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Maryland
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| |
46-3001280
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(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification Number) |
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56 Main Street, Irvington, New York
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| |
10533
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(Address of principal executive offices)
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(Zip Code)
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(Title of each class to be registered)
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(Name of each exchange on which
each class is to be registered) |
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| Large accelerated filer ☐ | | |
Accelerated filer ☐
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| Non-accelerated filer ☐ (Do not check if a smaller reporting company) |
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Smaller reporting company ☒
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| | | | | 1 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
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| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
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| | | | | 39 | | | |
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| | | | | 42 | | |
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At December 31,
|
| |||||||||||||||||||||
| | |
2014
|
| |
2013
|
| ||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
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| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Real estate loans: | | | | | | ||||||||||||||||||||
One- to four-family residential
|
| | | $ | 31,457 | | | | | | 72.3% | | | | | $ | 33,526 | | | | | | 83.2% | | |
Commercial and multi-family
residential |
| | | | 9,428 | | | | | | 21.6 | | | | | | 5,548 | | | | | | 13.8 | | |
Home equity lines of credit
|
| | | | 370 | | | | | | .8 | | | | | | 690 | | | | | | 1.7 | | |
Other loans
|
| | | | 2,315 | | | | | | 5.3 | | | | | | 544 | | | | | | 1.3 | | |
Total loans receivable
|
| | | | 43,570 | | | | | | 100.0% | | | | | | 40,308 | | | | | | 100.0% | | |
Less: | | | | | | ||||||||||||||||||||
Deferred loan (costs) fees
|
| | | | (46) | | | | | | | | | | | | (72) | | | | |||||
Allowance for loan losses
|
| | | | 396 | | | | | | | | | | | | 340 | | | | |||||
Total loans receivable, net
|
| | | $ | 43,220 | | | | | | | | | | | $ | 40,040 | | | | |||||
|
| | |
One- to four-
family residential real estate loans |
| |
Commercial
and multi- family residential real estate loans |
| |
Home equity
lines of credit |
| |
Other loans
|
| |
Total
|
| ||||||||||||||||||||
| | |
(In thousands)
|
| ||||||||||||||||||||||||||||||||
Due During the Years Ending December 31, |
| | | | | | ||||||||||||||||||||||||||||||
2015
|
| | | $ | — | | | | | $ | 782 | | | | | $ | — | | | | | $ | 1 | | | | | $ | 783 | | | |||||
2016
|
| | | | 10 | | | | | | 1,700 | | | | | | — | | | | | | 1,505 | | | | | | 3,215 | | | |||||
2017
|
| | | | 51 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 55 | | | |||||
2018 to 2019
|
| | | | 160 | | | | | | 211 | | | | | | — | | | | | | 678 | | | | | | 1,049 | | | |||||
2020 to 2024
|
| | | | 1,299 | | | | | | 4,803 | | | | | | 253 | | | | | | — | | | | | | 6,355 | | | |||||
2025 to 2029
|
| | | | 7,250 | | | | | | 1,932 | | | | | | 117 | | | | | | — | | | | | | 9,299 | | | |||||
2030 and beyond
|
| | | | 22,687 | | | | | | — | | | | | | — | | | | | | 127 | | | | | | 22,814 | | | |||||
Total
|
| | | $ | 31,457 | | | | | $ | 9,428 | | | | | $ | 370 | | | | | $ | 2,315 | | | | | $ | 43,570 | | | |||||
|
| | |
Due after December 31, 2015
|
| ||||||||||||||||||
| | |
Fixed
|
| |
Adjustable
|
| |
Total
|
| ||||||||||||
| | |
(In thousands)
|
| ||||||||||||||||||
Real estate loans: | | | | | ||||||||||||||||||
One- to four-family residential
|
| | | $ | 23,409 | | | | | $ | 8,048 | | | | | $ | 31,457 | | | |||
Commercial and multi-family residential
|
| | | | 6,177 | | | | | | 2,469 | | | | | | 8,646 | | | |||
Home equity lines of credit
|
| | | | — | | | | | | 370 | | | | | | 370 | | | |||
Other loans
|
| | | | 655 | | | | | | 1,659 | | | | | | 2,314 | | | |||
Total loans
|
| | | $ | 30,241 | | | | | $ | 12,546 | | | | | $ | 42,787 | | | |||
|
| | |
Year Ended December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
| | |
(In thousands)
|
| |||||||||||
Total loans at beginning of year
|
| | | $ | 40,308 | | | | | $ | 40,150 | | | ||
Loans originated:
|
| | | ||||||||||||
Real estate loans:
|
| | | ||||||||||||
One- to four-family residential
|
| | | | 3,533 | | | | | | 5,634 | | | ||
Commercial and multi-family
|
| | | | 5,680 | | | | | | 720 | | | ||
Home equity lines of credit
|
| | | | — | | | | | | 9 | | | ||
Total real estate loans
|
| | | | 9,213 | | | | | | 6,363 | | | ||
Other
|
| | | | 1,688 | | | | | | 8 | | | ||
Total loans originated
|
| | | $ | 10,901 | | | | | $ | 6,371 | | | ||
Loans Purchased: | | | | ||||||||||||
One- to four-family residential
|
| | | | — | | | | | | 2,214 | | | ||
Deduct:
|
| | | ||||||||||||
Principal repayments
|
| | | | 7,639 | | | | | | 8,427 | | | ||
Net loan activity
|
| | | | 3,262 | | | | | | 158 | | | ||
Total loans at end of year
|
| | | $ | 43,570 | | | | | $ | 40,308 | | | ||
|
| | |
Loans Delinquent For
|
| | | |||||||||||||||||||||||||||||||||||||
| | |
30-89 Days
|
| |
90 Days and Over
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| ||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
At December 31, 2014 | | | | | | | | ||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||||||||
One- to four-family residential
|
| | | | — | | | | | $ | — | | | | | | 2 | | | | | $ | 297 | | | | | | 2 | | | | | $ | 297 | | | ||||||
Commercial and multi-family residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Home equity lines of credit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Other loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Total
|
| | | | — | | | | | $ | — | | | | | | 2 | | | | | $ | 297 | | | | | | 2 | | | | | $ | 297 | | | ||||||
At December 31, 2013 | | | | | | | | ||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||||||||
One- to four-family residential
|
| | | | 1 | | | | | $ | 138 | | | | | | 2 | | | | | $ | 369 | | | | | | 3 | | | | | $ | 507 | | | ||||||
Commercial and multi-family residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Home equity lines of credit
|
| | | | 1 | | | | | | 198 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 198 | | | ||||||
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Other loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Total
|
| | | | 2 | | | | | $ | 336 | | | | | | 2 | | | | | $ | 369 | | | | | | 4 | | | | | $ | 705 | | | ||||||
|
| | |
At December 31,
|
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Non-accrual loans: | | | | ||||||||||
Real estate loans: | | | | ||||||||||
One- to four-family residential
|
| | | $ | 432 | | | | | $ | 369 | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Home equity lines of credit
|
| | | | — | | | | | | — | | |
Other
|
| | | | — | | | | | | — | | |
Total
|
| | | | 432 | | | | | | 369 | | |
Accruing loans 90 days or more past due:
|
| | | $ | | | | | $ | | | ||
Real estate loans: | | | | | | | | | | | | | |
One- to four-family residential
|
| | | | — | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Home equity lines of credit
|
| | | | — | | | | | | — | | |
Other
|
| | | | — | | | | | | — | | |
Total loans 90 days or more past due
|
| | | | — | | | | | | — | | |
Total non-performing loans
|
| | | $ | 432 | | | | | $ | 369 | | |
Real estate owned
|
| | | | — | | | | | | — | | |
Other non-performing assets
|
| | | | — | | | | | | — | | |
Total non-performing assets
|
| | | $ | 432 | | | | | $ | 369 | | |
Troubled debt restructurings: | | | | ||||||||||
Real estate loans: | | | | ||||||||||
One- to four-family residential
|
| | | $ | — | | | | | $ | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Home equity lines of credit
|
| | | | — | | | | | | — | | |
Other
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | |
Ratios: | | | | ||||||||||
Total non-performing loans to total loans
|
| | | | 0.99% | | | | | | 0.92% | | |
Total non-performing loans to total assets
|
| | | | 0.46% | | | | | | 0.40% | | |
Total non-performing assets to total assets
|
| | | | 0.46% | | | | | | 0.40% | | |
| | |
At December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
| | |
(In thousands)
|
| |||||||||||
Classification of Assets: | | | | ||||||||||||
Substandard
|
| | | $ | 432 | | | | | $ | 369 | | | ||
Doubtful
|
| | | | — | | | | | | — | | | ||
Loss
|
| | | | — | | | | | | — | | | ||
Total Classified Assets
|
| | | $ | 432 | | | | | $ | 369 | | | ||
Special Mention
|
| | | $ | 454 | | | | | $ | 639 | | | ||
|
| | |
At or For the Years
Ended December 31, |
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Balance at beginning of year
|
| | | $ | 340 | | | | | $ | 314 | | |
Charge-offs: | | | | ||||||||||
Real estate loans:
|
| | | ||||||||||
One- to four-family residential
|
| | | | — | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Home equity lines of credit
|
| | | | — | | | | | | — | | |
Other loans
|
| | | | — | | | | | | — | | |
Total charge-offs
|
| | | | — | | | | | | — | | |
Recoveries: | | | | ||||||||||
Real estate loans:
|
| | | ||||||||||
One- to four-family residential
|
| | | | — | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Home equity lines of credit
|
| | | | — | | | | | | — | | |
Other loans
|
| | | | — | | | | | | 1 | | |
Total recoveries
|
| | | | — | | | | | | 1 | | |
Net charge-offs
|
| | | | — | | | | | | (1) | | |
Provision for loan losses
|
| | | | 56 | | | | | | 25 | | |
Balance at end of year
|
| | | $ | 396 | | | | | $ | 340 | | |
Ratios: | | | | ||||||||||
Net charge-offs to average loans outstanding
|
| | | | —% | | | | | | —% | | |
Allowance for loan losses to non-performing loans at end of year
|
| | | | 91.7% | | | | | | 92.1% | | |
Allowance for loan losses to total loans at end of year
|
| | | | 0.9% | | | | | | 0.8% | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2014
|
| |
2013
|
| ||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent of
Allowance to Total Allowance |
| |
Percent of
Loans in Category to Total Loans |
| |
Amount
|
| |
Percent of
Allowance to Total Allowance |
| |
Percent of
Loans in Category to Total Loans |
| ||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||||||||
One- to four-family residential
|
| | | $ | 258 | | | | | | 65.1% | | | | | | 72.3% | | | | | $ | 295 | | | | | | 86.8% | | | | | | 83.2% | | | ||||||
Commercial and multi-family residential
|
| | | | 91 | | | | | | 23.0 | | | | | | 21.6 | | | | | | 34 | | | | | | 10.0 | | | | | | 13.8 | | | ||||||
Home equity lines of credit
|
| | | | 3 | | | | | | .8 | | | | | | .8 | | | | | | 6 | | | | | | 1.8 | | | | | | 1.7 | | | ||||||
Other loans
|
| | | | 32 | | | | | | 8.1 | | | | | | 5.3 | | | | | | 5 | | | | | | 1.4 | | | | | | 1.3 | | | ||||||
Total allocated allowance
|
| | | | 384 | | | | | | 97.0 | | | | | | 100.0 | | | | | | 340 | | | | | | — | | | | | | 100.0 | | | ||||||
Unallocated allowance
|
| | | | 12 | | | | | | 3.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Total allowance for loan losses
|
| | | $ | 396 | | | | | | 100.0% | | | | | | 100.0% | | | | | $ | 340 | | | | | | 100.0% | | | | | | 100.0% | | | ||||||
|
| | |
At December 31,
|
||||||||||||||||||||||||
| | |
2014
|
| |
2013
|
|||||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair Value
|
| |
Amortized Cost
|
| |
Fair Value
|
|||||||||||||||
| | |
(Dollars in thousands)
|
||||||||||||||||||||||||
Securities held to maturity: | | | | | | ||||||||||||||||||||||
United States government and agency securities
|
| | | $ | 2,000 | | | | | $ | 2,077 | | | | | $ | — | | | | | $ | — | ||||
Mortgage-backed securities
|
| | | | 3,337 | | | | | | 3,476 | | | | | | 4,177 | | | | | | 4,302 | ||||
State, county and municipal securities
|
| | | | 817 | | | | | | 825 | | | | | | 490 | | | | | | 507 | ||||
Total securities held to maturity
|
| | | $ | 6,154 | | | | | $ | 6,378 | | | | | $ | 4,667 | | | | | $ | 4,809 | ||||
Securities available for sale: | | | | | | ||||||||||||||||||||||
Unites States government and agency securities
|
| | | $ | 5,997 | | | | | $ | 5,941 | | | | | $ | 3,997 | | | | | $ | 3,772 | ||||
Mortgage-backed securities
|
| | | | 28,527 | | | | | | 28,571 | | | | | | 35,139 | | | | | | 34,468 | ||||
Total securities available for sale
|
| | | $ | 34,524 | | | | | $ | 34,512 | | | | | $ | 39,136 | | | | | $ | 38,240 | ||||
|
| | |
One Year or Less
|
| |
More than One Year
through Five Years |
| |
More than Five Years
through Ten Years |
| |
More than Ten Years
|
| |
Total Securities
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Fair
Value |
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity: | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US government and agency securities
|
| | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 2,000 | | | | | | 4.00% | | | | | $ | 2,000 | | | | | $ | 2,077 | | | | | | 4.00% | | | |||||||||||
Mortgage-backed securities
|
| | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 3,337 | | | | | | 1.63% | | | | | $ | 3,337 | | | | | $ | 3,476 | | | | | | 1.63% | | | |||||||||||
State, county and municipal securities
|
| | | | — | | | | | | —% | | | | | | 392 | | | | | | 2.55% | | | | | | 79 | | | | | | 4.14% | | | | | $ | 346 | | | | | | 3.27% | | | | | $ | 817 | | | | | $ | 825 | | | | | | 3.01% | | | |||||||||||
Total securities held to
maturity |
| | | $ | — | | | | | | —% | | | | | $ | 392 | | | | | | 2.55% | | | | | $ | 79 | | | | | | 4.14% | | | | | $ | 5,683 | | | | | | 2.56% | | | | | $ | 6,154 | | | | | $ | 6,378 | | | | | | 2.58% | | | |||||||||||
Securities available for sale | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US government and agency securities
|
| | | $ | — | | | | | | —% | | | | | $ | 3,997 | | | | | | 1.48% | | | | | $ | 2,000 | | | | | | 2.59% | | | | | $ | — | | | | | | —% | | | | | $ | 5,997 | | | | | $ | 5,941 | | | | | | 1.85% | | | |||||||||||
Mortgage-backed
|
| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 6,770 | | | | | | 1.66% | | | | | | 21,757 | | | | | | 2.10% | | | | | | 28,527 | | | | | | 28,571 | | | | | | 2.00% | | | |||||||||||
Total securities available for sale
|
| | | $ | — | | | | | | —% | | | | | $ | 3,997 | | | | | | 1.48% | | | | | $ | 8,770 | | | | | | 1.87% | | | | | $ | 21,757 | | | | | | 2.10% | | | | | $ | 34,524 | | | | | $ | 34,512 | | | | | | 1.97% | | | |||||||||||
|
| | |
2014
|
| |
2013
|
| ||||||||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Rate |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Rate |
| ||||||||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Deposit Type | | | | | | | | ||||||||||||||||||||||||||||||||||||
Non interest-bearing checking
|
| | | $ | 4,729 | | | | | | 6.0% | | | | | | —% | | | | | $ | 4,430 | | | | | | 5.4% | | | | | | —% | | | ||||||
NOW
|
| | | | 10,345 | | | | | | 13.1 | | | | | | 0.05 | | | | | | 10,083 | | | | | | 12.3 | | | | | | 0.05 | | | ||||||
Passbook
|
| | | | 28,192 | | | | | | 35.8 | | | | | | 0.11 | | | | | | 29,303 | | | | | | 35.6 | | | | | | 0.11 | | | ||||||
Money Market
|
| | | | 3,471 | | | | | | 4.4 | | | | | | 0.10 | | | | | | 3,415 | | | | | | 4.1 | | | | | | 0.15 | | | ||||||
Certificates of Deposit
|
| | | | 32,036 | | | | | | 40.7 | | | | | | 1.04 | | | | | | 35,066 | | | | | | 42.6 | | | | | | 1.47 | | | ||||||
Total Deposits
|
| | | $ | 78,773 | | | | | | 100.00% | | | | | | 0.46% | | | | | $ | 82,297 | | | | | | 100.00% | | | | | | 0.72% | | | ||||||
|
| | |
At December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
| | |
(In thousands)
|
| |||||||||||
Interest Rate: | | | | ||||||||||||
Less than 2.00%
|
| | | $ | 22,681 | | | | | $ | 19,853 | | | ||
2.00% to 2.99%
|
| | | | 9,020 | | | | | | 8,900 | | | ||
3.00% to 3.99%
|
| | | | — | | | | | | 351 | | | ||
4.00% to 4.99%
|
| | | | — | | | | | | 3,490 | | | ||
5.00% and above
|
| | | | — | | | | | | — | | | ||
Total
|
| | | $ | 31,701 | | | | | $ | 32,594 | | | ||
|
| | |
At December 31, 2014
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Period to Maturity
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Less Than or
Equal to One Year |
| |
More Than
One to Two Years |
| |
More Than
Two to Three Years |
| |
More Than
Three Years |
| |
Total
|
| |
Percent of
Total |
| ||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Interest Rate Range: | | | | | | | | ||||||||||||||||||||||||||||||||||||
Less than 2.00%
|
| | | $ | 13,813 | | | | | $ | 6,053 | | | | | $ | 699 | | | | | $ | 2,116 | | | | | $ | 22,681 | | | | | | 72% | | | ||||||
2.00% to 2.99%
|
| | | | 140 | | | | | | 5,713 | | | | | | 3,067 | | | | | | 100 | | | | | | 9,020 | | | | | | 28 | | | ||||||
3.00% to 3.99%
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
4.00% to 4.99%
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
Total
|
| | | $ | 13,953 | | | | | $ | 11,766 | | | | | $ | 3,766 | | | | | $ | 2,216 | | | | | $ | 31,701 | | | | | | 100.0% | | | ||||||
|
Period to Maturity
|
| |
At December 31, 2014
|
| ||||
| | |
(In thousands)
|
| ||||
Three months or less
|
| | | $ | 2,702 | | | |
Over three through six months
|
| | | | 800 | | | |
Over six months through one year
|
| | | | 1,208 | | | |
Over one year to three years
|
| | | | 5,929 | | | |
Over three years
|
| | | | 946 | | | |
Total
|
| | | $ | 11,585 | | | |
|
| | |
High Sale
|
| |
Low Sale
|
| ||||||
2014 | | | | ||||||||||
Quarter ended December 31
|
| | | $ | 10.00 | | | | | $ | 9.80 | | |
Quarter ended September 30
|
| | | $ | 10.06 | | | | | $ | 9.30 | | |
Quarter ended June 30
|
| | | $ | 9.75 | | | | | $ | 9.35 | | |
Quarter ended March 31
|
| | | $ | 9.75 | | | | | $ | 9.18 | | |
2013 | | | | ||||||||||
Quarter ended December 31
|
| | | $ | 10.14 | | | | | $ | 9.41 | | |
Quarter ended September 30(1)
|
| | | $ | 10.74 | | | | | $ | 9.75 | | |
| | |
Number of securities to
be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted average
exercise prices of outstanding options, warrants and rights(1) |
| |
Number of common stock
remaining available for future issuance under stock based compensation plans (excluding securities reflected in first column) |
| ||||||||||||
Equity compensation plans approved by
stockholders |
| | | | 103,155 | | | | | | N/A | | | | | | 103,155 | | | |||
Equity compensation plans not approved
by stockholders |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | |||
Total
|
| | | | 103,155 | | | | | | N/A | | | | | | 103,155 | | | |||
|
| | |
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
| | |
2014
|
| |
2013
|
|||||||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Interest
Income/ Expense |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest
Income/ Expense |
| |
Yield/
Cost |
|||||||||||||||||||||||
| | |
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Loans
|
| | | $ | 40,734 | | | | | $ | 1,848 | | | | | | 4.54% | | | | | $ | 40,355 | | | | | $ | 1,932 | | | | | | 4.79% | ||||||
Investment securities
|
| | | | 6,508 | | | | | | 170 | | | | | | 2.61% | | | | | | 7,225 | | | | | | 121 | | | | | | 1.67% | ||||||
Mortgage-backed securities
|
| | | | 34,786 | | | | | | 671 | | | | | | 1.93% | | | | | | 35,705 | | | | | | 632 | | | | | | 1.77% | ||||||
Fed funds sold and other interest-earning assets
|
| | | | 2,112 | | | | | | 10 | | | | | | 0.47% | | | | | | 773 | | | | | | 6 | | | | | | 0.78% | ||||||
Total interest-earning assets
|
| | | | 84,140 | | | | | | 2,699 | | | | | | 3.21% | | | | | | 84,058 | | | | | | 2,691 | | | | | | 3.21% | ||||||
Non-interest-earning assets
|
| | | | 8,051 | | | | | | | | | | | | | | | | | | 8,506 | | | | | | | | | | | | | ||||||
Total assets
|
| | | $ | 92,191 | | | | | | | | | | | | | | | | | $ | 92,564 | | | | | | | | | | | | | ||||||
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Transaction accounts
|
| | | $ | 10,345 | | | | | | 6 | | | | | | 0.06% | | | | | $ | 10,083 | | | | | | 5 | | | | | | 0.05% | ||||||
Regular savings
|
| | | | 28,192 | | | | | | 32 | | | | | | 0.11% | | | | | | 29,303 | | | | | | 34 | | | | | | 0.12% | ||||||
Money market
|
| | | | 3,471 | | | | | | 3 | | | | | | 0.09% | | | | | | 3,415 | | | | | | 3 | | | | | | 0.09% | ||||||
Certificates of deposit
|
| | | | 32,036 | | | | | | 356 | | | | | | 1.11% | | | | | | 35,066 | | | | | | 532 | | | | | | 1.52% | ||||||
Other borrowings
|
| | | | 88 | | | | | | 0 | | | | | | 0.40% | | | | | | — | | | | | | — | | | | | | — | ||||||
Total interest-bearing liabilities
|
| | | | 74,132 | | | | | | 397 | | | | | | 0.54% | | | | | | 77,867 | | | | | | 574 | | | | | | 0.74% | ||||||
Noninterest-bearing liabilities
|
| | | | 5,896 | | | | | | | | | | | | | | | | | | 6,085 | | | | | | | | | | | | | ||||||
Total liabilities
|
| | | | 80,028 | | | | | | | | | | | | | | | | | | 83,952 | | | | | | | | | | | | | ||||||
Equity
|
| | | | 12,163 | | | | | | | | | | | | | | | | | | 8,612 | | | | | | | | | | | | | ||||||
Total liabilities and equity
|
| | | $ | 92,191 | | | | | | | | | | | | | | | | | $ | 92,564 | | | | | | | | | | | | | ||||||
Net interest income
|
| | | | | | | | | $ | 2,302 | | | | | | | | | | | | | | | | | $ | 2,117 | | | | | | | ||||||
Interest rate spread(1)
|
| | | | | | | | | | | | | | | | 2.67% | | | | | | | | | | | | | | | | | | 2.46% | ||||||
Net interest-earning assets(2)
|
| | | $ | 10,096 | | | | | | | | | | | | | | | | | $ | 6,191 | | | | | | | | | | | | | ||||||
Net interest margin(3)
|
| | | | | | | | | | 2.74% | | | | | | | | | | | | | | | | | | 2.52% | | | | | | | ||||||
Average interest-earning assets to average interest-bearing liabilities
|
| | | | 113.64% | | | | | | | | | | | | | | | | | | 107.95% | | | | | | | | | | | | | ||||||
|
| | |
For the
Years Ended December 31, 2014 vs. 2013 |
| ||||||||||||||||||
| | |
Increase (Decrease)
Due to |
| |
Total
Increase (Decrease) |
| |||||||||||||||
| | |
Volume
|
| |
Rate
|
| |||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | |||
Loans
|
| | | $ | 18 | | | | | $ | (102) | | | | | $ | (84) | | | |||
Investment securities
|
| | | | (13) | | | | | | 62 | | | | | | 49 | | | |||
Mortgage-backed securities
|
| | | | (16) | | | | | | 55 | | | | | | 39 | | | |||
Fed funds sold and other interest-earning assets
|
| | | | 7 | | | | | | (3) | | | | | | 4 | | | |||
Total interest income
|
| | | | (4) | | | | | | 12 | | | | | | 8 | | | |||
Interest-bearing liabilities: | | | | | ||||||||||||||||||
NOW accounts
|
| | | | 0 | | | | | | 1 | | | | | | 1 | | | |||
Regular savings
|
| | | | (1) | | | | | | (1) | | | | | | (2) | | | |||
Money market
|
| | | | — | | | | | | — | | | | | | — | | | |||
Certificates of deposit
|
| | | | (43) | | | | | | (133) | | | | | | (176) | | | |||
Total interest expense
|
| | | | (44) | | | | | | (133) | | | | | | (177) | | | |||
Increase (decrease) in net interest income
|
| | | $ | 40 | | | | | $ | 145 | | | | | $ | 185 | | | |||
|
Rate Shift(1)
|
| |
Net Interest Income
Year 1 Forecast |
| |
Year 1 Change
from Level |
| ||||||
| | |
(In thousands)
|
| | | | | | | |||
+400
|
| | | $ | 2,041 | | | | | | (14.33)% | | |
+300
|
| | | $ | 2,187 | | | | | | (8.18)% | | |
+200
|
| | | $ | 2,299 | | | | | | (3.48)% | | |
+100
|
| | | $ | 2,372 | | | | | | (0.44)% | | |
Level
|
| | | $ | 2,382 | | | | | | — | | |
-100
|
| | | $ | 2,275 | | | | | | (4.50)% | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | |
| | |
December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Assets | | | | | | | | | | | | | | ||
Cash and cash equivalents
|
| | | $ | 3,719,882 | | | | | $ | 2,636,523 | | | ||
Securities held to maturity, net; approximate fair value of $6,378,000 (2014) and $4,809,000 (2013)
|
| | | | 6,154,237 | | | | | | 4,666,508 | | | ||
Securities available for sale
|
| | | | 34,511,669 | | | | | | 38,240,458 | | | ||
Loans receivable, net
|
| | | | 43,219,661 | | | | | | 40,040,109 | | | ||
Premises and equipment, net
|
| | | | 1,612,029 | | | | | | 1,602,451 | | | ||
Federal Home Loan Bank of New York and other stock, at cost
|
| | | | 207,820 | | | | | | 222,420 | | | ||
Accrued interest receivable
|
| | | | 275,571 | | | | | | 267,796 | | | ||
Cash surrender value of life insurance
|
| | | | 2,073,455 | | | | | | 2,008,494 | | | ||
Deferred income taxes
|
| | | | 929,235 | | | | | | 1,046,964 | | | ||
Other assets
|
| | | | 449,821 | | | | | | 519,277 | | | ||
Total assets
|
| | | $ | 93,153,380 | | | | | $ | 91,251,000 | | | ||
Liabilities and Stockholders’ Equity | | | | ||||||||||||
Liabilities: | | | | | | | | | | | | | | ||
Deposits
|
| | | $ | 79,555,416 | | | | | $ | 78,024,604 | | | ||
Advances from borrowers for taxes and insurance
|
| | | | 731,757 | | | | | | 693,183 | | | ||
Other liabilities
|
| | | | 668,090 | | | | | | 597,210 | | | ||
Total liabilities
|
| | | | 80,955,263 | | | | | | 79,314,997 | | | ||
Commitments and contingencies
|
| | | | — | | | | | | — | | | ||
Stockholders’ equity: | | | | | | | | | | | | | | ||
Serial preferred stock; par value $.01, 1,000,000 shares authorized, no shares issued
|
| | | | — | | | | | | — | | | ||
Common stock; par value $.01, 30,000,000 shares authorized and 793,500 shares issued
|
| | | | 7,935 | | | | | | 7,935 | | | ||
Additional paid-in capital
|
| | | | 7,081,577 | | | | | | 7,082,343 | | | ||
Unallocated common stock held by the Employee Stock Ownership Plan
|
| | | | (511,030) | | | | | | (533,229) | | | ||
Retained earnings
|
| | | | 6,435,539 | | | | | | 6,645,906 | | | ||
Accumulated other comprehensive (loss)
|
| | | | (815,904) | | | | | | (1,266,952) | | | ||
Total stockholders’ equity
|
| | | | 12,198,117 | | | | | | 11,936,003 | | | ||
Total liabilities and stockholders’ equity
|
| | | $ | 93,153,380 | | | | | $ | 91,251,000 | | | ||
|
| | |
Year Ended
December 31, |
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
Interest and dividend income: | | | | | | | | | | | | | |
Loans
|
| | | $ | 1,847,551 | | | | | $ | 1,932,161 | | |
Investment securities
|
| | | | 170,171 | | | | | | 121,214 | | |
Mortgage-backed securities
|
| | | | 671,296 | | | | | | 631,882 | | |
Federal funds sold and other earning assets
|
| | | | 10,317 | | | | | | 5,750 | | |
Total interest and dividend income
|
| | | | 2,699,335 | | | | | | 2,691,007 | | |
Interest expense: | | | | | | | | | | | | | |
Deposits
|
| | | | 396,720 | | | | | | 573,900 | | |
Borrowings
|
| | | | 354 | | | | | | 35 | | |
Total interest expense
|
| | | | 397,074 | | | | | | 573,935 | | |
Net interest income
|
| | | | 2,302,261 | | | | | | 2,117,072 | | |
Provision for loan losses
|
| | | | 55,910 | | | | | | 24,500 | | |
Net interest income after provision for loan losses
|
| | | | 2,246,351 | | | | | | 2,092,572 | | |
Non-interest income: | | | | | | | | | | | | | |
Fees and service charges
|
| | | | 92,114 | | | | | | 99,488 | | |
Net gain on sale of securities
|
| | | | 18,078 | | | | | | 163,959 | | |
Income on bank owned life insurance
|
| | | | 64,961 | | | | | | 63,560 | | |
Total non-interest income
|
| | | | 175,153 | | | | | | 327,007 | | |
Non-interest expense: | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | 1,342,714 | | | | | | 1,307,729 | | |
Occupancy and equipment, net
|
| | | | 399,737 | | | | | | 386,404 | | |
Data processing service fees
|
| | | | 204,205 | | | | | | 165,566 | | |
Professional fees
|
| | | | 471,329 | | | | | | 338,085 | | |
Federal deposit insurance premiums
|
| | | | 63,639 | | | | | | 61,703 | | |
Advertising and promotion
|
| | | | 101,578 | | | | | | 75,928 | | |
Other
|
| | | | 226,170 | | | | | | 235,008 | | |
Total non-interest expense
|
| | | | 2,809,372 | | | | | | 2,570,423 | | |
(Loss) before income taxes
|
| | | | (387,868) | | | | | | (150,844) | | |
Income tax (benefit)
|
| | | | (177,501) | | | | | | (91,018) | | |
Net (loss)
|
| | | $ | (210,367) | | | | | $ | (59,826) | | |
Basic and diluted loss per share
|
| | | $ | (0.28) | | | | | | NM | | |
Weighted average shares outstanding basic and diluted
|
| | | | 741,383 | | | | | | 342,159 | | |
| | |
Year Ended
December 31, |
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Net (loss)
|
| | | $ | (210,367) | | | | | $ | (59,826) | | | ||
Other comprehensive income (loss), before tax: | | | | | | | | | | | | | | ||
Defined benefit pension plans:
|
| | | | | | | | | | | | | ||
Net loss arising during the period
|
| | | | (208,328) | | | | | | (122,358) | | | ||
Amortization of loss included in net periodic plan cost
|
| | | | 72,841 | | | | | | 64,505 | | | ||
Unrealized gains (losses) on securities available for sale:
|
| | | | | | | | | | | | | ||
Unrealized holding gains (losses) arising during the period
|
| | | | 897,094 | | | | | | (1,068,507) | | | ||
Reclassification adjustment for (gains) losses included in operations
|
| | | | (13,653) | | | | | | (159,163) | | | ||
Other comprehensive income (loss), before tax
|
| | | | 747,954 | | | | | | (1,285,523) | | | ||
Income tax (benefit) expense related to items of other comprehensive income
|
| | | | 296,906 | | | | | | (510,298) | | | ||
Other comprehensive income (loss), net of tax
|
| | | | 451,048 | | | | | | (775,225) | | | ||
Comprehensive income (loss)
|
| | | $ | 240,681 | | | | | $ | (835,051) | | | ||
|
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Unallocated
Common Stock Held by ESOP |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Equity |
| ||||||||||||||||||||||||
Balance at December 31, 2012
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,705,732 | | | | | $ | (491,727) | | | | | $ | 6,214,005 | | | ||||||
Issuance of common stock at conversion
|
| | | | 7,935 | | | | | | 7,082,343 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,090,278 | | | ||||||
Acquisition of ESOP shares
|
| | | | — | | | | | | — | | | | | | (555,450) | | | | | | — | | | | | | — | | | | | | (555,450) | | | ||||||
Net Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (59,826) | | | | | | — | | | | | | (59,826) | | | ||||||
ESOP shares allocated or committed
to be released |
| | | | — | | | | | | — | | | | | | 22,221 | | | | | | — | | | | | | — | | | | | | 22,221 | | | ||||||
Other comprehensive loss, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (775,225) | | | | | | (775,225) | | | ||||||
Balance at December 31, 2013
|
| | | | 7,935 | | | | | | 7,082,343 | | | | | | (533,229) | | | | | | 6,645,906 | | | | | | (1,266,952) | | | | | | 11,936,003 | | | ||||||
Net Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (210,367) | | | | | | — | | | | | | (210,367) | | | ||||||
ESOP shares allocated or committed
to be released |
| | | | — | | | | | | (766) | | | | | | 22,199 | | | | | | — | | | | | | — | | | | | | 21,433 | | | ||||||
Other comprehensive income, net of
tax |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 451,048 | | | | | | 451,048 | | | ||||||
Balance at December 31, 2014
|
| | | $ | 7,935 | | | | | $ | 7,081,577 | | | | | $ | (511,030) | | | | | $ | 6,435,539 | | | | | $ | (815,904) | | | | | $ | 12,198,117 | | | ||||||
|
| | |
Year Ended
December 31, |
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net (loss)
|
| | | $ | (210,367) | | | | | $ | (59,826) | | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation expense
|
| | | | 152,678 | | | | | | 134,259 | | |
Amortization of premiums and accretion of discounts, net
|
| | | | 199,279 | | | | | | 300,128 | | |
Amortization of deferred loan fees and costs, net
|
| | | | 19,942 | | | | | | (3,731) | | |
Provision for loan losses
|
| | | | 55,910 | | | | | | 24,500 | | |
Net gain on sales of securities
|
| | | | (18,078) | | | | | | (163,959) | | |
(Increase) decrease in accrued interest receivable
|
| | | | (7,775) | | | | | | 12,403 | | |
Increase in cash surrender value of life insurance
|
| | | | (64,961) | | | | | | (63,560) | | |
Net (increase) decrease in other assets
|
| | | | (109,721) | | | | | | 218,564 | | |
Net decrease in other liabilities
|
| | | | (64,607) | | | | | | (409,528) | | |
Amortization of ESOP shares
|
| | | | 21,433 | | | | | | 22,221 | | |
Net cash (used in) provided by operating activities
|
| | | | (26,267) | | | | | | 11,471 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of securities available for sale
|
| | | | (3,000,000) | | | | | | (22,825,587) | | |
Purchases of securities held to maturity
|
| | | | (2,552,844) | | | | | | — | | |
Repayments and maturities of securities held to maturity
|
| | | | 838,155 | | | | | | 2,755,081 | | |
Repayments and maturities of securities available for sale
|
| | | | 5,549,488 | | | | | | 9,052,074 | | |
Proceeds from sales of securities held to maturity
|
| | | | 230,771 | | | | | | 2,764,870 | | |
Proceeds from sales of securities available for sale
|
| | | | 1,877,730 | | | | | | 7,381,400 | | |
Redemption (purchase) of Federal Home Loan Bank and other stock
|
| | | | 14,600 | | | | | | (21,300) | | |
Loans purchased
|
| | | | — | | | | | | (2,235,964) | | |
Loan originations, net of principal repayments
|
| | | | (3,255,404) | | | | | | 2,080,404 | | |
Purchases of bank premises and equiment
|
| | | | (162,256) | | | | | | (121,300) | | |
Net cash used in investing activities
|
| | | | (459,760) | | | | | | (1,170,322) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Net increase (decrease) in deposits
|
| | | | 1,530,812 | | | | | | (8,161,073) | | |
Net increase (decrease) in advances from borrowers for taxes and
insurance |
| | | | 38,574 | | | | | | (12,853) | | |
Net proceeds from stock conversion
|
| | | | — | | | | | | 6,534,828 | | |
Net cash provided by (used in) financing activities
|
| | | | 1,569,386 | | | | | | (1,639,098) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 1,083,359 | | | | | | (2,797,949) | | |
Cash and cash equivalents at beginning of year
|
| | | | 2,636,523 | | | | | | 5,434,472 | | |
Cash and cash equivalents at end of year
|
| | | $ | 3,719,882 | | | | | $ | 2,636,523 | | |
Supplemental Information: | | | | | | | | | | | | | |
Cash paid for:
|
| | | | | | | | | | | | |
Interest
|
| | | $ | 396,287 | | | | | $ | 573,935 | | |
Income taxes (refunds received), net
|
| | | $ | (36,966) | | | | | $ | (9,895) | | |
| Building and improvements | | | 5 to 40 years | |
| Furniture, fixtures and equipment | | | 2 to 10 years | |
| | |
December 31, 2014
|
| |||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross Unrealized
|
| |
Fair
Value |
| |||||||||||||||||||
| | |
Gains
|
| |
Losses
|
| ||||||||||||||||||||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
U.S. government and agency obligations
|
| | | $ | 2,000,000 | | | | | $ | 76,654 | | | | | $ | — | | | | | $ | 2,076,654 | | | ||||
State, county, and municipal obligations
|
| | | | 817,280 | | | | | | 10,234 | | | | | | 2,423 | | | | | | 825,091 | | | ||||
Mortgage-backed securities
|
| | | | 3,336,957 | | | | | | 138,807 | | | | | | — | | | | | | 3,475,764 | | | ||||
| | | | $ | 6,154,237 | | | | | $ | 225,695 | | | | | $ | 2,423 | | | | | $ | 6,377,509 | | | ||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
U.S. government and agency obligations
|
| | | $ | 5,997,345 | | | | | $ | 2,025 | | | | | $ | 58,756 | | | | | $ | 5,940,614 | | | ||||
Mortgage-backed securities
|
| | | | 28,526,918 | | | | | | 229,096 | | | | | | 184,959 | | | | | | 28,571,055 | | | ||||
| | | | $ | 34,524,263 | | | | | $ | 231,121 | | | | | $ | 243,715 | | | | | $ | 34,511,669 | | | ||||
|
| | |
December 31, 2013
|
| |||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross Unrealized
|
| |
Fair
Value |
| |||||||||||||||||||
| | |
Gains
|
| |
Losses
|
| ||||||||||||||||||||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
State, county, and municipal obligations
|
| | | $ | 489,566 | | | | | $ | 17,035 | | | | | $ | — | | | | | $ | 506,601 | | | ||||
Mortgage-backed securities
|
| | | | 4,176,942 | | | | | | 125,291 | | | | | | — | | | | | | 4,302,233 | | | ||||
| | | | $ | 4,666,508 | | | | | $ | 142,326 | | | | | $ | — | | | | | $ | 4,808,834 | | | ||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
U.S. government and agency obligations
|
| | | $ | 3,996,781 | | | | | $ | — | | | | | $ | 225,048 | | | | | $ | 3,771,733 | | | ||||
Mortgage-backed securities
|
| | | | 35,139,713 | | | | | | 100,428 | | | | | | 771,416 | | | | | | 34,468,725 | | | ||||
| | | | $ | 39,136,494 | | | | | $ | 100,428 | | | | | $ | 996,464 | | | | | $ | 38,240,458 | | | ||||
|
| | |
December 31, 2014
|
| |||||||||||||||||||||||||
| | |
Held to Maturity
|
| |
Available for Sale
|
| ||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||||||
Within one year
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | ||||
After one to five years
|
| | | | 391,777 | | | | | | 394,383 | | | | | | 3,997,344 | | | | | | 3,957,863 | | | ||||
After five to ten years
|
| | | | 79,829 | | | | | | 82,066 | | | | | | 8,769,676 | | | | | | 8,803,062 | | | ||||
After ten years
|
| | | | 5,682,631 | | | | | | 5,901,060 | | | | | | 21,757,243 | | | | | | 21,750,744 | | | ||||
| | | | $ | 6,154,237 | | | | | $ | 6,377,509 | | | | | $ | 34,524,263 | | | | | $ | 34,511,669 | | | ||||
|
| | |
December 31, 2013
|
| |||||||||||||||||||||||||
| | |
Held to Maturity
|
| |
Available for Sale
|
| ||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||||||
Within one year
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | ||||
After one to five years
|
| | | | 110,095 | | | | | | 116,846 | | | | | | 574,576 | | | | | | 577,199 | | | ||||
After five to ten years
|
| | | | 379,471 | | | | | | 389,755 | | | | | | 12,429,566 | | | | | | 12,191,416 | | | ||||
After ten years
|
| | | | 4,176,942 | | | | | | 4,302,233 | | | | | | 26,132,352 | | | | | | 25,471,843 | | | ||||
| | | | $ | 4,666,508 | | | | | $ | 4,808,834 | | | | | $ | 39,136,494 | | | | | $ | 38,240,458 | | | ||||
|
| | |
December 31, 2014
|
| |||||||||||||||||||||||||
| | |
Under One Year
|
| |
One Year or More
|
| ||||||||||||||||||||||
| | |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| ||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
U.S. government and agency obligations
|
| | | $ | 999,738 | | | | | $ | 262 | | | | | $ | 2,938,851 | | | | | $ | 58,494 | | | ||||
Mortgage-backed securities
|
| | | | 5,573,324 | | | | | | 21,827 | | | | | | 6,116,841 | | | | | | 163,131 | | | ||||
| | | | | 6,573,062 | | | | | | 22,089 | | | | | | 9,055,692 | | | | | | 221,625 | | | ||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
State, county, and municipal obligations
|
| | | | 204,584 | | | | | | 2,423 | | | | | | — | | | | | | — | | | ||||
| | | | $ | 6,777,646 | | | | | $ | 24,512 | | | | | $ | 9,055,692 | | | | | $ | 221,625 | | | ||||
|
| | |
December 31, 2013
|
| |||||||||||||||||||||||||
| | |
Under One Year
|
| |
One Year or More
|
| ||||||||||||||||||||||
| | |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| ||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
U.S. government and agency obligations
|
| | | $ | 3,771,733 | | | | | $ | 225,048 | | | | | $ | — | | | | | $ | — | | | ||||
Mortgage-backed securities
|
| | | | 20,801,105 | | | | | | 447,844 | | | | | | 3,941,749 | | | | | | 323,572 | | | ||||
| | | | $ | 24,572,838 | | | | | $ | 672,892 | | | | | $ | 3,941,749 | | | | | $ | 323,572 | | | ||||
|
| | |
December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Mortgage loans: | | | | ||||||||||||
Residential 1 – 4 family
|
| | | $ | 31,457,055 | | | | | $ | 33,526,400 | | | ||
Commercial and multi-family
|
| | | | 9,428,335 | | | | | | 5,548,498 | | | ||
Home equity lines of credit
|
| | | | 369,795 | | | | | | 689,805 | | | ||
| | | | | 41,255,185 | | | | | | 39,764,703 | | | ||
Other loans: | | | | ||||||||||||
Secured by savings accounts
|
| | | | 32,371 | | | | | | 43,683 | | | ||
Student
|
| | | | 126,688 | | | | | | — | | | ||
Commercial
|
| | | | 2,155,951 | | | | | | 500,000 | | | ||
| | | | | 2,315,010 | | | | | | 543,683 | | | ||
Total loans
|
| | | | 43,570,195 | | | | | | 40,308,386 | | | ||
Less: | | | | ||||||||||||
Deferred loan fees (costs), net
|
| | | | (45,521) | | | | | | (71,868) | | | ||
Allowance for loan losses
|
| | | | 396,055 | | | | | | 340,145 | | | ||
| | | | | 350,534 | | | | | | 268,277 | | | ||
| | | | $ | 43,219,661 | | | | | $ | 40,040,109 | | | ||
|
| | |
Year Ended December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Balance at beginning of year
|
| | | $ | 340,145 | | | | | $ | 314,490 | | | ||
Provision for loan losses
|
| | | | 55,910 | | | | | | 24,500 | | | ||
Charge offs
|
| | | | — | | | | | | — | | | ||
Recoveries
|
| | | | — | | | | | | 1,155 | | | ||
Balance at end of year
|
| | | $ | 396,055 | | | | | $ | 340,145 | | | ||
|
| | |
December 31, 2014
|
| ||||||||||||||||||||||||||||||||
| | |
Mortgage Loans
|
| |
Commercial
and Other |
| |
Total
|
| ||||||||||||||||||||||||||
| | |
Residential
1 – 4 Family |
| |
Commercial
Real Estate and Multi-Family |
| |
Home Equity
|
| ||||||||||||||||||||||||||
| | |
(In thousands)
|
| ||||||||||||||||||||||||||||||||
Pass
|
| | | $ | 31,025 | | | | | $ | 8,974 | | | | | $ | 370 | | | | | $ | 2,315 | | | | | $ | 42,684 | | | |||||
Special Mention
|
| | | | — | | | | | | 454 | | | | | | — | | | | | | — | | | | | | 454 | | | |||||
Substandard
|
| | | | 432 | | | | | | — | | | | | | — | | | | | | — | | | | | | 432 | | | |||||
Total
|
| | | $ | 31,457 | | | | | $ | 9,428 | | | | | $ | 370 | | | | | $ | 2,315 | | | | | $ | 43,570 | | | |||||
|
| | |
December 31, 2013
|
| ||||||||||||||||||||||||||||||||
| | |
Mortgage Loans
|
| |
Commercial
and Other |
| |
Total
|
| ||||||||||||||||||||||||||
| | |
Residential
1 – 4 Family |
| |
Commercial
and Multi-Family |
| |
Home Equity
|
| ||||||||||||||||||||||||||
| | |
(In thousands)
|
| ||||||||||||||||||||||||||||||||
Pass
|
| | | $ | 33,019 | | | | | $ | 5,048 | | | | | $ | 690 | | | | | $ | 543 | | | | | $ | 39,300 | | | |||||
Special Mention
|
| | | | 138 | | | | | | 501 | | | | | | — | | | | | | — | | | | | | 639 | | | |||||
Substandard
|
| | | | 369 | | | | | | — | | | | | | — | | | | | | — | | | | | | 369 | | | |||||
Total
|
| | | $ | 33,526 | | | | | $ | 5,549 | | | | | $ | 690 | | | | | $ | 543 | | | | | $ | 40,308 | | | |||||
|
| | |
December 31, 2014
|
| ||||||||||||||||||||||||||||||||||||||||||||||
| | |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
or More Past Due |
| |
Total
Past Due |
| |
Current
Loans |
| |
Total
Loans |
| |
90 Days
or More Past Due and Accruing |
| ||||||||||||||||||||||||||||
| | |
(In thousands)
|
| ||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family
|
| | | $ | — | | | | | $ | — | | | | | $ | 297 | | | | | $ | 297 | | | | | $ | 31,160 | | | | | $ | 31,457 | | | | | $ | — | | | |||||||
Commercial and multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,428 | | | | | | 9,428 | | | | | | — | | | |||||||
Home equity lines of credit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 370 | | | | | | 370 | | | | | | — | | | |||||||
Other loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,315 | | | | | | 2,315 | | | | | | — | | | |||||||
| | | | $ | — | | | | | $ | — | | | | | $ | 297 | | | | | $ | 297 | | | | | $ | 43,273 | | | | | $ | 43,570 | | | | | $ | — | | | |||||||
|
| | |
December 31, 2013
|
| ||||||||||||||||||||||||||||||||||||||||||||||
| | |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
or More Past Due |
| |
Total
Past Due |
| |
Current
Loans |
| |
Total
Loans |
| |
90 Days
or More Past Due and Accruing |
| ||||||||||||||||||||||||||||
| | |
(In thousands)
|
| ||||||||||||||||||||||||||||||||||||||||||||||
Residential 1 – 4 family
|
| | | $ | 138 | | | | | $ | — | | | | | $ | 369 | | | | | $ | 507 | | | | | $ | 33,019 | | | | | $ | 33,526 | | | | | $ | — | | | |||||||
Commercial and multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,549 | | | | | | 5,549 | | | | | | — | | | |||||||
Home equity lines of credit
|
| | | | — | | | | | | 198 | | | | | | — | | | | | | 198 | | | | | | 492 | | | | | | 690 | | | | | | — | | | |||||||
Other loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 543 | | | | | | 543 | | | | | | — | | | |||||||
| | | | $ | 138 | | | | | $ | 198 | | | | | $ | 369 | | | | | $ | 705 | | | | | $ | 39,603 | | | | | $ | 40,308 | | | | | $ | — | | | |||||||
|
| | |
December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
| | |
(In thousands)
|
| |||||||||||
Residential 1 – 4 family
|
| | | $ | 432 | | | | | $ | 369 | | | ||
Commercial and multi-family
|
| | | | — | | | | | | — | | | ||
Home equity lines of credit
|
| | | | — | | | | | | — | | | ||
Other loans
|
| | | | — | | | | | | — | | | ||
Total non-accrual loans
|
| | | | 432 | | | | | | 369 | | | ||
Accruing loans delinquent 90 days or more
|
| | | | — | | | | | | — | | | ||
Total non-performing loans
|
| | | $ | 432 | | | | | $ | 369 | | | ||
|
| | |
Year Ended December 31, 2014
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Mortgage Loans
|
| |
Other
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Residential
1 – 4 Family |
| |
Commercial
and Multi-Family |
| |
Home
Equity |
| |||||||||||||||||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Beginning balance
|
| | | $ | 295 | | | | | $ | 34 | | | | | $ | 6 | | | | | $ | 5 | | | | | $ | — | | | | | $ | 340 | | | ||||||
Provision for loan losses
|
| | | | (37) | | | | | | 57 | | | | | | (3) | | | | | | 27 | | | | | | 12 | | | | | | 56 | | | ||||||
Ending Balance
|
| | | $ | 258 | | | | | $ | 91 | | | | | $ | 3 | | | | | $ | 32 | | | | | $ | 12 | | | | | $ | 396 | | | ||||||
|
| | |
Year Ended December 31, 2013
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Mortgage Loans
|
| |
Other
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Residential
1 – 4 Family |
| |
Commercial
and Multi-Family |
| |
Home
Equity |
| |||||||||||||||||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Beginning balance
|
| | | $ | 128 | | | | | $ | 59 | | | | | $ | 5 | | | | | $ | 4 | | | | | $ | 118 | | | | | $ | 314 | | | ||||||
Provision for loan losses
|
| | | | 167 | | | | | | (25) | | | | | | 1 | | | | | | — | | | | | | (118) | | | | | | 25 | | | ||||||
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | | ||||||
Ending Balance
|
| | | $ | 295 | | | | | $ | 34 | | | | | $ | 6 | | | | | $ | 5 | | | | | $ | — | | | | | $ | 340 | | | ||||||
|
| | |
December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Land and land improvements
|
| | | $ | 766,939 | | | | | $ | 766,939 | | | ||
Building and building improvements
|
| | | | 2,452,621 | | | | | | 2,387,547 | | | ||
Furniture, fixtures and equipment
|
| | | | 885,434 | | | | | | 788,252 | | | ||
| | | | | 4,104,994 | | | | | | 3,942,738 | | | ||
Less accumulated depreciation
|
| | | | (2,492,965) | | | | | | (2,340,287) | | | ||
| | | | $ | 1,612,029 | | | | | $ | 1,602,451 | | | ||
|
| | |
December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Loans
|
| | | $ | 137,154 | | | | | $ | 140,967 | | | ||
Mortgage-backed securities
|
| | | | 89,211 | | | | | | 107,666 | | | ||
Investment securities
|
| | | | 49,206 | | | | | | 19,163 | | | ||
| | | | $ | 275,571 | | | | | $ | 267,796 | | | ||
|
| | |
December 31,
|
| |||||||||||||||||||||||||
| | |
2014
|
| |
2013
|
| ||||||||||||||||||||||
| | |
Weighted
Average Rate |
| |
Amount
|
| |
Weighted
Average Rate |
| |
Amount
|
| ||||||||||||||||
Non-interest bearing checking
|
| | | | 0.00% | | | | | $ | 4,736,482 | | | | | | 0.00% | | | | | $ | 3,575,695 | | | ||||
NOW accounts
|
| | | | 0.05% | | | | | | 10,730,326 | | | | | | 0.05% | | | | | | 9,577,864 | | | ||||
Regular savings and clubs
|
| | | | 0.10% | | | | | | 21,479,246 | | | | | | 0.10% | | | | | | 20,445,862 | | | ||||
Super saver
|
| | | | 0.15% | | | | | | 7,443,330 | | | | | | 0.15% | | | | | | 8,491,734 | | | ||||
Money market
|
| | | | 0.10% | | | | | | 3,464,679 | | | | | | 0.10% | | | | | | 3,339,699 | | | ||||
| | | | | | | | | | | 47,854,063 | | | | | | | | | | | | 45,430,854 | | | ||||
Certificates of deposit
|
| | | | 1.04% | | | | | | 31,701,353 | | | | | | 1.47% | | | | | | 32,593,750 | | | ||||
| | | | | 0.46% | | | | | $ | 79,555,416 | | | | | | 0.72% | | | | | $ | 78,024,604 | | | ||||
|
| | |
2014
|
| |
2013
|
| ||||||||
| | |
(In thousands)
|
| |||||||||||
One year or less
|
| | | $ | 13,953 | | | | | $ | 19,416 | | | ||
Over one to three years
|
| | | | 15,532 | | | | | | 9,239 | | | ||
Over three years
|
| | | | 2,216 | | | | | | 3,939 | | | ||
| | | | $ | 31,701 | | | | | $ | 32,594 | | | ||
|
| | |
Year Ended December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
NOW
|
| | | $ | 5,663 | | | | | $ | 5,033 | | | ||
Savings and clubs
|
| | | | 31,955 | | | | | | 33,579 | | | ||
Money market
|
| | | | 3,426 | | | | | | 3,397 | | | ||
Certificates of deposit
|
| | | | 355,676 | | | | | | 531,891 | | | ||
| | | | $ | 396,720 | | | | | $ | 573,900 | | | ||
|
| | |
Year Ended December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Current tax expense (benefit): | | | | ||||||||||||
Federal
|
| | | $ | (7,412) | | | | | $ | 11,570 | | | ||
State
|
| | | | 9,088 | | | | | | 11,251 | | | ||
| | | | | 1,676 | | | | | | 22,821 | | | ||
Deferred tax expense (benefit): | | | | ||||||||||||
Federal
|
| | | | (142,187) | | | | | | (91,373) | | | ||
State
|
| | | | (36,990) | | | | | | (22,466) | | | ||
| | | | | (179,177) | | | | | | (113,839) | | | ||
| | | | $ | (177,501) | | | | | $ | (91,018) | | | ||
|
| | |
Year Ended December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Federal income tax expense (benefit)
|
| | | $ | (131,875) | | | | | $ | (51,287) | | | ||
State income tax expense (benefit)
|
| | | | (18,415) | | | | | | (7,402) | | | ||
Income from life insurance
|
| | | | (23,881) | | | | | | (22,583) | | | ||
Tax-exempt interest
|
| | | | (5,972) | | | | | | (9,693) | | | ||
Other
|
| | | | 2,642 | | | | | | (53) | | | ||
Actual income tax (benefit)
|
| | | $ | (177,501) | | | | | $ | (91,018) | | | ||
Effective income tax rate
|
| | | | -45.76% | | | | | | -60.34% | | | ||
|
| | |
December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Deferred tax assets: | | | | ||||||||||||
Depreciation
|
| | | $ | 86,409 | | | | | $ | 78,281 | | | ||
Benefit plan liabilities
|
| | | | 164,863 | | | | | | 171,189 | | | ||
Allowance for loan losses
|
| | | | 125,702 | | | | | | 103,508 | | | ||
Charitable contribution carryover
|
| | | | 1,129 | | | | | | 991 | | | ||
Capital loss carryover
|
| | | | 719,639 | | | | | | 719,639 | | | ||
Net operating loss carryover
|
| | | | 495,585 | | | | | | 317,388 | | | ||
Unfunded pension liability
|
| | | | 532,077 | | | | | | 478,294 | | | ||
Unrealized loss on securities available for sale
|
| | | | 4,999 | | | | | | 355,688 | | | ||
Net deferred loan costs/fees
|
| | | | 7,921 | | | | | | — | | | ||
Other
|
| | | | 9,702 | | | | | | — | | | ||
| | | | | 2,148,026 | | | | | | 2,224,978 | | | ||
Valuation allowance
|
| | | | (719,639) | | | | | | (719,639) | | | ||
Total deferred tax assets
|
| | | | 1,428,387 | | | | | | 1,505,339 | | | ||
Deferred tax liabilities: | | | | ||||||||||||
Discounts on investments
|
| | | | 591 | | | | | | 333 | | | ||
Prepaid benefit plans
|
| | | | 498,561 | | | | | | 447,203 | | | ||
Net deferred loan costs/fees
|
| | | | — | | | | | | 10,180 | | | ||
Other
|
| | | | — | | | | | | 659 | | | ||
Total deferred tax liabilities
|
| | | | 499,152 | | | | | | 458,375 | | | ||
Net deferred tax assets
|
| | | $ | 929,235 | | | | | $ | 1,046,964 | | | ||
|
| | |
December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Change in projected benefit obligation: | | | | ||||||||||||
Projected benefit obligation at beginning of year
|
| | | $ | 2,499,163 | | | | | $ | 2,278,426 | | | ||
Interest cost
|
| | | | 104,214 | | | | | | 116,099 | | | ||
Actuarial loss
|
| | | | 146,862 | | | | | | 272,169 | | | ||
Benefits paid
|
| | | | (198,582) | | | | | | (167,531) | | | ||
Projected benefit obligation at end of year
|
| | | | 2,551,657 | | | | | | 2,499,163 | | | ||
Change in fair value of plan assets: | | | | ||||||||||||
Fair value of plan assets at beginning of year
|
| | | | 2,450,687 | | | | | | 1,852,575 | | | ||
Actual return on plan assets
|
| | | | 128,964 | | | | | | 339,792 | | | ||
Employer contributions
|
| | | | 112,905 | | | | | | 425,851 | | | ||
Benefits paid
|
| | | | (198,582) | | | | | | (167,531) | | | ||
Fair value of plan assets at end of year
|
| | | | 2,493,974 | | | | | | 2,450,687 | | | ||
Funded status of plan included in other liabilitites
|
| | | $ | (57,683) | | | | | $ | (48,476) | | | ||
|
| | |
December 31,
|
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
Discount rate
|
| | | | 4.50% | | | | | | 4.50% | | |
Salary increase rate
|
| | | | N/A | | | | | | N/A | | |
| | |
Year Ended December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Components of net periodic plan cost (credit): | | | | ||||||||||||
Interest cost
|
| | | $ | 104,214 | | | | | $ | 116,099 | | | ||
Expected return on assets
|
| | | | (190,430) | | | | | | (189,981) | | | ||
Amortization of unrecognized loss
|
| | | | 72,841 | | | | | | 64,505 | | | ||
Net periodic plan cost (credit) included in compensation and benefits expense
|
| | | | (13,375) | | | | | | (9,377) | | | ||
Changes in benefit obligation recognized in other comprehensive (income) loss:
|
| | | ||||||||||||
Net loss
|
| | | | 208,328 | | | | | | 122,358 | | | ||
Amortization of loss
|
| | | | (72,841) | | | | | | (64,505) | | | ||
Benefit obligation recognized in other comprehensive (income) loss
|
| | | | 135,487 | | | | | | 57,853 | | | ||
Total recognized in net periodic plan cost and other comprehensive (income) loss
|
| | | $ | 122,112 | | | | | $ | 48,476 | | | ||
|
| | |
Year Ended December 31,
|
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
Discount rate
|
| | | | 4.50% | | | | | | 5.50% | | |
Expected rate of return on plan assets
|
| | | | 8.00% | | | | | | 9.00% | | |
Rate of compensation increase
|
| | | | N/A | | | | | | N/A | | |
Amortization period
|
| | | | 13.25 | | | | | | 14.25 | | |
Fiscal year ending December 31,
|
| | | | | | | |
2015
|
| | | $ | 183,307 | | | |
2016
|
| | | | 183,655 | | | |
2017
|
| | | | 187,562 | | | |
2018
|
| | | | 190,162 | | | |
2019
|
| | | | 199,672 | | | |
Years 2020 – 2024
|
| | | | 1,024,304 | | | |
| | | | $ | 1,968,662 | | | |
|
Asset Category
|
| |
Total
|
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||||||
Cash and money market funds
|
| | | $ | 405,115 | | | | | $ | 405,115 | | | | | $ | — | | | | | $ | — | | | ||||
Corporate bonds(a)
|
| | | | 606,331 | | | | | | — | | | | | | 606,331 | | | | | | — | | | ||||
Federal, state and local government bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
Equity securities(b)
|
| | | | 1,482,528 | | | | | | 1,482,528 | | | | | | — | | | | | | — | | | ||||
Total
|
| | | $ | 2,493,974 | | | | | $ | 1,887,643 | | | | | $ | 606,331 | | | | | $ | — | | | ||||
|
Asset Category
|
| |
Total
|
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||||||
Cash and money market funds
|
| | | $ | 295,955 | | | | | $ | 295,955 | | | | | $ | — | | | | | $ | — | | | ||||
Corporate bonds(a)
|
| | | | 669,098 | | | | | | — | | | | | | 669,098 | | | | | | — | | | ||||
Federal, state and local government bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
Equity securities(b)
|
| | | | 1,485,634 | | | | | | 1,485,634 | | | | | | — | | | | | | — | | | ||||
Total
|
| | | $ | 2,450,687 | | | | | $ | 1,781,589 | | | | | $ | 669,098 | | | | | $ | — | | | ||||
|
| | |
December 31,
|
| |||||||||||
| | |
2014
|
| |
2013
|
| ||||||||
Allocated shares
|
| | | | 2,221 | | | | | | — | | | ||
Shares committed to be released
|
| | | | 2,221 | | | | | | 2,221 | | | ||
Unearned shares
|
| | | | 51,103 | | | | | | 53,324 | | | ||
Total ESOP shares
|
| | | | 55,545 | | | | | | 55,545 | | | ||
Fair value of unearned shares
|
| | | $ | 506,431 | | | | | $ | 504,000 | | | ||
|
| | |
December 31,
|
| ||||||||||||
| | |
2014
|
| |
2013
|
| | ||||||||
Unrealized net loss on pension plan
|
| | | $ | (1,340,386) | | | | | $ | (1,204,899) | | | | ||
Unrealized loss on securities available for sale
|
| | | | (12,594) | | | | | | (896,035) | | | | ||
Accumulated other comprehensive loss before taxes
|
| | | | (1,352,980) | | | | | | (2,100,934) | | | | ||
Tax effect
|
| | | | 537,076 | | | | | | 833,982 | | | | ||
Accumulated other comprehensive loss
|
| | | $ | (815,904) | | | | | $ | (1,266,952) | | | | ||
|
| | |
December 31,
|
| ||||||||||||
| | |
2014
|
| |
2013
|
| | ||||||||
GAAP capital
|
| | | $ | 11,475 | | | | | $ | 11,210 | | | | ||
Add (subtract): Disallowed deferred tax assets
|
| | | | (207) | | | | | | (252) | | | | ||
Unrealized loss on securities available for sale
|
| | | | 8 | | | | | | 540 | | | | ||
Adjustment to record funded status of pension
|
| | | | 808 | | | | | | 727 | | | | ||
Core and tangible capital
|
| | | | 12,084 | | | | | | 12,225 | | | | ||
Add: Allowable allowance for loan losses
|
| | | | 396 | | | | | | 340 | | | | ||
Total risk-based capital
|
| | | $ | 12,480 | | | | | $ | 12,565 | | | | ||
|
| | |
Actual
|
| |
Minimum Capital
Requirements |
| |
To be Well
Capitalized Under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
| | |
(Dollars in Thousands)
|
| |||||||||||||||||||||||||||||||||
December 31, 2014 | | | | | | | | ||||||||||||||||||||||||||||||
Tangible Capital
|
| | | $ | 12,084 | | | | | | 12.81% | | | | | $ | 1,415 | | | | | | 1.50% | | | | | $ | N/A | | | | | | — | | |
Tier 1 (core) Capital
|
| | | | 12,084 | | | | | | 12.81% | | | | | | 3,774 | | | | | | 4.00% | | | | | | 4,718 | | | | | | 5.00% | | |
Risk-based Capital: | | | | | | | | ||||||||||||||||||||||||||||||
Tier 1
|
| | | | 12,084 | | | | | | 30.50% | | | | | | 1,585 | | | | | | 4.00% | | | | | | 2,378 | | | | | | 6.00% | | |
Total
|
| | | | 12,480 | | | | | | 31.49% | | | | | | 3,170 | | | | | | 8.00% | | | | | | 3,963 | | | | | | 10.00% | | |
December 31, 2013 | | | | | | | | ||||||||||||||||||||||||||||||
Tangible Capital
|
| | | $ | 12,225 | | | | | | 13.25% | | | | | $ | 1,384 | | | | | | 1.50% | | | | | $ | N/A | | | | | | — | | |
Tier 1 (core) Capital
|
| | | | 12,225 | | | | | | 13.25% | | | | | | 3,691 | | | | | | 4.00% | | | | | | 4,613 | | | | | | 5.00% | | |
Risk-based Capital: | | | | | | | | ||||||||||||||||||||||||||||||
Tier 1
|
| | | | 12,225 | | | | | | 35.19% | | | | | | 1,390 | | | | | | 4.00% | | | | | | 2,085 | | | | | | 6.00% | | |
Total
|
| | | | 12,565 | | | | | | 36.17% | | | | | | 2,779 | | | | | | 8.00% | | | | | | 3,474 | | | | | | 10.00% | | |
Description
|
| |
Value
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
December 31, 2014: | | | | | | ||||||||||||||||||||
Securities available for sale
|
| | | $ | 34,511,669 | | | | | $ | — | | | | | $ | 34,511,669 | | | | | $ | — | | |
December 31, 2013: | | | | | | ||||||||||||||||||||
Securities available for sale
|
| | | $ | 38,240,458 | | | | | $ | — | | | | | $ | 38,240,458 | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||||||||
| | |
2014
|
| |
2013
|
| ||||||||||||||||||
| | |
Carrying
Value |
| |
Estimated
Fair Value |
| |
Carrying
Value |
| |
Estimated
Fair Value |
| ||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||
Financial assets: | | | | | | ||||||||||||||||||||
Cash and cash equivalents
|
| | | $ | 3,720 | | | | | $ | 3,720 | | | | | $ | 2,637 | | | | | $ | 2,637 | | |
Securities held to maturity
|
| | | | 6,154 | | | | | | 6,378 | | | | | | 4,667 | | | | | | 4,809 | | |
Securities available for sale
|
| | | | 34,512 | | | | | | 34,512 | | | | | | 38,240 | | | | | | 38,240 | | |
Loans receivable
|
| | | | 43,220 | | | | | | 44,097 | | | | | | 40,040 | | | | | | 40,180 | | |
FHLB and other stock, at cost
|
| | | | 208 | | | | | | 208 | | | | | | 222 | | | | | | 222 | | |
Accrued interest receivable
|
| | | | 276 | | | | | | 276 | | | | | | 268 | | | | | | 268 | | |
Financial liabilities: | | | | | | ||||||||||||||||||||
Deposits
|
| | | | 79,555 | | | | | | 79,851 | | | | | | 78,025 | | | | | | 78,533 | | |
| | | | Sunnyside Bancorp | | |||
| Date: March 25, 2015 | | | By: | | |
/s/ Timothy D. Sullivan
Timothy D. Sullivan
President and Chief Executive Officer (Duly Authorized Representative) |
|
|
Signatures
|
| |
Title
|
| |
Date
|
|
|
/s/ Timothy D. Sullivan
|
| | | ||||
| Timothy D. Sullivan | | | President, Chief Executive Officer and Director (Principal Executive Officer) |
| |
March 25, 2015
|
|
| /s/ Edward J. Lipkus | | | | ||||
| Edward J. Lipkus | | | Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | | |
March 25, 2015
|
|
| /s/ Gerardina Mirtuono | | | | ||||
| Gerardina Mirtuono | | | Senior Vice President, Chief Operating Officer and Director | | |
March 25, 2015
|
|
| /s/ William Boeckelman | | | | ||||
| William Boeckelman | | | Director | | |
March 25, 2015
|
|
| /s/ Lawrence P. Doyle | | | | ||||
| Lawrence P. Doyle | | | Director | | |
March 25, 2015
|
|
| /s/ Deborah J. Elliot | | | | ||||
| Deborah J. Elliot | | | Director | | |
March 25, 2015
|
|
| /s/ Desmond Lyons | | | | ||||
| Desmond Lyons | | | Director | | |
March 25, 2015
|
|
| /s/ Louis G. Ricci | | | | ||||
| Louis G. Ricci | | | Director | | |
March 25, 2015
|
|
| 3.1 | | | Articles of Incorporation of Sunnyside Bancorp* | |
| 3.2 | | | Bylaws of Sunnyside Bancorp* | |
| 4 | | | Form of Common Stock Certificate of Sunnyside Bancorp* | |
| 10.1 | | | Form of Employment Agreement with Timothy D. Sullivan* | |
| 10.2 | | | Form of Employment Agreement with Gerardina Mirtuono* | |
| 10.3 | | | Form of Employee Stock Ownership Plan* | |
| 21 | | | Subsidiaries | |
| 31.1 | | | Certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 31.2 | | | Certification required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 32 | | | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 101 | | | The following financial statements for the year ended December 31, 2014, formatted in XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income and Comprehensive Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements. | |