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Loans Receivable Held for Investment (Tables)
 9 Months Ended
Sep. 30, 2014
Loans Receivable Held for Investment  
Schedule of loans receivable

 

September 30, 2014

 

December 31, 2013

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

Single family (one-to-four units)

 

$
41,659

 

 

 

$
46,459

 

Multi-family (five or more units)

 
167,653

 

 

 
113,218

 

Commercial real estate

 
21,589

 

 

 
26,697

 

Church

 
56,992

 

 

 
67,934

 

Construction

 
394

 

 

 
424

 

Commercial – other

 
532

 

 

 
2,067

 

Consumer

 
6

 

 

 
38

 

Total gross loans receivable

 
288,825

 

 

 
256,837

 

Unamortized net deferred loan costs and premium

 
1,772

 

 

 
1,156

 

Allowance for loan losses

 
(9,067

)

 

 
(10,146

)

Loans receivable, net

 

$
281,530

 

 

 

$
247,847

 

 

Activity in the Allowance for Loan Losses by Portfolio Segment

 

 

Three Months Ended September 30, 2014

 

 

Real Estate

 

 

 

 

 

 

 

 

Single

family

 

Multi-

family

 

Commercial

real estate

 

Church

 

Construction

 

Commercial 

- other

 

Consumer

 

Total

 

 

(In thousands)

Beginning balance

 

$
1,849 

 

$
2,304 

 

$
1,081 

 

$
4,112 

 

$
7 

 

$
19 

 

$
4 

 

$
9,376 

Provision for (recapture of) loan losses

 
(465)

 
327 

 
(96)

 
(724)

 

-

 
10 

 
(2)

 
(950)

Recoveries

 

-

 

-

 

-

 
682 

 

-

 

-

 

-

 
682 

Loans charged off

 
(40)

 

-

 

-

 
(1)

 

-

 

-

 

-

 
(41)

Ending balance

 

$
1,344 

 

$
2,631 

 

$
985 

 

$
4,069 

 

$
7 

 

$
29 

 

$
2 

 

$
9,067 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2014

 

 

Real Estate

 

 

 

 

 

 

 

 

Single

family

 

Multi-

family

 

Commercial

real estate

 

Church

 

Construction

 

Commercial 

- other

 

Consumer

 

Total

 

 

(In thousands)

Beginning balance

 

$
1,930 

 

$
1,726 

 

$
1,473 

 

$
4,949 

 

$
7 

 

$
55 

 

$
6 

 

 $
10,146 

Provision for (recapture of) loan losses

 
(455)

 
905 

 
(479)

 
(1,408)

 

-

 
(1,091)

 
(4)

 
(2,532)

Recoveries

 
2 

 

-

 

-

 
851 

 

-

 
1,083 

 

-

 
1,936 

Loans charged off

 
(133)

 

-

 
(9)

 
(323)

 

-

 
(18)

 

-

 
(483)

Ending balance

 

$
1,344 

 

$
2,631 

 

$
985 

 

$
4,069 

 

$
7 

 

$
29 

 

$
2 

 

 $
9,067 

 

 

 

Three Months Ended September 30, 2013

 

 

Real Estate

 

 

 

 

 

 

 

 

Single

family

 

Multi-

family

 

Commercial

real estate

 

Church

 

Construction

 

Commercial 

- other

 

Consumer

 

Total

 

 

(In thousands)

Beginning balance

 

$
2,445 

 

$
1,169 

 

$
1,674 

 

$
5,060 

 

$
8 

 

$
213 

 

$
10 

 

 $
10,579 

Provision for loan losses

 
(315)

 
351 

 
72 

 
523 

 
(1)

 
(213)

 
(3)

 
414 

Recoveries

 

-

 

-

 
16 

 
5 

 

-

 
59 

 

-

 
80 

Loans charged off

 
(51)

 
(3)

 
(190)

 
(490)

 

-

 

-

 

-

 
(734)

Ending balance

 

$
2,079 

 

$
1,517 

 

$
1,572 

 

$
5,098 

 

$
7 

 

$
59 

 

$
7 

 

 $
10,339 

 

 

 

Nine Months Ended September 30, 2013

 

 

Real Estate

 

 

 

 

 

 

 

 

Single

family

 

Multi-

family

 

Commercial

real estate

 

Church

 

Construction

 

Commercial 

- other

 

Consumer

 

Total

 

 

(In thousands)

Beginning balance

 

  $
2,060 

 

  $
2,122 

 

  $
2,685 

 

  $
4,818 

 

  $
8 

 

  $
167 

 

  $
9 

 

 $
11,869 

Provision for loan losses

 
(150)

 
56 

 
(96)

 
929 

 
(1)

 
(322)

 
(2)

 
414 

Recoveries

 
259 

 

-

 
117 

 
18 

 

-

 
214 

 

-

 
608 

Loans charged off

 
(90)

 
(661)

 
(1,134)

 
(667)

 

-

 

-

 

-

 
(2,552)

Ending balance

 

  $
2,079 

 

  $
1,517 

 

  $
1,572 

 

  $
5,098 

 

  $
7 

 

  $
59 

 

  $
7 

 

 $
10,339 

 

Allowance for Loan Losses and Recorded Investment in Loans By Portfolio Segment and Based on Impairment Method

 

 

September 30, 2014

 

 

Real Estate

 

 

 

 

 

 

 

 

Single

family

 

Multi-

family

 

Commercial

real estate

 

Church

 

Construction

 

Commercial

- other

 

Consumer

 

Total

 

 

(In thousands)

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending allowance balance attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

  $
137 

 

  $
124 

 

  $
185 

 

  $
1060 

 

  $

-

 

  $
22 

 

  $

-

 

$
1,528 

Collectively evaluated for impairment

 
1,207 

 
2,507 

 
800 

 
3,009 

 
7 

 
7 

 
2 

 
7,539 

Total ending allowance balance

 

  $
1,344 

 

  $
2,631 

 

  $
985 

 

  $
4,069 

 

  $
7 

 

  $
29 

 

  $
2 

 

$
9,067 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans individually evaluated for impairment

 

  $
1,436 

 

  $
3,141 

 

  $
4,692 

 

  $
15,595 

 

  $

-

 

  $
110 

 

  $

-

 

$
24,974 

Loans collectively evaluated for impairment

 
40,223 

 
164,512 

 
16,897 

 
41,397 

 
394 

 
422 

 
6 

 
263,851 

Total ending loans balance

 

  $
41,659 

 

  $
167,653 

 

  $
21,589 

 

  $
56,992 

 

  $
394 

 

  $
532 

 

  $
6 

 

$
288,825 

 

 

 

 

December 31, 2013

 

 

Real Estate

 

 

 

 

 

 

 

 

Single

family

 

Multi-

family

 

Commercial

real estate

 

Church

 

Construction

 

Commercial

- other

 

Consumer

 

Total

 

 

(In thousands)

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending allowance balance attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

  $
382 

 

  $
143 

 

  $
206 

 

  $
1,444 

 

  $

-

 

  $
12 

 

  $

-

 

$
2,187 

Collectively evaluated for impairment

 
1,548 

 
1,583 

 
1,267 

 
3,505 

 
7 

 
43 

 
6 

 
7,959 

Total ending allowance balance

 

  $
1,930 

 

  $
1,726 

 

  $
1,473 

 

  $
4,949 

 

  $
7 

 

  $
55 

 

  $
6 

 

$
10,146 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans individually evaluated for impairment

 

  $
3,053 

 

  $
4,163 

 

  $
4,894 

 

  $
21,243 

 

  $

-

 

  $
150 

 

  $

-

 

$
33,503 

Loans collectively evaluated for impairment

 
43,406 

 
109,055 

 
21,803 

 
46,691 

 
424 

 
1,917 

 
38 

 
223,334 

Total ending loans balance

 

  $
46,459 

 

  $
113,218 

 

  $
26,697 

 

  $
67,934 

 

  $
424 

 

  $
2,067 

 

  $
38 

 

$
256,837 

 

Loans Individually Evaluated for Impairment by Type of Loans

 

 

September 30, 2014

 

December 31, 2013

 

 

 

Unpaid
Principal
Balance

 

Recorded
Investment

 

Allowance
for Loan
Losses
Allocated

 

Unpaid
Principal
Balance

 

Recorded
Investment

 

Allowance
for Loan
Losses
Allocated

 

 

 

(In thousands)

 

With no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

Single family

 

$
1,453 

 

$
754 

 

$

-

 

$
2,114 

 

$
1,441 

 

$

-

 

Multi-family

 
1,768 

 
1,623 

 

-

 
2,690 

 
2,598 

 

-

 

Commercial real estate

 
4,841 

 
1,210 

 

-

 
4,867 

 
1,391 

 

-

 

Church

 
7,894 

 
5,635 

 

-

 
11,806 

 
8,446 

 

-

 

Commercial - other

 

-

 

-

 

-

 
3,850 

 

-

 

-

 

With an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

Single family

 
682 

 
682 

 
137 

 
1,612 

 
1,612 

 
382 

 

Multi-family

 
1,551 

 
1,518 

 
124 

 
1,578 

 
1,565 

 
143 

 

Commercial real estate

 
3,482 

 
3,482 

 
185 

 
3,503 

 
3,503 

 
206 

 

Church

 
10,196 

 
9,960 

 
1,060 

 
12,862 

 
12,797 

 
1,444 

 

Commercial -other

 
110 

 
110 

 
22 

 
150 

 
150 

 
12 

 

Total

 

$
31,977 

 

$
24,974 

 

$
1,528 

 

$
45,032 

 

$
33,503 

 

$
2,187 

 

 

Average of Loans Individually Evaluated for Impairment by Type of Loans and Related Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30, 2014

 

Nine Months Ended
September 30, 2014

 

 

Average
Recorded
Investment

 

Cash Basis
Interest
Income
Recognized

 

Average
Recorded
Investment

 

Cash Basis
Interest
Income
Recognized

 

 

(In thousands)

Single family

 

 

$
2,038 

 

 

 

$
25 

 

 

 

$
2,601 

 

 

 

$
60 

 

Multi-family

 

 
3,250 

 

 

 
20 

 

 

 
3,554 

 

 

 
66 

 

Commercial real estate

 

 
4,716 

 

 

 
106 

 

 

 
4,792 

 

 

 
295 

 

Church

 

 
16,419 

 

 

 
158 

 

 

 
17,882 

 

 

 
491 

 

Commercial- other

 

 
117 

 

 

 
3 

 

 

 
130 

 

 

 
8 

 

Total

 

 

$
26,540 

 

 

 

$
312 

 

 

 

$
28,959 

 

 

 

$
920 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2013

 

Nine Months Ended

September 30, 2013

 

 

Average
Recorded
Investment

 

Cash Basis
Interest
Income
Recognized

 

Average
Recorded
Investment

 

Cash Basis
Interest
Income
Recognized

 

 

(In thousands)

Single family

 

 

$
3,699 

 

 

 

$
30 

 

 

 

$
3,822 

 

 

 

$
91 

 

Multi-family

 

 
3,347 

 

 

 
15 

 

 

 
3,215 

 

 

 
55 

 

Commercial real estate

 

 
6,986 

 

 

 
182 

 

 

 
7,778 

 

 

 
405 

 

Church

 

 
22,472 

 

 

 
131 

 

 

 
23,027 

 

 

 
407 

 

Construction

 

 

-

 

 

 

-

 

 

 
81 

 

 

 
5 

 

Commercial - other

 

 
165 

 

 

 
2 

 

 

 
156 

 

 

 
8 

 

Total

 

 

$
36,669 

 

 

 

$
360 

 

 

 

$
38,079 

 

 

 

$
971 

 

 

Aging of Recorded Investment in Past Due Loans, Including Loans Receivable Held For Sale

 

 

 

September 30, 2014

 

 

30-59
Days
Past Due

 

60-89
Days
Past Due

 

Greater than
90 Days
Past Due

 

Total
Past Due

 

Current

 

 

(In thousands)

Single family

 

 

$
885 

 

 

 

$

-

 

 

 

$

-

 

 

 

$
885 

 

 

 

$
40,774 

 

Multi-family

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 
167,653 

 

Commercial real estate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 
21,589 

 

Church

 

 

-

 

 

 

-

 

 

 
898 

 

 

 
898 

 

 

 
56,094 

 

Construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 
394 

 

Commercial - other

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 
532 

 

Consumer

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 
6 

 

Total

 

 

$
885 

 

 

 

$

-

 

 

 

$
898 

 

 

 

$
1,783 

 

 

 

$
287,042 

 

 

 

 

December 31, 2013

 

 

30-59
Days
Past Due

 

60-89
Days
Past Due

 

Greater than
90 Days
Past Due

 

Total
Past Due

 

Current

 

 

(In thousands)

Single family

 

 

$
802 

 

 

 

$

-

 

 

 

$
585 

 

 

 

$
1,387 

 

 

 

$
45,072 

 

Multi-family

 

 

-

 

 

 

-

 

 

 
545 

 

 

 
545 

 

 

 
112,673 

 

Commercial real estate

 

 
346 

 

 

 

-

 

 

 
1,016 

 

 

 
1,362 

 

 

 
25,335 

 

Church

 

 
2,557 

 

 

 
323 

 

 

 
4,877 

 

 

 
7,757 

 

 

 
60,177 

 

Construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 
424 

 

Commercial - other

 

 
82 

 

 

 

-

 

 

 

-

 

 

 
82 

 

 

 
1,985 

 

Consumer

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 
38 

 

Total

 

 

$
3,787 

 

 

 

$
323 

 

 

 

$
7,023 

 

 

 

$
11,133 

 

 

 

$
245,704 

 

 

Recorded Investment in Nonaccrual Loans by Type of Loans

 

 

September 30, 2014

 

December 31, 2013

 

 

(In thousands)

Single family

 

 

$
769 

 

 

 

$
1,441 

 

Multi-family

 

 
1,991 

 

 

 
2,985 

 

Commercial real estate

 

 
1,207 

 

 

 
1,391 

 

Church

 

 
5,786 

 

 

 
11,735 

 

Commercial - other

 

 
110 

 

 

 
150 

 

Total non-accrual loans

 

 

$
9,863 

 

 

 

$
17,702 

 

 

Loans by Type Modified as Troubled Debt Restructurings

 

 

 

Nine Months Ended September 30, 2013

 

 

 

Number
of Loans

 

Pre-
Modification
Outstanding
Recorded
Investment

 

Post-
Modification
Outstanding
Recorded
Investment

 

 

 

(Dollars in thousands)

 

Single family

 
5 

 

$
739 

 

$
789 

 

Commercial real estate

 
1 

 
1,456 

 
1,497 

 

Total

 
6 

 

$
2,195 

 

$
2,286 

 

 

Risk Category of Loans by Type of Loans

 

 

September 30, 2014

 

 

 

Pass

 

Special Mention

 

Substandard

 

Doubtful

 

Loss

 

 

 

(In thousands)

 

Single family

 

  $
37,447 

 

  $
3,453 

 

  $
759 

 

  $

-

 

  $

-

 

Multi-family

 
162,192 

 
612 

 
4,849 

 

-

 

-

 

Commercial real estate

 
15,714 

 
524 

 
5,351 

 

-

 

-

 

Church

 
36,950 

 
7,875 

 
12,167 

 

-

 

-

 

Construction

 
394 

 

-

 

-

 

-

 

-

 

Commercial - other

 
422 

 

-

 
110 

 

-

 

-

 

Consumer

 
6 

 

-

 

-

 

-

 

-

 

Total

 

  $
253,125 

 

  $
12,464 

 

  $
23,236 

 

  $

-

 

  $

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

Pass

 

Special Mention

 

Substandard

 

Doubtful

 

Loss

 

 

 

(In thousands)

 

Single family

 

  $
41,481 

 

  $
3,537 

 

  $
1,441 

 

  $

-

 

  $

-

 

Multi-family

 
105,377 

 
2,305 

 
5,536 

 

-

 

-

 

Commercial real estate

 
18,154 

 
529 

 
8,014 

 

-

 

-

 

Church

 
34,367 

 
17,657 

 
15,910 

 

-

 

-

 

Construction

 
424 

 

-

 

-

 

-

 

-

 

Commercial - other

 
490 

 
1,427 

 
150 

 

-

 

-

 

Consumer

 
38 

 

-

 

-

 

-

 

-

 

Total

 

  $
200,331 

 

  $
25,455 

 

  $
31,051 

 

  $

-

 

  $

-