Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 14-May-14 | |
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 | ' | 3,151,562 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $60,175 | $45,310 |
Investment securities | ' | ' |
Available for sale | 128,891 | 124,012 |
Held to maturity (fair value of $1,577 and $1,680 as of March 31, 2014 and December 31, 2013 respectively) | 1,401 | 1,490 |
Loans receivable, net | 603,656 | 614,168 |
Loans receivable, held for sale | 1,319 | 349 |
Federal Home Loan Bank ("FHLB") stock - at cost | 3,314 | 3,370 |
Accrued interest receivable | 2,571 | 2,520 |
Premises and equipment, net | 8,510 | 8,616 |
Goodwill | 4,324 | 4,324 |
Core deposit intangible | 478 | 503 |
Bank owned life insurance | 18,717 | 18,586 |
Other assets | 12,660 | 12,441 |
TOTAL ASSETS | 846,016 | 835,689 |
Liabilities | ' | ' |
Deposits | 692,210 | 683,902 |
Advances from the FHLB | 48,311 | 49,605 |
Advances from borrowers for taxes and insurance | 2,609 | 3,228 |
Accrued interest payable | 713 | 671 |
Other liabilities | 5,215 | 3,408 |
Total liabilities | 749,058 | 740,814 |
Stockholders' equity | ' | ' |
Preferred stock, no par value; 2,000,000 shares authorized at March 31, 2014 and December 31, 2013, none issued | 0 | 0 |
Common stock, $0.10 par value; 10,000,000 shares authorized, 5,290,000 shares issued, 3,150,244 and 3,149,239 shares outstanding at March 31, 2014 and December 31, 2013, respectively, net of shares in treasury of 2,139,756 and 2,140,761, respectively. | 529 | 529 |
Additional paid-in capital | 56,361 | 56,197 |
Unearned ESOP shares | -815 | -846 |
Treasury stock - at cost | -44,481 | -44,502 |
Retained earnings | 85,689 | 84,675 |
Accumulated other comprehensive loss | -325 | -1,178 |
Total stockholders' equity | 96,958 | 94,875 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $846,016 | $835,689 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investment securities | ' | ' |
Mortgage-backed securities held to maturity, fair value | $1,577 | $1,680 |
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) | 3,150,244 | 3,149,239 |
Common stock, in treasury (in shares) | 2,139,756 | 2,140,761 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income | ' | ' |
Loans, including fees | $6,677 | $6,066 |
Investment securities | ' | ' |
Fully taxable | 502 | 369 |
Exempt from federal taxes | 417 | 418 |
Interest-bearing deposits and other | 3 | 4 |
TOTAL INTEREST INCOME | 7,599 | 6,857 |
Interest expense | ' | ' |
Deposits | 766 | 731 |
Borrowings | 193 | 248 |
TOTAL INTEREST EXPENSE | 959 | 979 |
NET INTEREST INCOME | 6,640 | 5,878 |
Provision for loan losses | 0 | 439 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,640 | 5,439 |
Noninterest income | ' | ' |
Service fees, charges and other operating income | 516 | 527 |
Bank owned life insurance | 131 | 143 |
Gain on sale of loans | 74 | 305 |
Gain on sale of investment securities | 1 | 0 |
Gain on disposition of premises and equipment | 0 | 420 |
TOTAL NONINTEREST INCOME | 722 | 1,395 |
Noninterest expense | ' | ' |
Compensation and benefits | 3,383 | 2,817 |
Occupancy and equipment | 907 | 697 |
Federal deposit insurance premiums | 134 | 110 |
Professional fees | 305 | 288 |
Merger-related costs | 0 | 320 |
Marketing and advertising | 144 | 39 |
Foreclosed real estate expense | 13 | 224 |
Core deposit intangible amortization | 25 | 0 |
Other operating | 579 | 535 |
TOTAL NONINTEREST EXPENSE | 5,490 | 5,030 |
INCOME BEFORE INCOME TAXES | 1,872 | 1,804 |
Income tax expense | 491 | 581 |
NET INCOME | $1,381 | $1,223 |
Earnings per share-basic (in dollars per share) | $0.45 | $0.45 |
Earnings per share-diluted (in dollars per share) | $0.45 | $0.45 |
Dividends paid per share | $0.12 | $0.05 |
Weighted average shares outstanding: | ' | ' |
Basic (in shares) | 3,061,790 | 2,738,375 |
Diluted (in shares) | 3,080,659 | 2,741,889 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ' | ' |
Net income | $1,381 | $1,223 |
Investment securities available for sale: | ' | ' |
Unrealized holding gains (losses) | 1,231 | -1,273 |
Tax effect | -419 | 433 |
Reclassification adjustment for gains realized in net income | -1 | 0 |
Tax effect | 0 | 0 |
Net of tax amount | 811 | -840 |
Pension plan benefit adjustment: | ' | ' |
Related to actuarial losses | 62 | 66 |
Tax effect | -20 | -23 |
Net of tax amount | 42 | 43 |
Total other comprehensive income (loss) | 853 | -797 |
Comprehensive income | $2,234 | $426 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $1,381 | $1,223 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization and impairment adjustment of mortgage loan servicing rights | 64 | 23 |
Premiums and discounts on investment securities, net | 72 | 69 |
Premiums and discounts on mortgage-backed securities, net | 101 | 114 |
Accretion of premiums on certificates of deposits | -65 | 0 |
Deferred loan origination costs, net | 44 | 67 |
Provision for loan losses | 0 | 439 |
Amortization of core deposit intangible | 25 | 0 |
Depreciation of premises and equipment | 166 | 167 |
Increase in value of bank owned life insurance | -131 | -143 |
Stock-based compensation | 215 | 174 |
Proceeds from sale of loans originated for sale | 3,519 | 11,860 |
Origination of loans held for sale | -4,454 | -11,680 |
Loss on foreclosed real estate | 0 | 178 |
Gain on : | ' | ' |
Sale of loans | -74 | -305 |
Sale of investment securities | -1 | 0 |
Disposition of premises and equipment | 0 | -420 |
(Increase) decrease in: | ' | ' |
Accrued interest receivable | -51 | 5 |
Other assets | 325 | 267 |
Increase (decrease) in: | ' | ' |
Accrued interest payable | 42 | 67 |
Other liabilities | 1,368 | -236 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,546 | 1,869 |
INVESTING ACTIVITIES | ' | ' |
Loan originations | -9,531 | -29,085 |
Loan principal payments | 19,437 | 34,343 |
Proceeds from sale of foreclosed real estate | 55 | 34 |
Proceeds from disposition of premises and equipment | 0 | 417 |
Proceeds from maturities of investment securities available for sale | 2,115 | 1,945 |
Proceeds from sale of investment securities available for sale | 1,921 | 0 |
Principal repayments on mortgage-backed securities held to maturity | 89 | 87 |
Principal repayments on mortgage-backed securities available for sale | 2,375 | 5,879 |
Purchase of investment securities available for sale | -1,135 | -2,792 |
Purchase of mortgage-backed securities available for sale | -9,096 | 0 |
Purchase of premises and equipment | -60 | -85 |
Redemption of FHLB stock | 56 | 798 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 6,226 | 11,541 |
FINANCING ACTIVITIES | ' | ' |
Net increase in customer deposits | 8,373 | 11,015 |
Repayment of long-term FHLB borrowings | -1,294 | -6,505 |
Net decrease in advances from borrowers for taxes and insurance | -619 | -230 |
Common stock dividends paid | -367 | -137 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 6,093 | 4,143 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 14,865 | 17,553 |
Cash and cash equivalents at beginning of period | 45,310 | 31,137 |
Cash and cash equivalents at end of period | 60,175 | 48,690 |
Cash paid for: | ' | ' |
Interest on deposits and borrowings | 982 | 912 |
Income taxes | 750 | 250 |
Noncash transactions: | ' | ' |
Capitalization of mortgage servicing rights | 39 | 120 |
Transfers from loans to foreclosed real estate | $562 | $100 |
PRINCIPLES_OF_CONSOLIDATION
PRINCIPLES OF CONSOLIDATION | 3 Months Ended |
Mar. 31, 2014 | |
PRINCIPLES OF CONSOLIDATION [Abstract] | ' |
PRINCIPLES OF CONSOLIDATION | ' |
NOTE 1 — PRINCIPLES OF CONSOLIDATION | |
The consolidated financial statements as of March 31, 2014 (unaudited) and December 31, 2013 and for the three month periods ended March 31, 2014 and 2013 (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, 2013, 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 | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014 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, 2013. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
CONTINGENCIES [Abstract] | ' |
CONTINGENCIES | ' |
NOTE 3 — 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_FINANC
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 to former shareholders of Roebling. Roebling was merged with and into the Company, and Roebling Bank was merged with and into the Bank. | |||||||||
The acquired assets and assumed liabilities were measured at estimated fair values. Management made certain estimates and exercised judgment in accounting for the acquisition. 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 receivable | 102,026 | ||||||||
Premises and equipment | 2,154 | ||||||||
Core deposit intangible | 553 | ||||||||
Other assets | 2,531 | ||||||||
Time deposits | (49,061 | ) | |||||||
Deposits other than time deposits | (78,689 | ) | |||||||
Other liabilities | (4,888 | ) | |||||||
16,046 | |||||||||
Purchase gain on acquisition | $ | 1,120 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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 March 31, 2014 | |||||||||||||
Weighted | |||||||||||||
average | |||||||||||||
Income | shares | Per share | |||||||||||
(numerator) | (denominator) | Amount | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 1,381 | 3,061,790 | $ | 0.45 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 18,869 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of | $ | 1,381 | 3,080,659 | $ | 0.45 | ||||||||
dilutive securities | |||||||||||||
There were 71,500 options to purchase shares of common stock with an exercise price of $30.03 per share which were outstanding during the three months ended March 31, 2014 that were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares. | |||||||||||||
For the three months ended March 31, 2013 | |||||||||||||
Weighted | |||||||||||||
average | |||||||||||||
Income | shares | Per share | |||||||||||
(numerator) | (denominator) | Amount | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 1,223 | 2,738,375 | $ | 0.45 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 3,514 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of | $ | 1,223 | 2,741,889 | $ | 0.45 | ||||||||
dilutive securities | |||||||||||||
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 months ended March 31, 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 shares. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME [Abstract] | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ' | ||||||||||||
NOTE 6 — ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||
The activity in accumulated other comprehensive (loss) income for the three months ended March 31, 2014 and 2013 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, 2013 | $ | 176 | $ | (1,354 | ) | $ | (1,178 | ) | |||||
Other comprehensive income before | 812 | — | 812 | ||||||||||
reclassifications | |||||||||||||
Amounts reclassified from accumulated other | (1 | ) | 42 | 41 | |||||||||
comprehensive income | |||||||||||||
Period change | 811 | 42 | 853 | ||||||||||
Balance at March 31, 2014 | $ | 987 | $ | (1,312 | ) | $ | (325 | ) | |||||
Balance at December 31, 2012 | $ | 3,805 | $ | (2,835 | ) | $ | 970 | ||||||
Other comprehensive loss before | (840 | ) | — | (840 | ) | ||||||||
reclassifications | |||||||||||||
Amounts reclassified from accumulated other | — | 43 | 43 | ||||||||||
comprehensive income | |||||||||||||
Period change | (840 | ) | 43 | (797 | ) | ||||||||
Balance at March 31, 2013 | $ | 2,965 | $ | (2,792 | ) | $ | 173 | ||||||
(1 | ) | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate approximating 34%. | |||||||||||
(2 | ) | Amounts in parenthesis indicate debits. | |||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the consolidated statements of net income | ||||||||||||
For the three months ended March 31, (1) | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Investment securities available for sale | |||||||||||||
Net securities gains reclassified into earnings | $ | (1 | ) | $ | — | Gain on sale of investment securities | |||||||
Related income tax expense | — | — | Income tax expense | ||||||||||
Net effect on accumulated other income (loss) for the period | (1 | ) | — | Net of tax | |||||||||
Defined benefit pension plan (2) | |||||||||||||
Amortization of net actuarial loss and prior service cost | 62 | 66 | Compensation and benefits | ||||||||||
Related income tax expense | (20 | ) | (23 | ) | Income tax expense | ||||||||
Net effect on accumulated other comprehensive income (loss) for | 42 | 43 | |||||||||||
the period | |||||||||||||
Total reclassification for the period | $ | 41 | $ | 43 | Net income | ||||||||
(1 | ) | Amounts in parenthesis indicate debits. | |||||||||||
(2 | ) | Included in the computation of net periodic pension cost. See Note 11 – Employee Benefit Plans for additional detail. | |||||||||||
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
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 March 31, 2014 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||||||||||||||||
cost | gains | losses | value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 16,666 | $ | 15 | $ | (294 | ) | $ | 16,387 | ||||||||||||||||||||
State and political subdivisions | 59,093 | 1,840 | (522 | ) | 60,411 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 51,636 | 614 | (157 | ) | 52,093 | ||||||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total investment securities available for sale | 127,395 | 2,469 | (973 | ) | 128,891 | ||||||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 1,401 | 176 | — | 1,577 | |||||||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total investment securities | $ | 128,796 | $ | 2,645 | $ | (973 | ) | $ | 130,468 | ||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||||||||||||||||
cost | gains | losses | value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 18,572 | $ | 4 | $ | (513 | ) | $ | 18,063 | ||||||||||||||||||||
State and political subdivisions | 60,159 | 1,526 | (1,016 | ) | 60,669 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 45,015 | 540 | (275 | ) | 45,280 | ||||||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total investment securities available for sale | 123,746 | 2,070 | (1,804 | ) | 124,012 | ||||||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 1,490 | 191 | (1 | ) | 1,680 | ||||||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total investment securities | $ | 125,236 | $ | 2,261 | $ | (1,805 | ) | $ | 125,692 | ||||||||||||||||||||
Gross realized gains were $5,000 from the sale proceeds of investment securities available for sale of $1.0 million for the quarter ended March 31, 2014. Gross realized losses were $4,000 from the sale proceeds of investment securities available for sale of $1.0 million for the quarter ended March 31, 2014. There were no sales of investment securities during the three months ended March 31, 2013. | |||||||||||||||||||||||||||||
The amortized cost and fair value of investment and mortgage-backed securities, by contractual maturity, are shown below. | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Available for sale | Held to maturity | ||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||
cost | value | cost | value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Due in one year or less | $ | 2,042 | $ | 2,051 | $ | — | $ | — | |||||||||||||||||||||
Due after one year through five years | 16,235 | 16,528 | — | — | |||||||||||||||||||||||||
Due after five years through ten years | 37,674 | 37,784 | — | — | |||||||||||||||||||||||||
Due after ten years | 19,808 | 20,435 | — | — | |||||||||||||||||||||||||
75,759 | 76,798 | — | — | ||||||||||||||||||||||||||
Mortgage-backed securities | 51,636 | 52,093 | 1,401 | 1,577 | |||||||||||||||||||||||||
Total investment and mortgage-backed securities | $ | 127,395 | $ | 128,891 | $ | 1,401 | $ | 1,577 | |||||||||||||||||||||
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at March 31, 2014: | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
U.S. Government and federal | 8 | $ | 12,445 | $ | (294 | ) | $ | — | $ | — | $ | 12,445 | $ | (294 | ) | ||||||||||||||
agencies | |||||||||||||||||||||||||||||
State and political | 9 | 6,970 | (241 | ) | 4,325 | (281 | ) | 11,295 | (522 | ) | |||||||||||||||||||
subdivisions | |||||||||||||||||||||||||||||
Residential mortgage-backed | 53 | 25,759 | (157 | ) | — | — | 25,759 | (157 | ) | ||||||||||||||||||||
securities issued by | |||||||||||||||||||||||||||||
quasi-governmental | |||||||||||||||||||||||||||||
agencies | |||||||||||||||||||||||||||||
Total temporarily impaired | 70 | $ | 45,174 | $ | (692 | ) | $ | 4,325 | $ | (281 | ) | $ | 49,499 | $ | (973 | ) | |||||||||||||
securities | |||||||||||||||||||||||||||||
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at December 31, 2013: | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
U.S. Government and federal | 13 | $ | 17,028 | $ | (513 | ) | $ | — | $ | — | $ | 17,028 | $ | (513 | ) | ||||||||||||||
agencies | |||||||||||||||||||||||||||||
State and political | 24 | 19,646 | (1,016 | ) | — | — | 19,646 | (1,016 | ) | ||||||||||||||||||||
subdivisions | |||||||||||||||||||||||||||||
Residential mortgage-backed | 65 | 24,508 | (276 | ) | — | — | 24,508 | (276 | ) | ||||||||||||||||||||
securities issued by | |||||||||||||||||||||||||||||
quasi-governmental | |||||||||||||||||||||||||||||
agencies | |||||||||||||||||||||||||||||
Total temporarily impaired | 102 | $ | 61,182 | $ | (1,805 | ) | $ | — | $ | — | $ | 61,182 | $ | (1,805 | ) | ||||||||||||||
securities | |||||||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, respectively, are not considered other-than-temporary but are the result of changes in interest rates, and are therefore reflected in other comprehensive loss. |
LOANS_RECEIVABLE
LOANS RECEIVABLE | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
LOANS RECEIVABLE [Abstract] | ' | ||||||||||||||||||||||||||||
LOANS RECEIVABLE | ' | ||||||||||||||||||||||||||||
NOTE 8 — LOANS RECEIVABLE | |||||||||||||||||||||||||||||
Loans receivable are summarized as follows: | |||||||||||||||||||||||||||||
At | |||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Held for investment: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 360,992 | $ | 371,961 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 122,294 | 129,345 | |||||||||||||||||||||||||||
Real estate-residential | 24,123 | 20,005 | |||||||||||||||||||||||||||
Real estate-multi-family | 18,197 | 16,623 | |||||||||||||||||||||||||||
Construction loans | 6,915 | 8,773 | |||||||||||||||||||||||||||
Commercial and industrial loans | 7,630 | 6,849 | |||||||||||||||||||||||||||
Total commercial loans | 179,159 | 181,595 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 64,654 | 64,202 | |||||||||||||||||||||||||||
Other consumer | 1,595 | 1,697 | |||||||||||||||||||||||||||
Total consumer loans | 66,249 | 65,899 | |||||||||||||||||||||||||||
Total loans | 606,400 | 619,455 | |||||||||||||||||||||||||||
Net deferred loan origination costs and unamortized premiums | 1,318 | 1,288 | |||||||||||||||||||||||||||
Less allowance for loan losses | (4,062 | ) | (6,575 | ) | |||||||||||||||||||||||||
Total loans receivable | $ | 603,656 | $ | 614,168 | |||||||||||||||||||||||||
Held for sale: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,319 | $ | 349 | |||||||||||||||||||||||||
The following table presents the composition of the commercial loan portfolio by credit quality indicators: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
Pass | mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate-commercial | $ | 110,425 | $ | 2,955 | $ | 8,914 | $ | — | $ | 122,294 | |||||||||||||||||||
Real estate-residential | 22,033 | 483 | 1,607 | — | 24,123 | ||||||||||||||||||||||||
Real estate-multi-family | 14,702 | — | 3,495 | — | 18,197 | ||||||||||||||||||||||||
Construction loans | 6,682 | — | 233 | — | 6,915 | ||||||||||||||||||||||||
Commercial and industrial loans | 7,600 | 30 | — | — | 7,630 | ||||||||||||||||||||||||
Total | $ | 161,442 | $ | 3,468 | $ | 14,249 | $ | — | $ | 179,159 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
Pass | mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate-commercial | $ | 113,260 | $ | 7,142 | $ | 8,943 | $ | — | $ | 129,345 | |||||||||||||||||||
Real estate-residential | 17,182 | 487 | 2,336 | — | 20,005 | ||||||||||||||||||||||||
Real estate-multi-family | 13,114 | — | 3,509 | — | 16,623 | ||||||||||||||||||||||||
Construction loans | 5,596 | — | 3,177 | — | 8,773 | ||||||||||||||||||||||||
Commercial and industrial loans | 6,817 | 32 | — | — | 6,849 | ||||||||||||||||||||||||
Total | $ | 155,969 | $ | 7,661 | $ | 17,965 | $ | — | $ | 181,595 | |||||||||||||||||||
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 that is 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 monitored individually on a monthly basis. Loans which require impairment evaluation are placed on nonaccrual status and are classified as substandard or doubtful. | |||||||||||||||||||||||||||||
The following table presents the composition of the residential mortgage and consumer loan portfolios by credit quality indicators: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential mortgages | $ | 359,977 | $ | 1,015 | $ | 360,992 | |||||||||||||||||||||||
Home equity and second mortgage | 64,455 | 199 | 64,654 | ||||||||||||||||||||||||||
Other consumer | 1,595 | — | 1,595 | ||||||||||||||||||||||||||
Total | $ | 426,027 | $ | 1,214 | $ | 427,241 | |||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential mortgages | $ | 368,967 | $ | 2,994 | $ | 371,961 | |||||||||||||||||||||||
Home equity and second mortgage | 63,902 | 300 | 64,202 | ||||||||||||||||||||||||||
Other consumer | 1,697 | — | 1,697 | ||||||||||||||||||||||||||
Total | $ | 434,566 | $ | 3,294 | $ | 437,860 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,015 | $ | 2,994 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 897 | 774 | |||||||||||||||||||||||||||
Real estate-residential | 682 | 896 | |||||||||||||||||||||||||||
Real estate-multi-family | 191 | 191 | |||||||||||||||||||||||||||
Construction loans | 233 | 3,177 | |||||||||||||||||||||||||||
Commercial and industrial loans | — | — | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 199 | 300 | |||||||||||||||||||||||||||
Other consumer | — | — | |||||||||||||||||||||||||||
Total nonperforming loans | $ | 3,217 | $ | 8,332 | |||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,127 | $ | 1,127 | $ | 127 | $ | 1,131 | $ | — | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-residential | 498 | 498 | 46 | 791 | — | ||||||||||||||||||||||||
Construction loans | 233 | 233 | 21 | 1,705 | — | ||||||||||||||||||||||||
1,858 | 1,858 | 194 | 3,627 | — | |||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | 22 | 33 | — | 603 | — | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 897 | 897 | — | 835 | — | ||||||||||||||||||||||||
Real estate-residential | 184 | 322 | — | 184 | — | ||||||||||||||||||||||||
Real estate-multifamily | 191 | 372 | — | 191 | — | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 16 | 16 | — | 39 | — | ||||||||||||||||||||||||
1,310 | 1,640 | — | 1,852 | — | |||||||||||||||||||||||||
Total | $ | 3,168 | $ | 3,498 | $ | 194 | $ | 5,479 | $ | — | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,135 | $ | 1,135 | $ | 128 | $ | 1,620 | $ | — | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | — | 109 | — | ||||||||||||||||||||||||
Real estate-residential | 712 | 712 | 77 | 211 | — | ||||||||||||||||||||||||
Construction loans | 3,177 | 3,375 | 2,021 | 3,701 | — | ||||||||||||||||||||||||
5,024 | 5,222 | 2,226 | 5,641 | — | |||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | 1,184 | 1,184 | — | 241 | — | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 774 | 774 | — | 607 | — | ||||||||||||||||||||||||
Real estate-residential | 184 | 321 | — | 108 | — | ||||||||||||||||||||||||
Real estate-multi-family | 191 | 372 | — | 77 | — | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 47 | 81 | — | 7 | — | ||||||||||||||||||||||||
2,380 | 2,732 | — | 1,040 | — | |||||||||||||||||||||||||
Total | $ | 7,404 | $ | 7,954 | $ | 2,226 | $ | 6,681 | $ | — | |||||||||||||||||||
The following tables present the contractual aging of delinquent loans by class: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Loans | Total | Total | Recorded investment over 90 days and accruing | |||||||||||||||||||||||
Days | Days | past due | past | loans | interest | ||||||||||||||||||||||||
past due | past due | 90 days | due | ||||||||||||||||||||||||||
or more | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 359,724 | $ | 173 | $ | 80 | $ | 1,015 | $ | 1,268 | $ | 360,992 | $ | — | |||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 121,397 | — | 131 | 766 | 897 | 122,294 | — | ||||||||||||||||||||||
Real estate-residential | 23,441 | — | — | 682 | 682 | 24,123 | — | ||||||||||||||||||||||
Real estate-multi-family | 18,006 | — | — | 191 | 191 | 18,197 | — | ||||||||||||||||||||||
Construction loans | 6,682 | — | — | 233 | 233 | 6,915 | — | ||||||||||||||||||||||
Commercial and industrial | 7,630 | — | — | — | — | 7,630 | — | ||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second | 64,314 | 105 | 36 | 199 | 340 | 64,654 | — | ||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||
Other consumer | 1,595 | — | — | — | — | 1,595 | — | ||||||||||||||||||||||
Total | $ | 602,789 | $ | 278 | $ | 247 | $ | 3,086 | $ | 3,611 | $ | 606,400 | $ | — | |||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Loans | Total | Total | Recorded investment over 90 days and accruing | |||||||||||||||||||||||
Days | Days | past due | past | loans | interest | ||||||||||||||||||||||||
past due | past due | 90 days | due | ||||||||||||||||||||||||||
or more | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 369,271 | $ | 111 | $ | — | $ | 2,579 | $ | 2,690 | $ | 371,961 | $ | — | |||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 127,786 | 785 | — | 774 | 1,559 | 129,345 | — | ||||||||||||||||||||||
Real estate-residential | 18,589 | 180 | 340 | 896 | 1,416 | 20,005 | — | ||||||||||||||||||||||
Real estate-multi-family | 16,432 | — | — | 191 | 191 | 16,623 | — | ||||||||||||||||||||||
Construction loans | 5,596 | — | — | 3,177 | 3,177 | 8,773 | — | ||||||||||||||||||||||
Commercial and industrial | 6,849 | — | — | — | — | 6,849 | — | ||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second | 63,543 | 355 | 4 | 300 | 659 | 64,202 | — | ||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||
Other consumer | 1,686 | 7 | 4 | — | 11 | 1,697 | — | ||||||||||||||||||||||
Total | $ | 609,752 | $ | 1,438 | $ | 348 | $ | 7,917 | $ | 9,703 | $ | 619,455 | $ | — | |||||||||||||||
Activity in the allowance for loan losses for the three months ended March 31, 2014 and 2013 is summarized as follows: | |||||||||||||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
January 1, | March 31, | ||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,722 | $ | 60 | $ | (169 | ) | $ | 1 | $ | 1,614 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,220 | (270 | ) | — | — | 950 | |||||||||||||||||||||||
Real estate-residential | 437 | 82 | (107 | ) | — | 412 | |||||||||||||||||||||||
Real estate-multi-family | 136 | 1 | — | — | 137 | ||||||||||||||||||||||||
Construction loans | 2,208 | 326 | (2,179 | ) | — | 355 | |||||||||||||||||||||||
Commercial and industrial loans | 97 | 3 | — | 1 | 101 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 214 | 60 | (47 | ) | — | 227 | |||||||||||||||||||||||
Other consumer | 50 | (3 | ) | (14 | ) | 1 | 34 | ||||||||||||||||||||||
Unallocated | 491 | (259 | ) | — | — | 232 | |||||||||||||||||||||||
Total | $ | 6,575 | $ | — | $ | (2,516 | ) | $ | 3 | $ | 4,062 | ||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
January 1, | March 31, | ||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,849 | $ | 49 | $ | (98 | ) | $ | — | $ | 1,800 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,754 | (8 | ) | (435 | ) | — | 1,311 | ||||||||||||||||||||||
Real estate-residential | 608 | 52 | (59 | ) | — | 601 | |||||||||||||||||||||||
Real estate-multi-family | 245 | (8 | ) | — | — | 237 | |||||||||||||||||||||||
Construction loans | 1,697 | 297 | (111 | ) | 11 | 1,894 | |||||||||||||||||||||||
Commercial and industrial loans | 119 | 3 | — | 3 | 125 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 251 | (33 | ) | (15 | ) | 8 | 211 | ||||||||||||||||||||||
Other consumer | 11 | 3 | (3 | ) | — | 11 | |||||||||||||||||||||||
Unallocated | 388 | 84 | — | — | 472 | ||||||||||||||||||||||||
Total | $ | 6,922 | $ | 439 | $ | (721 | ) | $ | 22 | $ | 6,662 | ||||||||||||||||||
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, usually 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 new loan modifications deemed TDRs during the three months ended March 31, 2014 and 2013. Additionally, there were no loans previously identified as TDRs which defaulted on the modified terms during the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||||||
In 2013, the Company acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable that all contractually required payments would not be collected. The following table presents information regarding the outstanding principal balance and related carrying amount: | |||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Outstanding principal balance | $ 743 | $ | 808 | ||||||||||||||||||||||||||
Carrying amount | 413 | 444 | |||||||||||||||||||||||||||
The table below presents changes in the amortizable yield for purchased credit-impaired loans as follows for the three months ended March 31, 2014: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 154 | |||||||||||||||||||||||||||
Acquisition of impaired loans | — | ||||||||||||||||||||||||||||
Accretion | (12 | ) | |||||||||||||||||||||||||||
Balance at end of period | $ | 142 | |||||||||||||||||||||||||||
There has been no allowance for loan losses recorded for acquired loans with or without specific evidence of deterioration in credit quality as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
The following tables present the ending balance of the allowance for loan losses and ending loan balance by portfolio and by class based on impairment method as of March 31, 2014. Acquired loans were recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Allowance for loan losses | Loans | Loans | Individually | Collectively | Total | ||||||||||||||||||||||||
acquired | acquired | ||||||||||||||||||||||||||||
without credit deterioration | with credit deterioration | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | — | $ | — | $ | 127 | $ | 1,487 | $ | 1,614 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | — | 950 | 950 | ||||||||||||||||||||||||
Real estate-residential | — | — | 46 | 366 | 412 | ||||||||||||||||||||||||
Real estate-multi-family | — | — | — | 137 | 137 | ||||||||||||||||||||||||
Construction loans | — | — | 21 | 334 | 355 | ||||||||||||||||||||||||
Commercial and industrial loans | — | — | — | 101 | 101 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | — | — | 227 | 227 | ||||||||||||||||||||||||
Other consumer | — | — | — | 34 | 34 | ||||||||||||||||||||||||
Unallocated | — | — | — | 232 | 232 | ||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 194 | $ | 3,868 | $ | 4,062 | |||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Loans receivable | Loans | Loans | Individually | Collectively | Total | ||||||||||||||||||||||||
acquired | acquired | ||||||||||||||||||||||||||||
without credit deterioration | with credit deterioration | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 49,198 | $ | 22 | $ | 1,127 | $ | 310,645 | $ | 360,992 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 12,229 | — | 897 | 109,168 | 122,294 | ||||||||||||||||||||||||
Real estate-residential | 4,913 | 184 | 498 | 18,528 | 24,123 | ||||||||||||||||||||||||
Real estate-multi-family | 1,092 | 191 | — | 16,914 | 18,197 | ||||||||||||||||||||||||
Construction loans | — | — | 233 | 6,682 | 6,915 | ||||||||||||||||||||||||
Commercial and industrial loans | 258 | — | — | 7,372 | 7,630 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 23,706 | 16 | — | 40,932 | 64,654 | ||||||||||||||||||||||||
Other consumer | 114 | — | — | 1,481 | 1,595 | ||||||||||||||||||||||||
Total | $ | 91,510 | $ | 413 | $ | 2,755 | $ | 511,722 | $ | 606,400 | |||||||||||||||||||
The following tables present the ending balance of the allowance for loan losses and ending loan balance by portfolio and by class based on impairment method as of December 31, 2013. Acquired loans were recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Allowance for loan losses | Loans | Loans | Individually | Collectively | Total | ||||||||||||||||||||||||
acquired | acquired | ||||||||||||||||||||||||||||
without credit deterioration | with credit deterioration | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | — | $ | — | $ | 128 | $ | 1,594 | $ | 1,722 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | — | 1,220 | 1,220 | ||||||||||||||||||||||||
Real estate-residential | — | — | 77 | 360 | 437 | ||||||||||||||||||||||||
Real estate-multi-family | — | — | — | 136 | 136 | ||||||||||||||||||||||||
Construction loans | — | — | 2,021 | 187 | 2,208 | ||||||||||||||||||||||||
Commercial and industrial loans | — | — | — | 97 | 97 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | — | — | 214 | 214 | ||||||||||||||||||||||||
Other consumer | — | — | — | 50 | 50 | ||||||||||||||||||||||||
Unallocated | — | — | — | 491 | 491 | ||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 2,226 | $ | 4,349 | $ | 6,575 | |||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Loans receivable | Loans | Loans | Individually | Collectively | Total | ||||||||||||||||||||||||
acquired | acquired | ||||||||||||||||||||||||||||
without credit deterioration | with credit deterioration | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 50,985 | $ | 22 | $ | 2,297 | $ | 318,657 | $ | 371,961 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 12,787 | — | 774 | 115,784 | 129,345 | ||||||||||||||||||||||||
Real estate-residential | 4,913 | 184 | 712 | 14,196 | 20,005 | ||||||||||||||||||||||||
Real estate-multi-family | 1,116 | 191 | — | 15,316 | 16,623 | ||||||||||||||||||||||||
Construction loans | — | — | 3,177 | 5,596 | 8,773 | ||||||||||||||||||||||||
Commercial and industrial loans | 279 | — | — | 6,570 | 6,849 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 24,806 | 47 | — | 39,349 | 64,202 | ||||||||||||||||||||||||
Other consumer | 126 | — | — | 1,571 | 1,697 | ||||||||||||||||||||||||
Total | $ | 95,012 | $ | 444 | $ | 6,960 | $ | 517,039 | $ | 619,455 |
FAIR_VALUE_MEASUREMENTS_AND_FA
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 March 31, 2014 and December 31, 2013. 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 | March 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2014 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
U.S. Government and federal agencies | $ | — | $ | 16,387 | $ | — | $ | 16,387 | |||||||||||||
State and political subdivisions | — | 60,411 | — | 60,411 | |||||||||||||||||
Residential mortgage-backed securities issued by quasi- | — | 52,093 | — | 52,093 | |||||||||||||||||
governmental agencies | |||||||||||||||||||||
Total investment securities available for sale | $ | — | $ | 128,891 | $ | — | $ | 128,891 | |||||||||||||
Loans receivable, held for sale | $ | — | $ | 1,319 | $ | — | $ | 1,319 | |||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | December 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
U.S. Government and federal agencies | $ | — | $ | 18,063 | $ | — | $ | 18,063 | |||||||||||||
State and political subdivisions | — | 60,669 | — | 60,669 | |||||||||||||||||
Residential mortgage-backed securities issued by quasi- | — | 45,280 | — | 45,280 | |||||||||||||||||
governmental agencies | |||||||||||||||||||||
Total investment securities available for sale | $ | — | $ | 124,012 | $ | — | $ | 124,012 | |||||||||||||
Loans receivable, held for sale | $ | — | $ | 349 | $ | — | $ | 349 | |||||||||||||
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 multidimensional 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 March 31, 2014 are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | March 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2014 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,974 | $ | 2,974 | |||||||||||||
Real estate acquired through foreclosure | — | — | 6,108 | 6,108 | |||||||||||||||||
Mortgage servicing rights | — | 1,452 | — | 1,452 | |||||||||||||||||
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 March 31, 2014: | |||||||||||||||||||||
Range of | |||||||||||||||||||||
Fair value | Valuation | Unobservable | inputs | ||||||||||||||||||
Description | estimate | technique | Input | (weighted average) | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | 2,974 | Appraisal of collateral (1) | Discount rate to reflect current market | 5%-15% | ||||||||||||||||
conditions and ultimate recoverability | (7.39%) | ||||||||||||||||||||
Real estate acquired through foreclosure | 6,108 | Appraisal of collateral (1) | Discount rate to reflect current market | 5%-20% | |||||||||||||||||
conditions and liquidation expenses | (16.67%) | ||||||||||||||||||||
(1 | ) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
Assets measured at fair value on a nonrecurring basis segregated by fair value hierarchy level at December 31, 2013 are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | December 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 5,178 | $ | 5,178 | |||||||||||||
Real estate acquired through foreclosure | — | — | 5,601 | 5,601 | |||||||||||||||||
Mortgage servicing rights | — | 1,472 | — | 1,472 | |||||||||||||||||
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, 2013: | |||||||||||||||||||||
Range of | |||||||||||||||||||||
Fair value | Valuation | Unobservable | inputs | ||||||||||||||||||
Description | estimate | technique | Input | (weighted average) | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | 5,178 | Appraisal of collateral (1) | Discount rate to reflect current market | 5%-15% | ||||||||||||||||
conditions and ultimate recoverability | (6.59%) | ||||||||||||||||||||
Real estate acquired through foreclosure | 5,601 | Appraisal of collateral (1) | Discount rate to reflect current market | 5%-20% | |||||||||||||||||
conditions and liquidation expenses | (17.47%) | ||||||||||||||||||||
(1 | ) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
The fair value of impaired loans is generally determined through independent appraisals of the underlying collateral, which generally include Level 3 inputs that are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. Impaired loans are evaluated and valued while the loan is identified as impaired, at the lower of the recorded investment in the loan or fair value. The range and weighted average of liquidation expenses are presented as a percent of the appraised value. | |||||||||||||||||||||
Real estate acquired through foreclosure is initially valued at the lower of the recorded investment in the loan or fair value at foreclosure and subsequently adjusted for further decreases in market value, less costs to sell, if necessary. Fair value is determined by using the value of the real estate acquired through foreclosure based on appraisals prepared by qualified independent licensed appraisers contracted by the Company to perform the assessment and is therefore classified as a Level 3 hierarchy. | |||||||||||||||||||||
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 $1.5 million at March 31, 2014 and December 31, 2013, respectively. The fair value of the mortgage servicing rights was $1.5 million at March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013 are summarized below: | |||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
Carrying | Fair | Fair value hierarchy levels | |||||||||||||||||||
value | value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | (in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 60,175 | $ | 60,175 | $ | 60,175 | $ | — | $ | — | |||||||||||
Investment securities | 76,798 | 76,798 | — | 76,798 | — | ||||||||||||||||
Mortgage-backed securities | 53,494 | 53,670 | — | 53,670 | — | ||||||||||||||||
Loans receivable, net | 604,975 | 613,668 | — | 1,319 | 612,349 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with stated maturities | $ | 187,143 | $ | 188,734 | $ | — | $ | — | $ | 188,734 | |||||||||||
Deposits with no stated maturities | 505,067 | 505,067 | 505,067 | — | — | ||||||||||||||||
Borrowings with stated maturities | 48,311 | 47,450 | — | — | 47,450 | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Carrying | Fair | Fair value hierarchy levels | |||||||||||||||||||
value | value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | (in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 45,310 | $ | 45,310 | $ | 45,310 | $ | — | $ | — | |||||||||||
Investment securities | 78,732 | 78,732 | — | 78,732 | — | ||||||||||||||||
Mortgage-backed securities | 46,770 | 46,960 | — | 46,960 | — | ||||||||||||||||
Loans receivable, net | 614,517 | 614,246 | — | 349 | 613,897 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with stated maturities | $ | 190,492 | $ | 193,258 | $ | — | $ | — | $ | 193,258 | |||||||||||
Deposits with no stated maturities | 493,410 | 493,410 | 493,410 | — | — | ||||||||||||||||
Borrowings with stated maturities | 49,605 | 48,426 | — | — | 48,426 | ||||||||||||||||
The fair value of cash and cash equivalents equals the historical book value. 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 | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 seven 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 three months ended March 31, 2014 and 2013 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
For the three months ended | |||||||||||||||||
March 31, | |||||||||||||||||
Weighted average assumptions | 2014 | 2013 | |||||||||||||||
Dividend yield | 1.61 | % | 0.83 | % | |||||||||||||
Expected volatility | 15.85 | % | 17.24 | % | |||||||||||||
Risk-free interest rate | 0.56 | % | 0.67 | % | |||||||||||||
Fair value of options granted during the period | $ | 3.9 | $ | 3.13 | |||||||||||||
Expected lives in years | 5 | 5 | |||||||||||||||
At March 31, 2014, there was $541,000 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 20 months. Option activity under the Company’s stock option plan for the quarter ended March 31, 2014 was as follows: | |||||||||||||||||
At March 31, 2014 | |||||||||||||||||
Number of shares | Weighted average exercise price per share | Weighted average remaining contractual term (in years) | Aggregate intrinsic value ($000) | ||||||||||||||
Outstanding at January 1, 2014 | 254,144 | $ | 23.71 | 2.81 | $ | 1,132 | |||||||||||
Options granted | 71,500 | 30.03 | 5 | — | |||||||||||||
Options exercised | — | — | — | — | |||||||||||||
Options forfeited | — | — | — | — | |||||||||||||
Options expired | — | — | — | — | |||||||||||||
Outstanding At March 31, 2014 | 325,644 | $ | 25.1 | 3.06 | 1,562 | ||||||||||||
Options exercisable At March 31, 2014 | 149,894 | $ | 23.26 | 2.37 | 988 | ||||||||||||
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 first quarter and the exercise price, multiplied by the number of in-the-money options). | |||||||||||||||||
There were no exercises of stock options for the three months ended March 31, 2014 or 2013. | |||||||||||||||||
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 March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Director fees | $ | 28 | $ | 34 | |||||||||||||
Stock option expense | 89 | 59 | |||||||||||||||
Employee Stock Ownership Plan ("ESOP") expense | 81 | 73 | |||||||||||||||
Total stock-based compensation expense | $ | 198 | $ | 166 | |||||||||||||
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 $17,000 and $8,000 for the three months ended March 31, 2014 and 2013, respectively. Stock-based compensation expense related to stock options resulted in a tax benefit of $24,000 and $18,000 for the three months ended March 31, 2014 and 2013, respectively. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $ | 205 | $ | 206 | |||||
Interest cost | 128 | 89 | |||||||
Expected return on plan assets | (209 | ) | (182 | ) | |||||
Recognized net actuarial loss | 62 | 66 | |||||||
Net periodic benefit cost | $ | 186 | $ | 179 | |||||
There were no employer contributions for the three months ended March 31, 2014 and 2013. |
ACQUISITION_OF_ROEBLING_FINANC1
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. [Abstract] | ' | ||||||||
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 receivable | 102,026 | ||||||||
Premises and equipment | 2,154 | ||||||||
Core deposit intangible | 553 | ||||||||
Other assets | 2,531 | ||||||||
Time deposits | (49,061 | ) | |||||||
Deposits other than time deposits | (78,689 | ) | |||||||
Other liabilities | (4,888 | ) | |||||||
16,046 | |||||||||
Purchase gain on acquisition | $ | 1,120 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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 March 31, 2014 | |||||||||||||
Weighted | |||||||||||||
average | |||||||||||||
Income | shares | Per share | |||||||||||
(numerator) | (denominator) | Amount | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 1,381 | 3,061,790 | $ | 0.45 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 18,869 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of | $ | 1,381 | 3,080,659 | $ | 0.45 | ||||||||
dilutive securities | |||||||||||||
There were 71,500 options to purchase shares of common stock with an exercise price of $30.03 per share which were outstanding during the three months ended March 31, 2014 that were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares. | |||||||||||||
For the three months ended March 31, 2013 | |||||||||||||
Weighted | |||||||||||||
average | |||||||||||||
Income | shares | Per share | |||||||||||
(numerator) | (denominator) | Amount | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 1,223 | 2,738,375 | $ | 0.45 | ||||||||
Effect of dilutive securities | |||||||||||||
Stock options and grants | — | 3,514 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus effect of | $ | 1,223 | 2,741,889 | $ | 0.45 | ||||||||
dilutive securities | |||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME [Abstract] | ' | ||||||||||||
Activity in accumulated other comprehensive income | ' | ||||||||||||
The activity in accumulated other comprehensive (loss) income for the three months ended March 31, 2014 and 2013 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, 2013 | $ | 176 | $ | (1,354 | ) | $ | (1,178 | ) | |||||
Other comprehensive income before | 812 | — | 812 | ||||||||||
reclassifications | |||||||||||||
Amounts reclassified from accumulated other | (1 | ) | 42 | 41 | |||||||||
comprehensive income | |||||||||||||
Period change | 811 | 42 | 853 | ||||||||||
Balance at March 31, 2014 | $ | 987 | $ | (1,312 | ) | $ | (325 | ) | |||||
Balance at December 31, 2012 | $ | 3,805 | $ | (2,835 | ) | $ | 970 | ||||||
Other comprehensive loss before | (840 | ) | — | (840 | ) | ||||||||
reclassifications | |||||||||||||
Amounts reclassified from accumulated other | — | 43 | 43 | ||||||||||
comprehensive income | |||||||||||||
Period change | (840 | ) | 43 | (797 | ) | ||||||||
Balance at March 31, 2013 | $ | 2,965 | $ | (2,792 | ) | $ | 173 | ||||||
(1 | ) | All amounts are net of tax. Related income tax expense or benefit is calculated using a Federal income tax rate approximating 34%. | |||||||||||
(2 | ) | Amounts in parenthesis indicate debits. | |||||||||||
Reclassification out of accumulated other comprehensive income | ' | ||||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the consolidated statements of net income | ||||||||||||
For the three months ended March 31, (1) | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Investment securities available for sale | |||||||||||||
Net securities gains reclassified into earnings | $ | (1 | ) | $ | — | Gain on sale of investment securities | |||||||
Related income tax expense | — | — | Income tax expense | ||||||||||
Net effect on accumulated other income (loss) for the period | (1 | ) | — | Net of tax | |||||||||
Defined benefit pension plan (2) | |||||||||||||
Amortization of net actuarial loss and prior service cost | 62 | 66 | Compensation and benefits | ||||||||||
Related income tax expense | (20 | ) | (23 | ) | Income tax expense | ||||||||
Net effect on accumulated other comprehensive income (loss) for | 42 | 43 | |||||||||||
the period | |||||||||||||
Total reclassification for the period | $ | 41 | $ | 43 | Net income | ||||||||
(1 | ) | Amounts in parenthesis indicate debits. | |||||||||||
(2 | ) | Included in the computation of net periodic pension cost. See Note 11 – Employee Benefit Plans for additional detail. |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
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 March 31, 2014 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||||||||||||||||
cost | gains | losses | value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 16,666 | $ | 15 | $ | (294 | ) | $ | 16,387 | ||||||||||||||||||||
State and political subdivisions | 59,093 | 1,840 | (522 | ) | 60,411 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 51,636 | 614 | (157 | ) | 52,093 | ||||||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total investment securities available for sale | 127,395 | 2,469 | (973 | ) | 128,891 | ||||||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 1,401 | 176 | — | 1,577 | |||||||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total investment securities | $ | 128,796 | $ | 2,645 | $ | (973 | ) | $ | 130,468 | ||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||||||||||||||||
cost | gains | losses | value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
U.S. Government and federal agencies | $ | 18,572 | $ | 4 | $ | (513 | ) | $ | 18,063 | ||||||||||||||||||||
State and political subdivisions | 60,159 | 1,526 | (1,016 | ) | 60,669 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 45,015 | 540 | (275 | ) | 45,280 | ||||||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total investment securities available for sale | 123,746 | 2,070 | (1,804 | ) | 124,012 | ||||||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 1,490 | 191 | (1 | ) | 1,680 | ||||||||||||||||||||||||
issued by quasi-governmental agencies | |||||||||||||||||||||||||||||
Total investment securities | $ | 125,236 | $ | 2,261 | $ | (1,805 | ) | $ | 125,692 | ||||||||||||||||||||
Investment Securities Maturities | ' | ||||||||||||||||||||||||||||
The amortized cost and fair value of investment and mortgage-backed securities, by contractual maturity, are shown below. | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Available for sale | Held to maturity | ||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||
cost | value | cost | value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Due in one year or less | $ | 2,042 | $ | 2,051 | $ | — | $ | — | |||||||||||||||||||||
Due after one year through five years | 16,235 | 16,528 | — | — | |||||||||||||||||||||||||
Due after five years through ten years | 37,674 | 37,784 | — | — | |||||||||||||||||||||||||
Due after ten years | 19,808 | 20,435 | — | — | |||||||||||||||||||||||||
75,759 | 76,798 | — | — | ||||||||||||||||||||||||||
Mortgage-backed securities | 51,636 | 52,093 | 1,401 | 1,577 | |||||||||||||||||||||||||
Total investment and mortgage-backed securities | $ | 127,395 | $ | 128,891 | $ | 1,401 | $ | 1,577 | |||||||||||||||||||||
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 March 31, 2014: | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
U.S. Government and federal | 8 | $ | 12,445 | $ | (294 | ) | $ | — | $ | — | $ | 12,445 | $ | (294 | ) | ||||||||||||||
agencies | |||||||||||||||||||||||||||||
State and political | 9 | 6,970 | (241 | ) | 4,325 | (281 | ) | 11,295 | (522 | ) | |||||||||||||||||||
subdivisions | |||||||||||||||||||||||||||||
Residential mortgage-backed | 53 | 25,759 | (157 | ) | — | — | 25,759 | (157 | ) | ||||||||||||||||||||
securities issued by | |||||||||||||||||||||||||||||
quasi-governmental | |||||||||||||||||||||||||||||
agencies | |||||||||||||||||||||||||||||
Total temporarily impaired | 70 | $ | 45,174 | $ | (692 | ) | $ | 4,325 | $ | (281 | ) | $ | 49,499 | $ | (973 | ) | |||||||||||||
securities | |||||||||||||||||||||||||||||
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at December 31, 2013: | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
U.S. Government and federal | 13 | $ | 17,028 | $ | (513 | ) | $ | — | $ | — | $ | 17,028 | $ | (513 | ) | ||||||||||||||
agencies | |||||||||||||||||||||||||||||
State and political | 24 | 19,646 | (1,016 | ) | — | — | 19,646 | (1,016 | ) | ||||||||||||||||||||
subdivisions | |||||||||||||||||||||||||||||
Residential mortgage-backed | 65 | 24,508 | (276 | ) | — | — | 24,508 | (276 | ) | ||||||||||||||||||||
securities issued by | |||||||||||||||||||||||||||||
quasi-governmental | |||||||||||||||||||||||||||||
agencies | |||||||||||||||||||||||||||||
Total temporarily impaired | 102 | $ | 61,182 | $ | (1,805 | ) | $ | — | $ | — | $ | 61,182 | $ | (1,805 | |||||||||||||||
securities | |||||||||||||||||||||||||||||
LOANS_RECEIVABLE_Tables
LOANS RECEIVABLE (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
LOANS RECEIVABLE [Abstract] | ' | ||||||||||||||||||||||||||||
Loans Receivable | ' | ||||||||||||||||||||||||||||
Loans receivable are summarized as follows: | |||||||||||||||||||||||||||||
At | |||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Held for investment: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 360,992 | $ | 371,961 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 122,294 | 129,345 | |||||||||||||||||||||||||||
Real estate-residential | 24,123 | 20,005 | |||||||||||||||||||||||||||
Real estate-multi-family | 18,197 | 16,623 | |||||||||||||||||||||||||||
Construction loans | 6,915 | 8,773 | |||||||||||||||||||||||||||
Commercial and industrial loans | 7,630 | 6,849 | |||||||||||||||||||||||||||
Total commercial loans | 179,159 | 181,595 | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 64,654 | 64,202 | |||||||||||||||||||||||||||
Other consumer | 1,595 | 1,697 | |||||||||||||||||||||||||||
Total consumer loans | 66,249 | 65,899 | |||||||||||||||||||||||||||
Total loans | 606,400 | 619,455 | |||||||||||||||||||||||||||
Net deferred loan origination costs and unamortized premiums | 1,318 | 1,288 | |||||||||||||||||||||||||||
Less allowance for loan losses | (4,062 | ) | (6,575 | ) | |||||||||||||||||||||||||
Total loans receivable | $ | 603,656 | $ | 614,168 | |||||||||||||||||||||||||
Held for sale: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,319 | $ | 349 | |||||||||||||||||||||||||
Loans Receivable Credit Quality Indicators | ' | ||||||||||||||||||||||||||||
The following table presents the composition of the commercial loan portfolio by credit quality indicators: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
Pass | mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate-commercial | $ | 110,425 | $ | 2,955 | $ | 8,914 | $ | — | $ | 122,294 | |||||||||||||||||||
Real estate-residential | 22,033 | 483 | 1,607 | — | 24,123 | ||||||||||||||||||||||||
Real estate-multi-family | 14,702 | — | 3,495 | — | 18,197 | ||||||||||||||||||||||||
Construction loans | 6,682 | — | 233 | — | 6,915 | ||||||||||||||||||||||||
Commercial and industrial loans | 7,600 | 30 | — | — | 7,630 | ||||||||||||||||||||||||
Total | $ | 161,442 | $ | 3,468 | $ | 14,249 | $ | — | $ | 179,159 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
Pass | mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate-commercial | $ | 113,260 | $ | 7,142 | $ | 8,943 | $ | — | $ | 129,345 | |||||||||||||||||||
Real estate-residential | 17,182 | 487 | 2,336 | — | 20,005 | ||||||||||||||||||||||||
Real estate-multi-family | 13,114 | — | 3,509 | — | 16,623 | ||||||||||||||||||||||||
Construction loans | 5,596 | — | 3,177 | — | 8,773 | ||||||||||||||||||||||||
Commercial and industrial loans | 6,817 | 32 | — | — | 6,849 | ||||||||||||||||||||||||
Total | $ | 155,969 | $ | 7,661 | $ | 17,965 | $ | — | $ | 181,595 | |||||||||||||||||||
Mortgage and Consumer Credit Exposure | ' | ||||||||||||||||||||||||||||
The following table presents the composition of the residential mortgage and consumer loan portfolios by credit quality indicators: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential mortgages | $ | 359,977 | $ | 1,015 | $ | 360,992 | |||||||||||||||||||||||
Home equity and second mortgage | 64,455 | 199 | 64,654 | ||||||||||||||||||||||||||
Other consumer | 1,595 | — | 1,595 | ||||||||||||||||||||||||||
Total | $ | 426,027 | $ | 1,214 | $ | 427,241 | |||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential mortgages | $ | 368,967 | $ | 2,994 | $ | 371,961 | |||||||||||||||||||||||
Home equity and second mortgage | 63,902 | 300 | 64,202 | ||||||||||||||||||||||||||
Other consumer | 1,697 | — | 1,697 | ||||||||||||||||||||||||||
Total | $ | 434,566 | $ | 3,294 | $ | 437,860 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,015 | $ | 2,994 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 897 | 774 | |||||||||||||||||||||||||||
Real estate-residential | 682 | 896 | |||||||||||||||||||||||||||
Real estate-multi-family | 191 | 191 | |||||||||||||||||||||||||||
Construction loans | 233 | 3,177 | |||||||||||||||||||||||||||
Commercial and industrial loans | — | — | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 199 | 300 | |||||||||||||||||||||||||||
Other consumer | — | — | |||||||||||||||||||||||||||
Total nonperforming loans | $ | 3,217 | $ | 8,332 | |||||||||||||||||||||||||
Loans Individually Evaluated for Impairment by Class | ' | ||||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,127 | $ | 1,127 | $ | 127 | $ | 1,131 | $ | — | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-residential | 498 | 498 | 46 | 791 | — | ||||||||||||||||||||||||
Construction loans | 233 | 233 | 21 | 1,705 | — | ||||||||||||||||||||||||
1,858 | 1,858 | 194 | 3,627 | — | |||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | 22 | 33 | — | 603 | — | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 897 | 897 | — | 835 | — | ||||||||||||||||||||||||
Real estate-residential | 184 | 322 | — | 184 | — | ||||||||||||||||||||||||
Real estate-multifamily | 191 | 372 | — | 191 | — | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 16 | 16 | — | 39 | — | ||||||||||||||||||||||||
1,310 | 1,640 | — | 1,852 | — | |||||||||||||||||||||||||
Total | $ | 3,168 | $ | 3,498 | $ | 194 | $ | 5,479 | $ | — | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,135 | $ | 1,135 | $ | 128 | $ | 1,620 | $ | — | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | — | 109 | — | ||||||||||||||||||||||||
Real estate-residential | 712 | 712 | 77 | 211 | — | ||||||||||||||||||||||||
Construction loans | 3,177 | 3,375 | 2,021 | 3,701 | — | ||||||||||||||||||||||||
5,024 | 5,222 | 2,226 | 5,641 | — | |||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | 1,184 | 1,184 | — | 241 | — | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 774 | 774 | — | 607 | — | ||||||||||||||||||||||||
Real estate-residential | 184 | 321 | — | 108 | — | ||||||||||||||||||||||||
Real estate-multi-family | 191 | 372 | — | 77 | — | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 47 | 81 | — | 7 | — | ||||||||||||||||||||||||
2,380 | 2,732 | — | 1,040 | — | |||||||||||||||||||||||||
Total | $ | 7,404 | $ | 7,954 | $ | 2,226 | $ | 6,681 | $ | — | |||||||||||||||||||
Loans Receivable Aging | ' | ||||||||||||||||||||||||||||
The following tables present the contractual aging of delinquent loans by class: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Loans | Total | Total | Recorded investment over 90 days and accruing | |||||||||||||||||||||||
Days | Days | past due | past | loans | interest | ||||||||||||||||||||||||
past due | past due | 90 days | due | ||||||||||||||||||||||||||
or more | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 359,724 | $ | 173 | $ | 80 | $ | 1,015 | $ | 1,268 | $ | 360,992 | $ | — | |||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 121,397 | — | 131 | 766 | 897 | 122,294 | — | ||||||||||||||||||||||
Real estate-residential | 23,441 | — | — | 682 | 682 | 24,123 | — | ||||||||||||||||||||||
Real estate-multi-family | 18,006 | — | — | 191 | 191 | 18,197 | — | ||||||||||||||||||||||
Construction loans | 6,682 | — | — | 233 | 233 | 6,915 | — | ||||||||||||||||||||||
Commercial and industrial | 7,630 | — | — | — | — | 7,630 | — | ||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second | 64,314 | 105 | 36 | 199 | 340 | 64,654 | — | ||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||
Other consumer | 1,595 | — | — | — | — | 1,595 | — | ||||||||||||||||||||||
Total | $ | 602,789 | $ | 278 | $ | 247 | $ | 3,086 | $ | 3,611 | $ | 606,400 | $ | — | |||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Loans | Total | Total | Recorded investment over 90 days and accruing | |||||||||||||||||||||||
Days | Days | past due | past | loans | interest | ||||||||||||||||||||||||
past due | past due | 90 days | due | ||||||||||||||||||||||||||
or more | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 369,271 | $ | 111 | $ | — | $ | 2,579 | $ | 2,690 | $ | 371,961 | $ | — | |||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 127,786 | 785 | — | 774 | 1,559 | 129,345 | — | ||||||||||||||||||||||
Real estate-residential | 18,589 | 180 | 340 | 896 | 1,416 | 20,005 | — | ||||||||||||||||||||||
Real estate-multi-family | 16,432 | — | — | 191 | 191 | 16,623 | — | ||||||||||||||||||||||
Construction loans | 5,596 | — | — | 3,177 | 3,177 | 8,773 | — | ||||||||||||||||||||||
Commercial and industrial | 6,849 | — | — | — | — | 6,849 | — | ||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second | 63,543 | 355 | 4 | 300 | 659 | 64,202 | — | ||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||
Other consumer | 1,686 | 7 | 4 | — | 11 | 1,697 | — | ||||||||||||||||||||||
Total | $ | 609,752 | $ | 1,438 | $ | 348 | $ | 7,917 | $ | 9,703 | $ | 619,455 | $ | — | |||||||||||||||
Allowance for Credit Losses on Loans Receivable | ' | ||||||||||||||||||||||||||||
Activity in the allowance for loan losses for the three months ended March 31, 2014 and 2013 is summarized as follows: | |||||||||||||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
January 1, | March 31, | ||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,722 | $ | 60 | $ | (169 | ) | $ | 1 | $ | 1,614 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,220 | (270 | ) | — | — | 950 | |||||||||||||||||||||||
Real estate-residential | 437 | 82 | (107 | ) | — | 412 | |||||||||||||||||||||||
Real estate-multi-family | 136 | 1 | — | — | 137 | ||||||||||||||||||||||||
Construction loans | 2,208 | 326 | (2,179 | ) | — | 355 | |||||||||||||||||||||||
Commercial and industrial loans | 97 | 3 | — | 1 | 101 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 214 | 60 | (47 | ) | — | 227 | |||||||||||||||||||||||
Other consumer | 50 | (3 | ) | (14 | ) | 1 | 34 | ||||||||||||||||||||||
Unallocated | 491 | (259 | ) | — | — | 232 | |||||||||||||||||||||||
Total | $ | 6,575 | $ | — | $ | (2,516 | ) | $ | 3 | $ | 4,062 | ||||||||||||||||||
Balance | Provision | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
January 1, | March 31, | ||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 1,849 | $ | 49 | $ | (98 | ) | $ | — | $ | 1,800 | ||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 1,754 | (8 | ) | (435 | ) | — | 1,311 | ||||||||||||||||||||||
Real estate-residential | 608 | 52 | (59 | ) | — | 601 | |||||||||||||||||||||||
Real estate-multi-family | 245 | (8 | ) | — | — | 237 | |||||||||||||||||||||||
Construction loans | 1,697 | 297 | (111 | ) | 11 | 1,894 | |||||||||||||||||||||||
Commercial and industrial loans | 119 | 3 | — | 3 | 125 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 251 | (33 | ) | (15 | ) | 8 | 211 | ||||||||||||||||||||||
Other consumer | 11 | 3 | (3 | ) | — | 11 | |||||||||||||||||||||||
Unallocated | 388 | 84 | — | — | 472 | ||||||||||||||||||||||||
Total | $ | 6,922 | $ | 439 | $ | (721 | ) | $ | 22 | $ | 6,662 | ||||||||||||||||||
Information regarding loans acquired and accounted for in accordance with ASC 310-30 | ' | ||||||||||||||||||||||||||||
The following table presents information regarding the outstanding principal balance and related carrying amount: | |||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Outstanding principal balance | $ 743 | $ | 808 | ||||||||||||||||||||||||||
Carrying amount | 413 | 444 | |||||||||||||||||||||||||||
Changes in the amortizable yield for purchased credit-impaired loans | ' | ||||||||||||||||||||||||||||
The table below presents changes in the amortizable yield for purchased credit-impaired loans as follows for the three months ended March 31, 2014: | |||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 154 | |||||||||||||||||||||||||||
Acquisition of impaired loans | — | ||||||||||||||||||||||||||||
Accretion | (12 | ) | |||||||||||||||||||||||||||
Balance at end of period | $ | 142 | |||||||||||||||||||||||||||
Impairment Method for Allowance for Loan Losses and Loan Balance | ' | ||||||||||||||||||||||||||||
The following tables present the ending balance of the allowance for loan losses and ending loan balance by portfolio and by class based on impairment method as of March 31, 2014. Acquired loans were recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Allowance for loan losses | Loans | Loans | Individually | Collectively | Total | ||||||||||||||||||||||||
acquired | acquired | ||||||||||||||||||||||||||||
without credit deterioration | with credit deterioration | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | — | $ | — | $ | 127 | $ | 1,487 | $ | 1,614 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | — | 950 | 950 | ||||||||||||||||||||||||
Real estate-residential | — | — | 46 | 366 | 412 | ||||||||||||||||||||||||
Real estate-multi-family | — | — | — | 137 | 137 | ||||||||||||||||||||||||
Construction loans | — | — | 21 | 334 | 355 | ||||||||||||||||||||||||
Commercial and industrial loans | — | — | — | 101 | 101 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | — | — | 227 | 227 | ||||||||||||||||||||||||
Other consumer | — | — | — | 34 | 34 | ||||||||||||||||||||||||
Unallocated | — | — | — | 232 | 232 | ||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 194 | $ | 3,868 | $ | 4,062 | |||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Loans receivable | Loans | Loans | Individually | Collectively | Total | ||||||||||||||||||||||||
acquired | acquired | ||||||||||||||||||||||||||||
without credit deterioration | with credit deterioration | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 49,198 | $ | 22 | $ | 1,127 | $ | 310,645 | $ | 360,992 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 12,229 | — | 897 | 109,168 | 122,294 | ||||||||||||||||||||||||
Real estate-residential | 4,913 | 184 | 498 | 18,528 | 24,123 | ||||||||||||||||||||||||
Real estate-multi-family | 1,092 | 191 | — | 16,914 | 18,197 | ||||||||||||||||||||||||
Construction loans | — | — | 233 | 6,682 | 6,915 | ||||||||||||||||||||||||
Commercial and industrial loans | 258 | — | — | 7,372 | 7,630 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 23,706 | 16 | — | 40,932 | 64,654 | ||||||||||||||||||||||||
Other consumer | 114 | — | — | 1,481 | 1,595 | ||||||||||||||||||||||||
Total | $ | 91,510 | $ | 413 | $ | 2,755 | $ | 511,722 | $ | 606,400 | |||||||||||||||||||
The following tables present the ending balance of the allowance for loan losses and ending loan balance by portfolio and by class based on impairment method as of December 31, 2013. Acquired loans were recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Allowance for loan losses | Loans | Loans | Individually | Collectively | Total | ||||||||||||||||||||||||
acquired | acquired | ||||||||||||||||||||||||||||
without credit deterioration | with credit deterioration | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | — | $ | — | $ | 128 | $ | 1,594 | $ | 1,722 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | — | — | — | 1,220 | 1,220 | ||||||||||||||||||||||||
Real estate-residential | — | — | 77 | 360 | 437 | ||||||||||||||||||||||||
Real estate-multi-family | — | — | — | 136 | 136 | ||||||||||||||||||||||||
Construction loans | — | — | 2,021 | 187 | 2,208 | ||||||||||||||||||||||||
Commercial and industrial loans | — | — | — | 97 | 97 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | — | — | — | 214 | 214 | ||||||||||||||||||||||||
Other consumer | — | — | — | 50 | 50 | ||||||||||||||||||||||||
Unallocated | — | — | — | 491 | 491 | ||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 2,226 | $ | 4,349 | $ | 6,575 | |||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Loans receivable | Loans | Loans | Individually | Collectively | Total | ||||||||||||||||||||||||
acquired | acquired | ||||||||||||||||||||||||||||
without credit deterioration | with credit deterioration | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Residential mortgages | $ | 50,985 | $ | 22 | $ | 2,297 | $ | 318,657 | $ | 371,961 | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Real estate-commercial | 12,787 | — | 774 | 115,784 | 129,345 | ||||||||||||||||||||||||
Real estate-residential | 4,913 | 184 | 712 | 14,196 | 20,005 | ||||||||||||||||||||||||
Real estate-multi-family | 1,116 | 191 | — | 15,316 | 16,623 | ||||||||||||||||||||||||
Construction loans | — | — | 3,177 | 5,596 | 8,773 | ||||||||||||||||||||||||
Commercial and industrial loans | 279 | — | — | 6,570 | 6,849 | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Home equity and second mortgage | 24,806 | 47 | — | 39,349 | 64,202 | ||||||||||||||||||||||||
Other consumer | 126 | — | — | 1,571 | 1,697 | ||||||||||||||||||||||||
Total | $ | 95,012 | $ | 444 | $ | 6,960 | $ | 517,039 | $ | 619,455 |
FAIR_VALUE_MEASUREMENTS_AND_FA1
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 | March 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2014 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
U.S. Government and federal agencies | $ | — | $ | 16,387 | $ | — | $ | 16,387 | |||||||||||||
State and political subdivisions | — | 60,411 | — | 60,411 | |||||||||||||||||
Residential mortgage-backed securities issued by quasi- | — | 52,093 | — | 52,093 | |||||||||||||||||
governmental agencies | |||||||||||||||||||||
Total investment securities available for sale | $ | — | $ | 128,891 | $ | — | $ | 128,891 | |||||||||||||
Loans receivable, held for sale | $ | — | $ | 1,319 | $ | — | $ | 1,319 | |||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | December 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
U.S. Government and federal agencies | $ | — | $ | 18,063 | $ | — | $ | 18,063 | |||||||||||||
State and political subdivisions | — | 60,669 | — | 60,669 | |||||||||||||||||
Residential mortgage-backed securities issued by quasi- | — | 45,280 | — | 45,280 | |||||||||||||||||
governmental agencies | |||||||||||||||||||||
Total investment securities available for sale | $ | — | $ | 124,012 | $ | — | $ | 124,012 | |||||||||||||
Loans receivable, held for sale | $ | — | $ | 349 | $ | — | $ | 349 | |||||||||||||
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 March 31, 2014 are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | March 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2014 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,974 | $ | 2,974 | |||||||||||||
Real estate acquired through foreclosure | — | — | 6,108 | 6,108 | |||||||||||||||||
Mortgage servicing rights | — | 1,452 | — | 1,452 | |||||||||||||||||
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 March 31, 2014: | |||||||||||||||||||||
Range of | |||||||||||||||||||||
Fair value | Valuation | Unobservable | inputs | ||||||||||||||||||
Description | estimate | technique | Input | (weighted average) | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | 2,974 | Appraisal of collateral (1) | Discount rate to reflect current market | 5%-15% | ||||||||||||||||
conditions and ultimate recoverability | (7.39%) | ||||||||||||||||||||
Real estate acquired through foreclosure | 6,108 | Appraisal of collateral (1) | Discount rate to reflect current market | 5%-20% | |||||||||||||||||
conditions and liquidation expenses | (16.67%) | ||||||||||||||||||||
(1 | ) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
Assets measured at fair value on a nonrecurring basis segregated by fair value hierarchy level at December 31, 2013 are summarized below: | |||||||||||||||||||||
Balance as of | |||||||||||||||||||||
Fair value hierarchy levels | December 31, | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 5,178 | $ | 5,178 | |||||||||||||
Real estate acquired through foreclosure | — | — | 5,601 | 5,601 | |||||||||||||||||
Mortgage servicing rights | — | 1,472 | — | 1,472 | |||||||||||||||||
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, 2013: | |||||||||||||||||||||
Range of | |||||||||||||||||||||
Fair value | Valuation | Unobservable | inputs | ||||||||||||||||||
Description | estimate | technique | Input | (weighted average) | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired loans | $ | 5,178 | Appraisal of collateral (1) | Discount rate to reflect current market | 5%-15% | ||||||||||||||||
conditions and ultimate recoverability | (6.59%) | ||||||||||||||||||||
Real estate acquired through foreclosure | 5,601 | Appraisal of collateral (1) | Discount rate to reflect current market | 5%-20% | |||||||||||||||||
conditions and liquidation expenses | (17.47%) | ||||||||||||||||||||
(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 March 31, 2014 and December 31, 2013 are summarized below: | |||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
Carrying | Fair | Fair value hierarchy levels | |||||||||||||||||||
value | value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | (in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 60,175 | $ | 60,175 | $ | 60,175 | $ | — | $ | — | |||||||||||
Investment securities | 76,798 | 76,798 | — | 76,798 | — | ||||||||||||||||
Mortgage-backed securities | 53,494 | 53,670 | — | 53,670 | — | ||||||||||||||||
Loans receivable, net | 604,975 | 613,668 | — | 1,319 | 612,349 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with stated maturities | $ | 187,143 | $ | 188,734 | $ | — | $ | — | $ | 188,734 | |||||||||||
Deposits with no stated maturities | 505,067 | 505,067 | 505,067 | — | — | ||||||||||||||||
Borrowings with stated maturities | 48,311 | 47,450 | — | — | 47,450 | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Carrying | Fair | Fair value hierarchy levels | |||||||||||||||||||
value | value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | (in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 45,310 | $ | 45,310 | $ | 45,310 | $ | — | $ | — | |||||||||||
Investment securities | 78,732 | 78,732 | — | 78,732 | — | ||||||||||||||||
Mortgage-backed securities | 46,770 | 46,960 | — | 46,960 | — | ||||||||||||||||
Loans receivable, net | 614,517 | 614,246 | — | 349 | 613,897 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits with stated maturities | $ | 190,492 | $ | 193,258 | $ | — | $ | — | $ | 193,258 | |||||||||||
Deposits with no stated maturities | 493,410 | 493,410 | 493,410 | — | — | ||||||||||||||||
Borrowings with stated maturities | 49,605 | 48,426 | — | — | 48,426 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||||
Estimated on the date of grant using the Black Scholes option pricing model with the following weighted average assumptions | ' | ||||||||||||||||
The fair value of each option grant during the three months ended March 31, 2014 and 2013 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
For the three months ended | |||||||||||||||||
March 31, | |||||||||||||||||
Weighted average assumptions | 2014 | 2013 | |||||||||||||||
Dividend yield | 1.61 | % | 0.83 | % | |||||||||||||
Expected volatility | 15.85 | % | 17.24 | % | |||||||||||||
Risk-free interest rate | 0.56 | % | 0.67 | % | |||||||||||||
Fair value of options granted during the period | $ | 3.9 | $ | 3.13 | |||||||||||||
Expected lives in years | 5 | 5 | |||||||||||||||
Option Activity | ' | ||||||||||||||||
Option activity under the Company’s stock option plan for the quarter ended March 31, 2014 was as follows: | |||||||||||||||||
At March 31, 2014 | |||||||||||||||||
Number of shares | Weighted average exercise price per share | Weighted average remaining contractual term (in years) | Aggregate intrinsic value ($000) | ||||||||||||||
Outstanding at January 1, 2014 | 254,144 | $ | 23.71 | 2.81 | $ | 1,132 | |||||||||||
Options granted | 71,500 | 30.03 | 5 | — | |||||||||||||
Options exercised | — | — | — | — | |||||||||||||
Options forfeited | — | — | — | — | |||||||||||||
Options expired | — | — | — | — | |||||||||||||
Outstanding At March 31, 2014 | 325,644 | $ | 25.1 | 3.06 | 1,562 | ||||||||||||
Options exercisable At March 31, 2014 | 149,894 | $ | 23.26 | 2.37 | 988 | ||||||||||||
Summary of Stock-based Compensation Expense | ' | ||||||||||||||||
The following tables provide information regarding the Company’s stock-based compensation expense: | |||||||||||||||||
For the three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Director fees | $ | 28 | $ | 34 | |||||||||||||
Stock option expense | 89 | 59 | |||||||||||||||
Employee Stock Ownership Plan ("ESOP") expense | 81 | 73 | |||||||||||||||
Total stock-based compensation expense | $ | 198 | $ | 166 |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||
Costs of Retirement Plans | ' | ||||||||
Net periodic defined benefit pension cost included the following: | |||||||||
For the three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $ | 205 | $ | 206 | |||||
Interest cost | 128 | 89 | |||||||
Expected return on plan assets | (209 | ) | (182 | ) | |||||
Recognized net actuarial loss | 62 | 66 | |||||||
Net periodic benefit cost | $ | 186 | $ | 179 |
ACQUISITION_OF_ROEBLING_FINANC2
ACQUISITION OF ROEBLING FINANCIAL CORP, INC. (Details) (Roebling Financial Corp, Inc. [Member], USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jul. 02, 2013 |
Roebling Financial Corp, Inc. [Member] | ' |
Purchase Price Consideration in Common Stock [Abstract] | ' |
TF Financial Corporation shares issued (in shares) | 306,873 |
Net assets as of the acquisition date [Abstract] | ' |
Total purchase price | $14,926 |
Net assets acquired [Abstract] | ' |
Cash | 4,081 |
Investment securities | 37,339 |
Loans receivable | 102,026 |
Premises and equipment | 2,154 |
Core deposit intangible | 553 |
Other assets | 2,531 |
Time deposits | -49,061 |
Deposits other than time deposits | -78,689 |
Other liabilities | -4,888 |
Total net assets acquired | 16,046 |
Purchase gain on acquisition | $1,120 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic earnings per share [Abstract] | ' | ' |
Income available to common stockholders, Income | $1,381 | $1,223 |
Income available to common stockholders, Weighted average shares (in shares) | 3,061,790 | 2,738,375 |
Income available to common stockholders, Per share (in dollars per share) | $0.45 | $0.45 |
Effect of dilutive securities [Abstract] | ' | ' |
Stock options and grants, Income | 0 | 0 |
Stock options and grants, Weighted average shares (in shares) | 18,869 | 3,514 |
Stock compensation plans, Per share (in dollars per share) | $0 | $0 |
Diluted earning per share [Abstract] | ' | ' |
NET INCOME | $1,381 | $1,223 |
Income available to common stockholders plus effect of dilutive securities, Weighted average shares (in shares) | 3,080,659 | 2,741,889 |
Income available to common stockholders plus effect of dilutive securities, Per share (in dollars per share) | $0.45 | $0.45 |
Antidilutive Securities Excluded from Computation of Diluted Earnings per Share [Abstract] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 71,500 | 31,963 |
Exercise price (in dollars per share) | $30.03 | ' |
Exercise price, lower limit (in dollars per share) | ' | $25.71 |
Exercise price, upper limit (in dollars per share) | ' | $32.51 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Accumulated Other Comprehensive (Loss) Income, Beginning balance | ($1,178) | $970 | [1],[2] | |
Other comprehensive (income) loss before reclassifications | 812 | [1],[2] | -840 | [1],[2] |
Amounts reclassified from accumulated other comprehensive income | 41 | [1],[2] | 43 | [1],[2] |
Period change | 853 | -797 | ||
Accumulated Other Comprehensive (Loss) Income, Ending balance | -325 | 173 | [1],[2] | |
Federal income tax rate (in hundredths) | 34.00% | 34.00% | ||
Unrealized Gains (Losses) on Securities Available for Sale [Member] | ' | ' | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Accumulated Other Comprehensive (Loss) Income, Beginning balance | 176 | [1],[2] | 3,805 | [1],[2] |
Other comprehensive (income) loss before reclassifications | 812 | [1],[2] | -840 | [1],[2] |
Amounts reclassified from accumulated other comprehensive income | -1 | [1],[2] | 0 | [1],[2] |
Period change | 811 | [1],[2] | -840 | [1],[2] |
Accumulated Other Comprehensive (Loss) Income, Ending balance | 987 | [1],[2] | 2,965 | [1],[2] |
Defined Benefit Pension Plan [Member] | ' | ' | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Accumulated Other Comprehensive (Loss) Income, Beginning balance | -1,354 | [1],[2] | -2,835 | [1],[2] |
Other comprehensive (income) loss before reclassifications | 0 | [1],[2] | 0 | [1],[2] |
Amounts reclassified from accumulated other comprehensive income | 42 | [1],[2] | 43 | [1],[2] |
Period change | 42 | [1],[2] | 43 | [1],[2] |
Accumulated Other Comprehensive (Loss) Income, Ending balance | ($1,312) | [1],[2] | ($2,792) | [1],[2] |
[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 parenthesis indicate debits. |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, RECLASSIFICATION OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Gain on sale of investment securities | $1 | $0 | ||
Compensation and benefits | 3,383 | 2,817 | ||
Income tax expense | 491 | 581 | ||
Net income | 1,381 | 1,223 | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Net income | 41 | [1],[2] | 43 | [1],[2] |
Unrealized Gains (Losses) on Securities Available for Sale [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Gain on sale of investment securities | -1 | [1] | 0 | [1] |
Income tax expense | 0 | [1] | 0 | [1] |
Net income | -1 | [1] | 0 | [1] |
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 | 62 | [1],[2] | 66 | [1],[2] |
Income tax expense | -20 | [1],[2] | -23 | [1],[2] |
Net income | $42 | [1],[2] | $43 | [1],[2] |
[1] | Amounts in parenthesis indicate debits. | |||
[2] | 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 $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Security | Security | |
Investment securities available for sale [Abstract] | ' | ' |
Available for sale, Amortized cost | $127,395,000 | $123,746,000 |
Available-for-sale, Gross unrealized gains | 2,469,000 | 2,070,000 |
Available-for-sale, Gross unrealized losses | -973,000 | -1,804,000 |
Total investment securities available for sale | 128,891,000 | 124,012,000 |
Held to maturity [Abstract] | ' | ' |
Held-to-maturity, amortized cost | 1,401,000 | 1,490,000 |
Total Investment Securities [Abstract] | ' | ' |
Total investment securities, amortized cost | 128,796,000 | 125,236,000 |
Total investment securities, gross unrealized gains | 2,645,000 | 2,261,000 |
Total investment securities, gross unrealized losses | -973,000 | -1,805,000 |
Total investment securities, fair value | 130,468,000 | 125,692,000 |
Gross realized gains | 5,000 | ' |
Amount of available for sale securities sold | 1,000,000 | ' |
Gross realized losses | 4,000 | ' |
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 | 2,042,000 | ' |
Available-for-sale securities, due after one year through five years, amortized cost | 16,235,000 | ' |
Available-for-sale securities, due after five years through ten years, amortized cost | 37,674,000 | ' |
Available-for-sale securities, due after ten years, amortized cost | 19,808,000 | ' |
Total available for sale, amortized cost basis | 75,759,000 | ' |
Mortgage-back securities, available for sale, amortized cost | 51,636,000 | ' |
Total investment and mortgage-backed securities, available for sale, amortized cost | 127,395,000 | ' |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Available-for-sale securities, due in one year or less, fair value | 2,051,000 | ' |
Available-for-sale securities, due after one year through five years, fair value | 16,528,000 | ' |
Available-for-sale securities, due after five years through ten years, fair value | 37,784,000 | ' |
Available-for-sale securities, due after ten years, fair value | 20,435,000 | ' |
Total available for sale, fair value | 76,798,000 | ' |
Mortgage-backed securities available for sale, fair value | 52,093,000 | ' |
Total investment and mortgage-back securities, available for sale, fair value | 128,891,000 | ' |
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 | 1,401,000 | ' |
Total investment and mortgage-backed securities held to maturity, amortized cost | 1,401,000 | ' |
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 | 1,577,000 | ' |
Total investment and mortgage-backed securities held to maturity, fair value | 1,577,000 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Number of securities | 70 | 102 |
Continuous unrealized loss position, less than 12 months, fair value | 45,174,000 | 61,182,000 |
Continuous unrealized loss position, less than 12 months, unrealized loss | -692,000 | -1,805,000 |
Continuous unrealized loss position, 12 months or longer, fair value | 4,325,000 | 0 |
Continuous unrealized loss position, 12 months or longer, unrealized loss | -281,000 | 0 |
Total continuous unrealized loss position, fair value | 49,499,000 | 61,182,000 |
Total continuous unrealized loss position, unrealized loss | -973,000 | -1,805,000 |
US Government and federal agencies [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Available for sale, Amortized cost | 16,666,000 | 18,572,000 |
Available-for-sale, Gross unrealized gains | 15,000 | 4,000 |
Available-for-sale, Gross unrealized losses | -294,000 | -513,000 |
Total investment securities available for sale | 16,387,000 | 18,063,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Number of securities | 8 | 13 |
Continuous unrealized loss position, less than 12 months, fair value | 12,445,000 | 17,028,000 |
Continuous unrealized loss position, less than 12 months, unrealized loss | -294,000 | -513,000 |
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 | 12,445,000 | 17,028,000 |
Total continuous unrealized loss position, unrealized loss | -294,000 | -513,000 |
State and political subdivisions [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Available for sale, Amortized cost | 59,093,000 | 60,159,000 |
Available-for-sale, Gross unrealized gains | 1,840,000 | 1,526,000 |
Available-for-sale, Gross unrealized losses | -522,000 | -1,016,000 |
Total investment securities available for sale | 60,411,000 | 60,669,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Number of securities | 9 | 24 |
Continuous unrealized loss position, less than 12 months, fair value | 6,970,000 | 19,646,000 |
Continuous unrealized loss position, less than 12 months, unrealized loss | -241,000 | -1,016,000 |
Continuous unrealized loss position, 12 months or longer, fair value | 4,325,000 | 0 |
Continuous unrealized loss position, 12 months or longer, unrealized loss | -281,000 | 0 |
Total continuous unrealized loss position, fair value | 11,295,000 | 19,646,000 |
Total continuous unrealized loss position, unrealized loss | -522,000 | -1,016,000 |
Residential mortgage-backed securities issued by Quasi-governmental agencies [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
Available for sale, Amortized cost | 51,636,000 | 45,015,000 |
Available-for-sale, Gross unrealized gains | 614,000 | 540,000 |
Available-for-sale, Gross unrealized losses | -157,000 | -275,000 |
Total investment securities available for sale | 52,093,000 | 45,280,000 |
Held to maturity [Abstract] | ' | ' |
Held-to-maturity, amortized cost | 1,401,000 | 1,490,000 |
Held-to-maturity, gross unrecognized gains | 176,000 | 191,000 |
Held-to-maturity, gross unrecognized losses | 0 | -1,000 |
Held-to-maturity, fair value | 1,577,000 | 1,680,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Number of securities | 53 | 65 |
Continuous unrealized loss position, less than 12 months, fair value | 25,759,000 | 24,508,000 |
Continuous unrealized loss position, less than 12 months, unrealized loss | -157,000 | -276,000 |
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 | 25,759,000 | 24,508,000 |
Total continuous unrealized loss position, unrealized loss | ($157,000) | ($276,000) |
LOANS_RECEIVABLE_Loan_Receivab
LOANS RECEIVABLE, Loan Receivable Summary (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Held for investment [Abstract] | ' | ' |
Total loans | $606,400 | $619,455 |
Net deferred loans origination costs, and unamortized premiums and discounts | 1,318 | 1,288 |
Less allowance for loan losses | -4,062 | -6,575 |
Total loans receivable | 603,656 | 614,168 |
Residential mortgages [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 360,992 | 371,961 |
Held for sale [Abstract] | ' | ' |
Loans Held-for-sale, Mortgages | 1,319 | 349 |
Real estate-commercial [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 122,294 | 129,345 |
Real estate-residential [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 24,123 | 20,005 |
Real estate-multi-family [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 18,197 | 16,623 |
Construction loans [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 6,915 | 8,773 |
Commercial and industrial loans [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 7,630 | 6,849 |
Total commercial loans [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 179,159 | 181,595 |
Home equity and second mortgage [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 64,654 | 64,202 |
Other consumer [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | 1,595 | 1,697 |
Total consumer loans [Member] | ' | ' |
Held for investment [Abstract] | ' | ' |
Total loans | $66,249 | $65,899 |
LOANS_RECEIVABLE_Composition_o
LOANS RECEIVABLE, Composition of Loans by Credit Quality Indicators (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $606,400 | $619,455 |
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 | 161,442 | 155,969 |
Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 3,468 | 7,661 |
Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 14,249 | 17,965 |
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 | 360,992 | 371,961 |
Residential Mortgages [Member] | Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 359,977 | 368,967 |
Residential Mortgages [Member] | Nonperforming [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,015 | 2,994 |
Real estate-commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 122,294 | 129,345 |
Real estate-commercial [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 110,425 | 113,260 |
Real estate-commercial [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,955 | 7,142 |
Real estate-commercial [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 8,914 | 8,943 |
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 | 24,123 | 20,005 |
Real estate-residential [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 22,033 | 17,182 |
Real estate-residential [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 483 | 487 |
Real estate-residential [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,607 | 2,336 |
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 | 18,197 | 16,623 |
Real estate-multi-family [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 14,702 | 13,114 |
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 | 3,495 | 3,509 |
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 | 6,915 | 8,773 |
Construction loans [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 6,682 | 5,596 |
Construction loans [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Construction loans [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 233 | 3,177 |
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 | 7,630 | 6,849 |
Commercial and Industrial Loans [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 7,600 | 6,817 |
Commercial and Industrial Loans [Member] | Special Mention [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 30 | 32 |
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 | 179,159 | 181,595 |
Home equity and second mortgage [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 64,654 | 64,202 |
Home equity and second mortgage [Member] | Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 64,455 | 63,902 |
Home equity and second mortgage [Member] | Nonperforming [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 199 | 300 |
Other consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,595 | 1,697 |
Other consumer [Member] | Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,595 | 1,697 |
Other consumer [Member] | Nonperforming [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Total residential and consumer Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 427,241 | 437,860 |
Total residential and consumer Loans [Member] | Performing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 426,027 | 434,566 |
Total residential and consumer Loans [Member] | Nonperforming [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $1,214 | $3,294 |
LOANS_RECEIVABLE_Loans_Individ
LOANS RECEIVABLE, Loans Individually Evaluated for Impairment by Class (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | $1,858 | $5,024 |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 1,310 | 2,380 |
Loans individually evaluated for impairment, recorded investment, total | 3,168 | 7,404 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 1,858 | 5,222 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 1,640 | 2,732 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 3,498 | 7,954 |
Impaired Financing Receivable, Related Allowance | 194 | 2,226 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 194 | 2,226 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 3,627 | 5,641 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 1,852 | 1,040 |
Loans individually evaluated for impairment , average recorded investment | 5,479 | 6,681 |
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 |
Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | 3,217 | 8,332 |
Residential mortgages [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | 1,127 | 1,135 |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 22 | 1,184 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 1,127 | 1,135 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 33 | 1,184 |
Impaired Financing Receivable, Related Allowance | 127 | 128 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 127 | 128 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 1,131 | 1,620 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 603 | 241 |
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 |
Residential mortgages [Member] | Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | 1,015 | 2,994 |
Real estate-commercial [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 no related allowance, recorded investment | 897 | 774 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | ' | 0 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 897 | 774 |
Impaired Financing Receivable, Related Allowance | ' | 0 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | ' | 109 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 835 | 607 |
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 | 0 |
Real estate-commercial [Member] | Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | 897 | 774 |
Real estate-residential [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | 498 | 712 |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 184 | 184 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 498 | 712 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 322 | 321 |
Impaired Financing Receivable, Related Allowance | 46 | 77 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 46 | 77 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 791 | 211 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 184 | 108 |
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-residential [Member] | Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | 682 | 896 |
Real estate-multi-family [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 191 | 191 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 372 | 372 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 191 | 77 |
Loans individually evaluated for impairment, with no related allowance, interest income recognized | 0 | 0 |
Real estate-multi-family [Member] | Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | 191 | 191 |
Construction loans [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with related allowance, recorded investment | 233 | 3,177 |
Loans individually evaluated for impairment, with related allowance, unpaid principal balance | 233 | 3,375 |
Impaired Financing Receivable, Related Allowance | 21 | 2,021 |
Loans individually evaluated for impairment related allowance | 21 | 2,021 |
Loans individually evaluated for impairment, with related allowance, average recorded investment | 1,705 | 3,701 |
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 |
Construction loans [Member] | Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | 233 | 3,177 |
Commercial and Industrial Loans [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Commercial and Industrial Loans [Member] | Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | 0 | 0 |
Home equity and second mortgage [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment, with no related allowance, recorded investment | 16 | 47 |
Loans individually evaluated for impairment, with no related allowance, unpaid principal balance | 16 | 81 |
Impaired Financing Receivable, related allowance unrecorded | 0 | 0 |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Loans individually evaluated for impairment, with no related allowance, average recorded investment | 39 | 7 |
Loans individually evaluated for impairment, with no related allowance, interest income recognized | 0 | 0 |
Home equity and second mortgage [Member] | Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | 199 | 300 |
Other consumer [Member] | ' | ' |
Loans Individually Evaluated for Impairment by Class [Abstract] | ' | ' |
Loans individually evaluated for impairment related allowance | 0 | 0 |
Other consumer [Member] | Nonperforming [Member] | ' | ' |
Non-performing loans [Abstract] | ' | ' |
Non-performing loans | $0 | $0 |
LOANS_RECEIVABLE_Contractual_A
LOANS RECEIVABLE, Contractual Aging of Delinquent Loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | $602,789 | $609,752 |
Loans receivable, 30 to 59 days past due | 278 | 1,438 |
Loans receivable, 60 to 89 days past due | 247 | 348 |
Loans receivable, Loans past due 90 days or more | 3,086 | 7,917 |
Loans receivable, Total past due | 3,611 | 9,703 |
Total loans | 606,400 | 619,455 |
Recorded investment over 90 days and accruing interest | 0 | 0 |
Residential mortgages [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | 359,724 | 369,271 |
Loans receivable, 30 to 59 days past due | 173 | 111 |
Loans receivable, 60 to 89 days past due | 80 | 0 |
Loans receivable, Loans past due 90 days or more | 1,015 | 2,579 |
Loans receivable, Total past due | 1,268 | 2,690 |
Total loans | 360,992 | 371,961 |
Recorded investment over 90 days and accruing interest | 0 | 0 |
Real estate-commercial [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | 121,397 | 127,786 |
Loans receivable, 30 to 59 days past due | 0 | 785 |
Loans receivable, 60 to 89 days past due | 131 | 0 |
Loans receivable, Loans past due 90 days or more | 766 | 774 |
Loans receivable, Total past due | 897 | 1,559 |
Total loans | 122,294 | 129,345 |
Recorded investment over 90 days and accruing interest | 0 | 0 |
Real estate-residential [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | 23,441 | 18,589 |
Loans receivable, 30 to 59 days past due | 0 | 180 |
Loans receivable, 60 to 89 days past due | 0 | 340 |
Loans receivable, Loans past due 90 days or more | 682 | 896 |
Loans receivable, Total past due | 682 | 1,416 |
Total loans | 24,123 | 20,005 |
Recorded investment over 90 days and accruing interest | 0 | 0 |
Real estate-multi-family [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | 18,006 | 16,432 |
Loans receivable, 30 to 59 days past due | 0 | 0 |
Loans receivable, 60 to 89 days past due | 0 | 0 |
Loans receivable, Loans past due 90 days or more | 191 | 191 |
Loans receivable, Total past due | 191 | 191 |
Total loans | 18,197 | 16,623 |
Recorded investment over 90 days and accruing interest | 0 | 0 |
Construction loans [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | 6,682 | 5,596 |
Loans receivable, 30 to 59 days past due | 0 | 0 |
Loans receivable, 60 to 89 days past due | 0 | 0 |
Loans receivable, Loans past due 90 days or more | 233 | 3,177 |
Loans receivable, Total past due | 233 | 3,177 |
Total loans | 6,915 | 8,773 |
Recorded investment over 90 days and accruing interest | 0 | 0 |
Commercial and industrial loans [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | 7,630 | 6,849 |
Loans receivable, 30 to 59 days past due | 0 | 0 |
Loans receivable, 60 to 89 days past due | 0 | 0 |
Loans receivable, Loans past due 90 days or more | 0 | 0 |
Loans receivable, Total past due | 0 | 0 |
Total loans | 7,630 | 6,849 |
Recorded investment over 90 days and accruing interest | 0 | 0 |
Home equity and second mortgage [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | 64,314 | 63,543 |
Loans receivable, 30 to 59 days past due | 105 | 355 |
Loans receivable, 60 to 89 days past due | 36 | 4 |
Loans receivable, Loans past due 90 days or more | 199 | 300 |
Loans receivable, Total past due | 340 | 659 |
Total loans | 64,654 | 64,202 |
Recorded investment over 90 days and accruing interest | 0 | 0 |
Other consumer [Member] | ' | ' |
Loans Receivable, Aging [Abstract] | ' | ' |
Loans receivable, Current | 1,595 | 1,686 |
Loans receivable, 30 to 59 days past due | 0 | 7 |
Loans receivable, 60 to 89 days past due | 0 | 4 |
Loans receivable, Loans past due 90 days or more | 0 | 0 |
Loans receivable, Total past due | 0 | 11 |
Total loans | 1,595 | 1,697 |
Recorded investment over 90 days and accruing interest | $0 | $0 |
LOANS_RECEIVABLE_Details_Activ
LOANS RECEIVABLE (Details), Activity in the Allowance for Loan Losses (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | $6,575 | $6,922 |
Provision | 0 | 439 |
Charge-offs | -2,516 | -721 |
Recoveries | 3 | 22 |
Balance, end of period | 4,062 | 6,662 |
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 | 1,722 | 1,849 |
Provision | 60 | 49 |
Charge-offs | -169 | -98 |
Recoveries | 1 | 0 |
Balance, end of period | 1,614 | 1,800 |
Real estate-commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 1,220 | 1,754 |
Provision | -270 | -8 |
Charge-offs | 0 | -435 |
Recoveries | 0 | 0 |
Balance, end of period | 950 | 1,311 |
Real estate-residential [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 437 | 608 |
Provision | 82 | 52 |
Charge-offs | -107 | -59 |
Recoveries | 0 | 0 |
Balance, end of period | 412 | 601 |
Real estate-multi-family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 136 | 245 |
Provision | 1 | -8 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 137 | 237 |
Construction loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 2,208 | 1,697 |
Provision | 326 | 297 |
Charge-offs | -2,179 | -111 |
Recoveries | 0 | 11 |
Balance, end of period | 355 | 1,894 |
Commercial and industrial loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 97 | 119 |
Provision | 3 | 3 |
Charge-offs | 0 | 0 |
Recoveries | 1 | 3 |
Balance, end of period | 101 | 125 |
Home equity and second mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 214 | 251 |
Provision | 60 | -33 |
Charge-offs | -47 | -15 |
Recoveries | 0 | 8 |
Balance, end of period | 227 | 211 |
Other consumer [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 50 | 11 |
Provision | -3 | 3 |
Charge-offs | -14 | -3 |
Recoveries | 1 | 0 |
Balance, end of period | 34 | 11 |
Unallocated [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 491 | 388 |
Provision | -259 | 84 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | $232 | $472 |
LOANS_RECEIVABLE_Loans_Classif
LOANS RECEIVABLE, Loans Classified as TDRs Segregation by Class (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Loans acquired and accounted for in accordance with ASC 310-30 [Abstract] | ' | ' |
Outstanding balance | $743 | $808 |
Carrying amount | 413 | 444 |
Changes in the amortizable yield for purchased credit-impaired loans [Abstract] | ' | ' |
Balance at beginning of period | 154 | ' |
Acquisition of impaired loans | 0 | ' |
Accretion | -12 | ' |
Balance at end of period | $142 | ' |
LOANS_RECEIVABLE_Allowance_for
LOANS RECEIVABLE, Allowance for Loan Losses, Ending Loan Balances by Portfolio and by Class based on Impairment Method (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | $0 | $0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 194 | 2,226 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 3,868 | 4,349 |
Loans receivable, allowance for credit losses, evaluated for impairment | 4,062 | 6,575 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 91,510 | 95,012 |
Loans receivable, acquired with credit deterioration | 413 | 444 |
Loans receivable, individually evaluated for impairment | 2,755 | 6,960 |
Loans receivable, collectively evaluated for impairment | 511,722 | 517,039 |
Loans receivable, evaluated for impairment | 606,400 | 619,455 |
Residential mortgages [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 127 | 128 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 1,487 | 1,594 |
Loans receivable, allowance for credit losses, evaluated for impairment | 1,614 | 1,722 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 49,198 | 50,985 |
Loans receivable, acquired with credit deterioration | 22 | 22 |
Loans receivable, individually evaluated for impairment | 1,127 | 2,297 |
Loans receivable, collectively evaluated for impairment | 310,645 | 318,657 |
Loans receivable, evaluated for impairment | 360,992 | 371,961 |
Real estate-commercial [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 950 | 1,220 |
Loans receivable, allowance for credit losses, evaluated for impairment | 950 | 1,220 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 12,229 | 12,787 |
Loans receivable, acquired with credit deterioration | 0 | 0 |
Loans receivable, individually evaluated for impairment | 897 | 774 |
Loans receivable, collectively evaluated for impairment | 109,168 | 115,784 |
Loans receivable, evaluated for impairment | 122,294 | 129,345 |
Real estate-residential [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 46 | 77 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 366 | 360 |
Loans receivable, allowance for credit losses, evaluated for impairment | 412 | 437 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 4,913 | 4,913 |
Loans receivable, acquired with credit deterioration | 184 | 184 |
Loans receivable, individually evaluated for impairment | 498 | 712 |
Loans receivable, collectively evaluated for impairment | 18,528 | 14,196 |
Loans receivable, evaluated for impairment | 24,123 | 20,005 |
Real estate-multi-family [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 137 | 136 |
Loans receivable, allowance for credit losses, evaluated for impairment | 137 | 136 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 1,092 | 1,116 |
Loans receivable, acquired with credit deterioration | 191 | 191 |
Loans receivable, individually evaluated for impairment | 0 | 0 |
Loans receivable, collectively evaluated for impairment | 16,914 | 15,316 |
Loans receivable, evaluated for impairment | 18,197 | 16,623 |
Construction loans [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 21 | 2,021 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 334 | 187 |
Loans receivable, allowance for credit losses, evaluated for impairment | 355 | 2,208 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 0 | 0 |
Loans receivable, acquired with credit deterioration | 0 | 0 |
Loans receivable, individually evaluated for impairment | 233 | 3,177 |
Loans receivable, collectively evaluated for impairment | 6,682 | 5,596 |
Loans receivable, evaluated for impairment | 6,915 | 8,773 |
Commercial and industrial loans [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 101 | 97 |
Loans receivable, allowance for credit losses, evaluated for impairment | 101 | 97 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 258 | 279 |
Loans receivable, acquired with credit deterioration | 0 | 0 |
Loans receivable, individually evaluated for impairment | 0 | 0 |
Loans receivable, collectively evaluated for impairment | 7,372 | 6,570 |
Loans receivable, evaluated for impairment | 7,630 | 6,849 |
Home equity and second mortgage [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 227 | 214 |
Loans receivable, allowance for credit losses, evaluated for impairment | 227 | 214 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 23,706 | 24,806 |
Loans receivable, acquired with credit deterioration | 16 | 47 |
Loans receivable, individually evaluated for impairment | 0 | 0 |
Loans receivable, collectively evaluated for impairment | 40,932 | 39,349 |
Loans receivable, evaluated for impairment | 64,654 | 64,202 |
Other consumer [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 34 | 50 |
Loans receivable, allowance for credit losses, evaluated for impairment | 34 | 50 |
Loans receivable [Abstract] | ' | ' |
Loans receivable, acquired without credit deterioration | 114 | 126 |
Loans receivable, acquired with credit deterioration | 0 | 0 |
Loans receivable, individually evaluated for impairment | 0 | 0 |
Loans receivable, collectively evaluated for impairment | 1,481 | 1,571 |
Loans receivable, evaluated for impairment | 1,595 | 1,697 |
Unallocated [Member] | ' | ' |
Allowance for loan losses [Abstract] | ' | ' |
Loans receivable, allowance for credit losses, acquired without credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, acquired with credit deterioration | 0 | 0 |
Loans receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Loans receivable, allowance for credit losses, collectively evaluated for impairment | 232 | 491 |
Loans receivable, allowance for credit losses, evaluated for impairment | $232 | $491 |
FAIR_VALUE_MEASUREMENTS_AND_FA2
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment securities available for sale [Abstract] | ' | ' |
Total investment securities available for sale | $128,891 | $124,012 |
Recurring [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government and federal agencies | 16,387 | 18,063 |
State and political subdivisions | 60,411 | 60,669 |
Residential mortgage-backed securities issued by quasi- governmental agencies | 52,093 | 45,280 |
Total investment securities available for sale | 128,891 | 124,012 |
Loans receivable, held for sale | 1,319 | 349 |
Level 1 [Member] | Recurring [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government and federal agencies | 0 | 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 | 16,387 | 18,063 |
State and political subdivisions | 60,411 | 60,669 |
Residential mortgage-backed securities issued by quasi- governmental agencies | 52,093 | 45,280 |
Total investment securities available for sale | 128,891 | 124,012 |
Loans receivable, held for sale | 1,319 | 349 |
Level 3 [Member] | Recurring [Member] | ' | ' |
Investment securities available for sale [Abstract] | ' | ' |
U.S. Government and federal agencies | 0 | 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 $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Mortgage servicing rights, amortized cost basis | 1,500,000 | 1,500,000 | ||
Mortgage servicing rights, fair value | 1,500,000 | 1,500,000 | ||
Nonrecurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans | 2,974,000 | 5,178,000 | ||
Real estate acquired through foreclosure | 6,108,000 | 5,601,000 | ||
Mortgage servicing rights | 1,452,000 | 1,472,000 | ||
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 | 1,452,000 | 1,472,000 | ||
Nonrecurring [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans | 2,974,000 | 5,178,000 | ||
Real estate acquired through foreclosure | 6,108,000 | 5,601,000 | ||
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] |
Nonrecurring [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value, Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ||
Impaired loans, range of inputs (in hundredths) | 7.39% | [1] | 6.59% | [1] |
Real estate acquired through foreclosure, range of inputs (in hundredths) | 16.67% | [1] | 17.47% | [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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets [Abstract] | ' | ' |
Mortgage-backed securities | $1,577 | ' |
Liabilities [Abstract] | ' | ' |
Borrowings with stated maturities | 48,311 | 49,605 |
Carrying Value [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 60,175 | 45,310 |
Investment securities | 76,798 | 78,732 |
Mortgage-backed securities | 53,494 | 46,770 |
Loans receivable, net | 604,975 | 614,517 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 187,143 | 190,492 |
Deposits with no stated maturities | 505,067 | 493,410 |
Borrowings with stated maturities | 48,311 | 49,605 |
Fair Value [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 60,175 | 45,310 |
Investment securities | 76,798 | 78,732 |
Mortgage-backed securities | 53,670 | 46,960 |
Loans receivable, net | 613,668 | 614,246 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 188,734 | 193,258 |
Deposits with no stated maturities | 505,067 | 493,410 |
Borrowings with stated maturities | 47,450 | 48,426 |
Level 1 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 60,175 | 45,310 |
Investment securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Loans receivable, net | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 0 | 0 |
Deposits with no stated maturities | 505,067 | 493,410 |
Borrowings with stated maturities | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities | 76,798 | 78,732 |
Mortgage-backed securities | 53,670 | 46,960 |
Loans receivable, net | 1,319 | 349 |
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, net | 612,349 | 613,897 |
Liabilities [Abstract] | ' | ' |
Deposits with stated maturities | 188,734 | 193,258 |
Deposits with no stated maturities | 0 | 0 |
Borrowings with stated maturities | $47,450 | $48,426 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Weighted average assumptions [Abstract] | ' | ' | ' |
Dividend yield (in hundredths) | 1.61% | 0.83% | ' |
Expected volatility (in hundredths) | 15.85% | 17.24% | ' |
Risk-free interest rate (in hundredths) | 0.56% | 0.67% | ' |
Fair value of options granted during the period (in dollars per share) | $3.90 | $3.13 | ' |
Expected lives in years | '5 years | '5 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of stock benefit plans | 'P7Y | ' | ' |
Total unrecognized compensation cost, net of estimated forfeitures, related to non-vested awards | $541,000 | ' | ' |
Period for recognition of unrecognized compensation | '20 months | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding, beginning of period (in shares) | 254,144 | ' | ' |
Options granted (in shares) | 71,500 | ' | ' |
Options exercised (in shares) | 0 | 0 | ' |
Options forfeited (in shares) | 0 | ' | ' |
Options expired (in shares) | 0 | ' | ' |
Options outstanding, end of period (in shares) | 325,644 | ' | 254,144 |
Options exercisable (in shares) | 149,894 | ' | ' |
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted average exercise price per share, beginning of period (in dollars per share) | $23.71 | ' | ' |
Options granted, weighted average exercise price per share (in dollars per share) | $30.03 | ' | ' |
Options exercised, weighted average exercise price per share (in dollars per share) | $0 | ' | ' |
Options forfeited, weighted average exercise price per share (in dollars per share) | $0 | ' | ' |
Options expired, weighted average exercise price per share (in dollars per share) | $0 | ' | ' |
Weighted average exercise price per share, end of period (in dollars per share) | $25.10 | ' | $23.71 |
Options exercisable, weighted average exercise price per share, end of period (in dollars per share) | $23.26 | ' | ' |
Weighted average remaining contractual term [Abstract] | ' | ' | ' |
Options outstanding, weighted average remaining contractual term, beginning of period | '3 years 0 months 22 days | ' | '2 years 9 months 22 days |
Options granted, weighted average remaining contractual term | '5 years | ' | ' |
Options outstanding, weighted average remaining contractual term, end of period | '3 years 0 months 22 days | ' | '2 years 9 months 22 days |
Options exercisable, weighted average remaining contractual term, end of period | '2 years 4 months 13 days | ' | ' |
Aggregate intrinsic value of [Abstract] | ' | ' | ' |
Options outstanding, beginning of period | 1,562,000 | ' | 1,132,000 |
Options outstanding, end of period | 1,562,000 | ' | 1,132,000 |
Options exercisable | 988,000 | ' | ' |
Stock-based compensation expense [Abstract] | ' | ' | ' |
Total stock-based compensation expense | 198,000 | 166,000 | ' |
Dividends paid to ESOP | 17,000 | 8,000 | ' |
Tax benefit arising from stock option compensation expense | 24,000 | 18,000 | ' |
Directors fees [Member] | ' | ' | ' |
Stock-based compensation expense [Abstract] | ' | ' | ' |
Total stock-based compensation expense | 28,000 | 34,000 | ' |
Stock option expense [Member] | ' | ' | ' |
Stock-based compensation expense [Abstract] | ' | ' | ' |
Total stock-based compensation expense | 89,000 | 59,000 | ' |
Employee Stock Ownership Plan ("ESOP") expense [Member] | ' | ' | ' |
Stock-based compensation expense [Abstract] | ' | ' | ' |
Total stock-based compensation expense | $81,000 | $73,000 | ' |
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 | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Components of net periodic benefit cost [Abstract] | ' | ' |
Service cost | $205,000 | $206,000 |
Interest cost | 128,000 | 89,000 |
Expected return on plan assets | -209,000 | -182,000 |
Recognized net actuarial loss | 62,000 | 66,000 |
Net periodic benefit cost | 186,000 | 179,000 |
Contributions by employer | $0 | $0 |