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Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of financing receivable recorded investment

	One-to four
	Family			Multi-family
	Residential			Residential			Construction			Commercial			Consumer			Total
	(In thousands)

Purchased loans	$	75,997		$	6,115		$	-		$	26,783		$	1,692		$	110,587
Fair value discount		(1,055	)		(159	)		-			(520	)		(234	)		(1,968	)
Purchased loans book value		74,942			5,956			-			26,263			1,458			108,619
Originated loans (1)		157,045			14,054			7,040	(2)		49,064			786			227,989

Ending balance	$	231,987		$	20,010		$	7,040		$	75,327		$	2,244		$	336,608

(1)	Includes loans held for sale

(2)	Before consideration of undisbursed Loans-in-process

Schedule of credit-impaired purchased loans and non-impaired purchased loans

			Credit
	Non-impaired		Impaired
	Purchased Loans		Purchased Loans
	(In thousands)		(In thousands)

One-to-four family residential	$	72,037	$	2,905
Multi-family residential		4,901		1,055
Construction		-		-
Commercial		19,762		6,501
Consumer		1,458		-

Total	$	98,158	$	10,461

Schedule of allowance for credit losses activity


	March 31, 2014
	One-to four Family Residential			Multi-family Residential			Construction		Commercial			Consumer			Total
	(In thousands)
Allowance for loan losses:

Beginning balance	$	1,352		$	194		$	9	$	131		$	11		$	1,697
Provision		145			(1	)		1		55			-			200
Charge-offs		(128	)		-			-		(39	)		(3	)		(170	)
Recoveries		-			-			-		2			-			2

Ending balance	$	1,369		$	193		$	10	$	149		$	8		$	1,729

Originated loans:
Individually evaluated for impairment	$	-		$	-		$	-	$	-		$	-		$	-

Purchased loans:
Individually evaluated for impairment	$	-		$	-		$	-	$	-		$	-		$	-

Originated Loans:
Collectively evaluated for impairment	$	968		$	193		$	10	$	149		$	8		$	1,328

Purchased loans:
Loans acquired with deteriorated credit quality	$	401		$	-		$	-	$	-		$	-		$	401

Loans receivable:

Ending balance	$	231,987		$	20,010		$	7,040	$	75,327		$	2,244		$	336,608

Ending balance:
Individually evaluated for impairment (1)	$	73,434		$	4,996		$	-	$	20,401		$	1,458		$	100,289

Ending balance:
Collectively evaluated for impairment	$	155,648		$	13,959		$	7,040	$	48,425		$	786		$	225,858

Ending balance:
Loans acquired with deteriorated credit quality	$	2,905		$	1,055		$	-	$	6,501		$	-		$	10,461

(1) Includes loans acquired from First Franklin with outstanding balances of $98,158 at March 31, 2014.


	December 31, 2013
	One-to four Family Residential			Multi-family Residential		Construction		Commercial			Consumer			Total
	(In thousands)

Allowance for loan losses:

Beginning balance	$	1,823		$	172	$	1	$	153		$	11		$	2,160
Provision		1,426			22		8		(14	)		1			1,443
Charge-offs		(1,928	)		-		-		(8	)		(1	)		(1,937	)
Recoveries		31			-		-		-			-			31

Ending balance	$	1,352		$	194	$	9	$	131		$	11		$	1,697

Originated loans:
Individually evaluated for impairment	$	-		$	-	$	-	$	-		$	-		$	-

Purchased loans:
Individually evaluated for impairment	$	-		$	-	$	-	$	-		$	-		$	-

Originated Loans:
Collectively evaluated for impairment	$	939		$	194	$	9	$	131		$	11		$	1,284

Purchased loans:
Loans acquired with deteriorated credit quality	$	413		$	-	$	-	$	-		$	-		$	413

Loans receivable:

Ending balance	$	236,236		$	22,805	$	7,141	$	72,755		$	2,278		$	341,215

Ending balance:
Individually evaluated for impairment (1)	$	77,380		$	6,535	$	-	$	21,055		$	1,508		$	106,478

Ending balance:
Collectively evaluated for impairment	$	155,676		$	15,214	$	7,141	$	45,109		$	770		$	223,910

Ending balance:
Loans acquired with deteriorated credit quality	$	3,180		$	1,056	$	-	$	6,591		$	-		$	10,827

(1)	Includes loans acquired from First Franklin with outstanding balances of $103,497 at December 31, 2013.

Schedule of credit risk

	Originated Loans at March 31, 2014
	One-to four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)

Grade:
Pass	$	155,255	$	13,959	$	7,040	$	47,542	$	786	$	224,582
Special mention		-		-		-		-		-		-
Substandard		1,790		95		-		1,522		-		3,407
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-

Total	$	157,045	$	14,054	$	7,040	$	49,064	$	786	$	227,989

	Originated Loans at December 31, 2013
	One-to four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
					(In thousands)
Grade:
Pass	$	155,364	$	15,214	$	7,141	$	44,218	$	770	$	222,707
Special mention		-		-		-		-		-		-
Substandard		2,519		95		-		1,570		-		4,184
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-

Total	$	157,883	$	15,309	$	7,141	$	45,788	$	770	$	226,891

	Purchased Loans at March 31, 2014
	One-to four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
					(In thousands)

Grade:
Pass	$	71,505	$	5,956	$	-	$	21,877	$	1,434	$	100,772
Special mention		-		-		-		-		-		-
Substandard		3,437		-		-		4,386		24		7,847
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-

Total	$	74,942	$	5,956	$	-	$	26,263	$	1,458	$	108,619

	Purchased Loans at December 31, 2013
	One-to four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)

Grade:
Pass	$	74,410	$	7,496	$	-	$	25,076	$	1,490	$	108,472
Special mention		-		-		-		-		-		-
Substandard		3,943		-		-		1,891		18		5,852
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-

Total	$	78,353	$	7,496	$	-	$	26,967	$	1,508	$	114,324

Schedule of loans by delinquency, nonaccrual status and impaired loans


	Age Analysis of Past Due Originated Loans Receivable
	As of March 31, 2014
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Loans		Accruing
	(In thousands)

Real Estate:
1-4 family
Residential	$	1,893	$	1,397	$	3,290	$	153,755	$	1,397	$	157,045	$	-
Multi-family
Residential		-		95		95		13,959		95		14,054		-
Construction		-		-		-		7,040		-		7,040		-
Commercial		-		639		639		48,425		639		49,064		-
Consumer		-		-		-		786		-		786		-

Total	$	1,893	$	2,131	$	4,024	$	223,965	$	2,131	$	227,989	$	-


	Age Analysis of Past Due Originated Loans Receivable
	As of December 31, 2013
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total Loan		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Receivables		Accruing
							(In thousands)

Real Estate:
1-4 family
Residential	$	1,915	$	2,207	$	4,122	$	153,761	$	2,207	$	157,883		-
Multi-family		-		95		95		15,214		95		15,309		-
Construction		-		-		-		7,141		-		7,141		-
Commercial		-		679		679		45,109		679		45,788		-
Consumer		-		-		-		770		-		770		-

Total	$	1,915	$	2,981	$	4,896	$	221,995	$	2,981	$	226,891		-

	Age Analysis of Past Due Purchased Loans Receivable
	As of March 31, 2014
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Loans		Accruing
							(In thousands)
Real Estate:
1-4 family
Residential	$	1,385	$	2,708	$	4,093	$	70,849	$	2,708	$	74,942	$	-
Multi-family
Residential		-		-		-		5,956		-		5,956		-
Construction		-		-		-		-		-		-		-
Commercial		1,007		693		1,700		24,563		693		26,263		-
Consumer		-		24		24		1,434		24		1,458		-

Total	$	2,392	$	3,425	$	5,817	$	102,802	$	3,425	$	108,619	$	-

		Age Analysis of Past Due Purchased Loans Receivable
		As of December 31, 2013
														Recorded
														Investment
	30-89 Days			Greater than		Total Past		Current &				Total Loan		90 Days and
	Past Due			90 Days		Due		Accruing		Nonaccrual		Receivables		Accruing
		(In thousands)
Real Estate:
1-4 family
Residential		$	2,221	$	3,287	$	5,508	$	72,845	$	3,287	$	78,353	$	-
Multi-family			56		-		56		7,440		-		7,496		-
Construction			-		-		-		-		-		-		-
Commercial			336		676		1,012		25,955		676		26,967		-
Consumer			10		18		28		1,480		18		1,508		-

Total		$	2,623	$	3,981	$	6,604	$	107,720	$	3,981	$	114,324	$	-

Schedule of impaired loans

	Impaired Loans
	As of March 31, 2014

			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Purchased loans
with a fair value discount and no related allowance recorded:
Real Estate:
1-4 family
Residential	$	2,905	$	2,905	$	-	$	3,043	$	44
Multi-family		1,055		1,055		-		1,056		6
Construction		-		-		-		-		-
Commercial		6,501		6,501		-		6,546		111
Consumer		-		-		-		-		-
Total	$	10,461	$	10,461	$	-	$	10,645	$	161
Purchased loans
with no fair value discount and no related allowance recorded:
Real Estate:
1-4 family	$	2,314	$	2,314	$	-	$	2,480		9
Residential
Multi-family
Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		-		-		-		-		-
Consumer		23		23		-		12		-
Total	$	2,337	$	2,337	$	-	$	2,492	$	9
Originated loans with no related allowance recorded
Real Estate:
1-4 family	$	1,397	$	1,397	$	-	$	1,802	$	5
Residential
Multi-family
Residential		95		95		-		95		-
Construction		-		-		-		-		-
Commercial		639		639		-		659		7
Consumer		-		-		-		-		-
Total	$	2,131	$	2,131	$	-	$	2,556	$	12
Total:
Real Estate:
1-4 family	$	6,616	$	6,616	$	-	$	7,325	$	58
Residential
Multi-family
Residential		1,150		1,150		-		1,151		6
Construction		-		-		-		-		-
Commercial		7,140		7,140		-		7,205		118
Consumer		23		23		-		12		-

Total	$	14,929	$	14,929	$	-	$	15,693	$	182

	Impaired Loans
	As of December 31, 2013
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Purchased loans
with a fair value discount and no related allowance recorded:
Real Estate:
1-4 family
Residential	$	3,180	$	3,180	$	-	$	3,556	$	192
Multi-family		1,056		1,056		-		1,059		22
Construction		-		-		-		-		-
Commercial		6,591		6,591		-		7,556		436
Consumer		-		-		-		41		-
Total	$	10,827	$	10,827	$	-	$	12,212	$	650
Purchased loans
with a fair value discount and an allowance recorded:
Real Estate:
1-4 family
Residential	$	-	$	-	$	-	$	7	$	-
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		-		-		-		-		-
Consumer		-		-		-		-		-
Total	$	-	$	-	$	-	$	7	$	-
Purchased loans
with no fair value discount and no related allowance recorded:
Real Estate:
1-4 family	$	2,646	$	2,646	$	-	$	2,185	$	107
Residential
Multi-family
Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		-		-		-		-		-
Consumer		16		16		-		28		1
Total	$	2,662	$	2,662	$	-	$	2,213	$	108
Purchased loans with an allowance recorded:
Real Estate:
1-4 family	$	-	$	-	$	-	$	74	$	-
Residential
Multi-family
Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		-		-		-		-		-
Consumer		-		-		-		-		-
Total	$	-	$	-	$	-	$	74	$	-

			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
Originated loans with no related allowance recorded
Real Estate:
1-4 family
Residential	$	2,207	$	2,207	$	-	$	2,847	$	32
Multi-family		95		95		-		95		-
Construction		-		-		-		-		-
Commercial		679		679		-		537		35
Consumer		-		-		-		-		-
Total	$	2,981	$	2,981	$	-	$	3,479	$	67
Originated loans with an allowance recorded:
Real Estate:
1-4 family
Residential	$	-	$	-	$	-	$	473	$	-
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		-		-		-		81		-
Consumer		-		-		-		-		-
Total	$	-	$	-	$	-	$	554	$	-
Total:
Real Estate:
1-4 family
Residential	$	8,033	$	8,033	$	-	$	9,142	$	331
Multi-family		1,151		1,151		-		1,154		22
Construction		-		-		-		-		-
Commercial		7,270		7,270		-		8,174		471
Consumer		16		16		-		69		1
Total	$	16,470	$	16,470	$	-	$	18,539	$	825

Schedule of modifications of troubled debt restructurings


	Modifications As of March 31, 2014

			Pre-Modification		Post-Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
			(In thousands)
Troubled Debt Restructurings
Real Estate:
1-4 Family Residential
Multi-family Residential		4	$	2,234	$	2,234
Construction		-		-		-
Commercial		1		100		100
Consumer		-		-		-


	Modifications For the three months ended March 31, 2014

	Number of		Recorded
	Contracts		Investment
			(In thousands)
Troubled Debt Restructurings
That Subsequently Defaulted
Real Estate:
1-4 Family Residential		-	$	-
Multi-family Residential		-		-
Construction		-		-
Commercial
Consumer		-		-

Modifications


	As of December 31, 2013

			Pre-Modification		Post-Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
			(In thousands)
Troubled Debt Restructurings
Real Estate:
1-4 Family Residential		4	$	316	$	312
Multi-family Residential		-		-		-
Construction		-		-		-
Commercial		4		1,863		1,849
Consumer		-		-		-

	Number of		Recorded
	Contracts		Investment
			(In thousands)
Troubled Debt Restructurings
That Subsequently Defaulted
Real Estate:
1-4 Family Residential		-	$	-
Multi-family Residential		-		-
Construction		-		-
Commercial		1		754
Consumer		-		-