Loans

9 Months Ended

Sep. 30, 2011

Note 4 – Loans

The Company originates mortgage and installment loans to customers located primarily in Cook, DuPage and Will counties, Illinois. Substantially all loans are secured by specific items of collateral, primarily residential real estate and consumer assets.

Loans receivable are summarized as follows at the period end:


	September 30, 2011			December 31, 2010
One-to-four-family residential	$	95,698		$	98,179
Multi-family residential		14,325			15,135
Commercial, construction and land		15,645			16,828
Consumer loans		5,163			5,738
Participations and loans purchased		5,226			6,106

Total loans, gross		136,057			141,986
Undisbursed portion of loans (LIP)		(947	)		(1,091	)
Net deferred loan origination fees		(216	)		(192	)

Total loans, net of LIP and deferred fees		134,894			140,703
Allowance for loan losses		(5,974	)		(5,144	)

Total loans, net	$	128,920		$	135,559

During the quarter, the Bank continued to participate in the Federal Home Loan Bank's MPFXtra program with the sale of two performing one-to-four-family residential loans totaling $300,000, generating a $12,000 gain on the sale. Under this program all loans are sold with recourse, therefore the Federal Home Loan Bank has the right to return the loan to the Bank if underwriting guidelines do not meet their standards. Based on the limited number of loans sold under this program, no liability has been established for the recourse portion of the loan sales as the amounts would be considered immaterial. Management intends to continue with this program to the extent that future loan originations meet the guidelines for the program. For the nine months ended September 30, 2011 the Bank has generated $17,000 in gains on the sales of loans under this program. Two loans totaling $504,000 were sold during the nine months ended September 30, 2010 and generated $8,000 in gains on sale.

Loan Origination/Risk Management. Single family real estate loans are originated using secondary market underwriting guidelines. We originate both fixed rate and adjustable rate loans in our residential lending program. We typically base our decision on whether to sell or retain secondary market quality loans on the rate and fees for each loan, market conditions and liquidity needs. Pursuant to the Bank's policies that prohibit such lending practices, we do not originate option ARM or subprime loans or loans with initial teaser rates.

Multi-family and commercial real estate loans have higher loan balances, are more difficult to evaluate and monitor, and involve a greater degree of risk than one-to-four-family residential loans. Often payments on loans secured by multi-family or commercial properties are dependent on the successful operation and management of the property; therefore, repayment of these loans may be affected by adverse conditions in the real estate market or the economy. We generally require and obtain loan guarantees from financially capable parties based upon the review of personal financial statements. If the borrower is a corporation, we generally require and obtain personal guarantees from the corporate principals based upon a review of their personal financial statements, tax returns and individual credit reports.

Multi-family and commercial real estate loans are originated with rates that generally adjust after an initial period ranging from three to seven years. Adjustable rate multi-family residential and commercial real estate loans are generally fixed rate with terms of three to five years after which they adjust annually to an index tied to the one year treasury rates plus an acceptable margin. These loans are typically amortized for up to thirty years with a prepayment penalty. The maximum loan to value ratio for multi-family and commercial real estate loans is generally 75% on purchases and refinancings. We require appraisals of all properties securing commercial and multi-family real estate loans, performed by independent appraisers designated by us at origination, when a modification, extension or refinance of the loan is requested, when a loan is 180 days or more past due and annually thereafter until the Bank has possession of the property. We require our multi-family and commercial real estate loan borrowers to submit annual financial statements and rent rolls for the subject property. We generally require a minimum pro forma debt coverage ratio of 1.20 times for loans secured by multi-family and commercial properties. We require financial statements for modifications and cross-collateralization of multiple loans by one borrower. In addition, if multiple borrowers are involved, personal guarantees are required before originating the loans.

We originate construction and site development loans to contractors and builders primarily to finance the construction of single-family homes and subdivisions. Loans to finance the construction of single-family homes and subdivisions are generally offered to experienced builders in our primary market areas. All builders are qualified using the same standards as other commercial loan credits, requiring minimum debt service coverage ratios and established cash reserves to carry projects through construction completion and sale of the project. The maximum loan-to-value limit on both pre-sold and speculative projects is generally up to 75% of the appraised market value or sales price upon completion of the project. We may not require any cash equity from the borrower if there is sufficient equity in the land being used as collateral. Development plans are required from builders prior to making the loan. We require that builders maintain adequate insurance coverage.

We also originate land loans to individuals. Land loans are secured by a first lien on the property; generally have a maximum loan to value ratio of 70% at a fixed rate of interest on one to five year balloon notes with a maximum amortization of thirty years.

Our consumer loans are risk priced based on credit score and overall credit quality of the applicant. Home equity loans are made for, among other purposes, the improvement of residential properties, debt consolidation and education expenses. The majority of these loans are secured by a second mortgage on residential property. Fixed rate terms are available up to 120 months, and our equity line of credit is generally a prime rate based loan. Maximum loan to value ratios are dependent on credit worthiness and may be originated at up to 80% of collateral value.

Concentrations of Credit. The Bank's lending activity primarily occurs within the geographic areas which we serve through our branch network, generally described as south and southwest Chicago, Illinois and the western suburbs of Chicago. Our loan portfolio mix includes 70.3% in one-to-four family mortgages, 10.5% in multifamily residential mortgages, 11.5% in commercial real estate mortgages, construction loans and land loans, 3.8% in direct consumer loans, and 3.9% in participations and loans purchased which are split close to equally between one-to-four family and commercial real estate as of September 30, 2011.

Outstanding commitments to borrowers for loans as of September 30, 2011 and December 31, 2010 totaled $671,000 and $1.7 million, respectively. Unfunded commitments under lines of credit as of September 30, 2011 and December 31, 2010 totaled $3.1 million and $2.0 million, respectively.

Credit Quality Indicators. Federal regulations provide for the classification of lower quality loans and other assets, such as debt and equity securities, as substandard, doubtful or loss. An asset is considered substandard if it is inadequately protected by the current net worth and pay capacity of the borrower or of any collateral pledged. Substandard assets include those characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted.

Senior management performs a quarterly review of the classification of all of the Bank's assets. When we classify problem assets as either substandard or doubtful, we may consider the loans to be impaired and establish a specific allowance in an amount we deem prudent and approved by senior management or the Audit Committee or we may allow the loss to be addressed in the general allowance. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been specifically allocated to particular problem assets. When an insured institution classifies problem assets as a loss, it is required to charge off such assets in the period in which they are deemed uncollectible. Assets that do not currently expose us to sufficient risk to warrant classification as substandard or doubtful but possess identified weaknesses are required to be classified as either watch or special mention assets. Our determination as to the classification of our assets and the amount of our valuation allowances is subject to review by our regulators, which can order the establishment of additional loss allowances.

Early indicator loan grades are used by the Bank to identify and track potential problem loans which do not rise to the levels described for substandard, doubtful or loss. The grades for watch and special mention are assigned to loans which have been criticized based upon known characteristics such as periodic payment delinquency or stale financial information from the borrower and/or guarantors. Loans identified as criticized (watch and special mention) or classified (substandard, doubtful, or loss) are subject to problem loan reporting not less than every three months. At September 30, 2011 and December 31, 2010 the Bank had no loans classified as doubtful or loss.

The following tables present a summary of loans, net of LIP and deferred fees, by class and risk category at September 30, 2011 and December 31, 2010.


	September 30, 2011
	One-to-Four Family		Multi- Family		Commercial, Construction and Land		Consumer		Participations and Loans Purchased		Total
Grade:
Pass	$	88,146	$	12,049	$	11,715	$	4,978	$	4,646	$	121,534
Special mention		—		361		884		122		—		1,367
Substandard		7,313		1,848		2,209		43		580		11,993

Total	$	95,459	$	14,258	$	14,808	$	5,143	$	5,226	$	134,894


	December 31, 2010
	One-to-Four Family		Multi- Family		Commercial, Construction and Land		Consumer		Participations and Loans Purchased		Total
Grade:
Pass	$	90,084	$	12,234	$	14,018	$	4,968	$	5,501	$	126,805
Special mention		—		675		147		770		—		1,592
Substandard		7,950		2,195		1,556		—		605		12,306

Total	$	98,034	$	15,104	$	15,721	$	5,738	$	6,106	$	140,703

Nonperforming loans include both smaller dollar balance homogeneous loans that are collectively evaluated for impairment and individually classified loans. The following tables present a summary of the loan portfolio, net of LIP and deferred fees, by class and credit quality at September 30, 2011 and December 31, 2010.


	September 30, 2011
	One-to-Four Family		Multi- Family		Commercial, Construction and Land		Consumer		Participations and Loans Purchased		Total
Performing	$	87,906	$	12,410	$	12,101	$	5,100	$	4,646	$	122,163
Nonperforming		7,553		1,848		2,707		43		580		12,731

Total	$	95,459	$	14,258	$	14,808	$	5,143	$	5,226	$	134,894


	December 31, 2010
	One-to-Four Family		Multi- Family		Commercial, Construction and Land		Consumer		Participations and Loans Purchased		Total
Performing	$	89,452	$	12,909	$	14,165	$	5,738	$	5,435	$	127,699
Nonperforming		8,582		2,195		1,556		—		671		13,004

Total	$	98,034	$	15,104	$	15,721	$	5,738	$	6,106	$	140,703

The following is a summary of information pertaining to nonaccrual loans, net of LIP and deferred fees:


	September 30, 2011		December 31, 2010
Nonperforming loans:
Nonaccrual loans	$	11,002	$	12,113
Nonaccrual troubled debt restructured loans		81		193

Total nonaccrual loans		11,083		12,306
Loans past due 90 days still on accrual		739		698
Substandard loans less than 90 days nonperforming		909		—

Total nonperforming loans	$	12,731	$	13,004

In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company's underwriting policy.

During the three and nine months ended September 30, 2011, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk or advance of principal.

Modifications involving a reduction of the stated interest rate of the loan were for interest rates ranging from 2.0% to 6.0% and periods ranging from 12 months to 120 months. Modifications involving an extension of the maturity date were for periods ranging from 12 months to 120 months.

As a result of adopting the amended guidance in determining whether a restructuring is a troubled debt restructuring, the Company reassessed all restructurings that occurred on or after January 1, 2011 for identification as troubled debt restructurings. The Company did not identify any loans as troubled debt restructurings for which the allowance for loan losses had previously been measured under a general allowance for loan losses methodology.

The book balance of troubled debt restructurings at September 30, 2011 was $3,065,000, which included $81,000 of nonperforming loans and $2,984,000 of performing loans. The book balance of troubled debt restructurings at December 31, 2010 was $1,606,000, which included $193,000 of nonperforming loans and $1,413,000 of performing loans. Approximately $202,000 and $189,000 in specific reserves were established with respect to these loans as of September 30, 2011 and December 31, 2010. As of September 30, 2011, the Company has advanced $7,000 to a loan classified as a troubled debt restructuring. The Company had no additional amounts committed on any loan classified as a troubled debt restructuring as of December 31, 2010.

The following table presents loans by class modified as troubled debt restructurings during the three and nine months ended September 30, 2011:


	Three Months Ended						Nine Months Ended
	September 30, 2011						September 30, 2011
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Troubled Debt Restructurings
One-to-four family:
Term Modification		5	$	512	$	512		8	$	1,008	$	1,008
Rate Modification		—		—		—		1		193		193
Advancement of Principal		1		277		284		1		277		284

Commercial:
Term Modification		—		—		—		1		261		261

Total		6	$	789	$	796		11	$	1,739	$	1,746

The troubled debt restructurings described above did not increase the allowance for loan losses during the three months ended September 30, 2011, but did result in net charge-offs of $76,000.

The troubled debt restructurings described above increased the allowance for loan losses by $35,000 through the allocation of specific reserves, and resulted in net charge-offs of $76,000 during the nine month period ended September 30, 2011.

A loan is considered to be in payment default when it is 30 days contractually past due under the modified terms. For the three and nine month periods ended September 30, 2011, there were no loans modified as troubled debt restructurings for which there was a payment default within the 12 months following the modification.

Nonaccrual and Past Due Loans. Loans are considered past due if the required principal and interest payments have not been received on the date such payments were due. Loans are placed on non-accrual when they become greater than 90 days past due, as well as when required by regulatory provisions.

The following table is a summary of nonaccrual loan balances, net of LIP and deferred fees, by class of loan at September 30, 2011 and December 31, 2010.


	September 30, 2011		December 31, 2010
One-to-four family	$	6,882	$	7,950
Multi-family		1,848		2,195
Commercial, construction and land		1,750		1,556
Consumer		23		—
Participations and loans purchased		580		605

Total nonaccrual loans		11,083		12,306
Loans past due 90 days still on accrual		739		698
Substandard loans less than 90 days nonperforming		909		—

Total nonperforming loans	$	12,731	$	13,004

The following tables summarize the aging of loans, net of LIP and deferred fees, by class at September 30, 2011 and December 31, 2010.

September 30, 2011

Loans Past Due


	30-59 Days		60-89 Days⁽¹⁾		90 Days and Greater⁽²⁾		Total		Current⁽¹⁾		Total Loans
Real estate:
One-to-four family	$	1,215	$	589	$	7,122	$	8,926	$	86,533	$	95,459
Multi-family		—		—		1,848		1,848		12,410		14,258
Commercial, construction and land		820		—		2,249		3,069		11,739		14,808

Total real estate		2,035		589		11,219		13,843		110,682		124,525

Consumer		—		—		23		23		5,120		5,143
Participations and loans purchased		115		61		580		756		4,470		5,226

Total	$	2,150	$	650	$	11,822	$	14,622	$	120,272	$	134,894

(1)

Loans performing under a payment plan are classified as substandard because they do not have enough payment history to remove them from the nonperforming classification: Three loans in the aggregate amount of $384,000 are included in the current aging category; one loan in the amount of $459,000 is included in the 30-59 day aging category and is classified as substandard and two loans in the amount of $66,000 are included in the 60-89 day aging category.

(2)	Includes three loans in the aggregate amount of $739,000 that are 90 days past due and still accruing interest. There were no loans over 90 days past due and still accruing interest.

December 31, 2010

Loans Past Due


	30-59 Days		60-89 Days		90 Days and Greater⁽¹⁾		Total		Current		Total Loans
Real estate:
One-to-four family	$	2,062	$	732	$	8,582	$	11,376	$	86,658	$	98,034
Multi-family		359		204		2,195		2,758		12,346		15,104
Commercial, construction and land		363		—		1,556		1,919		13,802		15,721

Total real estate		2,784		936		12,333		16,053		112,806		128,859

Consumer		109		20		—		129		5,609		5,738
Participations and loans purchased		14		84		671		769		5,337		6,106

Total	$	2,907	$	1,040	$	13,004	$	16,951	$	123,752	$	140,703

(1)	Includes $698,000 of loans that are 90 days past due and still accruing interest. There were no other loans over 90 days past due and still accruing interest.

A loan is considered impaired when we have determined that we may be unable to collect payments of principal or interest when due under the terms of the loan. In the process of identifying loans as impaired, management takes into consideration factors which include payment history and status, collateral value, financial condition of the borrower, and the probability of collecting scheduled payments in the future. Minor payment delays and insignificant payment shortfalls typically do not result in a loan being classified as impaired. The significance of payment delays and shortfalls is considered by management on a case by case basis, after taking into consideration the totality of circumstances surrounding the loans and the borrowers, including payment history and amounts of any payment shortfall, length and reason for delay, and likelihood of return to stable performance. Impairment is measured on a loan by loan basis for all loans in the portfolio except for the smaller groups of homogeneous consumer loans in the portfolio.

The following tables present loans individually evaluated for impairment by class of loan, net of LIP and deferred fees, as of September 30, 2011 and December 31, 2010.


	September 30, 2011
	Recorded Investment (1)		Unpaid Principal Balance (1)		Related Allowance
Loans with no related allowance:
One-to-four family	$	3,092	$	3,092	$	—
Multi-family		523		523		—
Commercial, construction and land		577		577		—
Consumer		18		18		—

Total	$	4,210	$	4,210	$	—

Loans with an allowance:
One-to-four family	$	6,930	$	6,930	$	2,226
Multi-family		1,325		1,325		285
Commercial, construction and land		1,892		1,892		589
Consumer		28		28		28
Participations and purchased loans		580		580		13

Total	$	10,755	$	10,755	$	3,141

Total impaired loans:
One-to-four family	$	10,022	$	10,022	$	2,226
Multi-family		1,848		1,848		285
Commercial, construction and land		2,469		2,469		589
Consumer		46		46		28
Participations and purchased loans		580		580		13

Total	$	14,965	$	14,965	$	3,141

(1)	Based on the methods utilized by the Company related to impaired loans, the Recorded Investment and the Unpaid Principal Balance in the above table are the same.


	December 31, 2010
	Recorded Investment (1)		Unpaid Principal Balance (1)		Related Allowance
Loans with no related allowance:
One-to-four family	$	1,250	$	1,250	$	—
Multi-family		913		913		—
Commercial, construction and land		760		760		—

Total	$	2,923	$	2,923	$	—

Loans with an allowance:
One-to-four family	$	8,279	$	8,279	$	2,518
Multi-family		1,285		1,285		263
Commercial, construction and land		733		733		392
Participations and purchased loans		605		605		13

Total	$	10,902	$	10,902	$	3,186

Total impaired loans:
One-to-four family	$	9,529	$	9,529	$	2,518
Multi-family		2,198		2,198		263
Commercial, construction and land		1,493		1,493		392
Participations and purchased loans		605		605		13

Total	$	13,825	$	13,825	$	3,186

(1)	Based on the methods utilized by the Company related to impaired loans, the Recorded Investment and the Unpaid Principal Balance in the above table are the same.

The following table is a summary of interest recognized and cash-basis interest income on impaired loans:


	Three Months Ended September 30, 2011												Three Months Ended
	One-to-four Family		Multifamily		Commercial, Construction and Land		Consumer		Participation and Loans Purchased		Total		September 30, 2010
	One-to-four Family		Multifamily		Commercial, Construction and Land		Consumer		Participation and Loans Purchased		Total		Total
Average of impaired loans during the period	$	10,377	$	1,933	$	2,015	$	40	$	591	$	14,956	$	10,729

Interest income during the impairment		74		13		14		1		—		102		121

Cash basis interest earned		74		13		14		1		—		102		121


	Nine Months Ended September 30, 2011												Nine Months Ended
	One-to-four Family		Multifamily		Commercial, Construction and Land		Consumer		Participation and Loans Purchased		Total		September 30,
	One-to-four Family		Multifamily		Commercial, Construction and Land		Consumer		Participation and Loans Purchased		Total		2010 Total
Average of impaired loans during the period	$	10,568	$	2,022	$	1,668	$	31	$	599	$	14,888	$	9,871

Interest income during the impairment		250		38		51		2		—		341		227

Cash basis interest earned		250		38		51		2		—		341		227

Allowance for Possible Loan Losses. Management recognizes that loan losses may occur over the life of a loan and that the allowance for loan losses must be maintained at a level necessary to absorb specific losses on impaired loans and probable losses inherent in the loan portfolio. The assessment includes analysis of several different factors, including delinquency, charge-off rates and the changing risk profile of our loan portfolio, as well as local economic conditions such as unemployment rates, bankruptcies and vacancy rates of business and residential properties.

Our methodology for analyzing the allowance for loan losses consists of two components: formula and specific allowances. The formula allowance is determined by applying an estimated loss percentage to various groups of loans. The loss percentages are generally based on various historical measures such as the amount and class of classified loans, past due ratios and loss experience, which could affect the collectability of the respective loan classes.

The specific allowance component is created when management believes that the collectability of a specific large loan, such as a real estate, multi-family or commercial real estate loan, has been impaired and a loss is probable. The allowance is increased by the provision for loan losses, which is charged against current period earnings and decreased by the amount of actual loan charge-offs, net of recoveries.

A summary of activity in the allowance for loan losses follows:


	Three Months Ended September 30, 2011																Three Months Ended
	One-to-four Family			Multifamily		Commercial, Construction and Land		Consumer			Participation and Loans Purchased			Total			September 30, 2010 Total
Beginning balance	$	4,659		$	315	$	635	$	87		$	127		$	5,823		$	3,848
Provision for loan losses		489			178		329		(1	)		23			1,018			273
Recoveries		53			—		—		—			—			53			—
Loans charged off		(891	)		—		—		—			(29	)		(920	)		(180	)

Ending balance	$	4,310		$	493	$	964	$	86		$	121		$	5,974		$	3,941


	Nine Months Ended September 30, 2011																	Nine Months Ended
	One-to-four Family			Multifamily			Commercial, Construction and Land			Consumer		Participation and Loans Purchased			Total			September 30, 2010 Total
Beginning balance	$	3,839		$	410		$	720		$	52	$	123		$	5,144		$	2,851
Provision for loan losses		2,028			188			347			34		42			2,639			1,586
Recoveries		53			—			—			—		9			62			2
Loans charged off		(1,610	)		(105	)		(103	)		—		(53	)		(1,871	)		(498	)

Ending balance	$	4,310		$	493		$	964		$	86	$	121		$	5,974		$	3,941

The following tables present a summary of our allowance for loan losses and loan portfolio, net of LIP and deferred fees, by loan class and impairment method at September 30, 2011 and December 31, 2010.


	September 30, 2011
	One-to-four Family		Multi-family		Commercial, Construction and Land		Consumer		Participation and Loans Purchased		Total
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	2,226	$	285	$	589	$	28	$	13	$	3,141
Collectively evaluated for impairment		2,084		208		375		58		108		2,833

Total ending allowance balance	$	4,310	$	493	$	964	$	86	$	121	$	5,974

Loans:
Individually evaluated for impairment	$	10,022	$	1,848	$	2,469	$	46	$	580	$	14,965
Collectively evaluated for impairment		85,437		12,410		12,339		5,097		4,646		119,929

Total ending allowance balance	$	95,459	$	14,258	$	14,808	$	5,143	$	5,226	$	134,894


	December 31, 2010
	One-to-four Family		Multi-family		Commercial, Construction and Land		Consumer		Participation and Loans Purchased		Total
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	2,518	$	263	$	392	$	—	$	13	$	3,186
Collectively evaluated for impairment		1,321		147		328		52		110		1,958

Total ending allowance balance	$	3,839	$	410	$	720	$	52	$	123	$	5,144

Loans:
Individually evaluated for impairment	$	9,529	$	2,198	$	1,493	$	—	$	605	$	13,825
Collectively evaluated for impairment		88,513		12,907		14,232		5,725		5,501		126,878

Total ending allowance balance	$	98,042	$	15,105	$	15,725	$	5,725	$	6,106	$	140,703

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Publisher SEC

-Name Regulation S-X (SX)

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-Section 03

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-Article 9

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 01-6

-Paragraph 13

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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