x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
New Jersey
|
26-0065262
|
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer
I.D. No.)
|
|
104-110 Avenue C Bayonne, New Jersey
|
07002
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large Accelerated Filer
|
o
|
|
Accelerated Filer
|
o
|
||
Non-Accelerated Filer
|
o
|
|
Smaller Reporting Company
|
x
|
|
Page
|
|||
PART I. CONSOLIDATED FINANCIAL INFORMATION
|
|
|||
Item 1. Consolidated Financial Statements
|
|
|||
|
1
|
|
||
|
2
|
|
||
|
3
|
|
||
|
4
|
|
||
|
5
|
|
||
|
32
|
|
||
|
36
|
|
||
|
36
|
|
||
|
37
|
|
||
|
37
|
|
||
|
37
|
|
||
|
37
|
|
||
|
37
|
|
||
|
37
|
|
||
|
37
|
|
||
|
37
|
|
|
September 30,
2011
|
December 31,
2010
|
||||||
ASSETS
|
|
|||||||
Cash and amounts due from depository institutions
|
|
$
|
27,988
|
|
$
|
22,065
|
|
|
Interest-earning deposits
|
|
57,902
|
|
99,062
|
|
|||
|
||||||||
Total Cash and Cash equivalents
|
|
85,890
|
|
121,127
|
|
|||
|
||||||||
Securities available for sale
|
|
1,114
|
|
1,098
|
|
|||
Securities held to maturity, fair value $207,530 and $166,785; respectively
|
|
199,795
|
|
165,572
|
|
|||
Loans held for sale
|
|
3,275
|
|
5,572
|
|
|||
Loans receivable, net of allowance for loan losses of $9,040 and $8,417; respectively
|
|
749,329
|
|
773,101
|
|
|||
Premises and equipment
|
|
12,677
|
|
11,359
|
|
|||
Property held for sale
|
|
1,017
|
|
1,017
|
||||
Federal Home Loan Bank of New York stock
|
|
6,678
|
|
6,723
|
|
|||
Interest receivable
|
|
4,956
|
|
5,203
|
|
|||
Other real estate owned
|
|
4,857
|
|
3,602
|
|
|||
Deferred income taxes
|
|
5,595
|
|
5,785
|
||||
Other assets
|
|
4,559
|
|
6,729
|
|
|||
|
||||||||
Total Assets
|
|
$
|
1,079,742
|
|
$
|
1,106,888
|
|
|
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|||||||
LIABILITIES
|
|
|||||||
Non-interest bearing deposits
|
|
$
|
68,061
|
|
$
|
69,471
|
|
|
Interest bearing deposits
|
|
791,519
|
|
816,817
|
|
|||
|
||||||||
Total deposits
|
|
859,580
|
|
886,288
|
|
|||
Long-term debt
|
|
114,124
|
|
114,124
|
|
|||
Other Liabilities
|
|
7,142
|
|
7,502
|
|
|||
|
||||||||
Total Liabilities
|
|
980,846
|
|
1,007,914
|
|
|||
|
||||||||
STOCKHOLDERS’ EQUITY
|
|
|||||||
Preferred stock: 10,000,000 shares authorized; none issued and outstanding
|
|
-
|
|
-
|
||||
Common stock; $0.064; stated value; 20,000,000 shares authorized,
10,172,967 and 10,144,830 shares respectively, issued; 9,224,784 shares
and 9,383,695 shares, respectively, outstanding
|
|
650
|
|
649
|
|
|||
Additional paid-in capital
|
|
85,557
|
|
85,327
|
|
|||
Treasury stock, at cost, 948,183 and 761,135 shares, respectively
|
|
(12,774)
|
(10,760
|
)
|
||||
Retained Earnings
|
|
25,449
|
|
23,753
|
|
|||
Accumulated other comprehensive income, net of taxes
|
|
14
|
|
5
|
|
|||
|
||||||||
Total Stockholders’ equity
|
|
98,896
|
|
98,974
|
|
|||
|
||||||||
Total Liabilities and Stockholders’ equity
|
|
$
|
1,079,742
|
$
|
1,106,888
|
|
||
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans
|
$ | 10,664 | $ | 10,549 | $ | 33,015 | $ | 23,355 | ||||||||
Investments, taxable
|
2,039 | 1,400 | 5,922 | 4,232 | ||||||||||||
Investment, non-taxable
|
12 | 10 | 37 | 10 | ||||||||||||
Other interest-earning assets
|
13 | 34 | 59 | 74 | ||||||||||||
Total interest income
|
12,728 | 11,993 | 39,033 | 27,671 | ||||||||||||
Interest expense:
|
||||||||||||||||
Deposits:
|
||||||||||||||||
Demand
|
215 | 311 | 662 | 699 | ||||||||||||
Savings and club
|
260 | 514 | 804 | 1,024 | ||||||||||||
Certificates of deposit
|
1,613 | 1,558 | 4,918 | 4,451 | ||||||||||||
2,088 | 2,383 | 6,384 | 6,174 | |||||||||||||
Borrowed money
|
1,246 | 1,505 | 3,701 | 3,959 | ||||||||||||
Total interest expense
|
3,334 | 3,888 | 10,085 | 10,133 | ||||||||||||
Net interest income
|
9,394 | 8,105 | 28,948 | 17,538 | ||||||||||||
Provision for loan losses
|
800 | 800 | 1,600 | 1,550 | ||||||||||||
Net interest income after provision for loan losses
|
8,594 | 7,305 | 27,348 | 15,988 | ||||||||||||
Non-interest income:
|
||||||||||||||||
Fees and service charges
|
76 | 310 | 538 | 710 | ||||||||||||
Gain on sales of loans originated for sale
|
190 | 67 | 594 | 195 | ||||||||||||
Loss on sale of real estate owned
|
(121 | ) | - | (257 | ) | (14 | ) | |||||||||
Gain on sale of securities
|
- | - | 18 | - | ||||||||||||
Gain on bargain purchase
|
- | 12,582 | - | 12,582 | ||||||||||||
Other
|
37 | 17 | 195 | 34 | ||||||||||||
Total non-interest income
|
182 | 12,976 | 1,088 | 13,507 | ||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
3,229 | 4,760 | 9,136 | 7,530 | ||||||||||||
Occupancy expense of premises
|
743 | 755 | 2,245 | 1,315 | ||||||||||||
Equipment
|
1,061 | 1,113 | 3,152 | 2,203 | ||||||||||||
Professional Fees
|
594 | 252 | 1,056 | 445 | ||||||||||||
Directors Fees
|
180 | 131 | 479 | 345 | ||||||||||||
Regulatory Assessments
|
122 | 383 | 915 | 745 | ||||||||||||
Advertising
|
115 | 100 | 293 | 238 | ||||||||||||
Merger related expenses
|
81 | 288 | 337 | 632 | ||||||||||||
Other
|
623 | 856 | 2,346 | 1,619 | ||||||||||||
Total non-interest expense
|
6,748 | 8,638 | 19,959 | 15,072 | ||||||||||||
Income before income tax provision
|
2,028 | 11,643 | 8,477 | 14,423 | ||||||||||||
Income tax provision (benefit)
|
840 | (299 | ) | 3,416 | 841 | |||||||||||
Net Income
|
$ | 1,188 | $ | 11,942 | $ | 5,061 | $ | 13,582 | ||||||||
Net Income per common share:
|
||||||||||||||||
Basic
|
$ | 0.13 | $ | 1.28 | $ | 0.54 | $ | 2.19 | ||||||||
Diluted
|
$ | 0.13 | $ | 1.28 | $ | 0.54 | $ | 2.18 | ||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
9,245 | 9,300 | 9,333 | 6,208 | ||||||||||||
Diluted
|
9,259 | 9,315 | 9,350 | 6,223 |
Common Stock
|
Additional
Paid-In Capital
|
Treasury
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Total
|
|||||||||||||||||||
Beginning Balance at December 31, 2010
|
$ | 649 | $ | 85,327 | $ | (10,760 | ) | $ | 23,753 | $ | 5 | $ | $98,974 | |||||||||||
Exercise of Stock Options (28,137 shares)
|
1 | 230 | — | — | — | 231 | ||||||||||||||||||
Treasury Stock Purchases (187,048 shares)
|
— | — | (2,014 | ) | — | — | (2,014 | ) | ||||||||||||||||
Cash dividends ($0.36 per share) declared
|
— | — | — | (3,365 | ) | — | (3,365 | ) | ||||||||||||||||
Net income for the nine months ended
September 30, 2011
|
— | — | — | 5,061 | — | 5,061 | ||||||||||||||||||
Unrealized gain on securities, available for sale, net of deferred income tax of $(7)
|
— | — | — | — | 9 | 9 | ||||||||||||||||||
Total Comprehensive income
|
— | — | — | — | — | 5,070 | ||||||||||||||||||
Ending Balance at September 30, 2011
|
$ | 650 | $ | 85,557 | $ | (12,774 | ) | $ | 25,449 | $ | 14 | $ | 98,896 | |||||||||||
|
Nine Months Ended
September 30,
|
|||||||
|
2011
|
2010
|
||||||
Cash flows from operating activities:
|
|
|||||||
Net Income
|
|
$
|
5,061
|
$
|
13,582
|
|||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|||||||
Depreciation of premises and equipment
|
|
758
|
448
|
|||||
Amortization and accretion, net
|
|
963
|
1,278
|
|||||
Provision for loan losses
|
|
1,600
|
1,550
|
|||||
Deferred income tax benefit
|
|
183
|
(300)
|
|||||
Loans originated for sale
|
|
(14,375)
|
(18,019)
|
|||||
Proceeds from sale of loans originated for sale
|
|
15,597
|
14,416
|
|||||
Gain on sales of loans originated for sale
|
|
(594)
|
(195)
|
|||||
Loss on sale of real estate owned
|
|
257
|
14
|
|||||
Gain on bargain purchase
|
|
-
|
(12,582)
|
|||||
Gain on sales of securities held to maturity
|
|
(18)
|
-
|
|||||
Decrease (increase) in interest receivable
|
247
|
(525)
|
||||||
Decrease in other assets
|
|
2,170
|
860
|
|||||
(Decrease) in accrued interest payable
|
|
(38)
|
(241)
|
|||||
(Decrease) in other liabilities
|
|
(322)
|
(2,651)
|
|||||
Net cash provided by (used in) operating activities
|
|
11,489
|
(2,365)
|
|||||
|
||||||||
Cash flows from investing activities:
|
|
|||||||
Redemption of Federal Home Loan Bank of New York stock
|
|
45
|
1,857
|
|||||
Proceeds from calls of securities held to maturity
|
|
29,822
|
106,615
|
|||||
Purchases of securities held to maturity
|
|
(92,964)
|
(62,412)
|
|||||
Proceeds from repayments on securities held to maturity
|
|
25,360
|
14,136
|
|||||
Proceeds from sales of securities held to maturity
|
2,438
|
-
|
||||||
Proceeds from sales of participation interest in loans
|
|
3,876
|
-
|
|||||
Proceeds from sales of real estate owned
|
|
1,450
|
480
|
|||||
Purchases of loans
|
(2,279)
|
-
|
||||||
Net decrease in loans receivable
|
|
19,563
|
15,385
|
|||||
Cash acquired in acquisition
|
-
|
22,979
|
||||||
Improvements to other real estate owned
|
|
(105)
|
(20)
|
|||||
Additions to premises and equipment
|
|
(2,076)
|
(360)
|
|||||
|
||||||||
Net cash (used in) provided by investing activities
|
|
(14,870)
|
98,660
|
|||||
Cash flows from financing activities:
|
|
|||||||
Net (Decrease) increase in deposits
|
|
(26,708)
|
7,824
|
|||||
Net change in short-term borrowings
|
-
|
(43,815)
|
||||||
Purchases of treasury stock
|
|
(2,014)
|
(123)
|
|||||
Cash dividend paid
|
|
(3,365)
|
(2,268)
|
|||||
Exercise of stock options
|
|
231
|
73
|
|||||
|
||||||||
Net cash (used in) financing activities
|
|
(31,856)
|
(38,309)
|
|||||
|
||||||||
Net (Decrease) increase in cash and cash equivalents
|
|
(35,237)
|
57,986
|
|
||||
Cash and cash equivalents-beginning
|
|
121,127
|
67,347
|
|
||||
|
||||||||
Cash and cash equivalents-ending
|
|
$
|
85,890
|
$
|
125,333
|
|
||
|
||||||||
Supplemental disclosure of cash flow information:
|
|
|||||||
Cash paid during the year for:
|
|
|||||||
Income taxes
|
|
$
|
3,454
|
$
|
2,220
|
|
||
Interest
|
|
$
|
10,123
|
$
|
10,374
|
|
||
Non-cash items:
|
|
|||||||
Assets acquired; net of cash and cash equivalents
|
|
$
|
-
|
$
|
514,523
|
|
||
Liabilities assumed
|
|
$
|
-
|
$
|
486,275
|
|||
Transfer of loans to other real estate owned
|
|
$
|
3,799
|
$
|
2,678
|
|
||
Loans to facilitate sale of other real estate owned
|
|
$
|
942
|
$
|
-
|
|||
Reclassification of loans originated for sale to held to maturity
|
|
$
|
1,669
|
$
|
4,741
|
For the Nine Months Ended | ||||||||
September 30, 2010
|
September 30, 2010
|
|||||||
(As previously reported) | (Adjusted) | |||||||
(In thousands)
|
||||||||
Gain on bargain purchase
|
$ | 10,210 | $ | 12,582 | ||||
Total non-interest income
|
11,135 | 13,507 | ||||||
Occupancy and equipment
|
1,255 | 1,315 | ||||||
Total non-interest expense
|
15,012 | 15,072 | ||||||
Income tax expense
|
865 | 841 | ||||||
Net Income
|
11,246 | 13,582 | ||||||
Net income per common share
|
||||||||
Basic
|
$ | 1.81 | $ | 2.19 | ||||
Diluted
|
$ | 1.81 | $ | 2.18 | ||||
For the Nine Months Ended | ||||||||
September 30, 2010
|
September 30, 2010
|
|||||||
(As previously reported) | (Adjusted) | |||||||
(In thousands) | ||||||||
Net income
|
$ | 11,246 | $ | 13,582 | ||||
Depreciation of premises and equipment
|
388 | 448 | ||||||
Gain on bargain purchase
|
10,210 | 12,582 | ||||||
(Decrease) in other liabilities
|
2,627 | 2,651 | ||||||
Assets acquired; net of cash and cash equivalents
|
512,420 | 514,523 | ||||||
Liabilities assumed | 486,544 | 486,275 | ||||||
Consideration paid
|
||||
BCB Community Bancorp, Inc. common stock issued
|
$ | 6,168 | ||
Estimated amounts of identifiable assets acquired and liabilities assumed:
|
||||
Cash and cash equivalents
|
$ | 5,883 | ||
Investment securities
|
35,476 | |||
Loans receivable
|
88,397 | |||
Federal Home Loan Bank of New York stock
|
819 | |||
Premises and equipment
|
1,686 | |||
Interest Receivable
|
483 | |||
Deferred income taxes
|
453 | |||
Other assets
|
536 | |||
Deposits
|
(111,365 | ) | ||
Borrowings
|
(15,458 | ) | ||
Other liabilities
|
(306 | ) | ||
Total identifiable net assets
|
6,604 | |||
Gain on bargain purchase to be recognized in non-interest income
|
$ | 436 |
Three months ended
September 30
|
Nine Months ended September 30
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Pension plan:
|
||||||||||||||||
Interest cost
|
$ | 117 | $ | 123 | $ | 351 | $ | 123 | ||||||||
Expected return on plan assets
|
(94 | ) | (91 | ) | (282 | ) | (91 | ) | ||||||||
Net periodic pension cost
|
$ | 23 | $ | 32 | $ | 69 | $ | 32 | ||||||||
SERP plan:
|
||||||||||||||||
Interest cost
|
$ | 7 | $ | 10 | $ | 22 | $ | 10 | ||||||||
Net periodic postretirement cost
|
$ | 7 | $ | 10 | $ | 22 | $ | 10 | ||||||||
A summary of stock option activity, adjusted to retroactively reflect subsequent stock dividends, follows:
|
Number of
Option Shares
|
Range of Exercise
Prices
|
Weighted
Average Exercise
Price
|
|||||||||
Outstanding at December 31, 2009
|
279,500 | $ | 5.29-$15.65 | 10.38 | ||||||||
Options forfeited
|
(4,210 | ) | $ | 5.29-$11.84 | 7.72 | |||||||
Options exercised
|
(13,677 | ) | 5.29 | 5.29 | ||||||||
Options added through merger
|
28,000 | 18.41-29.25 | 24.22 | |||||||||
Outstanding at December 31, 2010
|
289,613 | $ | 5.29-$29.25 | $ | 12.00 | |||||||
Options exercised
|
(28,137 | ) | 5.29-9.34 | 8.24 | ||||||||
Options granted
|
60,000 | 8.93 | 8.93 | |||||||||
Outstanding at September 30, 2011 | 321,476 | $ | 5.29-29.25 | $ | 11.85 |
Expected life
|
6.5 years
|
|||
Risk-free interest rate
|
1.24 | % | ||
Volatility
|
20.83 | % | ||
Dividend yield
|
5.38 | % | ||
Fair value
|
$ | 2.27 |
|
September 30, 2011
|
|||||||||||||||
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|||||||||
|
(In Thousands)
|
|||||||||||||||
Equity Securities-Financial Institutions
|
|
$
|
1,097
|
|
$
|
133
|
|
|
$
|
116
|
|
|
$
|
1,114
|
||
|
||||||||||||||||
|
December 31, 2010
|
|||||||||||||||
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|||||||||
|
(In Thousands)
|
|||||||||||||||
Equity Securities-Financial Institutions
|
|
$
|
1,097
|
|
|
$
|
32
|
|
|
$
|
31
|
|
|
$
|
1,098
|
|
|
|
|
|
Less than 12 Months
|
More than 12 Months
|
Total
|
||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||
(In Thousands)
|
||||||||||||||||||
September 30, 2011
|
||||||||||||||||||
Equity Securities-Financial Institutions
|
$ | 884 | $ | 116 | $ | — | $ | — | $ | 884 | $ | 116 | ||||||
December 31, 2010
|
||||||||||||||||||
Equity Securities-Financial Institutions
|
$ | 65 | $ | 31 | $ | — | $ | — | $ | 65 | $ | 31 | ||||||
|
September 30, 2011
|
|||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|||||||||
|
(In Thousands)
|
|||||||||||||||
U.S. Government Agencies:
|
|
|
|
|
||||||||||||
Due within one year
|
|
$
|
3,315
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
3,391
|
|
Due after ten years
|
|
13,000
|
|
|
92
|
|
|
—
|
|
|
13,092
|
|||||
|
|
|
|
|||||||||||||
|
16,315
|
|
|
168
|
|
|
—
|
|
|
16,483
|
||||||
|
|
|
|
|||||||||||||
Residential mortgage-backed securities:
|
|
|
|
|
||||||||||||
Due within one year
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
Due after one year through five years
|
|
958
|
|
|
37
|
|
|
1
|
|
|
994
|
|||||
Due after five years through ten years
|
|
40,813
|
|
|
515
|
|
|
35
|
|
|
41,293
|
|||||
Due after ten years
|
|
133,916
|
|
|
7,006
|
|
|
7
|
|
|
140,915
|
|||||
|
|
|
|
|||||||||||||
|
175,706
|
|
|
7,558
|
|
|
43
|
|
|
183,221
|
||||||
|
|
|
|
|||||||||||||
Subordinated notes:
|
|
|
|
|
||||||||||||
Due within one year
|
|
$
|
6,000
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,000
|
|||
Municipal obligations:
|
|
|
|
|
|
|||||||||||
Due after ten years
|
|
1,371
|
50
|
|
|
—
|
|
|
1,421
|
|||||||
Trust originated preferred security:
|
|
|
|
|
||||||||||||
Due after ten years
|
|
403
|
2
|
|
|
—
|
|
|
405
|
|||||||
|
||||||||||||||||
|
||||||||||||||||
|
$
|
7,774
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
7,826
|
||
|
|
|
|
|
||||||||||||
|
$
|
199,795
|
$
|
7,778
|
|
$
|
43
|
|
$
|
207,530
|
||||||
|
|
|
|
|
December 31, 2010
|
|||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|||||||||
|
(In Thousands)
|
|||||||||||||||
U.S. Government Agencies:
|
|
|
|
|
||||||||||||
Due after one through five years
|
|
$
|
3,315
|
|
|
$
|
180
|
|
|
$
|
—
|
|
|
$
|
3,495
|
|
Due after ten years
|
|
27,523
|
|
|
14
|
|
|
62
|
|
|
27,475
|
|
||||
|
|
|
|
|||||||||||||
|
30,838
|
|
|
194
|
|
|
62
|
|
|
30,970
|
|
|||||
|
|
|
|
|||||||||||||
Residential mortgage-backed securities:
|
|
|
|
|
||||||||||||
Due within one year
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Due after one year through five years
|
|
775
|
|
|
24
|
|
|
1
|
|
|
798
|
|
||||
Due after five years through ten years
|
|
54,629
|
|
|
374
|
|
|
357
|
|
|
54,646
|
|
||||
Due after ten years
|
|
71,545
|
|
|
1,552
|
|
|
493
|
|
|
72,604
|
|
||||
|
|
|
|
|||||||||||||
|
126,955
|
|
|
1,950
|
|
|
851
|
|
|
128,054
|
|
|||||
|
|
|
|
|||||||||||||
Subordinated notes:
|
|
|
|
|
||||||||||||
Due within one year
|
|
$
|
6,000
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,000
|
|
||
Municipal obligations:
|
|
|
|
|
||||||||||||
Due after ten years
|
|
1,376
|
—
|
|
|
21
|
|
|
1,355
|
|||||||
Trust originated preferred security:
|
|
|
|
|
||||||||||||
Due after ten years
|
|
403
|
3
|
|
|
—
|
|
|
406
|
|||||||
|
$
|
165,572
|
|
|
$
|
2,147
|
|
|
$
|
934
|
|
|
$
|
166,785
|
|
|
|
|
|
|
Less than 12 Months
|
More than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
September 30, 2011
|
||||||||||||||||||||||||
U.S. Government Agencies
|
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Residential mortgage-backed securities
|
4,750 | 10 | 6,538 | 33 | 11,288 | 43 | ||||||||||||||||||
$ | 4,750 | $ | 10 | $ | 6,538 | $ | 33 | $ | 11,288 | $ | 43 | |||||||||||||
December 31, 2010
|
||||||||||||||||||||||||
U.S. Government Agencies
|
$ | 20,328 | $ | 62 | $ | — | $ | — | $ | 20,328 | $ | 62 | ||||||||||||
Residential mortgage-backed securities
|
74,899 | 851 | — | — | 74,899 | 851 | ||||||||||||||||||
Municipal obligations
|
1,355 | 21 | — | — | 1,355 | 21 | ||||||||||||||||||
$ | 96,582 | $ | 934 | $ | — | $ | — | $ | 96,582 | $ | 934 | |||||||||||||
September 30, 2011
|
December 31, 2010
|
|||||||
(In Thousands)
|
||||||||
Real estate mortgage:
|
||||||||
Residential
|
$ | 222,002 |