Broadway Financial (BYFC) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Entity Registrant Name	BROADWAY FINANCIAL CORP \DE\
Entity Central Index Key	1,001,171
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Voting common stock
Entity Common Stock, Shares Outstanding		21,405,188
Non-voting common stock
Entity Common Stock, Shares Outstanding		7,671,520

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 7,656	$ 5,104
Federal funds sold	28,335	62,735
Cash and cash equivalents	35,991	67,839
Securities available-for-sale, at fair value	15,209	14,140
Loans receivable held for investment, net of allowance of $4,534 and $4,828, respectively	319,881	304,171
Accrued interest receivable	1,091	1,077
Federal Home Loan Bank (FHLB) stock	2,573	2,573
Office properties and equipment, net	2,522	2,570
Real estate owned (REO)		360
Bank owned life insurance	2,897	2,882
Investment in affordable housing limited partnership	877	925
Deferred tax assets, net	4,565	4,594
Other assets	1,674	1,781
Total assets	387,280	402,912
Liabilities:
Deposits	257,409	272,614
FHLB advances	72,000	72,000
Junior subordinated debentures	5,100	5,100
Advance payments by borrowers for taxes and insurance	297	663
Accrued expenses and other liabilities	5,584	6,372
Total liabilities	$ 340,390	$ 356,749
Stockholders' Equity:
Preferred stock, $.01 par value, authorized 1,000,000 shares; none issued or outstanding
Additional paid-in capital	$ 44,672	$ 44,669
Retained earnings	3,166	2,533
Accumulated other comprehensive income (loss)	89	(2)
Treasury stock-at cost, 103,991 shares	(1,329)	(1,329)
Total stockholders' equity	46,890	46,163
Total liabilities and stockholders' equity	387,280	402,912
Common Stock | Voting common stock
Stockholders' Equity:
Common stock	215	215
Common Stock | Non-voting common stock
Stockholders' Equity:
Common stock	$ 77	$ 77

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Stockholders' Equity:
Treasury stock, shares	103,991	103,991
Common Stock | Voting common stock
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	21,509,179	21,509,179
Common stock, shares outstanding	21,405,188	21,405,188
Common Stock | Non-voting common stock
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	7,671,520	7,671,520
Common stock, shares outstanding	7,671,520	7,671,520
Preferred stock
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Income:
Interest and fees on loans receivable	$ 3,429	$ 3,724
Interest on mortgage-backed and other securities	83	94
Other interest income	103	87
Total interest income	3,615	3,905
Interest expense:
Interest on deposits	517	415
Interest on borrowings	427	531
Total interest expense	944	946
Net interest income before loan loss provision recapture	2,671	2,959
Loan loss provision recapture	300	750
Net interest income after loan loss provision recapture	2,971	3,709
Non-interest income:
Service charges	126	106
Net gain on sale of loans		134
CDFI grant	265	355
Other	152	34
Total non-interest income	543	629
Non-interest expense:
Compensation and benefits	1,903	1,768
Occupancy expense	293	299
Information services	206	217
Professional services	127	270
Office services and supplies	70	81
FDIC assessments	25	80
Corporate insurance	71	94
Other	184	229
Total non-interest expense	2,879	3,038
Income before income taxes	635	1,300
Income tax expense	2	2
Net income	633	1,298
Other comprehensive income, net of tax:
Unrealized gains on securities available-for-sale arising during the period	120	57
Income tax	29
Other comprehensive income, net of tax	91	57
Comprehensive income	$ 724	$ 1,355
Earnings per common share - basic (in dollars per share)	$ 0.02	$ 0.04
Earnings per common share - diluted (in dollars per share)	$ 0.02	$ 0.04

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 633	$ 1,298
Adjustments to reconcile net income to net cash used in operating activities:
Loan loss provision recapture	(300)	(750)
Provision for losses on REO		6
Depreciation	61	59
Net amortization of deferred loan origination costs	61	91
Net amortization of premiums on mortgage-backed securities	9	16
Amortization of investment in affordable housing limited partnership	48	48
Stock-based compensation expense	3
Earnings on bank owned life insurance	(15)	(15)
Originations of for-sale loans receivable		(12,562)
Net gains on sale of loans		(134)
Net gains on sale of REOs	(22)	(14)
Net change in accrued interest receivable	(14)	44
Net change in other assets	107	190
Net change in advance payments by borrowers for taxes and insurance	(366)	(421)
Net change in accrued expenses and other liabilities	(788)	(483)
Net cash used in operating activities	(583)	(12,627)
Cash flows from investing activities:
Net change in loans receivable held for investment	(15,471)	3,945
Proceeds from sales of loans receivable transferred to held for sale		12,292
Principal repayments on loans receivable transferred to held for sale		72
Purchase of available for sale securities	(1,484)
Prepayments and amortizations on available-for-sale securities	526	630
Proceeds from sales of REO	382	454
Redemption of FHLB stock		470
Purchase of FHLB stock		(188)
Additions to office properties and equipment	(13)	(14)
Net cash (used in) provided by investing activities	(16,060)	17,661
Cash flows from financing activities:
Net change in deposits	(15,205)	4,225
Repayments of FHLB advances		(1,500)
Net cash (used in) provided by financing activities	(15,205)	2,725
Net change in cash and cash equivalents	(31,848)	7,759
Cash and cash equivalents at beginning of the period	67,839	20,790
Cash and cash equivalents at end of the period	35,991	28,549
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 941	972
Supplemental disclosures of non-cash investing and financing activities:
Transfers of loans receivable held for investment to REO		$ 843

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	3 Months Ended
	Mar. 31, 2016
Basis of Financial Statement Presentation
Basis of Financial Statement Presentation	NOTE (1) – Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include Broadway Financial Corporation (the “Company”) and its wholly owned subsidiary, Broadway Federal Bank, f.s.b. (the “Bank”). Also included in the unaudited consolidated financial statements is Broadway Service Corporation, a wholly owned subsidiary of the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for quarterly reports on Form 10-Q. These unaudited consolidated financial statements do not include all disclosures associated with the Company’s consolidated annual financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2015 and, accordingly, should be read in conjunction with such audited consolidated financial statements. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. Some items in the consolidated financial statements for the prior period were reclassified to conform to the current presentation. Reclassifications had no effect on prior period consolidated net income or stockholders’ equity. Recent Accounting Pronouncements In January 2016, the FASB issued ASU 2016-1, “Financial Instruments — Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-1 (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. For public business entities, the amendments in ASU 2016-01 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued are permitted as of the beginning of the fiscal year of adoption. Adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. Under ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact of the pending adoption of the new standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The areas for simplification include income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of the pending adoption of the new standard on its consolidated financial statements.

Earnings Per Share of Common St

Earnings Per Share of Common Stock	3 Months Ended
	Mar. 31, 2016
Earnings Per Share of Common Stock
Earnings Per Share of Common Stock	NOTE (2) – Earnings Per Share of Common Stock Basic earnings per share of common stock is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share of common stock is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the period, increased for the dilutive effect of common stock equivalents. The following table shows how the Company computed basic and diluted earnings per share of common stock for the periods indicated: Three Months Ended March 31, 2016 2015 (Dollars in thousands, except share and per share) Basic Net income $ $ Weighted average common shares outstanding Earnings per common share - basic $ $ Diluted Net income $ $ Weighted average common shares outstanding Add: dilutive effects of assumed exercises of stock options - - Weighted average common shares - fully dilutive Earnings per common share - diluted $ $ Stock options for 540,625 and 90,625 shares of common stock were not considered in computing diluted earnings per common share for the three months ended March 31, 2016 and 2015, respectively, because they were anti-dilutive.

Securities

Securities	3 Months Ended
	Mar. 31, 2016
Securities
Securities	NOTE (3) – Securities The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios as of the periods indicated and the corresponding amounts of unrealized gains and losses which are recognized in accumulated other comprehensive income (loss): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) March 31, 2016: Residential mortgage-backed $ $ $ - $ U.S. Government and federal agency - Total available-for-sale securities $ $ $ - $ December 31, 2015: Residential mortgage-backed $ $ $ - $ U.S. Government and federal agency - Total available-for-sale securities $ $ $ - $ At March 31, 2016, the Bank’s investment portfolio had an estimated remaining life of 4.1 years. The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity at March 31, 2016. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily residential mortgage-backed securities, are shown separately. Available-for-Sale Maturity Amortized Cost Fair Value (In thousands) Within one year $ - $ - One to five years Five to ten years - - Beyond ten years - - Residential mortgage-backed Total $ $ At March 31, 2016 and December 31, 2015, securities pledged to secure public deposits had a carrying amount of $708 thousand and $731 thousand, respectively. At March 31, 2016 and December 31, 2015, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. There were no sales of securities during the three months ended March 31, 2016 and 2015.

Loans Receivable Held for Inves

Loans Receivable Held for Investment	3 Months Ended
	Mar. 31, 2016
Loans receivable held for investment
Loans Receivable Held for Investment
Loans Receivable Held for Investment	NOTE (4) – Loans Receivable Held for Investment Loans receivable held for investment were as follows as of the periods indicated: March 31, 2016 December 31, 2015 (In thousands) Real estate: Single family (1) $ $ Multi-family Commercial real estate Church Construction Commercial – other Consumer Gross loans receivable before deferred loan costs and premiums Unamortized net deferred loan costs and premiums Gross loans receivable Allowance for loan losses Loans receivable, net $ $ ______ (1) Includes $94.4 million and $99.5 million of non-impaired purchased loans at March 31, 2016 and December 31, 2015, respectively, which are accounted for under ASC 310-20. The following tables present the activity in the allowance for loan losses by loan type for the periods indicated: Three Months Ended March 31, 2016 Real Estate Single family Multi- family Commercial real estate Church Construction Commercial - other Consumer Total (In thousands) Beginning balance $ $ $ $ $ $ $ - $ Provision for (recapture of) loan losses ) ) ) - ) - ) Recoveries - - - - - - Loans charged off - - - - - - - - Ending balance $ $ $ $ $ $ $ - $ Three Months Ended March 31, 2015 Real Estate Single family Multi- family Commercial real estate Church Construction Commercial - other Consumer Total (In thousands) Beginning balance $ $ $ $ $ $ $ $ Provision for (recapture of) loan losses ) ) ) ) ) ) ) Recoveries - - - - - - Loans charged off - - - ) - - - ) Ending balance $ $ $ $ $ $ $ $ The following tables present the balance in the allowance for loan losses and the recorded investment (unpaid contractual principal balance less charge-offs, less interest applied to principal, plus unamortized deferred costs and premiums) by loan type and based on impairment method as of the periods indicated: March 31, 2016 Real Estate Single family Multi- family Commercial real estate Church Construction Commercial - other Consumer Total (In thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ $ $ $ $ - $ $ - $ Collectively evaluated for impairment - Total ending allowance balance $ $ $ $ $ $ $ - $ Loans: Loans individually evaluated for impairment $ $ $ $ $ - $ $ - $ Loans collectively evaluated for impairment Total ending loans balance $ $ $ $ $ $ $ $ December 31, 2015 Real Estate Single family Multi- family Commercial real estate Church Construction Commercial - other Consumer Total (In thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ $ $ $ $ - $ $ - $ Collectively evaluated for impairment - Total ending allowance balance $ $ $ $ $ $ $ - $ Loans: Loans individually evaluated for impairment $ $ $ $ $ - $ $ - $ Loans collectively evaluated for impairment Total ending loans balance $ $ $ $ $ $ $ $ The following table presents information related to loans individually evaluated for impairment by loan type as of the periods indicated: March 31, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (In thousands) With no related allowance recorded: Single family $ $ $ - $ $ $ - Multi-family - - Commercial real estate - - Church - - With an allowance recorded: Single family Multi-family Commercial real estate Church Commercial -other Total $ $ $ $ $ $ The recorded investment in loans excludes accrued interest receivable due to immateriality. For purposes of this disclosure, the unpaid principal balance is not reduced for net charge-offs. The following tables present the monthly average of loans individually evaluated for impairment by loan type and the related interest income for the periods indicated. Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Average Recorded Investment Cash Basis Interest Income Recognized Average Recorded Investment Cash Basis Interest Income Recognized (In thousands) Single family $ $ $ $ Multi-family Commercial real estate Church Commercial -other - Total $ $ $ $ Cash-basis interest income recognized represents cash received for interest payments on accruing impaired loans. Interest payments collected on non-accrual loans are characterized as payments of principal rather than payments of the outstanding accrued interest on the loans until the remaining principal on the non-accrual loans is considered to be fully collectible. Foregone interest income that would have been recognized had loans performed in accordance with their original terms amounted to $119 thousand and $284 thousand for the three months ended March 31, 2016 and 2015, respectively, and were not included in the consolidated results of operations. The following tables present the aging of the recorded investment in past due loans by loan type as of the periods indicated: March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current (In thousands) Loans receivable held for investment: Single family $ $ $ - $ $ Multi-family - - - - Commercial real estate - - - - Church - Construction - - - - Commercial - other - - - - Consumer - - - - Total $ $ $ $ $ December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current (In thousands) Loans receivable held for investment: Single family $ $ - $ - $ $ Multi-family - - Commercial real estate - - - - Church - Construction - - - - Commercial - other - - - - Consumer - - - - Total $ $ - $ $ $ The following table presents the recorded investment in non-accrual loans by loan type as of the periods indicated: March 31, 2016 December 31, 2015 (In thousands) Loans receivable held for investment: Single family $ $ Multi-family Commercial real estate Church Total non-accrual loans $ $ There were no loans 90 days or more delinquent that were accruing interest as of March 31, 2016 or December 31, 2015. Troubled Debt Restructurings At March 31, 2016, loans classified as troubled debt restructurings (“TDRs”) totaled $14.4 million, of which $3.6 million were included in non-accrual loans and $10.8 million were on accrual status. At December 31, 2015, loans classified as TDRs totaled $15.3 million, of which $3.8 million were included in non-accrual loans and $11.5 million were on accrual status. The Company has allocated $809 thousand and $995 thousand of specific reserves for accruing TDRs as of March 31, 2016 and December 31, 2015, respectively. TDRs on accrual status are comprised of loans that were accruing at the time of restructuring or loans that have complied with the terms of their restructured agreements for a satisfactory period of time and for which the Bank anticipates full repayment of both principal and interest. TDRs that are on non-accrual status can be returned to accrual status after a period of sustained performance, generally determined to be six months of timely payments, as modified. A well-documented credit analysis that supports a return to accrual status based on the borrower’s financial condition and prospects for repayment under the revised terms is also required. As of March 31, 2016 and December 31, 2015, the Company had no commitment to lend additional amounts to customers with outstanding loans that are classified as TDRs. No loans were modified during the three months ended March 31, 2016 and 2015. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. For single family residential, consumer and other smaller balance homogenous loans, a credit grade is established at inception, and generally only adjusted based on performance. Information about payment status is disclosed elsewhere herein. The Company analyzes all other loans individually by classifying the loans as to credit risk. This analysis is performed at least on a quarterly basis. The Company uses the following definitions for risk ratings: · Watch. Loans classified as watch exhibit weaknesses that could threaten the current net worth and paying capacity of the obligors. Watch graded loans are generally performing and are not more than 59 days past due. A watch rating is used when a material deficiency exists but correction is anticipated within an acceptable time frame. · Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. · Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. · Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. · Loss. Loans classified as loss are considered uncollectible and of such little value that to continue to carry the loan as an active asset is no longer warranted. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Pass rated loans are generally well protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Pass rated loans are not more than 59 days past due and are generally performing in accordance with the loan terms. Based on the most recent analysis performed, the risk categories of loans by loan type as of the periods indicated were as follows: March 31, 2016 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ $ - $ $ $ - $ - Multi-family - - Commercial real estate - - - - Church - - Construction - - - - - Commercial - other - - - - Consumer - - - - - Total $ $ $ $ $ - $ - December 31, 2015 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ $ - $ $ $ - $ - Multi-family - - - Commercial real estate - - - - Church - - Construction - - - - - Commercial - other - - - - Consumer - - - - - Total $ $ $ $ $ - $ -

Junior Subordinated Debentures

Junior Subordinated Debentures	3 Months Ended
	Mar. 31, 2016
Junior Subordinated Debentures:
Junior Subordinated Debentures	NOTE (5) – Junior Subordinated Debentures On March 17, 2004, the Company issued $6.0 million of Floating Rate Junior Subordinated Debentures (the “Debentures”) in a private placement to a trust that was capitalized to purchase subordinated debt and preferred stock of multiple community banks. Interest on the Debentures is payable quarterly at a rate per annum equal to the 3-Month LIBOR plus 2.54%. The interest rate is determined as of each March 17, June 17, September 17, and December 17, and was 3.18% at March 31, 2016. On October 16, 2014, the Company made payments of $900 thousand of principal on Debentures, executed a Supplemental Indenture for the Debentures that extended the maturity of the Debentures to March 17, 2024, and modified the payment terms of the remaining $5.1 million principal amount thereof. The modified terms of the Debentures require quarterly payments of interest only through March 2019 at the original rate of 3-Month LIBOR plus 2.54%. Starting in June 2019, the Company will be required to make quarterly payments of equal amounts of principal, plus interest, until the Debentures are fully amortized on March 17, 2024. The Debentures may be called for redemption at any time by the Company.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2016
Fair Value
Fair Value	NOTE (6) – Fair Value Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value of impaired loans that are collateral dependent is generally based upon the fair value of the collateral, which is obtained from recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Assets acquired through or by transfer in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals which are updated every nine months. These appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, an independent third-party licensed appraiser reviews the appraisals for accuracy and reasonableness, reviewing the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Assets Measured on a Recurring Basis Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In thousands) Assets: Securities available-for-sale - residential mortgage-backed $ - $ $ - $ Securities available-for-sale - U.S. Government and federal agency - - Fair Value Measurements at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In thousands) Assets: Securities available-for-sale - residential mortgage-backed $ - $ $ - $ Securities available-for-sale - U.S. Government and federal agency - - There were no transfers between Level 1, Level 2, or Level 3 during the three months ended March 31, 2016 and 2015. Assets Measured on a Non-Recurring Basis Assets are considered to be reflected at fair value on a non-recurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, a non-recurring valuation is the result of the application of other accounting pronouncements that require assets to be assessed for impairment or recorded at the lower of cost or fair value. The following table provides information regarding the carrying values of our assets measured at fair value on a non-recurring basis as of the periods indicated. The fair value measurement for all of these assets falls within Level 3 of the fair value hierarchy. March 31, 2016 December 31, 2015 (In thousands) Impaired loans carried at fair value of collateral $ 2,456 $ 2,557 Real estate owned - There were no losses recognized on assets measured at fair value on a non-recurring basis for the three months ended March 31, 2016 and 2015. The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2016: Valuation Technique(s) Unobservable Input(s) Range Weighted Average Impaired loans Third Party Appraisals Adjustment for differences between the comparable sales -18% to 13% 0% Fair Values of Financial Instruments The carrying amounts and estimated fair values of financial instruments as of the periods indicated were as follows: Fair Value Measurements at March 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Cash and cash equivalents $ $ $ - $ - $ Securities available-for-sale - Loans receivable held for investment - - Accrued interest receivable Federal Home Loan Bank stock - - Financial Liabilities: Deposits $ $ - $ $ - $ Federal Home Loan Bank advances - - Junior subordinated debentures - - Accrued interest payable - Fair Value Measurements at December 31, 2015 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Cash and cash equivalents $ $ $ - $ - $ Securities available-for-sale - Loans receivable held for investment - - Accrued interest receivable Federal Home Loan Bank stock - - Financial Liabilities: Deposits $ $ - $ $ - $ Federal Home Loan Bank advances - - Junior subordinated debentures - - Accrued interest payable - The methods and assumptions, not previously presented, used to estimate fair values are described as follows: (a) Cash and Cash Equivalents The carrying amounts of cash and cash equivalents approximate fair values and are classified as Level 1. (b) Loans Receivable Held For investment Fair values of loans are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. (c) FHLB Stock The carrying value of FHLB stock approximates its fair value as the shares can only be redeemed by the FHLB at par. (d) Accrued Interest Receivable/Payable The carrying amounts of accrued interest receivable/payable approximate their fair value and are classified the same as the related asset. (e) Deposits The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in Level 2 classification. Fair values for fixed rate certificates of deposit are estimated using discounted cash flow calculations that apply interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. (f) Federal Home Loan Bank Advances The fair values of the Federal Home Loan Bank advances are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. (g) Junior Subordinated Debentures The fair values of the Debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Stock based Compensation
Stock-Based Compensation	NOTE (7) – Stock-based Compensation In 2008, the Company adopted the 2008 Long-Term Incentive Plan (“2008 LTIP”), which was approved by its stockholders. The 2008 LTIP permits the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards to the Company’s non-employee directors and certain officers and employees for up to 2,000,000 shares of common stock. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; the option awards have vesting periods ranging from immediate vesting to five years and have 10-year contractual terms. In February 2016, the Company granted 450,000 stock options, with an exercise price of $1.62 per share, to senior executive officers. These options vest over five years and expire in ten years. The Company estimated the compensation costs and fair value per share of these stock options to be $194 thousand and $0.43 per share, respectively, using the Black-Scholes option pricing model and the following assumptions: (i) expected volatility of 27.36%; (ii) risk free interest rate of 1.21%; (iii) expected option term of five years; and (iv) 0% dividend yield. The Company recorded $3 thousand of stock-based compensation expense during the three months ended March 31, 2016 compared to $0 during the three months ended March 31, 2015.

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2016
Regulatory Matters
Regulatory Matters	NOTE (8) – Regulatory Matters The Bank’s capital requirements are administered by the Office of the Comptroller of the Currency (“OCC”) and involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the OCC. Failure to meet capital requirements can result in regulatory action. The federal banking regulators approved final capital rules (“Basel III Capital Rules”) in July 2013 implementing the Basel III framework as well as certain provisions of the Dodd-Frank Act. The Basel III Capital Rules prescribe a standardized approach for calculating risk-weighted assets and revised the definition and calculation of Tier 1 capital and Total capital, and include a new Common Equity Tier 1 capital (“CET1”) measure. Under the Basel III Capital Rules, the currently effective minimum capital ratios are: · 4.5% CET1 to risk-weighted assets; · 6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted assets; · 8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and · 4.0% Tier 1 capital to average consolidated assets (known as the “leverage ratio”). A new capital conservation buffer was also established above the regulatory minimum capital requirements. This capital conservation buffer was phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and will increase each subsequent year by an additional 0.625% until it reaches its final level of 2.5% on January 1, 2019. The Basel III Capital rules also contain revisions to the prompt corrective action framework, which is designed to place restrictions on insured depository institutions if their capital levels begin to show signs of weakness. Under the prompt corrective action requirements, which are designed to complement the capital conservation buffer, insured depository institutions are now required to meet the following increased capital level requirements in order to qualify as “well capitalized”: (i) a CET1 capital ratio of 6.5%; (ii) a Tier 1 capital ratio of 8% (increased from 6%); (iii) a total capital ratio of 10% (unchanged from previous rules); and (iv) a Tier 1 leverage ratio of 5% (unchanged from previous rules). The Basel III Capital Rules became effective for the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). At March 31, 2016 and December 31, 2015, the Bank’s level of capital exceeded all regulatory capital requirements and its regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. Actual and required capital amounts and ratios as of the periods indicated are presented below. Actual Minimum Capital Requirements Minimum Required To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) March 31, 2016: Tier 1 (Leverage) $ 12.02% $ 4.0% $ 5.0% Common Equity Tier 1 $ 19.19% $ 4.5% $ 6.5% Tier 1 $ 19.19% $ 6.0% $ 8.0% Total Capital $ 20.45% $ 8.0% $ 10.0% December 31, 2015: Tier 1 (Leverage) $ 11.56% $ 4.0% $ 5.0% Common Equity Tier 1 $ 19.45% $ 4.5% $ 6.5% Tier 1 $ 19.45% $ 6.0% $ 8.0% Total Capital $ 20.71% $ 8.0% $ 10.0%

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes
Income Taxes	NOTE (9) – Income Taxes The Company and its subsidiary are subject to U.S. federal and state income taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In assessing the realization of deferred tax assets, management evaluates both positive and negative evidence, including the existence of cumulative losses in the current year and the prior two years, the amount of taxes paid in available carry-back years, the forecasts of future income and tax planning strategies. This analysis is updated quarterly. Based on this analysis, the Company determined that a valuation allowance of $2.4 million was required as of March 31, 2016, resulting in a $4.6 million net deferred tax assets. The Company recorded a valuation allowance of $2.5 million and reported $4.6 million in net deferred tax assets as of December 31, 2015.

Concentration of Credit Risk

Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2016
Concentration of Credit Risk
Concentration of Credit Risk	NOTE (10) – Concentration of Credit Risk The Bank has a significant concentration of deposits with a long-time customer that accounted for approximately 13% of its deposits as of March 31, 2016. The Bank expects to maintain this relationship with the customer.

Basis of Financial Statement 16

Basis of Financial Statement Presentation	3 Months Ended
	Mar. 31, 2016
Basis of Financial Statement Presentation
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2016, the FASB issued ASU 2016-1, “Financial Instruments — Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-1 (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. For public business entities, the amendments in ASU 2016-01 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued are permitted as of the beginning of the fiscal year of adoption. Adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. Under ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact of the pending adoption of the new standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The areas for simplification include income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of the pending adoption of the new standard on its consolidated financial statements.

Earnings Per Share of Common 17

Earnings Per Share of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share of Common Stock
Schedule of basic and diluted earnings per share of common stock	Three Months Ended March 31, 2016 2015 (Dollars in thousands, except share and per share) Basic Net income $ $ Weighted average common shares outstanding Earnings per common share - basic $ $ Diluted Net income $ $ Weighted average common shares outstanding Add: dilutive effects of assumed exercises of stock options - - Weighted average common shares - fully dilutive Earnings per common share - diluted $ $

Securities (Tables)

Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Securities
Summary of amortized cost and fair value of available-for-sale investment securities and corresponding amounts of unrealized gains	Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) March 31, 2016: Residential mortgage-backed $ $ $ - $ U.S. Government and federal agency - Total available-for-sale securities $ $ $ - $ December 31, 2015: Residential mortgage-backed $ $ $ - $ U.S. Government and federal agency - Total available-for-sale securities $ $ $ - $
Schedule of amortized cost and fair value of the investment securities portfolios by contractual maturity	Available-for-Sale Maturity Amortized Cost Fair Value (In thousands) Within one year $ - $ - One to five years Five to ten years - - Beyond ten years - - Residential mortgage-backed Total $ $

Loans Receivable Held for Inv19

Loans Receivable Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2016
Loans Receivable Held for Investment
Schedule of loans receivable	March 31, 2016 December 31, 2015 (In thousands) Real estate: Single family (1) $ $ Multi-family Commercial real estate Church Construction Commercial – other Consumer Gross loans receivable before deferred loan costs and premiums Unamortized net deferred loan costs and premiums Gross loans receivable Allowance for loan losses Loans receivable, net $ $ ______ (1) Includes $94.4 million and $99.5 million of non-impaired purchased loans at March 31, 2016 and December 31, 2015, respectively, which are accounted for under ASC 310-20.
Activity in the allowance for loan losses by loan type	Three Months Ended March 31, 2016 Real Estate Single family Multi- family Commercial real estate Church Construction Commercial - other Consumer Total (In thousands) Beginning balance $ $ $ $ $ $ $ - $ Provision for (recapture of) loan losses ) ) ) - ) - ) Recoveries - - - - - - Loans charged off - - - - - - - - Ending balance $ $ $ $ $ $ $ - $ Three Months Ended March 31, 2015 Real Estate Single family Multi- family Commercial real estate Church Construction Commercial - other Consumer Total (In thousands) Beginning balance $ $ $ $ $ $ $ $ Provision for (recapture of) loan losses ) ) ) ) ) ) ) Recoveries - - - - - - Loans charged off - - - ) - - - ) Ending balance $ $ $ $ $ $ $ $
Allowance for loan losses and recorded investment in loans by type of loans and based on impairment method	March 31, 2016 Real Estate Single family Multi- family Commercial real estate Church Construction Commercial - other Consumer Total (In thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ $ $ $ $ - $ $ - $ Collectively evaluated for impairment - Total ending allowance balance $ $ $ $ $ $ $ - $ Loans: Loans individually evaluated for impairment $ $ $ $ $ - $ $ - $ Loans collectively evaluated for impairment Total ending loans balance $ $ $ $ $ $ $ $ December 31, 2015 Real Estate Single family Multi- family Commercial real estate Church Construction Commercial - other Consumer Total (In thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ $ $ $ $ - $ $ - $ Collectively evaluated for impairment - Total ending allowance balance $ $ $ $ $ $ $ - $ Loans: Loans individually evaluated for impairment $ $ $ $ $ - $ $ - $ Loans collectively evaluated for impairment Total ending loans balance $ $ $ $ $ $ $ $
Loans individually evaluated for impairment by loan type	March 31, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (In thousands) With no related allowance recorded: Single family $ $ $ - $ $ $ - Multi-family - - Commercial real estate - - Church - - With an allowance recorded: Single family Multi-family Commercial real estate Church Commercial -other Total $ $ $ $ $ $
Average of loans individually evaluated for impairment by loan type and related interest income	Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Average Recorded Investment Cash Basis Interest Income Recognized Average Recorded Investment Cash Basis Interest Income Recognized (In thousands) Single family $ $ $ $ Multi-family Commercial real estate Church Commercial -other - Total $ $ $ $
Aging of recorded investment in past due loans by loan type	March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current (In thousands) Loans receivable held for investment: Single family $ $ $ - $ $ Multi-family - - - - Commercial real estate - - - - Church - Construction - - - - Commercial - other - - - - Consumer - - - - Total $ $ $ $ $ December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current (In thousands) Loans receivable held for investment: Single family $ $ - $ - $ $ Multi-family - - Commercial real estate - - - - Church - Construction - - - - Commercial - other - - - - Consumer - - - - Total $ $ - $ $ $
Recorded investment in nonaccrual loans by loan type	March 31, 2016 December 31, 2015 (In thousands) Loans receivable held for investment: Single family $ $ Multi-family Commercial real estate Church Total non-accrual loans $ $
Risk category of loans by loan type	March 31, 2016 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ $ - $ $ $ - $ - Multi-family - - Commercial real estate - - - - Church - - Construction - - - - - Commercial - other - - - - Consumer - - - - - Total $ $ $ $ $ - $ - December 31, 2015 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ $ - $ $ $ - $ - Multi-family - - - Commercial real estate - - - - Church - - Construction - - - - - Commercial - other - - - - Consumer - - - - - Total $ $ $ $ $ - $ -

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value
Summary of assets measured at fair value on recurring basis	Fair Value Measurements at March 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In thousands) Assets: Securities available-for-sale - residential mortgage-backed $ - $ $ - $ Securities available-for-sale - U.S. Government and federal agency - - Fair Value Measurements at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In thousands) Assets: Securities available-for-sale - residential mortgage-backed $ - $ $ - $ Securities available-for-sale - U.S. Government and federal agency - -
Schedule of carrying values of assets measured at fair value on non-recurring basis	March 31, 2016 December 31, 2015 (In thousands) Impaired loans carried at fair value of collateral $ 2,456 $ 2,557 Real estate owned -
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis	The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2016: Valuation Technique(s) Unobservable Input(s) Range Weighted Average Impaired loans Third Party Appraisals Adjustment for differences between the comparable sales -18% to 13% 0%
Schedule of carrying amounts and estimated fair values of financial instruments	Fair Value Measurements at March 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Cash and cash equivalents $ $ $ - $ - $ Securities available-for-sale - Loans receivable held for investment - - Accrued interest receivable Federal Home Loan Bank stock - - Financial Liabilities: Deposits $ $ - $ $ - $ Federal Home Loan Bank advances - - Junior subordinated debentures - - Accrued interest payable - Fair Value Measurements at December 31, 2015 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Cash and cash equivalents $ $ $ - $ - $ Securities available-for-sale - Loans receivable held for investment - - Accrued interest receivable Federal Home Loan Bank stock - - Financial Liabilities: Deposits $ $ - $ $ - $ Federal Home Loan Bank advances - - Junior subordinated debentures - - Accrued interest payable -

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2016
Regulatory Matters
Schedule of actual and required capital amounts and ratios	Actual Minimum Capital Requirements Minimum Required To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) March 31, 2016: Tier 1 (Leverage) $ 12.02% $ 4.0% $ 5.0% Common Equity Tier 1 $ 19.19% $ 4.5% $ 6.5% Tier 1 $ 19.19% $ 6.0% $ 8.0% Total Capital $ 20.45% $ 8.0% $ 10.0% December 31, 2015: Tier 1 (Leverage) $ 11.56% $ 4.0% $ 5.0% Common Equity Tier 1 $ 19.45% $ 4.5% $ 6.5% Tier 1 $ 19.45% $ 6.0% $ 8.0% Total Capital $ 20.71% $ 8.0% $ 10.0%

Earnings Per Share of Common 22

Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic
Net income	$ 633	$ 1,298
Weighted average common shares outstanding	29,076,708	29,076,708
Earnings per common share - basic (in dollars per share)	$ 0.02	$ 0.04
Diluted
Net income	$ 633	$ 1,298
Weighted average common shares outstanding for basic earnings per common share	29,076,708	29,076,708
Weighted average common shares - fully dilutive	29,076,708	29,076,708
Earnings per common share - diluted (in dollars per share)	$ 0.02	$ 0.04
Anti-dilutive stock options not considered in computing diluting earnings per common share	540,625	90,625

Securities (Details)

Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Securities
Amortized Cost	$ 14,691	$ 13,742
Gross Unrealized Gains	518	398
Fair Value	15,209	14,140
Residential mortgage-backed
Securities
Amortized Cost	12,742	11,796
Gross Unrealized Gains	459	371
Fair Value	13,201	12,167
U.S. Government and federal agency
Securities
Amortized Cost	1,949	1,946
Gross Unrealized Gains	59	27
Fair Value	$ 2,008	$ 1,973

Securities - Schedule of amorti

Securities - Schedule of amortized cost and fair value of the investment securities portfolios by contractual maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Securities
Estimated remaining term	4 years 1 month 6 days
Amortized Cost
One to five years	$ 1,949
Residential mortgage-backed	12,742
Total	14,691
Fair Value
One to five years	2,008
Residential mortgage-backed	13,201
Total	15,209
Securities pledged	708		$ 731
Securities of any one issuer, other than U.S. Government, greater than 10% of shareholders equity	$ 0
Shareholders equity representing a concentration risk for any one securities investment (as a percent)	10.00%
Sales of securities	$ 0	$ 0

Loans Receivable Held for Inv25

Loans Receivable Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	$ 323,208	$ 307,956
Single family
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	124,025	130,891
Non-Impaired Purchased Loans	94,400	99,500
Multi-family
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	142,773	118,616
Commercial real estate
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	11,073	11,442
Church
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	44,710	46,390
Construction
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	332	343
Commercial - other
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	289	270
Consumer
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	$ 6	$ 4

Loans Receivable Held for Inv26

Loans Receivable Held for Investment - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	$ 323,208	$ 307,956
Unamortized net deferred loan costs and premium	1,207	1,043
Gross loans receivable	324,415	308,999
Allowance for loan losses	(4,534)	(4,828)	$ (7,671)	$ (8,465)
Loans receivable, net	$ 319,881	$ 304,171

Loans Receivable Held for Inv27

Loans Receivable Held for Investment - Activity in the allowance for loan losses by loan type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Allowance for loan losses
Beginning balance	$ 4,828	$ 8,465
Provision for (recapture of) loan losses	(300)	(750)
Recoveries	6	6
Loans charged off		(50)
Ending balance	4,534	7,671
Single family
Allowance for loan losses
Beginning balance	597	1,174
Provision for (recapture of) loan losses	(69)	(10)
Ending balance	528	1,164
Multi-family
Allowance for loan losses
Beginning balance	1,658	2,726
Provision for (recapture of) loan losses	208	15
Ending balance	1,866	2,741
Commercial real estate
Allowance for loan losses
Beginning balance	469	496
Provision for (recapture of) loan losses	(25)	(60)
Ending balance	444	436
Church
Allowance for loan losses
Beginning balance	2,083	4,047
Provision for (recapture of) loan losses	(413)	(689)
Recoveries	6	6
Loans charged off		(50)
Ending balance	1,676	3,314
Construction
Allowance for loan losses
Beginning balance	3	7
Provision for (recapture of) loan losses		(3)
Ending balance	3	4
Commercial - other
Allowance for loan losses
Beginning balance	18	12
Provision for (recapture of) loan losses	(1)	(1)
Ending balance	$ 17	11
Consumer
Allowance for loan losses
Beginning balance		3
Provision for (recapture of) loan losses		(2)
Ending balance		$ 1

Loans Receivable Held for Inv28

Loans Receivable Held for Investment - Allowance for loan losses and recorded investment in loans by type of loans and based on impairment method (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$ 809	$ 995
Collectively evaluated for impairment	3,725	3,833
Total ending allowance balance	4,534	4,828	$ 7,671	$ 8,465
Loans:
Loans individually evaluated for impairment	14,912	15,784
Loans collectively evaluated for impairment	309,503	293,215
Gross loans receivable	324,415	308,999
Single family
Ending allowance balance attributable to loans:
Individually evaluated for impairment	131	134
Collectively evaluated for impairment	397	463
Total ending allowance balance	528	597	1,164	1,174
Loans:
Loans individually evaluated for impairment	939	963
Loans collectively evaluated for impairment	123,726	130,632
Gross loans receivable	124,665	131,595
Multi-family
Ending allowance balance attributable to loans:
Individually evaluated for impairment	2	1
Collectively evaluated for impairment	1,864	1,657
Total ending allowance balance	1,866	1,658	2,741	2,726
Loans:
Loans individually evaluated for impairment	972	1,440
Loans collectively evaluated for impairment	142,995	118,186
Gross loans receivable	143,967	119,626
Commercial real estate
Ending allowance balance attributable to loans:
Individually evaluated for impairment	91	88
Collectively evaluated for impairment	353	381
Total ending allowance balance	444	469	436	496
Loans:
Loans individually evaluated for impairment	1,939	1,924
Loans collectively evaluated for impairment	9,141	9,488
Gross loans receivable	11,080	11,412
Church
Ending allowance balance attributable to loans:
Individually evaluated for impairment	570	756
Collectively evaluated for impairment	1,106	1,327
Total ending allowance balance	1,676	2,083	3,314	4,047
Loans:
Loans individually evaluated for impairment	10,995	11,390
Loans collectively evaluated for impairment	33,081	34,359
Gross loans receivable	44,076	45,749
Construction
Ending allowance balance attributable to loans:
Collectively evaluated for impairment	3	3
Total ending allowance balance	3	3	4	7
Loans:
Loans collectively evaluated for impairment	332	343
Gross loans receivable	332	343
Commercial - other
Ending allowance balance attributable to loans:
Individually evaluated for impairment	15	16
Collectively evaluated for impairment	2	2
Total ending allowance balance	17	18	11	12
Loans:
Loans individually evaluated for impairment	67	67
Loans collectively evaluated for impairment	222	203
Gross loans receivable	289	270
Consumer
Ending allowance balance attributable to loans:
Total ending allowance balance			$ 1	$ 3
Loans:
Loans collectively evaluated for impairment	6	4
Gross loans receivable	$ 6	$ 4

Loans Receivable Held for Inv29

Loans Receivable Held for Investment - Loans individually evaluated for impairment by loan type (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Impaired loans
Unpaid principal balance	$ 18,489	$ 19,377
Recorded investment	14,912	15,784
Allowance for loan losses allocated, with an allowance recorded	809	995
Single family
Impaired loans
Unpaid principal balance, with no related allowance recorded	873	877
Unpaid principal balance, with an allowance recorded	657	662
Recorded investment, with no related allowance recorded	282	302
Recorded investment, with an allowance recorded	657	661
Allowance for loan losses allocated, with an allowance recorded	131	134
Multi-family
Impaired loans
Unpaid principal balance, with no related allowance recorded	385	912
Unpaid principal balance, with an allowance recorded	657	661
Recorded investment, with no related allowance recorded	315	779
Recorded investment, with an allowance recorded	657	661
Allowance for loan losses allocated, with an allowance recorded	2	1
Commercial real estate
Impaired loans
Unpaid principal balance, with no related allowance recorded	635	636
Unpaid principal balance, with an allowance recorded	1,699	1,702
Recorded investment, with no related allowance recorded	240	259
Recorded investment, with an allowance recorded	1,699	1,665
Allowance for loan losses allocated, with an allowance recorded	91	88
Church
Impaired loans
Unpaid principal balance, with no related allowance recorded	6,046	5,615
Unpaid principal balance, with an allowance recorded	7,470	8,245
Recorded investment, with no related allowance recorded	3,917	3,542
Recorded investment, with an allowance recorded	7,078	7,848
Allowance for loan losses allocated, with an allowance recorded	570	756
Commercial - other
Impaired loans
Unpaid principal balance, with an allowance recorded	67	67
Recorded investment, with an allowance recorded	67	67
Allowance for loan losses allocated, with an allowance recorded	$ 15	$ 16

Loans Receivable Held for Inv30

Loans Receivable Held for Investment - Average of loans individually evaluated for impairment by loan type and related interest income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Impaired loans
Average Recorded Investment	$ 15,348	$ 23,084
Cash Basis Interest Income Recognized	230	273
Foregone interest income if impaired loans had performed according to terms	119	284
Single family
Impaired loans
Average Recorded Investment	951	1,382
Cash Basis Interest Income Recognized	7	7
Multi-family
Impaired loans
Average Recorded Investment	1,206	2,740
Cash Basis Interest Income Recognized	41	16
Commercial real estate
Impaired loans
Average Recorded Investment	1,933	4,264
Cash Basis Interest Income Recognized	56	106
Church
Impaired loans
Average Recorded Investment	11,191	14,603
Cash Basis Interest Income Recognized	126	142
Commercial - other
Impaired loans
Average Recorded Investment	$ 67	95
Cash Basis Interest Income Recognized		$ 2

Loans Receivable Held for Inv31

Loans Receivable Held for Investment - Aging of recorded investment in past due loans by loan type (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Past due receivable
Total Past Due, Loans receivable	$ 1,119	$ 1,445
Current	323,296	307,554
30 to 59 Days Past Due
Past due receivable
Total Past Due, Loans receivable	651	989
60 to 89 Days Past Due
Past due receivable
Total Past Due, Loans receivable	5
Greater than 90 Days Past Due
Past due receivable
Total Past Due, Loans receivable	463	456
Single family
Past due receivable
Total Past Due, Loans receivable	78	103
Current	124,587	131,492
Single family | 30 to 59 Days Past Due
Past due receivable
Total Past Due, Loans receivable	73	103
Single family | 60 to 89 Days Past Due
Past due receivable
Total Past Due, Loans receivable	5
Multi-family
Past due receivable
Total Past Due, Loans receivable		291
Current	143,967	119,335
Multi-family | 30 to 59 Days Past Due
Past due receivable
Total Past Due, Loans receivable		291
Commercial real estate
Past due receivable
Current	11,080	11,412
Church
Past due receivable
Total Past Due, Loans receivable	1,041	1,051
Current	43,035	44,698
Church | 30 to 59 Days Past Due
Past due receivable
Total Past Due, Loans receivable	578	595
Church | Greater than 90 Days Past Due
Past due receivable
Total Past Due, Loans receivable	463	456
Construction
Past due receivable
Current	332	343
Commercial - other
Past due receivable
Current	289	270
Consumer
Past due receivable
Current	$ 6	$ 4

Loans Receivable Held for Inv32

Loans Receivable Held for Investment - Recorded investment in nonaccrual loans by loan type (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investment in non-accrual loans by type of loans
Total non-accrual loans	$ 4,102	$ 4,227
Loans 90 days or more delinquent that were accruing interest	0	0
Single family
Investment in non-accrual loans by type of loans
Total non-accrual loans	282	302
Multi-family
Investment in non-accrual loans by type of loans
Total non-accrual loans	315	779
Commercial real estate
Investment in non-accrual loans by type of loans
Total non-accrual loans	240	259
Church
Investment in non-accrual loans by type of loans
Total non-accrual loans	$ 3,265	$ 2,887

Loans Receivable Held for Inv33

Loans Receivable Held for Investment - Troubled debt restructuring (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)loan	Mar. 31, 2015loan	Dec. 31, 2015USD ($)
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 14,400		$ 15,300
Specific reserves allocated to TDRs	$ 809		995
Timely payment period for return to accrual status	6 months
Commitments to lend additional amounts to customers with TDRs	$ 0		0
Number of loans modified | loan	0	0
Non-accrual status
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 3,600		3,800
Accrual status
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 10,800		$ 11,500

Loans Receivable Held for Inv34

Loans Receivable Held for Investment - Risk category of loans by loan type (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Credit Quality Indicators
Loans receivable	$ 324,415	$ 308,999
Single family
Credit Quality Indicators
Loans receivable	124,665	131,595
Multi-family
Credit Quality Indicators
Loans receivable	143,967	119,626
Commercial real estate
Credit Quality Indicators
Loans receivable	11,080	11,412
Church
Credit Quality Indicators
Loans receivable	44,076	45,749
Construction
Credit Quality Indicators
Loans receivable	332	343
Commercial - other
Credit Quality Indicators
Loans receivable	289	270
Consumer
Credit Quality Indicators
Loans receivable	6	4
Pass
Credit Quality Indicators
Loans receivable	306,240	289,410
Pass | Single family
Credit Quality Indicators
Loans receivable	122,163	128,736
Pass | Multi-family
Credit Quality Indicators
Loans receivable	141,922	117,602
Pass | Commercial real estate
Credit Quality Indicators
Loans receivable	7,170	7,509
Pass | Church
Credit Quality Indicators
Loans receivable	34,425	35,013
Pass | Construction
Credit Quality Indicators
Loans receivable	332	343
Pass | Commercial - other
Credit Quality Indicators
Loans receivable	222	203
Pass | Consumer
Credit Quality Indicators
Loans receivable	6	4
Watch
Credit Quality Indicators
Loans receivable	1,218	776
Watch | Multi-family
Credit Quality Indicators
Loans receivable	493
Watch | Church
Credit Quality Indicators
Loans receivable	725	776
Special Mention
Credit Quality Indicators
Loans receivable	3,406	4,340
Special Mention | Single family
Credit Quality Indicators
Loans receivable	2,220	2,557
Special Mention | Multi-family
Credit Quality Indicators
Loans receivable	350	352
Special Mention | Church
Credit Quality Indicators
Loans receivable	836	1,431
Substandard
Credit Quality Indicators
Loans receivable	13,551	14,473
Substandard | Single family
Credit Quality Indicators
Loans receivable	282	302
Substandard | Multi-family
Credit Quality Indicators
Loans receivable	1,202	1,672
Substandard | Commercial real estate
Credit Quality Indicators
Loans receivable	3,910	3,903
Substandard | Church
Credit Quality Indicators
Loans receivable	8,090	8,529
Substandard | Commercial - other
Credit Quality Indicators
Loans receivable	$ 67	$ 67

Junior Subordinated Debentures

Junior Subordinated Debentures (Details) - USD ($) $ in Thousands	Oct. 16, 2014	Mar. 31, 2016	Dec. 31, 2015	Mar. 17, 2004
Junior subordinated debentures
Junior subordinated debentures	$ 5,100	$ 5,100	$ 5,100
Floating Rate Junior Subordinated Debentures
Junior subordinated debentures
Junior subordinated debentures				$ 6,000
Effective interest rate on debentures (as a percent)		3.18%
Payment of principal amount at face value required to extend maturity	$ 900
Floating Rate Junior Subordinated Debentures | 3-month Libor
Junior subordinated debentures
Debt instrument interest rate description		3-Month LIBOR
Basis spread (as a percent)		2.54%

Fair Value (Details)

Fair Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value
Fair Value Assets Transfers between Levels Amount	$ 0
Recurring basis | Residential mortgage-backed
Fair Value
Securities available-for-sale, at fair value	13,201,000	$ 12,167,000
Recurring basis | U.S. Government and federal agency
Fair Value
Securities available-for-sale, at fair value	2,008,000	1,973,000
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government and federal agency
Fair Value
Securities available-for-sale, at fair value	2,008,000	1,973,000
Recurring basis | Significant Other Observable Unobservable Inputs (Level 2) | Residential mortgage-backed
Fair Value
Securities available-for-sale, at fair value	$ 13,201,000	$ 12,167,000

Fair Value - Schedule of losses

Fair Value - Schedule of losses recognized on assets measured at fair value on non-recurring basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value
Losses recognized on loans	$ 0	$ 0
Impaired loans | Significant Unobservable Inputs (Level 3)
Fair Value
Impaired loans carried at fair value of collateral	$ 2,456		$ 2,557
Real estate owned. | Significant Unobservable Inputs (Level 3)
Fair Value
Real estate owned			$ 360

Fair Value - Schedule of valuat

Fair Value - Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis (Details) - Fair Value, Measurements, Nonrecurring - Significant Unobservable Inputs (Level 3) - Impaired loans - Third party appraisal	3 Months Ended
	Mar. 31, 2016
Minimum
Fair value quantitative information
Adjustment for differences between the comparable sales (as a percent)	(18.00%)
Maximum
Fair value quantitative information
Adjustment for differences between the comparable sales (as a percent)	13.00%
Weighted Average
Fair value quantitative information
Adjustment for differences between the comparable sales (as a percent)	0.00%

Fair Value - Carrying Amounts a

Fair Value - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial Assets:
Cash and cash equivalents	$ 35,991	$ 67,839
Securities available-for-sale, at fair value	15,209	14,140
Loans receivable held for investment	327,441	306,643
Accrued interest receivable	1,091	1,077
Federal Home Loan Bank stock	2,573	2,573
Financial Liabilities:
Deposits	252,816	265,495
Federal Home Loan Bank advances	73,728	73,441
Junior subordinated debentures	3,164	3,117
Accrued interest payable	54	52
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets:
Cash and cash equivalents	35,991	67,839
Securities available-for-sale, at fair value	2,008	1,973
Accrued interest receivable	63	63
Federal Home Loan Bank stock	2,573	2,573
Significant Other Observable Unobservable Inputs (Level 2)
Financial Assets:
Securities available-for-sale, at fair value	13,201	12,167
Accrued interest receivable	34	31
Financial Liabilities:
Deposits	252,816	265,495
Federal Home Loan Bank advances	73,728	73,441
Accrued interest payable	48	46
Significant Unobservable Inputs (Level 3)
Financial Assets:
Loans receivable held for investment	327,441	306,643
Accrued interest receivable	994	983
Financial Liabilities:
Junior subordinated debentures	3,164	3,117
Accrued interest payable	6	6
Carrying Value
Financial Assets:
Cash and cash equivalents	35,991	67,839
Securities available-for-sale, at fair value	15,209	14,140
Loans receivable held for investment	319,881	304,171
Accrued interest receivable	1,091	1,077
Federal Home Loan Bank stock	2,573	2,573
Financial Liabilities:
Deposits	257,409	272,614
Federal Home Loan Bank advances	72,000	72,000
Junior subordinated debentures	5,100	5,100
Accrued interest payable	$ 54	$ 52

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015
Stock Options
Stock-based compensation
Stock based compensation expense		$ 3	$ 0
Stock Options | Senior Executive Officers
Stock-based compensation
Vesting period of option awards	5 years
Contractual term of option awards	10 years
Granted stock options (in shares)	450,000
Exercised price (in dollars per share)	$ 1.62
Fair value of stock options	$ 194
Stock option per shares (in dollars per share)	$ 0.43
Volatility	27.36%
Risk free interest rate	1.21%
Expected option term	5 years
Dividend yield	0.00%
2008 LTIP
Stock-based compensation
Shares authorized to be granted under stock compensation plan		2,000,000
2008 LTIP | Stock Options
Stock-based compensation
Contractual term of option awards		10 years
2008 LTIP | Stock Options | Maximum
Stock-based compensation
Vesting period of option awards		5 years

Regulatory Matters (Details)

Regulatory Matters (Details)	Mar. 31, 2016	Dec. 31, 2015
Capital and Regulatory Matters
Common Equity Tier 1 required for capital adequacy purposes, ratio (as a percent)	4.50%	4.50%
Tier 1 required for capital adequacy purposes, ratio (as a percent)	6.00%	6.00%
Total capital required for capital adequacy purposes, ratio (as a percent)	8.00%	8.00%
Leverage required for capital adequacy purposes, ratio (as a percent)	4.00%	4.00%
Conservation Buffer Rule Starting January 2016
Capital and Regulatory Matters
Capital conservation buffer annual increase (as a percent)	0.625%
Conservation Buffer Rule Subsequent to 2016
Capital and Regulatory Matters
Capital conservation buffer annual increase (as a percent)	0.625%
Maximum | Conservation Buffer Rule
Capital and Regulatory Matters
Capital conservation buffer (as a percent)	2.50%

Regulatory Matters - Schedule o

Regulatory Matters - Schedule of actual and required capital amounts and ratios (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Regulatory Matters
Tier-1 Leverage	$ 46,751	$ 46,028
Tier 1 Leverage, ratio (as a percent)	12.02%	11.56%
Common Equity Tier 1	$ 46,751	$ 46,028
Common Equity Tier 1, ratio (as a percent)	19.19%	19.45%
Tier 1	$ 46,751	$ 46,028
Tier 1, ratio (as a percent)	19.19%	19.45%
Total Capital	$ 49,814	$ 49,010
Total Capital, ratio (as a percent)	20.45%	20.71%
Leverage required for capital adequacy purposes	$ 15,560	$ 15,923
Leverage required for capital adequacy purposes, ratio (as a percent)	4.00%	4.00%
Common Equity Tier 1 required for capital adequacy purposes	$ 10,960	$ 10,650
Common Equity Tier 1 required for capital adequacy purposes, ratio (as a percent)	4.50%	4.50%
Tier 1 required for capital adequacy purposes	$ 14,614	$ 14,200
Tier 1 required for capital adequacy purposes, ratio (as a percent)	6.00%	6.00%
Total capital required for capital adequacy purposes	$ 19,485	$ 18,933
Total capital required for capital adequacy purposes, ratio (as a percent)	8.00%	8.00%

Regulatory Matters - Schedule43

Regulatory Matters - Schedule of actual and required capital amounts and ratios (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Basel III and Dodd Frank Rules
Tier 1 Leverage required to be Well Capitalized	$ 19,450	$ 19,903
Common Equity Tier I required to be Well Capitalized	15,832	15,383
Tier I Capital required to be Well Capitalized	19,485	18,933
Total Capital required to be Well Capitalized	$ 24,356	$ 23,667
Corrective Action Rules
Basel III and Dodd Frank Rules
Tier 1 Leverage required to be Well Capitalized (as a percent)	5.00%	5.00%
Common Equity Tier I required to be Well Capitalized (as a percent)	6.50%	6.50%
Tier I Capital required to be Well Capitalized (as a percent)	8.00%	8.00%
Total Capital required to be Well Capitalized (as a percent)	10.00%	10.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Income Taxes
Period for which prior cumulative losses considered in assessing the realization of deferred tax assets	2 years
Valuation allowance	$ 2.4	$ 2.5
Net deferred tax assets	$ 4.6	$ 4.6

Concentration of Credit Risk (D

Concentration of Credit Risk (Details)	3 Months Ended
	Mar. 31, 2016
Long-time Customer | Deposits
Concentration of Credit Risk
Percentage of concentration of risk	13.00%