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Loans and Allowance for Loan Losses (Tables)
12 Months Ended
Dec. 31, 2016
Receivables [Abstract]  
Schedule of Loans Receivable

Categories of loans at December 31, include:

 

   2016   2015 
   (In thousands) 
One-to-four family residential  $193,424   $179,732 
Multi-family residential   11,425    12,474 
Construction   2,744    6,177 
Nonresidential real estate and land   107,788    86,470 
Commercial   23,215    18,031 
Consumer and other   2,193    1,904 
    340,789    304,788 
Less:          
     Undisbursed portion of loans in process   4,719    8,065 
     Deferred loan origination fees   747    765 
     Allowance for loans losses   3,040    2,837 
          Total loans  $332,283   $293,121 
Schedule of Allowance for Loan Losses

The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on the portfolio segment and impairment method as of December 31, 2016 and 2015:

 

December 31, 2016  One-to-four
family
residential
   All other
mortgage loans
   Commercial
business loans
   Consumer
loans
   Total 
Allowance for loan losses:  (In thousands) 
Beginning balance  $1,346   $1,210   $279   $2   $2,837 
     Provision(credit) charged
          to expense
   213    (19)   166    5    365 
     Losses charged off   (81)   (83))       (1)   (165)
     Recoveries   1        2        3 
Ending balance  $1,479   $1,108   $447   $6   $3,040 
Allowance Balances:                         
     Individually evaluated for
          impairment
  $323   $151   $184   $   $658 
     Collectively evaluated for
          impairment
  $1,156   $957   $263   $6   $2,382 
Loan Balances:                         
Ending balance:  $193,424   $121,957   $23,215   $2,193   $340,789 
     Individually evaluated for
          impairment
  $1,527   $1,067   $547   $   $3,141 
     Collectively evaluated for
          impairment
  $191,897   $120,890   $22,668   $2,193   $337,648 
                          

 

December 31, 2015  One-to-four
family
residential
   All other
mortgage loans
   Commercial
business loans
   Consumer
loans
   Total 
Allowance for loan losses:  (In thousands) 
Beginning balance  $1,533   $885   $343   $8   $2,769 
     Provision (credit) charged to
          expense
   924    325    (65)   (9)   1,175 
     Losses charged off   (1,158)               (1,158)
     Recoveries   47        1    3    51 
Ending balance  $1,346   $1,210   $279   $2   $2,837 
Allowance Balances:                         
     Individually evaluated for
          impairment
  $506   $13   $33   $   $552 
     Collectively evaluated for
          impairment
  $840   $1,197   $246   $2   $2,285 
Loan Balances:                         
Ending balance:  $179,732   $105,121   $18,031   $1,904   $304,788 
     Individually evaluated for
          impairment
  $2,789   $1,061   $33   $   $3,883 
     Collectively evaluated for
          impairment
  $176,943   $104,060   $17,998   $1,904   $300,905 
Schedule of Loans Receivable by Credit Risk Profile

The following tables present the credit risk profile of the Bank’s loan portfolio based on rating category and payment activity as of December 31, 2016 and 2015:

December 31, 2016  One-to-four
family
residential
   All other
mortgage loans
   Commercial
business loans
   Consumer loans 
   (In thousands) 
Rating *                
     Pass (Risk 1-4)  $189,975   $119,503   $22,427   $2,193 
     Special Mention (Risk 5)                
     Substandard (Risk 6)   3,449    2,454    788     
Total  $193,424   $121,957   $23,215   $2,193 

 

December 31, 2015  One-to-four
family
residential
   All other
mortgage loans
   Commercial
business loans
   Consumer loans 
   (In thousands) 
Rating *                
     Pass (Risk 1-4)  $172,617   $100,961   $17,893   $1,904 
     Special Mention (Risk 5)   1,406    1,881    105     
     Substandard (Risk 6)   5,709    2,279    33     
Total  $179,732   $105,121   $18,031   $1,904 

 

* Ratings are generally assigned to consumer and residential mortgage loans on a “pass” or “fail” basis, where “fail” results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank’s loan policy that produces a risk rating as described below.

Schedule of Aging Analysis of Loans Receivable

The following tables present the Bank’s loan portfolio aging analysis as of December 31, 2016 and 2015:

 

December 31, 2016  30-59 Days
Past Due
   60-89 Days
Past Due
   Greater
Than 90
Days
   Total Past
Due
   Current   Total
Loans
Receivable
 
   (In thousands) 
One-to-four family
     residential loans
  $442   $419   $959   $1,820   $191,604   $193,424 
All other mortgage
     loans
           63    63    121,894    121,957 
Commercial business loans   16        22    38    23,177    23,215 
Consumer loans   8            8    2,185    2,193 
Total  $466   $419   $1,044   $1,929   $338,860   $340,789 
                               

 

December 31, 2015  30-59 Days
Past Due
   60-89 Days
Past Due
   Greater
Than 90
Days
   Total Past
Due
   Current   Total Loans
Receivable
 
   (In thousands) 
One-to-four family
     residential loans
  $516   $329   $903   $1,748   $177,984   $179,732 
All other mortgage
     loans
   298        209    507    104,614    105,121 
Commercial business loans   68            68    17,963    18,031 
Consumer loans                   1,904    1,904 
Total  $882   $329   $1,112   $2,323   $302,465   $304,788 
 
Schedule of Non-accrual Loans

Non-accrual loans were comprised of the following at December 31, 2016 and 2015:

Non-accrual loans  2016   2015 
   (In thousands) 
One-to-four family residential loans  $1,473   $1,733 
Nonresidential real estate loans   85    208 
All other mortgage loans        
Commercial business loans        
Consumer loans        
Total  $1,558   $1,941 

 

Schedule of Impaired Loans

The following tables present impaired loans as of and for the years ended December 31, 2016 and 2015:

 

December 31, 2016  Recorded
Balance
   Unpaid
Principal
Balance
   Specific
Allowance
   Average
Investment in
Impaired Loans
   Interest
Income
Recognized
 
   (In thousands) 
Loans without a specific
     Valuation allowance
                         
One-to-four family
     residential loans
  $1,121   $1,189   $   $1,019   $37 
All other mortgage loans   226    226        838    19 
Commercial business
     loans
                    
                          
Loans with a specific
     valuation allowance
                         
One-to-four family
     residential loans
   406    406    323    622     
All other mortgage loans   841    841    151    335    49 
Commercial business
     loans
   547    547    184    168    1 
                          
Total:                         
One-to-four family
     residential loans
  $1,527   $1,595   $323   $1,641   $37 
All other mortgage loans   1,067    1,067    151    1,173    68 
Commercial business
     loans
   547    547    184    168    1 
   $3,141   $3,209   $658   $2,982   $106 

 

December 31, 2015  Recorded
Balance
   Unpaid
Principal
Balance
   Specific
Allowance
   Average
Investment in
Impaired Loans
   Interest
Income
Recognized
 
   (In thousands) 
Loans without a specific
     valuation allowance
                         
One-to-four family
     residential loans
  $1,224   $1,238   $   $1,493   $44 
All other mortgage loans               532     
Commercial business
     loans
               9     
Loans with a specific
     valuation allowance
                         
One-to-four family
     residential loans
   1,565    1,875    506    1,347    56 
All other mortgage loans   1,061    1,061    13    575    71 
Commercial business
     loans
   33    33    33    82    1 
                          
Total:                         
One-to-four family
     residential loans
  $2,789   $3,113   $506   $2,840   $100 
All other mortgage loans   1,061    1,061    13    1,107    71 
Commercial business
     loans
   33    33    33    91    1 
   $3,883   $4,207   $552   $4,038   $172 
Schedule of Troubled Debt Restructurings

The following tables present information regarding newly classified troubled debt restructurings by class for the years ended December 31, 2016 and 2015.

 

Troubled Debt Restructurings  Number of
loans
   Pre-modification
Unpaid Principal
Balance
   Post-modification
Unpaid Principal
Balance
 
       (dollars in thousands) 
December 31, 2016            
One-to-four family residential loans   8   $406   $406 
Commercial business loans   4    508    508 
     Total   12   $914   $914 
                
December 31, 2015               
One-to-four family residential loans   1   $17   $17 
Schedule of balance of mortgage loans collateralized by residential real estate properties held as foreclosed assets

The following table presents the balance of mortgage loans collateralized by residential real estate properties held as foreclosed assets at December 31, 2016 and December 31, 2015.

 

   December 31, 2016   December 31, 2015 
   Recorded Investment 
   (In thousands) 
One-to-four family residential loans  $2   $14 

 

Schedule of balance of mortgage loans collateralized by residential real estate properties that are in formal process of foreclosure

The following table presents the balance of those mortgage loans collateralized by residential real estate properties that are in the formal process of foreclosure at December 31, 2016 and December 31, 2015.

   December 31, 2016   December 31, 2015 
   Recorded Investment 
   (In thousands) 
One-to-four family residential loans  $97   $171