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 12,103 | 12,103 | — | — | |||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 102 | 53 | — | 155 | 2,295 | 2,450 | — | — | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 16,162 | 16,162 | — | — | |||||||||||||||||||||||||||||||||
Commercial and industrial loans | 8 | — | — | 8 | 3,118 | 3,126 | — | — | |||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||
Consumer line of credit | — | — | — | — | 28 | 28 | — | — | |||||||||||||||||||||||||||||||||
Other consumer | 1 | — | — | 1 | 2,203 | 2,204 | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 633 | $ | 53 | $ | 1,393 | $ | 2,079 | $ | 149,086 | $ | 151,165 | $ | — | $ | 1,417 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Information about loans that meet the definition of an impaired loan in ASC 310-10-35, “Receivables – Overall – Subsequent Measurement,” is as follows at March 31, 2015 and December 31, 2014 and the three months and year then ended, respectively. | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 5,972 | $ | 5,972 | $ | — | $ | 5,977 | $ | 44 | |||||||||||||||||||||||||||||||
Commercial | 693 | 693 | — | 694 | 11 | ||||||||||||||||||||||||||||||||||||
Home equity line of credit | 53 | 53 | — | 53 | — | ||||||||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 6,718 | $ | 6,718 | $ | — | $ | 6,724 | $ | 55 | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 576 | $ | 576 | $ | 31 | $ | 578 | $ | 7 | |||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total impaired with an allowance recorded | $ | 576 | $ | 576 | $ | 31 | $ | 578 | $ | 7 | |||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 6,548 | $ | 6,548 | $ | 31 | $ | 6,555 | $ | 51 | |||||||||||||||||||||||||||||||
Commercial | 693 | 693 | — | 694 | 11 | ||||||||||||||||||||||||||||||||||||
Home equity line of credit | 53 | 53 | — | 53 | — | ||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 7,294 | $ | 7,294 | $ | 31 | $ | 7,302 | $ | 62 | |||||||||||||||||||||||||||||||
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 line 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 line 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 line of credit | 53 | 53 | — | 8 | — | ||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 7,320 | $ | 7,320 | $ | 37 | $ | 6,882 | $ | 298 | |||||||||||||||||||||||||||||||
The following tables present the Company’s loans by risk rating: | |||||||||||||||||||||||||||||||||||||||||
Real Estate: | Consumer | ||||||||||||||||||||||||||||||||||||||||
One- | Commercial | Multi-family | Home Equity | Construction | Commercial | Consumer | Other | Total | |||||||||||||||||||||||||||||||||
to four- | Loans and | and | Line of | Consumer | |||||||||||||||||||||||||||||||||||||
family | Lines of | Industrial | Credit | ||||||||||||||||||||||||||||||||||||||
Residential | Credit | Loans | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 16,842 | $ | 11,169 | $ | — | $ | 16,162 | $ | 3,126 | $ | — | $ | — | $ | 47,299 | |||||||||||||||||||||||
Special mention | 2,409 | 693 | — | 53 | — | — | — | — | 3,155 | ||||||||||||||||||||||||||||||||
Substandard | 1,393 | — | 934 | — | — | — | — | — | 2,327 | ||||||||||||||||||||||||||||||||
Loans not formally rated | 93,755 | — | — | 2,397 | — | — | 28 | 2,204 | 98,384 | ||||||||||||||||||||||||||||||||
Total | $ | 97,557 | $ | 17,535 | $ | 12,103 | $ | 2,450 | $ | 16,162 | $ | 3,126 | $ | 28 | $ | 2,204 | $ | 151,165 | |||||||||||||||||||||||
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 March 31, 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 three months ended March 31, 2015 and 2014 (unaudited), there were no loans modified as TDRs. As of March 31, 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 million and $17.6 million at March 31, 2015 (unaudited) and December 31, 2014, respectively. |
Deposits
Deposits | 3 Months Ended | ||||
Mar. 31, 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 March 31, 2015 (unaudited) and December 31, 2014 was $38.3 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 March 31, 2015 (unaudited) and December 31, 2014 was $15.2 million and $15.7 million, respectively. | |||||
For time deposits as of March 31, 2015 (unaudited), the scheduled maturities for each of the following five years ended March 31 are: | |||||
(In Thousands) | |||||
2016 | $ | 33,196 | |||
2017 | 10,236 | ||||
2018 | 15,079 | ||||
2019 | 5,303 | ||||
2020 | 1,117 | ||||
Total | $ | 64,931 | |||
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Banking and Thrift [Abstract] | |||||
Federal Home Loan Bank Advances | NOTE 8 - FEDERAL HOME LOAN BANK ADVANCES | ||||
Maturities of advances from the Federal Home Loan Bank of Boston (“FHLB”) for the years ending after March 31, 2015 (unaudited) are summarized as follows: | |||||
(In Thousands) | |||||
2016 | $ | 3,000 | |||
2017 | — | ||||
2018 | 3,000 | ||||
$ | 6,000 | ||||
Interest rates range from 0.24% to 2.03% with a weighted-average interest rate of 0.84% at March 31, 2015 (unaudited). | |||||
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 | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
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 March 31, 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 three months ended March 31, 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. | |||||||||||||||||||||
The following summarizes assets measured at fair value as of March 31, 2015 (unaudited) and December 31, 2014. | |||||||||||||||||||||
ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||
Debt securities issued by U.S. government corporations and agencies | $ | 2,503 | $ | — | $ | 2,503 | $ | — | |||||||||||||
Debt securities issued by states of the United States and political subdivisions of the states | 2,987 | — | 2,987 | — | |||||||||||||||||
Mortgage-backed securities | 7,846 | — | 7,846 | — | |||||||||||||||||
Totals | $ | 13,336 | $ | — | $ | 13,336 | $ | — | |||||||||||||
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. The following table presents assets carried on the consolidated balance sheets by caption and by level in the fair value hierarchy at March 31, 2015 (unaudited) and December 31, 2014, for which a nonrecurring change in fair value has been recorded: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||
Impaired loans | $ | 545 | $ | — | $ | — | $ | 545 | |||||||||||||
Totals | $ | 545 | $ | — | $ | — | $ | 545 | |||||||||||||
December 31, 2014: | |||||||||||||||||||||
Impaired loans | $ | 544 | $ | — | $ | — | $ | 544 | |||||||||||||
Totals | $ | 544 | $ | — | $ | — | $ | 544 | |||||||||||||
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: | |||||||||||||||||||||
March 31, 2015 (unaudited) | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 10,225 | $ | 10,225 | $ | — | $ | — | $ | 10,225 | |||||||||||
Interest-bearing time deposits with other banks | 2,575 | — | 2,577 | — | 2,577 | ||||||||||||||||
Available-for-sale securities | 13,336 | — | 13,336 | — | 13,336 | ||||||||||||||||
Held-to-maturity securities | 140 | — | 185 | — | 185 | ||||||||||||||||
Federal Home Loan Bank stock | 766 | 766 | — | — | 766 | ||||||||||||||||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | — | — | 384 | ||||||||||||||||
Loans, net | 150,503 | — | — | 154,266 | 154,266 | ||||||||||||||||
Accrued interest receivable | 479 | 479 | — | — | 479 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 150,118 | — | 150,715 | — | 150,715 | ||||||||||||||||
FHLB advances | 6,000 | — | 5,992 | — | 5,992 | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
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 March 31, 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 | 3 Months Ended | ||||||||
Mar. 31, 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%, increase the minimum Tier 1 capital to risk-weighted assets ratio to 6.0% from 4.0%, require a minimum total capital to risk-weighted assets ratio of 8.0% and require a minimum Tier 1 leverage ratio of 4.0%. CETI generally consists of common stock and retained earnings, subject to applicable adjustments and deductions. Under new prompt corrective action regulations, in order to be considered “well capitalized,” the Bank must maintain a CETI capital ratio of 6.5% (new) and a Tier 1 ratio of 8.0% (increased from 6.0%), a total risk based capital ratio of 10.0% (unchanged) and a Tier 1 leverage ratio of 5.0% (unchanged). In addition, the regulations establish a capital conservation buffer above the required capital ratios that phases in beginning January 1, 2016 at 0.625% of risk-weighted assets and increases each year by 0.625% until it is fully phased in at 2.5% effective January 1, 2019. Beginning January 1, 2016, failure to maintain the capital conservation buffer will limit the ability of the Bank and the Company to pay dividends, repurchase shares or pay discretionary bonuses. | |||||||||
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 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% from 100%, a credit conversion factor for the unused portion of commitments with maturities of less than one year that are not cancellable to 20% from 0%, an increase in the risk weight for mortgage servicing and deferred tax assets that are not deducted from capital to 250% from 100%, and an increase in the risk weight for equity exposures to 600% from 0%. | |||||||||
As of March 31, 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. | |||||||||
The Bank’s actual capital amounts and ratios are presented in the table below. | |||||||||
Regulatory Capital and Ratios | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
(Dollars In Thousands) | |||||||||
Regulatory Capital | |||||||||
Total Shareholders’ Equity | $ | 21,517 | $ | 21,347 | |||||
Add (deduct): Net unrealized losses on investment securities | 10 | 51 | |||||||
Other | (142 | ) | — | ||||||
Common Equity Tier 1 Capital | 21,385 | na | |||||||
Tier 1 Capital | 21,385 | 21,398 | |||||||
Allowable reserve for credit losses and unfunded commitments | 779 | 755 | |||||||
Total Regulatory Capital (1) | $ | 22,164 | $ | 22,153 | |||||
Risk Weighted Assets (1) | $ | 122,582 | $ | 101,078 | |||||
Key Regulatory Ratios (1) | |||||||||
Common Equity Tier 1 Capital Ratio | 17.5 | % | na | ||||||
Tier 1 Capital Ratio | 17.5 | 21.2 | % | ||||||
Total Capital Ratio | 18.1 | 21.9 | |||||||
Tier 1 Leverage Ratio | 11.3 | 11.7 | |||||||
-1 | March 31, 2015 capital levels and ratios were calculated under the new capital regulations, which became effective January 1, 2015 |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. 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. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. | |
Fair Value Measurements | 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_Tables
Earnings Per Share (EPS) (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Earnings Per Share [Abstract] | |||||
Summary of Earnings Per Share | EPS for the three months ended March 31, 2015 has been computed based on the following: | ||||
Three Months Ended | |||||
March 31, 2015 | |||||
Net income (In thousands) | $ | 101 | |||
Basic common shares: | |||||
Weighted average shares outstanding | 2,247,589 | ||||
Less: Weighted average unallocated ESOP shares | (173,064 | ) | |||
Basic weighted average shares outstanding | 2,074,525 | ||||
Basic earnings per share | $ | 0.05 | |||
Diluted earnings per share (1) | $ | 0.05 | |||
-1 | No diluted potential common shares |
Investments_in_Securities_Tabl
Investments in Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 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 | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Basis | Gains | Losses | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||
Debt securities issued by U.S. government corporations and agencies | $ | 2,485 | $ | 22 | $ | 4 | $ | 2,503 | |||||||||||||||||
Debt securities issued by states of the United States and political subdivisions of the states | 3,002 | 13 | 28 | 2,987 | |||||||||||||||||||||
Mortgage-backed securities | 7,867 | 36 | 57 | 7,846 | |||||||||||||||||||||
$ | 13,354 | $ | 71 | $ | 89 | $ | 13,336 | ||||||||||||||||||
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 | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Basis | Gains | Losses | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 140 | $ | 46 | $ | 1 | $ | 185 | |||||||||||||||||
$ | 140 | $ | 46 | $ | 1 | $ | 185 | ||||||||||||||||||
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 March 31, 2015 (unaudited): | ||||||||||||||||||||||||
Available-For-Sale | Held-To-Maturity | ||||||||||||||||||||||||
Fair | Amortized | Fair | |||||||||||||||||||||||
Value | Cost | Value | |||||||||||||||||||||||
Basis | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Due within one year | $ | 115 | $ | — | $ | — | |||||||||||||||||||
Due after one year through five years | 1,851 | — | — | ||||||||||||||||||||||
Due after five years through ten years | 2,338 | — | — | ||||||||||||||||||||||
Due after ten years | 1,186 | — | — | ||||||||||||||||||||||
Mortgage-backed securities | 7,846 | 140 | 185 | ||||||||||||||||||||||
$ | 13,336 | $ | 140 | $ | 185 | ||||||||||||||||||||
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) | |||||||||||||||||||||||||
March 31, 2015 (unaudited) : | |||||||||||||||||||||||||
Debt securities issued by U.S. government corporations and agencies | $ | — | $ | — | $ | 496 | $ | 4 | $ | 496 | $ | 4 | |||||||||||||
Debt securities issued by states of the United States and political subdivisions of the states | 657 | 8 | 1,380 | 20 | 2,037 | 28 | |||||||||||||||||||
Mortgage-backed securities | 384 | 1 | 2,524 | 56 | 2,908 | 57 | |||||||||||||||||||
Total temporarily impaired securities | 1,041 | 9 | 4,400 | 80 | 5,441 | 89 | |||||||||||||||||||
Other-than-temporarily impaired securities: | |||||||||||||||||||||||||
Mortgage-backed securities | — | — | 2 | 1 | 2 | 1 | |||||||||||||||||||
Total temporarily impaired and other-than-temporarily impaired securities | $ | 1,041 | $ | 9 | $ | 4,402 | $ | 81 | $ | 5,443 | $ | 90 | |||||||||||||
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 |
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Loans | Loans consisted of the following: | ||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One-to four- family residential | $ | 97,557 | $ | 96,440 | |||||||||||||||||||||||||||||||||||||
Commercial | 17,535 | 17,401 | |||||||||||||||||||||||||||||||||||||||
Multi-family | 12,103 | 10,171 | |||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 2,450 | 2,854 | |||||||||||||||||||||||||||||||||||||||
Construction | 16,162 | 12,072 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | 3,126 | 3,012 | |||||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||
Consumer line of credit | 28 | 21 | |||||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,204 | 2,446 | |||||||||||||||||||||||||||||||||||||||
151,165 | 144,417 | ||||||||||||||||||||||||||||||||||||||||
Net deferred loan origination fees, costs and discounts | 103 | 100 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (765 | ) | (743 | ) | |||||||||||||||||||||||||||||||||||||
Net loans | $ | 150,503 | $ | 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 three months ended March 31, 2015 and 2014 (unaudited) and at December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||
Real Estate: | Consumer | ||||||||||||||||||||||||||||||||||||||||
One- | Commercial | Multi-family | Home Equity | Construction | Commercial | Consumer | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||
to four- | Loans and | and | Line of | Consumer | |||||||||||||||||||||||||||||||||||||
family | Lines of | Industrial | Credit | ||||||||||||||||||||||||||||||||||||||
Residential | Credit | Loans | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 362 | $ | 134 | $ | 36 | $ | 27 | $ | 121 | $ | 8 | $ | 1 | $ | 20 | $ | 34 | $ | 743 | |||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(Benefit) provision | (22 | ) | (16 | ) | 6 | (3 | ) | 65 | 3 | — | 2 | (13 | ) | 22 | |||||||||||||||||||||||||||
Ending balance | $ | 340 | $ | 118 | $ | 42 | $ | 24 | $ | 186 | $ | 11 | $ | 1 | $ | 22 | $ | 21 | $ | 765 | |||||||||||||||||||||
Three months ended March 31, 2014 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 323 | $ | 195 | $ | 51 | $ | 30 | $ | 49 | $ | 16 | $ | 1 | $ | 20 | $ | 57 | $ | 742 | |||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(Benefit) provision | (7 | ) | (20 | ) | 4 | (5 | ) | 34 | 4 | 16 | (19 | ) | (7 | ) | — | ||||||||||||||||||||||||||
Ending balance | $ | 316 | $ | 175 | $ | 55 | $ | 25 | $ | 83 | $ | 20 | $ | 17 | $ | 1 | $ | 50 | $ | 742 | |||||||||||||||||||||
At March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 31 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 309 | 118 | 42 | 24 | 186 | 11 | 1 | 22 | 21 | 734 | |||||||||||||||||||||||||||||||
Total allowance for loan losses ending balance | $ | 340 | $ | 118 | $ | 42 | $ | 24 | $ | 186 | $ | 11 | $ | 1 | $ | 22 | $ | 21 | $ | 765 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,548 | $ | 693 | $ | — | $ | 53 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,294 | |||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 91,009 | 16,842 | 12,103 | 2,397 | 16,162 | 3,126 | 28 | 2,204 | — | 143,871 | |||||||||||||||||||||||||||||||
Total loans ending balance | $ | 97,557 | $ | 17,535 | $ | 12,103 | $ | 2,450 | $ | 16,162 | $ | 3,126 | $ | 28 | $ | 2,204 | $ | — | $ | 151,165 | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Total | Total | 90 Days | Nonaccrual | ||||||||||||||||||||||||||||||||||
or More | Past Due | Current | or More | Loans | |||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||
and Accruing | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 522 | $ | — | $ | 1,393 | $ | 1,915 | $ | 95,642 | $ | 97,557 | $ | — | $ | 1,417 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 17,535 | 17,535 | — | — | |||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 12,103 | 12,103 | — | — | |||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 102 | 53 | — | 155 | 2,295 | 2,450 | — | — | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 16,162 | 16,162 | — | — | |||||||||||||||||||||||||||||||||
Commercial and industrial loans | 8 | — | — | 8 | 3,118 | 3,126 | — | — | |||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||
Consumer line of credit | — | — | — | — | 28 | 28 | — | — | |||||||||||||||||||||||||||||||||
Other consumer | 1 | — | — | 1 | 2,203 | 2,204 | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 633 | $ | 53 | $ | 1,393 | $ | 2,079 | $ | 149,086 | $ | 151,165 | $ | — | $ | 1,417 | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 and the three months and year then ended, respectively. | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 5,972 | $ | 5,972 | $ | — | $ | 5,977 | $ | 44 | |||||||||||||||||||||||||||||||
Commercial | 693 | 693 | — | 694 | 11 | ||||||||||||||||||||||||||||||||||||
Home equity line of credit | 53 | 53 | — | 53 | — | ||||||||||||||||||||||||||||||||||||
Total impaired with no related allowance | $ | 6,718 | $ | 6,718 | $ | — | $ | 6,724 | $ | 55 | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 576 | $ | 576 | $ | 31 | $ | 578 | $ | 7 | |||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total impaired with an allowance recorded | $ | 576 | $ | 576 | $ | 31 | $ | 578 | $ | 7 | |||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 6,548 | $ | 6,548 | $ | 31 | $ | 6,555 | $ | 51 | |||||||||||||||||||||||||||||||
Commercial | 693 | 693 | — | 694 | 11 | ||||||||||||||||||||||||||||||||||||
Home equity line of credit | 53 | 53 | — | 53 | — | ||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 7,294 | $ | 7,294 | $ | 31 | $ | 7,302 | $ | 62 | |||||||||||||||||||||||||||||||
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 line 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 line 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 line 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- | Commercial | Multi-family | Home Equity | Construction | Commercial | Consumer | Other | Total | |||||||||||||||||||||||||||||||||
to four- | Loans and | and | Line of | Consumer | |||||||||||||||||||||||||||||||||||||
family | Lines of | Industrial | Credit | ||||||||||||||||||||||||||||||||||||||
Residential | Credit | Loans | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 16,842 | $ | 11,169 | $ | — | $ | 16,162 | $ | 3,126 | $ | — | $ | — | $ | 47,299 | |||||||||||||||||||||||
Special mention | 2,409 | 693 | — | 53 | — | — | — | — | 3,155 | ||||||||||||||||||||||||||||||||
Substandard | 1,393 | — | 934 | — | — | — | — | — | 2,327 | ||||||||||||||||||||||||||||||||
Loans not formally rated | 93,755 | — | — | 2,397 | — | — | 28 | 2,204 | 98,384 | ||||||||||||||||||||||||||||||||
Total | $ | 97,557 | $ | 17,535 | $ | 12,103 | $ | 2,450 | $ | 16,162 | $ | 3,126 | $ | 28 | $ | 2,204 | $ | 151,165 | |||||||||||||||||||||||
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) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Banking and Thrift [Abstract] | |||||
Summary of Scheduled Maturities of Time Deposits | For time deposits as of March 31, 2015 (unaudited), the scheduled maturities for each of the following five years ended March 31 are: | ||||
(In Thousands) | |||||
2016 | $ | 33,196 | |||
2017 | 10,236 | ||||
2018 | 15,079 | ||||
2019 | 5,303 | ||||
2020 | 1,117 | ||||
Total | $ | 64,931 | |||
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances (Tables) | 3 Months Ended | ||||
Mar. 31, 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 (“FHLB”) of Boston for the years ending after March 31, 2015 (unaudited) are summarized as follows: | ||||
(In Thousands) | |||||
2016 | $ | 3,000 | |||
2017 | — | ||||
2018 | 3,000 | ||||
$ | 6,000 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 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 March 31, 2015 (unaudited) and December 31, 2014. | ||||||||||||||||||||
ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||
Debt securities issued by U.S. government corporations and agencies | $ | 2,503 | $ | — | $ | 2,503 | $ | — | |||||||||||||
Debt securities issued by states of the United States and political subdivisions of the states | 2,987 | — | 2,987 | — | |||||||||||||||||
Mortgage-backed securities | 7,846 | — | 7,846 | — | |||||||||||||||||
Totals | $ | 13,336 | $ | — | $ | 13,336 | $ | — | |||||||||||||
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 March 31, 2015 (unaudited) and December 31, 2014, for which a nonrecurring change in fair value has been recorded: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
March 31, 2015 (unaudited): | |||||||||||||||||||||
Impaired loans | $ | 545 | $ | — | $ | — | $ | 545 | |||||||||||||
Totals | $ | 545 | $ | — | $ | — | $ | 545 | |||||||||||||
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: | ||||||||||||||||||||
March 31, 2015 (unaudited) | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 10,225 | $ | 10,225 | $ | — | $ | — | $ | 10,225 | |||||||||||
Interest-bearing time deposits with other banks | 2,575 | — | 2,577 | — | 2,577 | ||||||||||||||||
Available-for-sale securities | 13,336 | — | 13,336 | — | 13,336 | ||||||||||||||||
Held-to-maturity securities | 140 | — | 185 | — | 185 | ||||||||||||||||
Federal Home Loan Bank stock | 766 | 766 | — | — | 766 | ||||||||||||||||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | — | — | 384 | ||||||||||||||||
Loans, net | 150,503 | — | — | 154,266 | 154,266 | ||||||||||||||||
Accrued interest receivable | 479 | 479 | — | — | 479 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 150,118 | — | 150,715 | — | 150,715 | ||||||||||||||||
FHLB advances | 6,000 | — | 5,992 | — | 5,992 | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
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) | 3 Months Ended | ||||||||
Mar. 31, 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. | ||||||||
Regulatory Capital and Ratios | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
(Dollars In Thousands) | |||||||||
Regulatory Capital | |||||||||
Total Shareholders’ Equity | $ | 21,517 | $ | 21,347 | |||||
Add (deduct): Net unrealized losses on investment securities | 10 | 51 | |||||||
Other | (142 | ) | — | ||||||
Common Equity Tier 1 Capital | 21,385 | na | |||||||
Tier 1 Capital | 21,385 | 21,398 | |||||||
Allowable reserve for credit losses and unfunded commitments | 779 | 755 | |||||||
Total Regulatory Capital (1) | $ | 22,164 | $ | 22,153 | |||||
Risk Weighted Assets (1) | $ | 122,582 | $ | 101,078 | |||||
Key Regulatory Ratios (1) | |||||||||
Common Equity Tier 1 Capital Ratio | 17.5 | % | na | ||||||
Tier 1 Capital Ratio | 17.5 | 21.2 | % | ||||||
Total Capital Ratio | 18.1 | 21.9 | |||||||
Tier 1 Leverage Ratio | 11.3 | 11.7 | |||||||
-1 | March 31, 2015 capital levels and ratios were calculated under the new capital regulations, which became effective January 1, 2015 |
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Oct. 10, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
BankingCenters | |||
Organization and Nature of Operations [Line Items] | |||
Number of banking offices operates | 3 | ||
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_Summary
Earnings Per Share (EPS) - Summary of Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Net income | $101 | $126 |
Basic common shares: | ||
Weighted average shares outstanding | 2,247,589 | |
Less: Weighted average unallocated ESOP shares | -173,064 | |
Basic weighted average shares outstanding | 2,074,525 | |
Basic earnings per share | $0.05 | |
Diluted earnings per share | $0.05 |
Investments_in_Securities_Sche
Investments in Securities - Schedule of Amortized Cost and Fair Values of Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | $13,354 | $11,849 | |
Available-for-sale securities, Gross Unrealized Gains | 71 | 36 | |
Available-for-sale securities, Gross Unrealized Losses | 89 | 118 | |
Available-for-sale securities, Fair Value | 13,336 | 11,767 | 11,767 |
Held-to-maturity securities, Amortized Cost Basis | 140 | 149 | |
Held-to-maturity securities, Gross Unrealized Gains | 46 | 47 | |
Held-to-maturity securities, Gross Unrealized Losses | 1 | ||
Held-to-maturity securities, Fair Value | 185 | 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 | 2,485 | 1,985 | |
Available-for-sale securities, Gross Unrealized Gains | 22 | 7 | |
Available-for-sale securities, Gross Unrealized Losses | 4 | 17 | |
Available-for-sale securities, Fair Value | 2,503 | 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 | 3,002 | 3,258 | |
Available-for-sale securities, Gross Unrealized Gains | 13 | 5 | |
Available-for-sale securities, Gross Unrealized Losses | 28 | 30 | |
Available-for-sale securities, Fair Value | 2,987 | 3,233 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | 7,867 | 6,606 | |
Available-for-sale securities, Gross Unrealized Gains | 36 | 24 | |
Available-for-sale securities, Gross Unrealized Losses | 57 | 71 | |
Available-for-sale securities, Fair Value | 7,846 | 6,559 | |
Held-to-maturity securities, Amortized Cost Basis | 140 | 149 | |
Held-to-maturity securities, Gross Unrealized Gains | 46 | 47 | |
Held-to-maturity securities, Gross Unrealized Losses | 1 | ||
Held-to-maturity securities, Fair Value | $185 | $196 |
Investments_in_Securities_Sche1
Investments in Securities - Scheduled Maturities of Debt Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Due within one year, Available-For-Sale Securities Fair Value | $115 | |
Due after one year through five years, Available-For-Sale Securities Fair Value | 1,851 | |
Due after five years through ten years, Available-For-Sale Securities Fair Value | 2,338 | |
Due after ten years, Available-For-Sale Securities Fair Value | 1,186 | |
Mortgage-backed securities, Available-For-Sale Securities Fair Value | 7,846 | |
Available-For-Sale Securities Fair Value Total | 13,336 | |
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 | 140 | |
Held-To-Maturity Securities Amortized Cost Basis Total | 140 | 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 | 185 | |
Held-To-Maturity Securities Fair Value Total | $185 | $196 |
Investments_in_Securities_Addi
Investments in Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of available-for-sale securities | $0 | $787,000 | |
Gross realized gains | 5,000 | ||
Gross realized losses | 0 | ||
Tax expenses applicable to net realized gains | 2,000 | ||
Securities whose aggregate carrying amount exceeded 10% of stockholders' equity | $0 | 0 | |
Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of stockholders' equity | 10.00% | 10.00% |
Investments_in_Securities_Sche2
Investments in Securities - Schedule of Aggregate Fair Value and Unrealized Losses of Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $1,041 | $2,361 |
Less than 12 Months, Unrealized Losses | 9 | 11 |
12 Months or Longer, Fair Value | 4,402 | 5,361 |
12 Months or Longer, Unrealized Losses | 81 | 107 |
Fair Value, Total | 5,443 | 7,722 |
Unrealized Losses, Total | 90 | 118 |
Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,041 | 2,361 |
Less than 12 Months, Unrealized Losses | 9 | 11 |
12 Months or Longer, Fair Value | 4,400 | 5,358 |
12 Months or Longer, Unrealized Losses | 80 | 107 |
Fair Value, Total | 5,441 | 7,719 |
Unrealized Losses, Total | 89 | 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] | ||
12 Months or Longer, Fair Value | 496 | 1,485 |
12 Months or Longer, Unrealized Losses | 4 | 17 |
Fair Value, Total | 496 | 1,485 |
Unrealized Losses, Total | 4 | 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 | 657 | 950 |
Less than 12 Months, Unrealized Losses | 8 | 8 |
12 Months or Longer, Fair Value | 1,380 | 1,232 |
12 Months or Longer, Unrealized Losses | 20 | 22 |
Fair Value, Total | 2,037 | 2,182 |
Unrealized Losses, Total | 28 | 30 |
Mortgage-Backed Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 384 | 1,411 |
Less than 12 Months, Unrealized Losses | 1 | 3 |
12 Months or Longer, Fair Value | 2,524 | 2,641 |
12 Months or Longer, Unrealized Losses | 56 | 68 |
Fair Value, Total | 2,908 | 4,052 |
Unrealized Losses, Total | 57 | 71 |
Mortgage-Backed Securities [Member] | Other-Than-Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or Longer, Fair Value | 2 | 3 |
12 Months or Longer, Unrealized Losses | 1 | |
Fair Value, Total | 2 | 3 |
Unrealized Losses, Total | $1 |
Loans_Schedule_of_Loan_Detail
Loans - Schedule of Loan (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $151,165 | $144,417 | ||
Net deferred loan origination fees, costs and discounts | 103 | 100 | ||
Allowance for loan losses | -765 | -743 | -742 | -742 |
Net loans | 150,503 | 143,774 | ||
Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 3,126 | 3,012 | ||
Allowance for loan losses | -11 | -8 | -20 | -16 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 97,557 | 96,440 | ||
Allowance for loan losses | -340 | -362 | -316 | -323 |
Real Estate Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 17,535 | 17,401 | ||
Allowance for loan losses | -118 | -134 | -175 | -195 |
Real Estate Loans [Member] | Multi-Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 12,103 | 10,171 | ||
Allowance for loan losses | -42 | -36 | -55 | -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 | 2,450 | 2,854 | ||
Allowance for loan losses | -24 | -27 | -25 | -30 |
Real Estate Loans [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 16,162 | 12,072 | ||
Allowance for loan losses | -186 | -121 | -83 | -49 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 28 | 21 | ||
Allowance for loan losses | -1 | -1 | -17 | -1 |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 2,204 | 2,446 | ||
Allowance for loan losses | ($22) | ($20) | ($1) | ($20) |
Loans_Schedule_of_Allowance_fo
Loans - Schedule of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $743 | $742 | $742 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 1 | ||
(Benefit) provision | 22 | ||
Ending balance | 765 | 742 | 743 |
Individually evaluated for impairment | 31 | 37 | |
Collectively evaluated for impairment | 734 | 706 | |
Total allowance for loan losses ending balance | 765 | 743 | |
Individually evaluated for impairment | 7,294 | 7,320 | |
Collectively evaluated for impairment | 143,871 | 137,097 | |
Total | 151,165 | 144,417 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 8 | 16 | 16 |
Charge-offs | 0 | 0 | 0 |
(Benefit) provision | 3 | 4 | -8 |
Ending balance | 11 | 20 | 8 |
Collectively evaluated for impairment | 11 | 8 | |
Total allowance for loan losses ending balance | 11 | 8 | |
Collectively evaluated for impairment | 3,126 | 3,012 | |
Total | 3,126 | 3,012 | |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 34 | 57 | 57 |
Charge-offs | 0 | 0 | 0 |
(Benefit) provision | -13 | -7 | -23 |
Ending balance | 21 | 50 | 34 |
Collectively evaluated for impairment | 21 | 34 | |
Total allowance for loan losses ending balance | 22 | 34 | |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 362 | 323 | 323 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 1 | ||
(Benefit) provision | -22 | -7 | 38 |
Ending balance | 340 | 316 | 362 |
Individually evaluated for impairment | 31 | 37 | |
Collectively evaluated for impairment | 309 | 325 | |
Total allowance for loan losses ending balance | 340 | 362 | |
Individually evaluated for impairment | 6,548 | 6,572 | |
Collectively evaluated for impairment | 91,009 | 89,868 | |
Total | 97,557 | 96,440 | |
Real Estate Loans [Member] | Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 134 | 195 | 195 |
Charge-offs | 0 | 0 | 0 |
(Benefit) provision | -16 | -20 | -61 |
Ending balance | 118 | 175 | 134 |
Collectively evaluated for impairment | 118 | 134 | |
Total allowance for loan losses ending balance | 118 | 134 | |
Individually evaluated for impairment | 693 | 695 | |
Collectively evaluated for impairment | 16,842 | 16,706 | |
Total | 17,535 | 17,401 | |
Real Estate Loans [Member] | Multi-Family [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 36 | 51 | 51 |
Charge-offs | 0 | 0 | 0 |
(Benefit) provision | 6 | 4 | -15 |
Ending balance | 42 | 55 | 36 |
Collectively evaluated for impairment | 42 | 36 | |
Total allowance for loan losses ending balance | 42 | 36 | |
Collectively evaluated for impairment | 12,103 | 10,171 | |
Total | 12,103 | 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 | 30 |
Charge-offs | 0 | 0 | 0 |
(Benefit) provision | -3 | -5 | -3 |
Ending balance | 24 | 25 | 27 |
Collectively evaluated for impairment | 24 | 27 | |
Total allowance for loan losses ending balance | 24 | 27 | |
Individually evaluated for impairment | 53 | 53 | |
Collectively evaluated for impairment | 2,397 | 2,801 | |
Total | 2,450 | 2,854 | |
Real Estate Loans [Member] | Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 121 | 49 | 49 |
Charge-offs | 0 | 0 | 0 |
(Benefit) provision | 65 | 34 | 72 |
Ending balance | 186 | 83 | 121 |
Collectively evaluated for impairment | 186 | 121 | |
Total allowance for loan losses ending balance | 186 | 121 | |
Collectively evaluated for impairment | 16,162 | 12,072 | |
Total | 16,162 | 12,072 | |
Consumer Loans [Member] | Consumer Line of Credit [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 1 | 1 | 1 |
Charge-offs | 0 | 0 | 0 |
(Benefit) provision | 16 | ||
Ending balance | 1 | 17 | 1 |
Collectively evaluated for impairment | 1 | 1 | |
Total allowance for loan losses ending balance | 1 | 1 | |
Collectively evaluated for impairment | 28 | 21 | |
Total | 28 | 21 | |
Consumer Loans [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 20 | 20 | 20 |
Charge-offs | 0 | 0 | 0 |
(Benefit) provision | 2 | -19 | |
Ending balance | 22 | 1 | 20 |
Collectively evaluated for impairment | 22 | 20 | |
Total allowance for loan losses ending balance | 21 | 20 | |
Collectively evaluated for impairment | 2,204 | 2,446 | |
Total | $2,204 | $2,446 |
Loans_Schedule_of_Nonaccrual_L
Loans - Schedule of Nonaccrual Loans and Past-Due Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | $633 | $1,675 |
60-89 Days | 53 | 53 |
90 Days or More Past Due | 1,393 | 1,393 |
Total Past Due | 2,079 | 3,121 |
Total Current | 149,086 | 141,296 |
Total | 151,165 | 144,417 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 1,417 | 1,419 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 8 | |
Total Past Due | 8 | |
Total Current | 3,118 | 3,012 |
Total | 3,126 | 3,012 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 522 | 728 |
90 Days or More Past Due | 1,393 | 1,393 |
Total Past Due | 1,915 | 2,121 |
Total Current | 95,642 | 94,319 |
Total | 97,557 | 96,440 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 1,417 | 1,419 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 17,535 | 17,401 |
Total | 17,535 | 17,401 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 938 | |
Total Past Due | 938 | |
Total Current | 12,103 | 9,233 |
Total | 12,103 | 10,171 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 102 | |
60-89 Days | 53 | 53 |
Total Past Due | 155 | 53 |
Total Current | 2,295 | 2,801 |
Total | 2,450 | 2,854 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 16,162 | 12,072 |
Total | 16,162 | 12,072 |
90 Days or More Past Due and Accruing | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 28 | 21 |
Total | 28 | 21 |
90 Days or More Past Due and Accruing | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 1 | 9 |
Total Past Due | 1 | 9 |
Total Current | 2,203 | 2,437 |
Total | 2,204 | 2,446 |
90 Days or More Past Due and Accruing | $0 | $0 |
Loans_Schedule_of_Impaired_Loa
Loans - Schedule of Impaired Loan (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | $6,718 | $6,739 |
With no related allowance recorded, Unpaid Principal Balance | 6,718 | 6,739 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 6,724 | 6,293 |
With no related allowance recorded, Interest Income Recognized | 55 | 276 |
With an allowance recorded, Recorded Investment | 576 | 581 |
With an allowance recorded, Unpaid Principal Balance | 576 | 581 |
With an allowance recorded, Related Allowance | 31 | 37 |
With an allowance recorded, Average Recorded Investment | 578 | 589 |
With an allowance recorded, Interest Income Recognized | 7 | 22 |
Total, Recorded Investment | 7,294 | 7,320 |
Total, Unpaid Principal Balance | 7,294 | 7,320 |
Total, Related Allowance | 31 | 37 |
Total, Average Recorded Investment | 7,302 | 6,882 |
Total, Interest Income Recognized | 62 | 298 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 5,972 | 5,991 |
With no related allowance recorded, Unpaid Principal Balance | 5,972 | 5,991 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 5,977 | 5,586 |
With no related allowance recorded, Interest Income Recognized | 44 | 226 |
With an allowance recorded, Recorded Investment | 576 | 581 |
With an allowance recorded, Unpaid Principal Balance | 576 | 581 |
With an allowance recorded, Related Allowance | 31 | 37 |
With an allowance recorded, Average Recorded Investment | 578 | 589 |
With an allowance recorded, Interest Income Recognized | 7 | 22 |
Total, Recorded Investment | 6,548 | 6,572 |
Total, Unpaid Principal Balance | 6,548 | 6,572 |
Total, Related Allowance | 31 | 37 |
Total, Average Recorded Investment | 6,555 | 6,175 |
Total, Interest Income Recognized | 51 | 248 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 693 | 695 |
With no related allowance recorded, Unpaid Principal Balance | 693 | 695 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 694 | 699 |
With no related allowance recorded, Interest Income Recognized | 11 | 50 |
Total, Recorded Investment | 693 | 695 |
Total, Unpaid Principal Balance | 693 | 695 |
Total, Average Recorded Investment | 694 | 699 |
Total, Interest Income Recognized | 11 | 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 |
Total, Recorded Investment | 53 | 53 |
Total, Unpaid Principal Balance | 53 | 53 |
Total, Average Recorded Investment | $53 | $8 |
Loans_Schedule_of_Loans_by_Ris
Loans - Schedule of Loans by Risk Rating (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | $151,165 | $144,417 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 47,299 | 41,023 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 3,155 | 3,165 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,327 | 2,331 |
Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 98,384 | 97,898 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 3,126 | 3,012 |
Commercial and Industrial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 3,126 | 3,012 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 97,557 | 96,440 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,409 | 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 | 93,755 | 92,630 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 17,535 | 17,401 |
Real Estate Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 16,842 | 16,706 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 693 | 695 |
Real Estate Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 12,103 | 10,171 |
Real Estate Loans [Member] | Multi-Family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 11,169 | 9,233 |
Real Estate Loans [Member] | Multi-Family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 934 | 938 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,450 | 2,854 |
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] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,397 | 2,801 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 16,162 | 12,072 |
Real Estate Loans [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 16,162 | 12,072 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 28 | 21 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 28 | 21 |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,204 | 2,446 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | $2,204 | $2,446 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Contracts | SecurityLoan | ||
SecurityLoan | Contracts | ||
Receivables [Abstract] | |||
Troubled debt restructuring, Number of contracts | 0 | 0 | |
Number of loans rated as doubtful or loss | 0 | 0 | |
Commitments to lend additional funds to borrowers | $0 | ||
Loans serviced for others | $19,500,000 | $17,600,000 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ||
Aggregate amount of time deposit accounts in denominations of $100,000 or more | $38.30 | $38.70 |
Aggregate amount of time deposit accounts in denominations of $250,000 or more | $15.20 | $15.70 |
Deposits_Summary_of_Scheduled_
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Maturities of Time Deposits [Abstract] | |
2016 | $33,196 |
2017 | 10,236 |
2018 | 15,079 |
2019 | 5,303 |
2020 | 1,117 |
Total | $64,931 |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances - Summary of Maturities of Advances from the Federal Home Loan Bank ("FHLB") of Boston (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
2016 | $3,000 | |
2017 | 0 | |
2018 | 3,000 | |
Maturities of advances from FHLB, total | $6,000 | $5,000 |
Federal_Home_Loan_Bank_Advance3
Federal Home Loan Bank Advances - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Weighted-average interest rate | 0.84% |
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_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
Fair Value Disclosures [Abstract] | |
Fair value assets transfers from Level 1 to Level 2 | $0 |
Fair value assets transfers from Level 2 to Level 1 | 0 |
Fair value liabilities transfers from Level 1 to Level 2 | 0 |
Fair value liabilities transfers from Level 2 to Level 1 | $0 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) (Fair Value Measurements Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $13,336 | $11,767 |
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 | 13,336 | 11,767 |
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 | 2,503 | 1,975 |
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 | 2,503 | 1,975 |
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 | 2,987 | 3,233 |
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 | 2,987 | 3,233 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 7,846 | 6,559 |
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 | $7,846 | $6,559 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (Fair Value Measurements Nonrecurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $545 | $544 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 545 | 544 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 545 | 544 |
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 | $545 | $544 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Estimated Fair Values of Financial Instruments Held or Issued for Purposes Other Than Trading (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents | $10,225 | $18,295 | $8,602 | $8,991 |
Interest-bearing time deposits with other banks | 2,575 | 2,575 | ||
Available-for-sale securities | 13,336 | 11,767 | 11,767 | |
Held-to-maturity securities | 140 | 149 | ||
Federal Home Loan Bank stock | 766 | 694 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Accrued interest receivable | 479 | 447 | ||
Financial liabilities: | ||||
Deposits | 150,118 | 151,010 | ||
FHLB advances | 6,000 | 5,000 | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 10,225 | 18,295 | ||
Interest-bearing time deposits with other banks | 2,575 | 2,575 | ||
Available-for-sale securities | 13,336 | 11,767 | ||
Held-to-maturity securities | 140 | 149 | ||
Federal Home Loan Bank stock | 766 | 694 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 150,503 | 143,774 | ||
Accrued interest receivable | 479 | 447 | ||
Financial liabilities: | ||||
Deposits | 150,118 | 151,010 | ||
FHLB advances | 6,000 | 5,000 | ||
Estimated Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 10,225 | 18,295 | ||
Interest-bearing time deposits with other banks | 2,577 | 2,578 | ||
Available-for-sale securities | 13,336 | 11,767 | ||
Held-to-maturity securities | 185 | 196 | ||
Federal Home Loan Bank stock | 766 | 694 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 154,266 | 146,705 | ||
Accrued interest receivable | 479 | 447 | ||
Financial liabilities: | ||||
Deposits | 150,715 | 151,638 | ||
FHLB advances | 5,992 | 5,006 | ||
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 10,225 | 18,295 | ||
Federal Home Loan Bank stock | 766 | 694 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Accrued interest receivable | 479 | 447 | ||
Estimated Fair Value [Member] | Significant Other Observable Inputs Level 2 [Member] | ||||
Financial assets: | ||||
Interest-bearing time deposits with other banks | 2,577 | 2,578 | ||
Available-for-sale securities | 13,336 | 11,767 | ||
Held-to-maturity securities | 185 | 196 | ||
Financial liabilities: | ||||
Deposits | 150,715 | 151,638 | ||
FHLB advances | 5,992 | 5,006 | ||
Estimated Fair Value [Member] | Significant Unobservable Inputs Level 3 [Member] | ||||
Financial assets: | ||||
Loans, net | $154,266 | $146,705 |
Regulatory_Capital_Schedule_of
Regulatory Capital - Schedule of Bank's Actual Capital Amounts and Ratios (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Regulatory Capital | ||
Total Shareholders' Equity | $21,517 | $21,347 |
Add (deduct): Net unrealized losses on investment securities | 10 | 51 |
Other | -142 | |
Common Equity Tier 1 Capital | 21,385 | |
Tier 1 Capital | 21,385 | 21,398 |
Allowable reserve for credit losses and unfunded commitments | 779 | 755 |
Total Regulatory Capital (1) | 22,164 | 22,153 |
Risk Weighted Assets (1) | $122,582 | $101,078 |
Key Regulatory Ratios (1) | ||
Common Equity Tier 1 Capital Ratio | 17.50% | |
Tier 1 Capital Ratio | 17.50% | 21.20% |
Total Capital Ratio | 18.10% | 21.90% |
Tier 1 Leverage Ratio | 11.30% | 11.70% |
Regulatory_Capital_Additional_
Regulatory Capital - Additional Information (Detail) | Mar. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 capital to risk-weighted assets | 17.50% | 21.20% | |
Total capital to risk-weighted assets | 18.10% | 21.90% | |
Tier 1 Leverage Ratio | 11.30% | 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 | 0.63% | ||
Tier 1 capital to risk-weighted assets, multiple period increase | 0.63% | ||
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% |