Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | WAYNE SAVINGS BANCSHARES INC /DE/ | ||
Entity Central Index Key | 1,036,030 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 33.9 | ||
Entity Common Stock, Shares Outstanding | 2,781,839 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 3,487 | $ 6,200 |
Interest-bearing deposits | 7,669 | 4,583 |
Cash and cash equivalents | 11,156 | 10,783 |
Available-for-sale securities | 95,347 | 108,969 |
Held-to-maturity securities | 8,307 | 6,989 |
Loans, net of allowance for loan losses of $2,837 and $2,769 at December 31, 2015 and 2014, respectively | 293,121 | 265,609 |
Premises and equipment | 6,663 | 6,829 |
Federal Home Loan Bank stock | 4,226 | 4,226 |
Foreclosed assets held for sale, net | 14 | 179 |
Accrued interest receivable | 1,149 | 1,154 |
Bank-owned life insurance | 9,554 | 9,282 |
Goodwill | 1,719 | 1,719 |
Other assets | 1,893 | 1,631 |
Prepaid federal income taxes | 483 | 343 |
Total assets | 433,632 | 417,713 |
Deposits | ||
Demand | 101,532 | 91,921 |
Savings and money market | 132,089 | 129,222 |
Time | 128,806 | 127,779 |
Total deposits | 362,427 | 348,922 |
Other short-term borrowings | 5,606 | 7,000 |
Federal Home Loan Bank advances | 21,000 | 16,438 |
Interest payable and other liabilities | 4,258 | 4,678 |
Deferred federal income taxes | 436 | 673 |
Total liabilities | $ 393,727 | $ 377,711 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, 500,000 shares of $.10 par value authorized; no shares issued | ||
Common stock, $.10 par value; authorized 9,000,000 shares; 3,978,731 shares issued | $ 398 | $ 398 |
Additional paid-in capital | 36,017 | 35,995 |
Retained earnings | 21,060 | 20,403 |
Shares acquired by ESOP | (343) | (416) |
Accumulated other comprehensive income (loss) | (291) | 220 |
Treasury stock, at cost: Common: 1,196,892 and 1,171,892 shares at December 31, 2015 and 2014, respectively | (16,936) | (16,598) |
Total stockholders' equity | 39,905 | 40,002 |
Total liabilities and stockholders' equity | $ 433,632 | $ 417,713 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for loan losses | $ 2,837 | $ 2,769 |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 3,978,731 | 3,978,731 |
Treasury stock, shares | 1,196,892 | 1,171,892 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Dividend Income | ||
Loans | $ 11,621 | $ 11,408 |
Securities | 2,707 | 3,031 |
Dividends on Federal Home Loan Bank stock and other | 171 | 192 |
Total interest and dividend income | 14,499 | 14,631 |
Interest Expense | ||
Deposits | 1,589 | 1,574 |
Other short-term borrowings | 9 | 9 |
Federal Home Loan Bank advances | 369 | 480 |
Total interest expense | 1,967 | 2,063 |
Net Interest Income | 12,532 | 12,568 |
Provision for Loan Losses | 1,175 | 333 |
Net Interest Income After Provision for Loan Losses | 11,357 | 12,235 |
Noninterest Income | ||
Gain on loan sales | 193 | 251 |
Earnings on bank-owned life insurance | 294 | 293 |
Service fees, charges and other operating | 1,403 | 1,308 |
Total noninterest income | 1,890 | 1,852 |
Noninterest Expense | ||
Salaries and employee benefits | 6,444 | 6,147 |
Net occupancy and equipment expense | 1,986 | 1,948 |
Federal deposit insurance premiums | 270 | 272 |
Franchise taxes | 264 | 256 |
Provision for impairment on foreclosed assets held for sale | 37 | 28 |
Loss on sale of foreclosed assets held for sale | 106 | 2 |
Loss on disposal of office premises and equipment | $ 2 | 4 |
Amortization of intangible assets | 38 | |
Other | $ 2,078 | 1,924 |
Total noninterest expense | 11,187 | 10,619 |
Income Before Federal Income Taxes | 2,060 | 3,468 |
Provision for Federal Income Taxes | 413 | 837 |
Net Income | 1,647 | 2,631 |
Other comprehensive income (loss): | ||
Unrealized gains (losses) on available-for-sale securities, net of taxes of ($380) and $373 for 2015 and 2014, respectively | (737) | 725 |
Change in split-dollar life insurance policy unrecognized net loss | 155 | (186) |
Change in defined benefit plan unrecognized net gain (loss), net of taxes of $1 and ($213) for 2015 and 2014, respectively | 2 | (413) |
Amortization of net loss included in net periodic pension cost, net of taxes of $36 and $15 for 2015 and 2014, respectively | 69 | 29 |
Other comprehensive income (loss) | (511) | 155 |
Total comprehensive income | $ 1,136 | $ 2,786 |
Basic Earnings Per Share | $ 0.60 | $ 0.95 |
Diluted Earnings Per Share | $ 0.60 | $ 0.95 |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Income and Comprehensive Income [Abstract] | ||
Unrealized gains (losses) on available-for-sale securities, tax effect | $ (380) | $ 373 |
Change in defined benefit plan unrecognized net gain (loss), tax effect | 1 | (213) |
Amortization of net loss included in net periodic pension cost, tax effect | $ 36 | $ 15 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Shares Acquired by ESOP [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Balance, beginning at Dec. 31, 2013 | $ 38,552 | $ 398 | $ 35,976 | $ 18,743 | $ (492) | $ 65 | $ (16,138) |
Net Income | 2,631 | $ 2,631 | |||||
Other comprehensive loss | 155 | $ 155 | |||||
Purchase Treasury Shares - at cost | (460) | $ (460) | |||||
Cash dividends | (971) | $ (971) | |||||
Amortization of expense related to ESOP | 95 | $ 19 | $ 76 | ||||
Balance, ending at Dec. 31, 2014 | 40,002 | $ 398 | $ 35,995 | $ 20,403 | $ (416) | $ 220 | $ (16,598) |
Net Income | 1,647 | $ 1,647 | |||||
Other comprehensive loss | (511) | $ (511) | |||||
Purchase Treasury Shares - at cost | (338) | $ (338) | |||||
Cash dividends | (990) | $ (990) | |||||
Amortization of expense related to ESOP | 95 | $ 22 | $ 73 | ||||
Balance, ending at Dec. 31, 2015 | $ 39,905 | $ 398 | $ 36,017 | $ 21,060 | $ (343) | $ (291) | $ (16,936) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Stockholders' Equity [Abstract] | ||
Dividends per share | $ 0.36 | $ 0.35 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | ||
Net income | $ 1,647 | $ 2,631 |
Items not requiring (providing) cash | ||
Depreciation and amortization | 591 | 573 |
Provision for loan losses | 1,175 | 333 |
Amortization of premiums and discounts on securities | 1,336 | 1,194 |
Amortization of mortgage servicing rights | 51 | 38 |
Amortization of deferred loan origination fees | $ (81) | (99) |
Amortization of intangible asset | 38 | |
Deferred income taxes | $ 143 | (65) |
Net gains on sale of loans | (193) | (251) |
Proceeds from sale of loans in the secondary market | 6,070 | 6,846 |
Origination of loans for sale in the secondary market | (5,877) | (6,595) |
Amortization expense of stock benefit plan | 95 | 95 |
Provision for impairment on foreclosed assets held for sale | 37 | 28 |
Loss on sale of foreclosed assets held for sale | 106 | 2 |
Loss on sale of premises and equipment | 2 | 4 |
Increase in value of bank-owned life insurance | (272) | (276) |
Changes in | ||
Accrued interest receivable | 5 | 30 |
Other assets | (454) | (142) |
Interest payable and other liabilities | (298) | (203) |
Net cash provided by operating activities | 4,083 | 4,181 |
Investing Activities | ||
Purchases of available-for-sale securities | (12,971) | (29,582) |
Purchase of held-to-maturity securities | (1,637) | (449) |
Proceeds from maturities and paydowns of available-for-sale securities | 24,177 | 24,162 |
Proceeds from maturities and paydowns of held-to-maturity securities | $ 282 | 63 |
Proceeds from Federal Home Loan Bank Stock | 799 | |
Net change in loans | $ (28,914) | (5,043) |
Purchase of premises and equipment | $ (427) | (721) |
Proceeds from the sale of premises and equipment | 7 | |
Proceeds from the sale of foreclosed assets | $ 330 | 120 |
Net cash used in investing activities | (19,160) | (10,644) |
Financing Activities | ||
Net change in deposits | 13,505 | 11,351 |
Net change in other short-term borrowings | (1,394) | (212) |
Proceeds from Federal Home Loan Bank advances | 30,562 | 5,762 |
Repayments of Federal Home Loan Bank advances | (26,000) | (11,660) |
Advances by borrowers for taxes and insurance | 105 | 30 |
Dividends on common stock | (990) | (946) |
Treasury stock purchases | (338) | (460) |
Net cash provided in financing activities | 15,450 | 3,865 |
Increase (decrease) in Cash and Cash Equivalents | 373 | (2,598) |
Cash and Cash equivalents, Beginning of period | 10,783 | 13,381 |
Cash and Cash equivalents, End of period | 11,156 | 10,783 |
Supplemental Cash Flows Information | ||
Interest paid on deposits and borrowings | 1,974 | 2,084 |
Federal income taxes paid | 350 | 900 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Transfers from loans to foreclosed assets held for sale | 308 | 330 |
Recognition of mortgage servicing rights | 88 | 99 |
Dividends payable | $ 250 | $ 252 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations The Company's revenues, operating income and assets are almost exclusively derived from banking. , Ohio The Company's primary deposit products are checking, savings, money market and term certificate accounts. ntly influenced by a number of environmental factors, such as governmental monetary policy, that are outside of management's control Principles of Consolidation The consolidated financial statements include the accounts of Wayne Savings Bancshares, Inc. (Wayne or the Company) and its wholly owned subsidiary, Wayne Savings Community Bank (the Bank). All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, goodwill and pension and other retirement benefit plans. In connection with the determination of the allowance for loan losses, management obtains independent appraisals for significant properties. Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. Noninterest-bearing transaction accounts are subject to the $250,000 limit on FDIC insurance per covered institution. From time to time, the Company's interest-bearing cash accounts may exceed the FDIC's insured limit of $250,000. Management considers the risk of loss to be very low. Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and recorded at amortized cost. Securities not classified as held-to- maturity are classified as available-for-sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below carrying value when the Company does not intend to sell a debt security, and it is more likely than not, the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well secured and in process of collection. Past due status is determined based on contractual terms of the loan. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current for a period of six months and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Company's internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. An accelerated method is used for tax purposes. Leasehold improvements are also stated at cost less accumulated depreciation and are depreciated using the straight line method over the estimated useful lives of the assets or the term of the lease, whichever is shorter. Federal Home Loan Bank Stock The Company is required as a condition of membership in the Federal Home Loan Bank of Cincinnati (FHLB) to maintain an investment in FHLB common stock. The required investment in the common stock is based on a predetermined formula. The stock is redeemable at par and, therefore, its cost is equivalent to its redemption value. At December 31, 2015, the FHLB placed no restrictions on redemption of shares in excess of a member's required investment in the stock. Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated selling costs, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. Bank-Owned Life Insurance The Bank has purchased life insurance policies on certain key executives. Bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. Goodwill and Intangible Assets The composition of goodwill and other intangible assets, all of which is core deposit intangible, at December 31, 2015 and 2014: 2015 2014 (In thousands) Goodwill $ 1,719 $ 1,719 Other intangible assets gross 974 974 Other intangible assets amortization (974 ) (974 ) Total $ 1,719 $ 1,719 The Company did not record any amortization related to intangible assets during the year ended December 31, 2015, as the intangible asset was amortized to zero at May 31, 2014. The Company recorded amortization relative to intangible assets totaling $38,000 for the year ending December 31, 2014. Such amortization was derived using the straight line method for the core deposit asset over ten Mortgage Servicing Rights Mortgage servicing assets are recognized separately when rights are acquired through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), servicing rights resulting from the sale or securitization of loans originated by the Company are initially measured at fair value at the date of transfer. The Company subsequently measures each class of servicing asset using the amortization method. Under the amortization method, servicing rights are amortized in proportion to and over the period of estimated net servicing income. The amortized assets are assessed for impairment based on fair value at each reporting date. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may have an adverse impact on the value of the mortgage servicing rights and may result in a reduction to noninterest income. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment, if necessary, is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Changes in valuation allowances are reported in the income statement. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Treasury Stock Common stock shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the first-in, first-out method. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management's judgment. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no longer subject to tax authorities for years before 2012. Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options, if any, and are determined using the treasury stock method. Treasury stock shares and unearned ESOP shares are not deemed outstanding for earnings per share calculations. Comprehensive Income Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities, changes in the funded status of the defined benefit pension plan and the split-dollar life insurance plan. Advertising Advertising costs are expensed as incurred. The Company's advertising expense totaled $ 201,000 189,000 Reclassifications Certain reclassifications have been made to the prior years' financial statements to conform to the 2015 financial statement presentation. These reclassifications had no effect on net income. Fiscal Year Change In April 2011, the Company decided to change its fiscal year end to December 31 to facilitate consistency with regulatory reporting requirements. Regulatory reporting under OTS Thrift Financial Reporting requirements was reported on a quarter-to-date basis through December 31, 2011. Beginning with the quarter ended March 31, 2012 the Company began reporting to the FDIC using the Call Report on a calendar year-to-date period. The result of the fiscal year end change was a nine month period ended December 31, 2011. |
Restriction on Cash and Due Fro
Restriction on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2015 | |
Restriction On Cash And Due From Banks [Abstract] | |
Restriction on Cash and Due From Banks | Note 2: Restriction on Cash and Due From Banks The Company is required to maintain reserve funds in cash, and or, on deposit with the Federal Reserve Bank. The reserve required at December 31, 2015, was $ 2.4 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Securities [Abstract] | |
Securities | Note 3: Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Approximate Available-for-sale securities (In thousands) December 31, 2015: U.S. government agencies $ 101 $ $ $ 101 Mortgage-backed securities of 75,972 662 530 76,104 Private-label collateralized mortgage 274 3 277 State and political subdivisions 18,224 677 36 18,865 Totals $ 94,571 $ 1,342 $ 566 $ 95,347 Amortized Gross Gross Approximate Available-for-sale securities (In thousands) December 31, 2014: U.S. government agencies $ 126 $ $ $ 126 Mortgage-backed securities of 87,284 1,202 273 88,213 Private-label collateralized mortgage 491 11 502 State and political subdivisions 19,174 992 38 20,128 Totals $ 107,075 $ 2,205 $ 311 $ 108,969 Amortized Gross Gross Approximate Held-to-maturity Securities: (In thousands) December 31, 2015: U.S. government agencies $ 82 $ $ $ 82 Mortgage-backed securities of 1,052 5 1,057 State and political subdivisions 7,173 29 136 7,066 Totals $ 8,307 $ 34 $ 136 $ 8,205 Amortized Gross Gross Approximate Held-to-maturity Securities: (In thousands) December 31, 2014: U.S. government agencies $ 100 $ $ $ 100 Mortgage-backed securities of 1,332 22 1,354 State and political subdivisions 5,557 7 181 5,383 Totals $ 6,989 $ 29 $ 181 $ 6,837 The amortized cost and fair value of available-for-sale securities and held-to-maturity securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-sale Held-to-maturity Amortized Fair Amortized Fair (In thousands) Within one year $ 3,631 $ 3,679 $ $ One to five years 3,022 3,219 843 858 Five to ten years 3,342 3,489 3,473 3,393 After ten years 8,330 8,579 2,939 2,897 18,325 18,966 7,255 7,148 Mortgage-backed securities of 75,972 76,104 1,052 1,057 Private-label collateralized mortgage 274 277 Totals $ 94,571 $ 95,347 $ 8,307 $ 8,205 The carrying value of securities pledged as collateral, to secure public deposits, customer repurchase agreements and for other purposes, was $ 55.3 57.5 Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. The total fair value of these investments at December 31, 2015 and 2014 was $ 53.8 42.9 52 38 Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary at December 31, 2015. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. The following table shows the gross unrealized losses and fair value of the Company's investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2015 and 2014: December 31, 2015 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities $ 32,930 $ 269 $ 14,560 $ 261 $ 47,490 $ 530 State and political 3,756 50 2,515 122 6,271 172 Total temporarily impaired $ 36,686 $ 319 $ 17,075 $ 383 $ 53,761 $ 702 December 31, 2014 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities $ 22,443 $ 118 $ 13,947 $ 155 $ 36,390 $ 273 State and political 1,082 3 5,421 216 6,503 219 Total temporarily impaired $ 23,525 $ 121 $ 19,368 $ 371 $ 42,893 $ 492 The unrealized losses on the Company's investments in mortgage-backed securities of government-sponsored entities and municipal securities were caused by changes in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2015. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Loans And Allowance For Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 4: Loans and Allowance for Loan Losses Categories of loans at December 31, include: 2015 2014 (In thousands) One-to-four family residential $ 179,732 $ 169,676 Multi-family residential 12,474 12,203 Construction 6,177 2,922 Nonresidential real estate and land 86,470 71,795 Commercial 18,031 16,275 Consumer and other 1,904 2,311 304,788 275,182 Less: Undisbursed portion of loans in process 8,065 6,121 Deferred loan origination fees 765 683 Allowance for loans losses 2,837 2,769 Total loans $ 293,121 $ 265,609 The risk characteristics of each portfolio segment are as follows: Residential Real Estate Loans For residential mortgage loans that are secured by one-to-four family residences and are generally owner occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in one-to-four family residences. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. All Other Mortgage Loans All other mortgage loans consist of residential construction loans, nonresidential real estate loans, land loans and multi-family real estate loans. Residential construction loan proceeds are disbursed in increments as construction progresses and as inspections warrant. Construction loans are typically structured as permanent one-to-four family loans originated by the Company with a 12-month construction phase. Accordingly, upon completion of the construction phase, there is no change in interest rate or term to maturity of the original construction loan, nor is a new permanent loan originated. These loans are generally owner occupied and the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Nonresidential real estate loans are negotiated on a case-by-case basis. Loans secured by nonresidential real estate generally involve a greater degree of risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by nonresidential real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced, the borrower's ability to repay the loan may be impaired. The Company also originates a limited number of land loans secured by individual improved and unimproved lots for future residential construction. In addition, the Company originated loans to commercial customers with land held as the collateral. Multi-family real estate loans generally involve a greater degree of credit risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family real estate is typically dependent upon the successful operation of the related real estate property. If the cash flow from the project is reduced, the borrower's ability to repay the loan may be impaired. Commercial Business Loans Commercial business loans carry a higher degree of risk than one-to-four family residential loans. Such lending typically involves large loan balances concentrated in a single borrower or groups of related borrowers for rental or business properties. In addition, the payment experience on loans secured by income-producing properties is typically dependent on the success of the operation of the related project and thus is typically affected by adverse conditions in the real estate market and in the economy. The Company originates commercial loans generally in the $50,000 to $1,000,000 range with the majority of these loans being under $500,000. Commercial loans are generally underwritten based on the borrower's ability to pay and assets such as buildings, land and equipment are taken as additional loan collateral. Each loan is evaluated for a level of risk and assigned a rating from 1 (the highest quality rating) to 7 (the lowest quality rating). Consumer Loans Consumer loans entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as automobiles, mobile homes, boats, and recreational vehicles. In such cases, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and the remaining deficiency often does not warrant further substantial collection efforts against the borrower. In particular, amounts realizable on the sale of repossessed automobiles may be significantly reduced based upon the condition of the automobiles and the lack of demand for used automobiles. The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on the portfolio segment and impairment method as of December 31, 2015 and 2014: December 31, 2015 One-to-four All other Commercial Consumer Total Allowance for loan losses: (In thousands) Beginning balance $ 1,533 $ 885 $ 343 $ 8 $ 2,769 Provision charged to 924 325 (65 ) (9 ) 1,175 Losses charged off (1,158 ) (1,158 ) Recoveries 47 1 3 51 Ending balance $ 1,346 $ 1,210 $ 279 $ 2 $ 2,837 Allowance Balances: Individually evaluated for $ 506 $ 13 $ 33 $ $ 552 Collectively evaluated for $ 840 $ 1,197 $ 246 $ 2 $ 2,285 Loan Balances: Ending balance: $ 179,732 $ 105,121 $ 18,031 $ 1,904 $ 304,788 Individually evaluated for $ 2,789 $ 1,061 $ 33 $ $ 3,883 Collectively evaluated for $ 176,943 $ 104,060 $ 17,998 $ 1,904 $ 300,905 December 31, 2014 One-to-four All other Commercial Consumer Total Allowance for loan losses: (In thousands) Beginning balance $ 1,017 $ 1,526 $ 271 $ 5 $ 2,819 Provision charged to 546 (397 ) 182 2 333 Losses charged off (38 ) (261 ) (112 ) (411 ) Recoveries 8 17 2 1 28 Ending balance $ 1,533 $ 885 $ 343 $ 8 $ 2,769 Allowance Balances: Individually evaluated for $ 653 $ 18 $ 145 $ $ 816 Collectively evaluated for $ 880 $ 867 $ 198 $ 8 $ 1,953 Loan Balances: Ending balance: $ 169,676 $ 86,920 $ 16,275 $ 2,311 $ 275,182 Individually evaluated for $ 3,279 $ 18 $ 145 $ $ 3,442 Collectively evaluated for $ 166,397 $ 86,902 $ 16,130 $ 2,311 $ 271,740 The following tables present the credit risk profile of the Bank's loan portfolio based on rating category and payment activity as of December 31, 2015 and 2014: December 31, 2015 One-to-four All other Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 172,617 $ 100,961 $ 17,893 $ 1,904 Special Mention (Risk 5) 1,406 1,881 105 Substandard (Risk 6) 5,709 2,279 33 Total $ 179,732 $ 105,121 $ 18,031 $ 1,904 December 31, 2014 One-to-four All other Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 160,190 $ 84,168 $ 15,812 $ 2,311 Special Mention (Risk 5) 2,015 851 318 Substandard (Risk 6) 7,471 1,901 145 Total $ 169,676 $ 86,920 $ 16,275 $ 2,311 * Ratings are generally assigned to consumer and residential mortgage loans on a pass or fail basis, where fail results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank's loan policy that produces a risk rating as described below. Risk 1 is unquestioned credit quality for any credit product. Loans are secured by cash and near cash collateral with immediate access to proceeds. Risk 2 is very low risk with strong credit and repayment sources. Borrower is well capitalized in a stable industry, financial ratios exceed peers and financial trends are positive. Risk 3 is very favorable risk with highly adequate credit strength and repayment sources. Borrower has good overall financial condition and adequate capitalization. Risk 4 is acceptable, average risk with adequate credit strength and repayment sources. Collateral positions must be within Bank policies. Risk 5 or Special Mention, also known as watch, has potential weakness that deserves Management's close attention. This risk includes loans where the borrower has developed financial uncertainties or is resolving them. Bank credits have been secured or negotiations will be ongoing to secure further collateral. In accordance with regulatory guidance, this category is generally regarded as temporary, as successful remedial actions will either successfully move the credit back up to Risk 4 or unsuccessful remedial actions will result in the credit being downgraded to Risk 6. Risk 6 or Substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that exhibit a weakening of the borrower's credit strength with limited credit access and all nonperforming loans. Risk 7 or Doubtful loans are significantly under protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that are likely to experience a loss of some magnitude, but where the amount of the expected loss is not known with enough certainty to allow for an accurate calculation of a loss amount for charge-off. This category is considered to be temporary until a charge-off amount can be reasonably determined. The following tables present the Bank's loan portfolio aging analysis as of December 31, 2015 and 2014: December 31, 2015 30-59 Days 60-89 Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 516 $ 329 $ 903 $ 1,748 $ 177,984 $ 179,732 $ All other mortgage 298 209 507 104,614 105,121 Commercial 68 68 17,963 18,031 Consumer loans 1,904 1,904 Total $ 882 $ 329 $ 1,112 $ 2,323 $ 302,465 $ 304,788 $ December 31, 2014 30-59 Days 60-89 Days Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 466 $ 297 $ 1,575 $ 2,338 $ 167,338 $ 169,676 $ All other mortgage 198 152 350 86,570 86,920 Commercial 59 59 16,216 16,275 Consumer loans 2,311 2,311 Total $ 466 $ 495 $ 1,786 $ 2,747 $ 272,435 $ 275,182 $ Non-accrual loans were comprised of the following at December 31, 2015 and 2014: Non-accrual loans 2015 2014 (In thousands) One-to-four family residential loans $ 1,733 $ 2,740 Nonresidential real estate loans 208 350 All other mortgage loans Commercial business loans 96 Consumer loans Total $ 1,941 $ 3,186 A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. Included in certain loan categories in the impaired loans are troubled debt restructurings that were classified as impaired. At December 31, 2015, the Company had $ 2.8 1.1 33,000 1.9 1.0 11,000 The following tables present impaired loans as of and for the years ended December 31, 2015 and 2014: December 31, 2015 Recorded Unpaid Specific Average Interest (In thousands) Loans without a specific valuation allowance One-to-four family $ 1,224 $ 1,238 $ $ 1,493 $ 44 All other mortgage loans 532 Commercial business 9 Loans with a specific One-to-four family 1,565 1,875 506 1,347 56 All other mortgage loans 1,061 1,061 13 575 71 Commercial business 33 33 33 82 1 Total: One-to-four family $ 2,789 $ 3,113 $ $ 506 $ 2,840 $ 100 All other mortgage loans 1,061 1,061 13 1,107 71 Commercial business 33 33 33 91 1 $ 3,883 $ 4,207 $ 552 $ 4,038 $ 172 December 31, 2014 Recorded Unpaid Specific Average Interest (In thousands) Loans without a specific valuation allowance One-to-four family $ 1,108 $ 1,108 $ $ 3,220 $ 44 All other mortgage loans 1,097 Commercial business 19 Loans with a specific One-to-four family 2,171 2,171 653 1,499 56 All other mortgage loans 18 18 18 477 1 Commercial business 145 145 145 166 2 Total: One-to-four family $ 3,279 $ 3,279 $ 653 $ 4,719 $ 100 All other mortgage loans 18 18 18 1,574 1 Commercial business 145 145 145 185 2 $ 3,442 $ 3,442 $ 816 $ 6,478 $ 103 The following tables present information regarding newly classified troubled debt restructurings by class for the years ended December 31, 2015 and 2014. Troubled Debt Restructurings Number of Pre-modification Unpaid Principal Balance Post-modification Unpaid Principal Balance (dollars in thousands) December 31, 2015 One-to-four family residential loans 1 $ 17 $ 17 December 31, 2014 All other mortgage loans 2 $ 1,057 $ 1,090 All the above TDR classifications occurred as concessions were granted to borrowers experiencing financial difficulties. These concessions may include a reduction in the stated rate, an interest rate that is below market interest rates for similar debt, an extension of the maturity date or delaying principal payments through interest only payments. Each TDR has been individually evaluated for impairment with the appropriate specific valuation allowance included in the allowance for loan losses calculation. There were no TDR classifications which defaulted during the year ended December 31, 2015 or the year ended December 31, 2014. The Company considers TDRs that become 90 days or more past due under modified terms as subsequently defaulted. As a result of adopting the amendments in Accounting Standards Update No. 2011-02 (the ASU), the Company reassessed all restructurings occurring on or after the beginning of its current fiscal year (April 1, 2011) for identification of TDRs. The Company identified no additional TDRs for which an allowance for credit losses had previously been measured under a general allowance for credit losses methodology. Foreclosed assets held for sale include those properties that the Bank has obtained legal title to, through a formal foreclosure process, or the borrower conveying all interest in the property to the Bank through the completion of a deed in lieu of foreclosure, or similar legal agreement. The following table presents the balance of mortgage loans collateralized by residential real estate properties held as foreclosed assets at December 31, 2015 and December 31, 2014. December 31, 2015 December 31, 2014 Recorded Investment (In thousands) One-to-four family residential loans $ 14 $ 179 Banks foreclose on certain properties in the normal course of business when it is more probable than not that the loan balance will not be recovered through scheduled payments. Foreclosure is usually a last resort and begins after all other collection efforts have been exhausted. The following table presents the balance of those mortgage loans collateralized by residential real estate properties that are in the formal process of foreclosure at December 31, 2015 and December 31, 2014. December 31, 2015 December 31, 2014 Recorded Investment (In thousands) One-to-four family residential loans $ 171 $ 24 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises And Equipment [Abstract] | |
Premises and Equipment | Note 5: Premises and Equipment Major classifications of premises and equipment, stated at cost, at December 31, 2015 and 2014 are as follows: 2015 2014 (In thousands) Land and improvements $ 1,799 $ 1,799 Office buildings and improvements 8,027 8,024 Furniture, fixtures and equipment 4,890 4,469 Leasehold improvements 350 350 15,066 14,642 Less accumulated depreciation 8,403 7,813 Total $ 6,663 $ 6,829 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2015 | |
Loan Servicing [Abstract] | |
Loan Servicing | Note 6: Loan Servicing The Company has recognized servicing rights for residential mortgage loans sold with servicing retained. Residential mortgage loans serviced for others are subject to credit, prepayment and interest rate risks. Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others was $ 34.9 33.4 30,000 40,000 Custodial escrow balances maintained in connection with the foregoing loan servicing, and included in demand deposits, were approximately $ 313,000 391,000 Comparable market values and a valuation model that calculates the present value of future cash flows were used to estimate fair value. Activity in the balance of servicing assets was as follows at December 31, 2015 and 2014: 2015 2014 (In thousands) Carrying amount, beginning of period $ 332 $ 271 Additions Servicing obligations that result from transfers of financial assets 88 99 Subtractions Amortization 51 38 $ 369 $ 332 The fair value of servicing rights subsequently measured using the amortization method was as follows: Fair value, beginning of period $ 367 $ 344 Fair value, end of period $ 404 $ 367 |
Interest-bearing Time Deposits
Interest-bearing Time Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Interest-Bearing Time Deposits [Abstract] | |
Interest-bearing Time Deposits | Note 7: Interest-bearing Time Deposits Interest-bearing time deposits in denominations of $250,000 or more were $ 17.9 19.5 At December 31, 2015, the scheduled maturities of time deposits are as follows: Due during the year ending December 31 (In thousands) 2016 $ 46,871 2017 30,762 2018 14,746 2019 9,052 2020 15,566 Thereafter 11,809 $ 128,806 |
Other Short-Term Borrowings
Other Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Other Short-Term Borrowings [Abstract] | |
Other Short-Term Borrowings | Note 8: Other S hort- T er m B orrowings Short-term borrowings included the following at December 31, 2015 and 2014: 2015 2014 (In thousands) Other Short-term borrowings $ 5,606 $ 7,000 Securities sold under agreements to repurchase consist of obligations of the Bank to other parties. The obligations are secured by available-for-sale securities and such collateral is held by the Bank. The maximum amount of outstanding agreements at any month end during the years ended December 31, 2015 and 2014 totaled $ 7.2 million $ 7.0 million, respectively, $ 6.4 million $ 6.3 million for years ended December 31, 2015 and 20 14 , respectively 7.0 9.0 Repurchase agreements are offered by the Bank to commercial business customers to provide them with an opportunity to earn a return on their excess cash balances. These repurchase agreements are considered secured borrowings and are reported in other short-term borrowings. On a daily basis the Bank transfers securities to these customers in exchange for their cash and subsequently agrees to repurchase those same securities the next business day. In the event the Bank is unable to repurchase the securities from the customer, the customer will then have a claim against those securities. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Bank Advances [Abstract] | |
Federal Home Loan Bank Advances | Note 9: Federal Home Loan Bank Advances At December 31, 2015, advances from the Federal Home Loan Bank were as follows: Interest Rate Range Maturing year ending December 31, Amount (In thousands) 1.21 2016 $ 3,000 0.97 1.42 2017 6,000 1.30 1.33 2018 6,000 1.47 1.55 2019 6,000 $ 21,000 The Federal Home Loan Bank advances are secured by mortgage loans totaling $ 127.5 At December 31, 2015, required annual principal payments on Federal Home Loan Bank advances were as follows: For the year ended December 31, (In thousands) 2016 $ 3,000 2017 6,000 2018 6,000 2019 6,000 $ 21,000 Each advance is payable at its maturity date and has a prepayment penalty if repaid prior to maturity. During the quarter ended December 31, 2010, the Company prepaid $ 8.5 526,000 Additionally, as a member of the Federal Home Loan Bank system at December 31, 2015, the Bank had the ability to obtain up to $ 90.8 At December 31, 2015, the Bank had a cash management line of credit with the Federal Reserve Bank in the amount of $ 24.0 24.2 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10: Income Taxes The provision for income taxes includes the following components at December 31, 2015 and 2014: 2015 2014 (In thousands) Taxes currently payable $ 270 $ 902 Deferred income taxes 143 (65 Income tax expense $ 413 $ 837 A reconciliation of income tax expense at the statutory rate to the Company's actual income tax expense is shown below: 2015 2014 (In thousands) Computed at the statutory rate (34%) $ 668 $ 1,179 Increase (decrease) resulting from Tax-exempt interest (223 (277) Earnings on bank-owned life insurance (100 (82) Other 68 17 Actual tax expense $ 413 $ 837 The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were as follows: 2015 2014 (In thousands) Deferred tax assets Deferred loan origination fees $ 260 $ 232 Allowance for loan losses 965 941 Real estate owned valuation 2 Pension adjustment 368 405 Reserve for uncollected interest 182 175 Benefit plan expenses 97 178 AMT credit carryover and low income housing credit 12 Total deferred tax assets 1,886 1,931 Deferred tax liabilities Prepaid pension (221 (190) Federal Home Loan Bank stock dividends (1,023 (1,023) Book/tax depreciation differences (560 (517) Financed loan fees (129 (117) Unrealized gains on securities available-for-sale (264 (644) Mortgage servicing rights (125 (113) Total deferred tax liabilities (2,322 (2,604) Net deferred tax liability $ (436 $ (673) Prior to fiscal 1997, the Company was allowed a special bad debt deduction based on a percentage of earnings, generally limited to 8% of otherwise taxable income and subject to certain limitations based on aggregate loans and deposit account balances at the end of the year. This cumulative percentage of earnings bad debt deduction totaled approximately $ 2.7 918,000 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 11: Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss), included in stockholders' equity as of December 31, are as follows: 2015 2014 (In thousands) Gross unrealized gain on securities available-for-sale $ 777 $ 1,894 Gross unrealized loss for unfunded status of split-dollar life insurance plan liability (tax free) (89 (244) Gross unrealized loss for unfunded status of defined benefit plan liability (1,083 (1,191) (395) 459 Tax effect 104 (239) Net-of-tax amount $ (291) $ 220 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 12: Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatoryand possibly additional discretionaryactions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore the Bank's regulators could require adjustments to regulatory capital not reflected in these financial statements. The Bank must give notice to the Federal Reserve Bank of Cleveland prior to declaring a dividend to the Company and is subject to existing regulatory guidance where, in general, a dividend is permissible without regulatory approval if the institution is considered to be well capitalized and the dividend does not exceed current year-to-date net income plus the change in retained earnings for the previous two calendar years. For dividends in excess of the above criteria, the Bank must make application to the Federal Reserve Bank of Cleveland and receive approval before declaring a dividend to the Company. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined) to risk-weighted assets (as defined), common equity Tier 1 capital (as defined) to total risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined) As of December 31, 2015, based on the computations for the call report the Bank is classified as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain capital ratios as set forth in the table below. There are no conditions or events since December 31, 2015 that management believes have changed the Bank's capital classification. Effective January 1, 2015, new regulatory capital requirements commonly referred to as Basel III were implemented and are reflected in December 31, 2015 capital table below. Management opted out of the accumulated other comprehensive income treatment under the new requirements, and as such unrealized gains and losses from available-for-sale securities will continue to be excluded from Bank regulatory capital. The Bank's actual capital amounts and ratios as of December 31, 2015 and 2014 are presented in the following table. Actual For Capital Adequacy To Be w ell Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Tier I Capital to average assets $ 37,524 8.8 % $ 17,092 4.0 % $ 21,365 5.0 % Tier 1 Common equity capital 37,524 13.4 % 12,645 4.5 % 18,265 6.5 % Tier I Capital to risk-weighted 37,524 13.4 % 16,860 6.0 % 22,480 8.0 % Total Risk-based capital to 40,361 14.4 % 22,480 8.0 % 28,099 10.0 % As of December 31, 2014 Tier I Capital to average assets $ 36,834 8.8 % $ 16,694 4.0 % $ 20,868 5.0 % Tier I Capital to risk-weighted 36,834 14.1 % 10,439 4.0 % 15,658 6.0 % Total Risk-based capital to 39,603 15.2 % 20,878 8.0 % 26,097 10.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13: Related Party Transactions At December 31, 2015 and 2014, the Bank had loans outstanding to executive officers, directors, and their affiliates (related parties). In management's opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management's opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features. Such loans are summarized below. 2015 2014 (In thousands) Aggregate balance Beginning of period $ 400 $ 222 New loans 9 186 Repayments and reclassifications (90 (8) Aggregate balance End of period $ 319 $ 400 The loan reclassification during 2015 included a loan from a former employee. Deposits from related parties held by the Bank at December 31, 2015 and 2014, totaled $ 386,000 302,000 The Bank paid legal fees to a law firm of which a director of the Company is a member. The amounts paid totaled approximately $ 8,000 9,000 The Bank leases an in-store retail branch from a corporation in which a director of the Company holds an interest. The current five year lease provides for renewal options through April 30, 2021. Rental expense for this lease was $ 28,000 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 14: Employee Benefit Plans Pension and Other Post -R etirement Benefit Plans The Company has a frozen noncontributory defined benefit pension plan covering all employees who met the eligibility requirements prior to December 31, 2003. Compensation and service accruals were frozen at the same date. The Company's funding policy is to make the minimum annual contribution that is required by applicable regulations, plus such amounts as the Company may determine to be appropriate from time to time. The Company expects to contribute approximately $ 180,000 The Company uses a December 31 measurement date for the plan. Information about the plan's funded status and pension cost follows: 2015 2014 (In thousands) Change in benefit obligation Beginning of year $ 2,221 $ 1,588 Interest cost 86 78 Actuarial (gain) loss (112) 614 Benefits paid (38 (38 Settlements (4 (21 End of year 2,153 2,221 Change in fair value of plan assets Beginning of year 1,590 1,431 Actuarial return on plan assets (11) 80 Employer contribution 185 138 Benefits paid (38 (38 Settlements (4 (21 End of year 1,722 1,590 Funded status at end of year $ (431 $ (631 Amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic benefit cost consist of the following at December 31, 2015 and 2014: 2015 2014 (In thousands) Net loss $ (1,083 $ (1,191 The estimated net loss for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is approximately $ 98,000 The accumulated benefit obligation for the defined benefit pension plan was $ 2.2 2015 2014 (In thousands) Components of net periodic benefit cost Internal cost $ 86 $ 77 Expected return on plan assets (99 (90 Amortization of net loss 105 44 Net periodic benefit cost $ 92 $ 31 Plan assets are held by a bank-administered trust fund, which invests the plan assets in accordance with the provisions of the plan agreement. The plan agreement permits investment in mutual funds that may invest in common stocks, corporate bonds and debentures, U.S. Government securities, certain insurance contracts, real estate and other specified investments, based on certain target allocation percentages. Asset allocation is primarily based on a strategy to provide stable earnings while still permitting the plan to recognize potentially higher returns through an investment in equity securities. The target asset allocation percentages for 2015 are as follows: SMID-Cap stocks 30 70 Fixed income investments 30 70 Cash 0 15 At December 31, 2015 and 2014, the fair value of plan assets as a percentage of the total was invested in the following: 2015 2014 Equity Securities 60 % 67 % Debt securities 39 % 32 % Cash and cash equivalents 1 % 1 % 100 % 100 % Benefit payments expected to be paid from the plan as of December 31, 2015 are as follows: (In thousands) 2016 $ 74 2017 84 2018 92 2019 109 2020 116 Thereafter 634 $ 1,109 Significant assumptions include the following as of December 31, 2015 and 2014: Pension Benefits 2015 2014 Weighted-average assumptions used to determine benefit obligation: Discount rate 4.95 % 3.95 % Rate of compensation increase (frozen) N/A N/A Weighted-average assumptions used to determine benefit cost: Discount rate 4.95 % 4.95 % Expected return on plan assets 6.00 % 6.00 % Rate of compensation increase (frozen) N/A N/A The Company has estimated the long-term rate of return on plan assets based primarily on historical returns on plan assets, adjusted for changes in target portfolio allocations and recent changes in long-term interest rates based on publicly available information. The fair value of the Company's pension plan assets, and the related investment references, at December 31, 2015, and 2014 by asset category are as follows: December 31, 2015 Fair Value Measurements Using Asset Category Total Fair Quoted Prices (Level 1) Significant (Level 2) Significant Unobservable (Level 3) Mutual funds-Equity (In thousands) Large Cap Value (a) $ 96 $ 96 $ - $ - Large Cap Core (b) 132 132 - - Mid Cap Core (c) 118 118 - - Small-Cap Core (d) 57 57 - - International Core (e) 271 271 - - Large Cap Growth (f) 205 205 - - Small/Midcap Growth (g) 60 60 - - Mutual funds-Fixed Income Fixed Income-Core Plus (h) 501 501 - - Intermediate Duration (i) 166 166 - - Common/Collective Trusts- Equity Large Cap Value (j) 91 - 91 - Cash Money Market 25 25 - - Total $ 1,722 $ 1,631 $ 91 $ - (a) This category consists of a mutual fund holding 100-160 stocks, designed to track and outperform the Russell 1000 Value Index. (b) This category contains stocks of the S&P 500 Index. The stocks are maintained in approximately the same weightings as the index. (c) This category contains stocks of the MSCI U.S. Mid Cap 450 Index. The stocks are maintained in approximately the same weightings as the index. (d) This category contains stocks whose sector weightings are maintained within a narrow band around those of the Russell 2000 Index. The portfolio will typically hold more than 150 stocks. (e) This category consists of investments with long-term growth potential located primarily in Europe, the Pacific Basin, and other developed emerging countries. (f) This category consists of two mutual funds, one which invests primarily of large U.S. based growth companies, the other in fast-growing large cap growth companies with sustainable franchises and positive price momentum. (g) This category seeks capital appreciation through investments in common stock of small-capitalization companies, defined as those with a total market value of no more than $2 billion at the time the fund first invests in them. (h) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that Index. The third fund targets investments of 50% or more in mortgage--backed securities guaranteed by the US government and its agencies.. (i) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. (j) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. December 31, 2014 Fair Value Measurements Using Asset Category Total Fair Value Quoted Prices (Level 1) Significant Other Observable (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Mutual funds-Equity Large Cap Value (a) $ 103 $ 103 $ - $ - Large Cap Core (b) 139 139 - - Mid Cap Core (c) 131 131 - - Small-Cap Core (d) 63 63 - - International Core (e) 264 264 - - Large Cap Growth (f) 202 202 - - Small/Midcap Growth (g) 57 57 - - Mutual funds-Fixed Income Fixed Income-US Core (h) 172 172 - - Intermediate Duration (i) 341 341 - - Common/Collective Trusts- Equity Large Cap Value (k) 96 - 96 - Cash Money Market 22 22 - - Total $ 1,590 $ 1,494 $ 96 $ - (a) This category consists of a mutual fund holding 100-160 stocks, designed to track and outperform the Russell 1000 Value Index. (b) This category contains stocks of the S&P 500 Index. The stocks are maintained in approximately the same weightings as the index. (c) This category contains stocks of the MSCI U.S. Mid Cap 450 Index. The stocks are maintained in approximately the same weightings as the index. (d) This category consists of 400 or more small and micro-cap companies, with as much as 25% invested in non-U.S. equities. (e) This category consists of investments with long-term growth potential located primarily in Europe, the Pacific Basin, and other developed emerging countries. (f) This category consists of two mutual funds, one which invests primarily of large U.S. based growth companies, the other in fast-growing large cap growth companies with sustainable franchises and positive price momentum. (g) This category seeks capital appreciation through investments in common stock of small-capitalization companies, defined as those with a total market value of no more than $2 billion at the time the fund first invests in them. (h) This category consists of a passively managed portfolio modeled after the Barclays Capital US Aggregate Float Adjusted Index. The fund invests in Treasury, Agency, corporate, mortgage-backed and asset-backed securities, maintaining a dollar-weighted maturity ranging between 5 and 10 years. (i) This category consists of a pair of mutual funds which invest in diversified portfolios of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. (j) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. Also, the Company provides post-retirement benefits to certain officers of the Company under split-dollar life insurance policies. The Company accounts for the policies in accordance with ASC 715-60, which requires companies to recognize a liability and related compensation costs for endorsement split-dollar life insurance policies that provide a benefit to an employee extending to post-retirement periods. The liability is recognized based on the substantive agreement with the employee. The Company uses a December 31 measurement date for the plan. Information about the plan's funded status and pension cost follows: 2015 2014 (In thousands) Change in benefit obligation Beginning of year $ 901 $ 681 Service cost 7 41 Interest cost 37 33 (Gain)/Loss (44) 163 Benefits Paid (22 ( 17 End of year $ 879 $ 901 Amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic benefit cost consist of: 2015 2014 (In thousands) Prior service cost $ 83 $ 97 Net loss(gain) 6 147 The accumulated benefit obligation for the split-dollar benefit plan was $ 866,000 901,000 The estimated net gain for the split-dollar plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is approximately $ 8,000 2015 2014 (In thousands) Components of net periodic benefit cost Service cost $ 7 $ 41 Interest cost 37 33 (Gain)/Loss recognized 98 ( 37 Prior service cost 14 14 Net periodic benefit cost $ 156 $ 51 The retiree accrued liability expected to be reversed from the plan as of December 31, 2015 is as follows: (In thousands) 2016 $ 25 2017 28 2018 31 2019 33 2020 37 Thereafter 269 $ 423 Significant assumptions for the split-dollar plan liability include the following as of December 31, 2015 and 2014: 2015 2014 Weighted-average assumptions used to determine benefit cost obligation: Discount rate 4.34 % 3.95 % Rate of compensation increase 1.50 % 1.50 % Weighted-average assumptions used to determine benefit cost: Discount rate 4.34 % 3.95 % Rate of compensation increase 1.50 % 1.50 % The Company has an Employee Stock Ownership Plan (ESOP) covering substantially all employees of the Company. The ESOP acquired 163,265 ESOP expense for the years ended December 31, 2015 and December 31, 2014, was $109,000 and $112,000, respectively. Share information for the ESOP is as follows at December 31, 2015 and 2014: 2015 2014 Allocated shares 128,993 121,675 Unearned shares 34,272 41,590 Total ESOP shares 163,265 163,265 Fair value of unearned shares at end of period $ 452,733 $ 557,306 At December 31, 2015, the fair value of the 128,993 1.7 In addition to the defined benefit plan and ESOP, the Company has a 401(k) plan covering substantially all employees. The Company's 401(k) matching percentage was 100% of the first 4% contributed by the employee and 50% of the employees' next 2% of contributions. Expense related to the 401(k) plan totaled $ 148,000 161,000 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 15: Earnings Per Share Earnings per share (EPS) were computed as follows: Year Ended December 31, 2015 Net Income Weighted- Per Share (In thousands) Net income $ 1,647 Basic earnings per share Income available to common stockholders 2,751,776 $ 0.60 Income available to common stockholders and assumed conversions $ 1,647 2,751,776 $ 0.60 Year Ended December 31, 2014 Net Income Weighted- Per Share Amount (In thousands) Net income $ 2,631 Basic earnings per share Income available to common stockholders 2,780,166 $ 0.95 Income available to common stockholders and assumed conversions $ 2,631 2,780,166 $ 0.95 There were no |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Disclosures About Fair Value Of Assets And Liabilities [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | Note 16: Disclosures about Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 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 for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Recurring Measurements Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the Company's consolidated balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. Available-for-sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. The following table presents the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2015 and December 31, 2014: Fair Value Measurement Using Fair Value Quoted Prices in Significant other Observable Inputs (Level 2) Significant Unobservable (In thousands) December 31, 2015 U.S. government agencies $ 101 $ - $ 101 $ - Mortgage-backed securities of government-sponsored entities 76,104 - 76,104 - Private-label collateralized mortgage obligations 277 - 277 - State and political subdivisions 18,865 - 18,865 - Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Significant other Significant Unobservable Inputs (Level 3) (In thousands) December 31, 2014 U.S. government agencies $ 126 $ - $ 126 $ - Mortgage-backed securities of government-sponsored entities 88,213 - 88,213 - Private-label collateralized mortgage obligations 502 - 502 - State and political subdivisions 20,128 - 20,128 - Nonrecurring Measurements Certain assets may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Collateral-dependent Impaired Loans, Net of ALLL The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the office of the Chief Financial Officer. Appraisals are reviewed for accuracy and consistency by the office of the Chief Financial Officer. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the office of the Chief Financial Officer by comparison to historical results. Foreclosed Assets Held for Sale Foreclosed assets held for sale are carried at the lower of fair value at acquisition date or current estimated fair value, less estimated cost to sell when the real estate is acquired. Estimated fair value of real estate is based on appraisals or evaluations. Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy. Appraisals of real estate are obtained when the real estate is acquired and subsequently as deemed necessary by the office of the Chief Financial Officer. Appraisals are reviewed for accuracy and consistency by the Bank. Appraisers are selected from the list of approved appraisers maintained by management. The following table presents the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2015 and December 31, 2014. Fair Value Measurement Using Fair Value Quoted Prices in Significant other Significant Unobservable (In thousands) December 31, 2015 Collateral-dependent impaired loans $ 292 $ - $ - $ 292 Foreclosed assets 5 - - 5 December 31, 2014 Collateral-dependent impaired loans $ 634 $ - $ - $ 634 Foreclosed assets 59 - - 59 Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at December 31, 2015 and December 31, 2014, in thousands. Fair Value Valuation Technique Unobservable Inputs Weighted - Average December 31, 2015 Collateral-dependent impaired loans $ 292 Market Comparable Properties, less delinquent real estate taxes N/A N/A Foreclosed assets 5 Agreed upon selling price Selling Costs 10 % December 31, 2014 Collateral-dependent impaired loans $ 634 Market Comparable Properties, less delinquent real estate taxes N/A N/A Foreclosed assets 59 Estimated S elling Price Selling Costs 10% There were no changes in the inputs or methodologies used to determine fair value at December 31, 2015 as compared to December 31, 2014. The following table presents estimated fair values of the Company's financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. Fair Value Measurements Using Carrying Amount Quoted Prices in Active Markets Significant Other Observable (Level 2) Significant Unobservable (Level 3) (In thousands) December 31, 2015 Financial assets Cash and cash equivalents $ 11,156 $ 11,156 $ - $ - Held-to-maturity securities 8,307 - 8,205 - Loans, net of allowance for loan losses 293,121 - - 302,595 Federal Home Loan Bank stock 4,226 - 4,226 - Interest receivable 1,149 - 1,149 - Financial liabilities Deposits 362,427 42,630 295,796 - Other short-term borrowings 5,606 - 5,606 - Federal Home Loan Bank advances 21,000 - 20,978 - Advances from borrowers for taxes and insurance 1,240 - 1,240 - Interest payable 40 - 40 - Fair Value Measurements Using Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable (Level 2) Significant Unobservable (Level 3) (In thousands) December 31, 2014 Financial assets Cash and cash equivalents $ 10,783 $ 10,783 $ - $ - Held-to-maturity securities 6,989 - 6,837 - Loans, net of allowance for loan losses 265,609 - - 274,443 Federal Home Loan Bank stock 4,226 - 4,226 - Interest receivable 1,154 - 1,154 - Financial liabilities Deposits 348,922 34,403 294,365 - Other short-term borrowings 7,000 - 7,000 - Federal Home Loan Bank advances 16,438 - 16,572 - Advances from borrowers for taxes and insurance 1,135 - 1,135 - Interest payable 47 - 47 - The following methods and assumptions were used to estimate the fair value of each class of financial instruments. Cash and Cash Equivalent s, Interest Receivable and Federal Home Loan Bank Stock The carrying amount approximates fair value. Held-to-Maturity Securities The fair value of held-to-maturity securities was estimated by using pricing models that contain market pricing and information, quoted prices of securities with similar characteristics or discounted cash flows that use credit-adjusted discount rates. Loans The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. Deposits Deposits include savings accounts, checking accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. Interest Payable , Other Short-Term Borrowings and Advances From Borrowers for Taxes and Insurance The carrying amount approximates fair value. Federal Home Loan Bank Advances Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Commitments to Originate Loans, Letters of Credit and Lines of Credit The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. Fair values of commitments were not material at December 31, 2015 and 2014. |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Credit Risk [Abstract] | |
Commitments and Credit Risk | Note 17: Commitments and Credit Risk T otal commercial and commerc ial real estate loans comprised 38 % and 36 o f the loan portfolio for the years ended December 31, 201 5 and December 31, 2014 , with substantially all of these loans secured by commercial real estate and business assets mainly l ocated in Ohio. Installment loans account for approximately 1 the loan portfolio for both years end ed December 31, 2015 and 2 014 . These loans are secured by consumer assets including automobiles, which account for 49 % and 30 %, respectively, of the installment loan portfolio . Residential one-to-four family real estate loans comprise 61 % and 63 of the loan portfolio at December 31, 2015 and 2014, respectively, and primarily include first mortgage loans on residential properties and home equity lines of credit. Included in cash and due from banks as of the years ended December 31, 2015 and 2014, is $ 2.6 million and $ 2.9 Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. At December 31, 2015 and 2014, the Company had outstanding commitments to originate fixed-rate loans aggregating approximately $ 2.1 million and $ 734 ,000 , respectively . The commitments extended over varying periods of time with the majority being disbursed within a one-year period. Mortgage loans in the process of origination represent amounts that the Company plans to fund within a normal period of one year. Total mortgage loans in the process of origination amounted to approximately $ 4.5 million and $ 1.1 million at December 31, 2015 and 2014, respectively. The Company had undisbursed amounts of nonresidential real estate and land loans of $ 4 .2 million and commercial loans of $ 291 ,000 . Th e Company had undisbursed amounts of nonresidential real estate and land loans of $ 4.1 at December 31, 2014. At December 31, 2015, the Company had unused extensions of credit totaling $ 7.8 million, compared to $ 8.0 Standby Letters of Credit Standby letters of credit are irrevocable conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Fees for letters of credit are initially recorded by the Company as deferred revenue and are included in earnings at the termination of the respective agreements. Should the Company be obligated to perform under the standby letters of credit, the Company may seek recourse from the customer for reimbursement of amounts paid. The Company had outstanding standby letters of credit totaling $ 407 ,000 a t December 31, 2015 , and $ 157,000 0 14 , with terms not exceeding e leven months. At both December 31, 20 15 and 20 14 , the Company had no deferred revenue under standby letter of credit agreements . Lines of Credit Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management's credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. At December 31, 2015, the Company had granted unused lines of credit to borrowers aggregating approximately $ 17 .1 million and $ 19 .4 million for commercial lines and open-end consumer lines, respectively. At December 31, 2014, the Company had granted unused lines of credit to borrowers aggregating approximately $ 16 .6 million and $ 18 .6 million for commercial lines and open-end consumer lines, respectively. Leases The Company currently leases two branch banking facilities under an operating lease. The first lease originated in fiscal 2000 for a ten year term and 3 five year renewal options ending in October 2018. The Company's second operating lease commenced in fiscal 2001 for an original five year term with 3 five year renewal options and has currently renewed the third option to expire in April 2021. The minimum annual lease payments over the current lease term are as follows: Year ending (In thousands) 2016 $ 60 2017 60 2018 55 2019 28 2020 28 Thereafter 9 Total $ 240 The Company incurred rental expense under operating leases totaling approximately $ 60,000 for the years e nded December 31, 2015 and December 31, 20 1 4 . There were no other material commitments or contingencies at December 31, 20 15 . |
Recent Accounting Developments
Recent Accounting Developments | 12 Months Ended |
Dec. 31, 2015 | |
Recent Accounting Developments [Abstract] | |
Recent Accounting Developments | Note 18: Recent Accounting Developments FASB ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, was issued in August 2014. The amendments in this update provide guidance in Generally Accepted Accounting Principles (GAAP) about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This standard is not expected to have a material impact on the Company's consolidated financial statements. FASB ASU 2015-01, Income Statement Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, was issued in January, 2015. This update eliminates from Generally Accepted Accounting Principles the concept of extraordinary items, which required that an entity separately classify, present and disclose extraordinary events and transactions. Eliminating the concept of extraordinary items will save time and reduce costs for preparers because they will not have to assess whether a particular event or transaction is extraordinary. It will also alleviate uncertainty for preparers, auditors, and regulators because auditors and regulators will no longer need to evaluate whether the preparer treated an unusual item appropriately. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. This standard is not expected to have a material impact on the Company's consolidated financial statements. FASB ASU 2015-03, Interest Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, was issued in April, 2015. The amendments in this Update require that debt issuance costs related to a recognized debit liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued, and the amendments in this Update should be applied retrospectively. This standard is not expected to have a material impact on the Company's consolidated financial statements. FASB ASU 2015-04, Compensation Retirement Benefits (Subtopic 715), Practical Expedient for the Measurement of an Employer's Defined Benefit Obligation and Plan Assets, was issued in April, 2015. A reporting entity with a fiscal year end that does not coincide with a month end may incur more costs than other entities when measuring the fair value of plan assets of a defined benefit pension or other post-retirement benefit. For an entity with a fiscal year end that does not coincide with a month end, the amendments in this Update provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month end that is closest to the entity's fiscal year end and apply that practical expedient consistently from year to year. The amendments in this Update are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those years. Early application is permitted, and the amendments in this Update should be applied retrospectively. This standard is not expected to have a material impact on the Company's consolidated financial statements. FASB ASU 2015-10, Technical Corrections and Improvements was issued in June, 2015. The amendments in this Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to entities. The amendments in this Update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this update. The amendments that require transition guidance are not expected to have a material impact on the Company's consolidated financial statements. The adoption of the other amendments in this update did not have a material impact on the Company's consolidated financial statements. FASB ASU 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments was issued in September 2015. The amendments in this Update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date. This standard is not expected to have a material impact on the Company's consolidated financial statements. FASB ASU 2016-01, Financial InstrumentsOverall (Subtopic 825-10), FASB ASU 2016-02, Leases (Topic 842), Section A- Leases, Amendments to the FASB Accounting Standards Codification, Section B Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification, and Section C Background Information and Basis for Conclusions was issued in February 2016. The amendments in this Update are designed to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this Update include disclosures that are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this Update is permitted. |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information (Parent Company Only) [Abstract] | |
Condensed Financial Information (Parent Company Only) | Note 19: Condensed Financial Information (Parent Company Only) Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company at December 31, 2015 and 2014: Condense d Balance Sheets 2015 2014 (In thousands) Assets Cash and due from banks $ 522 $ 705 Notes receivable from the Bank 444 525 Investment in the Bank 38,952 38,806 Prepaid expenses and other assets 250 254 Total assets $ 40,168 $ 40,290 Liabilities and Stockholders' Equity Accrued expenses and other liabilities $ 263 $ 288 Stockholders' equity Common stock and additional paid-in capital 36,415 36,393 Retained earnings 21,060 20,403 Shares acquired by ESOP (343 ) (416 ) Treasury stock at cost (16,936 ) (16,598 ) Accumulated other comprehensive income (291 ) 220 Total stockholders' equity 39,905 40,002 Total liabilities and stockholders' equity $ 40,168 $ 40,290 Condensed State ments of Income and Comprehensive Income 2015 2014 (In thousands) Operating Income Interest income $ 32 $ 36 Dividends from the Bank 1,244 1,168 Total operating income 1,276 1,204 Noninterest Expense 252 276 Earnings before Federal Income Tax Benefits and equity in undistributed income of the Bank 1,024 928 Federal Income Tax Benefits (75 ) (78 ) Income before equity in undistributed income of the Bank 1,099 1,006 Equity in undistributed income of the Bank 548 1,625 Net Income $ 1,647 $ 2,631 Total Comprehensive income $ 1,136 $ 2,786 Conde nsed Statements of Cash Flows 2015 2014 (In thousands) Operating Activities Net income $ 1,647 $ 2,631 Items not requiring (providing) cash Equity in undistributed net income of the Bank (548 ) (1,625 ) Increase (decrease) in cash due to changes in: Prepaid expenses and other assets (10 ) (44 ) Accrued expenses and other liabilities (25 ) 3 Net cash provided by operating activities 1,064 965 Investing Activities Repayment of ESOP loan 81 82 Net cash provided by investing activities 81 82 Financing Activities Payment of dividends on common stock (990 ) (946 ) Purchase of treasury stock (338 ) (460 ) Net cash used in financing activities (1,328 ) (1,406 ) Net Change in Cash and Cash Equivalents (183 ) (359 ) Cash and Cash Equivalents at Beginning of Period 705 1,064 Cash and Cash Equivalents at End of Period $ 522 $ 705 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 20: Quarterly Financial Data (Unaudited) The following table summarizes the Company's quarterly results of operations for the years ended December 31, 2015 and December 31, 2014: Three months Ended Year Ended December 2015: March 31, June 30, September 30, December 31, (In thousands, except per share data) Total interest income $ 3,558 $ 3,588 $ 3,627 $ 3,726 Total interest expense 486 503 480 498 Net interest income 3,072 3,085 3,147 3,228 Provision for loan losses 233 481 357 104 Noninterest income 431 443 538 478 Noninterest expense 2,703 2,782 2,879 2,823 Income before income taxes 567 265 449 779 Federal income tax expense 127 22 77 187 Net income $ 440 $ 243 $ 372 $ 592 Earnings per share Basic $ 0.16 $ 0.09 $ 0.13 $ 0.22 Diluted $ 0.16 $ 0.09 $ 0.13 $ 0.22 Three months Ended Year Ended December 2014: March 31, June 30, September 30, December 31, (In thousands, except per share data) Total interest income $ 3,721 $ 3,712 $ 3,598 $ 3,600 Total interest expense 542 530 500 491 Net interest income 3,179 3,182 3,098 3,109 Provision for loan losses 8 79 195 51 Noninterest income 365 480 523 484 Noninterest expense 2,645 2,649 2,642 2,683 Income before income taxes 891 934 784 859 Federal income tax expense 221 234 177 205 Net income $ 670 $ 700 $ 607 $ 654 Earnings per share Basic $ 0.24 $ 0.25 $ 0.22 $ 0.24 Diluted $ 0.24 $ 0.25 $ 0.22 $ 0.24 |
Nature of Operations and Summ29
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Wayne Savings Bancshares, Inc. (Wayne or the Company) and its wholly owned subsidiary, Wayne Savings Community Bank (the Bank). All intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, goodwill and pension and other retirement benefit plans. In connection with the determination of the allowance for loan losses, management obtains independent appraisals for significant properties. |
Cash Equivalents | Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. Noninterest-bearing transaction accounts are subject to the $250,000 limit on FDIC insurance per covered institution. From time to time, the Company's interest-bearing cash accounts may exceed the FDIC's insured limit of $250,000. Management considers the risk of loss to be very low. |
Securities | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and recorded at amortized cost. Securities not classified as held-to- maturity are classified as available-for-sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below carrying value when the Company does not intend to sell a debt security, and it is more likely than not, the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well secured and in process of collection. Past due status is determined based on contractual terms of the loan. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current for a period of six months and future payments are reasonably assured. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Company's internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. |
Premises and Equipment | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. An accelerated method is used for tax purposes. Leasehold improvements are also stated at cost less accumulated depreciation and are depreciated using the straight line method over the estimated useful lives of the assets or the term of the lease, whichever is shorter. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Company is required as a condition of membership in the Federal Home Loan Bank of Cincinnati (FHLB) to maintain an investment in FHLB common stock. The required investment in the common stock is based on a predetermined formula. The stock is redeemable at par and, therefore, its cost is equivalent to its redemption value. At December 31, 2015, the FHLB placed no restrictions on redemption of shares in excess of a member's required investment in the stock. |
Foreclosed Assets Held for Sale | Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated selling costs, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Bank has purchased life insurance policies on certain key executives. Bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The composition of goodwill and other intangible assets, all of which is core deposit intangible, at December 31, 2015 and 2014: 2015 2014 (In thousands) Goodwill $ 1,719 $ 1,719 Other intangible assets gross 974 974 Other intangible assets amortization (974 ) (974 ) Total $ 1,719 $ 1,719 The Company did not record any amortization related to intangible assets during the year ended December 31, 2015, as the intangible asset was amortized to zero at May 31, 2014. The Company recorded amortization relative to intangible assets totaling $38,000 for the year ending December 31, 2014. Such amortization was derived using the straight line method for the core deposit asset over ten |
Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing assets are recognized separately when rights are acquired through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), servicing rights resulting from the sale or securitization of loans originated by the Company are initially measured at fair value at the date of transfer. The Company subsequently measures each class of servicing asset using the amortization method. Under the amortization method, servicing rights are amortized in proportion to and over the period of estimated net servicing income. The amortized assets are assessed for impairment based on fair value at each reporting date. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may have an adverse impact on the value of the mortgage servicing rights and may result in a reduction to noninterest income. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment, if necessary, is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Changes in valuation allowances are reported in the income statement. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. |
Treasury Stock | Treasury Stock Common stock shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the first-in, first-out method. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management's judgment. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no longer subject to tax authorities for years before 2012. |
Earnings Per Share | Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options, if any, and are determined using the treasury stock method. Treasury stock shares and unearned ESOP shares are not deemed outstanding for earnings per share calculations. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities, changes in the funded status of the defined benefit pension plan and the split-dollar life insurance plan. |
Advertising | Advertising Advertising costs are expensed as incurred. The Company's advertising expense totaled $ 201,000 189,000 |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior years' financial statements to conform to the 2015 financial statement presentation. These reclassifications had no effect on net income. |
Fiscal Year Change | Fiscal Year Change In April 2011, the Company decided to change its fiscal year end to December 31 to facilitate consistency with regulatory reporting requirements. Regulatory reporting under OTS Thrift Financial Reporting requirements was reported on a quarter-to-date basis through December 31, 2011. Beginning with the quarter ended March 31, 2012 the Company began reporting to the FDIC using the Call Report on a calendar year-to-date period. The result of the fiscal year end change was a nine month period ended December 31, 2011. |
Nature of Operations and Summ30
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Schedule of goodwill and intangible assets | 2015 2014 (In thousands) Goodwill $ 1,719 $ 1,719 Other intangible assets gross 974 974 Other intangible assets amortization (974 ) (974 ) Total $ 1,719 $ 1,719 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securities [Abstract] | |
Schedule of Available for Sale Securities | Amortized Gross Gross Approximate Available-for-sale securities (In thousands) December 31, 2015: U.S. government agencies $ 101 $ $ $ 101 Mortgage-backed securities of 75,972 662 530 76,104 Private-label collateralized mortgage 274 3 277 State and political subdivisions 18,224 677 36 18,865 Totals $ 94,571 $ 1,342 $ 566 $ 95,347 Amortized Gross Gross Approximate Available-for-sale securities (In thousands) December 31, 2014: U.S. government agencies $ 126 $ $ $ 126 Mortgage-backed securities of 87,284 1,202 273 88,213 Private-label collateralized mortgage 491 11 502 State and political subdivisions 19,174 992 38 20,128 Totals $ 107,075 $ 2,205 $ 311 $ 108,969 |
Schedule of Held To Maturity Securities | Amortized Gross Gross Approximate Held-to-maturity Securities: (In thousands) December 31, 2015: U.S. government agencies $ 82 $ $ $ 82 Mortgage-backed securities of 1,052 5 1,057 State and political subdivisions 7,173 29 136 7,066 Totals $ 8,307 $ 34 $ 136 $ 8,205 Amortized Gross Gross Approximate Held-to-maturity Securities: (In thousands) December 31, 2014: U.S. government agencies $ 100 $ $ $ 100 Mortgage-backed securities of 1,332 22 1,354 State and political subdivisions 5,557 7 181 5,383 Totals $ 6,989 $ 29 $ 181 $ 6,837 |
Schedule of Expected Maturities of Available for Sale and Held To Maturity Securities | Available-for-sale Held-to-maturity Amortized Fair Amortized Fair (In thousands) Within one year $ 3,631 $ 3,679 $ $ One to five years 3,022 3,219 843 858 Five to ten years 3,342 3,489 3,473 3,393 After ten years 8,330 8,579 2,939 2,897 18,325 18,966 7,255 7,148 Mortgage-backed securities of 75,972 76,104 1,052 1,057 Private-label collateralized mortgage 274 277 Totals $ 94,571 $ 95,347 $ 8,307 $ 8,205 |
Schedule of Securities in a Gross Unrealized Loss Position | December 31, 2015 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities $ 32,930 $ 269 $ 14,560 $ 261 $ 47,490 $ 530 State and political 3,756 50 2,515 122 6,271 172 Total temporarily impaired $ 36,686 $ 319 $ 17,075 $ 383 $ 53,761 $ 702 December 31, 2014 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities $ 22,443 $ 118 $ 13,947 $ 155 $ 36,390 $ 273 State and political 1,082 3 5,421 216 6,503 219 Total temporarily impaired $ 23,525 $ 121 $ 19,368 $ 371 $ 42,893 $ 492 |
Loans and Allowance for Loan 32
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans And Allowance For Loan Losses [Abstract] | |
Schedule of Loans Receivable | 2015 2014 (In thousands) One-to-four family residential $ 179,732 $ 169,676 Multi-family residential 12,474 12,203 Construction 6,177 2,922 Nonresidential real estate and land 86,470 71,795 Commercial 18,031 16,275 Consumer and other 1,904 2,311 304,788 275,182 Less: Undisbursed portion of loans in process 8,065 6,121 Deferred loan origination fees 765 683 Allowance for loans losses 2,837 2,769 Total loans $ 293,121 $ 265,609 |
Schedule of Allowance for Loan Losses | December 31, 2015 One-to-four All other Commercial Consumer Total Allowance for loan losses: (In thousands) Beginning balance $ 1,533 $ 885 $ 343 $ 8 $ 2,769 Provision charged to 924 325 (65 ) (9 ) 1,175 Losses charged off (1,158 ) (1,158 ) Recoveries 47 1 3 51 Ending balance $ 1,346 $ 1,210 $ 279 $ 2 $ 2,837 Allowance Balances: Individually evaluated for $ 506 $ 13 $ 33 $ $ 552 Collectively evaluated for $ 840 $ 1,197 $ 246 $ 2 $ 2,285 Loan Balances: Ending balance: $ 179,732 $ 105,121 $ 18,031 $ 1,904 $ 304,788 Individually evaluated for $ 2,789 $ 1,061 $ 33 $ $ 3,883 Collectively evaluated for $ 176,943 $ 104,060 $ 17,998 $ 1,904 $ 300,905 December 31, 2014 One-to-four All other Commercial Consumer Total Allowance for loan losses: (In thousands) Beginning balance $ 1,017 $ 1,526 $ 271 $ 5 $ 2,819 Provision charged to 546 (397 ) 182 2 333 Losses charged off (38 ) (261 ) (112 ) (411 ) Recoveries 8 17 2 1 28 Ending balance $ 1,533 $ 885 $ 343 $ 8 $ 2,769 Allowance Balances: Individually evaluated for $ 653 $ 18 $ 145 $ $ 816 Collectively evaluated for $ 880 $ 867 $ 198 $ 8 $ 1,953 Loan Balances: Ending balance: $ 169,676 $ 86,920 $ 16,275 $ 2,311 $ 275,182 Individually evaluated for $ 3,279 $ 18 $ 145 $ $ 3,442 Collectively evaluated for $ 166,397 $ 86,902 $ 16,130 $ 2,311 $ 271,740 |
Schedule of Loans Receivable by Credit Risk Profile | December 31, 2015 One-to-four All other Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 172,617 $ 100,961 $ 17,893 $ 1,904 Special Mention (Risk 5) 1,406 1,881 105 Substandard (Risk 6) 5,709 2,279 33 Total $ 179,732 $ 105,121 $ 18,031 $ 1,904 December 31, 2014 One-to-four All other Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 160,190 $ 84,168 $ 15,812 $ 2,311 Special Mention (Risk 5) 2,015 851 318 Substandard (Risk 6) 7,471 1,901 145 Total $ 169,676 $ 86,920 $ 16,275 $ 2,311 * Ratings are generally assigned to consumer and residential mortgage loans on a pass or fail basis, where fail results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank's loan policy that produces a risk rating as described below. Risk 1 is unquestioned credit quality for any credit product. Loans are secured by cash and near cash collateral with immediate access to proceeds. Risk 2 is very low risk with strong credit and repayment sources. Borrower is well capitalized in a stable industry, financial ratios exceed peers and financial trends are positive. Risk 3 is very favorable risk with highly adequate credit strength and repayment sources. Borrower has good overall financial condition and adequate capitalization. Risk 4 is acceptable, average risk with adequate credit strength and repayment sources. Collateral positions must be within Bank policies. Risk 5 or Special Mention, also known as watch, has potential weakness that deserves Management's close attention. This risk includes loans where the borrower has developed financial uncertainties or is resolving them. Bank credits have been secured or negotiations will be ongoing to secure further collateral. In accordance with regulatory guidance, this category is generally regarded as temporary, as successful remedial actions will either successfully move the credit back up to Risk 4 or unsuccessful remedial actions will result in the credit being downgraded to Risk 6. Risk 6 or Substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that exhibit a weakening of the borrower's credit strength with limited credit access and all nonperforming loans. Risk 7 or Doubtful loans are significantly under protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that are likely to experience a loss of some magnitude, but where the amount of the expected loss is not known with enough certainty to allow for an accurate calculation of a loss amount for charge-off. This category is considered to be temporary until a charge-off amount can be reasonably determined. |
Schedule of Aging Analysis of Loans Receivable | December 31, 2015 30-59 Days 60-89 Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 516 $ 329 $ 903 $ 1,748 $ 177,984 $ 179,732 $ All other mortgage 298 209 507 104,614 105,121 Commercial 68 68 17,963 18,031 Consumer loans 1,904 1,904 Total $ 882 $ 329 $ 1,112 $ 2,323 $ 302,465 $ 304,788 $ December 31, 2014 30-59 Days 60-89 Days Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 466 $ 297 $ 1,575 $ 2,338 $ 167,338 $ 169,676 $ All other mortgage 198 152 350 86,570 86,920 Commercial 59 59 16,216 16,275 Consumer loans 2,311 2,311 Total $ 466 $ 495 $ 1,786 $ 2,747 $ 272,435 $ 275,182 $ |
Schedule of Non-accrual Loans | Non-accrual loans 2015 2014 (In thousands) One-to-four family residential loans $ 1,733 $ 2,740 Nonresidential real estate loans 208 350 All other mortgage loans Commercial business loans 96 Consumer loans Total $ 1,941 $ 3,186 |
Schedule of Impaired Loans | December 31, 2015 Recorded Unpaid Specific Average Interest (In thousands) Loans without a specific valuation allowance One-to-four family $ 1,224 $ 1,238 $ $ 1,493 $ 44 All other mortgage loans 532 Commercial business 9 Loans with a specific One-to-four family 1,565 1,875 506 1,347 56 All other mortgage loans 1,061 1,061 13 575 71 Commercial business 33 33 33 82 1 Total: One-to-four family $ 2,789 $ 3,113 $ $ 506 $ 2,840 $ 100 All other mortgage loans 1,061 1,061 13 1,107 71 Commercial business 33 33 33 91 1 $ 3,883 $ 4,207 $ 552 $ 4,038 $ 172 December 31, 2014 Recorded Unpaid Specific Average Interest (In thousands) Loans without a specific valuation allowance One-to-four family $ 1,108 $ 1,108 $ $ 3,220 $ 44 All other mortgage loans 1,097 Commercial business 19 Loans with a specific One-to-four family 2,171 2,171 653 1,499 56 All other mortgage loans 18 18 18 477 1 Commercial business 145 145 145 166 2 Total: One-to-four family $ 3,279 $ 3,279 $ 653 $ 4,719 $ 100 All other mortgage loans 18 18 18 1,574 1 Commercial business 145 145 145 185 2 $ 3,442 $ 3,442 $ 816 $ 6,478 $ 103 |
Schedule of Troubled Debt Restructurings | Troubled Debt Restructurings Number of Pre-modification Unpaid Principal Balance Post-modification Unpaid Principal Balance (dollars in thousands) December 31, 2015 One-to-four family residential loans 1 $ 17 $ 17 December 31, 2014 All other mortgage loans 2 $ 1,057 $ 1,090 |
Schedule of balance of mortgage loans collateralized by residential real estate properties held as foreclosed assets | December 31, 2015 December 31, 2014 Recorded Investment (In thousands) One-to-four family residential loans $ 14 $ 179 |
Schedule of balance of mortgage loans collateralized by residential real estate properties that are in formal process of foreclosure | December 31, 2015 December 31, 2014 Recorded Investment (In thousands) One-to-four family residential loans $ 171 $ 24 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises And Equipment [Abstract] | |
Schedule of Premises and Equipment | 2015 2014 (In thousands) Land and improvements $ 1,799 $ 1,799 Office buildings and improvements 8,027 8,024 Furniture, fixtures and equipment 4,890 4,469 Leasehold improvements 350 350 15,066 14,642 Less accumulated depreciation 8,403 7,813 Total $ 6,663 $ 6,829 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loan Servicing [Abstract] | |
Schedule of Carrying Value of Servicing Assets | 2015 2014 (In thousands) Carrying amount, beginning of period $ 332 $ 271 Additions Servicing obligations that result from transfers of financial assets 88 99 Subtractions Amortization 51 38 $ 369 $ 332 |
Schedule of Fair Value of Servicing Rights | Fair value, beginning of period $ 367 $ 344 Fair value, end of period $ 404 $ 367 |
Interest-bearing Time Deposits
Interest-bearing Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest-Bearing Time Deposits [Abstract] | |
Schedule of Maturities of Time Deposits | Due during the year ending December 31 (In thousands) 2016 $ 46,871 2017 30,762 2018 14,746 2019 9,052 2020 15,566 Thereafter 11,809 $ 128,806 |
Other Short-Term Borrowings (Ta
Other Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Short-Term Borrowings [Abstract] | |
Schedule of Short-term Borrowings | 2015 2014 (In thousands) Other Short-term borrowings $ 5,606 $ 7,000 |
Federal Home Loan Bank Advanc37
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Bank Advances [Abstract] | |
Schedule of Maturities of FHLB Advances and Annual Principal Payments | Interest Rate Range Maturing year ending December 31, Amount (In thousands) 1.21 2016 $ 3,000 0.97 1.42 2017 6,000 1.30 1.33 2018 6,000 1.47 1.55 2019 6,000 $ 21,000 For the year ended December 31, (In thousands) 2016 $ 3,000 2017 6,000 2018 6,000 2019 6,000 $ 21,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense | 2015 2014 (In thousands) Taxes currently payable $ 270 $ 902 Deferred income taxes 143 (65 Income tax expense $ 413 $ 837 |
Schedule of Reconciliation of Income Tax Expense | 2015 2014 (In thousands) Computed at the statutory rate (34%) $ 668 $ 1,179 Increase (decrease) resulting from Tax-exempt interest (223 (277) Earnings on bank-owned life insurance (100 (82) Other 68 17 Actual tax expense $ 413 $ 837 |
Schedule of Deferred Tax Assets and Liabilities | 2015 2014 (In thousands) Deferred tax assets Deferred loan origination fees $ 260 $ 232 Allowance for loan losses 965 941 Real estate owned valuation 2 Pension adjustment 368 405 Reserve for uncollected interest 182 175 Benefit plan expenses 97 178 AMT credit carryover and low income housing credit 12 Total deferred tax assets 1,886 1,931 Deferred tax liabilities Prepaid pension (221 (190) Federal Home Loan Bank stock dividends (1,023 (1,023) Book/tax depreciation differences (560 (517) Financed loan fees (129 (117) Unrealized gains on securities available-for-sale (264 (644) Mortgage servicing rights (125 (113) Total deferred tax liabilities (2,322 (2,604) Net deferred tax liability $ (436 $ (673) |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | 2015 2014 (In thousands) Gross unrealized gain on securities available-for-sale $ 777 $ 1,894 Gross unrealized loss for unfunded status of split-dollar life insurance plan liability (tax free) (89 (244) Gross unrealized loss for unfunded status of defined benefit plan liability (1,083 (1,191) (395) 459 Tax effect 104 (239) Net-of-tax amount $ (291) $ 220 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Schedule of Regulatory Capital Requirements | Actual For Capital Adequacy To Be w ell Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Tier I Capital to average assets $ 37,524 8.8 % $ 17,092 4.0 % $ 21,365 5.0 % Tier 1 Common equity capital 37,524 13.4 % 12,645 4.5 % 18,265 6.5 % Tier I Capital to risk-weighted 37,524 13.4 % 16,860 6.0 % 22,480 8.0 % Total Risk-based capital to 40,361 14.4 % 22,480 8.0 % 28,099 10.0 % As of December 31, 2014 Tier I Capital to average assets $ 36,834 8.8 % $ 16,694 4.0 % $ 20,868 5.0 % Tier I Capital to risk-weighted 36,834 14.1 % 10,439 4.0 % 15,658 6.0 % Total Risk-based capital to 39,603 15.2 % 20,878 8.0 % 26,097 10.0 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Loans Outstanding to Executive Officers, Directors and their Affiliates | 2015 2014 (In thousands) Aggregate balance Beginning of period $ 400 $ 222 New loans 9 186 Repayments and reclassifications (90 (8) Aggregate balance End of period $ 319 $ 400 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | 2015 2014 (In thousands) Change in benefit obligation Beginning of year $ 2,221 $ 1,588 Interest cost 86 78 Actuarial (gain) loss (112) 614 Benefits paid (38 (38 Settlements (4 (21 End of year 2,153 2,221 Change in fair value of plan assets Beginning of year 1,590 1,431 Actuarial return on plan assets (11) 80 Employer contribution 185 138 Benefits paid (38 (38 Settlements (4 (21 End of year 1,722 1,590 Funded status at end of year $ (431 $ (631 2015 2014 (In thousands) Change in benefit obligation Beginning of year $ 901 $ 681 Service cost 7 41 Interest cost 37 33 (Gain)/Loss (44) 163 Benefits Paid (22 ( 17 End of year $ 879 $ 901 |
Schedule of Pre-tax Amounts Recognized as a Component of Accumulated Other Comprehensive Income | 2015 2014 (In thousands) Net loss $ (1,083 $ (1,191 2015 2014 (In thousands) Prior service cost $ 83 $ 97 Net loss(gain) 6 147 |
Schedule of Net Periodic Benefit Cost | 2015 2014 (In thousands) Components of net periodic benefit cost Internal cost $ 86 $ 77 Expected return on plan assets (99 (90 Amortization of net loss 105 44 Net periodic benefit cost $ 92 $ 31 2015 2014 (In thousands) Components of net periodic benefit cost Service cost $ 7 $ 41 Interest cost 37 33 (Gain)/Loss recognized 98 ( 37 Prior service cost 14 14 Net periodic benefit cost $ 156 $ 51 |
Schedule of Target Allocation of Plan Assets | SMID-Cap stocks 30 70 Fixed income investments 30 70 Cash 0 15 |
Schedule of Weighted Average Asset Allocation | 2015 2014 Equity Securities 60 % 67 % Debt securities 39 % 32 % Cash and cash equivalents 1 % 1 % 100 % 100 % |
Schedule of Expected Benefits to be Paid | (In thousands) 2016 $ 74 2017 84 2018 92 2019 109 2020 116 Thereafter 634 $ 1,109 (In thousands) 2016 $ 25 2017 28 2018 31 2019 33 2020 37 Thereafter 269 $ 423 |
Schedule of Weighted Average Assumptions | Pension Benefits 2015 2014 Weighted-average assumptions used to determine benefit obligation: Discount rate 4.95 % 3.95 % Rate of compensation increase (frozen) N/A N/A Weighted-average assumptions used to determine benefit cost: Discount rate 4.95 % 4.95 % Expected return on plan assets 6.00 % 6.00 % Rate of compensation increase (frozen) N/A N/A 2015 2014 Weighted-average assumptions used to determine benefit cost obligation: Discount rate 4.34 % 3.95 % Rate of compensation increase 1.50 % 1.50 % Weighted-average assumptions used to determine benefit cost: Discount rate 4.34 % 3.95 % Rate of compensation increase 1.50 % 1.50 % |
Schedule of Fair Value Measurement of Pension Plan | The fair value of the Company's pension plan assets, and the related investment references, at December 31, 2015, and 2014 by asset category are as follows: December 31, 2015 Fair Value Measurements Using Asset Category Total Fair Quoted Prices (Level 1) Significant (Level 2) Significant Unobservable (Level 3) Mutual funds-Equity (In thousands) Large Cap Value (a) $ 96 $ 96 $ - $ - Large Cap Core (b) 132 132 - - Mid Cap Core (c) 118 118 - - Small-Cap Core (d) 57 57 - - International Core (e) 271 271 - - Large Cap Growth (f) 205 205 - - Small/Midcap Growth (g) 60 60 - - Mutual funds-Fixed Income Fixed Income-Core Plus (h) 501 501 - - Intermediate Duration (i) 166 166 - - Common/Collective Trusts- Equity Large Cap Value (j) 91 - 91 - Cash Money Market 25 25 - - Total $ 1,722 $ 1,631 $ 91 $ - (a) This category consists of a mutual fund holding 100-160 stocks, designed to track and outperform the Russell 1000 Value Index. (b) This category contains stocks of the S&P 500 Index. The stocks are maintained in approximately the same weightings as the index. (c) This category contains stocks of the MSCI U.S. Mid Cap 450 Index. The stocks are maintained in approximately the same weightings as the index. (d) This category contains stocks whose sector weightings are maintained within a narrow band around those of the Russell 2000 Index. The portfolio will typically hold more than 150 stocks. (e) This category consists of investments with long-term growth potential located primarily in Europe, the Pacific Basin, and other developed emerging countries. (f) This category consists of two mutual funds, one which invests primarily of large U.S. based growth companies, the other in fast-growing large cap growth companies with sustainable franchises and positive price momentum. (g) This category seeks capital appreciation through investments in common stock of small-capitalization companies, defined as those with a total market value of no more than $2 billion at the time the fund first invests in them. (h) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that Index. The third fund targets investments of 50% or more in mortgage--backed securities guaranteed by the US government and its agencies.. (i) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. (j) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. December 31, 2014 Fair Value Measurements Using Asset Category Total Fair Value Quoted Prices (Level 1) Significant Other Observable (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Mutual funds-Equity Large Cap Value (a) $ 103 $ 103 $ - $ - Large Cap Core (b) 139 139 - - Mid Cap Core (c) 131 131 - - Small-Cap Core (d) 63 63 - - International Core (e) 264 264 - - Large Cap Growth (f) 202 202 - - Small/Midcap Growth (g) 57 57 - - Mutual funds-Fixed Income Fixed Income-US Core (h) 172 172 - - Intermediate Duration (i) 341 341 - - Common/Collective Trusts- Equity Large Cap Value (k) 96 - 96 - Cash Money Market 22 22 - - Total $ 1,590 $ 1,494 $ 96 $ - (a) This category consists of a mutual fund holding 100-160 stocks, designed to track and outperform the Russell 1000 Value Index. (b) This category contains stocks of the S&P 500 Index. The stocks are maintained in approximately the same weightings as the index. (c) This category contains stocks of the MSCI U.S. Mid Cap 450 Index. The stocks are maintained in approximately the same weightings as the index. (d) This category consists of 400 or more small and micro-cap companies, with as much as 25% invested in non-U.S. equities. (e) This category consists of investments with long-term growth potential located primarily in Europe, the Pacific Basin, and other developed emerging countries. (f) This category consists of two mutual funds, one which invests primarily of large U.S. based growth companies, the other in fast-growing large cap growth companies with sustainable franchises and positive price momentum. (g) This category seeks capital appreciation through investments in common stock of small-capitalization companies, defined as those with a total market value of no more than $2 billion at the time the fund first invests in them. (h) This category consists of a passively managed portfolio modeled after the Barclays Capital US Aggregate Float Adjusted Index. The fund invests in Treasury, Agency, corporate, mortgage-backed and asset-backed securities, maintaining a dollar-weighted maturity ranging between 5 and 10 years. (i) This category consists of a pair of mutual funds which invest in diversified portfolios of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. (j) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. |
Schedule of ESOP Allocation | 2015 2014 Allocated shares 128,993 121,675 Unearned shares 34,272 41,590 Total ESOP shares 163,265 163,265 Fair value of unearned shares at end of period $ 452,733 $ 557,306 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Earnings Per Share | Year Ended December 31, 2015 Net Income Weighted- Per Share (In thousands) Net income $ 1,647 Basic earnings per share Income available to common stockholders 2,751,776 $ 0.60 Income available to common stockholders and assumed conversions $ 1,647 2,751,776 $ 0.60 Year Ended December 31, 2014 Net Income Weighted- Per Share Amount (In thousands) Net income $ 2,631 Basic earnings per share Income available to common stockholders 2,780,166 $ 0.95 Income available to common stockholders and assumed conversions $ 2,631 2,780,166 $ 0.95 |
Disclosures about Fair Value 44
Disclosures about Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosures About Fair Value Of Assets And Liabilities [Abstract] | |
Schedule of Fair Value Measured on a Recurring Basis | Fair Value Measurement Using Fair Value Quoted Prices in Significant other Observable Inputs (Level 2) Significant Unobservable (In thousands) December 31, 2015 U.S. government agencies $ 101 $ - $ 101 $ - Mortgage-backed securities of government-sponsored entities 76,104 - 76,104 - Private-label collateralized mortgage obligations 277 - 277 - State and political subdivisions 18,865 - 18,865 - Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Significant other Significant Unobservable Inputs (Level 3) (In thousands) December 31, 2014 U.S. government agencies $ 126 $ - $ 126 $ - Mortgage-backed securities of government-sponsored entities 88,213 - 88,213 - Private-label collateralized mortgage obligations 502 - 502 - State and political subdivisions 20,128 - 20,128 - |
Schedule of Fair Value Measured on a Nonrecurring Basis | Fair Value Measurement Using Fair Value Quoted Prices in Significant other Significant Unobservable (In thousands) December 31, 2015 Collateral-dependent impaired loans $ 292 $ - $ - $ 292 Foreclosed assets 5 - - 5 December 31, 2014 Collateral-dependent impaired loans $ 634 $ - $ - $ 634 Foreclosed assets 59 - - 59 |
Schedule of Level 3 Fair Value Measurements | Fair Value Valuation Technique Unobservable Inputs Weighted - Average December 31, 2015 Collateral-dependent impaired loans $ 292 Market Comparable Properties, less delinquent real estate taxes N/A N/A Foreclosed assets 5 Agreed upon selling price Selling Costs 10 % December 31, 2014 Collateral-dependent impaired loans $ 634 Market Comparable Properties, less delinquent real estate taxes N/A N/A Foreclosed assets 59 Estimated S elling Price Selling Costs 10% |
Schedule of Fair Value of Financial Instruments | Fair Value Measurements Using Carrying Amount Quoted Prices in Active Markets Significant Other Observable (Level 2) Significant Unobservable (Level 3) (In thousands) December 31, 2015 Financial assets Cash and cash equivalents $ 11,156 $ 11,156 $ - $ - Held-to-maturity securities 8,307 - 8,205 - Loans, net of allowance for loan losses 293,121 - - 302,595 Federal Home Loan Bank stock 4,226 - 4,226 - Interest receivable 1,149 - 1,149 - Financial liabilities Deposits 362,427 42,630 295,796 - Other short-term borrowings 5,606 - 5,606 - Federal Home Loan Bank advances 21,000 - 20,978 - Advances from borrowers for taxes and insurance 1,240 - 1,240 - Interest payable 40 - 40 - Fair Value Measurements Using Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable (Level 2) Significant Unobservable (Level 3) (In thousands) December 31, 2014 Financial assets Cash and cash equivalents $ 10,783 $ 10,783 $ - $ - Held-to-maturity securities 6,989 - 6,837 - Loans, net of allowance for loan losses 265,609 - - 274,443 Federal Home Loan Bank stock 4,226 - 4,226 - Interest receivable 1,154 - 1,154 - Financial liabilities Deposits 348,922 34,403 294,365 - Other short-term borrowings 7,000 - 7,000 - Federal Home Loan Bank advances 16,438 - 16,572 - Advances from borrowers for taxes and insurance 1,135 - 1,135 - Interest payable 47 - 47 - |
Commitments and Credit Risk (Ta
Commitments and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Credit Risk [Abstract] | |
Schedule of Minimum Annual Lease Payments | Year ending (In thousands) 2016 $ 60 2017 60 2018 55 2019 28 2020 28 Thereafter 9 Total $ 240 |
Condensed Financial Informati46
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information (Parent Company Only) [Abstract] | |
Schedule of Condensed Balance Sheet | 2015 2014 (In thousands) Assets Cash and due from banks $ 522 $ 705 Notes receivable from the Bank 444 525 Investment in the Bank 38,952 38,806 Prepaid expenses and other assets 250 254 Total assets $ 40,168 $ 40,290 Liabilities and Stockholders' Equity Accrued expenses and other liabilities $ 263 $ 288 Stockholders' equity Common stock and additional paid-in capital 36,415 36,393 Retained earnings 21,060 20,403 Shares acquired by ESOP (343 ) (416 ) Treasury stock at cost (16,936 ) (16,598 ) Accumulated other comprehensive income (291 ) 220 Total stockholders' equity 39,905 40,002 Total liabilities and stockholders' equity $ 40,168 $ 40,290 |
Schedule of Condensed Statements of Income and Comprehensive Income | 2015 2014 (In thousands) Operating Income Interest income $ 32 $ 36 Dividends from the Bank 1,244 1,168 Total operating income 1,276 1,204 Noninterest Expense 252 276 Earnings before Federal Income Tax Benefits and equity in undistributed income of the Bank 1,024 928 Federal Income Tax Benefits (75 ) (78 ) Income before equity in undistributed income of the Bank 1,099 1,006 Equity in undistributed income of the Bank 548 1,625 Net Income $ 1,647 $ 2,631 Total Comprehensive income $ 1,136 $ 2,786 |
Schedule of Condensed Statements of Cash Flows | 2015 2014 (In thousands) Operating Activities Net income $ 1,647 $ 2,631 Items not requiring (providing) cash Equity in undistributed net income of the Bank (548 ) (1,625 ) Increase (decrease) in cash due to changes in: Prepaid expenses and other assets (10 ) (44 ) Accrued expenses and other liabilities (25 ) 3 Net cash provided by operating activities 1,064 965 Investing Activities Repayment of ESOP loan 81 82 Net cash provided by investing activities 81 82 Financing Activities Payment of dividends on common stock (990 ) (946 ) Purchase of treasury stock (338 ) (460 ) Net cash used in financing activities (1,328 ) (1,406 ) Net Change in Cash and Cash Equivalents (183 ) (359 ) Cash and Cash Equivalents at Beginning of Period 705 1,064 Cash and Cash Equivalents at End of Period $ 522 $ 705 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | Three months Ended Year Ended December 2015: March 31, June 30, September 30, December 31, (In thousands, except per share data) Total interest income $ 3,558 $ 3,588 $ 3,627 $ 3,726 Total interest expense 486 503 480 498 Net interest income 3,072 3,085 3,147 3,228 Provision for loan losses 233 481 357 104 Noninterest income 431 443 538 478 Noninterest expense 2,703 2,782 2,879 2,823 Income before income taxes 567 265 449 779 Federal income tax expense 127 22 77 187 Net income $ 440 $ 243 $ 372 $ 592 Earnings per share Basic $ 0.16 $ 0.09 $ 0.13 $ 0.22 Diluted $ 0.16 $ 0.09 $ 0.13 $ 0.22 Three months Ended Year Ended December 2014: March 31, June 30, September 30, December 31, (In thousands, except per share data) Total interest income $ 3,721 $ 3,712 $ 3,598 $ 3,600 Total interest expense 542 530 500 491 Net interest income 3,179 3,182 3,098 3,109 Provision for loan losses 8 79 195 51 Noninterest income 365 480 523 484 Noninterest expense 2,645 2,649 2,642 2,683 Income before income taxes 891 934 784 859 Federal income tax expense 221 234 177 205 Net income $ 670 $ 700 $ 607 $ 654 Earnings per share Basic $ 0.24 $ 0.25 $ 0.22 $ 0.24 Diluted $ 0.24 $ 0.25 $ 0.22 $ 0.24 |
Nature of Operations and Summ48
Nature of Operations and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | May. 31, 2014 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |||
Amortized value of intangible asset | $ 0 | ||
Useful life of core deposit asset | 10 years | ||
Advertising expense | $ 201,000 | $ 189,000 |
Nature of Operations and Summ49
Nature of Operations and Summary of Significant Accounting Policies (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ||
Goodwill | $ 1,719 | $ 1,719 |
Other intangible assets - gross | 974 | 974 |
Other intangible assets - amortization | (974) | (974) |
Total | $ 1,719 | $ 1,719 |
Restriction on Cash and Due F50
Restriction on Cash and Due From Banks (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Restriction On Cash And Due From Banks [Abstract] | |
Cash required to maintained in reserve and/or on deposit with the Federal Reserve Bank | $ 2.4 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities [Abstract] | ||
Carrying value of securities pledged as collateral to secure public deposits | $ 55.3 | $ 57.5 |
Fair value of investments, carried at less than historical costs | $ 53.8 | $ 42.9 |
Percentage available for sale Securities in unrealized loss positions out of total available for sale securities | 52.00% | 38.00% |
Securities (Schedule of Availab
Securities (Schedule of Available for Sale Securities and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for sale | ||
Amortized Cost | $ 94,571 | $ 107,075 |
Gross Unrealized Gains | 1,342 | 2,205 |
Gross Unrealized Losses | 566 | 311 |
Approximate Fair Value | 95,347 | 108,969 |
Held to maturity | ||
Amortized Cost | 8,307 | 6,989 |
Gross Unrealized Gains | 34 | 29 |
Gross Unrealized Losses | 136 | 181 |
Approximate Fair Value | 8,205 | 6,837 |
U.S. government agencies [Member] | ||
Available for sale | ||
Amortized Cost | $ 101 | $ 126 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Approximate Fair Value | $ 101 | $ 126 |
Held to maturity | ||
Amortized Cost | $ 82 | $ 100 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Approximate Fair Value | $ 82 | $ 100 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Available for sale | ||
Amortized Cost | 75,972 | 87,284 |
Gross Unrealized Gains | 662 | 1,202 |
Gross Unrealized Losses | 530 | 273 |
Approximate Fair Value | 76,104 | 88,213 |
Held to maturity | ||
Amortized Cost | 1,052 | 1,332 |
Gross Unrealized Gains | $ 5 | $ 22 |
Gross Unrealized Losses | ||
Approximate Fair Value | $ 1,057 | $ 1,354 |
Private-label collateralized mortgage obligations [Member] | ||
Available for sale | ||
Amortized Cost | 274 | 491 |
Gross Unrealized Gains | $ 3 | $ 11 |
Gross Unrealized Losses | ||
Approximate Fair Value | $ 277 | $ 502 |
State and political subdivisions [Member] | ||
Available for sale | ||
Amortized Cost | 18,224 | 19,174 |
Gross Unrealized Gains | 677 | 992 |
Gross Unrealized Losses | 36 | 38 |
Approximate Fair Value | 18,865 | 20,128 |
Held to maturity | ||
Amortized Cost | 7,173 | 5,557 |
Gross Unrealized Gains | 29 | 7 |
Gross Unrealized Losses | 136 | 181 |
Approximate Fair Value | $ 7,066 | $ 5,383 |
Securities (Schedule of Expecte
Securities (Schedule of Expected Maturities of Available for Sale and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale- Debt maturities, Amortized Cost | ||
Within one year | $ 3,631 | |
One to five years | 3,022 | |
Five to ten years | 3,342 | |
After ten Years | 8,330 | |
Subtotal | 18,325 | |
Totals | 94,571 | |
Available for Sale Securities, Fair Values | ||
Within one year | 3,679 | |
One to five years | 3,219 | |
Five to ten years | 3,489 | |
After ten Years | 8,579 | |
Subtotal | 18,966 | |
Totals | $ 95,347 | |
Held to Maturity securities, Amortized Cost | ||
Within one year | ||
One to five years | $ 843 | |
Five to ten years | 3,473 | |
After ten Years | 2,939 | |
Subtotal | 7,255 | |
Totals | $ 8,307 | $ 6,989 |
Held to Maturity securities, Fair Values | ||
Within one year | ||
One to five years | $ 858 | |
Five to ten years | 3,393 | |
After ten Years | 2,897 | |
Subtotal | 7,148 | |
Total | 8,205 | 6,837 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Available-for-sale- Debt maturities, Amortized Cost | ||
Maturities without single maturity date | 75,972 | |
Available for Sale Securities, Fair Values | ||
Maturities without single maturity date | 76,104 | |
Held to Maturity securities, Amortized Cost | ||
Maturities without single maturity date | 1,052 | |
Totals | 1,052 | 1,332 |
Held to Maturity securities, Fair Values | ||
Maturities without single maturity date | 1,057 | |
Total | 1,057 | $ 1,354 |
Private-label collateralized mortgage obligations [Member] | ||
Available-for-sale- Debt maturities, Amortized Cost | ||
Maturities without single maturity date | 274 | |
Available for Sale Securities, Fair Values | ||
Maturities without single maturity date | $ 277 | |
Held to Maturity securities, Amortized Cost | ||
Maturities without single maturity date | ||
Held to Maturity securities, Fair Values | ||
Maturities without single maturity date |
Securities (Schedule of Securit
Securities (Schedule of Securities in a Gross Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | $ 36,686 | $ 23,525 |
Less than 12 Months, Unrealized Losses | 319 | 121 |
More than 12 Months, Fair Value | 17,075 | 19,368 |
More than 12 Months, Unrealized Losses | 383 | 371 |
Total, Fair Value | 53,761 | 42,893 |
Total, Unrealized Losses | 702 | 492 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | 32,930 | 22,443 |
Less than 12 Months, Unrealized Losses | 269 | 118 |
More than 12 Months, Fair Value | 14,560 | 13,947 |
More than 12 Months, Unrealized Losses | 261 | 155 |
Total, Fair Value | 47,490 | 36,390 |
Total, Unrealized Losses | 530 | 273 |
State and political subdivisions [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | 3,756 | 1,082 |
Less than 12 Months, Unrealized Losses | 50 | 3 |
More than 12 Months, Fair Value | 2,515 | 5,421 |
More than 12 Months, Unrealized Losses | 122 | 216 |
Total, Fair Value | 6,271 | 6,503 |
Total, Unrealized Losses | $ 172 | $ 219 |
Loans and the Allowance for Loa
Loans and the Allowance for Loan Losses (Narrative) (Details) | Dec. 31, 2015USD ($) |
Residential Mortgages [Member] | |
Troubled Debt Restructurings considered as impaired | $ 2,800,000 |
Troubled Debt restructurings classified as performing in accordance with terms | 1,900,000 |
Nonresidential real estate and land [Member] | |
Troubled Debt Restructurings considered as impaired | 1,100,000 |
Troubled Debt restructurings classified as performing in accordance with terms | 1,000,000 |
Commercial loans [Member] | |
Troubled Debt Restructurings considered as impaired | 33,000 |
Troubled Debt restructurings classified as performing in accordance with terms | $ 11,000 |
Loans and the Allowance for L56
Loans and the Allowance for Loan Losses (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loans Receivable, gross | $ 304,788 | $ 275,182 | |
Undisbursed portion of loans in process | 8,065 | 6,121 | |
Deferred loan origination fees | 765 | 683 | |
Allowance for loan losses | 2,837 | 2,769 | $ 2,819 |
Total Loans | 293,121 | 265,609 | |
One To Four Family Residential [Member] | |||
Loans Receivable, gross | 179,732 | 169,676 | |
Multi-family Residential [Member] | |||
Loans Receivable, gross | 12,474 | 12,203 | |
Construction [Member] | |||
Loans Receivable, gross | 6,177 | 2,922 | |
Nonresidential real estate and land [Member] | |||
Loans Receivable, gross | 86,470 | 71,795 | |
Commercial [Member] | |||
Loans Receivable, gross | 18,031 | 16,275 | |
Consumer and Other [Member] | |||
Loans Receivable, gross | $ 1,904 | $ 2,311 |
Loans and Allowance for Loan 57
Loans and Allowance for Loan Losses (Schedule of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Activity in the allowance for loan losses by portfolio segment | |||
Beginning balance | $ 2,769 | $ 2,819 | |
Provision charged to expense | 1,175 | 333 | |
Losses charged off | (1,158) | (411) | |
Recoveries | 51 | 28 | |
Ending balance | 2,837 | 2,769 | |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 552 | 816 | |
Collectively evaluated for impairment | 2,285 | 1,953 | |
Ending balances: Loans | |||
Individually evaluated for impairment | 3,883 | 3,442 | |
Collectively evaluated for impairment | 300,905 | 271,740 | |
Loans Receivable, gross | 304,788 | 275,182 | |
One-to-four family residential [Member] | |||
Activity in the allowance for loan losses by portfolio segment | |||
Beginning balance | 1,533 | 1,017 | |
Provision charged to expense | 924 | 546 | |
Losses charged off | (1,158) | (38) | |
Recoveries | 47 | 8 | |
Ending balance | 1,346 | 1,533 | |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 506 | 653 | |
Collectively evaluated for impairment | 840 | 880 | |
Ending balances: Loans | |||
Individually evaluated for impairment | 2,789 | 3,279 | |
Collectively evaluated for impairment | 176,943 | 166,397 | |
Loans Receivable, gross | [1] | 179,732 | 169,676 |
All other mortgage loans [Member] | |||
Activity in the allowance for loan losses by portfolio segment | |||
Beginning balance | 885 | 1,526 | |
Provision charged to expense | $ 325 | (397) | |
Losses charged off | (261) | ||
Recoveries | 17 | ||
Ending balance | $ 1,210 | 885 | |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 13 | 18 | |
Collectively evaluated for impairment | 1,197 | 867 | |
Ending balances: Loans | |||
Individually evaluated for impairment | 1,061 | 18 | |
Collectively evaluated for impairment | 104,060 | 86,902 | |
Loans Receivable, gross | [1] | 105,121 | 86,920 |
Commercial business loans [Member] | |||
Activity in the allowance for loan losses by portfolio segment | |||
Beginning balance | 343 | 271 | |
Provision charged to expense | $ (65) | 182 | |
Losses charged off | (112) | ||
Recoveries | $ 1 | 2 | |
Ending balance | 279 | 343 | |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 33 | 145 | |
Collectively evaluated for impairment | 246 | 198 | |
Ending balances: Loans | |||
Individually evaluated for impairment | 33 | 145 | |
Collectively evaluated for impairment | 17,998 | 16,130 | |
Loans Receivable, gross | [1] | 18,031 | 16,275 |
Consumer loans [Member] | |||
Activity in the allowance for loan losses by portfolio segment | |||
Beginning balance | 8 | 5 | |
Provision charged to expense | $ (9) | $ 2 | |
Losses charged off | |||
Recoveries | $ 3 | $ 1 | |
Ending balance | $ 2 | $ 8 | |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 2 | $ 8 | |
Ending balances: Loans | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 1,904 | $ 2,311 | |
Loans Receivable, gross | [1] | $ 1,904 | $ 2,311 |
[1] | Ratings are generally assigned to consumer and residential mortgage loans on a “pass” or “fail” basis, where “fail” results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank's loan policy that produces a risk rating as described below. |
Loans and Allowance for Loan 58
Loans and Allowance for Loan Losses (Schedule of Loans Receivable by Credit Risk Profile) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans Receivable, gross | $ 304,788 | $ 275,182 | |
One-to-four family residential [Member] | |||
Loans Receivable, gross | [1] | 179,732 | 169,676 |
One-to-four family residential [Member] | Pass [Member] | |||
Loans Receivable, gross | [1] | 172,617 | 160,190 |
One-to-four family residential [Member] | Special Mention [Member] | |||
Loans Receivable, gross | [1] | 1,406 | 2,015 |
One-to-four family residential [Member] | Substandard [Member] | |||
Loans Receivable, gross | [1] | 5,709 | 7,471 |
All other mortgage loans [Member] | |||
Loans Receivable, gross | [1] | 105,121 | 86,920 |
All other mortgage loans [Member] | Pass [Member] | |||
Loans Receivable, gross | [1] | 100,961 | 84,168 |
All other mortgage loans [Member] | Special Mention [Member] | |||
Loans Receivable, gross | [1] | 1,881 | 851 |
All other mortgage loans [Member] | Substandard [Member] | |||
Loans Receivable, gross | [1] | 2,279 | 1,901 |
Commercial business loans [Member] | |||
Loans Receivable, gross | [1] | 18,031 | 16,275 |
Commercial business loans [Member] | Pass [Member] | |||
Loans Receivable, gross | [1] | 17,893 | 15,812 |
Commercial business loans [Member] | Special Mention [Member] | |||
Loans Receivable, gross | [1] | 105 | 318 |
Commercial business loans [Member] | Substandard [Member] | |||
Loans Receivable, gross | [1] | 33 | 145 |
Consumer loans [Member] | |||
Loans Receivable, gross | [1] | 1,904 | 2,311 |
Consumer loans [Member] | Pass [Member] | |||
Loans Receivable, gross | [1] | $ 1,904 | $ 2,311 |
Consumer loans [Member] | Special Mention [Member] | |||
Loans Receivable, gross | [1] | ||
Consumer loans [Member] | Substandard [Member] | |||
Loans Receivable, gross | [1] | ||
[1] | Ratings are generally assigned to consumer and residential mortgage loans on a “pass” or “fail” basis, where “fail” results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank's loan policy that produces a risk rating as described below. |
Loans and Allowance for Loan 59
Loans and Allowance for Loan Lossess (Schedule of Aging Analysis of Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Total Past Due | $ 2,323 | $ 2,747 | |
Current | 302,465 | 272,435 | |
Total loans receivable | 304,788 | 275,182 | |
30-59 Days Past Due [Member] | |||
Total Past Due | 882 | 466 | |
60-89 Days Past Due [Member] | |||
Total Past Due | 329 | 495 | |
Greater Than 90 Days Past Due | |||
Total Past Due | 1,112 | 1,786 | |
One-to-four family residential loans [Member] | |||
Total Past Due | 1,748 | 2,338 | |
Current | 177,984 | 167,338 | |
Total loans receivable | [1] | 179,732 | 169,676 |
One-to-four family residential loans [Member] | 30-59 Days Past Due [Member] | |||
Total Past Due | 516 | 466 | |
One-to-four family residential loans [Member] | 60-89 Days Past Due [Member] | |||
Total Past Due | 329 | 297 | |
One-to-four family residential loans [Member] | Greater Than 90 Days Past Due | |||
Total Past Due | 903 | 1,575 | |
All other mortgage loans [Member] | |||
Total Past Due | 507 | 350 | |
Current | 104,614 | 86,570 | |
Total loans receivable | [1] | 105,121 | $ 86,920 |
All other mortgage loans [Member] | 30-59 Days Past Due [Member] | |||
Total Past Due | $ 298 | ||
All other mortgage loans [Member] | 60-89 Days Past Due [Member] | |||
Total Past Due | $ 198 | ||
All other mortgage loans [Member] | Greater Than 90 Days Past Due | |||
Total Past Due | $ 209 | 152 | |
Commercial business loans [Member] | |||
Total Past Due | 68 | 59 | |
Current | 17,963 | 16,216 | |
Total loans receivable | [1] | 18,031 | $ 16,275 |
Commercial business loans [Member] | 30-59 Days Past Due [Member] | |||
Total Past Due | $ 68 | ||
Commercial business loans [Member] | 60-89 Days Past Due [Member] | |||
Total Past Due | |||
Commercial business loans [Member] | Greater Than 90 Days Past Due | |||
Total Past Due | $ 59 | ||
Consumer loans [Member] | |||
Total Past Due | |||
Current | $ 1,904 | $ 2,311 | |
Total loans receivable | [1] | $ 1,904 | $ 2,311 |
Consumer loans [Member] | 30-59 Days Past Due [Member] | |||
Total Past Due | |||
Consumer loans [Member] | 60-89 Days Past Due [Member] | |||
Total Past Due | |||
Consumer loans [Member] | Greater Than 90 Days Past Due | |||
Total Past Due | |||
[1] | Ratings are generally assigned to consumer and residential mortgage loans on a “pass” or “fail” basis, where “fail” results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank's loan policy that produces a risk rating as described below. |
Loans and Allowance for Loan 60
Loans and Allowance for Loan Losses (Schedule of Non-accrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Non-accrual loans | $ 1,941 | $ 3,186 |
One-to-four family residential loans [Member] | ||
Non-accrual loans | 1,733 | 2,740 |
Nonresidential real estate and land Portfolio Segment [Member] | ||
Non-accrual loans | $ 208 | $ 350 |
All other mortgage loans [Member] | ||
Non-accrual loans | ||
Commercial business loans [Member] | ||
Non-accrual loans | $ 96 | |
Consumer loans [Member] | ||
Non-accrual loans |
Loans and Allowance for Loan 61
Loans and Allowance for Loan Losses (Schedule of Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Specific Allowance | $ 552 | $ 816 |
Recorded Balance | 3,883 | 3,442 |
Unpaid Principal Balance | 4,207 | 3,442 |
Average Investment in Impaired Loans | 4,038 | 6,478 |
Interest Income Recognized | 172 | 103 |
One-to-four family residential loans [Member] | ||
Loans without a specific valuation allowance, Recorded Balance | 1,224 | 1,108 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 1,238 | 1,108 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 1,493 | 3,220 |
Loans without a specific valuation allowance, Interest Income Recognized | 44 | 44 |
Loans with a specific valuation allowance, Recorded Balance | 1,565 | 2,171 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 1,875 | 2,171 |
Specific Allowance | 506 | 653 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 1,347 | 1,499 |
Loans with a specific valuation allowance, Interest Income Recognized | 56 | 56 |
Recorded Balance | 2,789 | 3,279 |
Unpaid Principal Balance | 3,113 | 3,279 |
Average Investment in Impaired Loans | 2,840 | 4,719 |
Interest Income Recognized | $ 100 | $ 100 |
All other mortgage loans [Member] | ||
Loans without a specific valuation allowance, Recorded Balance | ||
Loans without a specific valuation allowance, Unpaid Principal Balance | ||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | $ 532 | $ 1,097 |
Loans without a specific valuation allowance, Interest Income Recognized | ||
Loans with a specific valuation allowance, Recorded Balance | $ 1,061 | $ 18 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 1,061 | 18 |
Specific Allowance | 13 | 18 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 575 | 477 |
Loans with a specific valuation allowance, Interest Income Recognized | 71 | 1 |
Recorded Balance | 1,061 | 18 |
Unpaid Principal Balance | 1,061 | 18 |
Average Investment in Impaired Loans | 1,107 | 1,574 |
Interest Income Recognized | $ 71 | $ 1 |
Commercial business loans [Member] | ||
Loans without a specific valuation allowance, Recorded Balance | ||
Loans without a specific valuation allowance, Unpaid Principal Balance | ||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | $ 9 | $ 19 |
Loans without a specific valuation allowance, Interest Income Recognized | ||
Loans with a specific valuation allowance, Recorded Balance | $ 33 | $ 145 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 33 | 145 |
Specific Allowance | 33 | 145 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 82 | 166 |
Loans with a specific valuation allowance, Interest Income Recognized | 1 | 2 |
Recorded Balance | 33 | 145 |
Unpaid Principal Balance | 33 | 145 |
Average Investment in Impaired Loans | 91 | 185 |
Interest Income Recognized | $ 1 | $ 2 |
Loans and Allowance for Loan 62
Loans and Allowance for Loan Losses (Schedule of Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)N | Dec. 31, 2014USD ($)N | |
One-to-four family residential loans [Member] | ||
Number of Loans | N | 1 | |
Pre-modification Unpaid Principal Balance | $ 17 | |
Post- modification Unpaid Principal Balance | $ 17 | |
All other mortgage loans [Member] | ||
Number of Loans | N | 2 | |
Pre-modification Unpaid Principal Balance | $ 1,057 | |
Post- modification Unpaid Principal Balance | $ 1,090 |
Loans and Allowance for Loan 63
Loans and Allowance for Loan Losses (Schedule of Loans Collateralized by Residential Real Estate Properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment | $ 14 | $ 179 |
One-to-four family residential loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment | 14 | 179 |
Recorded investment of assets in process of foreclosure | $ 171 | $ 24 |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Premises and equipment, gross | $ 15,066 | $ 14,642 |
Less accumulated depreciation | 8,403 | 7,813 |
Property, Plant and Equipment, Net | 6,663 | 6,829 |
Land and improvements [Member] | ||
Premises and equipment, gross | 1,799 | 1,799 |
Office buildings and improvements [Member] | ||
Premises and equipment, gross | 8,027 | 8,024 |
Furniture, fixtures and equipment [Member] | ||
Premises and equipment, gross | 4,890 | 4,469 |
Leasehold improvements [Member] | ||
Premises and equipment, gross | $ 350 | $ 350 |
Loan Servicing (Narrative) (Det
Loan Servicing (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loan Servicing [Abstract] | ||
Mortgage Loans serviced for others, recorded off balance sheet | $ 34,900,000 | $ 33,400,000 |
Contractual service fees, late fees, anciallary fees included in loan servicing fees on the income statement | 30,000 | 40,000 |
Escrow balances maintained for loan servicing, included in demand deposits | $ 313,000 | $ 391,000 |
Loan Servicing (Schedule of Car
Loan Servicing (Schedule of Carrying Value of Servicing Assets and Fair Value of Servicing Rights) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Asset | ||
Carrying amount, beginning of period | $ 332 | $ 271 |
Additions - Servicing obligations that result from transfers of financial assets | 88 | 99 |
Subtractions - Amortization | 51 | 38 |
Carrying amount, end of period | 369 | 332 |
Fair value, beginning of period | 367 | 344 |
Fair value, end of period | $ 404 | $ 367 |
Interest-bearing Time Deposit67
Interest-bearing Time Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Interest-Bearing Time Deposits [Abstract] | ||
Interest-bearing Deposit Liabilities | $ 17.9 | $ 19.5 |
Interest-bearing Time Deposit68
Interest-bearing Time Deposits (Schedule of Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Due during the year ending December 31, | ||
2,016 | $ 46,871 | |
2,017 | 30,762 | |
2,018 | 14,746 | |
2,019 | 9,052 | |
2,020 | 15,566 | |
Thereafter | 11,809 | |
Total | $ 128,806 | $ 127,779 |
Other Short-Term Borrowings (Na
Other Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Short-Term Borrowings [Abstract] | ||
Highest month-end balance | $ 7.2 | $ 7 |
Daily average balance | 6.4 | 6.3 |
Short-term borrowing collateralized by Mortgage-backed securities of government-sponsored entities | $ 7 | $ 9 |
Other Short-Term Borrowings (Sc
Other Short-Term Borrowings (Schedule of Short-term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Short-Term Borrowings [Abstract] | ||
Other short-term borrowings | $ 5,606 | $ 7,000 |
Federal Home Loan Bank Advanc71
Federal Home Loan Bank Advances (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Prepayments of Federal Home Loan Bank Advances | $ 8,500,000 |
Prepayment Penalty incurred | 526,000 |
Maximum additional borrowings from the FHLB | 90,800,000 |
Maximum borrowing capacity, lines of credit | 24,000,000 |
State and political subdivisions [Member] | |
Financing Receivables pledged as collateral | 24,200,000 |
All other mortgage loans [Member] | |
Financing Receivables pledged as collateral | $ 127,500,000 |
Federal Home Loan Bank Advanc72
Federal Home Loan Bank Advances (Schedule of Maturities of FHLB Advances and Annual Principal Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Maturities of Federal Home Loan Bank Advances | ||
2,016 | $ 3,000 | |
2,017 | 6,000 | |
2,018 | 6,000 | |
2,019 | 6,000 | |
Federal Home Loan Bank advances | $ 21,000 | $ 16,438 |
Average Interest Rate Range | ||
2,016 | 1.21% | |
Lower Range [Member] | ||
Average Interest Rate Range | ||
2,017 | 0.97% | |
2,018 | 1.30% | |
2,019 | 1.47% | |
Upper Range [Member] | ||
Average Interest Rate Range | ||
2,017 | 1.42% | |
2,018 | 1.33% | |
2,019 | 1.55% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | Dec. 31, 2015USD ($) |
Income Taxes [Abstract] | |
Special bad debt deduction - cumulative | $ 2,700,000 |
Deferred Tax Liability related to cumulative bad debt deduction | $ 918,000 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||||||||||
Taxes currently payable | $ 270 | $ 902 | ||||||||
Deferred income taxes | 143 | (65) | ||||||||
Income tax expense | $ 187 | $ 77 | $ 22 | $ 127 | $ 205 | $ 177 | $ 234 | $ 221 | $ 413 | $ 837 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||||||||||
Computed at the statutory rate (34%) | $ 668 | $ 1,179 | ||||||||
Increase (decrease) resulting from | ||||||||||
Tax-exempt interest | (223) | (277) | ||||||||
Earnings on bank-owned life insurance | (100) | (82) | ||||||||
Other | 68 | 17 | ||||||||
Income tax expense | $ 187 | $ 77 | $ 22 | $ 127 | $ 205 | $ 177 | $ 234 | $ 221 | $ 413 | $ 837 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Deferred loan origination fees | $ 260 | $ 232 |
Allowance for loan losses | 965 | $ 941 |
Real estate owned valuation | 2 | |
Pension adjustment | 368 | $ 405 |
Reserve for uncollected interest | 182 | 175 |
Benefit plan expenses | 97 | $ 178 |
AMT credit carryover and low income housing credit | 12 | |
Total deferred tax assets | 1,886 | $ 1,931 |
Deferred tax liabilities | ||
Prepaid pension | (221) | (190) |
Federal Home Loan Bank stock dividends | (1,023) | (1,023) |
Book/tax depreciation differences | (560) | (517) |
Financed loan fees | (129) | (117) |
Unrealized gains on securities available-for-sale | (264) | (644) |
Mortgage servicing rights | (125) | (113) |
Total deferred tax liabilities | (2,322) | (2,604) |
Net deferred tax liability | $ (436) | $ (673) |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Gross unrealized gain on securities available-for-sale | $ 777 | $ 1,894 |
Gross unrealized loss for unfunded status of split-dollar life insurance plan liability (tax free) | (89) | (244) |
Gross unrealized loss for unfunded status of defined benefit plan liability | (1,083) | (1,191) |
Accumulated other comprehensive income, before tax | (395) | 459 |
Tax effect | $ 104 | $ (239) |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Tier 1 Leverage Capital (to average assets) | ||
Tier 1 Capital | $ 37,524 | $ 36,834 |
Tier 1 Capital (to average assets) ratio | 8.80% | 8.80% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 17,092 | $ 16,694 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 4.00% | 4.00% |
Minimum Tier 1 Capital required to be well-capitalized | $ 21,365 | $ 20,868 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 5.00% | 5.00% |
Tier 1 Common equity capital to risk-weighted assets | ||
Tier 1 Common equity capital | $ 37,524 | |
Tier 1 Common equity capital ratio | 13.40% | |
Minimum amount of Tier 1 Common equity capital for adequacy purposes | $ 12,645 | |
Minimum amount of Tier 1 Common equity capital for adequacy purposes ratio | 4.50% | |
Minimum amount of Tier 1 Common equity capital to be well-capitalized | $ 18,265 | |
Minimum amount of Tier 1 Common equity capital to be well-capitalized ratio | 6.50% | |
Tier 1 Capital (to risk-weighted assets) | ||
Tier 1 Capital | $ 37,524 | $ 36,834 |
Tier 1 Capital (to risk-weighted assets) ratio | 13.40% | 14.10% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 16,860 | $ 10,439 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 6.00% | 4.00% |
Minimum Tier 1 Capital required to be well-capitalized | $ 22,480 | $ 15,658 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 8.00% | 6.00% |
Total Capital | ||
Total Capital | $ 40,361 | $ 39,603 |
Total Capital (to risk-weighted assets) ratio | 14.40% | 15.20% |
Minimum amount of capital for adequacy purposes | $ 22,480 | $ 20,878 |
Minimum amount of capital for adequacy purposes, ratio | 8.00% | 8.00% |
Minimum Capital required to be well-capitalized | $ 28,099 | $ 26,097 |
Minimum Capital required to be well-capitalized, ratio | 10.00% | 10.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - Director [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party deposit liabilities | $ 386,000 | $ 302,000 |
Legal expense | 8,000 | 9,000 |
Rental Expense | $ 28,000 | $ 28,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Loans Outstanding to Executive Officers, Directors and their Affiliates) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans from related parties | ||
Aggregate balance - Beginning of period | $ 400 | $ 222 |
New loans | 9 | 186 |
Repayments and reclassifications | (90) | (8) |
Aggregate balance - End of period | $ 319 | $ 400 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value of unallocated shares | $ 1,700,000 | |
401(K) Expense Recognized | 148,000 | $ 161,000 |
Pension Plan [Member] | ||
Expected contributions to the plan in 2015 | 180,000 | |
Net actuarial loss to be reclassified from AOCI to OCI in following period | 98,000 | |
Split-Dollar Insurance Plan [Member] | ||
Net actuarial loss to be reclassified from AOCI to OCI in following period | $ 8,000 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Changes in Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan [Member] | ||
Change in benefit obligation: | ||
Benefit obligation, beginning of year | $ 2,221 | $ 1,588 |
Interest cost | 86 | 77 |
Actuarial (gain) loss | (112) | 614 |
Benefits paid | (38) | (38) |
Settlements | (4) | (21) |
Benefit obligation, end of year | 2,153 | 2,221 |
Change in fair value of plan assets: | ||
Fair value of plan assets, beginning of year | 1,590 | 1,431 |
Actual return on plan assets | (11) | 80 |
Employer contribution | 185 | 138 |
Benefits paid | (38) | (38) |
Settlements | (4) | (21) |
Funded status at end of year | (431) | (631) |
Fair value of plan assets, end of year | 1,722 | 1,590 |
Split-Dollar Insurance Plan [Member] | ||
Change in benefit obligation: | ||
Benefit obligation, beginning of year | 901 | 681 |
Service cost | 7 | 41 |
Interest cost | 37 | 33 |
Actuarial (gain) loss | (44) | 163 |
Benefits paid | (22) | (17) |
Benefit obligation, end of year | 879 | 901 |
Change in fair value of plan assets: | ||
Benefits paid | $ (22) | $ (17) |
Employee Benefit Plans (Sched83
Employee Benefit Plans (Schedule of Pre-tax Amounts Recognized as a Component of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plan [Member] | ||
Net actuarial loss (gain) | $ (1,083) | $ (1,191) |
Split-Dollar Insurance Plan [Member] | ||
Prior service cost | 83 | 97 |
Net actuarial loss (gain) | $ 6 | $ 147 |
Employee Benefit Plans (Sched84
Employee Benefit Plans (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan [Member] | ||
Components of Net Period Benefit Cost | ||
Internal cost | $ 86 | $ 77 |
Expected return on plan assets | (99) | (90) |
Amortization of net loss | 105 | 44 |
Net periodic benefit cost | 92 | 31 |
Split-Dollar Insurance Plan [Member] | ||
Components of Net Period Benefit Cost | ||
Service cost | 7 | 41 |
Internal cost | 37 | 33 |
Amortization of net loss | 98 | (37) |
Prior service cost | 14 | 14 |
Net periodic benefit cost | $ 156 | $ 51 |
Employee Benefit Plans (Sched85
Employee Benefit Plans (Schedule of Target Allocation of Plan Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Mid-Cap Stocks [Member] | Lower Range [Member] | |
Target Asset Allocations | |
Target asset allocations | 30.00% |
Mid-Cap Stocks [Member] | Upper Range [Member] | |
Target Asset Allocations | |
Target asset allocations | 70.00% |
Fixed Income Investments [Member] | Lower Range [Member] | |
Target Asset Allocations | |
Target asset allocations | 30.00% |
Fixed Income Investments [Member] | Upper Range [Member] | |
Target Asset Allocations | |
Target asset allocations | 70.00% |
Cash [Member] | Lower Range [Member] | |
Target Asset Allocations | |
Target asset allocations | 0.00% |
Cash [Member] | Upper Range [Member] | |
Target Asset Allocations | |
Target asset allocations | 15.00% |
Employee Benefit Plans (Sched86
Employee Benefit Plans (Schedule of Weighted Average Asset Allocation) (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Asset Allocations | 60.00% | 67.00% |
Debt Securities [Member] | ||
Asset Allocations | 39.00% | 32.00% |
Cash and Cash Equivalents [Member] | ||
Asset Allocations | 1.00% | 1.00% |
Employee Benefit Plans (Sched87
Employee Benefit Plans (Schedule of Expected Benefits to be Paid) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Plan [Member] | |
Future Benefit Payments | |
2,016 | $ 74 |
2,017 | 84 |
2,018 | 92 |
2,019 | 109 |
2,020 | 116 |
Thereafter | 634 |
Total | 1,109 |
Split-Dollar Insurance Plan [Member] | |
Future Benefit Payments | |
2,016 | 25 |
2,017 | 28 |
2,018 | 31 |
2,019 | 33 |
2,020 | 37 |
Thereafter | 269 |
Total | $ 423 |
Employee Benefit Plans (Sched88
Employee Benefit Plans (Schedule of Weighted Average Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan [Member] | ||
Discount Rates | ||
Discount Rates - Benefit Obligation | 4.95% | 3.95% |
Discount Rates - Benefit Cost | 4.95% | 4.95% |
Expected long-term return on plan assets | 6.00% | 6.00% |
Rate of compensation increase | ||
Rate of Compensation Increase - Benefit Obligation | ||
Rate of Compensation Increase - Benefit Cost | ||
Split-Dollar Insurance Plan [Member] | ||
Discount Rates | ||
Discount Rates - Benefit Obligation | 4.34% | 3.95% |
Discount Rates - Benefit Cost | 4.34% | 3.95% |
Rate of compensation increase | ||
Rate of Compensation Increase - Benefit Obligation | 1.50% | 1.50% |
Rate of Compensation Increase - Benefit Cost | 1.50% | 1.50% |
Employee Benefit Plans (Sched89
Employee Benefit Plans (Schedule of Fair Value Measurement of Pension Plan) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |||
Fair value [Member] | |||||
Fair value of plan assets | $ 1,722 | $ 1,590 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | 1,631 | 1,494 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | $ 91 | $ 96 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | |||||
Large Cap Value [Member] | Fair value [Member] | |||||
Fair value of plan assets | [1] | $ 96 | $ 103 | ||
Large Cap Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | [1] | $ 96 | $ 103 | ||
Large Cap Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [1] | ||||
Large Cap Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [1] | ||||
Large Cap Core [Member] | Fair value [Member] | |||||
Fair value of plan assets | [2] | $ 132 | $ 139 | ||
Large Cap Core [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | [2] | $ 132 | $ 139 | ||
Large Cap Core [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [2] | ||||
Large Cap Core [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [2] | ||||
Mid Cap Core [Member] | Fair value [Member] | |||||
Fair value of plan assets | [3] | $ 118 | $ 131 | ||
Mid Cap Core [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | [3] | $ 118 | $ 131 | ||
Mid Cap Core [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [3] | ||||
Mid Cap Core [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [3] | ||||
Small-Cap Core [Member] | Fair value [Member] | |||||
Fair value of plan assets | $ 57 | [4] | $ 63 | [5] | |
Small-Cap Core [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | $ 57 | [4] | $ 63 | [5] | |
Small-Cap Core [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [4] | [5] | |||
Small-Cap Core [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [4] | [5] | |||
International Core [Member] | Fair value [Member] | |||||
Fair value of plan assets | [6] | $ 271 | $ 264 | ||
International Core [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | [6] | $ 271 | $ 264 | ||
International Core [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [6] | ||||
International Core [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [6] | ||||
Large Cap Growth [Member] | Fair value [Member] | |||||
Fair value of plan assets | [7] | $ 205 | $ 202 | ||
Large Cap Growth [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | [7] | $ 205 | $ 202 | ||
Large Cap Growth [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [7] | ||||
Large Cap Growth [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [7] | ||||
Small/Midcap Growth [Member] | Fair value [Member] | |||||
Fair value of plan assets | [8] | $ 60 | $ 57 | ||
Small/Midcap Growth [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | [8] | $ 60 | $ 57 | ||
Small/Midcap Growth [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [8] | ||||
Small/Midcap Growth [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [8] | ||||
Fixed Income-US Core [Member] | Fair value [Member] | |||||
Fair value of plan assets | $ 501 | [9] | $ 172 | [10] | |
Fixed Income-US Core [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | $ 501 | [9] | $ 172 | [10] | |
Fixed Income-US Core [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [9] | [10] | |||
Fixed Income-US Core [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [9] | [10] | |||
Intermediate Duration [Member] | Fair value [Member] | |||||
Fair value of plan assets | $ 166 | [11] | $ 341 | [12] | |
Intermediate Duration [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | $ 166 | [11] | $ 341 | [12] | |
Intermediate Duration [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [11] | [12] | |||
Intermediate Duration [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [11] | [12] | |||
Common/Collective Trusts-Equity - Large Cap Value [Member] | Fair value [Member] | |||||
Fair value of plan assets | [13] | $ 91 | $ 96 | ||
Common/Collective Trusts-Equity - Large Cap Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | [13] | ||||
Common/Collective Trusts-Equity - Large Cap Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | [13] | $ 91 | $ 96 | ||
Common/Collective Trusts-Equity - Large Cap Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | [13] | ||||
Cash Money Market [Member] | Fair value [Member] | |||||
Fair value of plan assets | $ 25 | $ 22 | |||
Cash Money Market [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair value of plan assets | $ 25 | $ 22 | |||
Cash Money Market [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair value of plan assets | |||||
Cash Money Market [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair value of plan assets | |||||
[1] | This category consists of a mutual fund holding 100-160 stocks, designed to track and outperform the Russell 1000 Value Index. | ||||
[2] | This category contains stocks of the S&P 500 Index. The stocks are maintained in approximately the same weightings as the index. | ||||
[3] | This category contains stocks of the MSCI U.S. Mid Cap 450 Index. The stocks are maintained in approximately the same weightings as the index. | ||||
[4] | This category contains stocks whose sector weightings are maintained within a narrow band around those of the Russell 2000 Index. The portfolio will typically hold more than 150 stocks. | ||||
[5] | This category consists of 400 or more small and micro-cap companies, with as much as 25% invested in non-U.S. equities. | ||||
[6] | This category consists of investments with long-term growth potential located primarily in Europe, the Pacific Basin, and other developed emerging countries. | ||||
[7] | This category consists of two mutual funds, one which invests primarily of large U.S. – based growth companies, the other in fast-growing large cap growth companies with sustainable franchises and positive price momentum. | ||||
[8] | This category seeks capital appreciation through investments in common stock of small-capitalization companies, defined as those with a total market value of no more than $2 billion at the time the fund first invests in them. | ||||
[9] | This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that Index. The third fund targets investments of 50% or more in mortgage--backed securities guaranteed by the US government and its agencies.. | ||||
[10] | This category consists of a passively managed portfolio modeled after the Barclays Capital US Aggregate Float Adjusted Index. The fund invests in Treasury, Agency, corporate, mortgage-backed and asset-backed securities, maintaining a dollar-weighted maturity ranging between 5 and 10 years. | ||||
[11] | This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. | ||||
[12] | This category consists of a pair of mutual funds which invest in diversified portfolios of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. | ||||
[13] | This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. |
Employee Benefit Plans (Sched90
Employee Benefit Plans (Schedule of ESOP Allocation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Employee Benefit Plans [Abstract] | ||
Allocated shares | 128,993 | 121,675 |
Unearned shares | 34,272 | 41,590 |
Total ESOP shares | 163,265 | 163,265 |
Fair value of unearned shares at end of period | $ 452,733 | $ 557,306 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Calculation of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||||||||||
Net Income | $ 592 | $ 372 | $ 243 | $ 440 | $ 654 | $ 607 | $ 700 | $ 670 | $ 1,647 | $ 2,631 |
Weighted-average common shares outstanding (basic) | 2,751,776 | 2,780,166 | ||||||||
Weighted-average common shares outstanding (diluted) | 2,751,776 | 2,780,166 | ||||||||
Basic and Diluted earnings per share | $ 0.60 | $ 0.95 | ||||||||
Dilutive effect of assumed exercise of stock options |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 95,347 | $ 108,969 |
U.S. government agencies [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 101 | 126 |
Mortgage-backed securities of government sponsored entities [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 76,104 | 88,213 |
Private-label collateralized mortgage obligations [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 277 | 502 |
State and political subdivisions [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 18,865 | 20,128 |
Fair Value measured on a Recurring Basis [Member} | U.S. government agencies [Member] | Fair value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 101 | 126 |
Fair Value measured on a Recurring Basis [Member} | Mortgage-backed securities of government sponsored entities [Member] | Fair value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 76,104 | 88,213 |
Fair Value measured on a Recurring Basis [Member} | Private-label collateralized mortgage obligations [Member] | Fair value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 277 | 502 |
Fair Value measured on a Recurring Basis [Member} | State and political subdivisions [Member] | Fair value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 18,865 | $ 20,128 |
Fair Value measured on a Recurring Basis [Member} | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. government agencies [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value measured on a Recurring Basis [Member} | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities of government sponsored entities [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value measured on a Recurring Basis [Member} | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Private-label collateralized mortgage obligations [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value measured on a Recurring Basis [Member} | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and political subdivisions [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value measured on a Recurring Basis [Member} | Significant Other Observable Inputs (Level 2) [Member] | U.S. government agencies [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 101 | $ 126 |
Fair Value measured on a Recurring Basis [Member} | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities of government sponsored entities [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 76,104 | 88,213 |
Fair Value measured on a Recurring Basis [Member} | Significant Other Observable Inputs (Level 2) [Member] | Private-label collateralized mortgage obligations [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 277 | 502 |
Fair Value measured on a Recurring Basis [Member} | Significant Other Observable Inputs (Level 2) [Member] | State and political subdivisions [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 18,865 | $ 20,128 |
Fair Value measured on a Recurring Basis [Member} | Significant Unobservable Inputs (Level 3) [Member] | U.S. government agencies [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value measured on a Recurring Basis [Member} | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities of government sponsored entities [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value measured on a Recurring Basis [Member} | Significant Unobservable Inputs (Level 3) [Member] | Private-label collateralized mortgage obligations [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value measured on a Recurring Basis [Member} | Significant Unobservable Inputs (Level 3) [Member] | State and political subdivisions [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities |
Fair Value Measurements (Sche93
Fair Value Measurements (Schedule of Fair Value Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Collateral-dependent impaired loans | $ 292 | $ 634 |
Foreclosed assets | 5 | 59 |
Fair Value measured on a Non-Recurring Basis [Member] | Fair value [Member] | ||
Collateral-dependent impaired loans | 292 | 634 |
Foreclosed assets | $ 5 | $ 59 |
Fair Value measured on a Non-Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Collateral-dependent impaired loans | ||
Foreclosed assets | ||
Fair Value measured on a Non-Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Collateral-dependent impaired loans | ||
Foreclosed assets | ||
Fair Value measured on a Non-Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Collateral-dependent impaired loans | $ 292 | $ 634 |
Foreclosed assets | $ 5 | $ 59 |
Fair Value Measurements (Sche94
Fair Value Measurements (Schedule of Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Collateral-dependent impaired loans | $ 292 | $ 634 |
Foreclosed assets | $ 5 | $ 59 |
Unobservable Input | Selling Costs | Selling Costs |
Range (Weighted Average) | Selling Costs:10% | Selling Costs:10% |
Collateral-dependent impaired loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Technique | Market Comparable Properties, less delinquent real estate taxes | Market Comparable Properties, less delinquent real estate taxes |
Foreclosed assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Technique | Agreed upon selling price | Estimated S elling Price |
Fair Value Measurements (Sche95
Fair Value Measurements (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets | ||
Held-to-maturity securities | $ 8,205 | $ 6,837 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 11,156 | 10,783 |
Held-to-maturity securities | 8,307 | 6,989 |
Loans, net of allowance for loan losses | 293,121 | 265,609 |
Federal Home Loan Bank stock | 4,226 | 4,226 |
Interest receivable | 1,149 | 1,154 |
Financial liabilities | ||
Deposits | 362,427 | 348,922 |
Other short-term borrowings | 5,606 | 7,000 |
Federal Home Loan Bank advances | 21,000 | 16,438 |
Advances from borrowers for taxes and insurance | 1,240 | 1,135 |
Interest payable | 40 | 47 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and cash equivalents | $ 11,156 | $ 10,783 |
Held-to-maturity securities | ||
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial liabilities | ||
Deposits | $ 42,630 | $ 34,403 |
Other short-term borrowings | ||
Federal Home Loan Bank advances | ||
Advances from borrowers for taxes and insurance | ||
Interest payable | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Held-to-maturity securities | $ 8,205 | $ 6,837 |
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | $ 4,226 | $ 4,226 |
Interest receivable | 1,149 | 1,154 |
Financial liabilities | ||
Deposits | 295,796 | 294,365 |
Other short-term borrowings | 5,606 | 7,000 |
Federal Home Loan Bank advances | 20,978 | 16,572 |
Advances from borrowers for taxes and insurance | 1,240 | 1,135 |
Interest payable | $ 40 | $ 47 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Held-to-maturity securities | ||
Loans, net of allowance for loan losses | $ 302,595 | $ 274,443 |
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial liabilities | ||
Deposits | ||
Other short-term borrowings | ||
Federal Home Loan Bank advances | ||
Advances from borrowers for taxes and insurance | ||
Interest payable |
Commitments and Credit Risk (Na
Commitments and Credit Risk (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Uninsured Deposits, included in cash and due from banks | $ 2,600,000 | $ 2,900,000 |
Rental Expense | 60,000 | 60,000 |
Bank's overdraft program [Member] | ||
Unused lines of credit | 7,800,000 | 8,000,000 |
Standby Letters of Credit [Member] | ||
Standby letters of credit - outstanding | 407,000 | 157,000 |
Fixed-rate loans [Member] | ||
Loan commitments | 2,100,000 | 734,000 |
Mortgage loans in origination process [Member] | ||
Loan commitments | 4,500,000 | 1,100,000 |
Nonresidential real estate and land [Member] | ||
Loan commitments | 4,200,000 | 4,100,000 |
Commercial [Member] | ||
Loan commitments | 291,000 | |
Commercial business loans [Member] | Line of Credit [Member] | ||
Unused lines of credit | 17,100,000 | 16,600,000 |
Consumer loans [Member] | Line of Credit [Member] | ||
Unused lines of credit | $ 19,400,000 | $ 18,600,000 |
Credit Risk [Member] | Commercial and Commercial Real Estate Loans[Member] | Loans [Member] | ||
Credit Risk (percentage of overall makeup of loan portfolio) | 38.00% | 36.00% |
Credit Risk [Member] | Installment Loans [Member] | Loans [Member] | ||
Credit Risk (percentage of overall makeup of loan portfolio) | 1.00% | 1.00% |
Credit Risk [Member] | Automobile Loan [Member] | Installment Loans [Member] | Loans [Member] | ||
Credit risk (percentage of installment loans) | 49.00% | 30.00% |
Credit Risk [Member] | Real Estate Loans [Member] | Loans [Member] | ||
Credit Risk (percentage of overall makeup of loan portfolio) | 61.00% | 63.00% |
Commitments and Credit Risk (Sc
Commitments and Credit Risk (Schedule of Minimum Annual Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Minimum annual lease payaments for the fiscal year ended: | |
2,016 | $ 60 |
2,017 | 60 |
2,018 | 55 |
2,019 | 28 |
2,020 | 28 |
Thereafter | 9 |
Total | $ 240 |
Condensed Financial Informati98
Condensed Financial Information (Parent Company Only) (Schedule of Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||
Cash and due from banks | $ 3,487 | $ 6,200 | |
Total assets | 433,632 | 417,713 | |
Liabilities and Stockholders' Equity | |||
Accrued expenses and other liabilities | 4,258 | 4,678 | |
Stockholders' equity | |||
Retained earnings | 21,060 | 20,403 | |
Shares acquired by ESOP | (343) | (416) | |
Treasury stock - at cost | (16,936) | (16,598) | |
Accumulated other comprehensive income (loss) | (291) | 220 | |
Total stockholders' equity | 39,905 | 40,002 | $ 38,552 |
Total liabilities and stockholders' equity | 433,632 | 417,713 | |
Parent Company [Member] | |||
Assets | |||
Cash and due from banks | 522 | 705 | |
Notes receivable from the Bank | 444 | 525 | |
Investment in the Bank | 38,952 | 38,806 | |
Prepaid expenses and other assets | 250 | 254 | |
Total assets | 40,168 | 40,290 | |
Liabilities and Stockholders' Equity | |||
Accrued expenses and other liabilities | 263 | 288 | |
Stockholders' equity | |||
Common stock and additional paid-in capital | 36,415 | 36,393 | |
Retained earnings | 21,060 | 20,403 | |
Shares acquired by ESOP | (343) | (416) | |
Treasury stock - at cost | (16,936) | (16,598) | |
Accumulated other comprehensive income (loss) | (291) | 220 | |
Total stockholders' equity | 39,905 | 40,002 | |
Total liabilities and stockholders' equity | $ 40,168 | $ 40,290 |
Condensed Financial Informati99
Condensed Financial Information (Parent Company Only) (Schedule of Condensed Statements of Income and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Income | ||||||||||
Interest income | $ 3,726 | $ 3,627 | $ 3,588 | $ 3,558 | $ 3,600 | $ 3,598 | $ 3,712 | $ 3,721 | $ 14,499 | $ 14,631 |
Noninterest Expense | 2,823 | 2,879 | 2,782 | 2,703 | 2,683 | 2,642 | 2,649 | 2,645 | 11,187 | 10,619 |
Earnings before Federal Income Tax Benefits and equity in undistributed income of the Bank | 779 | 449 | 265 | 567 | 859 | 784 | 934 | 891 | 2,060 | 3,468 |
Federal Income Tax Benefits | 187 | 77 | 22 | 127 | 205 | 177 | 234 | 221 | 413 | 837 |
Net Income | $ 592 | $ 372 | $ 243 | $ 440 | $ 654 | $ 607 | $ 700 | $ 670 | 1,647 | 2,631 |
Total comprehensive income | 1,136 | 2,786 | ||||||||
Parent Company [Member] | ||||||||||
Operating Income | ||||||||||
Interest income | 32 | 36 | ||||||||
Dividends from the Bank | 1,244 | 1,168 | ||||||||
Total operating income | 1,276 | 1,204 | ||||||||
Noninterest Expense | 252 | 276 | ||||||||
Earnings before Federal Income Tax Benefits and equity in undistributed income of the Bank | 1,024 | 928 | ||||||||
Federal Income Tax Benefits | (75) | (78) | ||||||||
Income before equity in undistributed income of the Bank | 1,099 | 1,006 | ||||||||
Equity in undistributed income of the Bank | 548 | 1,625 | ||||||||
Net Income | 1,647 | 2,631 | ||||||||
Total comprehensive income | $ 1,136 | $ 2,786 |
Condensed Financial Informat100
Condensed Financial Information (Parent Company Only) (Schedule of Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | ||||||||||
Net income | $ 592 | $ 372 | $ 243 | $ 440 | $ 654 | $ 607 | $ 700 | $ 670 | $ 1,647 | $ 2,631 |
Increase (decrease) in cash due to changes in: | ||||||||||
Accrued expenses and other liabilities | (298) | (203) | ||||||||
Net cash provided by operating activities | 4,083 | 4,181 | ||||||||
Investing Activities | ||||||||||
Net cash used in investing activities | (19,160) | (10,644) | ||||||||
Financing Activities | ||||||||||
Payment of dividends on common stock | (990) | (946) | ||||||||
Purchase of treasury stock | (338) | (460) | ||||||||
Net cash provided in financing activities | 15,450 | 3,865 | ||||||||
Net Change in Cash and Cash Equivalents | 373 | (2,598) | ||||||||
Cash and Cash equivalents, Beginning of period | 10,783 | 13,381 | 10,783 | 13,381 | ||||||
Cash and Cash equivalents, End of period | 11,156 | 10,783 | 11,156 | 10,783 | ||||||
Parent Company [Member] | ||||||||||
Operating Activities | ||||||||||
Net income | 1,647 | 2,631 | ||||||||
Items not requiring (providing) cash | ||||||||||
Equity in undistributed net income of the Bank | (548) | (1,625) | ||||||||
Increase (decrease) in cash due to changes in: | ||||||||||
Prepaid expenses and other assets | (10) | (44) | ||||||||
Accrued expenses and other liabilities | (25) | 3 | ||||||||
Net cash provided by operating activities | 1,064 | 965 | ||||||||
Investing Activities | ||||||||||
Repayment of ESOP loan | 81 | 82 | ||||||||
Net cash used in investing activities | 81 | 82 | ||||||||
Financing Activities | ||||||||||
Payment of dividends on common stock | (990) | (946) | ||||||||
Purchase of treasury stock | (338) | (460) | ||||||||
Net cash provided in financing activities | (1,328) | (1,406) | ||||||||
Net Change in Cash and Cash Equivalents | (183) | (359) | ||||||||
Cash and Cash equivalents, Beginning of period | $ 705 | $ 1,064 | 705 | 1,064 | ||||||
Cash and Cash equivalents, End of period | $ 522 | $ 705 | $ 522 | $ 705 |
Quarterly Financial Data (Un101
Quarterly Financial Data (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||
Total interest income | $ 3,726 | $ 3,627 | $ 3,588 | $ 3,558 | $ 3,600 | $ 3,598 | $ 3,712 | $ 3,721 | $ 14,499 | $ 14,631 |
Total interest expense | 498 | 480 | 503 | 486 | 491 | 500 | 530 | 542 | 1,967 | 2,063 |
Net interest income | 3,228 | 3,147 | 3,085 | 3,072 | 3,109 | 3,098 | 3,182 | 3,179 | 12,532 | 12,568 |
Provision for loan losses | 104 | 357 | 481 | 233 | 51 | 195 | 79 | 8 | 1,175 | 333 |
Noninterest income | 478 | 538 | 443 | 431 | 484 | 523 | 480 | 365 | 1,890 | 1,852 |
Noninterest expense | 2,823 | 2,879 | 2,782 | 2,703 | 2,683 | 2,642 | 2,649 | 2,645 | 11,187 | 10,619 |
Income before income taxes | 779 | 449 | 265 | 567 | 859 | 784 | 934 | 891 | 2,060 | 3,468 |
Federal income tax expense | 187 | 77 | 22 | 127 | 205 | 177 | 234 | 221 | 413 | 837 |
Net income | $ 592 | $ 372 | $ 243 | $ 440 | $ 654 | $ 607 | $ 700 | $ 670 | $ 1,647 | $ 2,631 |
Basic Earnings per share | $ 0.22 | $ 0.13 | $ 0.09 | $ 0.16 | $ 0.24 | $ 0.22 | $ 0.25 | $ 0.24 | $ 0.60 | $ 0.95 |
Diluted Earnings per share | $ 0.22 | $ 0.13 | $ 0.09 | $ 0.16 | $ 0.24 | $ 0.22 | $ 0.25 | $ 0.24 | $ 0.60 | $ 0.95 |