United States
|
14-1809721
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
302 Main Street, Catskill, New York
|
12414
|
|
(Address of principal executive office)
|
(Zip code)
|
Large accelerated filer o
|
Accelerated filer
|
o
|
Non-accelerated filer o
|
Smaller reporting company
|
x
|
PART I.
|
FINANCIAL INFORMATION
|
|
Page
|
||
Item 1.
|
Financial Statements (unaudited)
|
|
3
|
||
4
|
||
6
|
||
7
|
||
8
|
||
9-26
|
||
Item 2.
|
27-37
|
|
Item 3.
|
38
|
|
Item 4.
|
38
|
|
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
39
|
|
Item 1A.
|
39
|
|
Item 2.
|
39
|
|
Item 3.
|
39
|
|
Item 4.
|
39
|
|
Item 5.
|
39
|
|
Item 6.
|
39
|
|
40
|
||
|
Exhibit 31.1 302 Certification of Chief Executive Officer
|
|
|
Exhibit 31.2 302 Certification of Chief Financial Officer
|
|
|
Exhibit 32.1 906 Statement of Chief Executive Officer
|
|
|
Exhibit 32.2 906 Statement of Chief Financial Officer
|
|
|
Exhibit 101 Extensible Business Reporting Language (XBRL)
|
|
ASSETS
|
December 31, 2013
|
June 30, 2013
|
||||||
Total cash and cash equivalents
|
$
|
11,676
|
$
|
6,222
|
||||
|
||||||||
Long term certificate of deposit
|
250
|
250
|
||||||
Securities available for sale, at fair value
|
52,301
|
69,644
|
||||||
Securities held to maturity, at amortized cost
|
178,658
|
176,519
|
||||||
Federal Home Loan Bank stock, at cost
|
2,540
|
1,388
|
||||||
|
||||||||
Loans
|
393,438
|
365,839
|
||||||
Allowance for loan losses
|
(7,171
|
)
|
(7,040
|
)
|
||||
Unearned origination fees and costs, net
|
816
|
627
|
||||||
Net loans receivable
|
387,083
|
359,426
|
||||||
|
||||||||
Premises and equipment
|
14,354
|
14,349
|
||||||
Accrued interest receivable
|
2,754
|
2,663
|
||||||
Foreclosed real estate
|
600
|
296
|
||||||
Prepaid expenses and other assets
|
2,478
|
2,848
|
||||||
Total assets
|
$
|
652,694
|
$
|
633,605
|
||||
|
||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Noninterest bearing deposits
|
$
|
59,198
|
$
|
57,926
|
||||
Interest bearing deposits
|
490,237
|
500,513
|
||||||
Total deposits
|
549,435
|
558,439
|
||||||
|
||||||||
Borrowings from Federal Home Loan Bank, short-term
|
31,700
|
10,600
|
||||||
Borrowings from Federal Home Loan Bank, long-term
|
8,500
|
4,000
|
||||||
Accrued expenses and other liabilities
|
4,651
|
4,458
|
||||||
Total liabilities
|
594,286
|
577,497
|
||||||
|
||||||||
SHAREHOLDERS' EQUITY
|
||||||||
Preferred stock, Authorized - 1,000,000 shares; Issued - None
|
-
|
-
|
||||||
Common stock, par value $.10 per share; Authorized - 12,000,000 shares; Issued - 4,305,670 shares Outstanding 4,208,571 shares at December 31, 2013,and 4,192,654 shares at June 30, 2013
|
431
|
431
|
||||||
Additional paid-in capital
|
11,182
|
11,168
|
||||||
Retained earnings
|
48,923
|
46,112
|
||||||
Accumulated other comprehensive loss
|
(1,395
|
)
|
(750
|
)
|
||||
Treasury stock, at cost 97,099 shares at December 31, 2013,and 113,016 shares at June 30, 2013
|
(733
|
)
|
(853
|
)
|
||||
Total shareholders’ equity
|
58,408
|
56,108
|
||||||
Total liabilities and shareholders’ equity
|
$
|
652,694
|
$
|
633,605
|
|
2013
|
2012
|
||||||
Interest income:
|
||||||||
Loans
|
$
|
9,124
|
$
|
9,168
|
||||
Investment securities - taxable
|
333
|
371
|
||||||
Mortgage-backed securities
|
1,294
|
1,841
|
||||||
Investment securities - tax exempt
|
1,018
|
836
|
||||||
Interest bearing deposits and federal funds sold
|
8
|
22
|
||||||
Total interest income
|
11,777
|
12,238
|
||||||
|
||||||||
Interest expense:
|
||||||||
Interest on deposits
|
1,099
|
1,337
|
||||||
Interest on borrowings
|
61
|
139
|
||||||
Total interest expense
|
1,160
|
1,476
|
||||||
|
||||||||
Net interest income
|
10,617
|
10,762
|
||||||
Provision for loan losses
|
821
|
985
|
||||||
Net interest income after provision for loan losses
|
9,796
|
9,777
|
||||||
|
||||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
1,331
|
1,385
|
||||||
Debit card fees
|
775
|
671
|
||||||
Investment services
|
192
|
169
|
||||||
E-commerce fees
|
51
|
50
|
||||||
Net gain on sale of available-for-sale securities
|
-
|
10
|
||||||
Other operating income
|
317
|
290
|
||||||
Total noninterest income
|
2,666
|
2,575
|
||||||
|
||||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
4,257
|
4,073
|
||||||
Occupancy expense
|
619
|
593
|
||||||
Equipment and furniture expense
|
262
|
283
|
||||||
Service and data processing fees
|
654
|
809
|
||||||
Computer software, supplies and support
|
207
|
183
|
||||||
Advertising and promotion
|
136
|
173
|
||||||
FDIC insurance premiums
|
192
|
158
|
||||||
Legal and professional fees
|
455
|
341
|
||||||
Other
|
781
|
806
|
||||||
Total noninterest expense
|
7,563
|
7,419
|
||||||
|
||||||||
Income before provision for income taxes
|
4,899
|
4,933
|
||||||
Provision for income taxes
|
1,420
|
1,500
|
||||||
Net income
|
$
|
3,479
|
$
|
3,433
|
||||
|
||||||||
Basic earnings per share
|
$
|
0.83
|
$
|
0.82
|
||||
Basic average shares outstanding
|
4,199,349
|
4,184,747
|
||||||
Diluted earnings per share
|
$
|
0.82
|
$
|
0.81
|
||||
Diluted average shares outstanding
|
4,237,766
|
4,223,329
|
||||||
Dividends per share
|
$
|
0.35
|
$
|
0.35
|
2013
|
2012
|
|||||||
Interest income:
|
||||||||
Loans
|
$
|
4,626
|
$
|
4,590
|
||||
Investment securities - taxable
|
167
|
185
|
||||||
Mortgage-backed securities
|
644
|
894
|
||||||
Investment securities - tax exempt
|
508
|
420
|
||||||
Interest bearing deposits and federal funds sold
|
6
|
18
|
||||||
Total interest income
|
5,951
|
6,107
|
||||||
|
||||||||
Interest expense:
|
||||||||
Interest on deposits
|
549
|
673
|
||||||
Interest on borrowings
|
33
|
64
|
||||||
Total interest expense
|
582
|
737
|
||||||
|
||||||||
Net interest income
|
5,369
|
5,370
|
||||||
Provision for loan losses
|
508
|
541
|
||||||
Net interest income after provision for loan losses
|
4,861
|
4,829
|
||||||
|
||||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
655
|
693
|
||||||
Debit card fees
|
386
|
344
|
||||||
Investment services
|
87
|
79
|
||||||
E-commerce fees
|
25
|
22
|
||||||
Net gain on sale of available-for-sale securities
|
-
|
10
|
||||||
Other operating income
|
163
|
148
|
||||||
Total noninterest income
|
1,316
|
1,296
|
||||||
|
||||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
2,063
|
2,000
|
||||||
Occupancy expense
|
296
|
291
|
||||||
Equipment and furniture expense
|
149
|
132
|
||||||
Service and data processing fees
|
318
|
412
|
||||||
Computer software, supplies and support
|
93
|
90
|
||||||
Advertising and promotion
|
69
|
84
|
||||||
FDIC insurance premiums
|
103
|
83
|
||||||
Legal and professional fees
|
250
|
184
|
||||||
Other
|
410
|
470
|
||||||
Total noninterest expense
|
3,751
|
3,746
|
||||||
|
||||||||
Income before provision for income taxes
|
2,426
|
2,379
|
||||||
Provision for income taxes
|
701
|
710
|
||||||
Net income
|
$
|
1,725
|
$
|
1,669
|
||||
|
||||||||
Basic earnings per share
|
$
|
0.41
|
$
|
0.40
|
||||
Basic average shares outstanding
|
4,203,985
|
4,185,562
|
||||||
Diluted earnings per share
|
$
|
0.41
|
$
|
0.39
|
||||
Diluted average shares outstanding
|
4,240,216
|
4,225,746
|
||||||
Dividends per share
|
$
|
0.175
|
$
|
0.175
|
2013
|
2012
|
|||||||
Net income
|
$
|
3,479
|
$
|
3,433
|
||||
Other comprehensive loss:
|
||||||||
Unrealized holding losses on available for sale securities, net of income taxes of ($434) and ($37), respectively
|
(688
|
)
|
(60
|
)
|
||||
|
||||||||
Reclassification adjustment for gain on sale of available-for-sale securities realized in net income, net of income taxes of $-- and ($4), respectively
|
-
|
(6
|
)
|
|||||
|
||||||||
Accretion of unrealized loss on securities transferred to held to maturity, net of income taxes of $27 and $8, respectively(1)
|
43
|
12
|
||||||
|
||||||||
Pension actuarial gain, net of income taxes of $-- and $9(2)
|
-
|
15
|
||||||
|
||||||||
Total other comprehensive loss, net of taxes
|
(645
|
)
|
(39
|
)
|
||||
|
||||||||
Comprehensive income
|
$
|
2,834
|
$
|
3,394
|
(1) | The accretion of the unrealized holding losses in accumulated other comprehensive income at the date of transfer partially offsets the amortization of the difference between the par value and fair value of the investment securities at the date of transfer, and is an adjustment of interest income. |
(2) | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost and are included in salaries and employee benefit expense within noninterest expense. |
|
2013
|
2012
|
||||||
Net income
|
$
|
1,725
|
$
|
1,669
|
||||
Other comprehensive loss:
|
||||||||
Unrealized holding losses on available for sale securities, net of income taxes of ($77) and ($122), respectively
|
(123
|
)
|
(194
|
)
|
||||
|
||||||||
Reclassification adjustment for gain on sale of available-for-sale securities realized in net income, net of income taxes of $-- and ($4), respectively
|
(6
|
)
|
||||||
|
||||||||
Accretion of unrealized loss on securities transferred to held to maturity, net of income taxes of $26 and $4, respectively(1)
|
41
|
6
|
||||||
|
||||||||
Pension actuarial gain, net of income taxes of $-- and $5(2)
|
-
|
7
|
||||||
|
||||||||
Total other comprehensive loss, net of taxes
|
(82
|
)
|
(187
|
)
|
||||
|
||||||||
Comprehensive income
|
$
|
1,643
|
$
|
1,482
|
(1) | The accretion of the unrealized holding losses in accumulated other comprehensive income at the date of transfer partially offsets the amortization of the difference between the par value and fair value of the investment securities at the date of transfer, and is an adjustment of interest income. |
(2) | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost and are included in salaries and employee benefit expense within noninterest expense.. |
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Treasury
Stock
|
Total
Shareholders'
Equity
|
|||||||||||||||||||
Balance at June 30, 2012
|
$
|
431
|
$
|
11,119
|
$
|
41,869
|
$
|
173
|
$
|
(928
|
)
|
$
|
52,664
|
|||||||||||
Options exercised
|
15
|
23
|
38
|
|||||||||||||||||||||
Dividends declared
|
(1,469
|
)
|
(1,469
|
)
|
||||||||||||||||||||
Net income
|
3,433
|
3,433
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(39
|
)
|
(39
|
)
|
||||||||||||||||||||
Balance at December 31, 2012
|
$
|
431
|
$
|
11,134
|
$
|
43,833
|
$
|
134
|
$
|
(905
|
)
|
$
|
54,627
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders'
Equity
|
|||||||||||||||||||
Balance at June 30, 2013
|
$
|
431
|
$
|
11,168
|
$
|
46,112
|
$
|
(750
|
)
|
$
|
(853
|
)
|
$
|
56,108
|
||||||||||
Options exercised
|
(13
|
)
|
120
|
107
|
||||||||||||||||||||
Tax benefit of stock based compensation
|
27
|
27
|
||||||||||||||||||||||
Dividends declared
|
(668
|
)
|
(668
|
)
|
||||||||||||||||||||
Net income
|
3,479
|
3,479
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(645
|
)
|
(645
|
)
|
||||||||||||||||||||
Balance at December 31, 2013
|
$
|
431
|
$
|
11,182
|
$
|
48,923
|
$
|
(1,395
|
)
|
$
|
(733
|
)
|
$
|
58,408
|
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
3,479
|
$
|
3,433
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation
|
341
|
381
|
||||||
Deferred income tax benefit
|
(1,567
|
)
|
(879
|
)
|
||||
Net amortization of premiums and discounts
|
969
|
668
|
||||||
Net amortization of deferred loan costs and fees
|
179
|
131
|
||||||
Provision for loan losses
|
821
|
985
|
||||||
Net gain on sale of available-for-sale securities
|
-
|
(10
|
)
|
|||||
(Gain) loss on sale of foreclosed real estate
|
(5
|
)
|
27
|
|||||
Excess tax benefit from share-based payment arrangements
|
(27
|
)
|
-
|
|||||
Net increase in accrued income taxes
|
2,909
|
1,985
|
||||||
Net increase in accrued interest receivable
|
(91
|
)
|
(59
|
)
|
||||
Net (increase) decrease in prepaid and other assets
|
(309
|
)
|
256
|
|||||
Net decrease in other liabilities
|
(36
|
)
|
(1,462
|
)
|
||||
Net cash provided by operating activities
|
6,663
|
5,456
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Securities available for sale:
|
||||||||
Proceeds from maturities
|
515
|
4,010
|
||||||
Proceeds from sale of securities
|
-
|
10
|
||||||
Purchases of securities
|
-
|
(6,208
|
)
|
|||||
Principal payments on securities
|
4,383
|
11,273
|
||||||
Securities held to maturity:
|
||||||||
Proceeds from maturities
|
14,864
|
13,552
|
||||||
Purchases of securities
|
(11,107
|
)
|
(46,736
|
)
|
||||
Principal payments on securities
|
4,528
|
11,834
|
||||||
Net (purchase) redemption of Federal Home Loan Bank Stock
|
(1,152
|
)
|
31
|
|||||
Purchase of long term certificate of deposit
|
-
|
(250
|
)
|
|||||
Net increase in loans receivable
|
(29,061
|
)
|
(22,052
|
)
|
||||
Proceeds from sale of foreclosed real estate
|
105
|
233
|
||||||
Purchases of premises and equipment
|
(346
|
)
|
(87
|
)
|
||||
Net cash used by investing activities
|
(17,271
|
)
|
(34,390
|
)
|
||||
|
||||||||
Cash flows from financing activities
|
||||||||
Net decrease in short-term FHLB advances
|
21,100
|
300
|
||||||
Proceeds from long-term FHLB advances
|
4,500
|
-
|
||||||
Repayment of long-term FHLB advances
|
-
|
(1,000
|
)
|
|||||
Payment of cash dividends
|
(668
|
)
|
(1,469
|
)
|
||||
Proceeds from issuance of stock options
|
107
|
38
|
||||||
Excess tax benefit from share-based payment arrangements
|
27
|
-
|
||||||
Net (decrease) increase in deposits
|
(9,004
|
)
|
33,753
|
|||||
Net cash provided by financing activities
|
16,062
|
31,622
|
||||||
|
||||||||
Net increase in cash and cash equivalents
|
5,454
|
2,688
|
||||||
Cash and cash equivalents at beginning of period
|
6,222
|
7,742
|
||||||
Cash and cash equivalents at end of period
|
$
|
11,676
|
$
|
$10,430
|
||||
|
||||||||
Non-cash investing activities:
|
||||||||
Foreclosed loans transferred to foreclosed real estate
|
$
|
404
|
$
|
140
|
||||
Available for sale securities transferred at fair value to held to maturity
|
11,735
|
-
|
||||||
Cash paid during period for:
|
||||||||
Interest
|
1,156
|
1,469
|
||||||
Income taxes
|
78
|
394
|
(1) | Basis of Presentation |
(2) | Nature of Operations |
(3) | Use of Estimates |
(4) | Securities |
(In thousands)
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
12,687
|
$
|
185
|
$
|
-
|
$
|
12,872
|
||||||||
State and political subdivisions
|
1,329
|
26
|
7
|
1,348
|
||||||||||||
Mortgage-backed securities-residential
|
5,726
|
189
|
2
|
5,913
|
||||||||||||
Mortgage-backed securities-multi-family
|
27,260
|
192
|
642
|
26,810
|
||||||||||||
Asset-backed securities
|
16
|
-
|
1
|
15
|
||||||||||||
Corporate debt securities
|
4,819
|
388
|
28
|
5,179
|
||||||||||||
Total debt securities
|
51,837
|
980
|
680
|
52,137
|
||||||||||||
Equity securities
|
62
|
102
|
-
|
164
|
||||||||||||
Total securities available for sale
|
51,899
|
1,082
|
680
|
52,301
|
||||||||||||
Securities held to maturity:
|
||||||||||||||||
U.S. government sponsored enterprises
|
3,000
|
8
|
152
|
2,856
|
||||||||||||
State and political subdivisions
|
84,417
|
501
|
759
|
84,159
|
||||||||||||
Mortgage-backed securities-residential
|
25,191
|
1,171
|
-
|
26,362
|
||||||||||||
Mortgage-backed securities-multi-family
|
64,989
|
721
|
2,504
|
63,206
|
||||||||||||
Other securities
|
1,061
|
-
|
48
|
1,013
|
||||||||||||
Total securities held to maturity
|
178,658
|
2,401
|
3,463
|
177,596
|
||||||||||||
Total securities
|
$
|
230,557
|
$
|
3,483
|
$
|
4,143
|
$
|
229,897
|
(In thousands)
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
12,729
|
$
|
260
|
$
|
-
|
$
|
12,989
|
||||||||
State and political subdivisions
|
1,849
|
29
|
20
|
1,858
|
||||||||||||
Mortgage-backed securities-residential
|
7,340
|
193
|
-
|
7,533
|
||||||||||||
Mortgage-backed securities-multi-family
|
42,096
|
289
|
466
|
41,919
|
||||||||||||
Asset-backed securities
|
17
|
-
|
1
|
16
|
||||||||||||
Corporate debt securities
|
4,827
|
380
|
31
|
5,176
|
||||||||||||
Total debt securities
|
68,858
|
1,151
|
518
|
69,491
|
||||||||||||
Equity securities
|
68
|
85
|
-
|
153
|
||||||||||||
Total securities available for sale
|
68,926
|
1,236
|
518
|
69,644
|
||||||||||||
Securities held to maturity:
|
||||||||||||||||
U.S. treasury securities
|
5,500
|
17
|
-
|
5,517
|
||||||||||||
U.S. government sponsored enterprises
|
2,999
|
16
|
113
|
2,902
|
||||||||||||
State and political subdivisions
|
82,801
|
362
|
755
|
82,408
|
||||||||||||
Mortgage-backed securities-residential
|
29,077
|
1,515
|
9
|
30,583
|
||||||||||||
Mortgage-backed securities-multi-family
|
55,086
|
1,236
|
1,093
|
55,229
|
||||||||||||
Other securities
|
1,056
|
-
|
35
|
1,021
|
||||||||||||
Total securities held to maturity
|
176,519
|
3,146
|
2,005
|
177,660
|
||||||||||||
Total securities
|
$
|
245,445
|
$
|
4,382
|
$
|
2,523
|
$
|
247,304
|
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
|||||||||||||||||||||
(In thousands)
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
State and political subdivisions
|
$
|
801
|
$
|
7
|
$
|
-
|
$
|
-
|
$
|
801
|
$
|
7
|
||||||||||||
Mortgage-backed securities-residential
|
568
|
2
|
-
|
-
|
568
|
2
|
||||||||||||||||||
Mortgage-backed securities-multi-family
|
21,475
|
577
|
971
|
65
|
22,446
|
642
|
||||||||||||||||||
Asset-backed securities
|
-
|
-
|
15
|
1
|
15
|
1
|
||||||||||||||||||
Corporate debt securities
|
758
|
28
|
-
|
-
|
758
|
28
|
||||||||||||||||||
Total securities available for sale
|
23,602
|
614
|
986
|
66
|
24,588
|
680
|
||||||||||||||||||
Securities held to maturity:
|
||||||||||||||||||||||||
U.S. government sponsored enterprises
|
1,848
|
152
|
-
|
-
|
1,848
|
152
|
||||||||||||||||||
State and political subdivisions
|
17,278
|
661
|
1,943
|
98
|
19,221
|
759
|
||||||||||||||||||
Mortgage-backed securities-multi-family
|
25,799
|
1,439
|
16,827
|
1,065
|
42,626
|
2,504
|
||||||||||||||||||
Other securities
|
560
|
39
|
78
|
9
|
638
|
48
|
||||||||||||||||||
Total securities held to maturity
|
45,485
|
2,291
|
18,848
|
1,172
|
64,333
|
3,463
|
||||||||||||||||||
Total securities
|
$
|
69,087
|
$
|
2,905
|
$
|
19,834
|
$
|
1,238
|
$
|
88,921
|
$
|
4,143
|
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
|||||||||||||||||||||
(In thousands)
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
State and political subdivisions
|
$
|
791
|
$
|
20
|
$
|
-
|
$
|
-
|
$
|
791
|
$
|
20
|
||||||||||||
Mortgage-backed securities-multi-family
|
33,298
|
466
|
-
|
-
|
33,298
|
466
|
||||||||||||||||||
Asset-backed securities
|
-
|
-
|
16
|
1
|
16
|
1
|
||||||||||||||||||
Corporate debt securities
|
758
|
31
|
-
|
-
|
758
|
31
|
||||||||||||||||||
Total securities available for sale
|
34,847
|
517
|
16
|
1
|
34,863
|
518
|
||||||||||||||||||
Securities held to maturity:
|
||||||||||||||||||||||||
U.S. government sponsored enterprises
|
1,887
|
113
|
-
|
-
|
1,887
|
113
|
||||||||||||||||||
State and political subdivisions
|
28,597
|
745
|
1,597
|
10
|
30,194
|
755
|
||||||||||||||||||
Mortgage-backed securities-residential
|
1,228
|
9
|
-
|
-
|
1,228
|
9
|
||||||||||||||||||
Mortgage-backed securities-multi-family
|
33,044
|
1,093
|
-
|
-
|
33,044
|
1,093
|
||||||||||||||||||
Other securities
|
753
|
35
|
-
|
-
|
753
|
35
|
||||||||||||||||||
Total securities held to maturity
|
65,509
|
1,995
|
1,597
|
10
|
67,106
|
2,005
|
||||||||||||||||||
Total securities
|
$
|
100,356
|
$
|
2,512
|
$
|
1,613
|
$
|
11
|
$
|
101,969
|
$
|
2,523
|
Available for sale debt securities
|
Amortized Cost
|
Fair Value
|
||||||
Within one year
|
$
|
4,272
|
$
|
4,317
|
||||
After one year through five years
|
9,641
|
10,083
|
||||||
After five years through ten years
|
4,922
|
4,999
|
||||||
After ten years
|
-
|
-
|
||||||
Total available for sale debt securities
|
18,835
|
19,399
|
||||||
Mortgage-backed and asset-backed securities
|
33,002
|
32,738
|
||||||
Equity securities
|
62
|
164
|
||||||
Total available for sale securities
|
51,899
|
52,301
|
||||||
|
||||||||
Held to maturity debt securities
|
||||||||
Within one year
|
18,720
|
18,755
|
||||||
After one year through five years
|
28,948
|
29,257
|
||||||
After five years through ten years
|
27,896
|
27,493
|
||||||
After ten years
|
12,914
|
12,523
|
||||||
Total held to maturity debt securities
|
88,478
|
88,028
|
||||||
Mortgage-backed
|
90,180
|
89,568
|
||||||
Total held to maturity securities
|
178,658
|
177,596
|
||||||
Total securities
|
$
|
230,557
|
$
|
229,897
|
(5) | Credit Quality of Loans and Allowance for Loan Losses |
(In thousands)
|
Performing
|
Watch
|
Special Mention
|
Substandard
|
Total
|
|||||||||||||||
Residential mortgage
|
$
|
220,987
|
$
|
581
|
$
|
100
|
$
|
4,165
|
$
|
225,833
|
||||||||||
Nonresidential mortgage
|
97,656
|
132
|
3,257
|
1,782
|
102,827
|
|||||||||||||||
Residential construction and land
|
3,406
|
-
|
-
|
-
|
3,406
|
|||||||||||||||
Commercial construction
|
3,500
|
-
|
-
|
-
|
3,500
|
|||||||||||||||
Multi-family
|
4,436
|
-
|
-
|
258
|
4,694
|
|||||||||||||||
Home equity
|
20,288
|
56
|
-
|
270
|
20,614
|
|||||||||||||||
Consumer installment
|
4,225
|
19
|
-
|
23
|
4,267
|
|||||||||||||||
Commercial loans
|
26,984
|
-
|
605
|
708
|
28,297
|
|||||||||||||||
Total gross loans
|
$
|
381,482
|
$
|
788
|
$
|
3,962
|
$
|
7,206
|
$
|
393,438
|
(In thousands)
|
Performing
|
Watch
|
Special Mention
|
Substandard
|
Total
|
|||||||||||||||
Residential mortgage
|
$
|
207,606
|
$
|
294
|
$
|
302
|
$
|
4,324
|
$
|
212,526
|
||||||||||
Nonresidential mortgage
|
87,509
|
-
|
2,197
|
1,776
|
91,482
|
|||||||||||||||
Residential construction and land
|
2,691
|
-
|
-
|
-
|
2,691
|
|||||||||||||||
Commercial construction
|
2,466
|
-
|
-
|
1,057
|
3,523
|
|||||||||||||||
Multi-family
|
4,785
|
-
|
-
|
726
|
5,511
|
|||||||||||||||
Home equity
|
20,099
|
221
|
23
|
28
|
20,371
|
|||||||||||||||
Consumer installment
|
4,073
|
5
|
-
|
-
|
4,078
|
|||||||||||||||
Commercial loans
|
24,454
|
-
|
516
|
687
|
25,657
|
|||||||||||||||
Total gross loans
|
$
|
353,683
|
$
|
520
|
$
|
3,038
|
$
|
8,598
|
$
|
365,839
|
(In thousands)
|
30-59
days past
due
|
60-89 days
past due
|
90 days or
more past
due
|
Total past
due
|
Current
|
Total Loans
|
Loans on
Non-
accrual
|
|||||||||||||||||||||
Residential mortgage
|
$
|
1,061
|
$
|
452
|
$
|
3,084
|
$
|
4,597
|
$
|
221,236
|
$
|
225,833
|
$
|
3,427
|
||||||||||||||
Nonresidential mortgage
|
1,017
|
570
|
1,065
|
2,652
|
100,175
|
102,827
|
1,945
|
|||||||||||||||||||||
Residential construction and land
|
-
|
-
|
-
|
-
|
3,406
|
3,406
|
-
|
|||||||||||||||||||||
Commercial construction
|
-
|
-
|
-
|
-
|
3,500
|
3,500
|
-
|
|||||||||||||||||||||
Multi-family
|
142
|
-
|
-
|
142
|
4,552
|
4,694
|
-
|
|||||||||||||||||||||
Home equity
|
144
|
80
|
221
|
445
|
20,169
|
20,614
|
270
|
|||||||||||||||||||||
Consumer installment
|
46
|
19
|
22
|
87
|
4,180
|
4,267
|
23
|
|||||||||||||||||||||
Commercial loans
|
500
|
-
|
206
|
706
|
27,591
|
28,297
|
314
|
|||||||||||||||||||||
Total gross loans
|
$
|
2,910
|
$
|
1,121
|
$
|
4,598
|
$
|
8,629
|
$
|
384,809
|
$
|
393,438
|
$
|
5,979
|
(In thousands)
|
30-59
days past
due
|
60-89 days
past due
|
90 days or
more past
due
|
Total
past due
|
Current
|
Total Loans
|
Loans on
Non-
accrual
|
|||||||||||||||||||||
Residential mortgage
|
$
|
1,255
|
$
|
165
|
$
|
3,875
|
$
|
5,295
|
$
|
207,231
|
$
|
212,526
|
$
|
3,599
|
||||||||||||||
Nonresidential mortgage
|
215
|
978
|
1,655
|
2,848
|
88,634
|
91,482
|
2,018
|
|||||||||||||||||||||
Residential construction and land
|
38
|
-
|
-
|
38
|
2,653
|
2,691
|
-
|
|||||||||||||||||||||
Commercial construction
|
-
|
-
|
-
|
-
|
3,523
|
3,523
|
-
|
|||||||||||||||||||||
Multi-family
|
144
|
-
|
463
|
607
|
4,904
|
5,511
|
463
|
|||||||||||||||||||||
Home equity
|
269
|
221
|
28
|
518
|
19,853
|
20,371
|
51
|
|||||||||||||||||||||
Consumer installment
|
34
|
5
|
-
|
39
|
4,039
|
4,078
|
-
|
|||||||||||||||||||||
Commercial loans
|
530
|
78
|
82
|
690
|
24,967
|
25,657
|
195
|
|||||||||||||||||||||
Total gross loans
|
$
|
2,485
|
$
|
1,447
|
$
|
6,103
|
$
|
10,035
|
$
|
355,804
|
$
|
365,839
|
$
|
6,326
|
|
For the six months
ended December 31,
|
For the three months
ended December 31
|
||||||||||||||
(In thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest income that would have been recorded if loans had been performing in accordance with original terms
|
$
|
208
|
$
|
275
|
$
|
83
|
$
|
125
|
||||||||
Interest income that was recorded on nonaccrual loans
|
64
|
126
|
35
|
72
|
|
As of December 31, 2013
|
For the six months ended
December 31, 2013
|
For the three months ended December 31, 2013
|
|||||||||||||||||||||||||
(In thousands)
|
Recorded Investment
|
Unpaid Principal
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||
Residential mortgage
|
$
|
259
|
$
|
259
|
$
|
-
|
$
|
399
|
$
|
1
|
$
|
207
|
$
|
1
|
||||||||||||||
Nonresidential mortgage
|
539
|
633
|
-
|
596
|
17
|
539
|
8
|
|||||||||||||||||||||
|
798
|
892
|
-
|
995
|
18
|
746
|
9
|
|||||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||||||
Residential mortgage
|
2,865
|
2,884
|
574
|
3,100
|
30
|
3,065
|
15
|
|||||||||||||||||||||
Nonresidential mortgage
|
2,755
|
2,842
|
403
|
1,992
|
20
|
2,423
|
12
|
|||||||||||||||||||||
Commercial construction
|
-
|
-
|
-
|
701
|
17
|
350
|
-
|
|||||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
386
|
-
|
308
|
-
|
|||||||||||||||||||||
Home equity
|
200
|
200
|
86
|
100
|
-
|
200
|
-
|
|||||||||||||||||||||
Commercial loans
|
606
|
606
|
3
|
607
|
20
|
607
|
10
|
|||||||||||||||||||||
|
6,426
|
6,532
|
1,066
|
6,886
|
87
|
6,953
|
37
|
|||||||||||||||||||||
Total impaired:
|
||||||||||||||||||||||||||||
Residential mortgage
|
3,124
|
3,143
|
574
|
3,499
|
31
|
3,272
|
16
|
|||||||||||||||||||||
Nonresidential mortgage
|
3,294
|
3,475
|
403
|
2,588
|
37
|
2,962
|
20
|
|||||||||||||||||||||
Commercial construction
|
-
|
-
|
-
|
701
|
17
|
350
|
-
|
|||||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
386
|
-
|
308
|
-
|
|||||||||||||||||||||
Home equity
|
200
|
200
|
86
|
100
|
-
|
200
|
-
|
|||||||||||||||||||||
Commercial loans
|
606
|
606
|
3
|
607
|
20
|
607
|
10
|
|||||||||||||||||||||
|
$
|
7,224
|
$
|
7,424
|
$
|
1,066
|
$
|
7,881
|
$
|
105
|
$
|
7,699
|
$
|
46
|
|
As of June 30, 2013
|
For the six months ended
December 31, 2012
|
For the three months ended
December 31, 2012
|
|||||||||||||||||||||||||
(In thousands)
|
Recorded Investment
|
Unpaid Principal
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||
Residential mortgage
|
$
|
852
|
$
|
852
|
$
|
-
|
$
|
78
|
$
|
11
|
$
|
156
|
$
|
11
|
||||||||||||||
Nonresidential mortgage
|
783
|
783
|
-
|
1,267
|
47
|
1,264
|
26
|
|||||||||||||||||||||
Commercial loans
|
-
|
-
|
-
|
124
|
10
|
122
|
10
|
|||||||||||||||||||||
|
1,635
|
1,635
|
-
|
1,469
|
68
|
1,542
|
47
|
|||||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||||||
Residential mortgage
|
2,582
|
2,632
|
520
|
2,378
|
38
|
2,894
|
23
|
|||||||||||||||||||||
Nonresidential mortgage
|
1,339
|
1,339
|
305
|
1,027
|
8
|
1,088
|
2
|
|||||||||||||||||||||
Commercial construction
|
1,057
|
1,057
|
331
|
1,070
|
28
|
1,106
|
11
|
|||||||||||||||||||||
Multi-family
|
463
|
463
|
16
|
885
|
16
|
889
|
8
|
|||||||||||||||||||||
Home equity
|
-
|
-
|
-
|
386
|
4
|
386
|
4
|
|||||||||||||||||||||
Commercial loans
|
610
|
610
|
7
|
573
|
20
|
572
|
10
|
|||||||||||||||||||||
|
6,051
|
6,101
|
1,179
|
6,319
|
114
|
6,935
|
58
|
|||||||||||||||||||||
Total impaired:
|
||||||||||||||||||||||||||||
Residential mortgage
|
3,434
|
3,484
|
520
|
2,456
|
49
|
3,050
|
34
|
|||||||||||||||||||||
Nonresidential mortgage
|
2,122
|
2,122
|
305
|
2,294
|
55
|
2,352
|
28
|
|||||||||||||||||||||
Commercial construction
|
1,057
|
1,057
|
331
|
1,070
|
28
|
1,106
|
11
|
|||||||||||||||||||||
Multi-family
|
463
|
463
|
16
|
885
|
16
|
889
|
8
|
|||||||||||||||||||||
Home equity
|
-
|
-
|
-
|
386
|
4
|
386
|
4
|
|||||||||||||||||||||
Commercial loans
|
610
|
610
|
7
|
697
|
30
|
694
|
20
|
|||||||||||||||||||||
|
$
|
7,686
|
$
|
7,736
|
$
|
1,179
|
$
|
7,788
|
$
|
182
|
$
|
8,477
|
$
|
105
|
(Dollars in thousands)
|
Number of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
Current Outstanding Recorded Investment
|
||||||||||||
Six months ended December 31, 2013
|
||||||||||||||||
Residential mortgage
|
2
|
$
|
367
|