Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 13, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TF FINANCIAL CORP | ' |
Entity Central Index Key | '0000921051 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 3,149,239 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $31,004 | $31,137 | ||
Investment securities | ' | ' | ||
Available for sale | 129,074 | 102,284 | ||
Held to maturity (fair value of $1,719 and $2,271 as of September 30, 2013 and December 31, 2012, respectively) | 1,540 | 1,965 | ||
Loans receivable, held for sale | 691 | 706 | ||
Loans receivable, net of allowance of $6,691 and $6,922 at September 30, 2013 and December 31, 2012, respectively | 622,330 | 526,720 | ||
Federal Home Loan Bank ("FHLB") stock - at cost | 3,425 | 5,431 | ||
Accrued interest receivable | 2,669 | 2,460 | ||
Premises and equipment, net | 8,657 | 6,108 | ||
Goodwill | 4,324 | 4,324 | ||
Core deposit intangible | 528 | 0 | ||
Bank owned life insurance | 18,451 | 19,109 | ||
Other assets | 10,641 | 11,592 | ||
TOTAL ASSETS | 833,334 | 711,836 | ||
Liabilities | ' | ' | ||
Deposits | 681,825 | 560,315 | ||
Advances from the FHLB | 50,990 | 60,656 | ||
Advances from borrowers for taxes and insurance | 2,344 | 2,880 | ||
Accrued interest payable | 729 | 817 | ||
Other liabilities | 4,635 | 4,223 | ||
Total liabilities | 740,523 | 628,891 | ||
Stockholders' equity | ' | ' | ||
Preferred stock, no par value; 2,000,000 shares authorized at September 30, 2013 and December 31, 2012, none issued | 0 | 0 | ||
Common stock, $0.10 par value; 10,000,000 shares authorized, 5,290,000 shares issued, 3,147,902 and 2,838,493 shares outstanding at September 30, 2013 and December 31, 2012, respectively, net of shares in treasury of 2,142,098 and 2,451,507, respectively. | 529 | 529 | ||
Additional paid-in capital | 56,072 | 54,328 | ||
Unearned ESOP shares | -877 | -970 | ||
Treasury stock - at cost | -44,530 | -50,896 | ||
Retained earnings | 83,394 | 78,984 | ||
Accumulated other comprehensive (loss) income | -1,777 | [1],[2] | 970 | [1],[2] |
Total stockholders' equity | 92,811 | 82,945 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $833,334 | $711,836 | ||
[1] | Amounts in parenthesis indicate debits. | |||
[2] | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 34% |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Investment securities | ' | ' |
Mortgage-backed securities held to maturity, fair value | $1,719 | $2,271 |
Loans receivable, net of allowance | $6,691 | $6,922 |
Stockholders' equity | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 5,290,000 | 5,290,000 |
Common stock, outstanding (in shares) | 3,147,902 | 2,838,493 |
Common stock, in treasury (in shares) | 2,142,098 | 2,451,507 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income | ' | ' | ' | ' |
Loans, including fees | $6,947 | $6,436 | $18,976 | $18,864 |
Investment securities | ' | ' | ' | ' |
Fully taxable | 540 | 544 | 1,264 | 1,840 |
Exempt from federal taxes | 411 | 415 | 1,241 | 1,280 |
Interest-bearing deposits and other | 5 | 0 | 23 | 2 |
TOTAL INTEREST INCOME | 7,903 | 7,395 | 21,504 | 21,986 |
Interest expense | ' | ' | ' | ' |
Deposits | 799 | 803 | 2,242 | 2,795 |
Borrowings | 219 | 338 | 693 | 1,094 |
TOTAL INTEREST EXPENSE | 1,018 | 1,141 | 2,935 | 3,889 |
NET INTEREST INCOME | 6,885 | 6,254 | 18,569 | 18,097 |
Provision for loan losses | 0 | 750 | 839 | 1,750 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,885 | 5,504 | 17,730 | 16,347 |
Noninterest income | ' | ' | ' | ' |
Service fees, charges and other operating income | 592 | 380 | 1,769 | 1,237 |
Earnings on bank owned life insurance | 136 | 152 | 416 | 456 |
Bank owned life insurance death benefit proceeds | 0 | 0 | 934 | 0 |
Gain on sale of loans | 104 | 382 | 635 | 920 |
Gain on disposition of premises and equipment | 0 | 0 | 420 | 277 |
Gain on acquisition | 1,214 | 0 | 1,214 | 0 |
TOTAL NONINTEREST INCOME | 2,046 | 914 | 5,388 | 2,890 |
Noninterest expense | ' | ' | ' | ' |
Compensation and benefits | 3,125 | 2,651 | 8,784 | 8,222 |
Occupancy and equipment | 867 | 686 | 2,273 | 2,068 |
Federal deposit insurance premiums | 188 | 146 | 430 | 447 |
Merger-related costs | 2 | 0 | 617 | 0 |
Professional fees | 311 | 349 | 829 | 874 |
Marketing and advertising | 132 | 76 | 303 | 267 |
Foreclosed real estate expense | 114 | 78 | 573 | 705 |
Core deposit intangible | 25 | 0 | 25 | 0 |
Other operating | 2,018 | 480 | 3,110 | 1,588 |
TOTAL NONINTEREST EXPENSE | 6,782 | 4,466 | 16,944 | 14,171 |
INCOME BEFORE INCOME TAXES | 2,149 | 1,952 | 6,174 | 5,066 |
Income tax expense | 183 | 479 | 1,185 | 1,189 |
NET INCOME | $1,966 | $1,473 | $4,989 | $3,877 |
Earnings per share-basic (in dollars per share) | $0.64 | $0.54 | $1.75 | $1.42 |
Earnings per share-diluted (in dollars per share) | $0.64 | $0.54 | $1.75 | $1.42 |
Dividends paid per share | $0.10 | $0.05 | $0.20 | $0.15 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 3,051,581 | 2,728,534 | 2,845,608 | 2,723,703 |
Diluted (in shares) | 3,055,484 | 2,731,653 | 2,846,924 | 2,727,371 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ' | ' | ' | ' | ||||
Net income | $1,966 | $1,473 | $4,989 | $3,877 | ||||
Investment securities available for sale: | ' | ' | ' | ' | ||||
Unrealized holding (losses) gains | -242 | 544 | -4,360 | 870 | ||||
Tax effect | 82 | -185 | 1,482 | -296 | ||||
Net of tax amount | -160 | 359 | -2,878 | 574 | ||||
Pension plan benefit adjustment: | ' | ' | ' | ' | ||||
Related to actuarial losses and prior service cost | 66 | 71 | 198 | 214 | ||||
Tax effect | -22 | -24 | -67 | -73 | ||||
Net of tax amount | 44 | 47 | 131 | 141 | ||||
Total other comprehensive (loss) income | -116 | [1],[2] | 406 | [1],[2] | -2,747 | [1],[2] | 715 | [1],[2] |
Comprehensive income | $1,850 | $1,879 | $2,242 | $4,592 | ||||
[1] | Amounts in parenthesis indicate debits. | |||||||
[2] | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 34% |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net income | $4,989 | $3,877 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization and impairment adjustment of mortgage loan servicing rights | -34 | 304 |
Premiums and discounts on investment securities, net | 222 | 181 |
Premiums and discounts on mortgage-backed securities, net | 323 | 229 |
Amortization of premiums on certificates of deposit | 98 | 0 |
Deferred loan origination costs, net | 142 | 132 |
Provision for loan losses | 839 | 1,750 |
Amortization of core deposit intangible | 25 | 0 |
Depreciation of premises and equipment | 506 | 573 |
Increase in value of bank owned life insurance | -416 | -456 |
Income from life insurance death benefit | -934 | 0 |
Stock-based compensation | 588 | 366 |
Proceeds from sale of loans originated for sale | 28,813 | 39,656 |
Origination of loans held for sale | -28,468 | -39,512 |
Gain on acquisition | -1,214 | 0 |
Loss on foreclosed real estate | 448 | 425 |
Gain on : | ' | ' |
Sale of loans | -635 | -920 |
Disposition of premises and equipment | -420 | -277 |
Decrease in: | ' | ' |
Accrued interest receivable | 167 | 5 |
Other assets | 1,642 | 644 |
(Decrease) increase in: | ' | ' |
Accrued interest payable | -94 | -432 |
Other liabilities | 424 | 944 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 7,011 | 7,489 |
INVESTING ACTIVITIES | ' | ' |
Loan originations | -86,727 | -110,383 |
Loan principal payments | 91,605 | 65,723 |
Proceeds from sale of foreclosed real estate | 1,641 | 6,736 |
Proceeds from disposition of premises and equipment | 417 | 356 |
Proceeds from maturities of investment securities available for sale | 5,545 | 5,300 |
Proceeds from bank-owned life insurance | 2,183 | 0 |
Principal repayments on mortgage-backed securities held to maturity | 505 | 506 |
Principal repayments on mortgage-backed securities available for sale | 14,975 | 20,489 |
Purchase of investment securities available for sale | -13,088 | -4,260 |
Purchase of mortgage-backed securities available for sale | -1,867 | -13,520 |
Purchase of premises and equipment | -899 | -387 |
Redemption of FHLB stock | 2,395 | 1,408 |
Acquisition, net of cash acquired | -3,173 | 0 |
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | 13,512 | -28,032 |
FINANCING ACTIVITIES | ' | ' |
Net decrease in deposits | -6,339 | -18,015 |
Net increase in short-term FHLB borrowings | 0 | 14,304 |
Proceeds of long-term FHLB borrowings | 0 | 32,197 |
Repayment of long-term FHLB borrowings | -12,717 | -18,253 |
Net decrease in advances from borrowers for taxes and insurance | -965 | -505 |
Purchase of treasury stock | -274 | 0 |
Exercise of stock options | 216 | 7 |
Tax benefit (expense) arising from exercise of stock options | 2 | -1 |
Common stock dividends paid | -579 | -407 |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | -20,656 | 9,327 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -133 | -11,216 |
Cash and cash equivalents at beginning of period | 31,137 | 14,928 |
Cash and cash equivalents at end of period | 31,004 | 3,712 |
Cash paid for: | ' | ' |
Interest on deposits and borrowings | 3,121 | 4,321 |
Income taxes | 875 | 375 |
Noncash transactions: | ' | ' |
Capitalization of mortgage servicing rights | 305 | 404 |
Transfers from loans to foreclosed real estate | 557 | 2,925 |
Acquisition of Roebling Financial Corp, Inc. Noncash assets acquired: Investment securities [Abstract] | ' | ' |
Available for sale | 37,260 | ' |
Held to maturity | 79 | ' |
Loans | 102,026 | ' |
FHLB stock | 389 | ' |
Accrued interest receivable | 376 | ' |
Premises and equipment, net | 2,154 | ' |
Core deposit intangible | 553 | ' |
Bank owned life insurance | 175 | ' |
Other assets | 1,685 | ' |
Total noncash assets acquired | 144,697 | ' |
Liabilities assumed: | ' | ' |
Deposits | 127,750 | ' |
Advances from the FHLB | 3,051 | ' |
Advances from borrowers for taxes and insurance | 429 | ' |
Other liabilities | 1,408 | ' |
Total Liabilities assumed | 132,638 | ' |
Net noncash assets acquired | 12,059 | ' |
Cash acquired | $4,081 | ' |
PRINCIPLES_OF_CONSOLIDATION
PRINCIPLES OF CONSOLIDATION | 9 Months Ended |
Sep. 30, 2013 | |
PRINCIPLES OF CONSOLIDATION [Abstract] | ' |
PRINCIPLES OF CONSOLIDATION | ' |
NOTE 1 — PRINCIPLES OF CONSOLIDATION | |
The consolidated financial statements as of September 30, 2013 (unaudited) and December 31, 2012 and for the three and nine-month periods ended September 30, 2013 and 2012 (unaudited) include the accounts of TF Financial Corporation (the “Company”) and its wholly owned subsidiaries: 3rd Fed Bank (the “Bank”) and Penns Trail Development Corporation. The accompanying consolidated balance sheet at December 31, 2012, has been derived from the audited consolidated balance sheet but does not include all of the information and notes required by accounting principles generally accepted in the United States of America (“US GAAP”) for complete financial statements. The Company’s business is conducted principally through the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
BASIS OF PRESENTATION [Abstract] | ' |
BASIS OF PRESENTATION | ' |
NOTE 2 — BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements were prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all of the disclosures or footnotes required by US GAAP. In the opinion of management, all adjustments, consisting of normal recurring accruals, necessary for fair presentation of the consolidated financial statements have been included. The results of operations for the period ended September 30, 2013 are not necessarily indicative of the results which may be expected for the entire fiscal year or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2013 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 3 — RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in this update require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under US GAAP to be reclassified in its entirety to net income. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under US GAAP that provide additional detail about those amounts. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Company has provided the necessary disclosures in Note 6 – Accumulated Other Comprehensive (Loss) Income. | |
In February 2013, FASB issued ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The objective of the amendments in this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in US GAAP. Examples of obligations within the scope of this update include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. US GAAP does not include specific guidance on accounting for such obligations with joint and several liability, which has resulted in diversity in practice. Some entities record the entire amount under the joint and several liability arrangement on the basis of the concept of a liability and the guidance that must be met to extinguish a liability. Other entities record less than the total amount of the obligation, such as an amount allocated, an amount corresponding to the proceeds received, or the portion of the amount the entity agreed to pay among its co-obligors, on the basis of the guidance for contingent liabilities. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this update permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the | |
reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
ACQUISITION_OF_ROEBLING_FINANC
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. [Abstract] | ' | ||||||||||||||||
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. | ' | ||||||||||||||||
NOTE 4 — ACQUISITION OF ROEBLING FINANCIAL CORP, INC. | |||||||||||||||||
On July 2, 2013, the Company closed on a merger transaction pursuant to which the Company acquired Roebling Financial Corp, Inc. (“Roebling”), the parent company of Roebling Bank, in a stock and cash transaction. | |||||||||||||||||
Under the terms of the merger agreement, the Company acquired all of the outstanding shares of Roebling for a total purchase price of approximately $14.9 million. As a result of the acquisition, the Company issued 306,873 common shares, or 20.31% of the total shares outstanding as of September 30, 2013, to former shareholders of Roebling. As a result of the merger, Roebling was merged with and into the Company, and Roebling Bank was merged with and into 3rd Fed Bank. | |||||||||||||||||
The following table summarizes the purchase of Roebling as of July 2, 2013: | |||||||||||||||||
At July 2, 2013 | |||||||||||||||||
(in thousands, | |||||||||||||||||
except per share data) | |||||||||||||||||
Purchase Price Consideration in Common Stock | |||||||||||||||||
Roebling common shares settled for stock | 843,058 | ||||||||||||||||
Exchange Ratio | 0.364 | ||||||||||||||||
TF Financial Corporation shares issued | 306,873 | ||||||||||||||||
Value assigned to TF Financial Corporation common share | $ | 25 | |||||||||||||||
Purchase price assigned to Roebling common | $ | 7,672 | |||||||||||||||
shares exchanged for TF Financial | |||||||||||||||||
Purchase Price Consideration - Cash for Common Stock | |||||||||||||||||
Roebling shares exchanged for cash | 843,478 | ||||||||||||||||
Purchase price paid to each Roebling common | $ | 8.6 | |||||||||||||||
share exchanged for cash | |||||||||||||||||
Purchase price assigned to Roebling common | 7,254 | ||||||||||||||||
shares exchanged for cash | |||||||||||||||||
Total Purchase Price | 14,926 | ||||||||||||||||
Net Assets Acquired: | |||||||||||||||||
Roebling shareholders’ equity | $ | 16,461 | |||||||||||||||
Adjustments to reflect assets acquired at fair value: | |||||||||||||||||
Investments | 2 | ||||||||||||||||
Loans | |||||||||||||||||
Interest rate | 932 | ||||||||||||||||
General credit | (1,069 | ) | |||||||||||||||
Specific credit - non-amortizing | (325 | ) | |||||||||||||||
Specific credit - amortizing | (198 | ) | |||||||||||||||
Eliminate allowance for loan losses | 1,214 | ||||||||||||||||
Core deposit intangible | 553 | ||||||||||||||||
Owned premises | (976 | ) | |||||||||||||||
Leased premises contracts | 33 | ||||||||||||||||
Deferred tax assets | (276 | ) | |||||||||||||||
Other assets | 280 | ||||||||||||||||
Adjustments to reflect liabilities acquired at fair value: | |||||||||||||||||
Time deposits | (440 | ) | |||||||||||||||
FHLB advances | (51 | ) | |||||||||||||||
16,140 | |||||||||||||||||
Purchase gain resulting from acquisition | $ | 1,214 | |||||||||||||||
The following condensed statement reflects the values assigned to Roebling’s net assets as of the acquisition date: | |||||||||||||||||
At July 2, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Total purchase price | $ | 14,926 | |||||||||||||||
Net assets acquired: | |||||||||||||||||
Cash | $ | 4,081 | |||||||||||||||
Investment securities | 37,339 | ||||||||||||||||
Loans | 102,026 | ||||||||||||||||
Premises and equipment, net | 2,154 | ||||||||||||||||
Core deposit intangible | 553 | ||||||||||||||||
Other assets | 2,625 | ||||||||||||||||
Time deposits | (49,061 | ) | |||||||||||||||
Deposits other than time deposits | (78,689 | ) | |||||||||||||||
Other liabilities | (4,888 | ) | |||||||||||||||
16,140 | |||||||||||||||||
Purchase gain on acquisition | $ | 1,214 | |||||||||||||||
The acquired assets and assumed liabilities were measured at preliminary estimated fair values. Management made certain estimates and exercised judgment in accounting for the acquisition. The following is a description of the methods used to determine fair value of significant assets and liabilities at the acquisition date: | |||||||||||||||||
Cash and cash equivalents — The Company acquired $4.1 million in cash and cash equivalents, which management deemed to reflect fair value based on the short term nature of the asset. | |||||||||||||||||
Investment Securities — The Company acquired $37.3 million in U.S. Government and federal agency and mortgage-backed securities that were recorded at fair value. Please refer to Note 9 - Fair Value Measurements and Fair Value of Financial Instruments for a discussion of methodologies used to determine fair value. | |||||||||||||||||
Loans — The Company acquired $102.0 million in loans with and without evidence of credit quality deterioration. The loans consisted of residential mortgage loans, consumer loans which include second mortgage loans and home equity secured lines of credit, commercial real estate loans and other commercial loans. | |||||||||||||||||
At the acquisition date, the Company recorded $101.2 million of loans without evidence of credit quality deterioration and $797,000 of loans acquired with evidence of credit quality deterioration. The following table reflects the composition of the loans acquired as well as the fair value adjustments made: | |||||||||||||||||
At July 2, 2013 | |||||||||||||||||
Loans acquired with no credit quality deterioration | Loans acquired loans with credit quality deterioration | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Residential | |||||||||||||||||
Residential mortgages | $ | 54,965 | $ | 21 | $ | 54,986 | |||||||||||
Commercial | |||||||||||||||||
Real estate-commercial | 13,262 | — | 13,262 | ||||||||||||||
Real estate-residential | 5,143 | 356 | 5,499 | ||||||||||||||
Real estate-multi-family | 1,595 | 331 | 1,926 | ||||||||||||||
Commercial and industrial loans | 308 | — | 308 | ||||||||||||||
Consumer | |||||||||||||||||
Home equity and second mortgage | 25,847 | 89 | 25,936 | ||||||||||||||
Other consumer | 109 | — | 109 | ||||||||||||||
Total | $ | 101,229 | $ | 797 | $ | 102,026 | |||||||||||
The Company estimated the general credit risk fair value adjustment based on guidance from ASC 820-10, Fair Value Measurements which defines fair value as the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is no active observable market for sale information on community bank loans and thus Level 3 fair value procedures were utilized, primarily the use of present value techniques incorporating assumptions which market participants would use in estimating fair values. In lieu of reliable market information, the Company used its own assumptions in an effort to determine a reasonable estimate of fair value. Loans acquired without credit quality deterioration were evaluated using a two-part general credit fair value analysis for all loan groups: 1) expected lifetime credit migration losses and 2) estimated fair value adjustment for qualitative factors. An adjustment of $932,000 was made to reflect a general credit risk fair value. Additionally, the Company recorded an increase of $1.1 million to reflect the fair value of loans based on current interest rates on loans similar to those acquired. | |||||||||||||||||
A specific credit fair value adjustment was made as prescribed by ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. Accordingly, the Company reviewed the Roebling loan portfolio on a loan by loan basis to determine whether loans met the definition of credit impaired as set forth in ASC 310-30. Specifically: 1) Had there been credit deterioration from the loan's inception until the acquisition date and 2) Is it probable that not all of the contractual cash flows will be collected on the loan. Based on this analysis, loans with a principal balance of $1.3 million were identified as being within the scope of ASC 310-30. The Company estimated the cash flows on each loan whether from expected monthly payments or from the liquidation of the underlying collateral on collateral dependent loans. The contractual cash flows in excess of the aggregate expected cash flows resulted in a credit-related non-accretable yield in the amount of $325,000. Additionally, the aggregate expected cash flows less the acquisition date fair value resulted in an accretable yield amount of $198,000. | |||||||||||||||||
The following table contains the fair value adjustments on loans acquired without significant credit deterioration: | |||||||||||||||||
Fair value of loans acquired not accounted for under ASC 310-30 | At July 2, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Contractual amount of acquired loans at acquisition | $ | 101,365 | |||||||||||||||
Contractual cash flows not expected to be collected (general credit valuation) | (1,068 | ) | |||||||||||||||
Expected cash flows at acquisition | 100,297 | ||||||||||||||||
Interest rate fair value adjustment | 932 | ||||||||||||||||
Total | $ | 101,229 | |||||||||||||||
The following table contains the adjustments on loans acquired with credit deterioration: | |||||||||||||||||
Fair value of loans acquired accounted for under ASC 310-30 | At July 2, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Contractual amount of acquired loans at acquisition | $ | 1,320 | |||||||||||||||
Contractual cash flows not expected to be collected (non-accretable yield) | (325 | ) | |||||||||||||||
Expected cash flows at acquisition | 995 | ||||||||||||||||
Interest component of expected cash flows (accretable yield) | (198 | ) | |||||||||||||||
Total | $ | 797 | |||||||||||||||
Premises and equipment, net — The Company acquired $2.2 million in land and buildings because of the Roebling merger, which reflects fair value. The fair value as of the acquisition date was determined by an appraisal conducted by an independent qualified appraiser. | |||||||||||||||||
Core deposit intangible — The Company recorded a core deposit intangible of $553,000. A core deposit intangible arises from a financial institution having a deposit base comprised of stable customer relationships. These deposits are generally at interest rates or on terms that are favorable to the financial institution. Fair value of the core deposit intangible was estimated based on guidance from ASC 820-10. There is no active observable market for sale information on community bank core deposits and thus Level 3 fair value procedures were utilized, primarily the use of the income approach which is based on an analysis of the expected after tax cash flow benefits of the acquired core deposits versus the cost of utilizing an alternative source (brokered deposits) for its funding. Core deposits exclude certificates of deposit and other accounts, which the Company judged to be non-core deposits. The cost of core deposits incorporated estimates of the costs of maintaining and supporting the deposits such as interest, branch expenses, personnel, and data processing. This cost was compared to the alternative funding source and the resulting economic benefit was discounted over the expected life of the acquired core deposits using a long-term market-based after tax rate of return. | |||||||||||||||||
Core deposit intangible is amortized over the expected useful life. The life is periodically reassessed to determine if any amortization period adjustments are required. During the three and nine months ended September 30, 2013, no such adjustments were recorded. The gross carrying amount of the core deposit intangible at September 30, 2013 was $528,000 with $25,000 accumulated amortization as of that date. | |||||||||||||||||
As of September 30, 2013, the current year and estimated future amortization expense for the core deposit intangible was as follows: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
2013 | $ | 76 | |||||||||||||||
2014 | 91 | ||||||||||||||||
2015 | 80 | ||||||||||||||||
2016 | 70 | ||||||||||||||||
2017 | 60 | ||||||||||||||||
2018 | 50 | ||||||||||||||||
2019 | 40 | ||||||||||||||||
2020 | 30 | ||||||||||||||||
2021 | 21 | ||||||||||||||||
2022 | 10 | ||||||||||||||||
$ | 528 | ||||||||||||||||
Deposits — The Company assumed $127.8 million in deposits which included $49.1 million of interest-bearing time deposits ("CDs"). An increase of $440,000 was made to reflect the fair value of the CDs. This fair value adjustment is based on guidance derived from ASC 820-10 and is based on current market interest rates on CDs of the same remaining maturity as Roebling's CDs. Market rates were obtained from independent third party sources for CDs offered in New Jersey on or about the acquisition date. | |||||||||||||||||
Results of operations for Roebling prior to the acquisition date are not included in the Consolidated Statement of Income for the three and nine-month periods ended September 30, 2013. The following table presents financial information regarding the former Roebling operations included in the Consolidated Statement of Income from the date of acquisition through September 30, 2013 under the column “Actual from acquisition date through September 30, 2013”. In addition, the following table presents unaudited pro forma information as if the acquisition of Roebling had occurred on January 1, 2012 under the “Pro Forma” columns. The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings as a result of the integration and consolidation of the acquisition. Merger and acquisition integration costs and amortization of fair value adjustments net of the related income tax effects are included in the amounts below, but any purchase gain has been excluded. | |||||||||||||||||
Actual from Acquisition Date | |||||||||||||||||
Through September 30, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 1,119 | |||||||||||||||
Noninterest income | 123 | ||||||||||||||||
Net loss | (840 | ) | |||||||||||||||
Pro Formas | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Net interest income | $ | 7,759 | $ | 8,698 | $ | 23,917 | $ | 22,130 | |||||||||
Noninterest income | 832 | 1,060 | 4,432 | 3,289 | |||||||||||||
Net income | 661 | 1,410 | 3,835 | 4,045 | |||||||||||||
Pro forma earnings per share: | |||||||||||||||||
Basic | $ | 0.22 | $ | 0.46 | $ | 1.26 | $ | 1.33 | |||||||||
Diluted | $ | 0.22 | $ | 0.46 | $ | 1.26 | $ | 1.33 | |||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
NOTE 5 — EARNINGS PER SHARE | |||||||||||||
The following tables illustrate the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations (dollars in thousands, except share and per share data): | |||||||||||||
For the three months ended September 30, 2013 | |||||||||||||
Income (numerator) | Weighted | Per share Amount | |||||||||||
average | |||||||||||||
shares (denominator) | |||||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 1,966 | 3,051,581 | $ | 0.64 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 3,903 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of dilutive securities | $ | 1,966 | 3,055,484 | $ | 0.64 | ||||||||
For the nine months ended September 30, 2013 | |||||||||||||
Income (numerator) | Weighted | Per share Amount | |||||||||||
average | |||||||||||||
shares (denominator) | |||||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 4,989 | 2,845,608 | $ | 1.75 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 1,316 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of dilutive securities | $ | 4,989 | 2,846,924 | $ | 1.75 | ||||||||
There were 31,963 options to purchase shares of common stock with exercise prices ranging from $25.71 to $32.51 per share which were outstanding during the three and nine months ended September 30, 2013 that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock. | |||||||||||||
For the three months ended September 30, 2012 | |||||||||||||
Income (numerator) | Weighted | Per share Amount | |||||||||||
average | |||||||||||||
shares (denominator) | |||||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 1,473 | 2,728,534 | $ | 0.54 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 3,119 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of dilutive securities | $ | 1,473 | 2,731,653 | $ | 0.54 | ||||||||
For the nine months ended September 30, 2012 | |||||||||||||
Income (numerator) | Weighted | Per share Amount | |||||||||||
average | |||||||||||||
shares (denominator) | |||||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 3,877 | 2,723,703 | $ | 1.42 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 3,668 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of dilutive securities | $ | 3,877 | 2,727,371 | $ | 1.42 | ||||||||
There were 65,337 options to purchase shares of common stock with exercise prices ranging from $23.53 to $32.51 per share which were outstanding during the three and nine months ended September 30, 2012 that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock. | |||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Text Block] | ' | ||||||||||||
NOTE 6 — ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||
The activity in accumulated other comprehensive (loss) income for the three months ended September 30, 2013 and 2012 is as follows: | |||||||||||||
Accumulated Other Comprehensive (Loss) Income (1), (2) | |||||||||||||
Unrealized gains (losses) on securities available for sale | Defined | Total | |||||||||||
benefit | |||||||||||||
pension | |||||||||||||
plan | |||||||||||||
(in thousands) | |||||||||||||
Balance at June 30, 2013 | $ | 1,087 | $ | (2,748 | ) | $ | (1,661 | ) | |||||
Other comprehensive loss before reclassifications | (160 | ) | — | (160 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 44 | 44 | ||||||||||
Period change | (160 | ) | 44 | (116 | ) | ||||||||
Balance at September 30, 2013 | $ | 927 | $ | (2,704 | ) | $ | (1,777 | ) | |||||
Balance at June 30, 2012 | $ | 3,864 | $ | (2,809 | ) | $ | 1,055 | ||||||
Other comprehensive income before reclassifications | 359 | — | 359 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 47 | 47 | ||||||||||
Period change | 359 | 47 | 406 | ||||||||||
Balance at September 30, 2012 | $ | 4,223 | $ | (2,762 | ) | $ | 1,461 | ||||||
(1 | ) | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 34%. | |||||||||||
(2 | ) | Amounts in parentheses indicate debits. | |||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the | ||||||||||||
For the three months ended September 30, (2) | consolidated statements of income | ||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Defined benefit pension plan (1) | |||||||||||||
Amortization of net actuarial loss | $ | 66 | $ | 71 | Compensation and benefits | ||||||||
Related income tax expense | (22 | ) | (24 | ) | Income tax expense | ||||||||
Net effect on accumulated other comprehensive income | $ | 44 | $ | 47 | Net income | ||||||||
for the period | |||||||||||||
(1 | ) | Included in the computation of net periodic pension cost. See Note 11 – Employee Benefit Plans for additional detail. | |||||||||||
(2 | ) | Amounts in parentheses indicate debits. | |||||||||||
The activity in accumulated other comprehensive (loss) income for the nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||
Accumulated Other Comprehensive (Loss) Income (1), (2) | |||||||||||||
Unrealized gains (losses) on securities available for sale | Defined | Total | |||||||||||
benefit | |||||||||||||
pension | |||||||||||||
plan | |||||||||||||
(in thousands) | |||||||||||||
Balance at December 31, 2012 | $ | 3,805 | $ | (2,835 | ) | $ | 970 | ||||||
Other comprehensive loss before reclassifications | (2,878 | ) | — | (2,878 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 131 | 131 | ||||||||||
Period change | (2,878 | ) | 131 | (2,747 | ) | ||||||||
Balance at September 30, 2013 | $ | 927 | $ | (2,704 | ) | $ | (1,777 | ) | |||||
Balance at December 31, 2011 | $ | 3,649 | $ | (2,903 | ) | $ | 746 | ||||||
Other comprehensive income before reclassifications | 574 | — | 574 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 141 | 141 | ||||||||||
Period change | 574 | 141 | 715 | ||||||||||
Balance at September 30, 2012 | $ | 4,223 | $ | (2,762 | ) | $ | 1,461 | ||||||
(1 | ) | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 34%. | |||||||||||
(2 | ) | Amounts in parentheses indicate debits. | |||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the | ||||||||||||
For the nine months ended September 30, (2) | consolidated statements of income | ||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Defined benefit pension plan (1) | |||||||||||||
Amortization of net actuarial loss | $ | 198 | $ | 214 | Compensation and benefits | ||||||||
Related income tax expense | (67 | ) | (73 | ) | Income tax expense | ||||||||
Net effect on accumulated other comprehensive income | $ | 131 | $ | 141 | Net income | ||||||||
for the period | |||||||||||||
(1 | ) | Included in the computation of net periodic pension cost. See Note 11 – Employee Benefit Plans for additional detail. | |||||||||||
(2 | ) | Amounts in parentheses indicate debits. | |||||||||||
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
INVESTMENT SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||
INVESTMENT SECURITIES | ' | ||||||||||||||||||||||||||||
NOTE 7 — INVESTMENT SECURITIES | |||||||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities are summarized as follows: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Amortized | Gross unrealized gains | Gross unrealized losses | Fair | ||||||||||||||||||||||||||
cost | value | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 22,576 | $ | 34 | $ | (311 | ) | $ | 22,299 | ||||||||||||||||||||
State and political subdivisions | 58,571 | 1,721 | (687 | ) | 59,605 | ||||||||||||||||||||||||
Residential mortgage-backed securities issued by quasi-governmental agencies | 46,522 | 749 | (101 | ) | 47,170 | ||||||||||||||||||||||||
Total investment securities available for sale | 127,669 | 2,504 | (1,099 | ) | 129,074 | ||||||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities issued by quasi-governmental agencies | 1,540 | 179 | — | 1,719 | |||||||||||||||||||||||||
Total investment securities | $ | 129,209 | $ | 2,683 | $ | (1,099 | ) | $ | 130,793 | ||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Amortized | Gross unrealized gains | Gross unrealized losses | Fair | ||||||||||||||||||||||||||
cost | value | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
State and political subdivisions | $ | 55,254 | $ | 4,360 | $ | (4 | ) | $ | 59,610 | ||||||||||||||||||||
Residential mortgage-backed securities issued by quasi-governmental agencies | 41,265 | 1,409 | — | 42,674 | |||||||||||||||||||||||||
Total investment securities available for sale | 96,519 | 5,769 | (4 | ) | 102,284 | ||||||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities issued by quasi-governmental agencies | 1,965 | 306 | — | 2,271 | |||||||||||||||||||||||||
Total investment securities | $ | 98,484 | $ | 6,075 | $ | (4 | ) | $ | 104,555 | ||||||||||||||||||||
There were no sales of investment securities during the three and nine months ended September 30, 2013 or 2012. | |||||||||||||||||||||||||||||
The amortized cost and fair value of investment and mortgage-backed securities, by contractual maturity, are shown below. | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Available for sale | Held to maturity | ||||||||||||||||||||||||||||
Amortized cost | Fair value | Amortized cost | Fair value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Due in one year or less | $ | 1,649 | $ | 1,681 | $ | — | $ | — | |||||||||||||||||||||
Due after one year through five years | 19,218 | 19,564 | — | — | |||||||||||||||||||||||||
Due after five years through ten years | 39,321 | 39,373 | — | — | |||||||||||||||||||||||||
Due after ten years | 20,959 | 21,286 | — | — | |||||||||||||||||||||||||
81,147 | 81,904 | — | — | ||||||||||||||||||||||||||
Mortgage-backed securities | 46,522 | 47,170 | 1,540 | 1,719 | |||||||||||||||||||||||||
Total investment and mortgage-backed securities | $ | 127,669 | $ | 129,074 | $ | 1,540 | $ | 1,719 | |||||||||||||||||||||
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at September 30, 2013: | |||||||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||||||
Number | 12 months | or longer | Total | ||||||||||||||||||||||||||
Description of Securities | of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Securities | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
U.S. Government and federal agencies | 10 | $ | 14,325 | $ | (311 | ) | $ | — | $ | — | $ | 14,325 | $ | (311 | ) | ||||||||||||||
State and political subdivisions | 17 | 15,751 | (687 | ) | — | — | 15,751 | (687 | ) | ||||||||||||||||||||
Residential mortgage-backed securities | 37 | 16,100 | (101 | ) | — | — | 16,100 | (101 | ) | ||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total temporarily impaired securities | 64 | $ | 46,176 | $ | (1,099 | ) | $ | — | $ | — | $ | 46,176 | $ | (1,099 | ) | ||||||||||||||
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at December 31, 2012: | |||||||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||||||
Number | 12 months | or longer | Total | ||||||||||||||||||||||||||
of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Description of Securities | Securities | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
State and political subdivisions | 1 | $ | 617 | $ | (4 | ) | $ | — | $ | — | $ | 617 | $ | (4 | ) | ||||||||||||||
Total temporarily impaired securities | 1 | $ | 617 | $ | (4 | ) | $ | — | $ | — | $ | 617 | $ | (4 | ) | ||||||||||||||
On a quarterly basis, temporarily impaired securities are evaluated to determine whether such impairment is an other-than-temporary impairment (“OTTI”). The Company has performed this evaluation and has determined that the unrealized losses at September 30, 2013 and December 31, 2012, respectively, are not considered other-than-temporary but are the result of changes in interest rates, and are therefore reflected in other comprehensive (loss) income. |
LOANS_RECEIVABLE
LOANS RECEIVABLE | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
LOANS RECEIVABLE [Abstract] | ' | ||||||||||||||||||||||||||||
LOANS RECEIVABLE | ' | ||||||||||||||||||||||||||||
NOTE 8 — LOANS RECEIVABLE | |||||||||||||||||||||||||||||
Loans receivable are summarized as follows: | |||||||||||||||||||||||||||||
At | |||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Held for investment: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 379,358 | $ | 323,665 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 122,635 | 104,766 | |||||||||||||||||||||||||||
Real estate-residential | 25,852 | 21,570 | |||||||||||||||||||||||||||
Real estate-multi-family | 18,625 | 19,118 | |||||||||||||||||||||||||||
Construction loans | 9,351 | 16,288 | |||||||||||||||||||||||||||
Commercial and industrial loans | 5,885 | 4,646 | |||||||||||||||||||||||||||
Total commercial loans | 182,348 | 166,388 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 64,377 | 40,143 | |||||||||||||||||||||||||||
Other consumer | 1,813 | 1,835 | |||||||||||||||||||||||||||
Total consumer loans | 66,190 | 41,978 | |||||||||||||||||||||||||||
Total loans | 627,896 | 532,031 | |||||||||||||||||||||||||||
Net deferred loan origination costs, and | 1,125 | 1,611 | |||||||||||||||||||||||||||
unamortized premiums and discounts | |||||||||||||||||||||||||||||
Less allowance for loan losses | (6,691 | ) | (6,922 | ) | |||||||||||||||||||||||||
Total loans receivable | $ | 622,330 | $ | 526,720 | |||||||||||||||||||||||||
Held for sale: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 691 | $ | 706 | |||||||||||||||||||||||||
The following tables present by credit quality indicators the composition of the commercial loan portfolio: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
Pass | mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate-commercial | $ | 106,412 | $ | 7,194 | $ | 9,029 | $ | — | $ | 122,635 | |||||||||||||||||||
Real estate-residential | 22,828 | 490 | 2,534 | — | 25,852 | ||||||||||||||||||||||||
Real estate-multi-family | 14,957 | — | 3,668 | — | 18,625 | ||||||||||||||||||||||||
Construction loans | 6,174 | — | 3,177 | — | 9,351 | ||||||||||||||||||||||||
Commercial and industrial loans | 5,853 | 32 | — | — | 5,885 | ||||||||||||||||||||||||
Total | $ | 156,224 | $ | 7,716 | $ | 18,408 | $ | — | $ | 182,348 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
Pass | mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate-commercial | $ | 91,446 | $ | 4,192 | $ | 9,128 | $ | — | $ | 104,766 | |||||||||||||||||||
Real estate-residential | 19,244 | 1,018 | 1,308 | — | 21,570 | ||||||||||||||||||||||||
Real estate-multi-family | 15,751 | — | 3,367 | — | 19,118 | ||||||||||||||||||||||||
Construction loans | 7,397 | 4,097 | 4,794 | — | 16,288 | ||||||||||||||||||||||||
Commercial and industrial loans | 4,565 | 81 | — | — | 4,646 | ||||||||||||||||||||||||
Total | $ | 138,403 | $ | 9,388 | $ | 18,597 | $ | — | $ | 166,388 | |||||||||||||||||||
In order to assess and monitor the credit risk associated with commercial loans, the Company employs a risk rating methodology whereby each commercial loan is initially assigned a risk grade. At least annually, all risk ratings are reviewed in light of information received such as tax returns, rent rolls, cash flow statements, appraisals, and any other information which may affect the then current risk rating, which is adjusted upward or downward as needed. At the end of each quarter, the risk ratings are summarized and become a component of the evaluation of the allowance for loan losses. The Company’s risk rating definitions mirror those promulgated by banking regulators and are as follows: | |||||||||||||||||||||||||||||
Pass: A good quality loan characterized by satisfactory liquidity; reasonable debt capacity and coverage; acceptable management in all critical positions and normal operating results for its peer group. The Company has grades 1 through 6 within the Pass category which reflect the increasing amount of attention paid to the individual loan because of, among other things, trends in debt service coverage, management weaknesses, or collateral values. | |||||||||||||||||||||||||||||
Special mention: A loan that has potential weaknesses that deserves management’s close attention. Although the loan is currently protected, if left uncorrected, potential weaknesses may result in the deterioration of the loan’s repayment prospects or in the borrower’s future credit position. Potential weaknesses include: weakening financial condition; an unrealistic repayment program; inadequate sources of funds; lack of adequate collateral; credit information; or documentation. There is currently the capacity to meet interest and principal payments, but further adverse business, financial, or economic conditions may impair the borrower’s capacity or willingness to pay interest and repay principal. | |||||||||||||||||||||||||||||
Substandard: A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Although no loss of principal or interest is presently apparent, there is the distinct possibility that a partial loss of interest and/or principal will be sustained if the deficiencies are not corrected. There is a current identifiable vulnerability to default and the dependence upon favorable business, financial, or economic conditions to meet timely payment of interest and repayment of principal. | |||||||||||||||||||||||||||||
Doubtful: A loan which has all the weaknesses inherent in a substandard asset with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to strengthen the asset, classification as an estimated loss is deferred until a more exact status is determined. Pending factors include: proposed merger, acquisition, liquidation, capital injection, perfecting liens on additional collateral, and refinancing plans. | |||||||||||||||||||||||||||||
Loss: Loans which are considered uncollectible and have been charged off. The Company has charged-off all loans classified as loss. | |||||||||||||||||||||||||||||
Loans classified as special mention, substandard or doubtful are evaluated for potential impairment. All impaired loans are placed on nonaccrual status and are classified as substandard or doubtful. | |||||||||||||||||||||||||||||
The following tables present by credit quality indicator the composition of the residential mortgage and consumer loan portfolios: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential mortgages | $ | 377,257 | $ | 2,101 | $ | 379,358 | |||||||||||||||||||||||
Home equity and second mortgage | 64,160 | 217 | 64,377 | ||||||||||||||||||||||||||
Other consumer | 1,812 | 1 | 1,813 | ||||||||||||||||||||||||||
Total | $ | 443,229 | $ | 2,319 | $ | 445,548 | |||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential mortgages | $ | 321,400 | $ | 2,265 | $ | 323,665 | |||||||||||||||||||||||
Home equity and second mortgage | 40,000 | 143 | 40,143 | ||||||||||||||||||||||||||
Other consumer | 1,827 | 8 | 1,835 | ||||||||||||||||||||||||||
Total | $ | 363,227 | $ | 2,416 | $ | 365,643 | |||||||||||||||||||||||
In order to assess and monitor the credit risk associated with residential mortgage loans and consumer loans which include second mortgage loans and home equity secured lines of credit, the Company relies upon the payment status of the loan. Residential mortgage and other consumer loans 90 days or more past due are placed on nonaccrual status, classified as nonperforming, and evaluated for impairment. | |||||||||||||||||||||||||||||
The following table presents by class nonperforming loans including impaired loans and loan balances 90 days or more past due for which the accrual of interest has been discontinued: | |||||||||||||||||||||||||||||
At | |||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 2,101 | $ | 2,265 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 785 | 1,098 | |||||||||||||||||||||||||||
Real estate-residential | 684 | 51 | |||||||||||||||||||||||||||
Real estate-multi-family | 149 | — | |||||||||||||||||||||||||||
Construction loans | 2,944 | 4,794 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 217 | 143 | |||||||||||||||||||||||||||
Other consumer | 1 | 8 | |||||||||||||||||||||||||||
Total nonperforming loans | $ | 6,881 | $ | 8,359 | |||||||||||||||||||||||||
Total loans past due 90 days as to interest or principal and accruing interest | $ | — | $ | — | |||||||||||||||||||||||||
The following tables present by class loans individually evaluated for impairment: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,209 | $ | 1,217 | $ | 85 | $ | 1,831 | $ | — | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | — | 137 | — | ||||||||||||||||||||||||
Real estate-residential | 342 | 342 | 47 | 86 | — | ||||||||||||||||||||||||
Construction loans | 2,944 | 3,142 | 2,000 | 3,832 | — | ||||||||||||||||||||||||
4,495 | 4,701 | 2,132 | 5,886 | — | |||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 552 | 552 | — | 552 | — | ||||||||||||||||||||||||
Real estate-residential | — | — | — | 136 | — | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 813 | 1,320 | — | 271 | — | ||||||||||||||||||||||||
1,365 | 1,872 | — | 959 | — | |||||||||||||||||||||||||
Total | $ | 5,860 | $ | 6,573 | $ | 2,132 | $ | 6,845 | $ | — | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 2,137 | $ | 2,214 | $ | 218 | $ | 2,061 | $ | — | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 546 | 1,497 | 296 | 697 | — | ||||||||||||||||||||||||
Real estate-residential | 51 | 51 | 4 | 298 | — | ||||||||||||||||||||||||
Construction loans | 4,737 | 5,137 | 1,029 | 3,604 | — | ||||||||||||||||||||||||
Commercial and industrial loans | — | — | — | 2 | — | ||||||||||||||||||||||||
7,471 | 8,899 | 1,547 | 6,662 | — | |||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | — | — | — | 698 | — | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 552 | 552 | — | 1,012 | — | ||||||||||||||||||||||||
Real estate-residential | — | — | — | 216 | — | ||||||||||||||||||||||||
Construction loans | 57 | 116 | — | 1,932 | — | ||||||||||||||||||||||||
609 | 668 | — | 3,858 | — | |||||||||||||||||||||||||
Total | $ | 8,080 | $ | 9,567 | $ | 1,547 | $ | 10,520 | $ | — | |||||||||||||||||||
The following tables present by class the contractual aging of delinquent loans: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Loans | Total | Total | Recorded investment | |||||||||||||||||||||||
Days | Days | past due | past due | loans | over 90 days | ||||||||||||||||||||||||
past due | past due | 90 days | and accruing interest | ||||||||||||||||||||||||||
or more | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 375,676 | $ | 1,637 | $ | 10 | $ | 2,035 | $ | 3,682 | $ | 379,358 | $ | — | |||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 121,850 | — | — | 785 | 785 | 122,635 | — | ||||||||||||||||||||||
Real estate-residential | 24,798 | — | 370 | 684 | 1,054 | 25,852 | — | ||||||||||||||||||||||
Real estate-multi-family | 18,289 | 187 | — | 149 | 336 | 18,625 | — | ||||||||||||||||||||||
Construction loans | 6,174 | — | 233 | 2,944 | 3,177 | 9,351 | — | ||||||||||||||||||||||
Commercial and industrial | 5,885 | — | — | — | — | 5,885 | — | ||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second | 64,048 | 60 | 52 | 217 | 329 | 64,377 | — | ||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||
Other consumer | 1,808 | 4 | — | 1 | 5 | 1,813 | — | ||||||||||||||||||||||
Total | $ | 618,528 | $ | 1,888 | $ | 665 | $ | 6,815 | $ | 9,368 | $ | 627,896 | $ | — | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Loans | Total | Total | Recorded investment | |||||||||||||||||||||||
Days | Days | past due | past due | loans | over 90 days | ||||||||||||||||||||||||
past due | past due | 90 days | and accruing interest | ||||||||||||||||||||||||||
or more | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 319,982 | $ | 1,161 | $ | 329 | $ | 2,193 | $ | 3,683 | $ | 323,665 | $ | — | |||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 102,868 | 800 | — | 1,098 | 1,898 | 104,766 | — | ||||||||||||||||||||||
Real estate-residential | 21,488 | 31 | — | 51 | 82 | 21,570 | — | ||||||||||||||||||||||
Real estate-multi-family | 19,118 | — | — | — | — | 19,118 | — | ||||||||||||||||||||||
Construction loans | 11,494 | — | — | 4,794 | 4,794 | 16,288 | — | ||||||||||||||||||||||
Commercial and industrial | 4,646 | — | — | — | — | 4,646 | — | ||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second | 39,842 | 34 | 124 | 143 | 301 | 40,143 | — | ||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||
Other consumer | 1,824 | — | 3 | 8 | 11 | 1,835 | — | ||||||||||||||||||||||
Total | $ | 521,262 | $ | 2,026 | $ | 456 | $ | 8,287 | $ | 10,769 | $ | 532,031 | $ | — | |||||||||||||||
Activity in the allowance for loan losses for the three and nine months ended September 30, 2013 is summarized as follows: | |||||||||||||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
July 1, | September 30, | ||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,780 | $ | 175 | $ | (184 | ) | $ | — | $ | 1,771 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,237 | (104 | ) | — | — | 1,133 | |||||||||||||||||||||||
Real estate-residential | 360 | 53 | (31 | ) | — | 382 | |||||||||||||||||||||||
Real estate-multi-family | 172 | (35 | ) | — | — | 137 | |||||||||||||||||||||||
Construction loans | 2,342 | (62 | ) | — | — | 2,280 | |||||||||||||||||||||||
Commercial and industrial loans | 71 | 5 | (9 | ) | 3 | 70 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 210 | 5 | — | — | 215 | ||||||||||||||||||||||||
Other consumer | 24 | 3 | (5 | ) | 1 | 23 | |||||||||||||||||||||||
Unallocated | 720 | (40 | ) | — | — | 680 | |||||||||||||||||||||||
Total | $ | 6,916 | $ | — | $ | (229 | ) | $ | 4 | $ | 6,691 | ||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
January 1, | September 30, | ||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,849 | $ | 301 | $ | (391 | ) | $ | 12 | $ | 1,771 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,754 | (186 | ) | (435 | ) | — | 1,133 | ||||||||||||||||||||||
Real estate-residential | 608 | (136 | ) | (90 | ) | — | 382 | ||||||||||||||||||||||
Real estate-multi-family | 245 | (108 | ) | — | — | 137 | |||||||||||||||||||||||
Construction loans | 1,697 | 719 | (150 | ) | 14 | 2,280 | |||||||||||||||||||||||
Commercial and industrial loans | 119 | (47 | ) | (9 | ) | 7 | 70 | ||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 251 | (29 | ) | (15 | ) | 8 | 215 | ||||||||||||||||||||||
Other consumer | 11 | 33 | (24 | ) | 3 | 23 | |||||||||||||||||||||||
Unallocated | 388 | 292 | — | — | 680 | ||||||||||||||||||||||||
Total | $ | 6,922 | $ | 839 | $ | (1,114 | ) | $ | 44 | $ | 6,691 | ||||||||||||||||||
Activity in the allowance for loan losses for the three and nine months ended September 30, 2012 is summarized as follows: | |||||||||||||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
July 1, | September 30, | ||||||||||||||||||||||||||||
2012 | 2012 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,620 | $ | 373 | $ | (126 | ) | $ | 46 | $ | 1,913 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,913 | 100 | (18 | ) | — | 1,995 | |||||||||||||||||||||||
Real estate-residential | 699 | (52 | ) | (1 | ) | — | 646 | ||||||||||||||||||||||
Real estate-multi-family | 284 | (34 | ) | — | — | 250 | |||||||||||||||||||||||
Construction loans | 1,002 | 166 | (31 | ) | — | 1,137 | |||||||||||||||||||||||
Commercial and industrial loans | 137 | (41 | ) | — | 9 | 105 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 265 | (25 | ) | (11 | ) | — | 229 | ||||||||||||||||||||||
Other consumer | 12 | 8 | (9 | ) | — | 11 | |||||||||||||||||||||||
Unallocated | 231 | 255 | — | — | 486 | ||||||||||||||||||||||||
Total | $ | 6,163 | $ | 750 | $ | (196 | ) | $ | 55 | $ | 6,772 | ||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
January 1, | September 30, | ||||||||||||||||||||||||||||
2012 | 2012 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 2,194 | $ | 365 | $ | (702 | ) | $ | 56 | $ | 1,913 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 2,819 | 108 | (932 | ) | — | 1,995 | |||||||||||||||||||||||
Real estate-residential | 464 | 600 | (418 | ) | — | 646 | |||||||||||||||||||||||
Real estate-multi-family | 358 | (108 | ) | — | — | 250 | |||||||||||||||||||||||
Construction loans | 1,260 | 768 | (891 | ) | — | 1,137 | |||||||||||||||||||||||
Commercial and industrial loans | 138 | 106 | (156 | ) | 17 | 105 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 448 | (187 | ) | (32 | ) | — | 229 | ||||||||||||||||||||||
Other consumer | 22 | 9 | (23 | ) | 3 | 11 | |||||||||||||||||||||||
Unallocated | 397 | 89 | — | — | 486 | ||||||||||||||||||||||||
Total | $ | 8,100 | $ | 1,750 | $ | (3,154 | ) | $ | 76 | $ | 6,772 | ||||||||||||||||||
Despite the above allocation, the allowance for credit losses is general in nature and is available to absorb losses from any portfolio segment. | |||||||||||||||||||||||||||||
Loans receivable include certain loans that have been modified as Troubled Debt Restructurings (“TDRs”), where economic concessions have been granted to borrowers experiencing financial difficulties. The objective for granting the concessions is to maximize the recovery of the investment in the loan and may include reductions in the interest rate, payment extensions, forgiveness of interest or principal, forbearance or other actions. TDRs are classified as nonperforming at the time of restructuring and typically return to performing status after considering the borrower’s positive repayment performance for a reasonable period of time, at least six months. | |||||||||||||||||||||||||||||
Loans modified in a TDR are evaluated individually for impairment based on the present value of expected cash flows or the fair value of the underlying collateral less selling costs for collateral dependent loans. If the value of the modified loan is less than the recorded investment in the loan, impairment is recognized through an increase by an additional provision to the allowance for loan losses. In periods subsequent to modification, TDRs are evaluated for possible additional impairment. | |||||||||||||||||||||||||||||
There were no loans classified as TDRs for the three and nine months ended September 30, 2013. The following tables present by class loans classified as TDRs for the three and nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||
30-Sep-12 | September 30, 2012 | ||||||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post Modification Outstanding Recorded Investment | ||||||||||||||||||||||||
Residential | (in thousands) | (in thousands) | |||||||||||||||||||||||||||
Residential mortgage | — | $ | — | $ | — | 1 | $ | 852 | $ | 852 | |||||||||||||||||||
Total | — | $ | — | $ | — | 1 | $ | 852 | $ | 852 | |||||||||||||||||||
The following table presents loans classified as TDRs that subsequently defaulted: | |||||||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||
30-Sep-13 | September 30, 2013 | ||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||
Residential | (in thousands) | (in thousands) | |||||||||||||||||||||||||||
Residential mortgage | 1 | $ | 337 | 1 | $ | 337 | |||||||||||||||||||||||
Total | 1 | $ | 337 | 1 | $ | 337 | |||||||||||||||||||||||
During the first quarter of 2012, a TDR totaling $167,000 which had been previously identified as in default of its modified terms was repaid and a $40,000 loss was charged to the allowance for loan losses. | |||||||||||||||||||||||||||||
Acquired loans are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. | |||||||||||||||||||||||||||||
The carrying value of the loans acquired and accounted for in accordance with ASC 310-30 was determined by projecting discounted contractual cash flows. The table below presents the components of the purchase accounting adjustments related to the purchased impaired loans acquired in the Roebling acquisition as of July 2, 2013: | |||||||||||||||||||||||||||||
At July 2, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Unpaid principal balance | $ | 1,320 | |||||||||||||||||||||||||||
Interest | 638 | ||||||||||||||||||||||||||||
Contractual cash flows | 1,958 | ||||||||||||||||||||||||||||
Non-accretable discount | (963 | ) | |||||||||||||||||||||||||||
Expected cash flows | 995 | ||||||||||||||||||||||||||||
Accretable discount | (198 | ) | |||||||||||||||||||||||||||
Estimated fair value | $ | 797 | |||||||||||||||||||||||||||
Changes in the amortizable yield for purchased credit-impaired loans were as follows for the three months ended September 30, 2013: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | |||||||||||||||||||||||||||
Acquisition of impaired loans | 198 | ||||||||||||||||||||||||||||
Accretion | (16 | ) | |||||||||||||||||||||||||||
Balance at end of period | $ | 182 | |||||||||||||||||||||||||||
The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30: | |||||||||||||||||||||||||||||
July 2, 2013 | September 30, 2013 | ||||||||||||||||||||||||||||
Acquired Loans with | Acquired Loans with | ||||||||||||||||||||||||||||
Specific Evidence of | Specific Evidence of | ||||||||||||||||||||||||||||
Deterioration in Credit | Deterioration in Credit | ||||||||||||||||||||||||||||
Quality (ASC 310-30) | Quality (ASC 310-30) | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Outstanding balance | $ 1,958 | $ | 1,958 | ||||||||||||||||||||||||||
Carrying amount | 797 | 813 | |||||||||||||||||||||||||||
There were no material increases or decreases in the expected cash flows of these loans between July 2, 2013 the acquisition date and September 30, 2013. There has been no allowance for loan losses recorded for acquired loans with or without specific evidence of deterioration in credit quality as of the acquisition date as well as those acquired without specific evidence of deterioration in credit quality as of September 30, 2013. | |||||||||||||||||||||||||||||
The following tables present by class the ending balance of the allowance for loan losses and ending loan balance based on impairment method as of September 30, 2013: | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | Loans acquired with credit deterioration | Individually | Collectively | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | — | $ | 85 | $ | 1,686 | $ | 1,771 | |||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | 1,133 | 1,133 | |||||||||||||||||||||||||
Real estate-residential | — | 47 | 335 | 382 | |||||||||||||||||||||||||
Real estate-multi-family | — | — | 137 | 137 | |||||||||||||||||||||||||
Construction loans | — | 2,000 | 280 | 2,280 | |||||||||||||||||||||||||
Commercial and industrial loans | — | — | 70 | 70 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | — | 215 | 215 | |||||||||||||||||||||||||
Other consumer | — | — | 23 | 23 | |||||||||||||||||||||||||
Unallocated | — | — | 680 | 680 | |||||||||||||||||||||||||
Total | $ | — | $ | 2,132 | $ | 4,559 | $ | 6,691 | |||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Loan balance | Loans acquired with credit deterioration | Individually | Collectively | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 22 | $ | 1,209 | $ | 378,127 | $ | 379,358 | |||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | 552 | 122,083 | 122,635 | |||||||||||||||||||||||||
Real estate-residential | 363 | 342 | 25,147 | 25,852 | |||||||||||||||||||||||||
Real estate-multi-family | 338 | — | 18,287 | 18,625 | |||||||||||||||||||||||||
Construction loans | — | 2,944 | 6,407 | 9,351 | |||||||||||||||||||||||||
Commercial and industrial loans | — | — | 5,885 | 5,885 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 90 | — | 64,287 | 64,377 | |||||||||||||||||||||||||
Other consumer | — | — | 1,813 | 1,813 | |||||||||||||||||||||||||
Total | $ | 813 | $ | 5,047 | $ | 622,036 | $ | 627,896 | |||||||||||||||||||||
The following tables present by class the ending balance of the allowance for loan losses and ending loan balance based on impairment method as of December 31, 2012: | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | Individually | Collectively | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 218 | $ | 1,631 | $ | 1,849 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 296 | 1,458 | 1,754 | ||||||||||||||||||||||||||
Real estate-residential | 4 | 604 | 608 | ||||||||||||||||||||||||||
Real estate-multi-family | — | 245 | 245 | ||||||||||||||||||||||||||
Construction loans | 1,029 | 668 | 1,697 | ||||||||||||||||||||||||||
Commercial and industrial loans | — | 119 | 119 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | 251 | 251 | ||||||||||||||||||||||||||
Other consumer | — | 11 | 11 | ||||||||||||||||||||||||||
Unallocated | — | 388 | 388 | ||||||||||||||||||||||||||
Total | $ | 1,547 | $ | 5,375 | $ | 6,922 | |||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Loan balance | Individually | Collectively | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 2,137 | $ | 321,528 | $ | 323,665 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,098 | 103,668 | 104,766 | ||||||||||||||||||||||||||
Real estate-residential | 51 | 21,519 | 21,570 | ||||||||||||||||||||||||||
Real estate-multi-family | — | 19,118 | 19,118 | ||||||||||||||||||||||||||
Construction loans | 4,794 | 11,494 | 16,288 | ||||||||||||||||||||||||||
Commercial and industrial loans | — | 4,646 | 4,646 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | 40,143 | 40,143 | ||||||||||||||||||||||||||
Other consumer | — | 1,835 | 1,835 | ||||||||||||||||||||||||||
Total | $ | 8,080 | $ | 523,951 | $ | 532,031 | |||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_AND_FA
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||
NOTE 9 — FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The following tables present information about the Company’s financial instruments measured at fair value as of September 30, 2013 and December 31, 2012. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement hierarchy has been established for inputs in valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Determination of the appropriate level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement for the instrument or security. | |||||||||||||||||||||
The fair value hierarchy levels are summarized below: | |||||||||||||||||||||
· | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||||||
· | Level 2 inputs are inputs that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||||||
· | Level 3 inputs are unobservable and contain assumptions of the party assessing the fair value of the asset or liability. | ||||||||||||||||||||
Assets measured at fair value on a recurring basis segregated by fair value hierarchy level are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | September 30, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
U.S. Government and federal agencies | $ | — | $ | 22,299 | $ | — | $ | 22,299 | |||||||||||||
State and political subdivisions | — | 59,605 | — | 59,605 | |||||||||||||||||
Residential mortgage-backed securities issued by quasi- | — | 47,170 | — | 47,170 | |||||||||||||||||
governmental agencies | |||||||||||||||||||||
Total investment securities available for sale | $ | — | $ | 129,074 | $ | — | $ | 129,074 | |||||||||||||
Loans receivable, held for sale | $ | — | $ | 691 | $ | — | $ | 691 | |||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | December 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2012 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
State and political subdivisions | $ | — | $ | 59,610 | $ | — | $ | 59,610 | |||||||||||||
Residential mortgage-backed securities issued by quasi- | — | 42,674 | — | 42,674 | |||||||||||||||||
governmental agencies | |||||||||||||||||||||
Total investment securities available for sale | $ | — | $ | 102,284 | $ | — | $ | 102,284 | |||||||||||||
Loans receivable, held for sale | $ | — | $ | 706 | $ | — | $ | 706 | |||||||||||||
Investment securities available for sale and mortgage-backed securities available for sale are valued primarily by a third party pricing agent. U.S. Government and federal agency securities are primarily priced through a multi-dimensional relational model, a Level 2 hierarchy, which incorporates dealer quotes and other market information including, defined sector breakdown, benchmark yields, base spread, yield to maturity and corporate actions. State and political subdivision securities are valued within the Level 2 hierarchy using inputs with a series of matrices that reflect benchmark yields, ratings updates, and spread adjustments. Mortgage-backed securities include Government National Mortgage Association (“GNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and Federal National Mortgage Association (“FNMA”) certificates which are valued under a Level 2 hierarchy using a matrix correlation to benchmark yields, spread analysis, and prepayment speeds. | |||||||||||||||||||||
Values for loans held for sale utilize active pricing quotes which exist in the secondary market and are therefore deemed a Level 2 hierarchy. | |||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis segregated by fair value hierarchy level at September 30, 2013 are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | September 30, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 3,728 | $ | 3,728 | |||||||||||||
Real estate acquired through foreclosure | — | — | 5,786 | 5,786 | |||||||||||||||||
Mortgage servicing rights | — | 1,471 | — | 1,471 | |||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Bank has utilized Level 3 inputs to determine fair value at September 30, 2013: | |||||||||||||||||||||
Fair value | Valuation | Unobservable | Range of | ||||||||||||||||||
Description | estimate | technique | Input | inputs | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | 3,728 | Appraisal of collateral (1) | Discount rate to reflect current market conditions and ultimate recoverability | 5%-15 | % | |||||||||||||||
Real estate acquired through foreclosure | 5,786 | Appraisal of collateral (1) | Discount rate to reflect current market conditions and liquidation expenses | 5%-20 | % | ||||||||||||||||
(1 | ) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
The fair value of impaired loans and real estate acquired through foreclosure is generally determined through independent appraisals of the underlying collateral, which generally include level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses are presented as a percent of the appraised value. | |||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis segregated by fair value hierarchy level at December 31, 2012 are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | December 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2012 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 6,533 | $ | 6,533 | |||||||||||||
Real estate acquired through foreclosure | — | — | 7,282 | 7,282 | |||||||||||||||||
Mortgage servicing rights | — | 956 | — | 956 | |||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Bank has utilized Level 3 inputs to determine fair value at December 31, 2012: | |||||||||||||||||||||
Fair value | Valuation | Unobservable | Range of | ||||||||||||||||||
Description | estimate | technique | Input | inputs | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | 6,533 | Appraisal of collateral (1) | Discount rate to reflect current market conditions and ultimate recoverability | 5%-15 | % | |||||||||||||||
Real estate acquired through foreclosure | 7,282 | Appraisal of collateral (1) | Discount rate to reflect current market conditions and liquidation expenses | 5%-20 | % | ||||||||||||||||
(1 | ) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
The Company retains a qualified valuation service to calculate the amortized cost and to determine the fair value of the mortgage servicing rights. The valuation service utilizes discounted cash flow analyses adjusted for prepayment speeds, market discount rates and conditions existing in the secondary servicing market. Hence, the fair value of mortgage servicing rights is deemed a Level 2 hierarchy. The amortized cost basis of the Company’s mortgage servicing rights was $1.3 million and $1.1 million at September 30, 2013 and December 31, 2012, respectively. The fair value of the mortgage servicing rights was $1.5 million and $956,000 at September 30, 2013 and December 31, 2012, respectively, and was included in other assets in the consolidated balance sheets. | |||||||||||||||||||||
In addition to financial instruments recorded at fair value in the Company’s financial statements, disclosure of the estimated fair value of all of an entity’s assets and liabilities considered to be financial instruments is also required. For the Bank, as for most financial institutions, the majority of its assets and liabilities are considered financial instruments. However, many such instruments lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. Also, it is the Company’s general practice and intent to hold its financial instruments to maturity or available for sale and to not engage in trading or significant sales activities. For fair value disclosure purposes, the Company substantially utilized the established fair value measurement hierarchy. | |||||||||||||||||||||
Changes in the assumptions or methodologies used to estimate fair values may materially affect the estimated amounts. In addition, there may not be reasonable comparability between entities due to the wide range of permitted assumptions and methodologies in the absence of active markets. This lack of uniformity gives rise to a high degree of subjectivity in estimating financial instrument fair values. | |||||||||||||||||||||
Fair values have been estimated using data which management considered the best available, as generally provided by estimation methodologies deemed suitable for the pertinent category of financial instrument. The recorded carrying amounts and fair values segregated by fair value hierarchy level at September 30, 2013 are summarized below: | |||||||||||||||||||||
Carrying | Fair | Fair value hierarchy levels | |||||||||||||||||||
value | value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | (in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 31,004 | $ | 31,004 | $ | 31,004 | $ | — | $ | — | |||||||||||
Investment securities | 81,904 | 81,904 | — | 81,904 | — | ||||||||||||||||
Mortgage-backed securities | 48,710 | 48,889 | — | 48,889 | — | ||||||||||||||||
Loans receivable, | 623,021 | 627,032 | — | 691 | 626,341 | ||||||||||||||||
including loans held for sale | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with stated maturities | $ | 193,283 | $ | 196,311 | $ | — | $ | — | $ | 196,311 | |||||||||||
Deposits with no stated maturities | 488,542 | 488,542 | 488,542 | — | — | ||||||||||||||||
Borrowings with stated maturities | 50,990 | 49,935 | — | — | 49,935 | ||||||||||||||||
The recorded carrying amounts and fair values segregated by fair value hierarchy level at December 31, 2012 are summarized below: | |||||||||||||||||||||
Carrying | Fair | Fair value hierarchy levels | |||||||||||||||||||
value | value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | (in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 31,137 | $ | 31,137 | $ | 31,137 | $ | — | $ | — | |||||||||||
Investment securities | 59,610 | 59,610 | — | 59,610 | — | ||||||||||||||||
Mortgage-backed securities | 44,639 | 44,945 | — | 44,945 | — | ||||||||||||||||
Loans receivable, | 527,426 | 539,665 | — | 706 | 538,959 | ||||||||||||||||
including loans held for sale | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with stated maturities | $ | 171,417 | $ | 175,025 | $ | — | $ | — | $ | 175,025 | |||||||||||
Deposits with no stated maturities | 388,898 | 388,898 | 388,898 | — | — | ||||||||||||||||
Borrowings with stated maturities | 60,656 | 60,939 | — | — | 60,939 | ||||||||||||||||
The fair value of cash and cash equivalents equals the carrying amount. The fair value of investment and mortgage-backed securities is described and presented under fair value measurement guidelines as discussed earlier. | |||||||||||||||||||||
The fair value of loans receivable has been estimated using the present value of cash flows, discounted at the approximate current market rates, and giving consideration to estimated prepayment risk but not adjusted for credit risk. Loans receivable also includes loans receivable held for sale. | |||||||||||||||||||||
The fair value of deposits and borrowings with stated maturities has been estimated using the present value of cash flows, discounted at rates approximating current market rates for similar liabilities. Fair value of deposits and borrowings with floating interest rates is generally presumed to approximate the recorded carrying amounts. | |||||||||||||||||||||
The fair value of deposits with no stated maturities is generally presumed to approximate the carrying amount (the amount payable on demand). The fair value of deposits with floating interest rates is generally presumed to approximate the recorded carrying amounts. | |||||||||||||||||||||
The Bank’s remaining assets and liabilities are not considered financial instruments. No disclosure of the relationship value of the Bank’s depositors or customers is required. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
NOTE 10 — STOCK-BASED COMPENSATION | |||||||||||||||||
The Company has stock benefit plans that allow the Company to grant options and restricted stock to employees and directors. The awards, which have a term of up to 10 years when issued, vest over a two to five year period. The exercise price of each award equals the market price of the Company’s stock on the date of the grant. The fair value of each option grant during the first nine months of 2013 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
Weighted average assumptions | |||||||||||||||||
Dividend yield | 0.81 | % | |||||||||||||||
Expected volatility | 16.82 | % | |||||||||||||||
Risk-free interest rate | 0.65 | % | |||||||||||||||
Fair value of options granted during the period | $ | 3.12 | |||||||||||||||
Expected lives in years | 5 | ||||||||||||||||
There were no stock options granted during the three or nine months ended September 30, 2012. | |||||||||||||||||
At September 30, 2013, there was $421,000 of total unrecognized compensation cost, net of estimated forfeitures, related to non-vested awards under the Company’s stock option plan. That cost is expected to be recognized over a weighted average period of 9.6 months. Option activity under the Company’s stock option plan as of September 30, 2013 was as follows: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Number of shares | Weighted average exercise price per share | Weighted average remaining contractual term (in years) | Aggregate intrinsic value ($000) | ||||||||||||||
Outstanding at January 1, 2013 | 89,279 | $ | 24.08 | ||||||||||||||
Options granted | 205,000 | 24.28 | |||||||||||||||
Options exercised | (8,547 | ) | 25.24 | ||||||||||||||
Options forfeited | (3,635 | ) | 27.3 | ||||||||||||||
Options expired | (14,279 | ) | 24.26 | ||||||||||||||
Outstanding at September 30, 2013 | 267,818 | $ | 24.14 | 2.93 | $ | 1,062 | |||||||||||
Options exercisable at September 30, 2013 | 56,115 | $ | 24.25 | 1.58 | $ | 265 | |||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the third quarter and the exercise price, multiplied by the number of in-the-money options). | |||||||||||||||||
The aggregate intrinsic value and cash receipts of options exercised are as follows: | |||||||||||||||||
At September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Options Exercised | |||||||||||||||||
Aggregate intrinsic value of options exercised | $ | 5 | $ | 6 | |||||||||||||
Cash receipts from options exercised | 216 | 7 | |||||||||||||||
The Company issues stock of the Company as payment for director fees as permitted by the 2011 Director Stock Compensation Plan. The cost associated with these grants is included as a component of stock-based compensation. The following tables provide information regarding the Company’s stock-based compensation expense: | |||||||||||||||||
For the three months ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Director fees | $ | 38 | $ | 38 | |||||||||||||
Stock option expense | 86 | 6 | |||||||||||||||
Employee Stock Ownership Plan ("ESOP") expense | 79 | 68 | |||||||||||||||
Total stock-based compensation expense | $ | 203 | $ | 112 | |||||||||||||
The Bank reports ESOP expense in an amount equal to the fair value of shares released from the ESOP to employees less dividends received on the allocated shares in the plan used for debt service. Dividends on allocated shares used to reduce ESOP expense totaled $9,000 and $8,000 for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Stock-based compensation expense related to stock options resulted in a tax benefit of $31,000 and $2,000 for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
For the nine months ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Director fees | $ | 108 | $ | 112 | |||||||||||||
Stock option expense | 229 | 20 | |||||||||||||||
Employee Stock Ownership Plan ("ESOP") expense | 225 | 210 | |||||||||||||||
Total stock-based compensation expense | $ | 562 | $ | 342 | |||||||||||||
The Bank reports ESOP expense in an amount equal to the fair value of shares released from the ESOP to employees less dividends received on the allocated shares in the plan used for debt service. Dividends on allocated shares used to reduce ESOP expense totaled $26,000 and $24,000 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Stock-based compensation expense related to stock options resulted in a tax benefit of $70,000 and $7,000 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||
NOTE 11 — EMPLOYEE BENEFIT PLANS | |||||||||
Net periodic defined benefit pension cost included the following: | |||||||||
For the three months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $ | 206 | $ | 184 | |||||
Interest cost | 89 | 90 | |||||||
Expected return on plan assets | (182 | ) | (161 | ) | |||||
Recognized net actuarial loss | 66 | 71 | |||||||
Net periodic benefit cost | $ | 179 | $ | 184 | |||||
For the nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $ | 617 | $ | 552 | |||||
Interest cost | 266 | 270 | |||||||
Expected return on plan assets | (546 | ) | (483 | ) | |||||
Amortization of prior service cost | 2 | 2 | |||||||
Recognized net actuarial loss | 196 | 212 | |||||||
Net periodic benefit cost | $ | 535 | $ | 553 | |||||
Employer contributions of $653,000 were made during the nine months ended September 30, 2013. There were no employer contributions for the nine months ended September 30, 2012. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
CONTINGENCIES [Abstract] | ' |
CONTINGENCIES | ' |
NOTE 12 — CONTINGENCIES | |
The Company, from time to time, is a party to routine litigation that arises in the normal course of business. In the opinion of management, the resolution of this litigation, if any, would not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
ACQUISITION_OF_ROEBLING_FINANC1
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. [Abstract] | ' | ||||||||||||||||
Summary of purchase consideration | ' | ||||||||||||||||
The following table summarizes the purchase of Roebling as of July 2, 2013: | |||||||||||||||||
At July 2, 2013 | |||||||||||||||||
(in thousands, | |||||||||||||||||
except per share data) | |||||||||||||||||
Purchase Price Consideration in Common Stock | |||||||||||||||||
Roebling common shares settled for stock | 843,058 | ||||||||||||||||
Exchange Ratio | 0.364 | ||||||||||||||||
TF Financial Corporation shares issued | 306,873 | ||||||||||||||||
Value assigned to TF Financial Corporation common share | $ | 25 | |||||||||||||||
Purchase price assigned to Roebling common | $ | 7,672 | |||||||||||||||
shares exchanged for TF Financial | |||||||||||||||||
Purchase Price Consideration - Cash for Common Stock | |||||||||||||||||
Roebling shares exchanged for cash | 843,478 | ||||||||||||||||
Purchase price paid to each Roebling common | $ | 8.6 | |||||||||||||||
share exchanged for cash | |||||||||||||||||
Purchase price assigned to Roebling common | 7,254 | ||||||||||||||||
shares exchanged for cash | |||||||||||||||||
Total Purchase Price | 14,926 | ||||||||||||||||
Net Assets Acquired: | |||||||||||||||||
Roebling shareholders’ equity | $ | 16,461 | |||||||||||||||
Adjustments to reflect assets acquired at fair value: | |||||||||||||||||
Investments | 2 | ||||||||||||||||
Loans | |||||||||||||||||
Interest rate | 932 | ||||||||||||||||
General credit | (1,069 | ) | |||||||||||||||
Specific credit - non-amortizing | (325 | ) | |||||||||||||||
Specific credit - amortizing | (198 | ) | |||||||||||||||
Eliminate allowance for loan losses | 1,214 | ||||||||||||||||
Core deposit intangible | 553 | ||||||||||||||||
Owned premises | (976 | ) | |||||||||||||||
Leased premises contracts | 33 | ||||||||||||||||
Deferred tax assets | (276 | ) | |||||||||||||||
Other assets | 280 | ||||||||||||||||
Adjustments to reflect liabilities acquired at fair value: | |||||||||||||||||
Time deposits | (440 | ) | |||||||||||||||
FHLB advances | (51 | ) | |||||||||||||||
16,140 | |||||||||||||||||
Purchase gain resulting from acquisition | $ | 1,214 | |||||||||||||||
Net assets as of the acquisition date | ' | ||||||||||||||||
The following condensed statement reflects the values assigned to Roebling’s net assets as of the acquisition date: | |||||||||||||||||
At July 2, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Total purchase price | $ | 14,926 | |||||||||||||||
Net assets acquired: | |||||||||||||||||
Cash | $ | 4,081 | |||||||||||||||
Investment securities | 37,339 | ||||||||||||||||
Loans | 102,026 | ||||||||||||||||
Premises and equipment, net | 2,154 | ||||||||||||||||
Core deposit intangible | 553 | ||||||||||||||||
Other assets | 2,625 | ||||||||||||||||
Time deposits | (49,061 | ) | |||||||||||||||
Deposits other than time deposits | (78,689 | ) | |||||||||||||||
Other liabilities | (4,888 | ) | |||||||||||||||
16,140 | |||||||||||||||||
Purchase gain on acquisition | $ | 1,214 | |||||||||||||||
Composition of the loans acquired | ' | ||||||||||||||||
The following table reflects the composition of the loans acquired as well as the fair value adjustments made: | |||||||||||||||||
At July 2, 2013 | |||||||||||||||||
Loans acquired with no credit quality deterioration | Loans acquired loans with credit quality deterioration | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Residential | |||||||||||||||||
Residential mortgages | $ | 54,965 | $ | 21 | $ | 54,986 | |||||||||||
Commercial | |||||||||||||||||
Real estate-commercial | 13,262 | — | 13,262 | ||||||||||||||
Real estate-residential | 5,143 | 356 | 5,499 | ||||||||||||||
Real estate-multi-family | 1,595 | 331 | 1,926 | ||||||||||||||
Commercial and industrial loans | 308 | — | 308 | ||||||||||||||
Consumer | |||||||||||||||||
Home equity and second mortgage | 25,847 | 89 | 25,936 | ||||||||||||||
Other consumer | 109 | — | 109 | ||||||||||||||
Total | $ | 101,229 | $ | 797 | $ | 102,026 | |||||||||||
The following table contains the fair value adjustments on loans acquired without significant credit deterioration: | |||||||||||||||||
Fair value of loans acquired not accounted for under ASC 310-30 | At July 2, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Contractual amount of acquired loans at acquisition | $ | 101,365 | |||||||||||||||
Contractual cash flows not expected to be collected (general credit valuation) | (1,068 | ) | |||||||||||||||
Expected cash flows at acquisition | 100,297 | ||||||||||||||||
Interest rate fair value adjustment | 932 | ||||||||||||||||
Total | $ | 101,229 | |||||||||||||||
The following table contains the adjustments on loans acquired with credit deterioration: | |||||||||||||||||
Fair value of loans acquired accounted for under ASC 310-30 | At July 2, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Contractual amount of acquired loans at acquisition | $ | 1,320 | |||||||||||||||
Contractual cash flows not expected to be collected (non-accretable yield) | (325 | ) | |||||||||||||||
Expected cash flows at acquisition | 995 | ||||||||||||||||
Interest component of expected cash flows (accretable yield) | (198 | ) | |||||||||||||||
Total | $ | 797 | |||||||||||||||
Estimated future amortization expense | ' | ||||||||||||||||
As of September 30, 2013, the current year and estimated future amortization expense for the core deposit intangible was as follows: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
2013 | $ | 76 | |||||||||||||||
2014 | 91 | ||||||||||||||||
2015 | 80 | ||||||||||||||||
2016 | 70 | ||||||||||||||||
2017 | 60 | ||||||||||||||||
2018 | 50 | ||||||||||||||||
2019 | 40 | ||||||||||||||||
2020 | 30 | ||||||||||||||||
2021 | 21 | ||||||||||||||||
2022 | 10 | ||||||||||||||||
$ | 528 | ||||||||||||||||
Schedule of proforma information | ' | ||||||||||||||||
The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings as a result of the integration and consolidation of the acquisition. Merger and acquisition integration costs and amortization of fair value adjustments net of the related income tax effects are included in the amounts below, but any purchase gain has been excluded. | |||||||||||||||||
Actual from Acquisition Date | |||||||||||||||||
Through September 30, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 1,119 | |||||||||||||||
Noninterest income | 123 | ||||||||||||||||
Net loss | (840 | ) | |||||||||||||||
Pro Formas | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Net interest income | $ | 7,759 | $ | 8,698 | $ | 23,917 | $ | 22,130 | |||||||||
Noninterest income | 832 | 1,060 | 4,432 | 3,289 | |||||||||||||
Net income | 661 | 1,410 | 3,835 | 4,045 | |||||||||||||
Pro forma earnings per share: | |||||||||||||||||
Basic | $ | 0.22 | $ | 0.46 | $ | 1.26 | $ | 1.33 | |||||||||
Diluted | $ | 0.22 | $ | 0.46 | $ | 1.26 | $ | 1.33 | |||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||
Reconciliation of Numerators and Denominators of the Basic and Diluted Earnings per Share Computations | ' | ||||||||||||
The following tables illustrate the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations (dollars in thousands, except share and per share data): | |||||||||||||
For the three months ended September 30, 2013 | |||||||||||||
Income (numerator) | Weighted | Per share Amount | |||||||||||
average | |||||||||||||
shares (denominator) | |||||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 1,966 | 3,051,581 | $ | 0.64 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 3,903 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of dilutive securities | $ | 1,966 | 3,055,484 | $ | 0.64 | ||||||||
For the nine months ended September 30, 2013 | |||||||||||||
Income (numerator) | Weighted | Per share Amount | |||||||||||
average | |||||||||||||
shares (denominator) | |||||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 4,989 | 2,845,608 | $ | 1.75 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 1,316 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of dilutive securities | $ | 4,989 | 2,846,924 | $ | 1.75 | ||||||||
There were 31,963 options to purchase shares of common stock with exercise prices ranging from $25.71 to $32.51 per share which were outstanding during the three and nine months ended September 30, 2013 that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock. | |||||||||||||
For the three months ended September 30, 2012 | |||||||||||||
Income (numerator) | Weighted | Per share Amount | |||||||||||
average | |||||||||||||
shares (denominator) | |||||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 1,473 | 2,728,534 | $ | 0.54 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 3,119 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of dilutive securities | $ | 1,473 | 2,731,653 | $ | 0.54 | ||||||||
For the nine months ended September 30, 2012 | |||||||||||||
Income (numerator) | Weighted | Per share Amount | |||||||||||
average | |||||||||||||
shares (denominator) | |||||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 3,877 | 2,723,703 | $ | 1.42 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 3,668 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of dilutive securities | $ | 3,877 | 2,727,371 | $ | 1.42 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ||||||||||||
Activity in accumulated other comprehensive income | ' | ||||||||||||
The activity in accumulated other comprehensive (loss) income for the three months ended September 30, 2013 and 2012 is as follows: | |||||||||||||
Accumulated Other Comprehensive (Loss) Income (1), (2) | |||||||||||||
Unrealized gains (losses) on securities available for sale | Defined | Total | |||||||||||
benefit | |||||||||||||
pension | |||||||||||||
plan | |||||||||||||
(in thousands) | |||||||||||||
Balance at June 30, 2013 | $ | 1,087 | $ | (2,748 | ) | $ | (1,661 | ) | |||||
Other comprehensive loss before reclassifications | (160 | ) | — | (160 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 44 | 44 | ||||||||||
Period change | (160 | ) | 44 | (116 | ) | ||||||||
Balance at September 30, 2013 | $ | 927 | $ | (2,704 | ) | $ | (1,777 | ) | |||||
Balance at June 30, 2012 | $ | 3,864 | $ | (2,809 | ) | $ | 1,055 | ||||||
Other comprehensive income before reclassifications | 359 | — | 359 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 47 | 47 | ||||||||||
Period change | 359 | 47 | 406 | ||||||||||
Balance at September 30, 2012 | $ | 4,223 | $ | (2,762 | ) | $ | 1,461 | ||||||
(1 | ) | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 34%. | |||||||||||
(2 | ) | Amounts in parentheses indicate debits. | |||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the | ||||||||||||
For the three months ended September 30, (2) | consolidated statements of income | ||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Defined benefit pension plan (1) | |||||||||||||
Amortization of net actuarial loss | $ | 66 | $ | 71 | Compensation and benefits | ||||||||
Related income tax expense | (22 | ) | (24 | ) | Income tax expense | ||||||||
Net effect on accumulated other comprehensive income | $ | 44 | $ | 47 | Net income | ||||||||
for the period | |||||||||||||
(1 | ) | Included in the computation of net periodic pension cost. See Note 11 – Employee Benefit Plans for additional detail. | |||||||||||
(2 | ) | Amounts in parentheses indicate debits. | |||||||||||
Reclassification out of accumulated other comprehensive income | ' | ||||||||||||
The activity in accumulated other comprehensive (loss) income for the nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||
Accumulated Other Comprehensive (Loss) Income (1), (2) | |||||||||||||
Unrealized gains (losses) on securities available for sale | Defined | Total | |||||||||||
benefit | |||||||||||||
pension | |||||||||||||
plan | |||||||||||||
(in thousands) | |||||||||||||
Balance at December 31, 2012 | $ | 3,805 | $ | (2,835 | ) | $ | 970 | ||||||
Other comprehensive loss before reclassifications | (2,878 | ) | — | (2,878 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 131 | 131 | ||||||||||
Period change | (2,878 | ) | 131 | (2,747 | ) | ||||||||
Balance at September 30, 2013 | $ | 927 | $ | (2,704 | ) | $ | (1,777 | ) | |||||
Balance at December 31, 2011 | $ | 3,649 | $ | (2,903 | ) | $ | 746 | ||||||
Other comprehensive income before reclassifications | 574 | — | 574 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 141 | 141 | ||||||||||
Period change | 574 | 141 | 715 | ||||||||||
Balance at September 30, 2012 | $ | 4,223 | $ | (2,762 | ) | $ | 1,461 | ||||||
(1 | ) | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 34%. | |||||||||||
(2 | ) | Amounts in parentheses indicate debits. | |||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the | ||||||||||||
For the nine months ended September 30, (2) | consolidated statements of income | ||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Defined benefit pension plan (1) | |||||||||||||
Amortization of net actuarial loss | $ | 198 | $ | 214 | Compensation and benefits | ||||||||
Related income tax expense | (67 | ) | (73 | ) | Income tax expense | ||||||||
Net effect on accumulated other comprehensive income | $ | 131 | $ | 141 | Net income | ||||||||
for the period | |||||||||||||
(1 | ) | Included in the computation of net periodic pension cost. See Note 11 – Employee Benefit Plans for additional detail. | |||||||||||
(2 | ) | Amounts in parentheses indicate debits. | |||||||||||
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
INVESTMENT SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities | ' | ||||||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities are summarized as follows: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Amortized | Gross unrealized gains | Gross unrealized losses | Fair | ||||||||||||||||||||||||||
cost | value | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 22,576 | $ | 34 | $ | (311 | ) | $ | 22,299 | ||||||||||||||||||||
State and political subdivisions | 58,571 | 1,721 | (687 | ) | 59,605 | ||||||||||||||||||||||||
Residential mortgage-backed securities issued by quasi-governmental agencies | 46,522 | 749 | (101 | ) | 47,170 | ||||||||||||||||||||||||
Total investment securities available for sale | 127,669 | 2,504 | (1,099 | ) | 129,074 | ||||||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities issued by quasi-governmental agencies | 1,540 | 179 | — | 1,719 | |||||||||||||||||||||||||
Total investment securities | $ | 129,209 | $ | 2,683 | $ | (1,099 | ) | $ | 130,793 | ||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Amortized | Gross unrealized gains | Gross unrealized losses | Fair | ||||||||||||||||||||||||||
cost | value | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
State and political subdivisions | $ | 55,254 | $ | 4,360 | $ | (4 | ) | $ | 59,610 | ||||||||||||||||||||
Residential mortgage-backed securities issued by quasi-governmental agencies | 41,265 | 1,409 | — | 42,674 | |||||||||||||||||||||||||
Total investment securities available for sale | 96,519 | 5,769 | (4 | ) | 102,284 | ||||||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities issued by quasi-governmental agencies | 1,965 | 306 | — | 2,271 | |||||||||||||||||||||||||
Total investment securities | $ | 98,484 | $ | 6,075 | $ | (4 | ) | $ | 104,555 | ||||||||||||||||||||
Investment Securities Maturities | ' | ||||||||||||||||||||||||||||
The amortized cost and fair value of investment and mortgage-backed securities, by contractual maturity, are shown below. | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Available for sale | Held to maturity | ||||||||||||||||||||||||||||
Amortized cost | Fair value | Amortized cost | Fair value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Due in one year or less | $ | 1,649 | $ | 1,681 | $ | — | $ | — | |||||||||||||||||||||
Due after one year through five years | 19,218 | 19,564 | — | — | |||||||||||||||||||||||||
Due after five years through ten years | 39,321 | 39,373 | — | — | |||||||||||||||||||||||||
Due after ten years | 20,959 | 21,286 | — | — | |||||||||||||||||||||||||
81,147 | 81,904 | — | — | ||||||||||||||||||||||||||
Mortgage-backed securities | 46,522 | 47,170 | 1,540 | 1,719 | |||||||||||||||||||||||||
Total investment and mortgage-backed securities | $ | 127,669 | $ | 129,074 | $ | 1,540 | $ | 1,719 | |||||||||||||||||||||
Length of Time Securities Have Been in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||||||
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at September 30, 2013: | |||||||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||||||
Number | 12 months | or longer | Total | ||||||||||||||||||||||||||
Description of Securities | of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Securities | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
U.S. Government and federal agencies | 10 | $ | 14,325 | $ | (311 | ) | $ | — | $ | — | $ | 14,325 | $ | (311 | ) | ||||||||||||||
State and political subdivisions | 17 | 15,751 | (687 | ) | — | — | 15,751 | (687 | ) | ||||||||||||||||||||
Residential mortgage-backed securities | 37 | 16,100 | (101 | ) | — | — | 16,100 | (101 | ) | ||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total temporarily impaired securities | 64 | $ | 46,176 | $ | (1,099 | ) | $ | — | $ | — | $ | 46,176 | $ | (1,099 | ) | ||||||||||||||
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at December 31, 2012: | |||||||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||||||
Number | 12 months | or longer | Total | ||||||||||||||||||||||||||
of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Description of Securities | Securities | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
State and political subdivisions | 1 | $ | 617 | $ | (4 | ) | $ | — | $ | — | $ | 617 | $ | (4 | ) | ||||||||||||||
Total temporarily impaired securities | 1 | $ | 617 | $ | (4 | ) | $ | — | $ | — | $ | 617 | $ | (4 | ) | ||||||||||||||
LOANS_RECEIVABLE_Tables
LOANS RECEIVABLE (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
LOANS RECEIVABLE [Abstract] | ' | ||||||||||||||||||||||||||||
Loans Receivable | ' | ||||||||||||||||||||||||||||
NOTE 8 — LOANS RECEIVABLE | |||||||||||||||||||||||||||||
Loans receivable are summarized as follows: | |||||||||||||||||||||||||||||
At | |||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Held for investment: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 379,358 | $ | 323,665 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 122,635 | 104,766 | |||||||||||||||||||||||||||
Real estate-residential | 25,852 | 21,570 | |||||||||||||||||||||||||||
Real estate-multi-family | 18,625 | 19,118 | |||||||||||||||||||||||||||
Construction loans | 9,351 | 16,288 | |||||||||||||||||||||||||||
Commercial and industrial loans | 5,885 | 4,646 | |||||||||||||||||||||||||||
Total commercial loans | 182,348 | 166,388 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 64,377 | 40,143 | |||||||||||||||||||||||||||
Other consumer | 1,813 | 1,835 | |||||||||||||||||||||||||||
Total consumer loans | 66,190 | 41,978 | |||||||||||||||||||||||||||
Total loans | 627,896 | 532,031 | |||||||||||||||||||||||||||
Net deferred loan origination costs, and | 1,125 | 1,611 | |||||||||||||||||||||||||||
unamortized premiums and discounts | |||||||||||||||||||||||||||||
Less allowance for loan losses | (6,691 | ) | (6,922 | ) | |||||||||||||||||||||||||
Total loans receivable | $ | 622,330 | $ | 526,720 | |||||||||||||||||||||||||
Held for sale: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 691 | $ | 706 | |||||||||||||||||||||||||
Loans Receivable Credit Quality Indicators | ' | ||||||||||||||||||||||||||||
The following tables present by credit quality indicators the composition of the commercial loan portfolio: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
Pass | mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate-commercial | $ | 106,412 | $ | 7,194 | $ | 9,029 | $ | — | $ | 122,635 | |||||||||||||||||||
Real estate-residential | 22,828 | 490 | 2,534 | — | 25,852 | ||||||||||||||||||||||||
Real estate-multi-family | 14,957 | — | 3,668 | — | 18,625 | ||||||||||||||||||||||||
Construction loans | 6,174 | — | 3,177 | — | 9,351 | ||||||||||||||||||||||||
Commercial and industrial loans | 5,853 | 32 | — | — | 5,885 | ||||||||||||||||||||||||
Total | $ | 156,224 | $ | 7,716 | $ | 18,408 | $ | — | $ | 182,348 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
Pass | mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate-commercial | $ | 91,446 | $ | 4,192 | $ | 9,128 | $ | — | $ | 104,766 | |||||||||||||||||||
Real estate-residential | 19,244 | 1,018 | 1,308 | — | 21,570 | ||||||||||||||||||||||||
Real estate-multi-family | 15,751 | — | 3,367 | — | 19,118 | ||||||||||||||||||||||||
Construction loans | 7,397 | 4,097 | 4,794 | — | 16,288 | ||||||||||||||||||||||||
Commercial and industrial loans | 4,565 | 81 | — | — | 4,646 | ||||||||||||||||||||||||
Total | $ | 138,403 | $ | 9,388 | $ | 18,597 | $ | — | $ | 166,388 | |||||||||||||||||||
Mortgage and Consumer Credit Exposure | ' | ||||||||||||||||||||||||||||
The following tables present by credit quality indicator the composition of the residential mortgage and consumer loan portfolios: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential mortgages | $ | 377,257 | $ | 2,101 | $ | 379,358 | |||||||||||||||||||||||
Home equity and second mortgage | 64,160 | 217 | 64,377 | ||||||||||||||||||||||||||
Other consumer | 1,812 | 1 | 1,813 | ||||||||||||||||||||||||||
Total | $ | 443,229 | $ | 2,319 | $ | 445,548 | |||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential mortgages | $ | 321,400 | $ | 2,265 | $ | 323,665 | |||||||||||||||||||||||
Home equity and second mortgage | 40,000 | 143 | 40,143 | ||||||||||||||||||||||||||
Other consumer | 1,827 | 8 | 1,835 | ||||||||||||||||||||||||||
Total | $ | 363,227 | $ | 2,416 | $ | 365,643 | |||||||||||||||||||||||
Financing Receivables, Non Accrual Status | ' | ||||||||||||||||||||||||||||
The following table presents by class nonperforming loans including impaired loans and loan balances 90 days or more past due for which the accrual of interest has been discontinued: | |||||||||||||||||||||||||||||
At | |||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 2,101 | $ | 2,265 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 785 | 1,098 | |||||||||||||||||||||||||||
Real estate-residential | 684 | 51 | |||||||||||||||||||||||||||
Real estate-multi-family | 149 | — | |||||||||||||||||||||||||||
Construction loans | 2,944 | 4,794 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 217 | 143 | |||||||||||||||||||||||||||
Other consumer | 1 | 8 | |||||||||||||||||||||||||||
Total nonperforming loans | $ | 6,881 | $ | 8,359 | |||||||||||||||||||||||||
Total loans past due 90 days as to interest or principal and accruing interest | $ | — | $ | — | |||||||||||||||||||||||||
Loans Individually Evaluated for Impairment by Class | ' | ||||||||||||||||||||||||||||
The following tables present by class loans individually evaluated for impairment: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,209 | $ | 1,217 | $ | 85 | $ | 1,831 | $ | — | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | — | 137 | — | ||||||||||||||||||||||||
Real estate-residential | 342 | 342 | 47 | 86 | — | ||||||||||||||||||||||||
Construction loans | 2,944 | 3,142 | 2,000 | 3,832 | — | ||||||||||||||||||||||||
4,495 | 4,701 | 2,132 | 5,886 | — | |||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 552 | 552 | — | 552 | — | ||||||||||||||||||||||||
Real estate-residential | — | — | — | 136 | — | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 813 | 1,320 | — | 271 | — | ||||||||||||||||||||||||
1,365 | 1,872 | — | 959 | — | |||||||||||||||||||||||||
Total | $ | 5,860 | $ | 6,573 | $ | 2,132 | $ | 6,845 | $ | — | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 2,137 | $ | 2,214 | $ | 218 | $ | 2,061 | $ | — | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 546 | 1,497 | 296 | 697 | — | ||||||||||||||||||||||||
Real estate-residential | 51 | 51 | 4 | 298 | — | ||||||||||||||||||||||||
Construction loans | 4,737 | 5,137 | 1,029 | 3,604 | — | ||||||||||||||||||||||||
Commercial and industrial loans | — | — | — | 2 | — | ||||||||||||||||||||||||
7,471 | 8,899 | 1,547 | 6,662 | — | |||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | — | — | — | 698 | — | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 552 | 552 | — | 1,012 | — | ||||||||||||||||||||||||
Real estate-residential | — | — | — | 216 | — | ||||||||||||||||||||||||
Construction loans | 57 | 116 | — | 1,932 | — | ||||||||||||||||||||||||
609 | 668 | — | 3,858 | — | |||||||||||||||||||||||||
Total | $ | 8,080 | $ | 9,567 | $ | 1,547 | $ | 10,520 | $ | — | |||||||||||||||||||
Loans Receivable Aging | ' | ||||||||||||||||||||||||||||
The following tables present by class the contractual aging of delinquent loans: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Loans | Total | Total | Recorded investment | |||||||||||||||||||||||
Days | Days | past due | past due | loans | over 90 days | ||||||||||||||||||||||||
past due | past due | 90 days | and accruing interest | ||||||||||||||||||||||||||
or more | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 375,676 | $ | 1,637 | $ | 10 | $ | 2,035 | $ | 3,682 | $ | 379,358 | $ | — | |||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 121,850 | — | — | 785 | 785 | 122,635 | — | ||||||||||||||||||||||
Real estate-residential | 24,798 | — | 370 | 684 | 1,054 | 25,852 | — | ||||||||||||||||||||||
Real estate-multi-family | 18,289 | 187 | — | 149 | 336 | 18,625 | — | ||||||||||||||||||||||
Construction loans | 6,174 | — | 233 | 2,944 | 3,177 | 9,351 | — | ||||||||||||||||||||||
Commercial and industrial | 5,885 | — | — | — | — | 5,885 | — | ||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second | 64,048 | 60 | 52 | 217 | 329 | 64,377 | — | ||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||
Other consumer | 1,808 | 4 | — | 1 | 5 | 1,813 | — | ||||||||||||||||||||||
Total | $ | 618,528 | $ | 1,888 | $ | 665 | $ | 6,815 | $ | 9,368 | $ | 627,896 | $ | — | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Loans | Total | Total | Recorded investment | |||||||||||||||||||||||
Days | Days | past due | past due | loans | over 90 days | ||||||||||||||||||||||||
past due | past due | 90 days | and accruing interest | ||||||||||||||||||||||||||
or more | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 319,982 | $ | 1,161 | $ | 329 | $ | 2,193 | $ | 3,683 | $ | 323,665 | $ | — | |||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 102,868 | 800 | — | 1,098 | 1,898 | 104,766 | — | ||||||||||||||||||||||
Real estate-residential | 21,488 | 31 | — | 51 | 82 | 21,570 | — | ||||||||||||||||||||||
Real estate-multi-family | 19,118 | — | — | — | — | 19,118 | — | ||||||||||||||||||||||
Construction loans | 11,494 | — | — | 4,794 | 4,794 | 16,288 | — | ||||||||||||||||||||||
Commercial and industrial | 4,646 | — | — | — | — | 4,646 | — | ||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second | 39,842 | 34 | 124 | 143 | 301 | 40,143 | — | ||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||
Other consumer | 1,824 | — | 3 | 8 | 11 | 1,835 | — | ||||||||||||||||||||||
Total | $ | 521,262 | $ | 2,026 | $ | 456 | $ | 8,287 | $ | 10,769 | $ | 532,031 | $ | — | |||||||||||||||
Allowance for Credit Losses on Loans Receivable | ' | ||||||||||||||||||||||||||||
Activity in the allowance for loan losses for the three and nine months ended September 30, 2013 is summarized as follows: | |||||||||||||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
July 1, | September 30, | ||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,780 | $ | 175 | $ | (184 | ) | $ | — | $ | 1,771 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,237 | (104 | ) | — | — | 1,133 | |||||||||||||||||||||||
Real estate-residential | 360 | 53 | (31 | ) | — | 382 | |||||||||||||||||||||||
Real estate-multi-family | 172 | (35 | ) | — | — | 137 | |||||||||||||||||||||||
Construction loans | 2,342 | (62 | ) | — | — | 2,280 | |||||||||||||||||||||||
Commercial and industrial loans | 71 | 5 | (9 | ) | 3 | 70 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 210 | 5 | — | — | 215 | ||||||||||||||||||||||||
Other consumer | 24 | 3 | (5 | ) | 1 | 23 | |||||||||||||||||||||||
Unallocated | 720 | (40 | ) | — | — | 680 | |||||||||||||||||||||||
Total | $ | 6,916 | $ | — | $ | (229 | ) | $ | 4 | $ | 6,691 | ||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
January 1, | September 30, | ||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,849 | $ | 301 | $ | (391 | ) | $ | 12 | $ | 1,771 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,754 | (186 | ) | (435 | ) | — | 1,133 | ||||||||||||||||||||||
Real estate-residential | 608 | (136 | ) | (90 | ) | — | 382 | ||||||||||||||||||||||
Real estate-multi-family | 245 | (108 | ) | — | — | 137 | |||||||||||||||||||||||
Construction loans | 1,697 | 719 | (150 | ) | 14 | 2,280 | |||||||||||||||||||||||
Commercial and industrial loans | 119 | (47 | ) | (9 | ) | 7 | 70 | ||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 251 | (29 | ) | (15 | ) | 8 | 215 | ||||||||||||||||||||||
Other consumer | 11 | 33 | (24 | ) | 3 | 23 | |||||||||||||||||||||||
Unallocated | 388 | 292 | — | — | 680 | ||||||||||||||||||||||||
Total | $ | 6,922 | $ | 839 | $ | (1,114 | ) | $ | 44 | $ | 6,691 | ||||||||||||||||||
Activity in the allowance for loan losses for the three and nine months ended September 30, 2012 is summarized as follows: | |||||||||||||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
July 1, | September 30, | ||||||||||||||||||||||||||||
2012 | 2012 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,620 | $ | 373 | $ | (126 | ) | $ | 46 | $ | 1,913 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,913 | 100 | (18 | ) | — | 1,995 | |||||||||||||||||||||||
Real estate-residential | 699 | (52 | ) | (1 | ) | — | 646 | ||||||||||||||||||||||
Real estate-multi-family | 284 | (34 | ) | — | — | 250 | |||||||||||||||||||||||
Construction loans | 1,002 | 166 | (31 | ) | — | 1,137 | |||||||||||||||||||||||
Commercial and industrial loans | 137 | (41 | ) | — | 9 | 105 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 265 | (25 | ) | (11 | ) | — | 229 | ||||||||||||||||||||||
Other consumer | 12 | 8 | (9 | ) | — | 11 | |||||||||||||||||||||||
Unallocated | 231 | 255 | — | — | 486 | ||||||||||||||||||||||||
Total | $ | 6,163 | $ | 750 | $ | (196 | ) | $ | 55 | $ | 6,772 | ||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
January 1, | September 30, | ||||||||||||||||||||||||||||
2012 | 2012 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 2,194 | $ | 365 | $ | (702 | ) | $ | 56 | $ | 1,913 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 2,819 | 108 | (932 | ) | — | 1,995 | |||||||||||||||||||||||
Real estate-residential | 464 | 600 | (418 | ) | — | 646 | |||||||||||||||||||||||
Real estate-multi-family | 358 | (108 | ) | — | — | 250 | |||||||||||||||||||||||
Construction loans | 1,260 | 768 | (891 | ) | — | 1,137 | |||||||||||||||||||||||
Commercial and industrial loans | 138 | 106 | (156 | ) | 17 | 105 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 448 | (187 | ) | (32 | ) | — | 229 | ||||||||||||||||||||||
Other consumer | 22 | 9 | (23 | ) | 3 | 11 | |||||||||||||||||||||||
Unallocated | 397 | 89 | — | — | 486 | ||||||||||||||||||||||||
Total | $ | 8,100 | $ | 1,750 | $ | (3,154 | ) | $ | 76 | $ | 6,772 | ||||||||||||||||||
Troubled Debt Restructurings on Loans Receivable | ' | ||||||||||||||||||||||||||||
The following tables present by class loans classified as TDRs for the three and nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||
30-Sep-12 | September 30, 2012 | ||||||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post Modification Outstanding Recorded Investment | ||||||||||||||||||||||||
Residential | (in thousands) | (in thousands) | |||||||||||||||||||||||||||
Residential mortgage | — | $ | — | $ | — | 1 | $ | 852 | $ | 852 | |||||||||||||||||||
Total | — | $ | — | $ | — | 1 | $ | 852 | $ | 852 | |||||||||||||||||||
The following table presents loans classified as TDRs that subsequently defaulted: | |||||||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||
30-Sep-13 | September 30, 2013 | ||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||
Residential | (in thousands) | (in thousands) | |||||||||||||||||||||||||||
Residential mortgage | 1 | $ | 337 | 1 | $ | 337 | |||||||||||||||||||||||
Total | 1 | $ | 337 | 1 | $ | 337 | |||||||||||||||||||||||
Components of purchase accounting adjustments related to the purchased impaired loans | ' | ||||||||||||||||||||||||||||
The table below presents the components of the purchase accounting adjustments related to the purchased impaired loans acquired in the Roebling acquisition as of July 2, 2013: | |||||||||||||||||||||||||||||
At July 2, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Unpaid principal balance | $ | 1,320 | |||||||||||||||||||||||||||
Interest | 638 | ||||||||||||||||||||||||||||
Contractual cash flows | 1,958 | ||||||||||||||||||||||||||||
Non-accretable discount | (963 | ) | |||||||||||||||||||||||||||
Expected cash flows | 995 | ||||||||||||||||||||||||||||
Accretable discount | (198 | ) | |||||||||||||||||||||||||||
Estimated fair value | $ | 797 | |||||||||||||||||||||||||||
Changes in the amortizable yield for purchased credit-impaired loans | ' | ||||||||||||||||||||||||||||
Changes in the amortizable yield for purchased credit-impaired loans were as follows for the three months ended September 30, 2013: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | |||||||||||||||||||||||||||
Acquisition of impaired loans | 198 | ||||||||||||||||||||||||||||
Accretion | (16 | ) | |||||||||||||||||||||||||||
Balance at end of period | $ | 182 | |||||||||||||||||||||||||||
Information regarding loans acquired and accounted for in accordance with ASC 310-30 | ' | ||||||||||||||||||||||||||||
The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30: | |||||||||||||||||||||||||||||
July 2, 2013 | September 30, 2013 | ||||||||||||||||||||||||||||
Acquired Loans with | Acquired Loans with | ||||||||||||||||||||||||||||
Specific Evidence of | Specific Evidence of | ||||||||||||||||||||||||||||
Deterioration in Credit | Deterioration in Credit | ||||||||||||||||||||||||||||
Quality (ASC 310-30) | Quality (ASC 310-30) | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Outstanding balance | $ 1,958 | $ | 1,958 | ||||||||||||||||||||||||||
Carrying amount | 797 | 813 | |||||||||||||||||||||||||||
Impairment Method for Allowance for Loan Losses and Loan Balance | ' | ||||||||||||||||||||||||||||
The following tables present by class the ending balance of the allowance for loan losses and ending loan balance based on impairment method as of September 30, 2013: | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | Loans acquired with credit deterioration | Individually | Collectively | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | — | $ | 85 | $ | 1,686 | $ | 1,771 | |||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | 1,133 | 1,133 | |||||||||||||||||||||||||
Real estate-residential | — | 47 | 335 | 382 | |||||||||||||||||||||||||
Real estate-multi-family | — | — | 137 | 137 | |||||||||||||||||||||||||
Construction loans | — | 2,000 | 280 | 2,280 | |||||||||||||||||||||||||
Commercial and industrial loans | — | — | 70 | 70 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | — | 215 | 215 | |||||||||||||||||||||||||
Other consumer | — | — | 23 | 23 | |||||||||||||||||||||||||
Unallocated | — | — | 680 | 680 | |||||||||||||||||||||||||
Total | $ | — | $ | 2,132 | $ | 4,559 | $ | 6,691 | |||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Loan balance | Loans acquired with credit deterioration | Individually | Collectively | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 22 | $ | 1,209 | $ | 378,127 | $ | 379,358 | |||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | 552 | 122,083 | 122,635 | |||||||||||||||||||||||||
Real estate-residential | 363 | 342 | 25,147 | 25,852 | |||||||||||||||||||||||||
Real estate-multi-family | 338 | — | 18,287 | 18,625 | |||||||||||||||||||||||||
Construction loans | — | 2,944 | 6,407 | 9,351 | |||||||||||||||||||||||||
Commercial and industrial loans | — | — | 5,885 | 5,885 | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 90 | — | 64,287 | 64,377 | |||||||||||||||||||||||||
Other consumer | — | — | 1,813 | 1,813 | |||||||||||||||||||||||||
Total | $ | 813 | $ | 5,047 | $ | 622,036 | $ | 627,896 | |||||||||||||||||||||
The following tables present by class the ending balance of the allowance for loan losses and ending loan balance based on impairment method as of December 31, 2012: | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | Individually | Collectively | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 218 | $ | 1,631 | $ | 1,849 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 296 | 1,458 | 1,754 | ||||||||||||||||||||||||||
Real estate-residential | 4 | 604 | 608 | ||||||||||||||||||||||||||
Real estate-multi-family | — | 245 | 245 | ||||||||||||||||||||||||||
Construction loans | 1,029 | 668 | 1,697 | ||||||||||||||||||||||||||
Commercial and industrial loans | — | 119 | 119 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | 251 | 251 | ||||||||||||||||||||||||||
Other consumer | — | 11 | 11 | ||||||||||||||||||||||||||
Unallocated | — | 388 | 388 | ||||||||||||||||||||||||||
Total | $ | 1,547 | $ | 5,375 | $ | 6,922 | |||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Loan balance | Individually | Collectively | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 2,137 | $ | 321,528 | $ | 323,665 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,098 | 103,668 | 104,766 | ||||||||||||||||||||||||||
Real estate-residential | 51 | 21,519 | 21,570 | ||||||||||||||||||||||||||
Real estate-multi-family | — | 19,118 | 19,118 | ||||||||||||||||||||||||||
Construction loans | 4,794 | 11,494 | 16,288 | ||||||||||||||||||||||||||
Commercial and industrial loans | — | 4,646 | 4,646 | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | 40,143 | 40,143 | ||||||||||||||||||||||||||
Other consumer | — | 1,835 | 1,835 | ||||||||||||||||||||||||||
Total | $ | 8,080 | $ | 523,951 | $ | 532,031 | |||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_AND_FA1
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
Assets measured at fair value on a recurring basis segregated by fair value hierarchy level are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | September 30, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
U.S. Government and federal agencies | $ | — | $ | 22,299 | $ | — | $ | 22,299 | |||||||||||||
State and political subdivisions | — | 59,605 | — | 59,605 | |||||||||||||||||
Residential mortgage-backed securities issued by quasi- | — | 47,170 | — | 47,170 | |||||||||||||||||
governmental agencies | |||||||||||||||||||||
Total investment securities available for sale | $ | — | $ | 129,074 | $ | — | $ | 129,074 | |||||||||||||
Loans receivable, held for sale | $ | — | $ | 691 | $ | — | $ | 691 | |||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | December 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2012 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
State and political subdivisions | $ | — | $ | 59,610 | $ | — | $ | 59,610 | |||||||||||||
Residential mortgage-backed securities issued by quasi- | — | 42,674 | — | 42,674 | |||||||||||||||||
governmental agencies | |||||||||||||||||||||
Total investment securities available for sale | $ | — | $ | 102,284 | $ | — | $ | 102,284 | |||||||||||||
Loans receivable, held for sale | $ | — | $ | 706 | $ | — | $ | 706 | |||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis segregated by fair value hierarchy level at September 30, 2013 are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | September 30, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 3,728 | $ | 3,728 | |||||||||||||
Real estate acquired through foreclosure | — | — | 5,786 | 5,786 | |||||||||||||||||
Mortgage servicing rights | — | 1,471 | — | 1,471 | |||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Bank has utilized Level 3 inputs to determine fair value at September 30, 2013: | |||||||||||||||||||||
Fair value | Valuation | Unobservable | Range of | ||||||||||||||||||
Description | estimate | technique | Input | inputs | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | 3,728 | Appraisal of collateral (1) | Discount rate to reflect current market conditions and ultimate recoverability | 5%-15 | % | |||||||||||||||
Real estate acquired through foreclosure | 5,786 | Appraisal of collateral (1) | Discount rate to reflect current market conditions and liquidation expenses | 5%-20 | % | ||||||||||||||||
(1 | ) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
The fair value of impaired loans and real estate acquired through foreclosure is generally determined through independent appraisals of the underlying collateral, which generally include level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses are presented as a percent of the appraised value. | |||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis segregated by fair value hierarchy level at December 31, 2012 are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | December 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2012 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 6,533 | $ | 6,533 | |||||||||||||
Real estate acquired through foreclosure | — | — | 7,282 | 7,282 | |||||||||||||||||
Mortgage servicing rights | — | 956 | — | 956 | |||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Bank has utilized Level 3 inputs to determine fair value at December 31, 2012: | |||||||||||||||||||||
Fair value | Valuation | Unobservable | Range of | ||||||||||||||||||
Description | estimate | technique | Input | inputs | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | 6,533 | Appraisal of collateral (1) | Discount rate to reflect current market conditions and ultimate recoverability | 5%-15 | % | |||||||||||||||
Real estate acquired through foreclosure | 7,282 | Appraisal of collateral (1) | Discount rate to reflect current market conditions and liquidation expenses | 5%-20 | % | ||||||||||||||||
(1 | ) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
Carrying Amounts And Fair Values | ' | ||||||||||||||||||||
The recorded carrying amounts and fair values segregated by fair value hierarchy level at September 30, 2013 are summarized below: | |||||||||||||||||||||
Carrying | Fair | Fair value hierarchy levels | |||||||||||||||||||
value | value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | (in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 31,004 | $ | 31,004 | $ | 31,004 | $ | — | $ | — | |||||||||||
Investment securities | 81,904 | 81,904 | — | 81,904 | — | ||||||||||||||||
Mortgage-backed securities | 48,710 | 48,889 | — | 48,889 | — | ||||||||||||||||
Loans receivable, | 623,021 | 627,032 | — | 691 | 626,341 | ||||||||||||||||
including loans held for sale | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with stated maturities | $ | 193,283 | $ | 196,311 | $ | — | $ | — | $ | 196,311 | |||||||||||
Deposits with no stated maturities | 488,542 | 488,542 | 488,542 | — | — | ||||||||||||||||
Borrowings with stated maturities | 50,990 | 49,935 | — | — | 49,935 | ||||||||||||||||
The recorded carrying amounts and fair values segregated by fair value hierarchy level at December 31, 2012 are summarized below: | |||||||||||||||||||||
Carrying | Fair | Fair value hierarchy levels | |||||||||||||||||||
value | value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | (in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 31,137 | $ | 31,137 | $ | 31,137 | $ | — | $ | — | |||||||||||
Investment securities | 59,610 | 59,610 | — | 59,610 | — | ||||||||||||||||
Mortgage-backed securities | 44,639 | 44,945 | — | 44,945 | — | ||||||||||||||||
Loans receivable, | 527,426 | 539,665 | — | 706 | 538,959 | ||||||||||||||||
including loans held for sale | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with stated maturities | $ | 171,417 | $ | 175,025 | $ | — | $ | — | $ | 175,025 | |||||||||||
Deposits with no stated maturities | 388,898 | 388,898 | 388,898 | — | — | ||||||||||||||||
Borrowings with stated maturities | 60,656 | 60,939 | — | — | 60,939 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||||
Schedule of weighted average assumptions | ' | ||||||||||||||||
The fair value of each option grant during the first nine months of 2013 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
Weighted average assumptions | |||||||||||||||||
Dividend yield | 0.81 | % | |||||||||||||||
Expected volatility | 16.82 | % | |||||||||||||||
Risk-free interest rate | 0.65 | % | |||||||||||||||
Fair value of options granted during the period | $ | 3.12 | |||||||||||||||
Expected lives in years | 5 | ||||||||||||||||
Option Activity | ' | ||||||||||||||||
Option activity under the Company’s stock option plan as of September 30, 2013 was as follows: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Number of shares | Weighted average exercise price per share | Weighted average remaining contractual term (in years) | Aggregate intrinsic value ($000) | ||||||||||||||
Outstanding at January 1, 2013 | 89,279 | $ | 24.08 | ||||||||||||||
Options granted | 205,000 | 24.28 | |||||||||||||||
Options exercised | (8,547 | ) | 25.24 | ||||||||||||||
Options forfeited | (3,635 | ) | 27.3 | ||||||||||||||
Options expired | (14,279 | ) | 24.26 | ||||||||||||||
Outstanding at September 30, 2013 | 267,818 | $ | 24.14 | 2.93 | $ | 1,062 | |||||||||||
Options exercisable at September 30, 2013 | 56,115 | $ | 24.25 | 1.58 | $ | 265 | |||||||||||
Schedule of Aggregate Intrinsic Value and Cash Receipts of Options Exercised | ' | ||||||||||||||||
The aggregate intrinsic value and cash receipts of options exercised are as follows: | |||||||||||||||||
At September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Options Exercised | |||||||||||||||||
Aggregate intrinsic value of options exercised | $ | 5 | $ | 6 | |||||||||||||
Cash receipts from options exercised | 216 | 7 | |||||||||||||||
Stock based Compensation Expense | ' | ||||||||||||||||
The following tables provide information regarding the Company’s stock-based compensation expense: | |||||||||||||||||
For the three months ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Director fees | $ | 38 | $ | 38 | |||||||||||||
Stock option expense | 86 | 6 | |||||||||||||||
Employee Stock Ownership Plan ("ESOP") expense | 79 | 68 | |||||||||||||||
Total stock-based compensation expense | $ | 203 | $ | 112 | |||||||||||||
Stock-based compensation expense related to stock options resulted in a tax benefit of $31,000 and $2,000 for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
For the nine months ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Director fees | $ | 108 | $ | 112 | |||||||||||||
Stock option expense | 229 | 20 | |||||||||||||||
Employee Stock Ownership Plan ("ESOP") expense | 225 | 210 | |||||||||||||||
Total stock-based compensation expense | $ | 562 | $ | 342 | |||||||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||
Costs of Retirement Plans | ' | ||||||||
Net periodic defined benefit pension cost included the following: | |||||||||
For the three months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $ | 206 | $ | 184 | |||||
Interest cost | 89 | 90 | |||||||
Expected return on plan assets | (182 | ) | (161 | ) | |||||
Recognized net actuarial loss | 66 | 71 | |||||||
Net periodic benefit cost | $ | 179 | $ | 184 | |||||
For the nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $ | 617 | $ | 552 | |||||
Interest cost | 266 | 270 | |||||||
Expected return on plan assets | (546 | ) | (483 | ) | |||||
Amortization of prior service cost | 2 | 2 | |||||||
Recognized net actuarial loss | 196 | 212 | |||||||
Net periodic benefit cost | $ | 535 | $ | 553 |
ACQUISITION_OF_ROEBLING_FINANC2
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 02, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 |
Residential Mortgages [Member] | Real estate-commercial [Member] | Real estate-residential [Member] | Real estate-multi-family [Member] | Construction loans [Member] | Commercial and Industrial Loans [Member] | Home equity and second mortgage [Member] | Other consumer [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | Roebling Financial Corp, Inc [Member] | |||||||
Residential Mortgages [Member] | Real estate-commercial [Member] | Real estate-residential [Member] | Real estate-multi-family [Member] | Construction loans [Member] | Commercial and Industrial Loans [Member] | Home equity and second mortgage [Member] | Other consumer [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares issued for acquisition (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price Consideration in Common Stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Roebling Financial Corp, Inc. common shares settled for stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 843,058 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.364 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TF Financial Corporation shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 306,873 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value assigned to TF Financial Corporation common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price assigned to Roebling Financial Corp, Inc. common shares exchanged for TF Financial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,672,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price Consideration - Cash for Common Stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Roebling Financial Corp, Inc. shares exchanged for cash (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 843,478 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid to each Roebling Financial Corp, Inc. common share exchanged for cash (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price assigned to Roebling Financial Corp, Inc. common shares exchanged for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,926,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Assets Acquired [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Roebling Financial Corp, Inc shareholders equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,461,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to reflect assets acquired at fair value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,069,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Specific credit - non-amortizing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Specific credit - amortizing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -198,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eliminate allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Core deposit intangible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 553,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Owned premises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -976,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leased premises contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -276,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to reflect liabilities acquired at fair value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FHLB advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -51,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on acquisition | 1,214,000 | 0 | 1,214,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets as of the acquisition date [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,926,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,081,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,339,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,026,000 | ' | ' | ' | ' | ' | 54,986,000 | 13,262,000 | 5,499,000 | 1,926,000 | 0 | 308,000 | 25,936,000 | 109,000 |
Premises and equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Core deposit intangible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 553,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -49,061,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits other than time deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -78,689,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,888,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on acquisition | 1,214,000 | 0 | 1,214,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Composition of the loans acquired [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with No Deteriorated Credit Quality | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,229,000 | ' | ' | ' | ' | ' | 54,965,000 | 13,262,000 | 5,143,000 | 1,595,000 | 0 | 308,000 | 25,847,000 | 109,000 |
Loan balance, acquired with credit deterioration | 813,000 | ' | 813,000 | ' | 797,000 | ' | 22,000 | 0 | 363,000 | 338,000 | 0 | 0 | 90,000 | 0 | 797,000 | ' | ' | ' | ' | ' | 21,000 | 0 | 356,000 | 331,000 | 0 | 0 | 89,000 | 0 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,026,000 | ' | ' | ' | ' | ' | 54,986,000 | 13,262,000 | 5,499,000 | 1,926,000 | 0 | 308,000 | 25,936,000 | 109,000 |
Fair value of loans acquired not accounted under ASC 310-30 [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual amount of acquired loans at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,365,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual cash flows not expected to be collected (general credit valuation) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,068,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cash flows at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,297,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,229,000 | ' | ' | ' | ' | ' | 54,965,000 | 13,262,000 | 5,143,000 | 1,595,000 | 0 | 308,000 | 25,847,000 | 109,000 |
Fair value of loans acquired accounted under ASC 310-30 [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual amount of acquired loans at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,320,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual cash flows not expected to be collected (non-accretable yield) | ' | ' | ' | ' | -325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cash flows at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 995,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest component of expected cash flows (accretable yield) | 182,000 | ' | 182,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -198,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 797,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense for core deposit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | 76,000 | ' | 76,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 91,000 | ' | 91,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 80,000 | ' | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 70,000 | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 60,000 | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 50,000 | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | 40,000 | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2020 | 30,000 | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2021 | 21,000 | ' | 21,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2022 | 10,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 528,000 | ' | 528,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization on core deposit intangible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | 25,000 | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit risk related non-accretable discount | ' | ' | ' | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in loans acquired to reflect fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual from Acquisition Date Through [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -840,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro Formas Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,759,000 | 8,698,000 | 23,917,000 | 22,130,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 832,000 | 1,060,000 | 4,432,000 | 3,289,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $661,000 | $1,410,000 | $3,835,000 | $4,045,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.22 | $0.46 | $1.26 | $1.33 | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.22 | $0.46 | $1.26 | $1.33 | ' | ' | ' | ' | ' | ' | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' |
Net income | $1,966 | $1,473 | $4,989 | $3,877 |
Weighted average shares-basic (denominator) (in shares) | 3,051,581 | 2,728,534 | 2,845,608 | 2,723,703 |
Basic earnings per share (in dollars per share) | $0.64 | $0.54 | $1.75 | $1.42 |
Effect of Dilutive Securities [Abstract] | ' | ' | ' | ' |
Effect of dilutive securities on income from Stock options and grants | 0 | 0 | 0 | 0 |
Stock options and grants (in shares) | 3,903 | 3,119 | 1,316 | 3,668 |
Effect of dilutive securities on earnings per share options and grants (in dollars per share) | $0 | $0 | $0 | $0 |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' |
Net income | $1,966 | $1,473 | $4,989 | $3,877 |
Weighted average shares-diluted (denominator) (in shares) | 3,055,484 | 2,731,653 | 2,846,924 | 2,727,371 |
Diluted earnings per share (in dollars per share) | $0.64 | $0.54 | $1.75 | $1.42 |
Antidilutive Securities Excluded from Computation of Diluted Earnings per Share [Abstract] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 31,963 | 65,337 | 31,963 | 65,337 |
Exercise price, lower limit (in dollars per share) | $25.71 | $23.53 | $25.71 | $23.53 |
Exercise price, upper limit (in dollars per share) | $32.51 | $32.51 | $32.51 | $32.51 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income, Beginning balance | ($1,661) | [1],[2] | $1,055 | [1],[2] | $970 | [1],[2] | $746 | [1],[2] |
Other comprehensive loss before reclassifications | -160 | [1],[2] | 359 | [1],[2] | -2,878 | [1],[2] | 574 | [1],[2] |
Amounts reclassified from accumulated other comprehensive income (loss) | 44 | [1],[2] | 47 | [1],[2] | 131 | [1],[2] | 141 | [1],[2] |
Period change | -116 | [1],[2] | 406 | [1],[2] | -2,747 | [1],[2] | 715 | [1],[2] |
Accumulated Other Comprehensive Income, Ending balance | -1,777 | [1],[2] | 1,461 | [1],[2] | -1,777 | [1],[2] | 1,461 | [1],[2] |
Federal income tax rate (in hundredths) | 34.00% | 34.00% | 34.00% | 34.00% | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Compensation and benefits | 3,125 | 2,651 | 8,784 | 8,222 | ||||
Income tax expense | 183 | 479 | 1,185 | 1,189 | ||||
NET INCOME | -1,966 | -1,473 | -4,989 | -3,877 | ||||
Unrealized Gains (Losses) on Securities Available for Sale [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income, Beginning balance | 1,087 | [1],[2] | 3,864 | [1],[2] | 3,805 | [1],[2] | 3,649 | [1],[2] |
Other comprehensive loss before reclassifications | -160 | [1],[2] | 359 | [1],[2] | -2,878 | [1],[2] | 574 | [1],[2] |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] |
Period change | -160 | [1],[2] | 359 | [1],[2] | -2,878 | [1],[2] | 574 | [1],[2] |
Accumulated Other Comprehensive Income, Ending balance | 927 | [1],[2] | 4,223 | [1],[2] | 927 | [1],[2] | 4,223 | [1],[2] |
Defined Benefit Pension Plan [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income, Beginning balance | -2,748 | [1],[2] | -2,809 | [1],[2] | -2,835 | [1],[2] | -2,903 | [1],[2] |
Other comprehensive loss before reclassifications | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] |
Amounts reclassified from accumulated other comprehensive income (loss) | 44 | [1],[2] | 47 | [1],[2] | 131 | [1],[2] | 141 | [1],[2] |
Period change | 44 | [1],[2] | 47 | [1],[2] | 131 | [1],[2] | 141 | [1],[2] |
Accumulated Other Comprehensive Income, Ending balance | -2,704 | [1],[2] | -2,762 | [1],[2] | -2,704 | [1],[2] | -2,762 | [1],[2] |
Defined Benefit Pension Plan [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Compensation and benefits | 66 | [3],[4] | 71 | [3],[4] | 198 | [3],[4] | 214 | [3],[4] |
Income tax expense | -22 | [3] | -24 | [3] | -67 | [3] | -73 | [3] |
NET INCOME | $44 | [3] | $47 | [3] | $131 | [3] | $141 | [3] |
[1] | Amounts in parenthesis indicate debits. | |||||||
[2] | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate of 34% | |||||||
[3] | Amounts in parentheses indicate debits. | |||||||
[4] | Included in the computation of net periodic pension cost. See Note 11 b Employee Benefit Plans for additional detail. |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Security | Security |
Investment securities available for sale [Abstract] | ' | ' |
Available for sale, Amortized cost | $127,669 | $96,519 |
Available-for-sale, Gross unrealized gains | 2,504 | 5,769 |
Available-for-sale, Gross unrealized losses | -1,099 | -4 |
Total investment securities available for sale | 129,074 | 102,284 |
Held-to-maturity [Abstract] | ' | ' |
Held-to-maturity, amortized cost | 1,540 | 1,965 |
Total Investment Securities [Abstract] | ' | ' |
Total investment securities, amortized cost | 129,209 | 98,484 |
Total investment securities, gross unrealized gains | 2,683 | 6,075 |
Total investment securities, gross unrealized losses | -1,099 | -4 |
Total investment securities, fair value | 130,793 | 104,555 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' |
Available-for-sale securities, due in one year or less, amortized cost | 1,649 | ' |
Available-for-sale securities, due after one year through five years, amortized cost | 19,218 | ' |
Available-for-sale securities, due after five years through ten years, amortized cost | 39,321 | ' |
Available-for-sale securities, due after ten years, amortized cost | 20,959 | ' |
Total available for sale, amortized cost basis | 81,147 | ' |
Mortgage-back securities, available for sale, amortized cost | 46,522 | ' |
Total investment and mortgage-backed securities, available for sale, amortized cost | 127,669 | ' |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Available-for-sale securities, due in one year or less, fair value | 1,681 | ' |
Available-for-sale securities, due after one year through five years, fair value | 19,564 | ' |
Available-for-sale securities, due after five years through ten years, fair value | 39,373 | ' |
Available-for-sale securities, due after ten years, fair value | 21,286 | ' |
Total available for sale, fair value | 81,904 | ' |
Mortgage-backed securities available for sale, fair value | 47,170 | ' |
Total investment and mortgage-back securities, available for sale, fair value | 129,074 | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' | ' |
Held to maturity, due in one year or less, amortized cost | 0 | ' |
Held to maturity, due after one year through five years, amortized cost | 0 | ' |
Held to maturity, due after five years through ten years, amortized cost | 0 | ' |
Held to maturity, due after ten years, amortized cost | 0 | ' |
Total held to maturity, amortized cost | 0 | ' |
Mortgage-backed securities held to maturity, amortized cost | 1,540 | ' |
Total investment and mortgage-backed securities held to maturity, amortized cost | 1,540 | ' |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Held to maturity, due in one year or less, fair value | 0 | ' |
Held to maturity, due after one year through five years, fair value | 0 | ' |
Held to maturity, due after five years through ten years, fair value | 0 | ' |
Held to maturity, due after ten years, fair value | 0 | ' |
Total held to maturity, fair value | 0 | ' |
Mortgage-backed securities held to maturity, fair value | 1,719 | ' |
Total investment and mortgage-backed securities held to maturity, fair value | 1,719 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Number of securities | 64 | 1 |
Continuous unrealized loss position, less than 12 months, fair value | 46,176 | 617 |
Continuous unrealized loss position, less than 12 months, unrealized loss | -1,099 | -4 |
Continuous unrealized loss position, 12 months or longer, fair value | 0 | 0 |
Continuous unrealized loss position, 12 months or longer, unrealized loss | 0 | 0 |
Total continuous unrealized loss position, fair value | 46,176 | 617 |
Total continuous unrealized loss position, unrealized loss | -1,099 | -4 |
US Government and federal agencies [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Available for sale, Amortized cost | 22,576 | ' |
Available-for-sale, Gross unrealized gains | 34 | ' |
Available-for-sale, Gross unrealized losses | -311 | ' |
Total investment securities available for sale | 22,299 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Number of securities | 10 | ' |
Continuous unrealized loss position, less than 12 months, fair value | 14,325 | ' |
Continuous unrealized loss position, less than 12 months, unrealized loss | -311 | ' |
Continuous unrealized loss position, 12 months or longer, fair value | 0 | ' |
Continuous unrealized loss position, 12 months or longer, unrealized loss | 0 | ' |
Total continuous unrealized loss position, fair value | 14,325 | ' |
Total continuous unrealized loss position, unrealized loss | -311 | ' |
State and political subdivisions [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Available for sale, Amortized cost | 58,571 | 55,254 |
Available-for-sale, Gross unrealized gains | 1,721 | 4,360 |
Available-for-sale, Gross unrealized losses | -687 | -4 |
Total investment securities available for sale | 59,605 | 59,610 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Number of securities | 17 | 1 |
Continuous unrealized loss position, less than 12 months, fair value | 15,751 | 617 |
Continuous unrealized loss position, less than 12 months, unrealized loss | -687 | -4 |
Continuous unrealized loss position, 12 months or longer, fair value | 0 | 0 |
Continuous unrealized loss position, 12 months or longer, unrealized loss | 0 | 0 |
Total continuous unrealized loss position, fair value | 15,751 | 617 |
Total continuous unrealized loss position, unrealized loss | -687 | -4 |
Residential mortgage-backed securities issued by Quasi-governmental agencies [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Available for sale, Amortized cost | 46,522 | 41,265 |
Available-for-sale, Gross unrealized gains | 749 | 1,409 |
Available-for-sale, Gross unrealized losses | -101 | 0 |
Total investment securities available for sale | 47,170 | 42,674 |
Held-to-maturity [Abstract] | ' | ' |
Held-to-maturity, amortized cost | 1,540 | 1,965 |
Held-to-maturity, gross unrecognized gains | 179 | 306 |
Held-to-maturity, gross unrecognized losses | 0 | 0 |
Held-to-maturity, fair value | 1,719 | 2,271 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Number of securities | 37 | ' |
Continuous unrealized loss position, less than 12 months, fair value | 16,100 | ' |
Continuous unrealized loss position, less than 12 months, unrealized loss | -101 | ' |
Continuous unrealized loss position, 12 months or longer, fair value | 0 | ' |
Continuous unrealized loss position, 12 months or longer, unrealized loss | 0 | ' |
Total continuous unrealized loss position, fair value | 16,100 | ' |
Total continuous unrealized loss position, unrealized loss | ($101) | ' |
LOANS_RECEIVABLE_Loan_Receivab
LOANS RECEIVABLE, Loan Receivable Summary (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Held for Investment [Abstract] | ' | ' |
Total Loans | $627,896 | $532,031 |
Net deferred loans origination costs, and unamortized premiums and discounts | 1,125 | 1,611 |
Less allowance for loan losses | -6,691 | -6,922 |
Total loans receivable | 622,330 | 526,720 |
Pass [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 156,224 | 138,403 |
Special Mention [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 7,716 | 9,388 |
Substandard [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 18,408 | 18,597 |
Doubtful [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 0 |
Residential Mortgages [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 379,358 | 323,665 |
Held for sale [Abstract] | ' | ' |
Loans Held-for-sale, Mortgages | 691 | 706 |
Residential Mortgages [Member] | Performing [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 377,257 | 321,400 |
Residential Mortgages [Member] | Nonperforming [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 2,101 | 2,265 |
Real estate-commercial [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 122,635 | 104,766 |
Real estate-commercial [Member] | Pass [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 106,412 | 91,446 |
Real estate-commercial [Member] | Special Mention [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 7,194 | 4,192 |
Real estate-commercial [Member] | Substandard [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 9,029 | 9,128 |
Real estate-commercial [Member] | Doubtful [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 0 |
Real estate-residential [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 25,852 | 21,570 |
Real estate-residential [Member] | Pass [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 22,828 | 19,244 |
Real estate-residential [Member] | Special Mention [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 490 | 1,018 |
Real estate-residential [Member] | Substandard [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 2,534 | 1,308 |
Real estate-residential [Member] | Doubtful [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 0 |
Real estate-multi-family [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 18,625 | 19,118 |
Real estate-multi-family [Member] | Pass [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 14,957 | 15,751 |
Real estate-multi-family [Member] | Special Mention [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 0 |
Real estate-multi-family [Member] | Substandard [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 3,668 | 3,367 |
Real estate-multi-family [Member] | Doubtful [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 0 |
Construction loans [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 9,351 | 16,288 |
Construction loans [Member] | Pass [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 6,174 | 7,397 |
Construction loans [Member] | Special Mention [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 4,097 |
Construction loans [Member] | Substandard [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 3,177 | 4,794 |
Construction loans [Member] | Doubtful [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 0 |
Commercial and Industrial Loans [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 5,885 | 4,646 |
Commercial and Industrial Loans [Member] | Pass [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 5,853 | 4,565 |
Commercial and Industrial Loans [Member] | Special Mention [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 32 | 81 |
Commercial and Industrial Loans [Member] | Substandard [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Doubtful [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 0 | 0 |
Total commercial loans [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 182,348 | 166,388 |
Home equity and second mortgage [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 64,377 | 40,143 |
Home equity and second mortgage [Member] | Performing [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 64,160 | 40,000 |
Home equity and second mortgage [Member] | Nonperforming [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 217 | 143 |
Other consumer [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 1,813 | 1,835 |
Other consumer [Member] | Performing [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 1,812 | 1,827 |
Other consumer [Member] | Nonperforming [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 1 | 8 |
Total consumer loans [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 66,190 | 41,978 |
Total residential and consumer Loans [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 445,548 | 365,643 |
Total residential and consumer Loans [Member] | Performing [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | 443,229 | 363,227 |
Total residential and consumer Loans [Member] | Nonperforming [Member] | ' | ' |
Held for Investment [Abstract] | ' | ' |
Total Loans | $2,319 | $2,416 |
LOANS_RECEIVABLE_Composition_o
LOANS RECEIVABLE, Composition of Loans by Credit Quality Indicators (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $627,896 | $532,031 |
Number of days residential mortgages and consumer loans are placed on non accrual status | '90 days | ' |
Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 156,224 | 138,403 |
Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 7,716 | 9,388 |
Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 18,408 | 18,597 |
Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Residential Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 379,358 | 323,665 |
Residential Mortgages [Member] | Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 377,257 | 321,400 |
Residential Mortgages [Member] | Nonperforming [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,101 | 2,265 |
Real estate-commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 122,635 | 104,766 |
Real estate-commercial [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 106,412 | 91,446 |
Real estate-commercial [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 7,194 | 4,192 |
Real estate-commercial [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,029 | 9,128 |
Real estate-commercial [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Real estate-residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 25,852 | 21,570 |
Real estate-residential [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 22,828 | 19,244 |
Real estate-residential [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 490 | 1,018 |
Real estate-residential [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,534 | 1,308 |
Real estate-residential [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Real estate-multi-family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 18,625 | 19,118 |
Real estate-multi-family [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 14,957 | 15,751 |
Real estate-multi-family [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Real estate-multi-family [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 3,668 | 3,367 |
Real estate-multi-family [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Construction loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,351 | 16,288 |
Construction loans [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 6,174 | 7,397 |
Construction loans [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 4,097 |
Construction loans [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 3,177 | 4,794 |
Construction loans [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial and Industrial Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 5,885 | 4,646 |
Commercial and Industrial Loans [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 5,853 | 4,565 |
Commercial and Industrial Loans [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 32 | 81 |
Commercial and Industrial Loans [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Total commercial loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 182,348 | 166,388 |
Home equity and second mortgage [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 64,377 | 40,143 |
Home equity and second mortgage [Member] | Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 64,160 | 40,000 |
Home equity and second mortgage [Member] | Nonperforming [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 217 | 143 |
Other consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,813 | 1,835 |
Other consumer [Member] | Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,812 | 1,827 |
Other consumer [Member] | Nonperforming [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1 | 8 |
Total consumer loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 66,190 | 41,978 |
Total residential and consumer Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 445,548 | 365,643 |
Total residential and consumer Loans [Member] | Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 443,229 | 363,227 |
Total residential and consumer Loans [Member] | Nonperforming [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $2,319 | $2,416 |
LOANS_RECEIVABLE_Loans_Individ
LOANS RECEIVABLE, Loans Individually Evaluated for Impairment by Class (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | $0 | $0 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | 4,495 | 7,471 |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 1,365 | 609 |
Loans individually evaluated for impairment, recorded investment, total | 5,860 | 8,080 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 4,701 | 8,899 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 1,872 | 668 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 6,573 | 9,567 |
Impaired Financing Receivable, Related Allowance | 2,132 | 1,547 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 2,132 | 1,547 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 5,886 | 6,662 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 959 | 3,858 |
Loans individually evaluated for impairment , average recorded investment | 6,845 | 10,520 |
Loans individually evaluated for impairment, with related allowance, interest income recognized | 0 | 0 |
Loans individually evaluated for impairment, with no related allowance, interest income recognized | 0 | 0 |
Loans individually evaluated for impairment, interest income recognized | 0 | 0 |
Loans acquired with deteriorated credit quality [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 813 | ' |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 1,320 | ' |
Impaired Financing Receivable, related allowance unrecorded | 0 | ' |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 271 | ' |
Loans individually evaluated for impairment, with no related allowance, interest income recognized | 0 | ' |
Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 6,881 | 8,359 |
Residential Mortgages [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 2,101 | 2,265 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | 1,209 | 2,137 |
Loans individually evaluated for impairment, with no related allowance, recorded investment | ' | 0 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 1,217 | 2,214 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | ' | 0 |
Impaired Financing Receivable, Related Allowance | 85 | 218 |
Impaired Financing Receivable, related allowance unrecorded | ' | 0 |
Loans individually evaluated for impairment related allowance | 85 | 218 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 1,831 | 2,061 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | ' | 698 |
Loans individually evaluated for impairment, with related allowance, interest income recognized | 0 | 0 |
Loans individually evaluated for impairment, with no related allowance, interest income recognized | ' | 0 |
Real estate-commercial [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 785 | 1,098 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | 0 | 546 |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 552 | 552 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 0 | 1,497 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 552 | 552 |
Impaired Financing Receivable, Related Allowance | 0 | 296 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 0 | 296 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 137 | 697 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 552 | 1,012 |
Loans individually evaluated for impairment, with related allowance, interest income recognized | 0 | 0 |
Loans individually evaluated for impairment, with no related allowance, interest income recognized | 0 | 0 |
Real estate-residential [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 684 | 51 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | 342 | 51 |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 0 | 0 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 342 | 51 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 47 | 4 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 47 | 4 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 86 | 298 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 136 | 216 |
Loans individually evaluated for impairment, with related allowance, interest income recognized | 0 | ' |
Loans individually evaluated for impairment, with no related allowance, interest income recognized | 0 | ' |
Real estate-multi-family [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 149 | 0 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Construction loans [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 2,944 | 4,794 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | 2,944 | 4,737 |
Loans individually evaluated for impairment, with no related allowance, recorded investment | ' | 57 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 3,142 | 5,137 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | ' | 116 |
Impaired Financing Receivable, Related Allowance | 2,000 | 1,029 |
Impaired Financing Receivable, related allowance unrecorded | ' | 0 |
Loans individually evaluated for impairment related allowance | 2,000 | 1,029 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 3,832 | 3,604 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | ' | 1,932 |
Loans individually evaluated for impairment, with related allowance, interest income recognized | 0 | 0 |
Loans individually evaluated for impairment, with no related allowance, interest income recognized | ' | 0 |
Commercial and Industrial Loans [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | ' | 0 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | ' | 0 |
Impaired Financing Receivable, Related Allowance | ' | 0 |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | ' | 2 |
Loans individually evaluated for impairment, with related allowance, interest income recognized | ' | 0 |
Home equity and second mortgage [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 217 | 143 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Other consumer [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 1 | 8 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Unallocated [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment related allowance | $0 | $0 |
LOANS_RECEIVABLE_Contractual_A
LOANS RECEIVABLE, Contractual Aging of Delinquent Loans (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | $618,528 | $521,262 |
Loans receivable, 30 to 59 days past due | 1,888 | 2,026 |
Loans receivable, 60 to 89 days past due | 665 | 456 |
Loans receivable past due 90 days or more | 6,815 | 8,287 |
Loans receivable, total past due | 9,368 | 10,769 |
Total loans | 627,896 | 532,031 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Pass [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 156,224 | 138,403 |
Special Mention [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 7,716 | 9,388 |
Substandard [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 18,408 | 18,597 |
Doubtful [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 0 |
Residential Mortgages [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | 375,676 | 319,982 |
Loans receivable, 30 to 59 days past due | 1,637 | 1,161 |
Loans receivable, 60 to 89 days past due | 10 | 329 |
Loans receivable past due 90 days or more | 2,035 | 2,193 |
Loans receivable, total past due | 3,682 | 3,683 |
Total loans | 379,358 | 323,665 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Residential Mortgages [Member] | Performing [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 377,257 | 321,400 |
Residential Mortgages [Member] | Nonperforming [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 2,101 | 2,265 |
Real estate-commercial [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | 121,850 | 102,868 |
Loans receivable, 30 to 59 days past due | 0 | 800 |
Loans receivable, 60 to 89 days past due | 0 | 0 |
Loans receivable past due 90 days or more | 785 | 1,098 |
Loans receivable, total past due | 785 | 1,898 |
Total loans | 122,635 | 104,766 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Real estate-commercial [Member] | Pass [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 106,412 | 91,446 |
Real estate-commercial [Member] | Special Mention [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 7,194 | 4,192 |
Real estate-commercial [Member] | Substandard [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 9,029 | 9,128 |
Real estate-commercial [Member] | Doubtful [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 0 |
Real estate-residential [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | 24,798 | 21,488 |
Loans receivable, 30 to 59 days past due | 0 | 31 |
Loans receivable, 60 to 89 days past due | 370 | 0 |
Loans receivable past due 90 days or more | 684 | 51 |
Loans receivable, total past due | 1,054 | 82 |
Total loans | 25,852 | 21,570 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Real estate-residential [Member] | Pass [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 22,828 | 19,244 |
Real estate-residential [Member] | Special Mention [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 490 | 1,018 |
Real estate-residential [Member] | Substandard [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 2,534 | 1,308 |
Real estate-residential [Member] | Doubtful [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 0 |
Real estate-multi-family [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | 18,289 | 19,118 |
Loans receivable, 30 to 59 days past due | 187 | 0 |
Loans receivable, 60 to 89 days past due | 0 | 0 |
Loans receivable past due 90 days or more | 149 | 0 |
Loans receivable, total past due | 336 | 0 |
Total loans | 18,625 | 19,118 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Real estate-multi-family [Member] | Pass [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 14,957 | 15,751 |
Real estate-multi-family [Member] | Special Mention [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 0 |
Real estate-multi-family [Member] | Substandard [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 3,668 | 3,367 |
Real estate-multi-family [Member] | Doubtful [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 0 |
Construction loans [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | 6,174 | 11,494 |
Loans receivable, 30 to 59 days past due | 0 | 0 |
Loans receivable, 60 to 89 days past due | 233 | 0 |
Loans receivable past due 90 days or more | 2,944 | 4,794 |
Loans receivable, total past due | 3,177 | 4,794 |
Total loans | 9,351 | 16,288 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Construction loans [Member] | Pass [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 6,174 | 7,397 |
Construction loans [Member] | Special Mention [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 4,097 |
Construction loans [Member] | Substandard [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 3,177 | 4,794 |
Construction loans [Member] | Doubtful [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 0 |
Commercial and Industrial Loans [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | 5,885 | 4,646 |
Loans receivable, 30 to 59 days past due | 0 | 0 |
Loans receivable, 60 to 89 days past due | 0 | 0 |
Loans receivable past due 90 days or more | 0 | 0 |
Loans receivable, total past due | 0 | 0 |
Total loans | 5,885 | 4,646 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Commercial and Industrial Loans [Member] | Pass [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 5,853 | 4,565 |
Commercial and Industrial Loans [Member] | Special Mention [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 32 | 81 |
Commercial and Industrial Loans [Member] | Substandard [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Doubtful [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 0 | 0 |
Total commercial loans [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 182,348 | 166,388 |
Home equity and second mortgage [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | 64,048 | 39,842 |
Loans receivable, 30 to 59 days past due | 60 | 34 |
Loans receivable, 60 to 89 days past due | 52 | 124 |
Loans receivable past due 90 days or more | 217 | 143 |
Loans receivable, total past due | 329 | 301 |
Total loans | 64,377 | 40,143 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Home equity and second mortgage [Member] | Performing [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 64,160 | 40,000 |
Home equity and second mortgage [Member] | Nonperforming [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 217 | 143 |
Other consumer [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, current | 1,808 | 1,824 |
Loans receivable, 30 to 59 days past due | 4 | 0 |
Loans receivable, 60 to 89 days past due | 0 | 3 |
Loans receivable past due 90 days or more | 1 | 8 |
Loans receivable, total past due | 5 | 11 |
Total loans | 1,813 | 1,835 |
Loans receivable, 90 days and accruing interest | 0 | 0 |
Other consumer [Member] | Performing [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 1,812 | 1,827 |
Other consumer [Member] | Nonperforming [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 1 | 8 |
Total consumer loans [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 66,190 | 41,978 |
Total residential and consumer Loans [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 445,548 | 365,643 |
Total residential and consumer Loans [Member] | Performing [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | 443,229 | 363,227 |
Total residential and consumer Loans [Member] | Nonperforming [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Total loans | $2,319 | $2,416 |
LOANS_RECEIVABLE_Details_Activ
LOANS RECEIVABLE (Details), Activity in the Allowance for Loan Losses (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | $6,916 | $6,163 | $6,922 | $8,100 |
Provision | 0 | 750 | 839 | 1,750 |
Charge-offs | -229 | -196 | -1,114 | -3,154 |
Recoveries | 4 | 55 | 44 | 76 |
Balance, end of period | 6,691 | 6,772 | 6,691 | 6,772 |
Amount of time the borrower's repayment performance returns to performing status | ' | ' | '6 months | ' |
Residential Mortgages [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 1,780 | 1,620 | 1,849 | 2,194 |
Provision | 175 | 373 | 301 | 365 |
Charge-offs | -184 | -126 | -391 | -702 |
Recoveries | 0 | 46 | 12 | 56 |
Balance, end of period | 1,771 | 1,913 | 1,771 | 1,913 |
Real estate-commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 1,237 | 1,913 | 1,754 | 2,819 |
Provision | -104 | 100 | -186 | 108 |
Charge-offs | 0 | -18 | -435 | -932 |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | 1,133 | 1,995 | 1,133 | 1,995 |
Real estate-residential [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 360 | 699 | 608 | 464 |
Provision | 53 | -52 | -136 | 600 |
Charge-offs | -31 | -1 | -90 | -418 |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | 382 | 646 | 382 | 646 |
Real estate-multi-family [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 172 | 284 | 245 | 358 |
Provision | -35 | -34 | -108 | -108 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | 137 | 250 | 137 | 250 |
Construction loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 2,342 | 1,002 | 1,697 | 1,260 |
Provision | -62 | 166 | 719 | 768 |
Charge-offs | 0 | -31 | -150 | -891 |
Recoveries | 0 | 0 | 14 | 0 |
Balance, end of period | 2,280 | 1,137 | 2,280 | 1,137 |
Commercial and Industrial Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 71 | 137 | 119 | 138 |
Provision | 5 | -41 | -47 | 106 |
Charge-offs | -9 | 0 | -9 | -156 |
Recoveries | 3 | 9 | 7 | 17 |
Balance, end of period | 70 | 105 | 70 | 105 |
Home equity and second mortgage [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 210 | 265 | 251 | 448 |
Provision | 5 | -25 | -29 | -187 |
Charge-offs | 0 | -11 | -15 | -32 |
Recoveries | 0 | 0 | 8 | 0 |
Balance, end of period | 215 | 229 | 215 | 229 |
Other consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 24 | 12 | 11 | 22 |
Provision | 3 | 8 | 33 | 9 |
Charge-offs | -5 | -9 | -24 | -23 |
Recoveries | 1 | 0 | 3 | 3 |
Balance, end of period | 23 | 11 | 23 | 11 |
Unallocated [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 720 | 231 | 388 | 397 |
Provision | -40 | 255 | 292 | 89 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | $680 | $486 | $680 | $486 |
LOANS_RECEIVABLE_Loans_Classif
LOANS RECEIVABLE, Loans Classified as TDRs Segregation by Class (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 02, 2013 | |
Contract | Contract | Contract | Contract | ||
Troubled Debt Restructuring Segregated by Class [Abstract] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | ' | 0 | ' | 1 | ' |
Pre-Modification Outstanding Recorded Investment | ' | $0 | ' | $852,000 | ' |
Post Modification Outstanding Recorded Investment | ' | 0 | ' | 852,000 | ' |
Financing Receivable Subsequent Default Number Of Contracts | 1 | ' | 1 | ' | ' |
Financing Receivable Subsequent Default Recorded Investment | 337,000 | ' | 337,000 | ' | ' |
Payment of loan receivable previously in default | ' | 167,000 | ' | ' | ' |
Loans Receivable, Troubled Debt Restructuring, Allowance for Credit Losses Charge off | ' | 40,000 | ' | ' | ' |
Credit risk related non-accretable discount | ' | ' | ' | ' | 325,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | ' | ' | ' | ' |
Accretable discount | 182,000 | ' | 182,000 | ' | ' |
Changes in the amortizable yield for purchased credit-impaired loans [Abstract] | ' | ' | ' | ' | ' |
Balance at beginning of period | 0 | ' | ' | ' | ' |
Acquisition of impaired loans | 198,000 | ' | ' | ' | ' |
Accretion | -16,000 | ' | ' | ' | ' |
Balance at end of period | 182,000 | ' | 182,000 | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Outstanding balance | 1,958,000 | ' | 1,958,000 | ' | 1,958,000 |
Carrying amount | 813,000 | ' | 813,000 | ' | 797,000 |
Roebling Financial Corp, Inc [Member] | ' | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | ' | ' | ' | ' |
Unpaid principal balance | ' | ' | ' | ' | 1,320,000 |
Interest | ' | ' | ' | ' | 638,000 |
Contractual cash flows | ' | ' | ' | ' | 1,958,000 |
Non-accretable discount | ' | ' | ' | ' | -963,000 |
Expected cash flows | ' | ' | ' | ' | 995,000 |
Accretable discount | ' | ' | ' | ' | -198,000 |
Total | ' | ' | ' | ' | 797,000 |
Changes in the amortizable yield for purchased credit-impaired loans [Abstract] | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' | -198,000 |
Balance at end of period | ' | ' | ' | ' | -198,000 |
Residential Mortgages [Member] | ' | ' | ' | ' | ' |
Troubled Debt Restructuring Segregated by Class [Abstract] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | ' | 0 | ' | 1 | ' |
Pre-Modification Outstanding Recorded Investment | ' | 0 | ' | 852,000 | ' |
Post Modification Outstanding Recorded Investment | ' | 0 | ' | 852,000 | ' |
Financing Receivable Subsequent Default Number Of Contracts | 1 | ' | 1 | ' | ' |
Financing Receivable Subsequent Default Recorded Investment | 337,000 | ' | 337,000 | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Carrying amount | 22,000 | ' | 22,000 | ' | ' |
Real estate-commercial [Member] | ' | ' | ' | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Carrying amount | 0 | ' | 0 | ' | ' |
Real estate-residential [Member] | ' | ' | ' | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Carrying amount | 363,000 | ' | 363,000 | ' | ' |
Real estate-multi-family [Member] | ' | ' | ' | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Carrying amount | 338,000 | ' | 338,000 | ' | ' |
Construction loans [Member] | ' | ' | ' | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Carrying amount | 0 | ' | 0 | ' | ' |
Commercial and Industrial Loans [Member] | ' | ' | ' | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Carrying amount | 0 | ' | 0 | ' | ' |
Home equity and second mortgage [Member] | ' | ' | ' | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Carrying amount | 90,000 | ' | 90,000 | ' | ' |
Other consumer [Member] | ' | ' | ' | ' | ' |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' | ' | ' | ' |
Carrying amount | $0 | ' | $0 | ' | ' |
LOANS_RECEIVABLE_Allowance_for
LOANS RECEIVABLE, Allowance for Loan Losses, Ending Loan Balances by Portfolio and by Class based on Impairment Method (Details) (USD $) | Sep. 30, 2013 | Jul. 02, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | $0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 2,132 | ' | 1,547 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 4,559 | ' | 5,375 |
Loans receivable, allowance for credit losses, evaluated for impairment | 6,691 | ' | 6,922 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 813 | 797 | ' |
Loan balance, individually evaluated for impairment | 5,047 | ' | 8,080 |
Loans balance, collectively evaluated for impairment | 622,036 | ' | 523,951 |
Loan balance, evaluated for impairment | 627,896 | ' | 532,031 |
Residential Mortgages [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 85 | ' | 218 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 1,686 | ' | 1,631 |
Loans receivable, allowance for credit losses, evaluated for impairment | 1,771 | ' | 1,849 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 22 | ' | ' |
Loan balance, individually evaluated for impairment | 1,209 | ' | 2,137 |
Loans balance, collectively evaluated for impairment | 378,127 | ' | 321,528 |
Loan balance, evaluated for impairment | 379,358 | ' | 323,665 |
Real estate-commercial [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | ' | 296 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 1,133 | ' | 1,458 |
Loans receivable, allowance for credit losses, evaluated for impairment | 1,133 | ' | 1,754 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 0 | ' | ' |
Loan balance, individually evaluated for impairment | 552 | ' | 1,098 |
Loans balance, collectively evaluated for impairment | 122,083 | ' | 103,668 |
Loan balance, evaluated for impairment | 122,635 | ' | 104,766 |
Real estate-residential [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 47 | ' | 4 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 335 | ' | 604 |
Loans receivable, allowance for credit losses, evaluated for impairment | 382 | ' | 608 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 363 | ' | ' |
Loan balance, individually evaluated for impairment | 342 | ' | 51 |
Loans balance, collectively evaluated for impairment | 25,147 | ' | 21,519 |
Loan balance, evaluated for impairment | 25,852 | ' | 21,570 |
Real estate-multi-family [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | ' | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 137 | ' | 245 |
Loans receivable, allowance for credit losses, evaluated for impairment | 137 | ' | 245 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 338 | ' | ' |
Loan balance, individually evaluated for impairment | 0 | ' | 0 |
Loans balance, collectively evaluated for impairment | 18,287 | ' | 19,118 |
Loan balance, evaluated for impairment | 18,625 | ' | 19,118 |
Construction loans [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 2,000 | ' | 1,029 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 280 | ' | 668 |
Loans receivable, allowance for credit losses, evaluated for impairment | 2,280 | ' | 1,697 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 0 | ' | ' |
Loan balance, individually evaluated for impairment | 2,944 | ' | 4,794 |
Loans balance, collectively evaluated for impairment | 6,407 | ' | 11,494 |
Loan balance, evaluated for impairment | 9,351 | ' | 16,288 |
Commercial and Industrial Loans [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | ' | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 70 | ' | 119 |
Loans receivable, allowance for credit losses, evaluated for impairment | 70 | ' | 119 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 0 | ' | ' |
Loan balance, individually evaluated for impairment | 0 | ' | 0 |
Loans balance, collectively evaluated for impairment | 5,885 | ' | 4,646 |
Loan balance, evaluated for impairment | 5,885 | ' | 4,646 |
Home equity and second mortgage [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | ' | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 215 | ' | 251 |
Loans receivable, allowance for credit losses, evaluated for impairment | 215 | ' | 251 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 90 | ' | ' |
Loan balance, individually evaluated for impairment | 0 | ' | 0 |
Loans balance, collectively evaluated for impairment | 64,287 | ' | 40,143 |
Loan balance, evaluated for impairment | 64,377 | ' | 40,143 |
Other consumer [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | ' | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 23 | ' | 11 |
Loans receivable, allowance for credit losses, evaluated for impairment | 23 | ' | 11 |
Loan Balance [Abstract] | ' | ' | ' |
Loan balance, acquired with credit deterioration | 0 | ' | ' |
Loan balance, individually evaluated for impairment | 0 | ' | 0 |
Loans balance, collectively evaluated for impairment | 1,813 | ' | 1,835 |
Loan balance, evaluated for impairment | 1,813 | ' | 1,835 |
Unallocated [Member] | ' | ' | ' |
Allowance [Abstract] | ' | ' | ' |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | ' | ' |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | ' | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 680 | ' | 388 |
Loans receivable, allowance for credit losses, evaluated for impairment | $680 | ' | $388 |
FAIR_VALUE_MEASUREMENTS_AND_FA2
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment securities available for sale [Abstract] | ' | ' |
Total investment securities available for sale | $129,074 | $102,284 |
Recurring [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government and Federal Agencies | 22,299 | ' |
State and Political Subdivisions | 59,605 | 59,610 |
Residential mortgage-backed securities issued by quasi- governmental agencies | 47,170 | 42,674 |
Total investment securities available for sale | 129,074 | 102,284 |
Loans receivable, held for sale | 691 | 706 |
Level 1 [Member] | Recurring [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government and Federal Agencies | 0 | ' |
State and Political Subdivisions | 0 | 0 |
Residential mortgage-backed securities issued by quasi- governmental agencies | 0 | 0 |
Total investment securities available for sale | 0 | 0 |
Loans receivable, held for sale | 0 | 0 |
Level 2 [Member] | Recurring [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government and Federal Agencies | 22,299 | ' |
State and Political Subdivisions | 59,605 | 59,610 |
Residential mortgage-backed securities issued by quasi- governmental agencies | 47,170 | 42,674 |
Total investment securities available for sale | 129,074 | 102,284 |
Loans receivable, held for sale | 691 | 706 |
Level 3 [Member] | Recurring [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government and Federal Agencies | 0 | ' |
State and Political Subdivisions | 0 | 0 |
Residential mortgage-backed securities issued by quasi- governmental agencies | 0 | 0 |
Total investment securities available for sale | 0 | 0 |
Loans receivable, held for sale | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_AND_FA3
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS, Part II (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Mortgage servicing rights, amortized cost basis | 1,300,000 | 1,100,000 | ||
Mortgage servicing rights, fair value | 1,471,000 | 956,000 | ||
Nonrecurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans | 3,728,000 | 6,533,000 | ||
Real estate acquired through foreclosure | 5,786,000 | 7,282,000 | ||
Mortgage servicing rights | 1,471,000 | 956,000 | ||
Nonrecurring [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans | 0 | 0 | ||
Real estate acquired through foreclosure | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Nonrecurring [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans | 0 | 0 | ||
Real estate acquired through foreclosure | 0 | 0 | ||
Mortgage servicing rights | 1,471,000 | 956,000 | ||
Nonrecurring [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans | 3,728,000 | 6,533,000 | ||
Real estate acquired through foreclosure | 5,786,000 | 7,282,000 | ||
Mortgage servicing rights | 0 | 0 | ||
Nonrecurring [Member] | Minimum [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans, range of inputs (in hundredths) | 5.00% | [1] | 5.00% | [1] |
Real estate acquired through foreclosure, range of inputs (in hundredths) | 5.00% | [1] | 5.00% | [1] |
Nonrecurring [Member] | Maximum [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans, range of inputs (in hundredths) | 15.00% | [1] | 15.00% | [1] |
Real estate acquired through foreclosure, range of inputs (in hundredths) | 20.00% | [1] | 20.00% | [1] |
[1] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. |
FAIR_VALUE_MEASUREMENTS_AND_FA4
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS, Part III (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets [Abstract] | ' | ' |
Mortgage-backed securities | $1,719 | ' |
Liabilities [Abstract] | ' | ' |
Borrowings with stated maturities | 50,990 | 60,656 |
Carrying Value [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 31,004 | 31,137 |
Investment securities | 81,904 | 59,610 |
Mortgage-backed securities | 48,710 | 44,639 |
Loans receivable | 623,021 | 527,426 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 193,283 | 171,417 |
Deposits with no stated maturities | 488,542 | 388,898 |
Borrowings with stated maturities | 50,990 | 60,656 |
Fair Value [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 31,004 | 31,137 |
Investment securities | 81,904 | 59,610 |
Mortgage-backed securities | 48,889 | 44,945 |
Loans receivable | 627,032 | 539,665 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 196,311 | 175,025 |
Deposits with no stated maturities | 488,542 | 388,898 |
Borrowings with stated maturities | 49,935 | 60,939 |
Level 1 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 31,004 | 31,137 |
Investment securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Loans receivable | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 0 | 0 |
Deposits with no stated maturities | 488,542 | 388,898 |
Borrowings with stated maturities | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities | 81,904 | 59,610 |
Mortgage-backed securities | 48,889 | 44,945 |
Loans receivable | 691 | 706 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 0 | 0 |
Deposits with no stated maturities | 0 | 0 |
Borrowings with stated maturities | 0 | 0 |
Level 3 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Loans receivable | 626,341 | 538,959 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 196,311 | 175,025 |
Deposits with no stated maturities | 0 | 0 |
Borrowings with stated maturities | $49,935 | $60,939 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted average assumptions [Abstract] | ' | ' | ' | ' |
Dividend yield (in hundredths) | ' | ' | 0.81% | ' |
Expected volatility (in hundredths) | ' | ' | 16.82% | ' |
Risk-free interest rate (in hundredths) | ' | ' | 0.65% | ' |
Fair value of options granted during the period (in dollars per share) | ' | ' | $3.12 | ' |
Expected lives in years | ' | ' | '5 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unrecognized compensation cost, net of estimated forfeitures, related to non-vested awards | $421,000 | ' | $421,000 | ' |
Period for recognition of unrecognized compensation | ' | ' | '9 months 18 days | ' |
Term of stock benefit plans | ' | ' | 'P10Y | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Shares outstanding, beginning of period (in shares) | ' | ' | 89,279 | ' |
Share options granted (in shares) | ' | 0 | 205,000 | 0 |
Share options exercised (in shares) | ' | ' | -8,547 | ' |
Share options forfeited (in shares) | ' | ' | -3,635 | ' |
Share options expired (in shares) | ' | ' | -14,279 | ' |
Shares outstanding, end of period (in shares) | 267,818 | ' | 267,818 | ' |
Share options exercisable, end of period (in shares) | 56,115 | ' | 56,115 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Weighted average exercise price per share, beginning of period (in dollars per share) | ' | ' | $24.08 | ' |
Options granted, weighted average exercise price per share (in dollars per share) | ' | ' | $24.28 | ' |
Options exercised, weighted average exercise price per share (in dollars per share) | ' | ' | $25.24 | ' |
Options forfeited, weighted average exercise price per share (in dollars per share) | ' | ' | $27.30 | ' |
Options expired, weighted average exercise price per share (in dollars per share) | ' | ' | $24.26 | ' |
Weighted average exercise price per share, end of period (in dollars per share) | $24.14 | ' | $24.14 | ' |
Options exercisable, weighted average exercise price per share, end of period (in dollars per share) | $24.25 | ' | $24.25 | ' |
Options outstanding, weighted average remaining contractual term, end of period | ' | ' | '2 years 11 months 5 days | ' |
Options exercisable, weighted average remaining contractual term, end of period | ' | ' | '1 year 6 months 29 days | ' |
Options outstanding, aggregate intrinsic value, end of period | 1,062,000 | ' | 1,062,000 | ' |
Options exercisable, aggregate intrinsic value, end of period | 265,000 | ' | 265,000 | ' |
Options Exercised [Abstract] | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | ' | ' | 5,000 | 6,000 |
Cash receipts from options exercised | ' | ' | 216,000 | 7,000 |
Stock-based Compensation Expense [Abstract] | ' | ' | ' | ' |
Director fees | 38,000 | 38,000 | 108,000 | 112,000 |
Stock option expense | 86,000 | 6,000 | 229,000 | 20,000 |
Employee Stock Ownership Plan ("ESOP") expense | 79,000 | 68,000 | 225,000 | 210,000 |
Total stock-based compensation expense | 203,000 | 112,000 | 562,000 | 342,000 |
Dividends paid to ESOP | 9,000 | 8,000 | 26,000 | 24,000 |
Tax benefit arising from stock option compensation expense | $31,000 | $2,000 | $70,000 | $7,000 |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting Period | ' | ' | '2 years | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting Period | ' | ' | '5 years | ' |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Components of net periodic benefit cost [Abstract] | ' | ' | ' | ' |
Service cost | $206,000 | $184,000 | $617,000 | $552,000 |
Interest cost | 89,000 | 90,000 | 266,000 | 270,000 |
Expected return on plan assets | -182,000 | -161,000 | -546,000 | -483,000 |
Amortization of prior service cost | ' | ' | 2,000 | 2,000 |
Recognized net actuarial loss | 66,000 | 71,000 | 196,000 | 212,000 |
Net periodic benefit cost | 179,000 | 184,000 | 535,000 | 553,000 |
Contributions by employer | ' | ' | $653,000 | $0 |