(Mark One)
|
|||||||||||
X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
||||||||||
EXCHANGE ACT OF 1934
|
|||||||||||
For the quarterly period ended
|
June 30, 2012
|
||||||||||
OR
|
|||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|||||||||||
EXCHANGE ACT OF 1934
|
|||||||||||
For the transition period from
|
To
|
||||||||||
Commission File Number 000-52000
|
|||||||||||
ROMA FINANCIAL CORPORATION
|
|||||||||||
(Exact name of registrant as specified in its charter)
|
|||||||||||
UNITED STATES
|
51-0533946
|
||||||||||
(State or other jurisdiction of
|
(I.R.S. Employer
|
||||||||||
Incorporation or organization)
|
Identification Number)
|
||||||||||
2300 Route 33, Robbinsville, New Jersey
|
08691
|
||||||||||
(Address of principal executive offices)
|
(Zip Code)
|
||||||||||
Registrant’s telephone number, including area code:
|
(609) 223-8300
|
||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]
|
|||||||||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding twelve months (or for such shorter period that the registrant was required to submit and post such files).
Yes [ X ] No [ ]
|
|||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one): Large accelerated filer [ ]Accelerated filer [ X ]
Non-accelerated filer [ ] Smaller reporting company [ ]
|
|||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]
|
|||||||||||
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date,
August 6, 2012:
|
|||||||||||
$0.10 par value common stock - 30,296,327 shares outstanding
|
Page
|
||||
Number
|
||||
PART I - FINANCIAL INFORMATION
|
||||
Item 1:
|
Financial Statements
|
|||
Consolidated Statements of Financial Condition
|
3
|
|||
at June 30, 2012 and December 31, 2011 (Unaudited)
|
||||
Consolidated Statements of Income for the Three and Six Months Ended
|
4
|
|||
June 30, 2012 and 2011 (Unaudited)
Consolidated Statements of Comprehensive Income for the Three and Six Months
Ended June 30, 2012 and 2011 (Unaudited)
|
5
|
|||
Consolidated Statements of Changes in Stockholders’ Equity for the Six
|
6
|
|||
Months Ended June 30, 2012 and 2011 (Unaudited)
|
||||
Consolidated Statements of Cash Flows for the Six Months
|
7
|
|||
Ended June 30, 2012 and 2011 (Unaudited)
|
||||
Notes to Consolidated Financial Statements (Unaudited)
|
9
|
|||
Item 2:
|
Management’s Discussion and Analysis of
|
41
|
||
Financial Condition and Results of Operations
|
||||
Item 3:
|
Quantitative and Qualitative Disclosure About Market Risk
|
48
|
||
Item 4:
|
Controls and Procedures
|
48
|
||
PART II - OTHER INFORMATION
|
49
|
|||
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 3: Defaults Upon Senior Securities
Item 4: Mine Safety Disclosures
Item 5: Other Information
Item 6: Exhibits
|
|
|||
SIGNATURES
|
51
|
|||
June 30, | December 31, | |||||||
2012 | 2011 | |||||||
(In thousands, except per share data) | ||||||||
Assets | ||||||||
Cash and amounts due from depository institutions
|
$ | 15,924 | $ | 17,791 | ||||
Interest-bearing deposits in other banks
|
89,506 | 41,775 | ||||||
Money market funds
|
66,812 | 25,093 | ||||||
Cash and Cash Equivalents
|
172,242 | 84,659 | ||||||
Investment securities available for sale (“AFS”) at fair value
|
39,069 | 42,491 | ||||||
Investment securities held to maturity (“HTM”) at amortized cost (fair value of $ 129,409
and $243,022, respectively) |
127,714 | 241,185 | ||||||
Mortgage-backed securities held to maturity at amortized cost (fair value of $ 420,181
and $458,555, respectively) |
398,340 | 438,523 | ||||||
Loans receivable, net of allowance for loan losses of $6,869
and $5,416, respectively
|
987,146 | 962,389 | ||||||
Real estate and other repossessed assets owned
|
7,192 | 3,276 | ||||||
Real estate held for sale
|
640 | 970 | ||||||
Real estate owned via equity investment
|
3,868 | 3,905 | ||||||
Premises and equipment, net
|
47,987 | 47,433 | ||||||
Federal Home Loan Bank of New York and ACBB stock
|
7,763 | 5,798 | ||||||
Accrued interest receivable
|
5,730 | 6,492 | ||||||
Bank owned life insurance
|
33,992 | 28,852 | ||||||
Goodwill
|
1,826 | 1,826 | ||||||
Deferred tax asset
|
11,974 | 12,253 | ||||||
Other assets
|
6,923 | 8,032 | ||||||
Total Assets
|
$ | 1,852,406 | $ | 1,888,084 |
Liabilities and Stockholders' Equity | ||||||||
Liabilities | ||||||||
Deposits:
|
||||||||
Non-interest bearing
|
$ | 64,843 | $ | 63,766 | ||||
Interest bearing
|
1,448,418 | 1,511,840 | ||||||
Total deposits
|
1,513,261 | 1,575,606 | ||||||
Federal Home Loan Bank of New York advances
|
52,766 | 33,316 | ||||||
Securities sold under agreements to repurchase
|
40,000 | 40,000 | ||||||
Subordinated debentures
|
- | 1,915 | ||||||
Securities purchased and not settled
|
8,000 | - | ||||||
Advance payments by borrowers for taxes and insurance
|
3,629 | 3,064 | ||||||
Accrued interest payable and other liabilities
|
15,659 | 16,188 | ||||||
Total Liabilities
|
1,633,315 | 1,670,089 | ||||||
Stockholders’ Equity
|
||||||||
Common stock, $0.10 par value, 45,000,000 shares authorized, 32,731,875 shares issued;
30,296,327 and 30,320,927 shares outstanding at June 30, 2012 and December 31, 2011, respectively |
3,274 | 3,274 | ||||||
Paid-in capital
|
100,418 | 100,310 | ||||||
Retained earnings
|
158,275 | 157,669 | ||||||
Unearned shares held by Employee Stock Ownership Plan
|
(4,871 | ) | (5,141 | ) | ||||
Treasury stock, 2,435,548 and 2,410,948 shares, respectively
|
(35,458 | ) | (35,335 | ) | ||||
Accumulated other comprehensive loss
|
(4,508 | ) | (4,637 | ) | ||||
Total Roma Financial Corporation stockholders’ equity
|
217,130 | 216,140 | ||||||
Noncontrolling interest
|
1,961 | 1,855 | ||||||
Total Stockholders’ Equity
|
219,091 | 217,995 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 1,852,406 | $ | 1,888,084 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(In thousands, except per share data)
|
(In thousands, except per share data)
|
|||||||||||||||
Interest Income
|
||||||||||||||||
Loans, including fees
|
$ | 11,854 | $ | 11,664 | $ | 23,880 | $ | 23,385 | ||||||||
Mortgage-backed securities held to maturity
|
3,862 | 4,406 | 7,916 | 8,712 | ||||||||||||
Investment securities held to maturity
|
954 | 2,207 | 2,204 | 4,439 | ||||||||||||
Securities available for sale
|
9 | 273 | 235 | 541 | ||||||||||||
Other interest-earning assets
|
136 | 149 | 250 | 242 | ||||||||||||
Total Interest Income
|
16,815 | 18,699 | 34,485 | 37,319 | ||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
3,233 | 4,744 | 6,896 | 9,348 | ||||||||||||
Borrowings
|
947 | 691 | 1,633 | 1,380 | ||||||||||||
Total Interest Expense
|
4,180 | 5,435 | 8,529 | 10,728 | ||||||||||||
Net Interest Income
|
12,635 | 13,264 | 25,956 | 26,591 | ||||||||||||
Provision for loan losses
|
1,389 | 1,313 | 2,652 | 2,113 | ||||||||||||
Net Interest Income after Provision for Loan Losses
|
11,246 | 11,951 | 23,304 | 24,478 | ||||||||||||
Non-Interest Income
|
||||||||||||||||
Commissions on sales of title policies
|
275 | 271 | 516 | 474 | ||||||||||||
Fees and service charges on deposits and loans
|
463 | 419 | 859 | 814 | ||||||||||||
Income from bank owned life insurance
|
357 | 304 | 709 | 609 | ||||||||||||
Net gain from sale of mortgage loans originated for sale
|
485 | 90 | 798 | 167 | ||||||||||||
Net gain from sale of available for sale securities
|
13 | 21 | 13 | 38 | ||||||||||||
Realized gain (loss) on real estate held for sale
|
- | - | (3 | ) | - | |||||||||||
Realized gain (loss) on real estate owned
|
(4 | ) | (37 | ) | (4 | ) | (107 | ) | ||||||||
Other
|
489 | 313 | 909 | 591 | ||||||||||||
Total Non-Interest Income
|
2,078 | 1,381 | 3,797 | 2,586 | ||||||||||||
Non-Interest Expense
|
||||||||||||||||
Salaries and employee benefits
|
6,375 | 6,119 | 12,740 | 12,187 | ||||||||||||
Net occupancy expense of premises
|
1,147 | 1,115 | 2,262 | 2,383 | ||||||||||||
Equipment
|
884 | 898 | 1,786 | 1,783 | ||||||||||||
Data processing fees
|
585 | 616 | 1,122 | 1,182 | ||||||||||||
Federal Deposit Insurance Premium
|
538 | 618 | 958 | 1,216 | ||||||||||||
Advertising
|
207 | 397 | 411 | 566 | ||||||||||||
Commercial and residential loan expense
|
575 | 436 | 1,460 | 709 | ||||||||||||
Other
|
1,763 | 1,072 | 3,015 | 2,222 | ||||||||||||
Total Non-Interest Expense
|
12,074 | 11,271 | 23,754 | 22,248 | ||||||||||||
Income Before Income Taxes
|
1,250 | 2,061 | 3,347 | 4,816 | ||||||||||||
Income Taxes
|
334 | 636 | 961 | 1,520 | ||||||||||||
Net income
|
916 | 1,425 | 2,386 | 3,296 | ||||||||||||
Plus: net gain attributable to the noncontrolling interest
|
(20 | ) | (36 | ) | (74 | ) | (54 | ) | ||||||||
Net Income attributable to Roma Financial Corporation
|
$ | 896 | $ | 1,389 | $ | 2,312 | $ | 3,242 | ||||||||
Net income attributable to Roma Financial Corporation per common share
|
||||||||||||||||
Basic and Diluted
|
$ | .03 | $ | .05 | $ | .08 | $ | .11 | ||||||||
Dividends Declared Per Share
|
$ | .04 | $ | .08 | $ | .12 | $ | .16 | ||||||||
Weighted Average Number of Common
Shares Outstanding
|
||||||||||||||||
Basic and Diluted
|
29,801,882 | 30,153,310 | 29,806,678 | 30,145,272 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Net Income
|
$ | 916 | $ | 1,425 | $ | 2,386 | $ | 3,296 | ||||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized holding gains on available for sale securities:
|
||||||||||||||||
Unrealized holding gains (losses) arising during the period
|
259 | 744 | 294 | 744 | ||||||||||||
Less: reclassification adjustment for (gains) included in net income
|
(13 | ) | (21 | ) | (13 | ) | (38 | ) | ||||||||
Net realized gain on securities available for sale
|
246 | 723 | 281 | 706 | ||||||||||||
Tax effect
|
(105 | ) | (305 | ) | (120 | ) | (298 | ) | ||||||||
Other comprehensive income, net of tax
|
141 | 418 | 161 | 408 | ||||||||||||
Comprehensive income
|
$ | 1,057 | $ | 1,843 | $ | 2,547 | $ | 3,704 | ||||||||
Comprehensive income attributable to the noncontrolling interest
|
(27 | ) | (36 | ) | (106 | ) | (54 | ) | ||||||||
Comprehensive income attributable to Roma Financial Corporation
|
$ | 1,030 | $ | 1,807 | $ | 2,441 | $ | 3,650 | ||||||||
Common Stock
Shares Amount
|
Paid-In
Capital
|
Retained
Earnings |
Unearned
Shares Held By ESOP
|
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Noncontrolling
Interest
|
Total
|
||||||||||||||||||||||
Balance December 31, 2010
|
30,281 | $ | 3,274 | $ | 99,585 | $ | 152,911 | $ | (5,683 | ) | $ | (3,463 | ) | $ | (35,880 | ) | $ | 1,732 | $ | 212,476 | |||||||||
Net income for the six months
|
|||||||||||||||||||||||||||||
ended June 30, 2011
|
- | - | - | 3,242 | - | - | - | 54 | 3,296 | ||||||||||||||||||||
Other comprehensive income,
net |
- | - | - | - | - | 408 | - | - | 408 | ||||||||||||||||||||
Vesting of restricted stock
|
40 | - | (545 | ) | - | - | - | 545 | - | - | |||||||||||||||||||
Dividends declared and paid
|
- | - | - | (1,107 | ) | - | - | - | - | (1,107 | ) | ||||||||||||||||||
Stock-based compensation
|
- | - | 656 | - | - | - | - | - | 656 | ||||||||||||||||||||
ESOP shares earned
|
- | - | 12 | - | 270 | - | - | - | 282 | ||||||||||||||||||||
Balance June 30, 2011
|
30,321 | $ | 3,274 | $ | 99,708 | $ | 155,046 | $ | (5,413 | ) | $ | (3,055 | ) | $ | (35,335 | ) | $ | 1,786 | $ | 216,011 | |||||||||
Balance December 31, 2011
|
30,321 | $ | 3,274 | $ | 100,310 | $ | 157,669 | $ | (5,141 | ) | $ | (4,637 | ) | $ | (35,335 | ) | $ | 1,855 | $ | 217,995 | |||||||||
Net income for the six months
|
|||||||||||||||||||||||||||||
ended June 30, 2012
|
- | - | - | 2,312 | - | - | - | 74 | 2,386 | ||||||||||||||||||||
Other comprehensive income,
net |
- | - | - | - | - | 129 | - | 32 | 161 | ||||||||||||||||||||
Vesting of restricted stock
|
49 | - | (521 | ) | - | - | - | 521 | - | - | |||||||||||||||||||
Dividends declared and paid
|
- | - | - | (1,706 | ) | - | - | - | - | (1,706 | ) | ||||||||||||||||||
Treasury shares repurchased
|
(74 | ) | - | - | - | - | - | (644 | ) | - | (644 | ) | |||||||||||||||||
Stock-based compensation
|
- | - | 642 | - | - | - | - | - | 642 | ||||||||||||||||||||
ESOP shares earned
|
- | - | (13 | ) | - | 270 | - | - | - | 257 | |||||||||||||||||||
Balance June 30, 2012
|
30,296 | $ | 3,274 | $ | 100,418 | $ | 158,275 | $ | (4,871 | ) | $ | (4,508 | ) | $ | (35,458 | ) | $ | 1,961 | $ | 219,091 |
Six Months Ended
June 30,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
$ | 2,386 | $ | 3,296 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,116 | 1,209 | ||||||
Amortization of premiums and accretion of discounts on securities
|
354 | 51 | ||||||
Accretion of deferred loan fees and discounts
|
(167 | ) | (73 | ) | ||||
Amortization of net premiums on loans
|
256 | 441 | ||||||
Amortization of premiums on deposits
|
(11 | ) | (158 | ) | ||||
Amortization of premiums on subordinated debt
|
271 | - | ||||||
Gain on sale of securities available for sale
|
(13 | ) | (38 | ) | ||||
Net gain on sale of mortgage loans originated for sale
|
(798 | ) | (167 | ) | ||||
Mortgage loans originated for sale
|
(22,293 | ) | (7,250 | ) | ||||
Proceeds from sales of mortgage loans originated for sale
|
23,091 | 7,417 | ||||||
Net realized loss from sales of real estate owned
|
4 | 107 | ||||||
Proceeds from sale of real estate held for sale
|
327 | - | ||||||
Realized loss on sale of real estate held for sale
|
3 | - | ||||||
Provision for loan losses
|
2,652 | 2,113 | ||||||
Stock-based compensation, including warrants
|
642 | 656 | ||||||
ESOP shares earned
|
257 | 282 | ||||||
Decrease (increase) in accrued interest receivable
|
762 | (59 | ) | |||||
Increase in cash surrender value of bank owned life insurance
|
(590 | ) | (506 | ) | ||||
(Increase) decrease in other assets
|
1,109 | (629 | ) | |||||
Decrease in accrued interest payable
|
(164 | ) | (169 | ) | ||||
Decrease (increase) in deferred income taxes
|
159 | 79 | ||||||
(Decrease) in other liabilities
|
(957 | ) | (950 | ) | ||||
Net Cash Provided by Operating Activities
|
8,396 | 5,652 | ||||||
Cash Flows from Investing Activities
|
||||||||
Proceeds from maturities, calls and principal repayments of securities available for sale
|
7,034 | 4,794 | ||||||
Proceeds from sale of securities available for sale
|
1,036 | 2,038 | ||||||
Purchases of securities available for sale
|
(4,587 | ) | (2,732 | ) | ||||
Proceeds from maturities, calls and principal repayments of investment securities held to maturity
|
163,843 | 40,363 | ||||||
Purchases of investment securities held to maturity
|
(45,257 | ) | (55,576 | ) | ||||
Principal repayments on mortgage-backed securities held to maturity
|
61,735 | 37,310 | ||||||
Purchases of mortgage-backed securities held to maturity
|
(18,789 | ) | (72,957 | ) | ||||
Net increase in loans receivable
|
(31,788 | ) | (29,240 | ) | ||||
Purchase of bank owned life insurance
|
(4,550 | ) | - | |||||
Proceeds from life insurance redemption
|
- | 236 | ||||||
Additions to premises and equipment and real estate owned via equity investment
|
(1,633 | ) | (1,675 | ) | ||||
Proceeds from sale of real estate owned
|
370 | 1,962 | ||||||
Purchases of Federal Home Loan Bank of New York stock
|
(1,965 | ) | (614 | ) | ||||
Net Cash Provided by (Used in) Provided by Investing Activities
|
125,449 | (76,091 | ) | |||||
Cash Flows from Financing Activities
|
||||||||
Net (decrease) increase in deposits
|
(62,335 | ) | 71,403 | |||||
Increase in advance payments by borrowers for taxes and insurance
|
565 | 443 | ||||||
Purchase of treasury stock
|
(644 | ) | - | |||||
Dividends paid to minority stockholders of Roma Financial Corp.
|
(1,112 | ) | (1,107 | ) | ||||
Repayment of Federal Home Loan Bank of New York advances
|
(5,358 | ) | (5,054 | ) | ||||
Proceeds from Federal Home Loan Bank of New York advances
|
24,808 | 3,500 | ||||||
Repayment of subordinated debentures
|
(2,186 | ) | - | |||||
Net Cash (Used in) Provided by Financing Activities
|
(46,262 | ) | 69,185 | |||||
Net (Decrease) increase in Cash and Cash Equivalents
|
87,583 | (1,254 | ) | |||||
Cash and Cash Equivalents – Beginning
|
84,659 | 89,587 | ||||||
Cash and Cash Equivalents – Ending
|
$ | 172,242 | $ | 88,333 |
Six Months Ended
June 30,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Supplementary Cash Flows Information
|
||||||||
Income taxes paid, net
|
$ | 50 | $ | 3,037 | ||||
Interest paid
|
$ | 8,693 | $ | 10,897 | ||||
Securities purchased and not settled
|
$ | 8,000 | $ | 11,000 | ||||
Loans receivable transferred to real estate owned
|
$ | 4,290 | $ | 2,315 |
Number of
Stock Options |
Weighted
Avg. Exercise Price |
Weighted Avg.
Remaining Contractual Life |
Aggregate
Intrinsic Value |
||||
Balance at December 31, 2010
|
797,200
|
|
$ 13.67
|
||||
Granted
|
32,000
|
13.67
|
|||||
Forfeited
|
(8,000)
|
13.67
|
|||||
Balance at December 31, 2011
|
821,200
|
$ 13.67
|
6.35 years
|
$ 0.00
|
|||
Forfeited
|
(17,200)
|
13.67
|
|||||
Balance at June 30, 2012
|
804,000
|
$ 13.67
|
6.11 years
|
$ 0.00
|
|||
Exercisable at June 30, 2012
|
608,600
|
$ 13.67
|
6.02 years
|
$ 0.00
|
Expected life
|
6.5 years
|
|
Risk-free rate
|
2.26%
|
|
Volatility
|
35.42%
|
|
Dividend yield
|
3.32%
|
|
Fair value
|
$1.70
|
Number of
Restricted Shares |
Weighted
Average Grant Date Fair Value |
|||||||
Non-vested restricted shares at December 31, 2010
|
120,000 | $ | 13.67 | |||||
Granted
|
73,350 | 9.40 | ||||||
Vested
|
(40,100 | ) | 13.67 | |||||
Non-vested restricted shares at December 31, 2011
|
153,350 | $ | 11.63 | |||||
Vested
|
(48,800 | ) | 12.78 | |||||
Forfeited
|
(4,000 | ) | 13.67 | |||||
Non-vested restricted shares at June 30, 2012
|
100,550 | $ | 10.99 |
Expected life
|
6.5 years
|
|
Risk-free rate
|
1.33%
|
|
Volatility
|
28.30%
|
|
Fair value
|
$2.76
|
Number of
Stock Options |
Weighted
Avg. Exercise Price
|
Weighted Avg.
Remaining Contractual Life |
Aggregate
Intrinsic Value |
||||
Balance at December 31, 2010
|
75,500
|
$ 8.47
|
|||||
Forfeited
|
(9,500)
|
8.47
|
|||||
Balance at December 31, 2011
|
66,000
|
8.47
|
|||||
Forfeited
|
(2,000)
|
8.47
|
|||||
Granted
|
46,500
|
8.81
|
|||||
Balance at June 30, 2012
|
110,500
|
$ 8.61
|
8.43 years
|
$ 0.00
|
|||
Exercisable at June 30, 2012
|
25,600
|
June 30, 2012
|
||||||||||||||||
Amortized Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Mortgage-backed securities-U.S.
Government Sponsored Enterprises (GSEs) |
$ | 20,477 | $ | 630 | $ | 143 | $ | 20,964 | ||||||||
Obligations of state and political
subdivisions |
4,047 | 391 | - | 4,438 | ||||||||||||
U.S. Government (including agencies)
|
9,296 | 371 | - | 9,667 | ||||||||||||
Corporate bond
|
1,000 | - | 47 | 953 | ||||||||||||
Equity securities
|
50 | 1 | - | 51 | ||||||||||||
Mutual funds
|
3,076 | - | 80 | 2,996 | ||||||||||||
$ | 37,946 | $ | 1,393 | $ | 270 | $ | 39,069 |
December 31, 2011
|
||||||||||||||||
Amortized Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Mortgage-backed securities-U.S.
Government Sponsored Enterprises (GSEs) |
$ | 22,896 | $ | 604 | $ | 132 | $ | 23,368 | ||||||||
Obligations of state and political
subdivisions
|
5,364 | 242 | - | 5,606 | ||||||||||||
U.S. Government (including agencies)
|
9,328 | 311 | - | 9,639 | ||||||||||||
Corporate bond
|
1,000 | - | 106 | 894 | ||||||||||||
Equity securities
|
50 | - | 1 | 49 | ||||||||||||
Mutual funds
|
3,012 | - | 77 | 2,935 | ||||||||||||
$ | 41,650 | $ | 1,157 | $ | 316 | $ | 42,491 |
Less than 12 Months
|
More than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses |
Fair
Value
|
Unrealized
Losses |
Fair
Value
|
Unrealized
Losses |
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
June 30, 2012:
|
||||||||||||||||||||||||
Mortgage-backed securities-GSEs
|
$ | 122 | $ | 1 | $ | 3,350 | $ | 142 | $ | 3,472 | $ | 143 | ||||||||||||
Corporate bond
|
- | - | 953 | 47 | 953 | 47 | ||||||||||||||||||
Mutual funds
|
- | - | 2,995 | 80 | 2,995 | 80 | ||||||||||||||||||
$ | 122 | $ | 1 | $ | 7,298 | $ | 269 | $ | 7,420 | $ | 270 | |||||||||||||
December 31, 2011:
|
||||||||||||||||||||||||
Mortgage-backed securities-GSEs
|
$ | 798 | $ | 4 | $ | 3,736 | $ | 128 | $ | 4,534 | $ | 132 | ||||||||||||
Equity securities
|
49 | 1 | - | - | 49 | 1 | ||||||||||||||||||
Corporate bond
|
480 | 20 | 414 | 86 | 894 | 106 | ||||||||||||||||||
Mutual funds
|
- | - | 2,935 | 77 | 2,935 | 77 | ||||||||||||||||||
$ | 1,327 | $ | 25 | $ | 7,085 | $ | 291 | $ | 8,412 | $ | 316 |
Amortized Cost
|
Fair Value
|
|||||||
(in Thousands)
|
||||||||
U.S. Government, Obligations of Political Subdivisions and Corporate bond:
|
||||||||
After one to five years
|
$ | 2,618 | $ | 2,697 | ||||
After five to ten years
|
7,139 | 7,465 | ||||||
After ten years
|
4,586 | 4,896 | ||||||
Total
|
14,343 | 15,058 | ||||||
Mortgage-backed securities
|
20,477 | 20,964 | ||||||
Equity securities
|
50 | 51 | ||||||
Mutual funds
|
3,076 | 2,996 | ||||||
Total
|
$ | 37,946 | $ | 39,069 |
June 30, 2012
|
||||||||||||||||
Amortized Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Held to maturity:
|
||||||||||||||||
U.S. Government (including agencies)
|
$ | 107,471 | $ | 451 | $ | 1 | $ | 107,921 | ||||||||
Obligations of state and political subdivisions
|
18,652 | 1,260 | 2 | 19,910 | ||||||||||||
Corporate and other
|
1,591 | - | 13 | 1,578 | ||||||||||||
$ | 127,714 | $ | 1,711 | $ | 16 | $ | 129,409 |
December 31, 2011
|
||||||||||||||||
Amortized Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Held to maturity:
|
||||||||||||||||
U.S. Government (including agencies)
|
$ | 220,728 | $ | 843 | $ | 12 | $ | 221,559 | ||||||||
Obligations of state and political subdivisions
|
18,684 | 1,073 | - | 19,757 | ||||||||||||
Corporate and other
|
1,773 | - | 67 | 1,706 | ||||||||||||
$ | 241,185 | $ | 1,916 | $ | 79 | $ | 243,022 |
Less than 12 Months
|
More than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses |
Fair
Value
|
Unrealized
Losses |
Fair
Value
|
Unrealized
Losses |
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
June 30, 2012
|
||||||||||||||||||||||||
U.S. Government (including
agencies)
|
$ | 2,997 | $ | 1 | $ | - | $ | - | $ | 2,997 | $ | 1 | ||||||||||||
Obligations of state and
Political subdivisions
|
266 | 2 | - | - | 266 | 2 | ||||||||||||||||||
Corporate and other
|
1,476 | 13 | - | - | 1,476 | 13 | ||||||||||||||||||
$ | 4,739 | $ | 16 | $ | - | $ | - | $ | 4,739 | $ | 16 | |||||||||||||
December 31, 2011
|
||||||||||||||||||||||||
U.S. Government (including agencies)
|
$ | 18,983 | $ | 12 | $ | - | $ | - | $ | 18,983 | $ | 12 | ||||||||||||
Corporate and other
|
1,706 | 67 | - | - | 1,706 | 67 | ||||||||||||||||||
$ | 20,689 | $ | 79 | $ | - | $ | - | $ | 20,689 | $ | 79 |
Amortized Cost | Fair Value | |||||||
(In Thousands) | ||||||||
One year or less
|
$ | 2,775 | $ | 2,775 | ||||
After one to five years
|
34,349 | 34,663 | ||||||
After five to ten years
|
82,305 | 83,115 | ||||||
After ten years
|
8,285 | 8,856 | ||||||
Total
|
$ | 127,714 | $ | 129,409 |
June 30, 2012 | ||||||||||||||||
Amortized Cost |
Gross
Unrealized Gains
|
Gross Unrealized Losses |
Fair Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Government National Mortgage Association
|
$ | 7,154 | $ | 258 | $ | 165 | $ | 7,247 | ||||||||
Federal Home Loan Mortgage Corporation
|
156,152 | 6,795 | 635 | 162,312 | ||||||||||||
Federal National Mortgage Association
|
230,048 | 15,596 | 30 | 245,614 | ||||||||||||
Collateralized mortgage obligations-GSEs
|
4,986 | 173 | 151 | 5,008 | ||||||||||||
$ | 398,340 | $ | 22,822 | $ | 981 | $ | 420,181 |
December 31, 2011 | ||||||||||||||||
Amortized Cost |
Gross
Unrealized Gains
|
Gross Unrealized Losses |
Fair Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Government National Mortgage Association
|
$ | 7,906 | $ | 229 | $ | 111 | $ | 8,024 | ||||||||
Federal Home Loan Mortgage Corporation
|
181,779 | 6,851 | 580 | 188,050 | ||||||||||||
Federal National Mortgage Association
|
242,568 | 13,412 | 5 | 255,975 | ||||||||||||
Collateralized mortgage obligations-GSEs
|
6,270 | 236 | - | 6,506 | ||||||||||||
$ | 438,523 | $ | 20,728 | $ | 696 | $ | 458,555 |
Less than 12 Months | More than 12 Months | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
June 30, 2012
|
||||||||||||||||||||||||
Government National Mortgage Association
|
$ | - | $ | - | $ | 1,286 | $ | 165 | $ | 1,286 | $ | 165 | ||||||||||||
Federal Home Loan
Mortgage Corporation
|
14,834 | 548 | 1,649 | 87 | 16,483 | 635 | ||||||||||||||||||
Federal National
Mortgage Association
|
3,257 | 16 | 212 | 14 | 3,469 | 30 | ||||||||||||||||||
Collateralized Mortgage Obligations-GSEs
|
357 | 151 | - | - | 357 | 151 | ||||||||||||||||||
$ | 18,448 | $ | 715 | $ | 3,147 | $ | 266 | $ | 21,595 | $ | 981 | |||||||||||||
Less than 12 Months | More than 12 Months | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
December 31, 2011
|
||||||||||||||||||||||||
Government National Mortgage Association
|
$ | - | $ | - | $ | 1,719 | $ | 111 | $ | 1,719 | $ | 111 | ||||||||||||
Federal Home Loan
Mortgage Corporation
|
22,768 | 576 | 87 | 4 | 22,855 | 580 | ||||||||||||||||||
Federal National
Mortgage Association
|
- | - | 222 | 5 | 222 | 5 | ||||||||||||||||||
$ | 22,768 | $ | 576 | $ | 2,028 | $ | 120 | $ | 24,796 | $ | 696 |
Amortized Cost | Fair Value | |||||||
(In Thousands) | ||||||||
One year or less
|
$ | 1,703 | $ | 1,699 | ||||
After one to five years
|
9,339 | 9,557 | ||||||
After five to ten years
|
66,670 | 72,318 | ||||||
After ten years
|
320,628 | 336,607 | ||||||
Total
|
$ | 398,340 | $ | 420,181 |
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Real estate mortgage loans:
|
||||||||
Residential mortgage
|
$ | 420,363 | $ | 394,206 | ||||
Commercial real estate
|
305,140 | 292,646 | ||||||
725,503 | 686,852 | |||||||
Construction:
|
||||||||
Commercial real estate
|
11,474 | 23,756 | ||||||
Residential
|
8,490 | 11,095 | ||||||
19,964 | 34,851 | |||||||
Consumer:
|
||||||||
Home equity
|
223,530 | 217,472 | ||||||
Other
|
1,202 | 1,381 | ||||||
224,732 | 218,853 | |||||||
Commercial
|
42,349 | 39,184 | ||||||
Total loans
|
1,012,548 | 979,740 | ||||||
Less:
|
||||||||
Allowance for loan losses
|
6,869 | 5,416 | ||||||
Deferred loan fees
|
1,429 | 1,139 | ||||||
Loans in process
|
17,104 | 10,796 | ||||||
25,402 | 17,351 | |||||||
Total loans receivable, net
|
$ | 987,146 | $ | 962,389 |
June 30,
2012
|
December 31,
2011 |
|||||||
(In thousands)
|
||||||||
Commercial
|
$ | - | $ | 495 | ||||
Commercial real estate
|
13,666 | 17,699 | ||||||
Commercial real estate – construction
|
- | 2,886 | ||||||
Residential mortgage
|
9,600 | 11,949 | ||||||
Residential construction
|
7,553 | 9,984 | ||||||
Home equity and other consumer
|
2,235 | 1,964 | ||||||
Total
|
$ | 33,054 | $ | 44,977 |
Recorded
Investment |
Unpaid
Principal Balance |
Related
Allowance |
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial
|
$ 2,284
|
$ 4,268
|
$ -
|
|||||||||||||||||
Commercial real estate
|
35,615
|
38,404
|
-
|
|||||||||||||||||
Commercial real estate - construction
|
3,953
|
3,953
|
-
|
|||||||||||||||||
Residential mortgage
|
18,045
|
20,299
|
-
|
|||||||||||||||||
Residential construction
|
7,773
|
9,590
|
-
|
|||||||||||||||||
Home equity and other consumer
|
4,136
|
4,459
|
-
|
|||||||||||||||||
|
$ 71,806
|
$ 80,973
|
$ -
|
|||||||||||||||||
Three Months Ended
June 30, 2012
|
Six Months Ended
June 30, 2012
|
|||||||||||||||||||
Average
Recorded Investment |
Interest
Income Recognized |
Average
Recorded Investment |
Interest
Income Recognized |
|||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial
|
$ 2,549
|
$ 34
|
$ 1,943
|
$ 60
|
||||||||||||||||
Commercial real estate
|
35,343
|
197
|
36,749
|
382
|
||||||||||||||||
Commercial real estate - construction
|
5,499
|
-
|
5,622
|
27
|
||||||||||||||||
Residential mortgage
|
18,111
|
110
|
18,245
|
239
|
||||||||||||||||
Residential construction
|
8,618
|
4
|
8,995
|
8
|
||||||||||||||||
Home equity and other consumer
|
4,078
|
32
|
3,913
|
67
|
||||||||||||||||
|
$ 74,198
|
$ 377
|
$ 75,467
|
$ 783
|
Recorded Investment |
Unpaid
Principal Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income Recognized
|
||||||||||||||||
(In Thousands) | ||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial
|
$ | 1,602 | $ | 3,586 | $ | - | $ | 1,870 | $ | 133 | ||||||||||
Commercial real estate
|
36,773 | 39,582 | - | 38,868 | 862 | |||||||||||||||
Commercial real estate
|
7,290 | 7,290 | - | 5,843 | 174 | |||||||||||||||
Residential mortgage
|
18,446 | 20,810 | - | 15,594 | 1,089 | |||||||||||||||
Residential construction
|
10,217 | 12,915 | - | 12,495 | 118 | |||||||||||||||
Home equity and other consumer
|
3,705 | 4,033 | - | 3,372 | 180 | |||||||||||||||
|
$ | 78,033 | $ | 88,216 | $ | - | $ | 78,042 | $ | 2,556 | ||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Commercial real estate
|
776 | 776 | 41 | 388 | - | |||||||||||||||
Commercial real estate-construction
|
- | - | - | - | - | |||||||||||||||
Residential mortgage
|
- | - | - | - | - | |||||||||||||||
Home equity and other consumer
|
- | - | - | - | - | |||||||||||||||
$ | 776 | $ | 776 | $ | 41 | $ | 388 | $ | - | |||||||||||
Total:
|
||||||||||||||||||||
Commercial
|
$ | 1,602 | $ | 3,586 | $ | - | $ | 1,870 | $ | 133 | ||||||||||
Commercial real estate
|
37,549 | 40,358 | 41 | 39,256 | 862 | |||||||||||||||
Commercial real estate-construction
|
7,290 | 7,290 | - | 5,843 | 174 | |||||||||||||||
Residential mortgage
|
18,446 | 20,810 | - | 15,594 | 1,089 | |||||||||||||||
Residential construction
|
10,217 | 12,915 | - | 12,495 | 118 | |||||||||||||||
Home equity and other consumer
|
3,705 | 4,033 | - | 3,372 | 180 | |||||||||||||||
$ | 78,809 | $ | 88,992 | $ | 41 | $ | 78,430 | $ | 2,556 |
30-59
Days Past Due |
60-89
Days Past Due |
Greater
than 90 days
|
Total Past
Due
|
Current
|
Total Loans
Receivable |
Loans
Receivable >90 Days and Accruing |
||||||||||||||||||||||
Commercial
|
$ | 63 | $ | 25 | $ | 1,244 | $ | 1,332 | $ | 41,017 | $ | 42,349 | $ | 1,244 | ||||||||||||||
Commercial real
estate
|
833 | 897 | 14,290 | 16,020 | 289,120 | 305,140 | 1,365 | |||||||||||||||||||||
Commercial real
estate – constr.
|
- | - | - | - | 11,474 | 11,474 | - | |||||||||||||||||||||
Residential
mortgage
|
4,607 | 1,812 | 12,786 | 19,205 | 401,158 | 420,363 | 3,119 | |||||||||||||||||||||
Residential
construction
|
- | 509 | 7,553 | 8,062 | 428 | 8,490 | 113 | |||||||||||||||||||||
Home equity and
other consumer
|
453 | 597 | 2,326 | 3,376 | 221,356 | 224,732 | 91 | |||||||||||||||||||||
Total
|
$ | 5,956 | $ | 3,840 | $ | 38,199 | $ | 47,995 | $ | 964,553 | $ | 1,012,548 | $ | 5,932 |
30-59
Days Past Due |
60-89
Days Past Due |
Greater
than 90 days
|
Total Past
Due
|
Current
|
Total Loans
Receivable |
Loans
Receivable >90 Days and Accruing |
||||||||||||||||||||||
Commercial
|
$ | - | $ | - | $ | 495 | $ | 495 | $ | 38,689 | $ | 39,184 | $ | - | ||||||||||||||
Commercial real
estate
|
1,607 | 845 | 17,509 | 19,961 | 272,685 | 292,646 | 614 | |||||||||||||||||||||
Commercial real
estate – constr.
|
- | - | 2,886 | 2,886 | 20,870 | 23,756 | - | |||||||||||||||||||||
Residential
mortgage
|
3,733 | 6,428 | 12,498 | 22,659 | 371,547 | 394,206 | 549 | |||||||||||||||||||||
Residential
construction
|
- | - | 9,984 | 9,984 | 1,111 | 11,095 | - | |||||||||||||||||||||
Home equity and
other consumer
|
324 | 1,484 | 2,192 | 4,000 | 214,853 | 218,853 | 228 | |||||||||||||||||||||
Total
|
$ | 5,664 | $ | 8,757 | $ | 45,564 | $ | 59,985 | $ | 919,755 | $ | 979,740 | $ | 1,391 |
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Commercial
|
$ | 39,271 | $ | 1,380 | $ | 1,698 | $ | - | $ | 42,349 | ||||||||||
Commercial real estate
|
251,941 | 19,862 | 33,337 | - | 305,140 | |||||||||||||||
Commercial real estate-
construction
|
7,521 | - | 3,953 | - | 11,474 | |||||||||||||||
Residential mortgage
|
404,426 | 952 | 14,985 | - | 420,363 | |||||||||||||||
Residential construct.
|
668 | 268 | 7,554 | - | 8,490 | |||||||||||||||
Home equity and other consumer
|
221,559 | 127 | 3,046 | - | 224,732 | |||||||||||||||
Total
|
$ | 925,386 | $ | 22,589 | $ | 64,573 | $ | - | $ | 1,012,548 |
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Commercial
|
$ | 36,693 | $ | 1,520 | $ | 971 | $ | - | $ | 39,184 | ||||||||||
Commercial real estate
|
242,546 | 15,970 | 34,130 | - | 292,646 | |||||||||||||||
Commercial real estate
(construction)
|
16,466 | - | 7,290 | - | 23,756 | |||||||||||||||
Residential mortgage
|
378,308 | 692 | 15,260 | - | 394,206 | |||||||||||||||
Residential construct.
|
839 | 272 | 9,984 | - | 11,095 | |||||||||||||||
Home equity and other consumer
|
216,090 | 199 | 2,564 | - | 218,853 | |||||||||||||||
Total
|
$ | 890,942 | $ | 18,653 | $ | 70,199 | $ | - | $ | 979,740 |
Commercial
|
Commercial
Real Estate |
Commercial
Real Estate- Construction |
Residential
Mortgage |
Residential
Construction |
Home Equity
and Other Consumer |
Total
|
||||||||||||||||||||||
Allowance for credit losses:
|
(In thousands)
|
|||||||||||||||||||||||||||
Three Months Ended 6/30/11
|
||||||||||||||||||||||||||||
Beginning balance
|
$ | 634 | $ | 5,460 | $ | 1,919 | $ | 1,754 | $ | - | $ | 484 | $ | 10,251 | ||||||||||||||
Charge-offs
|
(205 | ) | (510 | ) | (1 | ) | (56 | ) | - | (82 | ) | (854 | ) | |||||||||||||||
Recoveries
|
- | - | - | - | - | 2 | 2 | |||||||||||||||||||||
Provisions
|
21 | 712 | 283 | 57 | - | 240 | 1,313 | |||||||||||||||||||||
Ending Balance
|
$ | 450 | $ | 5,662 | $ | 2,201 | $ | 1,755 | $ | - | $ | 644 | $ | 10,712 | ||||||||||||||
Three Months Ended 6/30/12
|
||||||||||||||||||||||||||||
Beginning balance
|
$ | 786 | $ | 3,390 | $ | 784 | $ | 944 | $ | - | $ | 405 | $ | 6,309 | ||||||||||||||
Charge-offs
|
- | (828 | ) | - | - | - | (13 | ) | (841 | ) | ||||||||||||||||||
Recoveries
|
- | - | - | 9 | - | 3 | 12 | |||||||||||||||||||||
Provisions
|
298 | 1,125 | (183 | ) | 106 | - | 43 | 1,389 | ||||||||||||||||||||
Ending Balance
|
$ | 1,084 | $ | 3,687 | $ | 601 | $ | 1,059 | $ | - | $ | 438 | $ | 6,869 | ||||||||||||||
Six Months Ended 6/30/11
|
||||||||||||||||||||||||||||
Beginning balance
|
$ | 654 | $ | 4,922 | $ | 2,097 | $ | 1,799 | $ | - | $ | 372 | $ | 9,844 | ||||||||||||||
Charge-offs
|
(205 | ) | (510 | ) | (255 | ) | (182 | ) | - | (97 | ) | (1,249 | ) | |||||||||||||||
Recoveries
|
- | - | - | - | - | 4 | 4 | |||||||||||||||||||||
Provisions
|
1 | 1,250 | 359 | 138 | - | 365 | 2,113 | |||||||||||||||||||||
Ending Balance
|
$ | 450 | $ | 5,662 | $ | 2,201 | $ | 1,755 | $ | - | $ | 644 | $ | 10,712 | ||||||||||||||
Six Months Ended 6/30/12
|
||||||||||||||||||||||||||||
Beginning balance
|
$ | 199 | $ | 2,181 | $ | 668 | $ | 1,705 | $ | - | $ | 663 | $ | 5,416 | ||||||||||||||
Charge-offs
|
(112 | ) | (918 | ) | (162 | ) | - | - | (24 | ) | (1,216 | ) | ||||||||||||||||
Recoveries
|
- | - | - | 9 | - | 8 | 17 | |||||||||||||||||||||
Provisions
|
997 | 2,424 | 95 | (655 | ) | - | (209 | ) | 2,652 | |||||||||||||||||||
Ending Balance
|
$ | 1,084 | $ | 3,687 | $ | 601 | $ | 1,059 | $ | - | $ | 438 | $ | 6,869 | ||||||||||||||
Ending Balances:
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
collectively evaluated for impariment
|
$ | 1,084 | $ | 3,687 | $ | 601 | $ | 1,059 | $ | - | $ | 438 | $ | 6,869 | ||||||||||||||
loans acquired with deteriorated credit quality*
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Commercial | Commercial Real Estate |
Commercial
Real Estate Construction
|
Residential Mortgage |
Residential Construction |
Home Equity and Other Consumer |
Total | ||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||
Ending balance
|
$ | 42,349 | $ | 305,140 | $ | 11,474 | $ | 420,363 | $ | 8,490 | $ | 224,732 | $ | 1,012,548 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | 63 | $ | 22,798 | $ | 3,935 | $ | 4,950 | $ | - | $ | 2,005 | $ | 33,751 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
legacy Roma collectively evaluated for impairment
|
$ | 30,085 | $ | 217,473 | $ | 7,539 | $ | 359,890 | $ | 724 | $ | 179,908 | $ | 795,619 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
acquired loans collectively evaluated for impairment
|
$ | 10,566 | $ | 55,102 | $ | - | $ | 45,488 | $ | 212 | $ | 41,778 | $ | 153,146 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
loans aquired with deteriorated credit quality
|
$ | 1,635 | $ | 9,767 | $ | - | $ | 10,035 | $ | 7,554 | $ | 1,041 | $ | 30,032 |
Commercial
|
Commercial
Real Estate |
Commercial
Real Estate- Construction |
Residential
Mortgage |
Residential
Construction |
Home Equity
and Other Consumer |
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||
Ending balance
|
$ | 199 | $ | 2,181 | $ | 668 | $ | 1,705 | $ | - | $ | 663 | $ | 5,416 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | - | $ | 41 | $ | - | $ | - | $ | - | $ | - | $ | 41 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
acquired loans collectively evaluated for impairment
|
$ | 199 | $ | 2,140 | $ | 668 | $ | 1,705 | $ | - | $ | 663 | $ | 5,375 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
loans aquired with deteriorated credit quality*
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
Commercial | Commercial Real Estate |
Commercial Real Estate- Construction |
Residential Mortgage |
Residential Construction |
Home Equity
and Other
Consumer |
Total | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||
Ending balance
|
$ | 39,184 | $ | 292,646 | $ | 23,756 | $ | 394,206 | $ | 11,095 | $ | 218,853 | $ | 979,740 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | 561 | $ | 27,056 | $ | 7,290 | $ | 4,797 | $ | - | $ | 1,671 | $ | 41,375 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
legacy Roma collectively evaluated for impairment
|
$ | 23,808 | $ | 193,637 | $ | 16,466 | $ | 329,379 | $ | 878 | $ | 167,510 | $ | 731,678 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
acquired loans collectively evaluated for impairment
|
$ | 13,774 | $ | 61,460 | $ | - | $ | 46,381 | $ | - | $ | 47,638 | $ | 169,253 | ||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
loans aquired with deteriorated credit quality
|
$ | 1,041 | $ | 10,493 | $ | - | $ | 13,649 | $ | 10,217 | $ | 2,034 | $ | 37,434 |
Number of Contracts
|
Pre-Modification Outstanding Recorded Investments |
Post-Modification
Outstanding Recorded Investments |
||||
Troubled Debt Restructurings
|
||||||
Commercial Real Estate - Roma Bank
|
5
|
$ 7,051
|
$ 8,451
|
|||
Commercial Real Estate - RomAsia
|
1
|
$721
|
$726
|
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||
Avg. Int.
|
Avg. Int.
|
|||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||
Demand:
|
||||||||||||||||
Non-interest bearing checking
|
$ | 64,843 | 0.00 | % | $ | 63,766 | 0.00 | % | ||||||||
Interest bearing checking
|
213,861 | 0.10 | % | 198,598 | 0.16 | % | ||||||||||
278,704 | 0.08 | % | 262,364 | 0.20 | % | |||||||||||
Savings and club
|
514,448 | 0.30 | % | 517,124 | 0.44 | % | ||||||||||
Certificates of deposit
|
720,109 | 1.44 | % | 796,118 | 1.62 | % | ||||||||||
Total
|
$ | 1,513,261 | 0.80 | % | $ | 1,575,606 | 0.98 | % |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Interest
|
Interest
|
|||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||
Maturing:
|
||||||||||||||||
February 1, 2016
|
$ | 410 | 2.11% | $ | 444 | 2.11% | ||||||||||
March 14, 2016
|
775 | 1.79% | 872 | 1.79% | ||||||||||||
January 18, 2017
|
14,024 | 1.03% | - | - | ||||||||||||
May 15, 2017
|
1,172 | 1.12% | - | - | ||||||||||||
June 3, 2019
|
1,500 | 1.05% | - | - | ||||||||||||
May 31, 2022
|
1,500 | 1.53% | - | - | ||||||||||||
Total amortizing loans
|
$ | 19,381 | $ | 1,316 |
06/30/2012
|
12/31/2011
|
Interest Rate
|
Maturity Date
|
||||
$ 23,000
|
$ 23,000
|
3.90%
|
10/29/2017
|
||||
-
|
750
|
0.60%
|
02/22/2012
|
||||
-
|
3,500
|
1.47%
|
03/19/2012
|
||||
750
|
750
|
1.17%
|
02/22/2013
|
||||
1,500
|
1,500
|
2.09%
|
03/19/2013
|
||||
500
|
500
|
1.52%
|
12/23/2013
|
||||
500
|
500
|
1.73%
|
02/24/2014
|
||||
500
|
500
|
2.08%
|
12/22/2014
|
||||
500
|
500
|
2.61%
|
12/21/2015
|
||||
500
|
500
|
3.08%
|
12/21/2016
|
||||
692
|
-
|
1.00%
|
03/14/2016
|
||||
1,000
|
-
|
0.51%
|
03/19/2013
|
||||
1,000
|
-
|
0.72%
|
03/19/2014
|
||||
1,000
|
-
|
0.98%
|
03/19/2015
|
||||
870
|
-
|
1.21%
|
04/12/2017
|
||||
1,073
|
-
|
1.21%
|
04/12/2017
|
||||
$ 33,385
|
$ 32,000
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Service cost
|
$ | 179 | $ | 136 | $ | 358 | $ | 272 | ||||||||
Interest cost
|
180 | 173 | 360 | 346 | ||||||||||||
Expected return on plan assets
|
(204 | ) | (193 | ) | (408 | ) | (386 | ) | ||||||||
Amortization of unrecognized net loss
|
192 | 86 | 384 | 172 | ||||||||||||
Amortization of unrecognized past service liability
|
3 | 4 | 6 | 8 | ||||||||||||
Net periodic benefit expense
|
$ | 350 | $ | 206 | $ | 700 | $ | 412 |
June 30,
|
||||
2012
|
||||
Residential mortgage and equity loans
|
$ | 31,427 | ||
Commercial loans committed not closed
|
42,086 | |||
Commercial lines of credit
|
41,645 | |||
Consumer unused lines of credit
|
63,915 | |||
Commercial letters of credit
|
2,748 | |||
$ | 181,821 |
June 30,
2012
|
December 31,
2011 |
|||||||
Standby by letters of credit
|
$ | 2,748 | $ | 2,926 | ||||
Outstanding loan and credit line commitments
|
$ | 179,073 | $ | 91,802 |
Year Ended June 30:
|
||||
2013
|
$ | 1,175 | ||
2014
|
1,109 | |||
2015
|
859 | |||
2016
|
885 | |||
2017
|
896 | |||
Thereafter
|
8,202 | |||
Total Minimum Payments Required
|
$ | 13,126 |
Description
|
(Level 1)
Quoted Prices in Active Markets for Identical Assets
|
(Level 2)
Significant
Other
Observable
Inputs
|
(Level 3)
Significant
Unobservable
Inputs
|
Total Fair Value June 30, 2012
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage backed securities-U.S. Government Sponsored Enterprises (GSEs)
|
$ | - | $ | 20,964 | $ | - | $ | 20,964 | ||||||||
Obligations of state and political subdivisions
|
- | 4,438 | - | 4,438 | ||||||||||||
U.S. Government (including agencies)
|
- | 9,667 | - | 9,667 | ||||||||||||
Corporate bond
|
- | 953 | - | 953 | ||||||||||||
Equity securities
|
- | 51 | - | 51 | ||||||||||||
Mutual funds
|
- | 2,996 | - | 2,996 | ||||||||||||
Securities available for sale
|
$ | - | $ | 39,069 | $ | - | $ | 39,069 |
Description
|
(Level 1)
Quoted Prices in Active Markets for Identical Assets
|
(Level 2)
Significant
Other
Observable
Inputs
|
(Level 3)
Significant
Unobservable
Inputs
|
Total Fair Value December 31, 2011
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage backed securities-U.S. Government Sponsored Enterprises (GSEs)
|
$ | - | $ | 23,368 | $ | - | $ | 23,368 | ||||||||
Obligations of state and political subdivisions
|
- | 5,606 | - | 5,606 | ||||||||||||
U.S. Government (including agencies)
|
- | 9,639 | - | 9,639 | ||||||||||||
Corporate bond
|
- | 894 | - | 894 | ||||||||||||
Equity securities
|
- | 49 | - | 49 | ||||||||||||
Mutual funds
|
- | 2,935 | - | 2,935 | ||||||||||||
Securities available for sale
|
$ | - | $ | 42,491 | $ | - | $ | 42,491 |
Description
|
(Level 1)
Quoted Prices in Active Markets for Identical Assets
|
(Level 2)
Significant
Other
Observable
Inputs
|
(Level 3)
Significant
Unobservable
Inputs
|
Total Fair Value June 30, 2012
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Impaired loans
|
$ | - | $ | - | $ | 12,019 | $ | 12,019 | ||||||||
Real estate and other assets owned
|
$ | - | $ | - | $ | 7,192 | $ | 7,192 | ||||||||
Real estate held for sale
|
$ | - | $ | - | $ | 640 | $ | 640 |
Description
|
Fair Value Estimate
|
Valuation
Techniques |
Unobservable
Input |
Range
|
||||
(In Thousands)
|
||||||||
Impaired loans
|
$ 12,019
|
Appraisal of
collateral (1) |
Liquidation expenses (2)
|
5.0% to 20.0% (2)
|
||||
Real estate and other
assets owned
|
$ 7,192
|
Appraisal of
collateral (1) |
Liquidation expenses (2)
|
5.0% to 10.0% (2)
|
||||
Real estate held for sale
|
$ 640
|
Appraisal of
collateral (1) |
Liquidation expenses (2)
|
5.0% (2)
|
(1)
|
Fair value is generally determined through independent appraisals of the underlying collateral, which generally include level 3 inputs which are not identifiable.
|
(2)
|
Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses are presented as a percent of the appraisal.
|
Description
|
(Level 1)
Quoted Prices in Active Markets for Identical Assets
|
(Level 2)
Significant
Other
Observable
Inputs
|
(Level 3)
Significant
Unobservable
Inputs
|
Total Fair Value December 31, 2011
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Impaired loans
|
$ | - | $ | - | $ | 18,800 | $ | 18,800 | ||||||||
Real estate owned
|
$ | - | $ | - | $ | 3,276 | $ | 3,276 | ||||||||
Real estate held for sale
|
$ | - | $ | - | $ | 970 | $ | 970 | ||||||||
Mortgage servicing rights
|
$ | - | $ | - | $ | 419 | $ | 419 |
Carrying
Value |
Estimated Fair Value
|
(Level 1) Quoted Prices in Active Markets for Identical Assets
|
(Level 2)
Significant Other Observable Inputs
|
(Level 3) Significant Unobservable Inputs
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 172,242 | $ | 172,242 | $ | 172,242 | $ | - | $ | - | ||||||||||
Securities available for sale
|
39,069 | 39,069 | - | 39,069 | - | |||||||||||||||
Investment securities held to maturity
|
127,714 | 129,409 | - | 129,409 | - | |||||||||||||||
Mortgage-backed securities held to maturity
|
398,340 | 420,181 | 420,181 | - | ||||||||||||||||
Loans receivable
|
987,146 | 1,016,731 | - | - | 1,016,731 | |||||||||||||||
Federal Home Loan Bank of New York and ACBB Stock
|
7,763 | 7,763 | - | 7,763 | - | |||||||||||||||
Accrued interest receivable
|
5,730 | 5,730 | 5,730 | - | - | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
1,513,261 | 1,523,402 | - | 1,523,402 | - | |||||||||||||||
Federal Home Loan Bank of New York Advances
|
52,766 | 57,000 | - | 57,000 | - | |||||||||||||||
Securities sold under agreements to Repurchase
|
40,000 | 45,994 | - | 45,994 | - | |||||||||||||||
Accrued interest payable
|
482 | 482 | 482 | - | - |
December 31, 2011 | ||||||||
Carrying Value |
Estimated Fair Value |
|||||||
(In Thousands) | ||||||||
Financial assets:
|
||||||||
Cash and cash equivalents
|
$ | 84,659 | $ | 84,659 | ||||
Securities available for sale
|
42,491 | 42,491 | ||||||
Investment securities held to maturity
|
241,185 | 243,022 | ||||||
Mortgage-backed securities held to maturity
|
438,523 | 458,555 | ||||||
Loans receivable
|
962,389 | 981,842 | ||||||
Federal Home Loan Bank of New York and ACBB Stock
|
5,798 | 5,798 | ||||||
Accrued interest receivable
|
6,492 | 6,492 | ||||||
Financial liabilities:
|
||||||||
Deposits
|
1,575,606 | 1,584,852 | ||||||
Federal Home Loan Bank of New York Advances
|
33,316 | 37,462 | ||||||
Securities sold under agreements to Repurchase
|
40,000 | 45,529 | ||||||
Subordinated debentures
|
1,915 | 1,915 | ||||||
Accrued interest payable
|
646 | 646 |
June 30, 2012
|
December 31, 2011
|
|||||||
(in Thousands)
|
||||||||
Net unrealized gain on securities available for sale
|
$ | 1,123 | $ | 842 | ||||
Tax effect
|
(474 | ) | (354 | ) | ||||
Net of tax amount
|
649 | 488 | ||||||
Minimum pension liability
|
(8,541 | ) | (8,541 | ) | ||||
Tax effect
|
3,416 | 3,416 | ||||||
Net of tax amount
|
(5,125 | ) | (5,125 | ) | ||||
Accumulated other comprehensive (loss)
|
(4,476 | ) | (4,637 | ) | ||||
Accumulated other comprehensive income attributable to
noncontrolling interest |
(32 | ) | - | |||||
Accumulated other comprehensive (loss) attributable to
Roma Financial Corporation |
$ | (4,508 | ) | $ | (4,637 | ) |
March 31, 2012
|
||||||||||
($ thousands) |
Economic value of equity as %
of asset net portfolio |
|||||||||
Changes in Rate
|
Amount
|
$ Change
|
% change
|
EVE Ratio
|
Basis point change
|
|||||
+400 bp
|
$ 94,201
|
$ (137,487)
|
(59.34)
|
%
|
5.97
|
%
|
(694)
|
|||
+300 bp
|
137,851
|
(93,837)
|
(40.50)
|
8.41
|
(450)
|
|||||
+200 bp
|
180,838
|
(50,850)
|
(21.95)
|
10.66
|
(225)
|
|||||
+100 bp
|
214,468
|
(17,220)
|
(7.43)
|
12.25
|
(66)
|
|||||
0 bp
|
231,688
|
-
|
-
|
12.91
|
-
|
|||||
-100 bp
|
241,023
|
9,335
|
4.03
|
13.24
|
33
|
March 31, 2012
|
||||||||||
($ thousands) |
Economic value of equity as %
of asset net portfolio |
|||||||||
Changes in Rate
|
Amount
|
$ Change
|
% change
|
EVE Ratio
|
Basis point change
|
|||||
+400 bp
|
$ 7,749
|
$ (11,558)
|
(59.86)
|
%
|
6.38
|
%
|
(725)
|
|||
+300 bp
|
11,067
|
(8,240)
|
(42.68)
|
8.73
|
(490)
|
|||||
+200 bp
|
14,298
|
(5,009)
|
(25.95)
|
10.82
|
(281)
|
|||||
+100 bp
|
17,144
|
(2,162)
|
(11.20)
|
12.49
|
(114)
|
|||||
0 bp
|
19,307
|
-
|
-
|
13.63
|
-
|
|||||
-100 bp
|
20,134
|
827
|
4.28
|
13.99
|
36
|
Period
|
Total Number of Shares Repurchased
|
Average Price
per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plans |
Maximum Number
of Shares that may yet be Purchased Under the Plan |
||||||||||||
April 1-30, 2012
|
13,300 | $ | 9.27 | 13,300 | 316,793 | |||||||||||
May 1-31, 2012
|
19,900 | $ | 8.74 | 19,900 | 296,893 | |||||||||||
June 1-30, 2012
|
40,200 | $ | 8.64 | 40,200 | 256,693 | |||||||||||
Total
|
73,400 | $ | 8.78 | 73,400 | 256,693 |
ROMA FINANCIAL CORPORATION
|
|||
(Registrant)
|
Date:
|
August 6, 2012 |
/s/ Peter A. Inverso
|
|
Peter A. Inverso
|
|||
President and Chief Executive Officer
|
Date:
|
August 6, 2012 |
/s/ Sharon L. Lamont
|
|
Sharon L. Lamont
|
|||
Chief Financial Officer
|