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
|
||
5
|
||
6
|
||
7
|
||
8-26
|
||
Item 2.
|
27-38
|
|
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
|
September 30, 2014
|
June 30, 2014
|
||||||
Total cash and cash equivalents
|
$
|
19,735
|
$
|
13,809
|
||||
Long term certificate of deposit
|
250
|
250
|
||||||
Securities available for sale, at fair value
|
65,315
|
56,151
|
||||||
Securities held to maturity, at amortized cost (fair value $184,608 at September 30, 2014; $181,932 at June 30, 2014)
|
184,235
|
181,946
|
||||||
Federal Home Loan Bank stock, at cost
|
1,444
|
1,561
|
||||||
Loans
|
413,543
|
405,841
|
||||||
Allowance for loan losses
|
(7,720
|
)
|
(7,419
|
)
|
||||
Unearned origination fees and costs, net
|
871
|
887
|
||||||
Net loans receivable
|
406,694
|
399,309
|
||||||
Premises and equipment
|
14,357
|
14,307
|
||||||
Accrued interest receivable
|
2,918
|
2,710
|
||||||
Foreclosed real estate
|
336
|
473
|
||||||
Prepaid expenses and other assets
|
3,752
|
3,645
|
||||||
Total assets
|
$
|
699,036
|
$
|
674,161
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Noninterest bearing deposits
|
$
|
70,236
|
$
|
67,446
|
||||
Interest bearing deposits
|
541,072
|
522,128
|
||||||
Total deposits
|
611,308
|
589,574
|
||||||
Borrowings from Federal Home Loan Bank, short-term
|
4,800
|
3,150
|
||||||
Borrowings from Federal Home Loan Bank, long-term
|
14,500
|
14,500
|
||||||
Accrued expenses and other liabilities
|
5,629
|
5,737
|
||||||
Total liabilities
|
636,237
|
612,961
|
||||||
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 4,216,857 shares at September 30, 2014, and 4,213,757 shares at June 30, 2014
|
431
|
431
|
||||||
Additional paid-in capital
|
11,229
|
11,208
|
||||||
Retained earnings
|
52,736
|
51,305
|
||||||
Accumulated other comprehensive loss
|
(927
|
)
|
(1,050
|
)
|
||||
Treasury stock, at cost 88,813 shares at September 30, 2014, and 91,913 shares at June 30, 2014
|
(670
|
)
|
(694
|
)
|
||||
Total shareholders’ equity
|
62,799
|
61,200
|
||||||
Total liabilities and shareholders’ equity
|
$
|
699,036
|
$
|
674,161
|
2014
|
2013
|
|||||||
Interest income:
|
||||||||
Loans
|
$
|
4,839
|
$
|
4,498
|
||||
Investment securities - taxable
|
143
|
166
|
||||||
Mortgage-backed securities
|
705
|
650
|
||||||
Investment securities - tax exempt
|
552
|
510
|
||||||
Interest bearing deposits and federal funds sold
|
2
|
2
|
||||||
Total interest income
|
6,241
|
5,826
|
||||||
Interest expense:
|
||||||||
Interest on deposits
|
501
|
550
|
||||||
Interest on borrowings
|
61
|
28
|
||||||
Total interest expense
|
562
|
578
|
||||||
Net interest income
|
5,679
|
5,248
|
||||||
Provision for loan losses
|
411
|
313
|
||||||
Net interest income after provision for loan losses
|
5,268
|
4,935
|
||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
716
|
676
|
||||||
Debit card fees
|
415
|
389
|
||||||
Investment services
|
102
|
105
|
||||||
E-commerce fees
|
28
|
26
|
||||||
Other operating income
|
208
|
154
|
||||||
Total noninterest income
|
1,469
|
1,350
|
||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
2,367
|
2,194
|
||||||
Occupancy expense
|
324
|
323
|
||||||
Equipment and furniture expense
|
76
|
113
|
||||||
Service and data processing fees
|
454
|
336
|
||||||
Computer software, supplies and support
|
233
|
114
|
||||||
Advertising and promotion
|
81
|
67
|
||||||
FDIC insurance premiums
|
91
|
89
|
||||||
Legal and professional fees
|
213
|
205
|
||||||
Other
|
438
|
371
|
||||||
Total noninterest expense
|
4,277
|
3,812
|
||||||
Income before provision for income taxes
|
2,460
|
2,473
|
||||||
Provision for income taxes
|
685
|
719
|
||||||
Net income
|
$
|
1,775
|
$
|
1,754
|
||||
Basic earnings per share
|
$
|
0.42
|
$
|
0.42
|
||||
Basic average shares outstanding
|
4,214,358
|
4,194,714
|
||||||
Diluted earnings per share
|
$
|
0.42
|
$
|
0.41
|
||||
Diluted average shares outstanding
|
4,245,325
|
4,234,845
|
||||||
Dividends per share
|
$
|
0.180
|
$
|
0.175
|
2014
|
2013
|
|||||||
Net Income
|
$
|
1,775
|
$
|
1,754
|
||||
Other comprehensive income (loss):
|
||||||||
Unrealized holding gains (losses) on available for sale securities, net of income taxes of $12 and ($356), respectively
|
18
|
(565
|
)
|
|||||
Accretion of unrealized loss on securities transferred to held to maturity, net of income taxes of $67 and $2, respectively(1)
|
105
|
2
|
||||||
Total other comprehensive income (loss), net of taxes
|
123
|
(563
|
)
|
|||||
Comprehensive income
|
$
|
1,898
|
$
|
1,191
|
(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. |
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated Other Comprehensive Income
|
Treasury
Stock
|
Total
Shareholders'
Equity
|
|||||||||||||||||||
Balance at June 30, 2013
|
$
|
431
|
$
|
11,168
|
$
|
46,112
|
$
|
(750
|
)
|
$
|
(853
|
)
|
$
|
56,108
|
||||||||||
Options exercised
|
(14
|
)
|
55
|
41
|
||||||||||||||||||||
Tax benefit of stock based compensation
|
4
|
4
|
||||||||||||||||||||||
Dividends declared
|
(332
|
)
|
(332
|
)
|
||||||||||||||||||||
Net income
|
1,754
|
1,754
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(563
|
)
|
(563
|
)
|
||||||||||||||||||||
Balance at September 30, 2013
|
$
|
431
|
$
|
11,158
|
$
|
47,534
|
$
|
(1,313
|
)
|
$
|
(798
|
)
|
$
|
57,012
|
||||||||||
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated Other Comprehensive Loss
|
Treasury
Stock
|
Total
Shareholders'
Equity
|
|||||||||||||||||||
Balance at June 30, 2014
|
$
|
431
|
11,208
|
$
|
51,305
|
$
|
(1,050
|
)
|
$
|
(694
|
)
|
$
|
61,200
|
|||||||||||
Options exercised
|
15
|
24
|
39
|
|||||||||||||||||||||
Tax benefit of stock based compensation
|
6
|
6
|
||||||||||||||||||||||
Dividends declared
|
(344
|
)
|
(344
|
)
|
||||||||||||||||||||
Net income
|
1,775
|
1,775
|
||||||||||||||||||||||
Other comprehensive income, net of taxes
|
123
|
123
|
||||||||||||||||||||||
Balance at September 30, 2014
|
$
|
431
|
$
|
11,229
|
$
|
52,736
|
$
|
(927
|
)
|
$
|
(670
|
)
|
$
|
62,799
|
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net Income
|
$
|
1,775
|
$
|
1,754
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation
|
130
|
174
|
||||||
Deferred income tax expense
|
635
|
651
|
||||||
Net amortization of premiums and discounts
|
344
|
495
|
||||||
Net amortization of deferred loan costs and fees
|
15
|
81
|
||||||
Provision for loan losses
|
411
|
313
|
||||||
Gain on sale of foreclosed real estate
|
(7
|
)
|
(3
|
)
|
||||
Excess tax benefit from share-based payment arrangements
|
(6
|
)
|
(4
|
)
|
||||
Net increase in accrued income taxes
|
30
|
20
|
||||||
Net increase in accrued interest receivable
|
(208
|
)
|
(207
|
)
|
||||
Net increase in prepaid and other assets
|
(168
|
)
|
(25
|
)
|
||||
Net decrease in other liabilities
|
(784
|
)
|
(282
|
)
|
||||
Net cash provided by operating activities
|
2,167
|
2,967
|
||||||
Cash flows from investing activities:
|
||||||||
Securities available for sale:
|
||||||||
Proceeds from maturities
|
2,250
|
-
|
||||||
Purchases of securities
|
(12,889
|
)
|
-
|
|||||
Principal payments on securities
|
1,394
|
2,395
|
||||||
Securities held to maturity:
|
||||||||
Proceeds from maturities
|
5,091
|
6,934
|
||||||
Purchases of securities
|
(8,942
|
)
|
(7,147
|
)
|
||||
Principal payments on securities
|
1,500
|
2,602
|
||||||
Net redemption of Federal Home Loan Bank Stock
|
117
|
275
|
||||||
Net increase in loans receivable
|
(7,969
|
)
|
(15,106
|
)
|
||||
Proceeds from sale of foreclosed real estate
|
302
|
103
|
||||||
Purchases of premises and equipment
|
(180
|
)
|
(70
|
)
|
||||
Net cash used by investing activities
|
(19,326
|
)
|
(10,014
|
)
|
||||
Cash flows from financing activities
|
||||||||
Net decrease in short-term FHLB advances
|
1,650
|
(7,100
|
)
|
|||||
Proceeds from long-term FHLB advances
|
-
|
1,000
|
||||||
Payment of cash dividends
|
(344
|
)
|
(332
|
)
|
||||
Proceeds from issuance of stock options
|
39
|
41
|
||||||
Excess tax benefit from share-based payment arrangements
|
6
|
4
|
||||||
Net increase in deposits
|
21,734
|
22,043
|
||||||
Net cash provided by financing activities
|
23,085
|
15,656
|
||||||
Net increase in cash and cash equivalents
|
5,926
|
8,609
|
||||||
Cash and cash equivalents at beginning of period
|
13,809
|
6,222
|
||||||
Cash and cash equivalents at end of period
|
$
|
19,735
|
$
|
14,831
|
||||
Non-cash investing activities:
|
||||||||
Foreclosed loans transferred to foreclosed real estate
|
$
|
158
|
--
|
|||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
572
|
$
|
581
|
||||
Income taxes
|
$
|
20
|
$
|
48
|
(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
|
$
|
8,633
|
$
|
211
|
$
|
-
|
$
|
8,844
|
||||||||
State and political subdivisions
|
14,211
|
21
|
-
|
14,232
|
||||||||||||
Mortgage-backed securities-residential
|
8,924
|
181
|
22
|
9,083
|
||||||||||||
Mortgage-backed securities-multi-family
|
28,206
|
115
|
216
|
28,105
|
||||||||||||
Asset-backed securities
|
14
|
-
|
1
|
13
|
||||||||||||
Corporate debt securities
|
4,557
|
338
|
17
|
4,878
|
||||||||||||
Total debt securities
|
64,545
|
866
|
256
|
65,155
|
||||||||||||
Equity securities
|
62
|
98
|
-
|
160
|
||||||||||||
Total securities available for sale
|
64,607
|
964
|
256
|
65,315
|
||||||||||||
Securities held to maturity:
|
||||||||||||||||
U.S. government sponsored enterprises
|
2,000
|
-
|
111
|
1,889
|
||||||||||||
State and political subdivisions
|
95,411
|
835
|
132
|
96,114
|
||||||||||||
Mortgage-backed securities-residential
|
21,467
|
1,016
|
-
|
22,483
|
||||||||||||
Mortgage-backed securities-multi-family
|
64,451
|
781
|
1,993
|
63,239
|
||||||||||||
Other securities
|
906
|
-
|
23
|
883
|
||||||||||||
Total securities held to maturity
|
184,235
|
2,632
|
2,259
|
184,608
|
||||||||||||
Total securities
|
$
|
248,842
|
$
|
3,596
|
$
|
2,515
|
$
|
249,923
|
(In thousands)
|
Amortized Cost
|
Gross Unrealized
Gains
|
Gross Unrealized
Losses
|
Estimated
Fair Value
|
||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
10,648
|
$
|
250
|
$
|
-
|
$
|
10,898
|
||||||||
State and political subdivisions
|
1,324
|
23
|
-
|
1,347
|
||||||||||||
Mortgage-backed securities-residential
|
9,345
|
213
|
13
|
9,545
|
||||||||||||
Mortgage-backed securities-multi-family
|
29,268
|
89
|
339
|
29,018
|
||||||||||||
Asset-backed securities
|
15
|
-
|
2
|
13
|
||||||||||||
Corporate debt securities
|
4,811
|
375
|
16
|
5,170
|
||||||||||||
Total debt securities
|
55,411
|
950
|
370
|
55,991
|
||||||||||||
Equity securities
|
62
|
98
|
-
|
160
|
||||||||||||
Total securities available for sale
|
55,473
|
1,048
|
370
|
56,151
|
||||||||||||
Securities held to maturity:
|
||||||||||||||||
U.S. government sponsored enterprises
|
2,000
|
-
|
102
|
1,898
|
||||||||||||
State and political subdivisions
|
91,634
|
787
|
204
|
92,217
|
||||||||||||
Mortgage-backed securities-residential
|
22,785
|
1,150
|
-
|
23,935
|
||||||||||||
Mortgage-backed securities-multi-family
|
64,605
|
759
|
2,381
|
62,983
|
||||||||||||
Other securities
|
922
|
1
|
24
|
899
|
||||||||||||
Total securities held to maturity
|
181,946
|
2,697
|
2,711
|
181,932
|
||||||||||||
Total securities
|
$
|
237,419
|
$
|
3,745
|
$
|
3,081
|
$
|
238,083
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||||||||||||||||||||
(In thousands, except number of securities)
|
Fair
Value
|
Unrealized Losses
|
Number of Securities
|
Fair
Value
|
Unrealized Losses
|
Number of Securities
|
Fair
Value
|
Unrealized Losses
|
Number of Securities
|
|||||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
$
|
4,154
|
$
|
22
|
2
|
$
|
-
|
$
|
-
|
-
|
$
|
4,154
|
$
|
22
|
2
|
|||||||||||||||||||||
Mortgage-backed securities-multi-family
|
2,880
|
22
|
2
|
15,523
|
194
|
6
|
18,403
|
216
|
8
|
|||||||||||||||||||||||||||
Asset-backed securities
|
-
|
-
|
-
|
13
|
1
|
1
|
13
|
1
|
1
|
|||||||||||||||||||||||||||
Corporate debt securities
|
764
|
17
|
2
|
-
|
-
|
-
|
764
|
17
|
2
|
|||||||||||||||||||||||||||
Total securities available for sale
|
7,798
|
61
|
6
|
15,536
|
195
|
7
|
23,334
|
256
|
13
|
|||||||||||||||||||||||||||
Securities held to maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
1,889
|
111
|
1
|
-
|
-
|
-
|
1,889
|
111
|
1
|
|||||||||||||||||||||||||||
State and political subdivisions
|
6,516
|
119
|
29
|
928
|
13
|
5
|
7,444
|
132
|
34
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
26,705
|
1,426
|
7
|
11,595
|
567
|
5
|
38,300
|
1,993
|
12
|
|||||||||||||||||||||||||||
Other securities
|
130
|
2
|
2
|
402
|
21
|
2
|
532
|
23
|
4
|
|||||||||||||||||||||||||||
Total securities held to maturity
|
35,240
|
1,658
|
39
|
12,925
|
601
|
12
|
48,165
|
2,259
|
51
|
|||||||||||||||||||||||||||
Total securities
|
$
|
43,038
|
$
|
1,719
|
45
|
$
|
28,461
|
$
|
796
|
19
|
$
|
71,499
|
$
|
2,515
|
64
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||||||||||||||||||||
(In thousands, except number of securities)
|
Fair
Value
|
Unrealized Losses
|
Number of Securities
|
Fair
Value
|
Unrealized Losses
|
Number of Securities
|
Fair
Value
|
Unrealized Losses
|
Number of Securities
|
|||||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
$
|
4,302
|
$
|
13
|
2
|
$
|
-
|
$
|
-
|
-
|
$
|
4,302
|
$
|
13
|
2
|
|||||||||||||||||||||
Mortgage-backed securities-multi-family
|
4,448
|
5
|
3
|
19,404
|
334
|
7
|
23,852
|
339
|
10
|
|||||||||||||||||||||||||||
Asset-backed securities
|
-
|
-
|
-
|
13
|
2
|
1
|
13
|
2
|
1
|
|||||||||||||||||||||||||||
Corporate debt securities
|
767
|
16
|
2
|
-
|
-
|
-
|
767
|
16
|
2
|
|||||||||||||||||||||||||||
Total securities available for sale
|
9,517
|
34
|
7
|
19,417
|
336
|
8
|
28,934
|
370
|
15
|
|||||||||||||||||||||||||||
Securities held to maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
1,898
|
102
|
1
|
-
|
-
|
-
|
1,898
|
102
|
1
|
|||||||||||||||||||||||||||
State and political subdivisions
|
6,693
|
175
|
34
|
1,815
|
29
|
11
|
8,508
|
204
|
45
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
26,522
|
1,617
|
7
|
15,440
|
764
|
6
|
41,962
|
2,381
|
13
|
|||||||||||||||||||||||||||
Other securities
|
130
|
2
|
2
|
401
|
22
|
2
|
531
|
24
|
4
|
|||||||||||||||||||||||||||
Total securities held to maturity
|
35,243
|
1,896
|
44
|
17,656
|
815
|
19
|
52,899
|
2,711
|
63
|
|||||||||||||||||||||||||||
Total securities
|
$
|
44,760
|
$
|
1,930
|
51
|
$
|
37,073
|
$
|
1,151
|
27
|
$
|
81,833
|
$
|
3,081
|
78
|
Available for sale debt securities
|
Amortized Cost
|
Fair Value
|
||||||
Within one year
|
$
|
17,093
|
$
|
17,134
|
||||
After one year through five years
|
5,686
|
6,025
|
||||||
After five years through ten years
|
4,622
|
4,795
|
||||||
After ten years
|
-
|
-
|
||||||
Total available for sale debt securities
|
27,401
|
27,954
|
||||||
Mortgage-backed and asset-backed securities
|
37,144
|
37,201
|
||||||
Equity securities
|
62
|
160
|
||||||
Total available for sale securities
|
64,607
|
65,315
|
||||||
Held to maturity debt securities
|
||||||||
Within one year
|
28,754
|
28,788
|
||||||
After one year through five years
|
40,980
|
41,500
|
||||||
After five years through ten years
|
20,487
|
20,525
|
||||||
After ten years
|
8,096
|
8,073
|
||||||
Total held to maturity debt securities
|
98,317
|
98,886
|
||||||
Mortgage-backed
|
85,918
|
85,722
|
||||||
Total held to maturity securities
|
184,235
|
184,608
|
||||||
Total securities
|
$
|
248,842
|
$
|
249,923
|
(5)
|
Loans and Allowance for Loan Losses
|
(In thousands)
|
Performing
|
Watch
|
Special Mention
|
Substandard
|
Total
|
|||||||||||||||
Residential mortgage
|
$
|
222,888
|
$
|
286
|
$
|
99
|
$
|
2,726
|
$
|
225,999
|
||||||||||
Nonresidential mortgage
|
114,843
|
-
|
1,770
|
2,867
|
119,480
|
|||||||||||||||
Residential construction and land
|
2,922
|
-
|
-
|
-
|
2,922
|
|||||||||||||||
Commercial construction
|
4,155
|
-
|
-
|
-
|
4,155
|
|||||||||||||||
Multi-family
|
4,407
|
-
|
-
|
111
|
4,518
|
|||||||||||||||
Home equity
|
20,564
|
222
|
-
|
317
|
21,103
|
|||||||||||||||
Consumer installment
|
4,172
|
9
|
-
|
-
|
4,181
|
|||||||||||||||
Commercial loans
|
29,795
|
147
|
353
|
890
|
31,185
|
|||||||||||||||
Total gross loans
|
$
|
403,746
|
$
|
664
|
$
|
2,222
|
$
|
6,911
|
$
|
413,543
|
(In thousands)
|
Performing
|
Watch
|
Special Mention
|
Substandard
|
Total
|
|||||||||||||||
Residential mortgage
|
$
|
223,772
|
$
|
221
|
$
|
99
|
$
|
3,281
|
$
|
227,373
|
||||||||||
Nonresidential mortgage
|
109,281
|
-
|
1,789
|
2,996
|
114,066
|
|||||||||||||||
Residential construction and land
|
3,005
|
-
|
-
|
-
|
3,005
|
|||||||||||||||
Commercial construction
|
1,558
|
-
|
-
|
-
|
1,558
|
|||||||||||||||
Multi-family
|
3,946
|
-
|
-
|
113
|
4,059
|
|||||||||||||||
Home equity
|
20,239
|
-
|
-
|
339
|
20,578
|
|||||||||||||||
Consumer installment
|
4,208
|
-
|
-
|
-
|
4,208
|
|||||||||||||||
Commercial loans
|
29,686
|
-
|
385
|
923
|
30,994
|
|||||||||||||||
Total gross loans
|
$
|
395,695
|
$
|
221
|
$
|
2,273
|
$
|
7,652
|
$
|
405,841
|
(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
|
$
|
1,699
|
$
|
235
|
$
|
1,867
|
$
|
3,801
|
$
|
222,198
|
$
|
225,999
|
$
|
1,924
|
||||||||||||||
Nonresidential mortgage
|
-
|
430
|
1,787
|
2,217
|
117,263
|
119,480
|
3,144
|
|||||||||||||||||||||
Residential construction and land
|
-
|
-
|
-
|
-
|
2,922
|
2,922
|
-
|
|||||||||||||||||||||
Commercial construction
|
-
|
-
|
-
|
-
|
4,155
|
4,155
|
-
|
|||||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
4,518
|
4,518
|
-
|
|||||||||||||||||||||
Home equity
|
104
|
222
|
317
|
643
|
20,460
|
21,103
|
317
|
|||||||||||||||||||||
Consumer installment
|
64
|
9
|
-
|
73
|
4,108
|
4,181
|
-
|
|||||||||||||||||||||
Commercial loans
|
789
|
147
|
175
|
1,111
|
30,074
|
31,185
|
426
|
|||||||||||||||||||||
Total gross loans
|
$
|
2,656
|
$
|
1,043
|
$
|
4,146
|
$
|
7,845
|
$
|
405,698
|
$
|
413,543
|
$
|
5,811
|
(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
|
$
|
1,047
|
$
|
290
|
$
|
1,938
|
$
|
3,275
|
$
|
224,098
|
$
|
227,373
|
$
|
2,473
|
||||||||||||||
Nonresidential mortgage
|
-
|
504
|
2,688
|
3,192
|
110,874
|
114,066
|
2,775
|
|||||||||||||||||||||
Residential construction and land
|
-
|
-
|
-
|
-
|
3,005
|
3,005
|
-
|
|||||||||||||||||||||
Commercial construction
|
-
|
-
|
-
|
-
|
1,558
|
1,558
|
-
|
|||||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
4,059
|
4,059
|
-
|
|||||||||||||||||||||
Home equity
|
260
|
-
|
339
|
599
|
19,979
|
20,578
|
339
|
|||||||||||||||||||||
Consumer installment
|
51
|
-
|
-
|
51
|
4,157
|
4,208
|
-
|
|||||||||||||||||||||
Commercial loans
|
509
|
123
|
278
|
910
|
30,084
|
30,994
|
312
|
|||||||||||||||||||||
Total gross loans
|
$
|
1,867
|
$
|
917
|
$
|
5,243
|
$
|
8,027
|
$
|
397,814
|
$
|
405,841
|
$
|
5,899
|
(In thousands)
|
2014
|
2013
|
||||||
Interest income that would have been recorded if loans had been performing in accordance with original terms
|
$
|
128
|
$
|
125
|
||||
Interest income that was recorded on nonaccrual loans
|
46
|
29
|
As of September 30, 2014
|
For the three months ended
September 30, 2014
|
|||||||||||||||||||
(In thousands)
|
Recorded Investment
|
Unpaid Principal
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Residential mortgage
|
$
|
206
|
$
|
206
|
$
|
-
|
$
|
206
|
$
|
3
|
||||||||||
Nonresidential mortgage
|
456
|
456
|
-
|
458
|
7
|
|||||||||||||||
Home equity
|
96
|
96
|
-
|
96
|
-
|
|||||||||||||||
758
|
758
|
-
|
760
|
10
|
||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Residential mortgage
|
2,466
|
2,556
|
370
|
2,585
|
31
|
|||||||||||||||
Nonresidential mortgage
|
2,448
|
2,835
|
315
|
2,522
|
42
|
|||||||||||||||
Home equity
|
200
|
200
|
87
|
200
|
-
|
|||||||||||||||
Commercial loans
|
600
|
600
|
3
|
601
|
10
|
|||||||||||||||
5,714
|
6,191
|
775
|
5,908
|
83
|
||||||||||||||||
Total impaired:
|
||||||||||||||||||||
Residential mortgage
|
2,672
|
2,762
|
370
|
2,791
|
34
|
|||||||||||||||
Nonresidential mortgage
|
2,904
|
3,291
|
315
|
2,980
|
49
|
|||||||||||||||
Home equity
|
296
|
296
|
87
|
296
|
-
|
|||||||||||||||
Commercial loans
|
600
|
600
|
3
|
601
|
10
|
|||||||||||||||
$
|
6,472
|
$
|
6,949
|
$
|
775
|
$
|
6,668
|
$
|
93
|
As of June 30, 2014
|
For the three months ended
September 30, 2013
|
|||||||||||||||||||
(In thousands)
|
Recorded Investment
|
Unpaid Principal
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Residential mortgage
|
$
|
206
|
$
|
206
|
$
|
-
|
$
|
590
|
$
|
-
|
||||||||||
Nonresidential mortgage
|
461
|
461
|
-
|
653
|
9
|
|||||||||||||||
Home equity
|
96
|
96
|
-
|
-
|
-
|
|||||||||||||||
763
|
763
|
-
|
1,243
|
9
|
||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Residential mortgage
|
2,700
|
2,790
|
441
|
3,135
|
15
|
|||||||||||||||
Nonresidential mortgage
|
2,572
|
2,959
|
338
|
1,561
|
8
|
|||||||||||||||
Commercial construction
|
-
|
-
|
-
|
1,052
|
18
|
|||||||||||||||
Multi-family
|
-
|
-
|
-
|
463
|
-
|
|||||||||||||||
Home equity
|
200
|
200
|
87
|
-
|
-
|
|||||||||||||||
Commercial loans
|
603
|
603
|
3
|
608
|
10
|
|||||||||||||||
6,075
|
6,552
|
869
|
6,819
|
51
|
||||||||||||||||
Residential mortgage
|
2,906
|
2,996
|
441
|
3,725
|
15
|
|||||||||||||||
Nonresidential mortgage
|
3,033
|
3,420
|
338
|
2,214
|
17
|
|||||||||||||||
Commercial construction
|
-
|
-
|
-
|
1,052
|
18
|
|||||||||||||||
Multi-family
|
-
|
-
|
-
|
463
|
-
|
|||||||||||||||
Home equity
|
296
|
296
|
87
|
-
|
-
|
|||||||||||||||
Commercial loans
|
603
|
603
|
3
|
608
|
10
|
|||||||||||||||
$
|
6,838
|
$
|
7,315
|
$
|
869
|
$
|
8,062
|
$
|
60
|
(Dollars in thousands)
|
Number of Contracts
|
Pre-Modification
Outstanding
Recorded Investment
|
Post-Modification
Outstanding
Recorded Investment
|
Current Outstanding
Recorded Investment
|
||||||||||||
Residential mortgage
|
2
|
$
|
367
|
$
|
367
|
$
|
365
|
|||||||||
Nonresidential mortgage
|
1
|
442
|
442
|
440
|
(Dollars in thousands)
|
Number of Contracts
|
Recorded Investment
|
Allowance for Loan Loss
|
|||||||||
Residential mortgage
|
1
|
$
|
73
|
$
|
--
|
|||||||
Nonresidential mortgage
|
1
|
547
|
182
|
Activity for the three months ended September 30, 2014
|
||||||||||||||||||||
(In thousands)
|
Balance at
June 30, 2014
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
September 30, 2014
|
|||||||||||||||
Residential mortgage
|
$
|
2,731
|
$
|
74
|
$
|
-
|
$
|
(10
|
)
|
$
|
2,647
|
|||||||||
Nonresidential mortgage
|
2,936
|
-
|
-
|
228
|
3,164
|
|||||||||||||||
Residential construction and land
|
42
|
-
|
-
|
(1
|
)
|
41
|
||||||||||||||
Commercial construction
|
38
|
-
|
-
|
71
|
109
|
|||||||||||||||
Multi-family
|
59
|
-
|
-
|
(14
|
)
|
45
|
||||||||||||||
Home equity
|
361
|
-
|
-
|
15
|
376
|
|||||||||||||||
Consumer installment
|
240
|
55
|
19
|
39
|
243
|
|||||||||||||||
Commercial loans
|
811
|
-
|
-
|
20
|
831
|
|||||||||||||||
Unallocated
|
201
|
-
|
-
|
63
|
264
|
|||||||||||||||
Total
|
$
|
7,419
|
$
|
129
|
$
|
19
|
$
|
411
|
$
|
7,720
|
Allowance for Loan Losses
|
Loans Receivable
|
|||||||||||||||
Ending Balance
September 30, 2014
Impairment Analysis
|
Ending Balance
September 30, 2014
Impairment Analysis
|
|||||||||||||||
(In thousands)
|
Individually
Evaluated
|
Collectively
Evaluated
|
Individually
Evaluated
|
Collectively
Evaluated
|
||||||||||||
Residential mortgage
|
$
|
370
|
$
|
2,277
|
$
|
2,672
|
$
|
223,327
|
||||||||
Nonresidential mortgage
|
315
|
2,849
|
2,904
|
116,576
|
||||||||||||
Residential construction and land
|
-
|
41
|
-
|
2,922
|
||||||||||||
Commercial construction
|
-
|
109
|
-
|
4,155
|
||||||||||||
Multi-family
|
-
|
45
|
-
|
4,518
|
||||||||||||
Home equity
|
87
|
289
|
296
|
20,807
|
||||||||||||
Consumer installment
|
-
|
243
|
-
|
4,181
|
||||||||||||
Commercial loans
|
3
|
828
|
600
|
30,585
|
||||||||||||
Unallocated
|
-
|
264
|
-
|
-
|
||||||||||||
Total
|
$
|
775
|
$
|
6,945
|
$
|
6,472
|
$
|
407,071
|
Activity for the three months ended September 30, 2013
|
||||||||||||||||||||
(In thousands)
|
Balance at
June 30, 2013
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
September 30, 2013
|
|||||||||||||||
Residential mortgage
|
$
|
2,627
|
$
|
77
|
$
|
-
|
$
|
8
|
$
|
2,558
|
||||||||||
Nonresidential mortgage
|
2,476
|
-
|
-
|
146
|
2,622
|
|||||||||||||||
Residential construction and land
|
37
|
-
|
-
|
9
|
46
|
|||||||||||||||
Commercial construction
|
392
|
-
|
-
|
(36
|
)
|
356
|
||||||||||||||
Multi-family
|
139
|
-
|
-
|
(29
|
)
|
110
|
||||||||||||||
Home equity
|
275
|
-
|
-
|
18
|
293
|
|||||||||||||||
Consumer installment
|
222
|
59
|
15
|
43
|
221
|
|||||||||||||||
Commercial loans
|