x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 75-3199276 |
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
15W060 North Frontage Road, Burr Ridge, Illinois 60527 | |
(Address of Principal Executive Offices) |
Large accelerated filer | ¨ | Accelerated filer | x | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
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Item 3. | ||
Item 4. | ||
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Item 2. | ||
Item 3. | ||
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Item 6. | ||
June 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Cash and due from other financial institutions | $ | 18,303 | $ | 20,361 | |||
Interest-bearing deposits in other financial institutions | 293,790 | 255,403 | |||||
Cash and cash equivalents | 312,093 | 275,764 | |||||
Securities, at fair value | 53,014 | 77,832 | |||||
Loans held-for-sale | 276 | 2,166 | |||||
Loans receivable, net of allowance for loan losses: June 30, 2013, $17,097 and December 31, 2012, $18,035 | 1,012,316 | 1,030,465 | |||||
Other real estate owned, net | 6,262 | 10,358 | |||||
Stock in Federal Home Loan Bank, at cost | 6,068 | 8,412 | |||||
Premises and equipment, net | 36,830 | 38,251 | |||||
Accrued interest receivable | 3,750 | 4,146 | |||||
Core deposit intangible | 2,732 | 3,038 | |||||
Bank owned life insurance | 21,797 | 21,645 | |||||
FDIC prepaid expense | — | 2,658 | |||||
Income tax receivable | — | 461 | |||||
Other assets | 5,994 | 5,996 | |||||
Total assets | $ | 1,461,132 | $ | 1,481,192 | |||
Liabilities: | |||||||
Deposits | |||||||
Noninterest-bearing | $ | 137,146 | $ | 134,597 | |||
Interest-bearing | 1,124,950 | 1,147,754 | |||||
Total deposits | 1,262,096 | 1,282,351 | |||||
Borrowings | 2,940 | 5,567 | |||||
Advance payments by borrowers taxes and insurance | 10,619 | 10,705 | |||||
Accrued interest payable and other liabilities | 12,248 | 9,679 | |||||
Total liabilities | 1,287,903 | 1,308,302 | |||||
Commitments and contingent liabilities | |||||||
Stockholders’ equity: | |||||||
Preferred Stock, $0.01 par value, 25,000,000 shares authorized, none issued or outstanding | — | — | |||||
Common Stock, $0.01 par value, 100,000,000 shares authorized; 21,101,966 shares issued at June 30, 2013 and 21,072,966 shares at December 31, 2012 | 211 | 211 | |||||
Additional paid-in capital | 193,556 | 193,590 | |||||
Retained earnings (deficit) | (9,464 | ) | (9,796 | ) | |||
Unearned Employee Stock Ownership Plan shares | (11,748 | ) | (12,233 | ) | |||
Accumulated other comprehensive income | 674 | 1,118 | |||||
Total stockholders’ equity | 173,229 | 172,890 | |||||
Total liabilities and stockholders’ equity | $ | 1,461,132 | $ | 1,481,192 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest and dividend income | |||||||||||||||
Loans, including fees | $ | 11,854 | $ | 15,312 | 24,132 | 31,424 | |||||||||
Securities | 219 | 387 | 469 | 829 | |||||||||||
Other | 203 | 125 | 388 | 205 | |||||||||||
Total interest income | 12,276 | 15,824 | 24,989 | 32,458 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 933 | 1,084 | 1,919 | 2,298 | |||||||||||
Borrowings | 2 | 28 | 10 | 54 | |||||||||||
Total interest expense | 935 | 1,112 | 1,929 | 2,352 | |||||||||||
Net interest income | 11,341 | 14,712 | 23,060 | 30,106 | |||||||||||
Provision for loan losses | 206 | 1,745 | 928 | 2,741 | |||||||||||
Net interest income after provision for loan losses | 11,135 | 12,967 | 22,132 | 27,365 | |||||||||||
Noninterest income | |||||||||||||||
Deposit service charges and fees | 509 | 521 | 1,008 | 1,078 | |||||||||||
Other fee income | 410 | 383 | 785 | 768 | |||||||||||
Insurance commissions and annuities income | 86 | 112 | 195 | 234 | |||||||||||
Gain (loss) on sale of loans, net | (4 | ) | 118 | 1,413 | 385 | ||||||||||
Loss on disposition of premises and equipment, net | — | (157 | ) | — | (157 | ) | |||||||||
Loan servicing fees | 114 | 119 | 237 | 247 | |||||||||||
Amortization and impairment of servicing assets | (76 | ) | (98 | ) | (109 | ) | (180 | ) | |||||||
Earnings on bank owned life insurance | 82 | 120 | 152 | 246 | |||||||||||
Trust | 183 | 190 | 364 | 374 | |||||||||||
Other | 205 | 110 | 330 | 255 | |||||||||||
1,509 | 1,418 | 4,375 | 3,250 | ||||||||||||
Noninterest expense | |||||||||||||||
Compensation and benefits | 6,686 | 6,481 | 13,438 | 13,160 | |||||||||||
Office occupancy and equipment | 1,805 | 2,105 | 3,753 | 4,137 | |||||||||||
Advertising and public relations | 268 | 224 | 414 | 330 | |||||||||||
Information technology | 816 | 825 | 1,565 | 1,673 | |||||||||||
Supplies, telephone, and postage | 403 | 362 | 864 | 752 | |||||||||||
Amortization of intangibles | 150 | 157 | 306 | 320 | |||||||||||
Nonperforming asset management | 655 | 1,117 | 1,349 | 2,357 | |||||||||||
Operations of other real estate owned | 422 | 1,691 | 933 | 2,243 | |||||||||||
FDIC insurance premiums | 477 | 309 | 969 | 657 | |||||||||||
Other | 886 | 773 | 2,162 | 1,851 | |||||||||||
12,568 | 14,044 | 25,753 | 27,480 | ||||||||||||
Income before income taxes | 76 | 341 | 754 | 3,135 | |||||||||||
Income tax benefit | — | (457 | ) | — | — | ||||||||||
Net income | $ | 76 | $ | 798 | $ | 754 | $ | 3,135 | |||||||
Basic earnings per common share | $ | — | $ | 0.04 | $ | 0.04 | $ | 0.16 | |||||||
Diluted earnings per common share | $ | — | $ | 0.04 | $ | 0.04 | $ | 0.16 | |||||||
Weighted average common shares outstanding | 19,989,757 | 19,860,419 | 19,976,964 | 19,847,846 | |||||||||||
Diluted weighted average common shares outstanding | 19,990,313 | 19,860,419 | 19,977,171 | 19,847,846 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 76 | $ | 798 | $ | 754 | $ | 3,135 | |||||||
Unrealized holding gain (loss) arising during the period, net of tax | (320 | ) | 19 | (444 | ) | (36 | ) | ||||||||
Amount reclassified from accumulated other comprehensive income | — | — | — | — | |||||||||||
Net current period other comprehensive gain (loss) | (320 | ) | 19 | (444 | ) | (36 | ) | ||||||||
Comprehensive income (loss) | $ | (244 | ) | $ | 817 | $ | 310 | $ | 3,099 |
Common Stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Unearned Employee Stock Ownership Plan Shares | Accumulated Other Comprehen-sive Income | Total | ||||||||||||||||||
Balance at January 1, 2012 | $ | 211 | $ | 193,801 | $ | 17,946 | $ | (13,212 | ) | $ | 1,111 | $ | 199,857 | ||||||||||
Net income | — | — | 3,135 | — | — | 3,135 | |||||||||||||||||
Other comprehensive income, net of tax effects | — | — | — | — | (36 | ) | (36 | ) | |||||||||||||||
Nonvested stock awards-stock-based compensation expense | — | 41 | — | — | — | 41 | |||||||||||||||||
Cash dividends declared on common stock ($0.02 per share) | — | — | (422 | ) | — | — | (422 | ) | |||||||||||||||
ESOP shares earned | — | (119 | ) | — | 487 | — | 368 | ||||||||||||||||
Balance at June 30, 2012 | $ | 211 | $ | 193,723 | $ | 20,659 | $ | (12,725 | ) | $ | 1,075 | $ | 202,943 | ||||||||||
Balance at January 1, 2013 | $ | 211 | $ | 193,590 | $ | (9,796 | ) | $ | (12,233 | ) | $ | 1,118 | $ | 172,890 | |||||||||
Net income | — | — | 754 | — | — | 754 | |||||||||||||||||
Other comprehensive income, net of tax effects | — | — | — | — | (444 | ) | (444 | ) | |||||||||||||||
Nonvested stock awards-stock-based compensation expense | — | 38 | — | — | — | 38 | |||||||||||||||||
Cash dividends declared on common stock ($0.02 per share) | — | — | (422 | ) | — | — | (422 | ) | |||||||||||||||
ESOP shares earned | — | (72 | ) | — | 485 | — | 413 | ||||||||||||||||
Balance at June 30, 2013 | $ | 211 | $ | 193,556 | $ | (9,464 | ) | $ | (11,748 | ) | $ | 674 | $ | 173,229 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities | |||||||
Net income | $ | 754 | $ | 3,135 | |||
Adjustments to reconcile to net income to net cash from operating activities | |||||||
Provision for loan losses | 928 | 2,741 | |||||
ESOP shares earned | 413 | 368 | |||||
Stock–based compensation expense | 38 | 41 | |||||
Depreciation and amortization | 2,221 | 2,283 | |||||
Amortization of premiums and discounts on securities and loans | (414 | ) | (1,633 | ) | |||
Amortization of core deposit and other intangible assets | 306 | 320 | |||||
Amortization and impairment of servicing assets | 109 | 180 | |||||
Net change in net deferred loan origination costs | (53 | ) | 127 | ||||
Net loss (gain) on sale of other real estate owned | 118 | (84 | ) | ||||
Net gain on sale of loans | (1,413 | ) | (385 | ) | |||
Net loss disposition of premises and equipment | — | 157 | |||||
Loans originated for sale | (7,601 | ) | (9,585 | ) | |||
Proceeds from sale of loans | 8,182 | 11,383 | |||||
Other real estate owned valuation adjustments | 230 | 1,425 | |||||
Net change in: | |||||||
Accrued interest receivable | 396 | 1,046 | |||||
Earnings on bank owned life insurance | (152 | ) | (246 | ) | |||
Other assets | 2,237 | 56 | |||||
Accrued interest payable and other liabilities | 34 | (1,963 | ) | ||||
Net cash from operating activities | 6,333 | 9,366 | |||||
Cash flows from investing activities | |||||||
Securities | |||||||
Proceeds from maturities | 21,268 | 21,189 | |||||
Proceeds from principal repayments | 8,724 | 9,700 | |||||
Purchases of securities | (3,175 | ) | (13,184 | ) | |||
Loans receivable | |||||||
Principal payments on loans receivable | 228,608 | 281,548 | |||||
Purchases of loans | — | (398 | ) | ||||
Originated for investment | (213,704 | ) | (177,554 | ) | |||
Proceeds from sale of loans | 2,868 | — | |||||
Proceeds of redemption of Federal Home Loan Bank of Chicago stock | 2,344 | 6,186 | |||||
Proceeds from sale of other real estate owned | 6,478 | 7,455 | |||||
Purchase of premises and equipment, net | (25 | ) | (1,495 | ) | |||
Net cash from investing activities | 53,386 | 133,447 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from financing activities | |||||||
Net change in deposits | $ | (20,255 | ) | $ | (42,969 | ) | |
Net change in borrowings | (2,627 | ) | 759 | ||||
Net change in advance payments by borrowers for taxes and insurance | (86 | ) | (178 | ) | |||
Cash dividends paid on common stock | (422 | ) | (422 | ) | |||
Net cash used in financing activities | (23,390 | ) | (42,810 | ) | |||
Net change in cash and cash equivalents | 36,329 | 100,003 | |||||
Beginning cash and cash equivalents | 275,764 | 120,704 | |||||
Ending cash and cash equivalents | $ | 312,093 | $ | 220,707 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 1,951 | $ | 2,378 | |||
Income taxes paid | — | — | |||||
Income taxes refunded | 461 | 1,115 | |||||
Loans transferred to other real estate owned | 2,756 | 3,766 | |||||
Due to broker for purchase of securities not settled | 2,535 | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income available to common stockholders | $ | 76 | $ | 798 | $ | 754 | $ | 3,135 | |||||||
Average common shares outstanding | 21,088,263 | 21,072,966 | 21,080,657 | 21,072,966 | |||||||||||
Less: | |||||||||||||||
Unearned ESOP shares | (1,084,709 | ) | (1,209,023 | ) | (1,096,757 | ) | (1,221,191 | ) | |||||||
Unvested restricted stock shares | (13,797 | ) | (3,524 | ) | (6,936 | ) | (3,929 | ) | |||||||
Weighted average common shares outstanding | 19,989,757 | 19,860,419 | 19,976,964 | 19,847,846 | |||||||||||
Add - Net effect of dilutive stock options and unvested restricted stock | 556 | — | 207 | — | |||||||||||
Diluted weighted average common shares outstanding | 19,990,313 | 19,860,419 | 19,977,171 | 19,847,846 | |||||||||||
Basic earnings per common share | $ | — | $ | 0.04 | $ | 0.04 | $ | 0.16 | |||||||
Diluted earnings per common share | $ | — | $ | 0.04 | $ | 0.04 | $ | 0.16 | |||||||
Number of antidilutive stock options excluded from the diluted earnings per share calculation | — | 1,881,053 | — | 1,881,053 | |||||||||||
Weighted average exercise price of anti-dilutive option shares | $ | — | $ | 16.58 | $ | — | $ | 16.58 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
June 30, 2013 | |||||||||||||||
Certificates of deposit | $ | 15,639 | $ | — | $ | — | $ | 15,639 | |||||||
Municipal securities | 350 | 12 | — | 362 | |||||||||||
Equity mutual fund | 500 | 7 | — | 507 | |||||||||||
Mortgage-backed securities - residential | 29,954 | 1,439 | (127 | ) | 31,266 | ||||||||||
Collateralized mortgage obligations - residential | 5,175 | 33 | (7 | ) | 5,201 | ||||||||||
SBA-guaranteed loan participation certificates | 39 | — | — | 39 | |||||||||||
$ | 51,657 | $ | 1,491 | $ | (134 | ) | $ | 53,014 | |||||||
December 31, 2012 | |||||||||||||||
Certificates of deposit | $ | 33,456 | $ | — | $ | — | $ | 33,456 | |||||||
Municipal securities | 350 | 19 | — | 369 | |||||||||||
Equity mutual fund | 500 | 28 | — | 528 | |||||||||||
Mortgage-backed securities - residential | 32,572 | 1,661 | — | 34,233 | |||||||||||
Collateralized mortgage obligations - residential | 9,111 | 95 | (2 | ) | 9,204 | ||||||||||
SBA-guaranteed loan participation certificates | 42 | — | — | 42 | |||||||||||
$ | 76,031 | $ | 1,803 | $ | (2 | ) | $ | 77,832 |
June 30, 2013 | |||||||
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 15,809 | $ | 15,811 | |||
Due after one year through five years | 180 | 190 | |||||
15,989 | 16,001 | ||||||
Equity mutual fund | 500 | 507 | |||||
Mortgage-backed securities - residential | 29,954 | 31,266 | |||||
Collateralized mortgage obligations - residential | 5,175 | 5,201 | |||||
SBA-guaranteed loan participation certificates | 39 | 39 | |||||
$ | 51,657 | $ | 53,014 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||
Mortgage-backed securities - residential | $ | 2,488 | $ | (127 | ) | $ | — | $ | — | $ | 2,488 | $ | (127 | ) | |||||||||
Collateralized mortgage obligations - residential | — | — | 364 | (7 | ) | 364 | (7 | ) | |||||||||||||||
$ | 2,488 | $ | (127 | ) | $ | 364 | $ | (7 | ) | $ | 2,852 | $ | (134 | ) | |||||||||
December 31, 2012 | |||||||||||||||||||||||
Collateralized mortgage obligations - residential | $ | — | $ | — | $ | 1,956 | $ | (2 | ) | $ | 1,956 | $ | (2 | ) |
June 30, 2013 | December 31, 2012 | ||||||
One-to-four family residential real estate loans | $ | 200,181 | $ | 218,596 | |||
Multi-family mortgage loans | 353,924 | 352,019 | |||||
Nonresidential real estate loans | 255,429 | 264,672 | |||||
Construction and land loans | 7,152 | 8,552 | |||||
Commercial loans | 51,701 | 61,388 | |||||
Commercial leases | 157,606 | 139,783 | |||||
Consumer loans | 2,622 | 2,745 | |||||
Total loans | 1,028,615 | 1,047,755 | |||||
Net deferred loan origination costs | 798 | 745 | |||||
Allowance for loan losses | (17,097 | ) | (18,035 | ) | |||
Loans, net | $ | 1,012,316 | $ | 1,030,465 |
Allowance for loan losses | Loan Balances | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | Purchased impaired loans | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Purchased impaired loans | Collectively evaluated for impairment | Total | ||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||
One-to-four family residential real estate loans | $ | 47 | $ | 2 | $ | 3,866 | $ | 3,915 | $ | 5,115 | $ | 396 | $ | 194,670 | $ | 200,181 | |||||||||||||||
Multi-family mortgage loans | 629 | — | 4,057 | 4,686 | 12,642 | — | 341,282 | 353,924 | |||||||||||||||||||||||
Nonresidential real estate loans | 352 | — | 5,341 | 5,693 | 6,750 | 1,607 | 247,072 | 255,429 | |||||||||||||||||||||||
Construction and land loans | 135 | 50 | 621 | 806 | 1,604 | 997 | 4,551 | 7,152 | |||||||||||||||||||||||
Commercial loans | 34 | — | 1,071 | 1,105 | 651 | 21 | 51,029 | 51,701 | |||||||||||||||||||||||
Commercial leases | — | — | 798 | 798 | — | — | 157,606 | 157,606 | |||||||||||||||||||||||
Consumer loans | — | — | 94 | 94 | — | — | 2,622 | 2,622 | |||||||||||||||||||||||
$ | 1,197 | $ | 52 | $ | 15,848 | $ | 17,097 | $ | 26,762 | $ | 3,021 | $ | 998,832 | 1,028,615 | |||||||||||||||||
Net deferred loan origination costs | 798 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (17,097 | ) | |||||||||||||||||||||||||||||
Loans, net | $ | 1,012,316 |
Allowance for loan losses | Loan Balances | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | Purchased impaired loans | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Purchased impaired loans | Collectively evaluated for impairment | Total | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||
One-to-four family residential real estate loans | $ | 137 | $ | 5 | $ | 4,584 | $ | 4,726 | $ | 5,256 | $ | 380 | $ | 212,960 | $ | 218,596 | |||||||||||||||
Multi-family mortgage loans | 729 | — | 3,851 | 4,580 | 4,801 | — | 347,218 | 352,019 | |||||||||||||||||||||||
Nonresidential real estate loans | 401 | 8 | 5,136 | 5,545 | 11,918 | 2,568 | 250,186 | 264,672 | |||||||||||||||||||||||
Construction and land loans | 294 | 96 | 641 | 1,031 | 2,210 | 1,021 | 5,321 | 8,552 | |||||||||||||||||||||||
Commercial loans | 23 | 1 | 1,300 | 1,324 | 256 | 20 | 61,112 | 61,388 | |||||||||||||||||||||||
Commercial leases | — | — | 666 | 666 | — | — | 139,783 | 139,783 | |||||||||||||||||||||||
Consumer loans | — | — | 163 | 163 | — | — | 2,745 | 2,745 | |||||||||||||||||||||||
$ | 1,584 | $ | 110 | $ | 16,341 | $ | 18,035 | $ | 24,441 | $ | 3,989 | $ | 1,019,325 | 1,047,755 | |||||||||||||||||
Net deferred loan origination costs | 745 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (18,035 | ) | |||||||||||||||||||||||||||||
Loans, net | $ | 1,030,465 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Beginning balance | $ | 17,453 | $ | 31,638 | $ | 18,035 | $ | 31,726 | |||||||
Loans charged offs: | |||||||||||||||
One-to-four family residential real estate loans | (176 | ) | (591 | ) | (545 | ) | (1,263 | ) | |||||||
Multi-family mortgage loans | (374 | ) | (135 | ) | (610 | ) | (689 | ) | |||||||
Nonresidential real estate loans | (153 | ) | (2,202 | ) | (232 | ) | (2,635 | ) | |||||||
Construction and land loans | — | (185 | ) | (927 | ) | (232 | ) | ||||||||
Commercial loans | (213 | ) | (31 | ) | (232 | ) | (169 | ) | |||||||
Consumer loans | (12 | ) | (11 | ) | (12 | ) | (23 | ) | |||||||
(928 | ) | (3,155 | ) | (2,558 | ) | (5,011 | ) | ||||||||
Recoveries: | |||||||||||||||
One-to-four family residential real estate loans | 85 | 74 | 327 | 185 | |||||||||||
Multi-family mortgage loans | 159 | 96 | 216 | 480 | |||||||||||
Nonresidential real estate loans | 103 | 284 | 122 | 315 | |||||||||||
Construction and land loans | 1 | 58 | 3 | 242 | |||||||||||
Commercial loans | 16 | 132 | 21 | 189 | |||||||||||
Consumer loans | 2 | 6 | 3 | 11 | |||||||||||
366 | 650 | 692 | 1,422 | ||||||||||||
Net charge-off | (562 | ) | (2,505 | ) | (1,866 | ) | (3,589 | ) | |||||||
Provision for loan losses | 206 | 1,745 | 928 | 2,741 | |||||||||||
Ending balance | $ | 17,097 | $ | 30,878 | $ | 17,097 | $ | 30,878 |
Three months ended June 30, 2013 | Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||
Loan Balance | Recorded Investment | Partial Charge-off | Allowance for Loan Losses Allocated | Average Investment in Impaired Loans | Interest Income Recognized | Average Investment in Impaired Loans | Interest Income Recognized | ||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||
One-to-four family residential real estate loans | $ | 4,810 | $ | 3,807 | $ | 951 | $ | — | $ | 2,681 | $ | 10 | $ | 2,866 | $ | 21 | |||||||||||||||
One-to-four family residential real estate loans - non-owner occupied | 956 | 778 | 142 | — | 1,683 | 2 | 1,450 | 2 | |||||||||||||||||||||||
Multi-family mortgage loans | 8,834 | 8,630 | 4 | — | 8,237 | 63 | 5,605 | 75 | |||||||||||||||||||||||
Nonresidential real estate loans | 4,372 | 3,681 | 253 | — | 2,776 | 7 | 4,245 | 9 | |||||||||||||||||||||||
Land loans | 454 | 337 | 113 | — | 324 | — | 185 | — | |||||||||||||||||||||||
Commercial loans - secured | 648 | 326 | 19 | — | 163 | — | 93 | — | |||||||||||||||||||||||
Commercial loans - unsecured | 485 | 53 | 374 | — | 52 | — | 52 | — | |||||||||||||||||||||||
20,559 | 17,612 | 1,856 | — | 15,916 | 82 | 14,496 | 107 | ||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||
One-to-four family residential real estate loans - non-owner occupied | 587 | 509 | 60 | 47 | 298 | 1 | 348 | 1 | |||||||||||||||||||||||
Multi-family mortgage loans | 3,819 | 3,228 | 560 | 567 | 3,521 | 61 | 3,145 | 67 | |||||||||||||||||||||||
Wholesale commercial lending | 656 | 647 | — | 62 | 820 | — | 469 | 7 | |||||||||||||||||||||||
Nonresidential real estate loans | 3,404 | 3,045 | 276 | 352 | 1,859 | 4 | 2,154 | 6 | |||||||||||||||||||||||
Land loans | 2,499 | 1,264 | 1,232 | 135 | 1,264 | — | 1,669 | — | |||||||||||||||||||||||
Commercial loans - secured | 462 | 272 | 190 | 34 | 553 | 1 | 403 | 1 | |||||||||||||||||||||||
11,427 | 8,965 | 2,318 | 1,197 | 8,315 | 67 | 8,188 | 82 | ||||||||||||||||||||||||
Total | $ | 31,986 | $ | 26,577 | $ | 4,174 | $ | 1,197 | $ | 24,231 | $ | 149 | $ | 22,684 | $ | 189 |
Loan Balance | Recorded Investment | Partial Charge-off | Allowance for Loan Losses Allocated | Average Investment in Impaired Loans | Interest Income Recognized | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
One-to-four family residential real estate loans | $ | 5,250 | $ | 4,216 | $ | 1,027 | $ | — | $ | 2,814 | $ | 149 | |||||||||||
One-to-four family residential real estate loans - non-owner occupied | 567 | 534 | 34 | — | 4,322 | 90 | |||||||||||||||||
Multi-family mortgage loans | 2,959 | 2,106 | 819 | — | 9,303 | 189 | |||||||||||||||||
Nonresidential real estate loans | 11,850 | 9,220 | 2,490 | — | 6,218 | 347 | |||||||||||||||||
Land loans | — | — | — | — | 409 | — | |||||||||||||||||
Commercial loans - secured | — | — | — | — | 137 | — | |||||||||||||||||
Commercial loans - other | 529 | 52 | 477 | — | 25 | 21 | |||||||||||||||||
Non-rated commercial leases | — | — | — | — | 23 | 3 | |||||||||||||||||
21,155 | 16,128 | 4,847 | — | 23,251 | 799 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
One-to-four family residential real estate loans | — | — | — | — | 2,500 | — | |||||||||||||||||
One-to-four family residential real estate loans - non-owner occupied | 626 | 499 | 128 | 137 | 1,996 | 13 | |||||||||||||||||
Multi-family mortgage loans | 3,182 | 2,645 | 521 | 729 | 6,562 | 20 | |||||||||||||||||
Nonresidential real estate loans | 2,825 | 2,549 | 266 | 401 | 21,077 | 20 | |||||||||||||||||
Land loans | 3,812 | 2,210 | 1,602 | 294 | 2,933 | 113 | |||||||||||||||||
Commercial loans - secured | 386 | 204 | 182 | 23 | 1,849 | — | |||||||||||||||||
Commercial loans - unsecured | — | — | — | — | 267 | — | |||||||||||||||||
Non-rated commercial leases | — | — | — | — | 36 | — | |||||||||||||||||
Consumer loans | — | — | — | — | 2 | — | |||||||||||||||||
10,831 | 8,107 | 2,699 | 1,584 | 37,222 | 166 | ||||||||||||||||||
Total | $ | 31,986 | $ | 24,235 | $ | 7,546 | $ | 1,584 | $ | 60,473 | $ | 965 |
June 30, 2013 | December 31, 2012 | ||||||
One–to–four family residential real estate loans | $ | 396 | $ | 380 | |||
Nonresidential real estate loans | 1,607 | 2,568 | |||||
Land loans | 997 | 1,021 | |||||
Commercial loans | 21 | 20 | |||||
Outstanding balance | $ | 3,021 | $ | 3,989 | |||
Carrying amount, net of allowance ($52 at June 30, 2013, $110 at December 31, 2012) | $ | 2,969 | $ | 3,879 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Beginning balance | $ | 146 | $ | 1,790 | $ | 196 | $ | 2,270 | |||||||
New loans purchased | — | — | — | — | |||||||||||
Disposals | — | 395 | — | 522 | |||||||||||
Reclassifications from nonaccretable difference | 3 | — | 3 | — | |||||||||||
Accretion of income | 49 | 563 | 99 | 916 | |||||||||||
Ending balance | $ | 100 | $ | 832 | $ | 100 | $ | 832 |
June 30, 2013 | December 31, 2012 | ||||||
Contractually required payments receivable of loans purchased: | |||||||
One-to-four family residential real estate loans | $ | 1,143 | $ | 1,143 | |||
Nonresidential real estate loans | 2,008 | 3,884 | |||||
Land loans | 1,600 | 1,600 | |||||
Commercial loans | 222 | 597 | |||||
$ | 4,973 | $ | 7,224 |
Loan Balance | Recorded Investment | Loans Past Due Over 90 Days, Still Accruing | |||||||||
June 30, 2013 | |||||||||||
One-to-four family residential real estate loans | $ | 5,113 | $ | 4,161 | $ | — | |||||
One-to-four family residential real estate loans – non owner occupied | 1,543 | 1,341 | — | ||||||||
Multi-family mortgage loans | 12,586 | 11,788 | 234 | ||||||||
Wholesale commercial lending | 656 | 656 | — | ||||||||
Nonresidential real estate loans | 8,185 | 7,565 | — | ||||||||
Land loans | 2,953 | 1,609 | — | ||||||||
Commercial loans – secured | 1,115 | 906 | — | ||||||||
Commercial loans – unsecured | 520 | 146 | — | ||||||||
Consumer loans | 1 | 1 | — | ||||||||
$ | 32,672 | $ | 28,173 | $ | 234 | ||||||
December 31, 2012 | |||||||||||
One-to-four family residential real estate loans | $ | 7,286 | $ | 6,154 | $ | 70 | |||||
One-to-four family residential real estate loans – non owner occupied | 1,420 | 1,145 | — | ||||||||
Multi-family mortgage loans | 5,246 | 3,517 | 242 | ||||||||
Nonresidential real estate loans | 12,249 | 8,985 | — | ||||||||
Land loans | 3,817 | 2,210 | — | ||||||||
Commercial loans – secured | 386 | 204 | — | ||||||||
Commercial loans – unsecured | 552 | 52 | 17 | ||||||||
$ | 30,956 | $ | 22,267 | $ | 329 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||
One-to-four family residential real estate loans | $ | 618 | $ | 413 | $ | 3,051 | $ | 4,082 | $ | 143,283 | $ | 147,365 | |||||||||||
One-to-four family residential real estate loans - non-owner occupied | 509 | — | 1,204 | 1,713 | 50,121 | 51,834 | |||||||||||||||||
Multi-family mortgage loans | 352 | 857 | 9,331 | 10,540 | 292,688 | 303,228 | |||||||||||||||||
Wholesale commercial lending | — | — | 996 | 996 | 46,091 | 47,087 | |||||||||||||||||
Nonresidential real estate loans | 1,465 | 428 | 6,659 | 8,552 | 242,185 | 250,737 | |||||||||||||||||
Construction loans | — | — | — | — | 399 | 399 | |||||||||||||||||
Land loans | 117 | 31 | 1,375 | 1,523 | 4,209 | 5,732 | |||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Secured | — | 76 | 527 | 603 | 18,768 | 19,371 | |||||||||||||||||
Unsecured | 44 | 25 | 85 | 154 | 4,796 | 4,950 | |||||||||||||||||
Municipal loans | — | — | — | — | 4,817 | 4,817 | |||||||||||||||||
Warehouse lines | — | — | — | — | 1,459 | 1,459 | |||||||||||||||||
Health care | — | — | — | — | 15,884 | 15,884 | |||||||||||||||||
Other | — | — | — | — | 5,369 | 5,369 | |||||||||||||||||
Commercial leases: | |||||||||||||||||||||||
Investment rated commercial leases | — | — | — | — | 118,670 | 118,670 | |||||||||||||||||
Below investment grade | — | — | — | — | 9,428 | 9,428 | |||||||||||||||||
Non-rated | — | — | — | — | 26,782 | 26,782 | |||||||||||||||||
Lease pools | — | — | — | — | 3,652 | 3,652 | |||||||||||||||||
Consumer loans | 221 | — | 1 | 222 | 2,411 | 2,633 | |||||||||||||||||
$ | 3,326 | $ | 1,830 | $ | 23,229 | $ | 28,385 | $ | 991,012 | $ | 1,019,397 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||
Purchased impaired loans | |||||||||||||||||||||||
One-to-four family residential real estate loans - non-owner occupied | $ | — | $ | — | $ | 396 | $ | 396 | $ | — | $ | 396 | |||||||||||
Nonresidential real estate loans | — | — | 163 | 163 | 1,433 | 1,596 | |||||||||||||||||
Land loans | — | — | 996 | 996 | — | 996 | |||||||||||||||||
Commercial loans – secured | — | — | 22 | 22 | — | 22 | |||||||||||||||||
$ | — | $ | — | $ | 1,577 | $ | 1,577 | $ | 1,433 | $ | 3,010 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||
One-to-four family residential real estate loans | $ | 1,584 | $ | 778 | $ | 4,463 | $ | 6,825 | $ | 153,279 | $ | 160,104 | |||||||||||
One-to-four family residential real estate loans - non-owner occupied | 855 | 579 | 249 | 1,683 | 55,906 | 57,589 | |||||||||||||||||
Multi-family mortgage loans | 5,393 | 3,049 | 3,218 | 11,660 | 291,103 | 302,763 | |||||||||||||||||
Wholesale commercial lending | 1,481 | — | — | 1,481 | 44,342 | 45,823 | |||||||||||||||||
Nonresidential real estate loans | 863 | 398 | 5,508 | 6,769 | 252,368 | 259,137 | |||||||||||||||||
Land loans | 702 | 1,220 | 630 | 2,552 | 4,956 | 7,508 | |||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Secured | 659 | 3 | 204 | 866 | 22,336 | 23,202 | |||||||||||||||||
Unsecured | 81 | 78 | 16 | 175 | 5,774 | 5,949 | |||||||||||||||||
Municipal loans | — | — | — | — | 4,752 | 4,752 | |||||||||||||||||
Warehouse lines | — | — | — | — | 2,989 | 2,989 | |||||||||||||||||
Health care | — | — | — | — | 17,601 | 17,601 | |||||||||||||||||
Other | — | — | — | — | 6,977 | 6,977 | |||||||||||||||||
Commercial leases: | |||||||||||||||||||||||
Investment rated commercial leases | — | — | — | — | 102,724 | 102,724 | |||||||||||||||||
Below investment grade | — | — | — | — | 9,294 | 9,294 | |||||||||||||||||
Non-rated | — | — | — | — | 25,657 | 25,657 | |||||||||||||||||
Lease pools | — | — | — | — | 3,028 | 3,028 | |||||||||||||||||
Consumer loans | 15 | — | — | 15 | 2,741 | 2,756 | |||||||||||||||||
$ | 11,633 | $ | 6,105 | $ | 14,288 | $ | 32,026 | $ | 1,005,827 | $ | 1,037,853 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||
Purchased impaired loans | |||||||||||||||||||||||
One-to-four family residential real estate loans - non-owner occupied | $ | 327 | $ | — | $ | 53 | $ | 380 | $ | — | $ | 380 | |||||||||||
Nonresidential real estate loans | — | — | 1,125 | 1,125 | 1,443 | 2,568 | |||||||||||||||||
Land loans | — | — | 1,021 | 1,021 | — | 1,021 | |||||||||||||||||
Commercial loans – secured | — | — | 20 | 20 | — | 20 | |||||||||||||||||
$ | 327 | $ | — | $ | 2,219 | $ | 2,546 | $ | 1,443 | $ | 3,989 |
June 30, 2013 | December 31, 2012 | ||||||
One-to-four family residential real estate | $ | 3,075 | $ | 2,802 | |||
Multi-family mortgage | 1,185 | 1,201 | |||||
Nonresidential real estate | — | 5,189 | |||||
Troubled debt restructured loans – accrual loans | 4,260 | 9,192 | |||||
One-to-four family residential real estate | 813 | 767 | |||||
Multi-family mortgage | 935 | 938 | |||||
Nonresidential real estate | — | 270 | |||||
Troubled debt restructured loans – nonaccrual loans | 1,748 | 1,975 | |||||
Total troubled debt restructured loans | $ | 6,008 | $ | 11,167 |
Three Months Ended June 30, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Number of loans | Pre- Modification outstanding recorded investment | Post- Modification outstanding recorded investment | Number of loans | Pre- Modification outstanding recorded investment | Post- Modification outstanding recorded investment | ||||||||||||||||
One-to-four family residential real estate | 2 | $ | 566 | $ | 566 | 5 | $ | 267 | $ | 267 |
Due to reduction in interest rate | Due to extension of maturity date | Due to permanent reduction in recorded investment | Total | ||||||||||||
For the three months ended June 30, 2013 | |||||||||||||||
One-to-four family residential real estate | $ | — | $ | 566 | $ | — | $ | 566 | |||||||
For the three months ended June 30, 2012 | |||||||||||||||
One-to-four family residential real estate | $ | 132 | $ | 135 | $ | — | $ | 267 |
Six Months Ended June 30, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Number of loans | Pre- Modification outstanding recorded investment | Post- Modification outstanding recorded investment | Number of loans | Pre- Modification outstanding recorded investment | Post- Modification outstanding recorded investment | ||||||||||||||||
One-to-four family residential real estate | 3 | $ | 950 | $ | 950 | 7 | $ | 659 | $ | 659 | |||||||||||
Multi-family mortgage | — | — | — | 1 | 700 | 500 | |||||||||||||||
Total | 3 | $ | 950 | $ | 950 | 8 | $ | 1,359 | $ | 1,159 |
Due to reduction in interest rate | Due to extension of maturity date | Due to permanent reduction in recorded investment | Total | ||||||||||||
For the six months ended June 30, 2013 | |||||||||||||||
One-to-four family residential real estate | $ | — | $ | 950 | $ | — | $ | 950 | |||||||
Total | $ | — | $ | 950 | $ | — | $ | 950 | |||||||
For the six months ended June 30, 2012 | |||||||||||||||
One-to-four family residential real estate | $ | 504 | $ | 155 | $ | — | $ | 659 | |||||||
Multi-family mortgage | — | — | 500 | 500 | |||||||||||
Total | $ | 504 | $ | 155 | $ | 500 | $ | 1,159 |
2013 | 2012 | ||||||||||||
Number of loans | Recorded investment | Number of loans | Recorded investment | ||||||||||
One-to-four family residential real estate | — | $ | — | 5 | $ | 864 | |||||||
Nonresidential real estate | — | — | 4 | 3,308 | |||||||||
Total | — | $ | — | 9 | $ | 4,172 |
Pass | Special Mention | Substandard/Performing | Nonaccrual | Total | |||||||||||||||
One-to-four family residential real estate loans | $ | 143,242 | $ | 126 | $ | 903 | $ | 3,333 | $ | 147,604 | |||||||||
One-to-four family residential real estate loans non-owner occupied | 50,245 | — | 643 | 1,689 | 52,577 | ||||||||||||||
Multi-family mortgage loans | 274,715 | 12,040 | 8,709 | 11,353 | 306,817 | ||||||||||||||
Wholesale commercial lending | 44,350 | — | 1,767 | 990 | 47,107 | ||||||||||||||
Nonresidential real estate loans | 191,127 | 39,449 | 16,185 | 8,668 | 255,429 | ||||||||||||||
Construction loans | 399 | — | — | — | 399 | ||||||||||||||
Land loans | 2,524 | — | 1,628 | 2,601 | 6,753 | ||||||||||||||
Commercial loans: | |||||||||||||||||||
Secured | 16,293 | 2,325 | 101 | 624 | 19,343 | ||||||||||||||
Unsecured | 3,574 | 298 | 982 | 85 | 4,939 | ||||||||||||||
Municipal loans | 4,751 | — | — | — | 4,751 | ||||||||||||||
Warehouse lines | 1,447 | — | — | — | 1,447 | ||||||||||||||
Health care | 14,298 | 1,572 | — | — | 15,870 | ||||||||||||||
Other | 5,351 | — | — | — | 5,351 | ||||||||||||||
Commercial leases: | |||||||||||||||||||
Investment rated commercial leases | 118,010 | — | — | — | 118,010 | ||||||||||||||
Below investment grade | 9,349 | — | — | — | 9,349 | ||||||||||||||
Non-rated | 26,610 | — | — | — | 26,610 | ||||||||||||||
Lease pools | 3,637 | — | — | — | 3,637 | ||||||||||||||
Consumer loans | 2,621 | — | — | 1 | 2,622 | ||||||||||||||
Total | $ | 912,543 | $ | 55,810 | $ | 30,918 | $ | 29,344 | $ | 1,028,615 |
Pass | Special Mention | Substandard/Performing | Nonaccrual | Total | ||||||||||||||||
One-to-four family residential real estate loans | $ | 152,711 | $ | — | $ | 1,428 | $ | 6,158 | $ | 160,297 | ||||||||||
One-to-four family residential real estate loans non-owner occupied | 51,849 | 1,486 | 3,440 | 1,524 | 58,299 | |||||||||||||||
Multi-family mortgage loans | 275,338 | 6,139 | 21,128 | 3,559 | 306,164 | |||||||||||||||
Wholesale commercial lending | 44,074 | — | 1,781 | — | 45,855 | |||||||||||||||
Nonresidential real estate loans | 199,802 | 30,898 | 22,345 | 11,627 | 264,672 | |||||||||||||||
Construction loans | — | — | — | — | — | |||||||||||||||
Land loans | 2,769 | 158 | 2,394 | 3,231 | 8,552 | |||||||||||||||
Commercial loans: | ||||||||||||||||||||
Secured | 19,579 | 2,418 | 988 | 225 | 23,210 | |||||||||||||||
Unsecured | 4,061 | 323 | 1,497 | 52 | 5,933 | |||||||||||||||
Municipal loans | 4,751 | — | — | — | 4,751 | |||||||||||||||
Warehouse lines | 2,971 | — | — | — | 2,971 | |||||||||||||||
Health care | 17,566 | — | — | — | 17,566 | |||||||||||||||
Other | 6,957 | — | — | — | 6,957 | |||||||||||||||
Commercial leases: | ||||||||||||||||||||
Investment rated commercial leases | 102,101 | — | — | — | 102,101 | |||||||||||||||
Below investment grade | 9,205 | — | — | — | 9,205 | |||||||||||||||
Non-rated | 25,466 | — | — | — | 25,466 | |||||||||||||||
Lease pools | 3,011 | — | — | — | 3,011 | |||||||||||||||
Consumer loans | 2,742 | — | 3 | — | 2,745 | |||||||||||||||
Total | $ | 924,953 | $ | 41,422 | $ | 55,004 | $ | 26,376 | $ | 1,047,755 |
• | Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. |
• | Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. |
• | Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. |
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | ||||||||||||
June 30, 2013 | |||||||||||||||
Securities: | |||||||||||||||
Certificates of deposit | $ | — | $ | 15,639 | $ | — | $ | 15,639 | |||||||
Municipal securities | — | 362 | — | 362 | |||||||||||
Equity mutual fund | 507 | — | — | 507 | |||||||||||
Mortgage-backed securities – residential | — | 31,266 | — | 31,266 | |||||||||||
Collateralized mortgage obligations – residential | — | 5,201 | — | 5,201 | |||||||||||
SBA-guaranteed loan participation certificates | — | 39 | — | 39 | |||||||||||
$ | 507 | $ | 52,507 | $ | — | $ | 53,014 | ||||||||
December 31, 2012 | |||||||||||||||
Securities: | |||||||||||||||
Certificates of deposit | $ | — | $ | 33,456 | $ | — | $ | 33,456 | |||||||
Municipal securities | — | 369 | — | 369 | |||||||||||
Equity mutual fund | 528 | — | — | 528 | |||||||||||
Mortgage-backed securities - residential | — | 34,233 | — | 34,233 | |||||||||||
Collateralized mortgage obligations – residential | — | 9,204 | — | 9,204 | |||||||||||
SBA-guaranteed loan participation certificates | — | 42 | — | 42 | |||||||||||
$ | 528 | $ | 77,304 | $ | — | $ | 77,832 |
Fair Value Measurement Using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | ||||||||||||
June 30, 2013 | |||||||||||||||
Impaired loans: | |||||||||||||||
One–to–four family residential real estate loans | $ | — | $ | — | $ | 513 | $ | 513 | |||||||
Multi-family mortgage loans | — | — | 3,246 | 3,246 | |||||||||||
Nonresidential real estate loans | — | — | 2,693 | 2,693 | |||||||||||
Construction and land loans | — | — | 2,076 | 2,076 | |||||||||||
Commercial loans | — | — | 238 | 238 | |||||||||||
$ | — | $ | — | $ | 8,766 | $ | 8,766 | ||||||||
Other real estate owned: | |||||||||||||||
One–to–four family residential real estate | $ | — | $ | — | $ | 1,081 | $ | 1,081 | |||||||
Nonresidential real estate | — | — | 1,656 | 1,656 | |||||||||||
Land | — | — | 2,638 | 2,638 | |||||||||||
$ | — | $ | — | $ | 5,375 | $ | 5,375 | ||||||||
Mortgage servicing rights | $ | — | $ | — | $ | 195 | $ | 195 | |||||||
December 31, 2012 | |||||||||||||||
Impaired loans: | |||||||||||||||
One–to–four family residential real estate loans | $ | — | $ | — | $ | 410 | $ | 410 | |||||||
Multi-family mortgage loans | — | — | 1,916 | 1,916 | |||||||||||
Nonresidential real estate loans | — | — | 3,102 | 3,102 | |||||||||||
Construction and land loans | — | — | 2,841 | 2,841 | |||||||||||
Commercial loans | — | — | 181 | 181 | |||||||||||
$ | — | $ | — | $ | 8,450 | $ | 8,450 | ||||||||
Other real estate owned: | |||||||||||||||
One–to–four family residential real estate | $ | — | $ | — | $ | 1,503 | $ | 1,503 | |||||||
Multi-family mortgage | — | — | 720 | 720 | |||||||||||
Nonresidential real estate | — | — | 3,649 | 3,649 | |||||||||||
Land | — | — | 3,496 | 3,496 | |||||||||||
$ | — | $ | — | $ | 9,368 | $ | 9,368 | ||||||||
Mortgage servicing rights | $ | — | $ | — | $ | 208 | $ | 208 |
Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range (Weighted Average) | ||||||
Impaired loans: | |||||||||
One-to-four family residential real estate loans | $ | 513 | Sales comparison | Discount applied to valuation | 6%-98% (67%) | ||||
Multi-family mortgage loans | 3,246 | Sales comparison | Comparison between sales and income approaches | 9%-95% (46%) | |||||
Income approach | Cap Rate | 7.5% to 10% (8.37%) | |||||||
Nonresidential real estate loans | 2,693 | Sales comparison | Comparison between sales and income approaches | 6%-99% (68%) | |||||
Income approach | Cap Rate | 7.5%-8.3% (7.69%) | |||||||
Construction and land loans | 2,076 | Sales comparison | Discount applied to valuation | 10%-93% (33%) | |||||
Commercial loans | 238 | Sales comparison | Discount applied to valuation | 5%-91% (70%) | |||||
Impaired loans | $ | 8,766 | |||||||
Other real estate owned: | |||||||||
One-to-four family residential real estate | $ | 1,081 | Sales comparison | Discount applied to valuation | 7%-30% (14%) | ||||
Nonresidential real estate | 1,656 | Sales comparison | Comparison between sales and income approaches | 7%-29% (21%) | |||||
Land | 2,638 | Sales comparison | Discount applied to valuation | 7%-21% (10%) | |||||
Other real estate owned | $ | 5,375 | |||||||
Mortgage servicing rights | $ | 195 | Third party valuation | Present value of future servicing income based on prepayment speeds | 11.8 % - 24.4% (16.13%) | ||||
Third party valuation | Present value of future servicing income based on default rates | 12% |
Fair Value Measurements at June 30, 2013 Using: | |||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Financial assets | |||||||||||||||||||
Cash and cash equivalents | $ | 312,093 | $ | 18,303 | $ | 293,790 | $ | — | $ | 312,093 | |||||||||
Securities | 53,014 | 507 | 52,507 | — | 53,014 | ||||||||||||||
Loans held-for-sale | 276 | — | 276 | — | 276 | ||||||||||||||
Loans receivable, net of allowance for loan losses | 1,012,316 | — | 979,631 | 8,766 | 988,397 | ||||||||||||||
FHLBC stock | 6,068 | — | — | — | N/A | ||||||||||||||
Accrued interest receivable | 3,750 | — | 3,750 | — | 3,750 | ||||||||||||||
Financial liabilities | — | ||||||||||||||||||
Noninterest-bearing demand deposits | $ | (137,146 | ) | $ | — | $ | (137,146 | ) | $ | — | $ | (137,146 | ) | ||||||
Savings deposits | (147,758 | ) | — | (147,758 | ) | — | (147,758 | ) | |||||||||||
NOW and money market accounts | (690,185 | ) | — | (690,185 | ) | — | (690,185 | ) | |||||||||||
Certificates of deposit | (287,007 | ) | — | (287,824 | ) | — | (287,824 | ) | |||||||||||
Borrowings | (2,940 | ) | — | (2,955 | ) | — | (2,955 | ) | |||||||||||
Accrued interest payable | (135 | ) | — | (135 | ) | — | (135 | ) |
Fair Value Measurements at December 31, 2012 Using: | |||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Financial assets | |||||||||||||||||||
Cash and cash equivalents | $ | 275,764 | $ | 20,361 | $ | 255,403 | $ | — | $ | 275,764 | |||||||||
Securities | 77,832 | 528 | 77,304 | — | 77,832 | ||||||||||||||
Loans held-for-sale | 2,166 | — | 2,166 | — | 2,166 | ||||||||||||||
Loans receivable, net of allowance for loan losses | 1,030,465 | — | 1,017,637 | 8,450 | 1,026,087 | ||||||||||||||
FHLBC stock | 8,412 | — | — | — | N/A | ||||||||||||||
Accrued interest receivable | 4,146 | — | 4,146 | — | 4,146 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Noninterest-bearing demand deposits | $ | (134,597 | ) | $ | — | $ | (134,597 | ) | $ | — | $ | (134,597 | ) | ||||||
Savings deposits | (144,726 | ) | — | (144,726 | ) | — | (144,726 | ) | |||||||||||
NOW and money market accounts | (697,775 | ) | — | (697,775 | ) | — | (697,775 | ) | |||||||||||
Certificates of deposit | (305,253 | ) | — | (306,859 | ) | — | (306,859 | ) | |||||||||||
Borrowings | (5,567 | ) | — | (5,608 | ) | — | (5,608 | ) | |||||||||||
Accrued interest payable | (157 | ) | — | (157 | ) | — | (157 | ) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
June 30, 2013 | December 31, 2012 | Change | |||||||||
(Dollars in thousands) | |||||||||||
Selected Financial Condition Data: | |||||||||||
Total assets | $ | 1,461,132 | $ | 1,481,192 | $ | (20,060 | ) | ||||
Loans, net | 1,012,316 | 1,030,465 | (18,149 | ) | |||||||
Loans held-for-sale | 276 | 2,166 | (1,890 | ) | |||||||
Securities, at fair value | 53,014 | 77,832 | (24,818 | ) | |||||||
Core deposit intangible | 2,732 | 3,038 | (306 | ) | |||||||
Deposits | 1,262,096 | 1,282,351 | (20,255 | ) | |||||||
Borrowings | 2,940 | 5,567 | (2,627 | ) | |||||||
Equity | 173,229 | 172,890 | 339 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Selected Operating Data: | |||||||||||||||||||||||
Interest and dividend income | $ | 12,276 | $ | 15,824 | $ | (3,548 | ) | $ | 24,989 | $ | 32,458 | $ | (7,469 | ) | |||||||||
Interest expense | 935 | 1,112 | (177 | ) | 1,929 | 2,352 | (423 | ) | |||||||||||||||
Net interest income | 11,341 | 14,712 | (3,371 | ) | 23,060 | 30,106 | (7,046 | ) | |||||||||||||||
Provision for loan losses | 206 | 1,745 | (1,539 | ) | 928 | 2,741 | (1,813 | ) | |||||||||||||||
Net interest income after provision for loan losses | 11,135 | 12,967 | (1,832 | ) | 22,132 | 27,365 | (5,233 | ) | |||||||||||||||
Noninterest income | 1,509 | 1,418 | 91 | 4,375 | 3,250 | 1,125 | |||||||||||||||||
Noninterest expense | 12,568 | 14,044 | (1,476 | ) | 25,753 | 27,480 | (1,727 | ) | |||||||||||||||
Income before income tax expense | 76 | 341 | (265 | ) | 754 | 3,135 | (2,381 | ) | |||||||||||||||
Income tax expense | — | (457 | ) | 457 | — | — | — | ||||||||||||||||
Net income | $ | 76 | $ | 798 | $ | (722 | ) | $ | 754 | $ | 3,135 | $ | (2,381 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Selected Financial Ratios and Other Data: | |||||||||||||||
Performance Ratios: | |||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 0.02 | % | 0.21 | % | 0.10 | % | 0.41 | % | |||||||
Return on equity (ratio of net income to average equity) (1) | 0.17 | 1.56 | 0.86 | 3.08 | |||||||||||
Average equity to average assets | 12.02 | 13.42 | 11.98 | 13.29 | |||||||||||
Net interest rate spread (1) (2) | 3.25 | 4.04 | 3.32 | 4.11 | |||||||||||
Net interest margin (1) (3) | 3.31 | 4.11 | 3.38 | 4.18 | |||||||||||
Efficiency ratio (4) | 97.81 | 87.07 | 93.87 | 82.38 | |||||||||||
Noninterest expense to average total assets (1) | 3.46 | 3.68 | 3.53 | 3.58 | |||||||||||
Average interest-earning assets to average interest-bearing liabilities | 121.24 | 123.50 | 121.02 | 122.98 | |||||||||||
Dividends declared per share | $ | 0.02 | $ | 0.01 | $ | 0.02 | $ | 0.02 | |||||||
Dividend payout ratio | N.M. | N.M. | N.M. | N.M. |
At June 30, 2013 | At December 31, 2012 | ||||
Asset Quality Ratios: | |||||
Nonperforming assets to total assets (5) | 2.56 | % | 2.59 | % | |
Nonperforming loans to total loans | 3.03 | 2.67 | |||
Allowance for loan losses to nonperforming loans | 54.78 | 64.39 | |||
Allowance for loan losses to total loans | 1.66 | 1.72 | |||
Capital Ratios: | |||||
Equity to total assets at end of period | 11.86 | % | 11.67 | % | |
Tier 1 leverage ratio (Bank only) | 9.86 | 9.60 | |||
Other Data: | |||||
Number of full-service offices | 20 | 20 | |||
Employees (full-time equivalents) | 308 | 352 |
(1) | Ratios annualized. |
(2) | The net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities for the period. |
(3) | The net interest margin represents net interest income divided by average total interest-earning assets for the period. |
(4) | The efficiency ratio represents noninterest expense, divided by the sum of net interest income and noninterest income. |
(5) | Nonperforming assets include nonperforming loans and other real estate owned. |
Three Months Ended June 30, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Average Outstanding Balance | Interest | Yield/Rate (1) | Average Outstanding Balance | Interest | Yield/Rate (1) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest-earning Assets: | |||||||||||||||||||||
Loans | $ | 1,014,591 | $ | 11,854 | 4.69 | % | $ | 1,184,803 | $ | 15,312 | 5.20 | % | |||||||||
Securities | 57,022 | 219 | 1.54 | 77,077 | 387 | 2.02 | |||||||||||||||
Stock in FHLBC | 6,809 | 6 | 0.35 | 10,741 | 9 | 0.34 | |||||||||||||||
Other | 295,433 | 197 | 0.27 | 167,526 | 116 | 0.28 | |||||||||||||||
Total interest-earning assets | 1,373,855 | 12,276 | 3.58 | 1,440,147 | 15,824 | 4.42 | |||||||||||||||
Noninterest-earning assets | 79,558 | 85,479 | |||||||||||||||||||
Total assets | $ | 1,453,413 | $ | 1,525,626 | |||||||||||||||||
Interest-bearing Liabilities: | |||||||||||||||||||||
Savings deposits | $ | 148,568 | 38 | 0.10 | $ | 146,404 | 37 | 0.10 | |||||||||||||
Money market accounts | 343,303 | 294 | 0.34 | 343,415 | 311 | 0.36 | |||||||||||||||
NOW accounts | 346,457 | 95 | 0.11 | 333,299 | 104 | 0.13 | |||||||||||||||
Certificates of deposit | 291,966 | 506 | 0.70 | 333,237 | 632 | 0.76 | |||||||||||||||
Total deposits | 1,130,294 | 933 | 0.33 | 1,156,355 | 1,084 | 0.38 | |||||||||||||||
Borrowings | 2,865 | 2 | 0.28 | 9,756 | 28 | 1.15 | |||||||||||||||
Total interest-bearing liabilities | 1,133,159 | 935 | 0.33 | 1,166,111 | 1,112 | 0.38 | |||||||||||||||
Noninterest-bearing deposits | 128,162 | 135,252 | |||||||||||||||||||
Noninterest-bearing liabilities | 17,449 | 19,554 | |||||||||||||||||||
Total liabilities | 1,278,770 | 1,320,917 | |||||||||||||||||||
Equity | 174,643 | 204,709 | |||||||||||||||||||
Total liabilities and equity | $ | 1,453,413 | $ | 1,525,626 | |||||||||||||||||
Net interest income | $ | 11,341 | $ | 14,712 | |||||||||||||||||
Net interest rate spread (2) | 3.25 | % | 4.04 | % | |||||||||||||||||
Net interest-earning assets (3) | $ | 240,696 | $ | 274,036 | |||||||||||||||||
Net interest margin (4) | 3.31 | % | 4.11 | % | |||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 121.24 | % | 123.50 | % |
(1) | Annualized |
(2) | Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
(3) | Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
(4) | Net interest margin represents net interest income divided by average total interest-earning assets. |
Three Months Ended June 30, | |||||||||||
2013 | 2012 | Change | |||||||||
(Dollars in thousands) | |||||||||||
Deposit service charges and fees | $ | 509 | $ | 521 | $ | (12 | ) | ||||
Other fee income | 410 | 383 | 27 | ||||||||
Insurance commissions and annuities income | 86 | 112 | (26 | ) | |||||||
Gain (loss) on sale of loans, net | (4 | ) | 118 | (122 | ) | ||||||
Loss on disposition of premises and equipment | — | (157 | ) | 157 | |||||||
Loan servicing fees | 114 | 119 | (5 | ) | |||||||
Amortization of servicing assets | (85 | ) | (67 | ) | (18 | ) | |||||
Recovery (impairment) of servicing assets | 9 | (31 | ) | 40 | |||||||
Earnings on bank owned life insurance | 82 | 120 | (38 | ) | |||||||
Trust income | 183 | 190 | (7 | ) | |||||||
Other | 205 | 110 | 95 | ||||||||
Total noninterest income | $ | 1,509 | $ | 1,418 | $ | 91 |
Three Months Ended June 30, | |||||||||||
2013 | 2012 | Change | |||||||||
(Dollars in thousands) | |||||||||||
Compensation and benefits | $ | 6,686 | $ | 6,481 | $ | 205 | |||||
Office occupancy and equipment | 1,805 | 2,105 | (300 | ) | |||||||
Advertising and public relations | 268 | 224 | 44 | ||||||||
Information technology | 816 | 825 | (9 | ) | |||||||
Supplies, telephone and postage | 403 | 362 | 41 | ||||||||
Amortization of intangibles | 150 | 157 | (7 | ) | |||||||
Nonperforming asset management | 655 | 1,117 | (462 | ) | |||||||
Loss on sale other real estate owned | 49 | 54 | (5 | ) | |||||||
Valuation adjustments of other real estate owned | 141 | 1,036 | (895 | ) | |||||||
Operations of other real estate owned | 232 | 601 | (369 | ) | |||||||
FDIC insurance premiums | 477 | 309 | 168 | ||||||||
Other | 886 | 773 | 113 | ||||||||
Total noninterest expense | $ | 12,568 | $ | 14,044 | $ | (1,476 | ) |
For the Six Months Ended June 30, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Average Outstanding Balance | Interest | Yield/Rate (1) | Average Outstanding Balance | Interest | Yield/Rate (1) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest-earning Assets: | |||||||||||||||||||||
Loans | $ | 1,021,709 | $ | 24,132 | 4.76 | % | $ | 1,210,376 | $ | 31,424 | 5.22 | % | |||||||||
Securities | 65,108 | 469 | 1.45 | 82,732 | 829 | 2.02 | |||||||||||||||
Stock in FHLBC | 7,414 | 13 | 0.35 | 12,296 | 13 | 0.21 | |||||||||||||||
Other | 282,259 | 375 | 0.27 | 141,690 | 192 | 0.27 | |||||||||||||||
Total interest-earning assets | 1,376,490 | 24,989 | 3.66 | 1,447,094 | 32,458 | 4.51 | |||||||||||||||
Noninterest-earning assets | 81,249 | 86,544 | |||||||||||||||||||
Total assets | $ | 1,457,739 | $ | 1,533,638 | |||||||||||||||||
Interest-bearing Liabilities: | |||||||||||||||||||||
Savings deposits | $ | 147,257 | 75 | 0.10 | $ | 145,976 | 74 | 0.10 | |||||||||||||
Money market accounts | 344,387 | 607 | 0.36 | 344,372 | 624 | 0.36 | |||||||||||||||
NOW accounts | 346,476 | 200 | 0.12 | 332,384 | 202 | 0.12 | |||||||||||||||
Certificates of deposit | 296,223 | 1,037 | 0.71 | 344,516 | 1,398 | 0.82 | |||||||||||||||
Total deposits | 1,134,343 | 1,919 | 0.34 | 1,167,248 | 2,298 | 0.40 | |||||||||||||||
Borrowings | 3,025 | 10 | 0.67 | 9,471 | 54 | 1.15 | |||||||||||||||
Total interest-bearing liabilities | 1,137,368 | 1,929 | 0.34 | 1,176,719 | 2,352 | 0.40 | |||||||||||||||
Noninterest-bearing deposits | 128,263 | 133,591 | |||||||||||||||||||
Noninterest-bearing liabilities | 17,404 | 19,501 | |||||||||||||||||||
Total liabilities | 1,283,035 | 1,329,811 | |||||||||||||||||||
Equity | 174,704 | 203,827 | |||||||||||||||||||
Total liabilities and equity | $ | 1,457,739 | $ | 1,533,638 | |||||||||||||||||
Net interest income | $ | 23,060 | $ | 30,106 | |||||||||||||||||
Net interest rate spread (2) | 3.32 | % | 4.11 | % | |||||||||||||||||
Net interest-earning assets (3) | $ | 239,122 | $ | 270,375 | |||||||||||||||||
Net interest margin (4) | 3.38 | % | 4.18 | % | |||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 121.02 | % | 122.98 | % |
(1) | Annualized |
(2) | Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
(3) | Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
(4) | Net interest margin represents net interest income divided by average total interest-earning assets. |
Six Months Ended June 30, | |||||||||||
2013 | 2012 | Change | |||||||||
(Dollars in thousands) | |||||||||||
Deposit service charges and fees | $ | 1,008 | $ | 1,078 | $ | (70 | ) | ||||
Other fee income | 785 | 768 | 17 | ||||||||
Insurance commissions and annuities income | 195 | 234 | (39 | ) | |||||||
Gain on sale of loans, net | 1,413 | 385 | 1,028 | ||||||||
Loss on disposition of premises and equipment | — | (157 | ) | 157 | |||||||
Loan servicing fees | 237 | 247 | (10 | ) | |||||||
Amortization of servicing assets | (144 | ) | (136 | ) | (8 | ) | |||||
Recovery (impairment) of servicing assets | 35 | (44 | ) | 79 | |||||||
Earnings on bank owned life insurance | 152 | 246 | (94 | ) | |||||||
Trust income | 364 | 374 | (10 | ) | |||||||
Other | 330 | 255 | 75 | ||||||||
Total noninterest income | $ | 4,375 | $ | 3,250 | $ | 1,125 |
Six Months Ended June 30, | |||||||||||
2013 | 2012 | Change | |||||||||
(Dollars in thousands) | |||||||||||
Compensation and benefits | $ | 13,438 | $ | 13,160 | $ | 278 | |||||
Office occupancy and equipment | 3,753 | 4,137 | (384 | ) | |||||||
Advertising and public relations | 414 | 330 | 84 | ||||||||
Information technology | 1,565 | 1,673 | (108 | ) | |||||||
Supplies, telephone and postage | 864 | 752 | 112 | ||||||||
Amortization of intangibles | 306 | 320 | (14 | ) | |||||||
Nonperforming asset management | 1,349 | 2,357 | (1,008 | ) | |||||||
Loss (gain) on sale other real estate owned | 118 | (84 | ) | 202 | |||||||
Valuation adjustments of other real estate owned | 230 | 1,425 | (1,195 | ) | |||||||
Operations of other real estate owned | 585 | 902 | (317 | ) | |||||||
FDIC insurance premiums | 969 | 657 | 312 | ||||||||
Other | 2,162 | 1,851 | 311 | ||||||||
Total noninterest expense | $ | 25,753 | $ | 27,480 | $ | (1,727 | ) |
June 30, 2013 | March 31, 2013 | December 31, 2012 | Quarter Change | Six Months Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One-to-four family residential | $ | 5,502 | $ | 5,988 | $ | 7,299 | $ | (486 | ) | $ | (1,797 | ) | |||||||
Multi-family mortgage | 12,444 | 10,822 | 3,517 | 1,622 | 8,927 | ||||||||||||||
Nonresidential real estate | 7,565 | 6,182 | 8,985 | 1,383 | (1,420 | ) | |||||||||||||
Construction and land | 1,609 | 1,575 | 2,210 | 34 | (601 | ) | |||||||||||||
Commercial | 1,052 | 883 | 256 | 169 | 796 | ||||||||||||||
Consumer | 1 | 11 | — | (10 | ) | 1 | |||||||||||||
28,173 | 25,461 | 22,267 | 2,712 | 5,906 | |||||||||||||||
Loans held-for-sale | 15 | 15 | 1,752 | — | (1,737 | ) | |||||||||||||
Other real estate owned: | |||||||||||||||||||
One-to-four family residential | 1,316 | 1,515 | 1,760 | (199 | ) | (444 | ) | ||||||||||||
Multi-family mortgage | — | — | 720 | — | (720 | ) | |||||||||||||
Nonresidential real estate | 1,757 | 2,896 | 3,504 | (1,139 | ) | (1,747 | ) | ||||||||||||
Land | 933 | 1,144 | 1,323 | (211 | ) | (390 | ) | ||||||||||||
4,006 | 5,555 | 7,307 | (1,549 | ) | (3,301 | ) | |||||||||||||
Nonperforming assets (excluding purchased impaired loans and purchased other real estate owned) | 32,194 | 31,031 | 31,326 | 1,163 | 868 | ||||||||||||||
Purchased impaired loans: | |||||||||||||||||||
One-to-four family residential | 396 | 388 | 380 | 8 | 16 | ||||||||||||||
Nonresidential real estate | 1,607 | 2,554 | 2,568 | (947 | ) | (961 | ) | ||||||||||||
Construction and land | 997 | 1,021 | 1,021 | (24 | ) | (24 | ) | ||||||||||||
Commercial | 21 | 21 | 20 | — | 1 | ||||||||||||||
3,021 | 3,984 | 3,989 | (963 | ) | (968 | ) | |||||||||||||
Purchased other real estate owned: | |||||||||||||||||||
One-to-four family residential | 179 | 205 | 320 | (26 | ) | (141 | ) | ||||||||||||
Nonresidential real estate | 372 | 372 | 462 | — | (90 | ) | |||||||||||||
Land | 1,705 | 1,956 | 2,269 | (251 | ) | (564 | ) | ||||||||||||
2,256 | 2,533 | 3,051 | (277 | ) | (795 | ) | |||||||||||||
Purchased impaired loans and other real estate owned | 5,277 | 6,517 | 7,040 | (1,240 | ) | (1,763 | ) | ||||||||||||
Total nonperforming assets | $ | 37,471 | $ | 37,548 | $ | 38,366 | $ | (77 | ) | $ | (895 | ) | |||||||
Ratios: | |||||||||||||||||||
Nonperforming loans to total loans | 3.03 | % | 2.89 | % | 2.67 | % | |||||||||||||
Nonperforming loans to total loans (1) | 2.74 | 2.49 | 2.29 | ||||||||||||||||
Nonperforming assets to total assets | 2.56 | 2.56 | 2.59 | ||||||||||||||||
Nonperforming assets to total assets(1) | 2.20 | 2.12 | 2.11 |
(1) | These asset quality ratios exclude purchased impaired loans and purchased other real estate owned resulting from the Downers Grove National Bank acquisition. |
For the Three Months ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Beginning balance | $ | 8,088 | $ | 20,189 | $ | 10,358 | $ | 22,480 | |||||||
New foreclosed properties | 2,201 | 2,639 | 2,756 | 3,766 | |||||||||||
Payments received | (26 | ) | (15 | ) | (26 | ) | (199 | ) | |||||||
Valuation adjustments | (141 | ) | (1,036 | ) | (230 | ) | (1,425 | ) | |||||||
Gain (loss) on sale of other real estate owned | (49 | ) | (54 | ) | (118 | ) | 84 | ||||||||
Proceeds from sales of other real estate owned | (3,811 | ) | (4,472 | ) | (6,478 | ) | (7,455 | ) | |||||||
Ending balance | $ | 6,262 | $ | 17,251 | $ | 6,262 | $ | 17,251 |
June 30, 2013 | December 31, 2012 | ||||||
(Dollars in thousands) | |||||||
One–to–four family residential | $ | 1,316 | $ | 1,760 | |||
Multi-family mortgage | — | 720 | |||||
Nonresidential real estate | 1,757 | 3,504 | |||||
Land | 933 | 1,323 | |||||
4,006 | 7,307 | ||||||
Acquired other real estate owned: | |||||||
One–to–four family residential | 179 | 320 | |||||
Nonresidential real estate | 372 | 462 | |||||
Land | 1,705 | 2,269 | |||||
2,256 | 3,051 | ||||||
Total other real estate owned | $ | 6,262 | $ | 10,358 |
Actual Ratio | Minimum required to be Well Capitalized Under Prompt Corrective Action Provisions | Minimum Capital Ratios Established under Capital Plans | ||||||
June 30, 2013 | ||||||||
Total capital (to risk-weighted assets) | 15.74 | % | 8.00 | % | 12.00 | % | ||
Tier 1 (core) capital (to risk-weighted assets) | 14.48 | 4.00 | 8.00 | |||||
Tier 1 (core) capital (to adjusted total assets) | 9.86 | 4.00 | 8.00 | |||||
December 31, 2012 | ||||||||
Total capital (to risk-weighted assets) | 15.32 | % | 8.00 | % | 12.00 | % | ||
Tier 1 (core) capital (to risk-weighted assets) | 14.07 | 4.00 | 8.00 | |||||
Tier 1 (core) capital (to adjusted total assets) | 9.60 | 4.00 | 8.00 |
Estimated Increase in NPV | Decrease in Estimated Net Interest Income | ||||||||||||
Change in Interest Rates (basis points) | Amount | Percent | Amount | Percent | |||||||||
(dollars in thousands) | |||||||||||||
+400 | $ | (14,429 | ) | (8.45 | )% | $ | (2,361 | ) | (5.53 | )% | |||
+300 | (5,186 | ) | (3.04 | ) | (1,591 | ) | (3.73 | ) | |||||
+200 | (4,297 | ) | (2.51 | ) | (965 | ) | (2.26 | ) | |||||
+100 | (1,865 | ) | (1.09 | ) | (498 | ) | (1.17 | ) | |||||
0 | — | — | — | — |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
(a) | Unregistered Sale of Equity Securities. Not applicable. |
(b) | Use of Proceeds. Not applicable |
(c) | Repurchases of Equity Securities. |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
Exhibit Number | Description | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* | |
101 | The following financial statements from the BankFinancial Corporation Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated statement of conditions, (ii) consolidated statements of operations, (iii) consolidated statements of cash flows and (iv) the notes to consolidated financial statements. |
BANKFINANCIAL CORPORATION | |||||
Dated: | August 5, 2013 | By: | /s/ F. Morgan Gasior | ||
F. Morgan Gasior | |||||
Chairman of the Board and Chief Executive Officer | |||||
/s/ Paul A. Cloutier | |||||
Paul A. Cloutier | |||||
Chief Financial Officer |
1) | I have reviewed this report on Form 10-Q of BankFinancial Corporation; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: | August 5, 2013 | By: | /s/ F. Morgan Gasior | ||
F. Morgan Gasior | |||||
Chairman of the Board, Chief Executive Officer and President |
1) | I have reviewed this report on Form 10-Q of BankFinancial Corporation; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: | August 5, 2013 | By: | /s/ Paul A. Cloutier | ||
Paul A. Cloutier | |||||
Executive Vice President and Chief Financial Officer |
1. | the Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
BANKFINANCIAL CORPORATION | |||||
Dated: | August 5, 2013 | By: | /s/ F. Morgan Gasior | ||
F. Morgan Gasior | |||||
Chairman of the Board and Chief Executive Officer | |||||
/s/ Paul A. Cloutier | |||||
Paul A. Cloutier | |||||
Chief Financial Officer |
Loans Receivable (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable are as follows:
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Allowance for loan losses and the loans receivable by portfolio segment | The following tables present the balance in the allowance for loan losses and the loans receivable by portfolio segment and based on impairment method:
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Allowance for loan losses | Activity in the allowance for loan losses is as follows:
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Loans Individually Evaluated For Impairment By Class Loans | The following table presents loans individually evaluated for impairment by class of loans, excluding purchased impaired loans:
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Carrying Amount Of Purchased Impaired Loans | The carrying amount of these purchased impaired loans is as follows:
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Accretable Yield Or Income Expected To Be Collected Related To Purchased Impaired Loans | Accretable yield, or income expected to be collected, related to purchased impaired loans is as follows:
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Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | Purchased impaired loans for which it was probable at the date of acquisition that all contractually required payments would not be collected are as follows:
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Schedule of Financing Receivables, Non Accrual Status | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans, excluding purchased impaired loans:
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Past Due Financing Receivables | The following tables present the aging of the recorded investment of loans at June 30, 2013 by class of loans:
at December 31, 2012 by class of loans:
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Recorded Investment In Past Due Purchased Impaired Loans |
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Troubled Debt Restructurings on Financing Receivables | The following table presents loans classified as TDRs:
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Loans By Class Modified As Troubled Debt Restructuring On Financing Receivables | The following tables present TDR activity:
The TDRs described above had no impact on interest income, resulted in no change to the allowance for loan losses and resulted in no charge offs for the three months ended June 30, 2013. The TDRs described above had no impact on interest income, but increased the allowance for loan losses by $15,000 and resulted in no charge offs for the three months ended June 30, 2012.
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Loans By Class Modified As Troubled Debt Restructurings With Payment Default | The following table presents TDRs for which there was a payment default during the six months ending June 30, 2013 and 2012 within twelve months following the modification.
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Financing Receivable Credit Quality Indicators | As of June 30, 2013, based on the most recent analysis performed, the risk category of loans by class of loans is as follows:
As of December 31, 2012, based on the most recent analysis performed, the risk category of loans by class of loans is as follows:
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Loss Per Share (Notes)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss per Share | Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares and unvested restricted stock shares. Stock options and restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent that they would have a dilutive effect if converted to common stock.
|
Loans Receivable (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|---|---|---|
Loans receivable | ||||||
Total loans | $ 1,028,615 | $ 1,047,755 | ||||
Net deferred loan origination costs | 798 | 745 | ||||
Allowance for loan losses | (17,097) | (17,453) | (18,035) | (30,878) | (31,638) | (31,726) |
Loans, net | 1,012,316 | 1,030,465 | ||||
One-to-four family residential real estate loans [Member]
|
||||||
Loans receivable | ||||||
Total loans | 200,181 | 218,596 | ||||
Allowance for loan losses | (3,915) | (4,726) | ||||
Multi-family mortgage loans [Member]
|
||||||
Loans receivable | ||||||
Total loans | 353,924 | 352,019 | ||||
Allowance for loan losses | (4,686) | (4,580) | ||||
Nonresidential real estate loans [Member]
|
||||||
Loans receivable | ||||||
Total loans | 255,429 | 264,672 | ||||
Allowance for loan losses | (5,693) | (5,545) | ||||
Construction and land loans [Member]
|
||||||
Loans receivable | ||||||
Total loans | 7,152 | 8,552 | ||||
Allowance for loan losses | (806) | (1,031) | ||||
Commercial loans [Member]
|
||||||
Loans receivable | ||||||
Total loans | 51,701 | 61,388 | ||||
Allowance for loan losses | (1,105) | (1,324) | ||||
Commercial leases [Member]
|
||||||
Loans receivable | ||||||
Total loans | 157,606 | 139,783 | ||||
Allowance for loan losses | (798) | (666) | ||||
Consumer loans [Member]
|
||||||
Loans receivable | ||||||
Total loans | 2,622 | 2,745 | ||||
Allowance for loan losses | $ (94) | $ (163) |
Fair Value (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Company's financial instruments measured at fair values | The following table sets forth the Company’s financial assets that were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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Schedule of Company's financial instruments measured on non recurring at fair values | The following table sets forth the Company’s assets that were measured at fair value on a non-recurring basis:
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Schedule of fair value quantitative information | The following table presents quantitative information, based on certain empirical data with respect to Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2013:
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Carrying amount and estimated fair value of financial instruments | The carrying amount and estimated fair value of financial instruments is as follows:
|
Loans Receivable - Credit Quality Indicators (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Financing Receivable Credit Quality Indicators | ||
Total loans | $ 1,028,615 | $ 1,047,755 |
One-to-four family residential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 200,181 | 218,596 |
Multi-family mortgage loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 353,924 | 352,019 |
Consumer loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 2,622 | 2,745 |
Pass [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 912,543 | 924,953 |
Pass [Member] | One-to-four family residential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 143,242 | 152,711 |
Pass [Member] | One-to-four family residential real estate loans - non-owner occupied loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 50,245 | 51,849 |
Pass [Member] | Multi-family mortgage loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 274,715 | 275,338 |
Pass [Member] | Wholesale commercial lending [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 44,350 | 44,074 |
Pass [Member] | Nonresidential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 191,127 | 199,802 |
Pass [Member] | Construction loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 399 | 0 |
Pass [Member] | Land loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 2,524 | 2,769 |
Pass [Member] | Commercial loans - Secured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 16,293 | 19,579 |
Pass [Member] | Commercial loans - Unsecured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 3,574 | 4,061 |
Pass [Member] | Commercial Loans - Municipal loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 4,751 | 4,751 |
Pass [Member] | Commercial Loans - Warehouse Lines [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 1,447 | 2,971 |
Pass [Member] | Commercial Loans - Health Care [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 14,298 | 17,566 |
Pass [Member] | Commercial loans - other [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 5,351 | 6,957 |
Pass [Member] | Commercial Leases - Investment Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 118,010 | 102,101 |
Pass [Member] | Commercial Leases - Below Investment Grade [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 9,349 | 9,205 |
Pass [Member] | Commercial Leases - Non Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 26,610 | 25,466 |
Pass [Member] | Commercial Leases - Lease Pools [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 3,637 | 3,011 |
Pass [Member] | Consumer loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 2,621 | 2,742 |
Special Mention [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 55,810 | 41,422 |
Special Mention [Member] | One-to-four family residential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 126 | 0 |
Special Mention [Member] | One-to-four family residential real estate loans - non-owner occupied loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 1,486 |
Special Mention [Member] | Multi-family mortgage loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 12,040 | 6,139 |
Special Mention [Member] | Wholesale commercial lending [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Nonresidential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 39,449 | 30,898 |
Special Mention [Member] | Construction loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Land loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 158 |
Special Mention [Member] | Commercial loans - Secured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 2,325 | 2,418 |
Special Mention [Member] | Commercial loans - Unsecured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 298 | 323 |
Special Mention [Member] | Commercial Loans - Municipal loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Commercial Loans - Warehouse Lines [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Commercial Loans - Health Care [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 1,572 | 0 |
Special Mention [Member] | Commercial loans - other [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Commercial Leases - Investment Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Commercial Leases - Below Investment Grade [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Commercial Leases - Non Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Commercial Leases - Lease Pools [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Special Mention [Member] | Consumer loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 30,918 | 55,004 |
Substandard [Member] | One-to-four family residential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 903 | 1,428 |
Substandard [Member] | One-to-four family residential real estate loans - non-owner occupied loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 643 | 3,440 |
Substandard [Member] | Multi-family mortgage loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 8,709 | 21,128 |
Substandard [Member] | Wholesale commercial lending [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 1,767 | 1,781 |
Substandard [Member] | Nonresidential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 16,185 | 22,345 |
Substandard [Member] | Construction loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Land loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 1,628 | 2,394 |
Substandard [Member] | Commercial loans - Secured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 101 | 988 |
Substandard [Member] | Commercial loans - Unsecured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 982 | 1,497 |
Substandard [Member] | Commercial Loans - Municipal loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial Loans - Warehouse Lines [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial Loans - Health Care [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial loans - other [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial Leases - Investment Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial Leases - Below Investment Grade [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial Leases - Non Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial Leases - Lease Pools [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Substandard [Member] | Consumer loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 3 |
Nonaccrual [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 29,344 | 26,376 |
Nonaccrual [Member] | One-to-four family residential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 3,333 | 6,158 |
Nonaccrual [Member] | One-to-four family residential real estate loans - non-owner occupied loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 1,689 | 1,524 |
Nonaccrual [Member] | Multi-family mortgage loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 11,353 | 3,559 |
Nonaccrual [Member] | Wholesale commercial lending [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 990 | 0 |
Nonaccrual [Member] | Nonresidential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 8,668 | 11,627 |
Nonaccrual [Member] | Construction loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Land loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 2,601 | 3,231 |
Nonaccrual [Member] | Commercial loans - Secured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 624 | 225 |
Nonaccrual [Member] | Commercial loans - Unsecured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 85 | 52 |
Nonaccrual [Member] | Commercial Loans - Municipal loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Commercial Loans - Warehouse Lines [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Commercial Loans - Health Care [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Commercial loans - other [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Commercial Leases - Investment Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Commercial Leases - Below Investment Grade [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Commercial Leases - Non Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Commercial Leases - Lease Pools [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 0 | 0 |
Nonaccrual [Member] | Consumer loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 1 | 0 |
Consumer Credit Score [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 1,028,615 | 1,047,755 |
Consumer Credit Score [Member] | One-to-four family residential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 147,604 | 160,297 |
Consumer Credit Score [Member] | One-to-four family residential real estate loans - non-owner occupied loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 52,577 | 58,299 |
Consumer Credit Score [Member] | Multi-family mortgage loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 306,817 | 306,164 |
Consumer Credit Score [Member] | Wholesale commercial lending [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 47,107 | 45,855 |
Consumer Credit Score [Member] | Nonresidential real estate loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 255,429 | 264,672 |
Consumer Credit Score [Member] | Construction loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 399 | 0 |
Consumer Credit Score [Member] | Land loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 6,753 | 8,552 |
Consumer Credit Score [Member] | Commercial loans - Secured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 19,343 | 23,210 |
Consumer Credit Score [Member] | Commercial loans - Unsecured [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 4,939 | 5,933 |
Consumer Credit Score [Member] | Commercial Loans - Municipal loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 4,751 | 4,751 |
Consumer Credit Score [Member] | Commercial Loans - Warehouse Lines [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 1,447 | 2,971 |
Consumer Credit Score [Member] | Commercial Loans - Health Care [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 15,870 | 17,566 |
Consumer Credit Score [Member] | Commercial loans - other [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 5,351 | 6,957 |
Consumer Credit Score [Member] | Commercial Leases - Investment Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 118,010 | 102,101 |
Consumer Credit Score [Member] | Commercial Leases - Below Investment Grade [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 9,349 | 9,205 |
Consumer Credit Score [Member] | Commercial Leases - Non Rated [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 26,610 | 25,466 |
Consumer Credit Score [Member] | Commercial Leases - Lease Pools [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | 3,637 | 3,011 |
Consumer Credit Score [Member] | Consumer loans [Member]
|
||
Financing Receivable Credit Quality Indicators | ||
Total loans | $ 2,622 | $ 2,745 |
Loans Receivable - Activity in the Allowance for Loan Losses (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
One-to-four family residential real estate loans [Member]
|
Jun. 30, 2012
One-to-four family residential real estate loans [Member]
|
Jun. 30, 2013
One-to-four family residential real estate loans [Member]
|
Jun. 30, 2012
One-to-four family residential real estate loans [Member]
|
Jun. 30, 2013
Multi-family mortgage loans [Member]
|
Jun. 30, 2012
Multi-family mortgage loans [Member]
|
Jun. 30, 2013
Multi-family mortgage loans [Member]
|
Jun. 30, 2012
Multi-family mortgage loans [Member]
|
Jun. 30, 2013
Nonresidential real estate loans [Member]
|
Jun. 30, 2012
Nonresidential real estate loans [Member]
|
Jun. 30, 2013
Nonresidential real estate loans [Member]
|
Jun. 30, 2012
Nonresidential real estate loans [Member]
|
Jun. 30, 2013
Construction and land loans [Member]
|
Jun. 30, 2012
Construction and land loans [Member]
|
Jun. 30, 2013
Construction and land loans [Member]
|
Jun. 30, 2012
Construction and land loans [Member]
|
Jun. 30, 2013
Commercial loans [Member]
|
Jun. 30, 2012
Commercial loans [Member]
|
Jun. 30, 2013
Commercial loans [Member]
|
Jun. 30, 2012
Commercial loans [Member]
|
Jun. 30, 2013
Commercial leases [Member]
|
Dec. 31, 2012
Commercial leases [Member]
|
Jun. 30, 2013
Consumer loans [Member]
|
Jun. 30, 2012
Consumer loans [Member]
|
Jun. 30, 2013
Consumer loans [Member]
|
Jun. 30, 2012
Consumer loans [Member]
|
|
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||||||||||||||||||
Beginning balance | $ 17,453 | $ 31,638 | $ 18,035 | $ 31,726 | $ 4,726 | $ 4,580 | $ 5,545 | $ 1,031 | $ 1,324 | $ 798 | $ 666 | $ 163 | ||||||||||||||||||
Loans charged off | 928 | 3,155 | 2,558 | 5,011 | (176) | (591) | (545) | (1,263) | (374) | (135) | (610) | (689) | (153) | (2,202) | (232) | (2,635) | 0 | (185) | (927) | (232) | (213) | (31) | (232) | (169) | (12) | (11) | (12) | (23) | ||
Recoveries | 366 | 650 | 692 | 1,422 | 85 | 74 | 327 | 185 | 159 | 96 | 216 | 480 | 103 | 284 | 122 | 315 | 1 | 58 | 3 | 242 | 16 | 132 | 21 | 189 | 2 | 6 | 3 | 11 | ||
Net charge-off | 562 | 2,505 | 1,866 | 3,589 | ||||||||||||||||||||||||||
Provision for loan losses | 206 | 1,745 | 928 | 2,741 | ||||||||||||||||||||||||||
Ending balance | $ 17,097 | $ 30,878 | $ 17,097 | $ 30,878 | $ 3,915 | $ 3,915 | $ 4,686 | $ 4,686 | $ 5,693 | $ 5,693 | $ 806 | $ 806 | $ 1,105 | $ 1,105 | $ 798 | $ 666 | $ 94 | $ 94 |
Fair Value - Financial Assets Accounted for at Fair Value (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | $ 53,014 | $ 77,832 |
Certificates of deposit [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 15,639 | 33,456 |
SBA-guaranteed loan participation certificates [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 39 | 42 |
Nonrecurring [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 53,014 | 77,832 |
Nonrecurring [Member] | Certificates of deposit [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 15,639 | 33,456 |
Nonrecurring [Member] | Municipal securities [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 362 | 369 |
Nonrecurring [Member] | Equity mutual fund [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 507 | 528 |
Nonrecurring [Member] | Mortgage-backed securities - residential [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 31,266 | 34,233 |
Nonrecurring [Member] | Collateralized mortgage obligations - residential [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 5,201 | 9,204 |
Nonrecurring [Member] | SBA-guaranteed loan participation certificates [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 39 | 42 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 507 | 528 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Certificates of deposit [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal securities [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities - residential [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collateralized mortgage obligations - residential [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | SBA-guaranteed loan participation certificates [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 52,507 | 77,304 |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | Equity mutual fund [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Certificates of deposit [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal securities [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity mutual fund [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities - residential [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Collateralized mortgage obligations - residential [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | SBA-guaranteed loan participation certificates [Member]
|
||
Schedule of Company's financial instruments measured at fair values | ||
Total Fair value | $ 0 | $ 0 |
Loans Receivable - Contractually Required Payments (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Purchased impaired loans at the date of acquisition | ||
Contractually required payments receivable of loans purchased, Total | $ 4,973 | $ 7,224 |
One-to-four family residential real estate loans [Member]
|
||
Purchased impaired loans at the date of acquisition | ||
Contractually required payments receivable of loans purchased, Total | 1,143 | 1,143 |
Nonresidential real estate loans [Member]
|
||
Purchased impaired loans at the date of acquisition | ||
Contractually required payments receivable of loans purchased, Total | 2,008 | 3,884 |
Land loans [Member]
|
||
Purchased impaired loans at the date of acquisition | ||
Contractually required payments receivable of loans purchased, Total | 1,600 | 1,600 |
Commercial loans [Member]
|
||
Purchased impaired loans at the date of acquisition | ||
Contractually required payments receivable of loans purchased, Total | $ 222 | $ 597 |
Fair Value - Carrying Amount and Estimated Fair Value of Finanical Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|---|---|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 312,093 | $ 275,764 | $ 220,707 | $ 120,704 |
Financial assets | ||||
Securities, carrying amount | 53,014 | 77,832 | ||
Loans held-for-sale, carrying amount | 276 | 2,166 | ||
Loans receivable, net of allowance for loan losses, carrying amounts | 1,012,316 | 1,030,465 | ||
FHLBC stock, carrying amount | 6,068 | 8,412 | ||
Accrued interest receivable, carrying amount | 3,750 | 4,146 | ||
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||
Financial assets | ||||
Available-for-sale Securities, Fair Value Disclosure | 53,014 | 77,832 | ||
Loans Held-for-sale, Fair Value Disclosure | 276 | 2,166 | ||
Loans Receivable, Fair Value Disclosure | 988,397 | 1,026,087 | ||
Accounts Receivable, Fair Value Disclosure | 3,750 | 4,146 | ||
Financial liabilities | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 312,093 | 275,764 | ||
Demand Deposit Accounts Fair Value Disclosure | (137,146) | 134,597 | ||
Deposits Savings Deposits Fair Value Disclosure | (147,758) | 144,726 | ||
Now Money Market Accounts Fair Value Disclosure | (690,185) | 697,775 | ||
Certificates Of Deposit Fair Value Disclosure | (287,824) | 306,859 | ||
Short Term Borrowings Fair Value Disclosure | (2,955) | 5,608 | ||
Accrued Liabilities, Fair Value Disclosure | (135) | 157 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member]
|
||||
Financial assets | ||||
Loans Held-for-sale, Fair Value Disclosure | 0 | |||
Loans Receivable, Fair Value Disclosure | 0 | |||
Accounts Receivable, Fair Value Disclosure | 0 | |||
Financial liabilities | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 18,303 | 20,361 | ||
Demand Deposit Accounts Fair Value Disclosure | 0 | |||
Deposits Savings Deposits Fair Value Disclosure | 0 | |||
Now Money Market Accounts Fair Value Disclosure | 0 | |||
Certificates Of Deposit Fair Value Disclosure | 0 | |||
Short Term Borrowings Fair Value Disclosure | 0 | |||
Accrued Liabilities, Fair Value Disclosure | 0 | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member]
|
||||
Financial assets | ||||
Available-for-sale Securities, Fair Value Disclosure | 52,507 | 77,304 | ||
Loans Held-for-sale, Fair Value Disclosure | 276 | 2,166 | ||
Loans Receivable, Fair Value Disclosure | 979,631 | 1,017,637 | ||
Accounts Receivable, Fair Value Disclosure | 3,750 | 4,146 | ||
Financial liabilities | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 293,790 | 255,403 | ||
Demand Deposit Accounts Fair Value Disclosure | (137,146) | (134,597) | ||
Deposits Savings Deposits Fair Value Disclosure | (147,758) | (144,726) | ||
Now Money Market Accounts Fair Value Disclosure | (690,185) | (697,775) | ||
Certificates Of Deposit Fair Value Disclosure | (287,824) | (306,859) | ||
Short Term Borrowings Fair Value Disclosure | (2,955) | (5,608) | ||
Accrued Liabilities, Fair Value Disclosure | (135) | (157) | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member]
|
||||
Financial assets | ||||
Loans Receivable, Fair Value Disclosure | 8,766 | 8,450 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member]
|
||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 312,093 | 275,764 | ||
Financial assets | ||||
Securities, carrying amount | 53,014 | 77,832 | ||
Loans held-for-sale, carrying amount | 276 | 2,166 | ||
Loans receivable, net of allowance for loan losses, carrying amounts | 1,012,316 | 1,030,465 | ||
FHLBC stock, carrying amount | 6,068 | 8,412 | ||
Accrued interest receivable, carrying amount | 3,750 | 4,146 | ||
Financial liabilities | ||||
Demand Deposit Accounts | 137,146 | (134,597) | ||
Deposits, Savings Deposits | 147,758 | (144,726) | ||
Now Money Market Accounts | 690,185 | (697,775) | ||
Certificates of Deposit, at Carrying Value | 287,007 | (305,253) | ||
Short-term Debt | 2,940 | (5,567) | ||
Accrued Interest Payable | 135 | (157) | ||
Equity Funds [Member]
|
||||
Financial assets | ||||
Securities, carrying amount | $ 507 | $ 528 |
Loans Receivable - Loan Origination and Risk Management (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, amount | $ 1,028,615 | $ 1,047,755 |
Multi-family mortgage loans [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, amount | 353,924 | 352,019 |
Commercial leases [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, amount | $ 157,606 | $ 139,783 |
Consolidated Statements of Changes In Stockholders' Equity (USD $)
In Thousands, unless otherwise specified |
Total
|
Common Stock
|
Additional Paid-in Capital
|
Retained Earnings
|
Unearned Employee Stock Ownership Plan Shares
|
Accumulated Other Comprehensive Income (Loss)
|
---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2011 | $ 199,857 | $ 211 | $ 193,801 | $ 17,946 | $ (13,212) | $ 1,111 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 3,135 | 0 | 0 | 3,135 | 0 | 0 |
Other comprehensive income, net of tax effects | (36) | 0 | 0 | 0 | 0 | (36) |
Nonvested stock awards-stock-based compensation expense | 41 | 0 | 41 | 0 | 0 | 0 |
Cash dividends declared on common stock (2010: $0.28, 2011: $0.22, 2012: $0.03, per share) | 422 | 0 | 0 | (422) | 0 | 0 |
ESOP shares earned | 368 | (119) | 0 | 487 | 0 | |
Ending Balance at Jun. 30, 2012 | 202,943 | 211 | 193,723 | 20,659 | (12,725) | 1,075 |
Beginning Balance at Dec. 31, 2012 | 172,890 | 211 | 193,590 | (9,796) | (12,233) | 1,118 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 754 | 0 | 0 | 754 | 0 | 0 |
Other comprehensive income, net of tax effects | (444) | 0 | 0 | 0 | 0 | (444) |
Nonvested stock awards-stock-based compensation expense | 38 | 0 | 38 | 0 | 0 | 0 |
Cash dividends declared on common stock (2010: $0.28, 2011: $0.22, 2012: $0.03, per share) | 422 | 0 | (422) | 0 | 0 | |
ESOP shares earned | 413 | 0 | (72) | 0 | 485 | 0 |
Ending Balance at Jun. 30, 2013 | $ 173,229 | $ 211 | $ 193,556 | $ (9,464) | $ (11,748) | $ 674 |
Consolidated Statements of Cash Flow (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Cash flows from operating activities | ||
Net income (loss) | $ 754 | $ 3,135 |
Adjustments to reconcile to net loss to net cash from operating activities | ||
Provision for loan losses | 928 | 2,741 |
ESOP shares earned | 413 | 368 |
Stock-based compensation expense | 38 | 41 |
Depreciation and amortization | 2,221 | 2,283 |
Amortization of premiums and discounts on securities and loans | (414) | 1,633 |
Amortization Of Intangibles | 306 | 320 |
Amortization and impairment of servicing assets | 109 | 180 |
Net change in net deferred loan origination costs | (53) | (127) |
Net loss on sale of other real estate owned | 118 | 84 |
Net gain on sale of loans | (1,413) | 385 |
Gain (Loss) on Sale of Property Plant Equipment | 0 | 157 |
Loans originated for sale | (7,601) | 9,585 |
Proceeds from sale of loans | 8,182 | 11,383 |
REO valuation adjustments | 230 | (1,425) |
Net change in: | ||
Accrued interest receivable | 396 | (1,046) |
Earnings on bank owned life insurance | (152) | (246) |
Other assets | 2,237 | (56) |
Accrued interest payable and other liabilities | 34 | (1,963) |
Net cash from operating activities | 6,333 | 9,366 |
Securities | ||
Proceeds from maturities | 21,268 | 21,189 |
Proceeds from principal repayments | 8,724 | 9,700 |
Purchases of securities | (3,175) | 13,184 |
Loans receivable | ||
Principal payments on loans receivable | 228,608 | 281,548 |
Purchase of loans | 0 | 398 |
Originated for investment | (213,704) | 177,554 |
Proceeds from sale of loans | 2,868 | 0 |
Proceeds of redemption of Federal Home Loan Bank of Chicago stock | 2,344 | (6,186) |
Proceeds from sale of other real estate owned | 6,478 | 7,455 |
Purchases of premises and equipment, net | (25) | 1,495 |
Net cash from (used in) investing activities | 53,386 | 133,447 |
Cash flows from financing activities | ||
Net change in deposits | (20,255) | (42,969) |
Net change in borrowings | (2,627) | 759 |
Net change in advance payments by borrowers for taxes and insurance | (86) | (178) |
Cash dividends paid on common stock | (422) | 422 |
Net cash used in financing activities | (23,390) | (42,810) |
Net change in cash and cash equivalents | 36,329 | 100,003 |
Beginning cash and cash equivalents | 275,764 | 120,704 |
Ending cash and cash equivalents | 312,093 | 220,707 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 1,951 | 2,378 |
Income taxes paid | 0 | 0 |
Income taxes refunded | 461 | 1,115 |
Loans transferred to other real estate owned | 2,756 | 3,766 |
Payables to Broker-Dealers and Clearing Organizations | $ 2,535 | $ 0 |
Securities (Notes)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | he fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is as follows:
Mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities or agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support. All securities reflected in the preceding table were classified as available-for-sale at June 30, 2013 and December 31, 2012. The amortized cost and fair values of securities by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Securities with unrealized losses not recognized in income are as follows:
The Company evaluates marketable investment securities with significant declines in fair value on a quarterly basis to determine whether they should be considered other-than-temporarily impaired under current accounting guidance, which generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the securities must assess whether the impairment is other-than-temporary. Certain residential mortgage-backed securities and a collateralized mortgage obligation that the Company holds in its investment portfolio remained in an unrealized loss position at June 30, 2013, but the unrealized losses were not considered significant under the Company’s impairment testing methodology. In addition, the Company does not intend to sell these securities, and it is likely that the Company will not be required to sell these securities before their anticipated recovery occurs. There were no sales of securities during the six months ended June 30, 2013 or 2012. |
Summary of Significant Accounting Policies (Notes)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation: BankFinancial Corporation, a Maryland corporation headquartered in Burr Ridge, Illinois (the “Company”), is the owner of all of the issued and outstanding capital stock of BankFinancial, F.S.B. (the “Bank”). Principles of Consolidation: The interim unaudited consolidated financial statements include the accounts of and transactions of BankFinancial Corporation, the Bank, and the Bank’s wholly-owned subsidiaries, Financial Assurance Services, Inc. and BF Asset Recovery Corporation (collectively, “the Company”), and reflect all normal and recurring adjustments that are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany accounts and transactions have been eliminated. The results of operations for the June 30, 2013, are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2013. Certain information and note disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for loan losses, mortgage servicing rights, deferred tax assets, goodwill, other intangible assets, stock-based compensation, impairment of securities and fair value of financial instruments are particularly subject to change and the effect of such change could be material to the financial statements. Reclassifications: Certain reclassifications have been made in the prior period’s financial statements to conform them to the current period’s presentation. These unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission. Recent Accounting Pronouncements In February 2013, the Financial Accounting Standards Board ("FASB") issued an amendment to improve the reporting of reclassifications out of accumulated other comprehensive income. ASC Topic 220, “Comprehensive Income” amended prior guidance to improve the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount reclassified is required under GAAP. The Company adopted this new authoritative guidance on January 1, 2013, and it did not have an impact on the Company's statements of operations and financial condition as the Company did not have any amounts reclassified during the three or six month periods ended June 30, 2013 and 2012. |
Fair Value - Assets Measured at Fair Value on a Non-Recurring Basis (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | $ 8,766 | |
Fair Value, Other real estate owned | 5,375 | |
One-to-four family residential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 513 | |
Fair Value, Other real estate owned | 1,081 | |
Multi-family mortgage loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 3,246 | |
Nonresidential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 2,693 | |
Fair Value, Other real estate owned | 1,656 | |
Construction and land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 2,076 | |
Commercial loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 238 | |
Land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Other real estate owned | 2,638 | |
Nonrecurring [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 8,766 | 8,450 |
Fair Value, Other real estate owned | 5,375 | 9,368 |
Mortgage servicing rights | 195 | 208 |
Nonrecurring [Member] | One-to-four family residential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 513 | 410 |
Fair Value, Other real estate owned | 1,081 | 1,503 |
Nonrecurring [Member] | Multi-family mortgage loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 3,246 | 1,916 |
Fair Value, Other real estate owned | 720 | |
Nonrecurring [Member] | Nonresidential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 2,693 | 3,102 |
Fair Value, Other real estate owned | 1,656 | 3,649 |
Nonrecurring [Member] | Construction and land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 2,076 | 2,841 |
Nonrecurring [Member] | Commercial loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 238 | 181 |
Nonrecurring [Member] | Land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Other real estate owned | 2,638 | 3,496 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Fair Value, Other real estate owned | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | One-to-four family residential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Fair Value, Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Multi-family mortgage loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Fair Value, Other real estate owned | 0 | |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonresidential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Fair Value, Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Construction and land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Fair Value, Other real estate owned | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | One-to-four family residential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Fair Value, Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | Multi-family mortgage loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Fair Value, Other real estate owned | 0 | |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | Nonresidential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Fair Value, Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | Construction and land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | Commercial loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 0 | 0 |
Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | Land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 8,766 | 8,450 |
Fair Value, Other real estate owned | 5,375 | 9,368 |
Mortgage servicing rights | 195 | 208 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | One-to-four family residential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 513 | 410 |
Fair Value, Other real estate owned | 1,081 | 1,503 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Multi-family mortgage loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 3,246 | 1,916 |
Fair Value, Other real estate owned | 720 | |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Nonresidential real estate loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 2,693 | 3,102 |
Fair Value, Other real estate owned | 1,656 | 3,649 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Construction and land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 2,076 | 2,841 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Impaired loans | 238 | 181 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Land loans [Member]
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Other real estate owned | $ 2,638 | $ 3,496 |
Loans Receivable - Loans Individually Evaluated for Impairment (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Loans individually evaluated for impairment by class loans | |||
Loan Balance | $ 20,559 | $ 20,559 | $ 21,155 |
Recorded Investment | 17,612 | 17,612 | 16,128 |
Partial Charge-off | 1,856 | 1,856 | 4,847 |
Average Investment in Impaired Loans | 15,916 | 14,496 | 23,251 |
Interest Income Recognized | 82 | 107 | 799 |
Loan Balance (With an allowance recorded) | 11,427 | 11,427 | 10,831 |
Recorded Investment (With an allowance recorded) | 8,965 | 8,965 | 8,107 |
Partial Charge-offs (With an allowance recorded) | 2,318 | 2,318 | 2,699 |
Allowance for loan losses (With an allowance recorded) | 1,197 | 1,197 | 1,584 |
Average Investment in Impaired Loans (With an allowance recorded) | 8,315 | 8,188 | 37,222 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 67 | 82 | 166 |
Impaired Loan, Total | 31,986 | 31,986 | 31,986 |
Recorded Investment, Total | 26,577 | 26,577 | 24,235 |
Partial Charge-offs, Total | 4,174 | 4,174 | 7,546 |
Average Investment in Impaired Loans, Total | 24,231 | 22,684 | 60,473 |
Interest Income Recognized, Total | 149 | 189 | 965 |
One-to-four family residential real estate loans [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 4,810 | 4,810 | 5,250 |
Recorded Investment | 3,807 | 3,807 | 4,216 |
Partial Charge-off | 951 | 951 | 1,027 |
Average Investment in Impaired Loans | 2,681 | 2,866 | 2,814 |
Interest Income Recognized | 10 | 21 | 149 |
Allowance for loan losses (With an allowance recorded) | 47 | 47 | 137 |
One-to-four family residential real estate loans - non-owner occupied loans [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 956 | 956 | 567 |
Recorded Investment | 778 | 778 | 534 |
Partial Charge-off | 142 | 142 | 34 |
Average Investment in Impaired Loans | 1,683 | 1,450 | 4,322 |
Interest Income Recognized | 2 | 2 | 90 |
Loan Balance (With an allowance recorded) | 587 | 587 | 626 |
Recorded Investment (With an allowance recorded) | 509 | 509 | 499 |
Partial Charge-offs (With an allowance recorded) | 60 | 60 | 128 |
Allowance for loan losses (With an allowance recorded) | 47 | 47 | 137 |
Average Investment in Impaired Loans (With an allowance recorded) | 298 | 348 | 1,996 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 1 | 1 | 13 |
Multi-family mortgage loans [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 8,834 | 8,834 | 2,959 |
Recorded Investment | 8,630 | 8,630 | 2,106 |
Partial Charge-off | 4 | 4 | 819 |
Average Investment in Impaired Loans | 8,237 | 5,605 | 9,303 |
Interest Income Recognized | 63 | 75 | 189 |
Loan Balance (With an allowance recorded) | 3,819 | 3,819 | 3,182 |
Recorded Investment (With an allowance recorded) | 3,228 | 3,228 | 2,645 |
Partial Charge-offs (With an allowance recorded) | 560 | 560 | 521 |
Allowance for loan losses (With an allowance recorded) | 629 | 629 | 729 |
Average Investment in Impaired Loans (With an allowance recorded) | 3,521 | 3,145 | 6,562 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 61 | 67 | 20 |
Multi Family Mortgage Loans without wholesale [Member] [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Allowance for loan losses (With an allowance recorded) | 567 | 567 | |
Wholesale commercial lending [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance (With an allowance recorded) | 656 | 656 | |
Recorded Investment (With an allowance recorded) | 647 | 647 | |
Allowance for loan losses (With an allowance recorded) | 62 | 62 | |
Average Investment in Impaired Loans (With an allowance recorded) | 820 | 469 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 7 | |
Nonresidential real estate loans [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 4,372 | 4,372 | 11,850 |
Recorded Investment | 3,681 | 3,681 | 9,220 |
Partial Charge-off | 253 | 253 | 2,490 |
Average Investment in Impaired Loans | 2,776 | 4,245 | 6,218 |
Interest Income Recognized | 7 | 9 | 347 |
Loan Balance (With an allowance recorded) | 3,404 | 3,404 | 2,825 |
Recorded Investment (With an allowance recorded) | 3,045 | 3,045 | 2,549 |
Partial Charge-offs (With an allowance recorded) | 276 | 276 | 266 |
Allowance for loan losses (With an allowance recorded) | 352 | 352 | 401 |
Average Investment in Impaired Loans (With an allowance recorded) | 1,859 | 2,154 | 21,077 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 4 | 6 | 20 |
Land loans [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 454 | 454 | 0 |
Recorded Investment | 337 | 337 | 0 |
Partial Charge-off | 113 | 113 | 0 |
Average Investment in Impaired Loans | 324 | 185 | 409 |
Interest Income Recognized | 0 | 0 | 0 |
Loan Balance (With an allowance recorded) | 2,499 | 2,499 | 3,812 |
Recorded Investment (With an allowance recorded) | 1,264 | 1,264 | 2,210 |
Partial Charge-offs (With an allowance recorded) | 1,232 | 1,232 | 1,602 |
Allowance for loan losses (With an allowance recorded) | 135 | 135 | 294 |
Average Investment in Impaired Loans (With an allowance recorded) | 1,264 | 1,669 | 2,933 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 113 |
Commercial loans - secured [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 648 | 648 | 0 |
Recorded Investment | 326 | 326 | 0 |
Partial Charge-off | 19 | 19 | 0 |
Average Investment in Impaired Loans | 163 | 93 | 137 |
Interest Income Recognized | 0 | 0 | 0 |
Loan Balance (With an allowance recorded) | 462 | 462 | 386 |
Recorded Investment (With an allowance recorded) | 272 | 272 | 204 |
Partial Charge-offs (With an allowance recorded) | 190 | 190 | 182 |
Allowance for loan losses (With an allowance recorded) | 34 | 34 | 23 |
Average Investment in Impaired Loans (With an allowance recorded) | 553 | 403 | 1,849 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 1 | 1 | 0 |
Commercial loans - unsecured [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 485 | 485 | |
Recorded Investment | 53 | 53 | |
Partial Charge-off | 374 | 374 | |
Average Investment in Impaired Loans | 52 | 52 | |
Interest Income Recognized | 0 | 0 | |
Loan Balance (With an allowance recorded) | 0 | ||
Recorded Investment (With an allowance recorded) | 0 | ||
Partial Charge-offs (With an allowance recorded) | 0 | ||
Allowance for loan losses (With an allowance recorded) | 0 | ||
Average Investment in Impaired Loans (With an allowance recorded) | 267 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | ||
Commercial loans - other [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 529 | ||
Recorded Investment | 52 | ||
Partial Charge-off | 477 | ||
Average Investment in Impaired Loans | 25 | ||
Interest Income Recognized | 21 | ||
One to Four Family Residential Real Estate Loans-Owner occupied [Member] [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance (With an allowance recorded) | 0 | ||
Recorded Investment (With an allowance recorded) | 0 | ||
Partial Charge-offs (With an allowance recorded) | 0 | ||
Allowance for loan losses (With an allowance recorded) | 0 | ||
Average Investment in Impaired Loans (With an allowance recorded) | 2,500 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | ||
Non-rated commercial leases [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance | 0 | ||
Recorded Investment | 0 | ||
Partial Charge-off | 0 | ||
Average Investment in Impaired Loans | 23 | ||
Interest Income Recognized | 3 | ||
Loan Balance (With an allowance recorded) | 0 | ||
Recorded Investment (With an allowance recorded) | 0 | ||
Partial Charge-offs (With an allowance recorded) | 0 | ||
Allowance for loan losses (With an allowance recorded) | 0 | ||
Average Investment in Impaired Loans (With an allowance recorded) | 36 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | ||
Consumer loans [Member]
|
|||
Loans individually evaluated for impairment by class loans | |||
Loan Balance (With an allowance recorded) | 0 | ||
Recorded Investment (With an allowance recorded) | 0 | ||
Partial Charge-offs (With an allowance recorded) | 0 | ||
Allowance for loan losses (With an allowance recorded) | 0 | 0 | 0 |
Average Investment in Impaired Loans (With an allowance recorded) | 2 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | $ 0 |
Loans Receivable - Nonaccrual Loans (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Reserve For Uncollected Loan Interest | $ 1,200 | $ 900 |
Unpaid Principal Balance | 32,672 | 30,956 |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 28,173 | 22,267 |
Loans Past Due Over 90 Days, still accruing | 234 | 329 |
One-to-four family residential real estate loans [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 5,113 | 7,286 |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 4,161 | 6,154 |
Loans Past Due Over 90 Days, still accruing | 0 | 70 |
One-to-four family residential real estate loans - non-owner occupied loans [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 1,543 | 1,420 |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 1,341 | 1,145 |
Loans Past Due Over 90 Days, still accruing | 0 | 0 |
Multi-family mortgage loans [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 12,586 | 5,246 |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 11,788 | 3,517 |
Loans Past Due Over 90 Days, still accruing | 234 | 242 |
Wholesale Commercial Lending [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 656 | |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 656 | |
Nonresidential real estate loans [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 8,185 | 12,249 |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 7,565 | 8,985 |
Loans Past Due Over 90 Days, still accruing | 0 | 0 |
Land loans [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 2,953 | 3,817 |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 1,609 | 2,210 |
Loans Past Due Over 90 Days, still accruing | 0 | 0 |
Commercial loans - secured [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 1,115 | 386 |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 906 | 204 |
Loans Past Due Over 90 Days, still accruing | 0 | 0 |
Commercial loans - unsecured [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 520 | 552 |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 146 | 52 |
Loans Past Due Over 90 Days, still accruing | 0 | 17 |
Consumer loans [Member]
|
||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Unpaid Principal Balance | 1 | |
Recorded investment in nonaccrual and loans past due over 90 days | ||
Recorded Investment | 1 | |
Loans Past Due Over 90 Days, still accruing | $ 0 |
Loans Receivable - Troubled Debt Restructuring - Payment Defaults (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
loan
|
Jun. 30, 2012
loan
|
Jun. 30, 2013
loan
|
Jun. 30, 2012
loan
|
|
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Pre Modification Recorded Investment | $ 566,000 | $ 1,359,000 | ||
Financing Receivable, Modifications, Subsequent Default, Increase In Allowance For Loan And Leases Losses | 1,100,000 | |||
Loans by class modified as TDRs with payment default | ||||
Number of loans | 0 | 9 | ||
Recorded investment | 0 | 4,172,000 | ||
Financing Receivable Post Modification Recorded Investment | 566,000 | 1,159,000 | ||
Number Of Loans | 2 | 8 | ||
One-to-four family residential real estate loans [Member]
|
||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Pre Modification Recorded Investment | 566,000 | 267,000 | 950,000 | 659,000 |
Loans by class modified as TDRs with payment default | ||||
Number of loans | 0 | 5 | ||
Recorded investment | 0 | 864,000 | ||
Financing Receivable Post Modification Recorded Investment | 566,000 | 267,000 | 950,000 | 659,000 |
Number Of Loans | 2 | 5 | 3 | 7 |
Multi Family Mortgage [Member]
|
||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Pre Modification Recorded Investment | 0 | 700,000 | ||
Loans by class modified as TDRs with payment default | ||||
Financing Receivable Post Modification Recorded Investment | 0 | 500,000 | ||
Number Of Loans | 0 | 1 | ||
Nonresidential real estate loans [Member]
|
||||
Loans by class modified as TDRs with payment default | ||||
Number of loans | 0 | 4 | ||
Recorded investment | $ 0 | $ 3,308,000 |