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LOANS (Tables)
 9 Months Ended
Sep. 30, 2014
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of components of loans
  At September 30,  At December 31, 
  2014  2013 
  Amount  Percent  Amount  Percent 
Real estate loans:                
One-to-four family $118,018,468   29.6% $118,884,453   31.4%
Multi-family  37,203,901   9.4   40,262,269   10.7 
Commercial  125,299,492   31.5   120,839,112   32.0 
Construction and land  29,521,120   7.4   12,848,111   3.4 
   310,042,981   77.9   292,833,945   77.5 
                 
Commercial business  73,887,739   18.6   71,940,431   19.0 
                 
Consumer:                
Home equity  12,478,053   3.1   11,712,701   3.1 
Automobile and other  1,399,498   0.4   1,525,594   0.4 
   13,877,551   3.5   13,238,295   3.5 
                 
Total gross loans  397,808,271   100.0%  378,012,671   100.0%
Deferred loan origination costs, net  182,022       146,959     
Allowance for loan losses  (5,790,519)      (5,590,668)    
                 
Loans, net $392,199,774      $372,568,962     
Schedule of past-due loans
September 30, 2014
                      
  Loans
30-59 Days Past 
Due		  Loans
60-89 Days Past 
Due		  Loans
90 or More 
Days Past Due		  Total
Past Due Loans		  Current
Loans		  Total  Accruing Loans
90 or More
Days Past Due		 
Real estate loans:                            
One-to-four family $-  $302,334  $331,715  $634,049  $117,384,419  $118,018,468  $- 
Multi-family  -   -   -   -   37,203,901   37,203,901   - 
Commercial  819,357   -   34,805   854,162   124,445,330   125,299,492   - 
Construction and land  -   -   -   -   29,521,120   29,521,120   - 
   819,357   302,334   366,520   1,488,211   308,554,770   310,042,981   - 
                             
Commercial business  44,623   6,206   -   50,829   73,836,910   73,887,739   - 
                             
Consumer:                            
Home equity  -   346,382   38,924   385,306   12,092,747   12,478,053   - 
Automobile and other  -   -   -   -   1,399,498   1,399,498   - 
   -   346,382   38,924   385,306   13,492,245   13,877,551   - 
                             
Total $863,980  $654,922  $405,444  $1,924,346  $395,883,925  $397,808,271  $- 
 
December 31, 2013
                      
  Loans
30-59 Days Past 
Due		  Loans
60-89 Days Past
Due		  Loans
90 or More
Days Past Due		  Total
Past Due Loans		  Current
Loans		  Total  Accruing Loans
90 or More
Days Past Due		 
Real estate loans:                            
One-to-four family $631,656  $116,090  $673,677  $1,421,423  $117,463,030  $118,884,453  $- 
Multi-family  -   -   -   -   40,262,269   40,262,269   - 
Commercial  15,162   -   30,016   45,178   120,793,934   120,839,112   - 
Construction and land  -   -   -   -   12,848,111   12,848,111   - 
   646,818   116,090   703,693   1,466,601   291,367,344   292,833,945   - 
                             
Commercial business  4,719   -   -   4,719   71,935,712   71,940,431   - 
                             
Consumer:                            
Home equity  40,473   -   30,047   70,520   11,642,181   11,712,701   - 
Automobile and other  -   -   -   -   1,525,594   1,525,594   - 
   40,473   -   30,047   70,520   13,167,775   13,238,295   - 
                             
Total $692,010  $116,090  $733,740  $1,541,840  $376,470,831  $378,012,671  $- 
Schedule of non-accrual loans
  September 30,  December 31, 
  2014  2013 
Real estate loans:        
One-to-four family $626,082  $1,671,324 
Multi-family  1,371,080   2,100,064 
Commercial  1,265,044   1,388,887 
Construction and land  1,362,047   1,141,057 
   4,624,253   6,301,332 
         
Commercial business  675,454   - 
         
Consumer:        
Home equity  38,924   144,800 
         
Total non-accrual loans $5,338,631  $6,446,132 
Schedule of activity in the allowance for loan losses
Three months ended September 30, 2014
                
  Beginning
Balance		  Charge-offs  Recoveries  Provision  Ending Balance 
Real estate loans:                    
One-to-four family $1,225,852  $-  $465,270  $(593,575) $1,097,547 
Multi-family  438,431   -   -   (31,035)  407,396 
Commercial  1,709,815   -   -   133,384   1,843,199 
Construction and land  1,011,316   -   -   315,997   1,327,313 
   4,385,414   -   465,270   (175,229)  4,675,455 
                     
Commercial business  997,689   -   (600)  (64,303)  932,786 
                     
Consumer                    
Home equity  172,037   -   7,465   (5,168)  174,334 
Automobile and other  12,769   -   475   (5,300)  7,944 
   184,806   -   7,940   (10,468)  182,278 
                     
Total $5,567,909  $-  $472,610  $(250,000) $5,790,519 
 
Three months ended September 30, 2013
                
  Beginning
Balance		  Charge-offs  Recoveries  Provision  Ending Balance 
Real estate loans:                    
One-to-four family $1,011,386  $(199,030) $418  $122,716  $935,490 
Multi-family  559,998   -   -   92,785   652,783 
Commercial  1,073,664   (49,499)  204,091   210,213   1,438,469 
Construction and land  1,512,094   -   57,000   (259,470)  1,309,624 
   4,157,142   (248,529)  261,509   166,244   4,336,366 
                     
Commercial business  1,195,622   (10,328)  15,997   (116,554)  1,084,737 
                     
Consumer                    
Home equity  120,776   -   233   (7,720)  113,289 
Automobile and other  5,158   -   6,023   (6,970)  4,211 
   125,934   -   6,256   (14,690)  117,500 
                     
Total $5,478,698  $(258,857) $283,762  $35,000  $5,538,603 

  

Nine months ended September 30, 2014
                
  Beginning
Balance		  Charge-offs  Recoveries  Provision  Ending Balance 
Real estate loans:                    
One-to-four family $1,424,663  $(219,163) $466,287  $(574,240) $1,097,547 
Multi-family  661,358   -   -   (253,962)  407,396 
Commercial  1,454,455   (1,876)  -   390,620   1,843,199 
Construction and land  668,085   -   230,000   429,228   1,327,313 
   4,208,561   (221,039)  696,287   (8,354)  4,675,455 
                     
Commercial business  1,219,080   -   8,116   (294,410)  932,786 
                     
Consumer:                    
Home equity  116,478   (43,519)  9,381   91,994   174,334 
Automobile and other  46,549   -   625   (39,230)  7,944 
   163,027   (43,519)  10,006   52,764   182,278 
                     
Total $5,590,668  $(264,558) $714,409  $(250,000) $5,790,519 
 
Nine months ended September 30, 2013
                
  Beginning
Balance		  Charge-offs  Recoveries  Provision  Ending Balance 
Real estate loans:                    
One-to-four family $847,285  $(502,265) $17,036  $573,434  $935,490 
Multi-family  958,303   (482,478)  -   176,958   652,783 
Commercial  1,268,081   (216,750)  204,681   182,457   1,438,469 
Construction and land  1,413,002   -   214,268   (317,646)  1,309,624 
   4,486,671   (1,201,493)  435,985   615,203   4,336,366 
                     
Commercial business  1,296,114   (135,114)  23,967   (100,230)  1,084,737 
                     
Consumer:                    
Home equity  151,625   (13,009)  233   (25,560)  113,289 
Automobile and other  10,175   (7,574)  6,023   (4,413)  4,211 
   161,800   (20,583)  6,256   (29,973)  117,500 
                     
Total $5,944,585  $(1,357,190) $466,208  $485,000  $5,538,603 
Schedule of allocation of the allowance for loan losses and the loan balances between loans evaluated both individually and collectively
September 30, 2014
                   
  Period-end allowance allocated to loans:  Loans evaluated for impairment: 
  Individually
evaluated for
impairment		  Collectively
evaluated for
impairment		  Ending
Balance		  Individually  Collectively  Ending Balance 
Real estate loans:                        
One-to-four family $103,569  $993,978  $1,097,547  $1,210,236  $116,808,232  $118,018,468 
Multi-family  -   407,396   407,396   1,842,865   35,361,036   37,203,901 
Commercial  149,971   1,693,228   1,843,199   2,304,185   122,995,307   125,299,492 
Construction and land  107   1,327,206   1,327,313   1,574,294   27,946,826   29,521,120 
   253,647   4,421,808   4,675,455   6,931,580   303,111,401   310,042,981 
                         
Commercial business  119,948   812,838   932,786   795,402   73,092,337   73,887,739 
                         
Consumer:                        
Home equity  -   174,334   174,334   56,386   12,421,667   12,478,053 
Automobile and other  -   7,944   7,944   -   1,399,498   1,399,498 
   -   182,278   182,278   56,386   13,821,165   13,877,551 
                         
Total $373,595  $5,416,924  $5,790,519  $7,783,368  $390,024,903  $397,808,271 
 
December 31, 2013
                   
  Period-end allowance allocated to loans:  Loans evaluated for impairment: 
  Individually
evaluated for
impairment		  Collectively
evaluated for
impairment		  Ending Balance  Individually  Collectively  Ending Balance 
Real estate loans:                        
One-to-four family $160,881  $1,263,782  $1,424,663  $1,720,101  $117,164,352  $118,884,453 
Multi-family  -   661,358   661,358   2,100,064   38,162,205   40,262,269 
Commercial  195,103   1,259,352   1,454,455   1,978,525   118,860,587   120,839,112 
Construction and land  10,315   657,770   668,085   1,141,057   11,707,054   12,848,111 
   366,299   3,842,262   4,208,561   6,939,747   285,894,198   292,833,945 
                         
Commercial business  131,774   1,087,306   1,219,080   131,774   71,808,657   71,940,431 
                         
Consumer:                        
Home equity  8,602   107,876   116,478   162,449   11,550,252   11,712,701 
Automobile and other  -   46,549   46,549   -   1,525,594   1,525,594 
   8,602   154,425   163,027   162,449   13,075,846   13,238,295 
                         
Total $506,675  $5,083,993  $5,590,668  $7,233,970  $370,778,701  $378,012,671 
Schedule of credit quality indicators
September 30, 2014
                
  Pass  Special Mention  Substandard  Doubtful  Total 
Real estate loans:                    
One-to-four family $116,575,339  $280,990  $998,297  $163,842  $118,018,468 
Multi-family  33,110,684   2,722,138   1,371,079   -   37,203,901 
Commercial  110,632,286   10,665,461   4,001,745   -   125,299,492 
Construction and land  27,886,725   -   1,634,395   -   29,521,120 
   288,205,034   13,668,589   8,005,516   163,842   310,042,981 
                     
Commercial business  72,168,789   923,548   795,402   -   73,887,739 
                     
Consumer:                    
Home equity  12,409,165   29,964   38,924   -   12,478,053 
Automobile and other  1,399,498   -   -   -   1,399,498 
   13,808,663   29,964   38,924   -   13,877,551 
                     
Total $374,182,486  $14,622,101  $8,839,842  $163,842  $397,808,271 
 
December 31, 2013
                
  Pass  Special Mention  Substandard  Doubtful  Total 
Real estate loans:                    
One-to-four family $115,491,532  $1,672,820  $1,367,925  $352,176  $118,884,453 
Multi-family  35,412,469   2,749,736   2,100,064   -   40,262,269 
Commercial  110,571,786   5,902,447   4,334,863   30,016   120,839,112 
Construction and land  11,583,780   -   1,264,331   -   12,848,111 
   273,059,567   10,325,003   9,067,183   382,192   292,833,945 
                     
Commercial business  71,074,289   534,368   331,774   -   71,940,431 
                     
Consumer:                    
Home equity  11,518,523   31,730   132,401   30,047   11,712,701 
Automobile and other  1,525,594   -   -   -   1,525,594 
   13,044,117   31,730   132,401   30,047   13,238,295 
                     
Total $357,177,973  $10,891,101  $9,531,358  $412,239  $378,012,671 
Schedule of impaired loans

 

    As of September 30, 2014     As of December 31, 2013  
                                     
    Unpaid
Contractual
Principal
Balance		     Recorded
Investment		     Allowance for
Loan Losses
Allocated		     Unpaid
Contractual
Principal
Balance		     Recorded
Investment		     Allowance for
Loan Losses
Allocated		  
With no related allowance recorded:                                                
Real estate loans:                                                
One-to-four family   $ 597,011     $ 500,252     $ -     $ 1,082,196     $ 899,959     $ -  
Multi-family     2,477,263       1,842,865       -       2,734,462       2,100,064       -  
Commercial     779,422       779,422       -       808,008       808,008       -  
Construction and land     3,135,281       1,362,047       -       1,986,485       213,251       -  
      6,988,977       4,484,586       -       6,611,151       4,021,282       -  
                                                 
Commercial business     675,454       675,454       -       -       -       -  
                                                 
Consumer:                                                
Home equity     56,386       56,386       -       132,402       132,402       -  
                                                 
Subtotal   $ 7,720,817     $ 5,216,426     $ -     $ 6,743,553     $ 4,153,684     $ -  
                                                 
With an allowance recorded:                                                
Real estate loans:                                                
One-to-four family   $ 763,492     $ 709,984     $ 103,569     $ 864,017     $ 820,142     $ 160,881  
Multi-family     -       -       -       -       -       -  
Commercial     1,716,998       1,524,763       149,971       1,360,876       1,170,517       195,103  
Construction and land     212,247       212,247       107       927,806       927,806       10,315  
      2,692,737       2,446,994       253,647       3,152,699       2,918,465       366,299  
                                                 
Commercial business     119,948       119,948       119,948       131,774       131,774       131,774  
                                                 
Consumer:                                                
Home equity     -       -       -       30,047       30,047       8,602  
                                                 
Subtotal     2,812,685       2,566,942       373,595       3,314,520       3,080,286       506,675  
Total   $ 10,533,502     $ 7,783,368     $ 373,595     $ 10,058,073     $ 7,233,970     $ 506,675  

 

 

    For the three months ended September 30, 2014     For the three months ended September 30, 2013  
                                     
    Average
Recorded
Investment		     Interest Income
Recognized		     Cash Basis
Interest
Recognized		     Average
Recorded
Investment		     Interest Income
Recognized		     Cash Basis
Interest
Recognized		  
With no related allowance recorded:                                                
Real estate loans:                                                
One-to-four family   $ 508,560     $ 763     $ -     $ 1,146,644     $ 517     $ -  
Multi-family     1,842,099       30       -       1,322,609       -       -  
Commercial     909,202       -       -       1,730,282       10,134       -  
Construction and land     1,001,091       -       -       1,450,938       -       -  
      4,260,952       793       -       5,650,473       10,651       -  
                                                 
Commercial business     677,727       -       -       28,911       -       -  
                                                 
Consumer:                                                
Home equity     114,922       264       -       126,655       315       -  
Automobile and other     -       -       -       -       -       -  
      114,922       264       -       126,655       315       -  
Subtotal   $ 5,053,601     $ 1,057     $ -     $ 5,806,039     $ 10,966     $ -  
                                                 
With an allowance recorded:                                                
Real estate loans:                                                
One-to-four family   $ 677,011     $ 5,945     $ -     $ 1,197,003     $ -     $ -  
Multi-family     -       -       -       1,106,998       -       -  
Commercial     1,318,324       4,481       -       552,825       -       -  
Construction and land     106,123       2,430       -       -       -       -  
      2,101,458       12,856       -       2,856,826       -       -  
                                                 
Commercial business     121,912       2,465       -       342,867       2,318       -  
                                                 
Consumer:                                                
Home equity     -       -       -       37,060       -       -  
Automobile and other     -       -       -       -       -       -  
      -       -       -       37,060       -       -  
Subtotal     2,223,370       15,321       -       3,236,753       2,318       -  
Total   $ 7,276,971     $ 16,378     $ -     $ 9,042,792     $ 13,284     $ -  

 

 

    For the nine months ended September 30, 2014     For the nine months ended September 30, 2013  
                                     
    Average
Recorded
Investment		     Interest Income
Recognized		     Cash Basis
Interest
Recognized		     Average
Recorded
Investment		     Interest Income
Recognized		     Cash Basis
Interest
Recognized		  
With no related allowance recorded:                                                
Real estate loans:                                                
One-to-four family   $ 742,155     $ 1,726     $ -     $ 1,040,242     $ 517     $ -  
Multi-family     1,499,240       30       -       773,675       -       -  
Commercial     863,767       7,709       -       2,329,088       10,134       -  
Construction and land     826,652       -       -       1,768,331       -       -  
      3,931,814       9,465       -       5,911,336       10,651       -  
                                                 
Commercial business     338,864       -       -       15,096       -       -  
                                                 
Consumer:                                                
Home equity     125,947       838       -       140,974       315       -  
Automobile and other     -       -       -       1,137       -       -  
      125,947       838       -       142,111       315       -  
Subtotal   $ 4,396,625     $ 10,303     $ -     $ 6,068,543     $ 10,966     $ -  
                                                 
With an allowance recorded:                                                
Real estate loans:                                                
One-to-four family   $ 673,152     $ 5,945     $ -     $ 1,104,666     $ -     $ -  
Multi-family     414,444       -       -       1,930,451       -       -  
Commercial     1,285,412       7,667       -       569,846       -       -  
Construction and land     285,013       2,430       -       -       -       -  
      2,658,021       16,042       -       3,604,963       -       -  
                                                 
Commercial business     125,867       7,190       -       311,683       2,548       -  
                                                 
Consumer:                                                
Home equity     7,512       -       -       32,347       -       -  
Automobile and other     -       -       -       3,380       -       -  
      7,512       -       -       35,727       -       -  
Subtotal     2,791,400       23,232       -     $ 3,952,373     $ 2,548     $ -  
Total   $ 7,188,025     $ 33,535     $ -     $ 10,020,916     $ 13,514     $ -  
Schedule of loans by class that were modified as troubled debt restructurings
Three and nine months ended September 30, 2014
          
  Number of
Contracts		  Pre-Modification
Outstanding Recorded
Investment		  Post-Modification
Outstanding Recorded
Investment		 
Real estate loans:            
One-to-four family  2  $517,725  $512,242 
Construction and land  1   893,129   893,129 
             
Total  3  $1,410,854  $1,405,371 

  

Three months ended September 30, 2013
          
  Number of
Contracts		  Pre-Modification
Outstanding Recorded
Investment		  Post-Modification
Outstanding Recorded
Investment		 
Real estate loans:            
One-to-four family  1  $49,678  $49,000 
Commercial  3   809,404   809,404 
   4   859,082   858,404 
             
Commercial business  1   142,112   142,112 
             
Consumer:            
Home equity  1   18,778   17,722 
             
Total  6  $1,019,972  $1,018,238 

 

Nine months ended September 30, 2013
          
  Number of
Contracts		  Pre-Modification
Outstanding Recorded
Investment		  Post-Modification
Outstanding Recorded
Investment		 
Real estate loans:            
One-to-four family  5  $135,590  $134,277 
Commercial  3   809,404   809,404 
   8   944,994   943,681 
             
Commercial business  2   280,114   276,041 
             
Consumer:            
Home equity  1   18,778   17,722 
             
Total  11  $1,243,886  $1,237,444 
Schedule of troubled debt restructurings for which payment default within twelve months following the modification
  Three and nine months
ended September 30, 2014		 
       
  Number of
Contracts		  Recorded Investment
(as of period end)		 
Real estate loans:        
One-to-four family  4  $95,804 
         
Total  4  $95,804 

 

  Three and nine months
ended September 30, 2013		 
       
  Number of Contracts  Recorded Investment
(as of period end)		 
Real estate loans:        
One-to-four family  1  $53,152 
         
Total  1  $53,152