Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | WAYNE SAVINGS BANCSHARES INC /DE/ | |
Entity Central Index Key | 1,036,030 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,781,839 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 4,512 | $ 3,487 |
Interest-bearing deposits | 3,624 | 7,669 |
Cash and cash equivalents | 8,136 | 11,156 |
Available-for-sale securities | 89,258 | 95,347 |
Held-to-maturity securities | 8,288 | 8,307 |
Loans, net of allowance for loan losses of $2,771 and $2,837 at March 31, 2016 and December 31, 2015, respectively | 306,121 | 293,121 |
Premises and equipment, net | 6,639 | 6,663 |
Federal Home Loan Bank stock | 4,226 | 4,226 |
Foreclosed assets held for sale, net | 44 | 14 |
Accrued interest receivable | 1,348 | 1,149 |
Bank-owned life insurance | 9,621 | 9,554 |
Goodwill | 1,719 | 1,719 |
Other assets | 1,927 | 1,893 |
Prepaid federal income taxes | 268 | 483 |
Total assets | 437,595 | 433,632 |
Deposits | ||
Demand | 99,822 | 101,532 |
Savings and money market | 135,571 | 132,089 |
Time | 130,181 | 128,806 |
Total deposits | 365,574 | 362,427 |
Other short-term borrowings | 6,238 | 5,606 |
Federal Home Loan Bank advances | 21,000 | 21,000 |
Interest payable and other liabilities | 3,466 | 4,258 |
Deferred federal income taxes | 613 | 436 |
Total liabilities | $ 396,891 | $ 393,727 |
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 | 36,022 | 36,017 |
Retained earnings | 21,520 | 21,060 |
Shares acquired by ESOP | (325) | (343) |
Accumulated other comprehensive income (loss) | 25 | (291) |
Treasury stock, at cost: Common: 1,196,892 shares at March 31, 2016 and December 31, 2015 | (16,936) | (16,936) |
Total stockholders' equity | 40,704 | 39,905 |
Total liabilities and stockholders' equity | $ 437,595 | $ 433,632 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Allowance for loan losses | $ 2,771 | $ 2,837 |
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 | 1,196,892 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and Dividend Income | ||
Loans | $ 3,169 | $ 2,810 |
Securities | 628 | 704 |
Dividends on Federal Home Loan Bank stock and other | 44 | 44 |
Total interest and dividend income | 3,841 | 3,558 |
Interest Expense | ||
Deposits | 421 | 392 |
Other short-term borrowings | 2 | 2 |
Federal Home Loan Bank advances | 70 | 92 |
Total interest expense | 493 | 486 |
Net Interest Income | 3,348 | 3,072 |
Provision (Credit) for Loan Losses | (67) | 233 |
Net Interest Income After Provision (Credit) for Loan Losses | 3,415 | 2,839 |
Noninterest Income | ||
Gain on loan sales | 48 | 47 |
Earnings on bank-owned life insurance | 73 | 72 |
Service fees, charges and other operating | 331 | 312 |
Total noninterest income | 452 | 431 |
Noninterest Expense | ||
Salaries and employee benefits | 1,686 | 1,575 |
Net occupancy and equipment expense | 527 | 487 |
Federal deposit insurance premiums | 71 | 60 |
Franchise taxes | 88 | 66 |
Other | 536 | 515 |
Total noninterest expense | 2,908 | 2,703 |
Income Before Federal Income Taxes | 959 | 567 |
Provision for Federal Income Taxes | 252 | 127 |
Net Income | 707 | 440 |
Other comprehensive income: | ||
Unrealized gains on available-for-sale securities | 479 | 224 |
Tax expense | (163) | (76) |
Other comprehensive income | 316 | 148 |
Total comprehensive income | $ 1,023 | $ 588 |
Basic Earnings Per Share | $ 0.26 | $ 0.16 |
Diluted Earnings Per Share | 0.26 | 0.16 |
Dividends Per Share | $ 0.09 | $ 0.09 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities | ||
Net income | $ 707 | $ 440 |
Items not requiring (providing) cash | ||
Depreciation and amortization | 157 | 140 |
Provision (Credit) for loan losses | (67) | 233 |
Amortization of premiums and discounts on securities | 283 | 329 |
Amortization of mortgage servicing rights | 7 | 8 |
Amortization of deferred loan origination fees | (36) | (17) |
Increase in value of bank-owned life insurance | (67) | (67) |
Amortization expense of stock benefit plan | 22 | $ 24 |
Provision for impairment on foreclosed assets held for sale | 3 | |
Loss on sale of foreclosed assets held for sale | $ 4 | $ 15 |
Loss on sale of premises and equipment | 2 | |
Net gain on sale of loans | $ (48) | (47) |
Proceeds from sale of loans in the secondary market | 1,114 | 1,425 |
Origination of loans for sale in the secondary market | (1,066) | (1,378) |
Deferred income taxes | 14 | 167 |
Changes in | ||
Accrued interest receivable | (199) | (177) |
Other assets | 174 | (364) |
Interest payable and other liabilities | (310) | (188) |
Net cash provided by operating activities | $ 692 | 545 |
Investing Activities | ||
Purchase of available-for-sale securities | (1,927) | |
Purchase of held-to-maturity securities | (1,306) | |
Proceeds from maturities and paydowns of available-for-sale securities | $ 6,291 | 6,461 |
Proceeds from maturities and paydowns of held-to-maturity securities | 13 | 15 |
Net change in loans | (13,003) | (2,840) |
Purchase of premises and equipment | (133) | (39) |
Proceeds from the sale of foreclosed assets | 70 | 44 |
Net cash (used) provided by investing activities | (6,762) | 408 |
Financing Activities | ||
Net change in deposits | 3,147 | 961 |
Net change in other short-term borrowings | 632 | 76 |
Proceeds from Federal Home Loan Bank advances | 13,375 | $ 21 |
Repayments of Federal Home Loan Bank advances | (13,375) | |
Advances by borrowers for taxes and insurance | (482) | $ (445) |
Dividends on common stock | (247) | (249) |
Net cash provided in financing activities | 3,050 | 364 |
Change in Cash and Cash Equivalents | (3,020) | 1,317 |
Cash and Cash Equivalents, Beginning of period | 11,156 | 10,783 |
Cash and Cash Equivalents, End of period | 8,136 | 12,100 |
Supplemental Cash Flows Information | ||
Interest paid on deposits and borrowings | 492 | $ 468 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Transfers from loans to foreclosed assets held for sale | 106 | |
Recognition of mortgage servicing rights | 16 | $ 21 |
Dividends payable | $ 250 | $ 253 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of March 31 , 20 1 6 and for the three months ended March 3 1 , 20 1 6 and 20 1 5 , were prepared in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Wayne Savings Bancshares, Inc. (the Company) included in the Annual Report on Form 10-K for the year ended December 31, 20 1 5 Reference is made to the accounting policies of the Company described in the Notes to the Consolidated Financial Statements contained in its Annual Report on Form 10-K. In t he opinion of management, all adjustments (consisting only of normal recurring a djustment s) which are necessary for a fair presentation of the unaudited financial statements have been included. The results o f operations for the three month s ended March 31, 20 1 6 , are not necessarily indicative of the results which may be expected for the full year. The condensed consolidated balance sheet of th e Company as of December 31 , 20 1 5 , has been derived from the consolidated balance sheet of the Company as of that date. 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. |
Principles of Consolidation
Principles of Consolidation | 3 Months Ended |
Mar. 31, 2016 | |
Principles of Consolidation [Abstract] | |
Principles of Consolidation | Note 2: Principles of Consolidation The accompanying condensed consolidated financial statements include Wayne Savings Bancshares, Inc. and the Company's wholly-owned subsidiary, Wayne Savings Community Bank (Wayne Savings or the Bank). Wayne Savings has eleven full-service offices in Wayne, Holmes, Ashland, Medina and Stark counties. All significant intercompany transactions and balances have been eliminated in the consolidation. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Securities [Abstract] | |
Securities | Note 3: Securities The amortized cost and fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Fair Value (In thousands) Available-for-sale securities March 31, 2016: U.S. government agencies $ 98 $ 1 $ - $ 99 Mortgage-backed securities of government sponsored entities 70,962 801 194 71,569 Private-label collateralized mortgage obligations 221 1 - 222 State and political subdivisions 16,720 681 33 17,368 Totals $ 88,001 $ 1,484 $ 227 $ 89,258 Amortized Gross Gross Fair Value Available-for-sale securities (In thousands) December 31, 2015: U.S. government agencies $ 101 $ - $ - $ 101 Mortgage-backed securities of government sponsored entities 75,972 662 530 76,104 Private-label collateralized mortgage obligations 274 3 - 277 State and political subdivisions 18,224 677 36 18,865 Totals $ 94,571 $ 1,342 $ 566 $ 95,347 Amortized Gross Gross Fair Value (In thousands) Held-to-maturity Securities: March 31, 2016: U.S. government agencies $ 80 $ - $ - $ 80 Mortgage-backed securities of government sponsored entities 1,040 14 - 1,054 State and political subdivisions 7,168 65 75 7,158 Totals $ 8,288 $ 79 $ 75 $ 8,292 Amortized Gross Gross Fair Value Held-to-maturity Securities: (In thousands) December 31, 2015: U.S. government agencies $ 82 $ - $ - $ 82 Mortgage-backed securities of government sponsored entities 1,052 5 - 1,057 State and political subdivisions 7,173 29 136 7,066 Totals $ 8,307 $ 34 $ 136 $ 8,205 Amortized cost and fair value of available-for-sale securities and held-to-maturity securities at March 31, 2016 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 Value Amortized Fair Value (In thousands) One to five years $ 5,152 $ 5,393 $ 1,412 $ 1,421 Five to ten years 3,426 3,559 2,958 2,968 After ten years 8,240 8,515 2,878 2,849 16,818 17,467 7,248 7,238 Mortgage-backed securities of government sponsored entities 70,962 71,569 1,040 1,054 Private-label collateralized mortgage obligations 221 222 - - Totals $ 88,001 $ 89,258 $ 8,288 $ 8,292 The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $ 5 5.3 million at both March 3 1, 2016 and December 31, 201 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 March 31, 2016 and December 31, 201 5 , was $ 3 7.3 million and $ 53.8 million, wh ich represented approximate ly 38 % and 52 %, respecti vely, of the Company's total aggregate fair value of the available-for-sale and held-to-maturity investment portfolio s . These decrease s resulted primarily from changes in market interest rates. Based on an evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the decrease s in fair value for these securities are temporary at March 31, 2016 . 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 temporarily impaired investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. March 31, 2016 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities of government sponsored entities $ 19,623 $ 63 $ 13,897 $ 131 $ 33,520 $ 194 State and political subdivisions 1,895 13 1,850 95 3,745 108 Total temporarily impaired securities $ 21,518 $ 76 $ 15,747 $ 226 $ 37,265 $ 302 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 of government sponsored entities $ 32,930 $ 269 $ 14,560 $ 261 $ 47,490 $ 530 State and political subdivisions 3,756 50 2,515 122 6,271 172 Total temporarily impaired securities $ 36,686 $ 319 $ 17,075 $ 383 $ 53,761 $ 702 |
Credit Quality of Loans and the
Credit Quality of Loans and the Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Credit Quality of Loans and the Allowance for Loan Losses [Abstract] | |
Credit Quality of Loans and the Allowance for Loan Losses | Note 4: Credit Quality of Loans and the Allowance for Loan Losses 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 nonaccrual 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 nonaccrual 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 collectibility of a loan balance is in question. 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 using 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. 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 originates 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 presents by portfolio segment the activity in the allowance for loan losses for the three months ended March 31, 2016 and 2015: Three months ended One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,346 $ 1,210 $ 279 $ 2 $ 2,837 Provision (Credit) charged to expense (68 ) (3 ) 2 2 (67 ) Losses charged off - - - - - Recoveries 1 - - - 1 Ending balance $ 1,279 $ 1,207 $ 281 $ 4 $ 2,771 Three months ended One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,533 $ 885 $ 343 $ 8 $ 2,769 Provision charged to expense 30 170 37 (4 ) 233 Losses charged off (654 ) - - - (654 ) Recoveries 1 - - - 1 Ending balance $ 910 $ 1,055 $ 380 $ 4 $ 2,349 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 March 31, 2016 and December 31, 2015: March 31, 2016 One-to-four All other Commercial Consumer loans Total Allowance Balances: (In thousands) Ending balance: Individually evaluated for impairment $ 448 $ 21 $ 29 $ - $ 498 Collectively evaluated for impairment 831 1,186 252 4 2,273 Total allowance for loan losses $ 1,279 $ 1,207 $ 281 $ 4 $ 2,771 Loan Balances: Ending balance: Individually evaluated for impairment $ 1,682 $ 1,220 $ 29 $ - $ 2,931 Collectively evaluated for impairment 179,774 112,031 19,904 1,973 313,682 Total balance $ 181,456 $ 113,251 $ 19,933 $ 1,973 $ 316,613 December 31, 2015 One-to-four All other Commercial Consumer loans Total Allowance Balances: (In thousands) Ending balance: Individually evaluated for impairment $ 506 $ 13 $ 33 $ - $ 552 Collectively evaluated for impairment 840 1,197 246 2 2,285 Total allowance for loan losses $ 1,346 $ 1,210 $ 279 $ 2 $ 2,837 Loan Balances: Ending balance: Individually evaluated for impairment $ 2,789 $ 1,061 $ 33 $ - $ 3,883 Collectively evaluated for impairment 176,943 104,060 17,998 1,904 300,905 Total balance $ 179,732 $ 105,121 $ 18,031 $ 1,904 $ 304,788 Total loans in the above tables do not include deferred loan origination fees of $ 778 765 6.9 8.1 The following tables present the credit risk profile of the Bank's loan portfolio based on rating category and payment activity as of March 31, 2016 and December 31, 2015: March 31, 2016 One-to-four family residential All other mortgage loans Commercial Consumer (In thousands) Rating * Pass (Risk 1-4) $ 174,387 $ 110,784 $ 19,801 $ 1,973 Special Mention (Risk 5) 573 143 103 - Substandard (Risk 6) 6,496 2,324 29 - Total $ 181,456 $ 113,251 $ 19,933 $ 1,973 December 31, 2015 One-to-four All other Commercial Consumer (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 * 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 the borrower is resolving the financial uncertainties. Bank credits have been secured or negotiations will be ongoing to secure further collateral. 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 for March 31, 2016 and December 31, 2015: March 31, 2016 30-59 60-89 Days Past Due Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family residential loans $ 468 $ 44 $ 568 $ 1,080 $ 180,376 $ 181,456 $ - All other mortgage loans 177 63 258 498 112,753 113,251 - Commercial business loans 44 - - 44 19,889 19,933 - Consumer loans - - - - 1,973 1,973 - Total $ 689 $ 107 $ 826 $ 1,622 $ 314,991 $ 316,613 $ - December 31, 2015 30-59 60-89 Days Past Due Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family residential loans $ 516 $ 329 $ 903 $ 1,748 $ 177,984 $ 179,732 $ - All other mortgage loans 298 - 209 507 104,614 105,121 - Commercial business loans 68 - - 68 17,963 18,031 - Consumer loans - - - - 1,904 1,904 - Total $ 882 $ 329 $ 1,112 $ 2,323 $ 302,465 $ 304,788 $ - Nonaccrual loans were comprised of the following at: Nonaccrual loans March 31, 2016 December 31, 2015 (In thousands) One-to-four family residential loans $ 1,632 $ 1,733 Nonresidential real estate loans 355 208 All other mortgage loans - - Commercial business loans - - Consumer loans - - Total $ 1,987 $ 1,941 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 Bank 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. Information with respect to the Company's impaired loans at March 31, 2016 and December 31, 2015 in combination with activity for the three months ended March 31, 2016 and 2015 is presented below: As of March 31, 2016 Three months ended March 31, 2016 Recorded Unpaid Balance Specific Average Interest Income (In thousands) Loans without a specific valuation allowance One-to-four family residential loans $ 905 $ 919 $ - $ 1,065 $ 10 All other mortgage loans 1,038 1,038 - 519 17 Commercial business loans - - - - - Loans with a specific valuation allowance One-to-four family residential loans 777 777 448 1,171 - All other mortgage loans 182 182 21 622 - Commercial business loans 29 29 29 31 1 Total: One-to-four family residential loans $ 1,682 $ 1,696 $ 448 $ 2,236 $ 10 All other mortgage loans 1,220 1,220 21 1,141 17 Commercial business loans 29 29 29 31 1 $ 2,931 $ 2,945 $ 498 $ 3,408 $ 28 As of December 31, 2015 Three months ended March 31, 2015 Recorded Unpaid Specific Average Interest Income (In thousands) Loans without a specific valuation allowance One-to-four family residential loans $ 1,224 $ 1,238 $ - $ 1,610 $ 12 All other mortgage loans - - - 530 18 Commercial business loans - - - - - Loans with a specific valuation allowance One-to-four family residential loans 1,565 1,875 506 1,528 12 All other mortgage loans 1,061 1,061 13 18 - Commercial business loans 33 33 33 136 1 Total One-to-four family residential loans $ 2,789 $ 3,113 $ 506 $ 3,138 $ 24 All other mortgage loans 1,061 1,061 13 548 18 Commercial business loans 33 33 33 136 1 $ 3,883 $ 4,207 $ 552 $ 3,822 $ 43 The interest income recognized in the above tables reflects interest income recognized and is not materially different from the cash basis method. All TDR classifications are due to concessions being granted to borrowers experiencing financial difficulties. Concessions to borrowers can include exceptions to loan policy including high loan-to-value ratios, no private mortgage insurance (PMI) and high debt-to-income ratios, as well as term and rate exceptions. There were $415,000 of TDR classifications that occurred in the 2016 period and included the renewal of an interest only loan as the customer repayments had not been in accordance with the original loan terms. The remaining loans are to the same borrower and are on a nonaccrual status. There were no TDR classifications that occurred during the 2015 period. 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 three month periods ended March 31, 2016 and 2015. The Company considers TDRs that become 90 days or more past due under modified terms as subsequently defaulted. Quarter-to-Date Troubled Debt Restructurings Number Pre-modification Recorded Post-modification Recorded (dollars in thousands) March 31, 2016 All other mortgage loans 8 $ 415 $ 415 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 March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 Recorded Investment (In thousands) One-to-four family residential loans $ 44 $ 14 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 March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 Recorded Investment (In thousands) One-to-four family residential loans $ 209 $ 171 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill [Abstract] | |
Goodwill | Note 5: Goodwill The following table presents the balance of goodwill at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (In thousands) Goodwill $ 1,719 $ 1,719 Total $ 1,719 $ 1,719 The Company is required to annually test goodwill for impairment or more frequently if impairment indicators exist. The Company's testing of goodwill at November 30, 2015 indicated there was no impairment in the carrying value of the related asset. |
Repurchase Agreements
Repurchase Agreements | 3 Months Ended |
Mar. 31, 2016 | |
Repurchase Agreements [Abstract] | |
Repurchase Agreements | Note 6: Repurchase Agreements R epurchase agreements are offered by the Bank to commercial business customer s to provide them with an opportunity to earn a return on their excess cash balances. The se 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. The following tables present the contractual maturity of the repurchase agreements, and the fair value and type of securities pledged as collateral in exchange for these short-term borrowings at March 31, 2016 and December 31, 201 5 . Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater Than 90 Total March 31, 2016 (In thousands) Repurchase Agreements Mortgage-backed securities of government sponsored entities $ 6,238 $ - $ - $ - $ 6,238 Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings $ 6,238 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater Than 90 Total December 31, 2015 (In thousands) Repurchase Agreements Mortgage-backed securities of government sponsored entities $ 5,606 $ - $ - $ - $ 5,606 Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings $ 5,606 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7: Earnings Per Share Basic earnings per common share is computed based upon the weighted-average number of common shares outstanding during the period, less shares in the Company's Employee Stock Ownership Plan (ESOP) that are unallocated and not committed to be released. There were no dilutive shares at March 31, 2016 or March 3 1 , 201 5 . The computations are as follows: Three months ended March 31, 2016 2015 Net income (in thousands) $ 707 $ 440 Weighted-average common shares outstanding 2,747,567 2,765,249 Net income per share $ 0.26 $ 0.16 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 8: 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 , or under certain conditions specified by regulation, apply to, the Federal Reserve Bank of Cleveland prior to declaring a dividend to the Company . Under existing regulatory guidance, a dividend is generally 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. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of Tier I capital to average assets, of Tier 1 Common equity capital to risk-weighted assets, of Tier 1 capital to risk-weighted assets, and of Total Risk-based capital to risk-weighted assets, a ll as defined in the regulations . Management believes, as of March 31, 2016 , that the Bank met all capital adequacy requirements to which it is subject. As of March 31, 2016 , 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 March 31, 2016 , that management believes have changed the Bank's capital classification. The Bank's actual capital amounts and ratios as of March 31, 2016 and December 31, 201 5 are presented in the following table. Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio As of March 31, 2016 Tier I Capital to average assets $ 38,238 8.8 % $ 17,287 4.0 % $ 21,609 5.0 % Tier 1 Common equity capital to risk- weighted assets 38,238 13.1 % 13,112 4.5 % 18,939 6.5 % Tier I Capital to risk-weighted assets 38,238 13.1 % 17,482 6.0 % 23,310 8.0 % Total Risk-based capital to risk- weighted assets 41,009 14.1 % 23,310 8.0 % 29,137 10.0 % 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 to risk- weighted assets 37,524 13.4 % 12,645 4.5 % 18,265 6.5 % Tier I Capital to risk-weighted assets 37,524 13.4 % 16,860 6.0 % 22,480 8.0 % Total Risk-based capital to risk- weighted assets 40,361 14.4 % 22,480 8.0 % 28,099 10.0 % Effective January 1, 2015 , new regulatory capital requirements commonly referred to as Basel III were implemented and are reflected in the capital table above. 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. Implementation of the deductions and other adjustments to Common Equity Tier 1 (CET1) began on January 1, 2015, and will phase in over a four 40 20 Under the new rule, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of CET1 capital above its minimum risk-based capital requirements. The implementation of the capital conservation buffer begins on January 1, 2016, at the 0.625 four 2.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 9: Accumulated O ther Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) , included in stockholders' equity, are as follows: Gross Net Unrealized Loss Gross Unrealized Tax Effect Total Accumulated (In thousands) March 31, 2016 $ 1,256 $ (89) $ (1,083 ) $ (59 ) $ 25 December 31, 2015 $ 777 $ (89) $ (1,083 ) $ 104 $ (291) There were no amounts reclassified out of accumulated other comprehensive income (loss) during the three months ended March 31, 2016 or 201 5 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 10: Fair Value Measurements 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- s ale 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. 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 March 31, 2016 and December 31, 2015: Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (In thousands) March 31, 2016 U.S. government agencies $ 99 $ - $ 99 $ - Mortgage-backed securities of government sponsored entities 71,569 - 71,569 - Private-label collateralized mortgage obligations 222 - 222 - State and political subdivisions 17,368 - 17,368 - Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (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 - 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 Credit Analyst. 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 Chief Financial Officer. Appraisals are reviewed internally for accuracy and consistency in accordance with regulatory requirements. 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 March 31, 2016 and December 31, 2015. Fair Value Measurement Using Fair Value Quoted Prices in Significant Significant (In thousands) March 31, 2016 Collateral-dependent impaired loans $ 79 $ - $ - $ 79 Foreclosed assets 7 - - 7 December 31, 2015 Collateral-dependent impaired loans $ 292 $ - $ - $ 292 Foreclosed assets 5 - - 5 Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements in thousands. Fair Value Valuation Technique Unobservable Inputs Weighted March 31, 2016 Collateral-dependent impaired loans $ 79 Market comparable properties, less estate settlements/costs Estate costs/Settlement N/A Foreclosed assets 7 Agreed upon selling price N/A N/A 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% There were no changes in the inputs or methodologies used to determine fair value at March 31, 2016 as compared to December 31, 2015. 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 for Identical Assets (Level 1) Significant (Level 2) Significant Unobservable (In thousands) March 31, 2016 Financial assets Cash and cash equivalents $ 8,136 $ 8,136 $ - $ - Held-to-maturity securities 8,288 - 8,292 - Loans, net of allowance for loan losses 306,121 - - 320,389 Federal Home Loan Bank stock 4,226 - 4,226 - Interest receivable 1,348 - 1,348 - Financial liabilities Deposits 365,574 42,152 304,689 - Other short-term borrowings 6,238 - 6,238 - Federal Home Loan Bank advances 21,000 - 21,186 - Advances from borrowers for taxes and insurance 758 - 758 - Interest payable 41 - 41 - Fair Value Measurements Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant Unobservable (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 - The following methods and assumptions were used to estimate the fair value of each class of financial instruments. Cash and Cash Equivalents, Interest Receivable and Federal Home Loan Bank Stock The carrying amount approximates fair value. Held-to-maturity S ecurities 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 March 31, 2016 and December 31, 2015. |
Recent Accounting Developments
Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2016 | |
Recent Accounting Developments [Abstract] | |
Recent Accounting Developments | Note 11: Recent Accounting Developments FASB ASU 2014-1 5 , Presentation of Financial Statements-Going Concern ( Subt opic 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. Th e adoption of this standard did not 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. Th e adoption of this standard did not 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. Th e adoption of this standard did not 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. Th e adoption of this standard did n ot 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. Th e adoption of the amendments that require d transition guidance did not 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 2015-14, Revenue from Contracts with Customers, (Topic 606), Deferral of the effective date, was issued in August, 2015. In May 2014, the FASB issued Accounting Standards Update 2014-9, Revenue from Contracts with Customers (ASU 2014-9), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-9 was originally effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued 2015-14, which deferred the effective date of ASU 2014-9 by one year for periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date and requires either a retrospective or a modified restrospective approach to adoption. The Company is currently evaluating the potential impact on its consolidated financial statements and related notes, as well as the available transition methods. FASB ASU 2015-15, Interest Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements was issued in August, 2015. The amendments in this Update address line-of-credit arrangements. In that , given the absence of authoritative guidance within Update 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently a mortizing the deferred debt issuance costs ratably over the terms of the line-of-credit arrangement . 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. Th e adoption of this standard 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. Th e adoption of this standard did not h ave a material impact on the Company's consolidated financial statements. FASB ASU 2016-01, Financial InstrumentsOverall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities was issued in January 2016. The amendments in this Update make targeted improvements to generally accepted accounting principles, and address certain aspects of recognition, measurement, presentation, and disclosure of financial statements. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Except as specifically stated, early adoption of the amendments in this Update are not permitted. This standard is not expected to have a material impact on the Company's consolidated financial statements. 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. This standard is not expected to have a material impact on the Company's consolidated financial statements. FASB ASU 2016-0 4 , L iabilities-Extinguishments of Liabilities ( Subtopic 405-20 ), was issued in March 2016. The amendments in this Update apply to entities that offer certain prepaid stored-value products, including prepaid gift cards, prepaid telecommunication cards, and travelers checks. The amendments in this Update contain specific guidance for the derecognition of pre-paid stored value product liabilities and are an improvement to GAAP because they specify how pre-pa id stored-value product liabilit ies with the Update's scope should be derecognized. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 201 7 , and interim periods within those fiscal years. Earl ier application is permitted , including adoption in an interim period . This standard is not expected to have a material impact on the Company's consolidated financial statements. FASB ASU 2016-10, Revenue from Contracts with Customers, (Topic 606), Identifying Performance Obligations and Licensing was issued in April 2016. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this Update clarify the following two aspects in Topic 606, identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , defers the effective date of Update 2014-09 by one year. This standard is not expected to have a material impact on the Company's consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Securities [Abstract] | |
Schedule of Available for Sale Securities | Amortized Gross Gross Fair Value (In thousands) Available-for-sale securities March 31, 2016: U.S. government agencies $ 98 $ 1 $ - $ 99 Mortgage-backed securities of government sponsored entities 70,962 801 194 71,569 Private-label collateralized mortgage obligations 221 1 - 222 State and political subdivisions 16,720 681 33 17,368 Totals $ 88,001 $ 1,484 $ 227 $ 89,258 Amortized Gross Gross Fair Value Available-for-sale securities (In thousands) December 31, 2015: U.S. government agencies $ 101 $ - $ - $ 101 Mortgage-backed securities of government sponsored entities 75,972 662 530 76,104 Private-label collateralized mortgage obligations 274 3 - 277 State and political subdivisions 18,224 677 36 18,865 Totals $ 94,571 $ 1,342 $ 566 $ 95,347 |
Schedule of Held To Maturity Securities | Amortized Gross Gross Fair Value (In thousands) Held-to-maturity Securities: March 31, 2016: U.S. government agencies $ 80 $ - $ - $ 80 Mortgage-backed securities of government sponsored entities 1,040 14 - 1,054 State and political subdivisions 7,168 65 75 7,158 Totals $ 8,288 $ 79 $ 75 $ 8,292 Amortized Gross Gross Fair Value Held-to-maturity Securities: (In thousands) December 31, 2015: U.S. government agencies $ 82 $ - $ - $ 82 Mortgage-backed securities of government sponsored entities 1,052 5 - 1,057 State and political subdivisions 7,173 29 136 7,066 Totals $ 8,307 $ 34 $ 136 $ 8,205 |
Schedule of Expected Maturities of Available for Sale and Held To Maturity Securities | Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (In thousands) One to five years $ 5,152 $ 5,393 $ 1,412 $ 1,421 Five to ten years 3,426 3,559 2,958 2,968 After ten years 8,240 8,515 2,878 2,849 16,818 17,467 7,248 7,238 Mortgage-backed securities of government sponsored entities 70,962 71,569 1,040 1,054 Private-label collateralized mortgage obligations 221 222 - - Totals $ 88,001 $ 89,258 $ 8,288 $ 8,292 |
Schedule of Securities in a Gross Unrealized Loss Position | March 31, 2016 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities of government sponsored entities $ 19,623 $ 63 $ 13,897 $ 131 $ 33,520 $ 194 State and political subdivisions 1,895 13 1,850 95 3,745 108 Total temporarily impaired securities $ 21,518 $ 76 $ 15,747 $ 226 $ 37,265 $ 302 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 of government sponsored entities $ 32,930 $ 269 $ 14,560 $ 261 $ 47,490 $ 530 State and political subdivisions 3,756 50 2,515 122 6,271 172 Total temporarily impaired securities $ 36,686 $ 319 $ 17,075 $ 383 $ 53,761 $ 702 |
Credit Quality of Loans and t18
Credit Quality of Loans and the Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Credit Quality of Loans and the Allowance for Loan Losses [Abstract] | |
Schedule of Allowance for Loan Losses | Three months ended One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,346 $ 1,210 $ 279 $ 2 $ 2,837 Provision (Credit) charged to expense (68 ) (3 ) 2 2 (67 ) Losses charged off - - - - - Recoveries 1 - - - 1 Ending balance $ 1,279 $ 1,207 $ 281 $ 4 $ 2,771 Three months ended One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,533 $ 885 $ 343 $ 8 $ 2,769 Provision charged to expense 30 170 37 (4 ) 233 Losses charged off (654 ) - - - (654 ) Recoveries 1 - - - 1 Ending balance $ 910 $ 1,055 $ 380 $ 4 $ 2,349 March 31, 2016 One-to-four All other Commercial Consumer loans Total Allowance Balances: (In thousands) Ending balance: Individually evaluated for impairment $ 448 $ 21 $ 29 $ - $ 498 Collectively evaluated for impairment 831 1,186 252 4 2,273 Total allowance for loan losses $ 1,279 $ 1,207 $ 281 $ 4 $ 2,771 Loan Balances: Ending balance: Individually evaluated for impairment $ 1,682 $ 1,220 $ 29 $ - $ 2,931 Collectively evaluated for impairment 179,774 112,031 19,904 1,973 313,682 Total balance $ 181,456 $ 113,251 $ 19,933 $ 1,973 $ 316,613 December 31, 2015 One-to-four All other Commercial Consumer loans Total Allowance Balances: (In thousands) Ending balance: Individually evaluated for impairment $ 506 $ 13 $ 33 $ - $ 552 Collectively evaluated for impairment 840 1,197 246 2 2,285 Total allowance for loan losses $ 1,346 $ 1,210 $ 279 $ 2 $ 2,837 Loan Balances: Ending balance: Individually evaluated for impairment $ 2,789 $ 1,061 $ 33 $ - $ 3,883 Collectively evaluated for impairment 176,943 104,060 17,998 1,904 300,905 Total balance $ 179,732 $ 105,121 $ 18,031 $ 1,904 $ 304,788 |
Schedule of Loans Receivable by Credit Risk Profile | March 31, 2016 One-to-four family residential All other mortgage loans Commercial Consumer (In thousands) Rating * Pass (Risk 1-4) $ 174,387 $ 110,784 $ 19,801 $ 1,973 Special Mention (Risk 5) 573 143 103 - Substandard (Risk 6) 6,496 2,324 29 - Total $ 181,456 $ 113,251 $ 19,933 $ 1,973 December 31, 2015 One-to-four All other Commercial Consumer (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 * 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 the borrower is resolving the financial uncertainties. Bank credits have been secured or negotiations will be ongoing to secure further collateral. 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 | March 31, 2016 30-59 60-89 Days Past Due Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family residential loans $ 468 $ 44 $ 568 $ 1,080 $ 180,376 $ 181,456 $ - All other mortgage loans 177 63 258 498 112,753 113,251 - Commercial business loans 44 - - 44 19,889 19,933 - Consumer loans - - - - 1,973 1,973 - Total $ 689 $ 107 $ 826 $ 1,622 $ 314,991 $ 316,613 $ - December 31, 2015 30-59 60-89 Days Past Due Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family residential loans $ 516 $ 329 $ 903 $ 1,748 $ 177,984 $ 179,732 $ - All other mortgage loans 298 - 209 507 104,614 105,121 - Commercial business loans 68 - - 68 17,963 18,031 - Consumer loans - - - - 1,904 1,904 - Total $ 882 $ 329 $ 1,112 $ 2,323 $ 302,465 $ 304,788 $ - |
Schedule of Non-accrual Loans | Nonaccrual loans March 31, 2016 December 31, 2015 (In thousands) One-to-four family residential loans $ 1,632 $ 1,733 Nonresidential real estate loans 355 208 All other mortgage loans - - Commercial business loans - - Consumer loans - - Total $ 1,987 $ 1,941 |
Schedule of Impaired Loans | As of March 31, 2016 Three months ended March 31, 2016 Recorded Unpaid Balance Specific Average Interest Income (In thousands) Loans without a specific valuation allowance One-to-four family residential loans $ 905 $ 919 $ - $ 1,065 $ 10 All other mortgage loans 1,038 1,038 - 519 17 Commercial business loans - - - - - Loans with a specific valuation allowance One-to-four family residential loans 777 777 448 1,171 - All other mortgage loans 182 182 21 622 - Commercial business loans 29 29 29 31 1 Total: One-to-four family residential loans $ 1,682 $ 1,696 $ 448 $ 2,236 $ 10 All other mortgage loans 1,220 1,220 21 1,141 17 Commercial business loans 29 29 29 31 1 $ 2,931 $ 2,945 $ 498 $ 3,408 $ 28 As of December 31, 2015 Three months ended March 31, 2015 Recorded Unpaid Specific Average Interest Income (In thousands) Loans without a specific valuation allowance One-to-four family residential loans $ 1,224 $ 1,238 $ - $ 1,610 $ 12 All other mortgage loans - - - 530 18 Commercial business loans - - - - - Loans with a specific valuation allowance One-to-four family residential loans 1,565 1,875 506 1,528 12 All other mortgage loans 1,061 1,061 13 18 - Commercial business loans 33 33 33 136 1 Total One-to-four family residential loans $ 2,789 $ 3,113 $ 506 $ 3,138 $ 24 All other mortgage loans 1,061 1,061 13 548 18 Commercial business loans 33 33 33 136 1 $ 3,883 $ 4,207 $ 552 $ 3,822 $ 43 |
Schedule of Troubled Debt Restructurings | Quarter-to-Date Troubled Debt Restructurings Number Pre-modification Recorded Post-modification Recorded (dollars in thousands) March 31, 2016 All other mortgage loans 8 $ 415 $ 415 |
Schedule of balance of mortgage loans collateralized by residential real estate properties held as foreclosed assets | March 31, 2016 December 31, 2015 Recorded Investment (In thousands) One-to-four family residential loans $ 44 $ 14 |
Schedule of balance of mortgage loans collateralized by residential real estate properties that are in formal process of foreclosure | March 31, 2016 December 31, 2015 Recorded Investment (In thousands) One-to-four family residential loans $ 209 $ 171 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill [Abstract] | |
Schedule of balance of goodwill | March 31, 2016 December 31, 2015 (In thousands) Goodwill $ 1,719 $ 1,719 Total $ 1,719 $ 1,719 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Repurchase Agreements [Abstract] | |
Schedule of contractual maturity of repurchase agreements, and fair value and type of securities pledged as collateral in exchange for short-term borrowings | Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater Than 90 Total March 31, 2016 (In thousands) Repurchase Agreements Mortgage-backed securities of government sponsored entities $ 6,238 $ - $ - $ - $ 6,238 Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings $ 6,238 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30 - 90 Greater Than 90 Total December 31, 2015 (In thousands) Repurchase Agreements Mortgage-backed securities of government sponsored entities $ 5,606 $ - $ - $ - $ 5,606 Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings $ 5,606 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Earnings Per Share | Three months ended March 31, 2016 2015 Net income (in thousands) $ 707 $ 440 Weighted-average common shares outstanding 2,747,567 2,765,249 Net income per share $ 0.26 $ 0.16 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters [Abstract] | |
Schedule of Regulatory Capital Requirements | Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio As of March 31, 2016 Tier I Capital to average assets $ 38,238 8.8 % $ 17,287 4.0 % $ 21,609 5.0 % Tier 1 Common equity capital to risk- weighted assets 38,238 13.1 % 13,112 4.5 % 18,939 6.5 % Tier I Capital to risk-weighted assets 38,238 13.1 % 17,482 6.0 % 23,310 8.0 % Total Risk-based capital to risk- weighted assets 41,009 14.1 % 23,310 8.0 % 29,137 10.0 % 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 to risk- weighted assets 37,524 13.4 % 12,645 4.5 % 18,265 6.5 % Tier I Capital to risk-weighted assets 37,524 13.4 % 16,860 6.0 % 22,480 8.0 % Total Risk-based capital to risk- weighted assets 40,361 14.4 % 22,480 8.0 % 28,099 10.0 % |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Gross Net Unrealized Loss Gross Unrealized Tax Effect Total Accumulated (In thousands) March 31, 2016 $ 1,256 $ (89) $ (1,083 ) $ (59 ) $ 25 December 31, 2015 $ 777 $ (89) $ (1,083 ) $ 104 $ (291) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value Measured on a Recurring Basis | Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (In thousands) March 31, 2016 U.S. government agencies $ 99 $ - $ 99 $ - Mortgage-backed securities of government sponsored entities 71,569 - 71,569 - Private-label collateralized mortgage obligations 222 - 222 - State and political subdivisions 17,368 - 17,368 - Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (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 - |
Schedule of Fair Value Measured on a Nonrecurring Basis | Fair Value Measurement Using Fair Value Quoted Prices in Significant Significant (In thousands) March 31, 2016 Collateral-dependent impaired loans $ 79 $ - $ - $ 79 Foreclosed assets 7 - - 7 December 31, 2015 Collateral-dependent impaired loans $ 292 $ - $ - $ 292 Foreclosed assets 5 - - 5 |
Schedule of Level 3 Fair Value Measurements | Fair Value Valuation Technique Unobservable Inputs Weighted March 31, 2016 Collateral-dependent impaired loans $ 79 Market comparable properties, less estate settlements/costs Estate costs/Settlement N/A Foreclosed assets 7 Agreed upon selling price N/A N/A 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% |
Schedule of Fair Value of Financial Instruments | Fair Value Measurements Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant Unobservable (In thousands) March 31, 2016 Financial assets Cash and cash equivalents $ 8,136 $ 8,136 $ - $ - Held-to-maturity securities 8,288 - 8,292 - Loans, net of allowance for loan losses 306,121 - - 320,389 Federal Home Loan Bank stock 4,226 - 4,226 - Interest receivable 1,348 - 1,348 - Financial liabilities Deposits 365,574 42,152 304,689 - Other short-term borrowings 6,238 - 6,238 - Federal Home Loan Bank advances 21,000 - 21,186 - Advances from borrowers for taxes and insurance 758 - 758 - Interest payable 41 - 41 - Fair Value Measurements Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant Unobservable (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 - |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Securities [Abstract] | ||
Carrying value of securities pledged as collateral to secure public deposits | $ 55.3 | $ 55.3 |
Fair value of investments, carried at less than historical costs | $ 37.3 | $ 53.8 |
Percentage available for sale Securities in unrealized loss positions out of total available for sale securities | 38.00% | 52.00% |
Securities (Schedule of Availab
Securities (Schedule of Available for Sale Securities and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available for sale | ||
Amortized Cost | $ 88,001 | $ 94,571 |
Gross Unrealized Gains | 1,484 | 1,342 |
Gross Unrealized Losses | 227 | 566 |
Approximate Fair Value | 89,258 | 95,347 |
Held to maturity | ||
Amortized Cost | 8,288 | 8,307 |
Gross Unrealized Gains | 79 | 34 |
Gross Unrealized Losses | 75 | 136 |
Approximate Fair Value | 8,292 | 8,205 |
U.S. government agencies [Member] | ||
Available for sale | ||
Amortized Cost | 98 | $ 101 |
Gross Unrealized Gains | $ 1 | |
Gross Unrealized Losses | ||
Approximate Fair Value | $ 99 | $ 101 |
Held to maturity | ||
Amortized Cost | $ 80 | $ 82 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Approximate Fair Value | $ 80 | $ 82 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Available for sale | ||
Amortized Cost | 70,962 | 75,972 |
Gross Unrealized Gains | 801 | 662 |
Gross Unrealized Losses | 194 | 530 |
Approximate Fair Value | 71,569 | 76,104 |
Held to maturity | ||
Amortized Cost | 1,040 | 1,052 |
Gross Unrealized Gains | $ 14 | $ 5 |
Gross Unrealized Losses | ||
Approximate Fair Value | $ 1,054 | $ 1,057 |
Private-label collateralized mortgage obligations [Member] | ||
Available for sale | ||
Amortized Cost | 221 | 274 |
Gross Unrealized Gains | $ 1 | $ 3 |
Gross Unrealized Losses | ||
Approximate Fair Value | $ 222 | $ 277 |
State and political subdivisions [Member] | ||
Available for sale | ||
Amortized Cost | 16,720 | 18,224 |
Gross Unrealized Gains | 681 | 677 |
Gross Unrealized Losses | 33 | 36 |
Approximate Fair Value | 17,368 | 18,865 |
Held to maturity | ||
Amortized Cost | 7,168 | 7,173 |
Gross Unrealized Gains | 65 | 29 |
Gross Unrealized Losses | 75 | 136 |
Approximate Fair Value | $ 7,158 | $ 7,066 |
Securities (Schedule of Expecte
Securities (Schedule of Expected Maturities of Available for Sale and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale- Debt maturities, Amortized Cost | ||
One to five years | $ 5,152 | |
Five to ten years | 3,426 | |
After ten Years | 8,240 | |
Subtotal | 16,818 | |
Totals | 88,001 | |
Available for Sale Securities, Fair Values | ||
One to five years | 5,393 | |
Five to ten years | 3,559 | |
After ten Years | 8,515 | |
Subtotal | 17,467 | |
Totals | 89,258 | |
Held to Maturity securities, Amortized Cost | ||
One to five years | 1,412 | |
Five to ten years | 2,958 | |
After ten Years | 2,878 | |
Subtotal | 7,248 | |
Held-to-maturity securities | 8,288 | $ 8,307 |
Held to Maturity securities, Fair Values | ||
One to five years | 1,421 | |
Five to ten years | 2,968 | |
After ten Years | 2,849 | |
Subtotal | 7,238 | |
Total | 8,292 | 8,205 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Available-for-sale- Debt maturities, Amortized Cost | ||
Maturities without single maturity date | 70,962 | |
Available for Sale Securities, Fair Values | ||
Maturities without single maturity date | 71,569 | |
Held to Maturity securities, Amortized Cost | ||
Maturities without single maturity date | 1,040 | |
Held-to-maturity securities | 1,040 | 1,052 |
Held to Maturity securities, Fair Values | ||
Maturities without single maturity date | 1,054 | |
Total | 1,054 | $ 1,057 |
Private-label collateralized mortgage obligations [Member] | ||
Available-for-sale- Debt maturities, Amortized Cost | ||
Maturities without single maturity date | 221 | |
Available for Sale Securities, Fair Values | ||
Maturities without single maturity date | $ 222 | |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | $ 21,518 | $ 36,686 |
Less than 12 Months, Unrealized Losses | 76 | 319 |
More than 12 Months, Fair Value | 15,747 | 17,075 |
More than 12 Months, Unrealized Losses | 226 | 383 |
Total, Fair Value | 37,265 | 53,761 |
Total, Unrealized Losses | 302 | 702 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | 19,623 | 32,930 |
Less than 12 Months, Unrealized Losses | 63 | 269 |
More than 12 Months, Fair Value | 13,897 | 14,560 |
More than 12 Months, Unrealized Losses | 131 | 261 |
Total, Fair Value | 33,520 | 47,490 |
Total, Unrealized Losses | 194 | 530 |
State and political subdivisions [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | 1,895 | 3,756 |
Less than 12 Months, Unrealized Losses | 13 | 50 |
More than 12 Months, Fair Value | 1,850 | 2,515 |
More than 12 Months, Unrealized Losses | 95 | 122 |
Total, Fair Value | 3,745 | 6,271 |
Total, Unrealized Losses | $ 108 | $ 172 |
Credit Quality of Loans and t29
Credit Quality of Loans and the Allowance for Loan Losses (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Credit Quality of Loans and the Allowance for Loan Losses [Abstract] | ||
Deferred loan origination fees | $ 778 | $ 765 |
Loans in process | $ 6,900 | $ 8,100 |
Credit Quality of Loans and t30
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Activity in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | $ 2,837 | $ 2,769 |
Provision (Credit) charged to expense | $ (67) | 233 |
Losses charged off | (654) | |
Recoveries | $ 1 | 1 |
Ending balance | 2,771 | 2,349 |
One-to-four family residential [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 1,346 | 1,533 |
Provision (Credit) charged to expense | $ (68) | 30 |
Losses charged off | (654) | |
Recoveries | $ 1 | 1 |
Ending balance | 1,279 | 910 |
All other mortgage loans [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 1,210 | 885 |
Provision (Credit) charged to expense | $ (3) | $ 170 |
Losses charged off | ||
Recoveries | ||
Ending balance | $ 1,207 | $ 1,055 |
Commercial business loans [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 279 | 343 |
Provision (Credit) charged to expense | $ 2 | $ 37 |
Losses charged off | ||
Recoveries | ||
Ending balance | $ 281 | $ 380 |
Consumer loans [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 2 | 8 |
Provision (Credit) charged to expense | $ 2 | $ (4) |
Losses charged off | ||
Recoveries | ||
Ending balance | $ 4 | $ 4 |
Credit Quality of Loans and t31
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Allowance for Loan Losses and Recorded Investment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | $ 498 | $ 552 | ||||
Collectively evaluated for impairment | 2,273 | 2,285 | ||||
Total allowance for loan losses | 2,771 | 2,837 | $ 2,349 | $ 2,769 | ||
Ending balances: Loans | ||||||
Individually evaluated for impairment | 2,931 | 3,883 | ||||
Collectively evaluated for impairment | 313,682 | 300,905 | ||||
Total balance | 316,613 | 304,788 | ||||
One-to-four family residential [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | 448 | 506 | ||||
Collectively evaluated for impairment | 831 | 840 | ||||
Total allowance for loan losses | 1,279 | 1,346 | 910 | 1,533 | ||
Ending balances: Loans | ||||||
Individually evaluated for impairment | 1,682 | 2,789 | ||||
Collectively evaluated for impairment | 179,774 | 176,943 | ||||
Total balance | [1] | 181,456 | 179,732 | |||
All other mortgage loans [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | 21 | 13 | ||||
Collectively evaluated for impairment | 1,186 | 1,197 | ||||
Total allowance for loan losses | 1,207 | 1,210 | 1,055 | 885 | ||
Ending balances: Loans | ||||||
Individually evaluated for impairment | 1,220 | 1,061 | ||||
Collectively evaluated for impairment | 112,031 | 104,060 | ||||
Total balance | [1] | 113,251 | 105,121 | |||
Commercial business loans [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | 29 | 33 | ||||
Collectively evaluated for impairment | 252 | 246 | ||||
Total allowance for loan losses | 281 | 279 | 380 | 343 | ||
Ending balances: Loans | ||||||
Individually evaluated for impairment | 29 | 33 | ||||
Collectively evaluated for impairment | 19,904 | 17,998 | ||||
Total balance | [1] | $ 19,933 | $ 18,031 | |||
Consumer loans [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 4 | $ 2 | ||||
Total allowance for loan losses | $ 4 | $ 2 | $ 4 | $ 8 | ||
Ending balances: Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 1,973 | $ 1,904 | ||||
Total balance | $ 1,973 | $ 1,904 | [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. |
Credit Quality of Loans and t32
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Loans Receivable by Credit Risk Profile) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | $ 316,613 | $ 304,788 | ||
One-to-four family residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 181,456 | 179,732 | |
One-to-four family residential [Member] | Pass (Risk 1-4) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 174,387 | 172,617 | |
One-to-four family residential [Member] | Special Mention (Risk 5) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 573 | 1,406 | |
One-to-four family residential [Member] | Substandard (Risk 6) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 6,496 | 5,709 | |
All other mortgage loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 113,251 | 105,121 | |
All other mortgage loans [Member] | Pass (Risk 1-4) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 110,784 | 100,961 | |
All other mortgage loans [Member] | Special Mention (Risk 5) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 143 | 1,881 | |
All other mortgage loans [Member] | Substandard (Risk 6) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 2,324 | 2,279 | |
Commercial business loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 19,933 | 18,031 | |
Commercial business loans [Member] | Pass (Risk 1-4) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 19,801 | 17,893 | |
Commercial business loans [Member] | Special Mention (Risk 5) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 103 | 105 | |
Commercial business loans [Member] | Substandard (Risk 6) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | 29 | 33 | |
Consumer loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | 1,973 | 1,904 | [1] | |
Consumer loans [Member] | Pass (Risk 1-4) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | $ 1,973 | $ 1,904 | |
Consumer loans [Member] | Special Mention (Risk 5) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, gross | [1] | |||
Consumer loans [Member] | Substandard (Risk 6) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
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. |
Credit Quality of Loans and t33
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Aging Analysis of Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | $ 1,622 | $ 2,323 | ||
Current | 314,991 | 302,465 | ||
Total Loans receivable | $ 316,613 | $ 304,788 | ||
Total Loans >90 Days and Accruing | ||||
30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | $ 689 | $ 882 | ||
60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 107 | 329 | ||
Greater Than 90 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 826 | 1,112 | ||
One-to-four family residential loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 1,080 | 1,748 | ||
Current | 180,376 | 177,984 | ||
Total Loans receivable | [1] | $ 181,456 | $ 179,732 | |
Total Loans >90 Days and Accruing | ||||
One-to-four family residential loans [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | $ 468 | $ 516 | ||
One-to-four family residential loans [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 44 | 329 | ||
One-to-four family residential loans [Member] | Greater Than 90 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 568 | 903 | ||
All other mortgage loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 498 | 507 | ||
Current | 112,753 | 104,614 | ||
Total Loans receivable | [1] | $ 113,251 | $ 105,121 | |
Total Loans >90 Days and Accruing | ||||
All other mortgage loans [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | $ 177 | $ 298 | ||
All other mortgage loans [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 63 | |||
All other mortgage loans [Member] | Greater Than 90 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 258 | $ 209 | ||
Commercial business loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | 44 | 68 | ||
Current | 19,889 | 17,963 | ||
Total Loans receivable | [1] | $ 19,933 | $ 18,031 | |
Total Loans >90 Days and Accruing | ||||
Commercial business loans [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | $ 44 | $ 68 | ||
Commercial business loans [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | ||||
Commercial business loans [Member] | Greater Than 90 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | ||||
Consumer loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | ||||
Current | $ 1,973 | $ 1,904 | ||
Total Loans receivable | $ 1,973 | $ 1,904 | [1] | |
Total Loans >90 Days and Accruing | ||||
Consumer loans [Member] | 30-59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | ||||
Consumer loans [Member] | 60-89 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Past Due | ||||
Consumer loans [Member] | Greater Than 90 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
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. |
Credit Quality of Loans and t34
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Non-accrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 1,987 | $ 1,941 |
One-to-four family residential loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,632 | 1,733 |
Nonresidential real estate loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 355 | $ 208 |
All other mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | ||
Commercial business loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | ||
Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans |
Credit Quality of Loans and t35
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Specific Allowance | $ 498 | $ 552 | |
Recorded Balance | 2,931 | $ 3,883 | |
Unpaid Principal Balance | 2,945 | 4,207 | |
Average Investment in Impaired Loans | 3,408 | 3,822 | |
Interest Income Recognized | 28 | 43 | |
One-to-four family residential loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 905 | 1,224 | |
Loans without a specific valuation allowance, Unpaid Principal Balance | 919 | 1,238 | |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 1,065 | 1,610 | |
Loans without a specific valuation allowance, Interest Income Recognized | 10 | 12 | |
Loans with a specific valuation allowance, Recorded Balance | 777 | 1,565 | |
Loans with a specific valuation allowance, Unpaid Principal Balance | 777 | 1,875 | |
Specific Allowance | 448 | 506 | |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | $ 1,171 | 1,528 | |
Loans with a specific valuation allowance, Interest Income Recognized | 12 | ||
Recorded Balance | $ 1,682 | 2,789 | |
Unpaid Principal Balance | 1,696 | $ 3,113 | |
Average Investment in Impaired Loans | 2,236 | 3,138 | |
Interest Income Recognized | 10 | 24 | |
All other mortgage loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a specific valuation allowance, Recorded Balance | 1,038 | ||
Loans without a specific valuation allowance, Unpaid Principal Balance | 1,038 | ||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 519 | 530 | |
Loans without a specific valuation allowance, Interest Income Recognized | 17 | 18 | |
Loans with a specific valuation allowance, Recorded Balance | 182 | $ 1,061 | |
Loans with a specific valuation allowance, Unpaid Principal Balance | 182 | 1,061 | |
Specific Allowance | 21 | 13 | |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | $ 622 | $ 18 | |
Loans with a specific valuation allowance, Interest Income Recognized | |||
Recorded Balance | $ 1,220 | 1,061 | |
Unpaid Principal Balance | 1,220 | $ 1,061 | |
Average Investment in Impaired Loans | 1,141 | $ 548 | |
Interest Income Recognized | $ 17 | $ 18 | |
Commercial business loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
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 | |||
Loans without a specific valuation allowance, Interest Income Recognized | |||
Loans with a specific valuation allowance, Recorded Balance | $ 29 | $ 33 | |
Loans with a specific valuation allowance, Unpaid Principal Balance | 29 | 33 | |
Specific Allowance | 29 | 33 | |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 31 | $ 136 | |
Loans with a specific valuation allowance, Interest Income Recognized | 1 | 1 | |
Recorded Balance | 29 | 33 | |
Unpaid Principal Balance | 29 | $ 33 | |
Average Investment in Impaired Loans | 31 | 136 | |
Interest Income Recognized | $ 1 | $ 1 |
Credit Quality of Loans and t36
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Troubled Debt Restructurings) (Details) - All other mortgage loans [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)N | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | N | 8 |
Pre-modification Recorded Principal Balance | $ 415 |
Post-modification Recorded Principal Balance | $ 415 |
Credit Quality of Loans and t37
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Loans Collateralized by Residential Real Estate Properties) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment | $ 44 | $ 14 |
One-to-four family residential loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment | 44 | 14 |
Recorded investment of assets in process of foreclosure | $ 209 | $ 171 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Abstract] | ||
Goodwill | $ 1,719 | $ 1,719 |
Goodwill impairment loss | $ 0 |
Repurchase Agreements (Schedule
Repurchase Agreements (Schedule of contractual maturity of repurchase agreements, and fair value and type of securities pledged as collateral in exchange for short-term borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Repurchase agreements [Line Items] | ||
Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings | $ 6,238 | $ 5,606 |
Mortgage-backed securities of government sponsored entities [Member] | ||
Repurchase agreements [Line Items] | ||
Total Borrowings | 6,238 | 5,606 |
Overnight and Continuous [Member] | Mortgage-backed securities of government sponsored entities [Member] | ||
Repurchase agreements [Line Items] | ||
Total Borrowings | $ 6,238 | $ 5,606 |
Up to 30 Days [Member] | Mortgage-backed securities of government sponsored entities [Member] | ||
Repurchase agreements [Line Items] | ||
Total Borrowings | ||
30 - 90 Days [Member] | Mortgage-backed securities of government sponsored entities [Member] | ||
Repurchase agreements [Line Items] | ||
Total Borrowings | ||
Greater Than 90 Days [Member] | Mortgage-backed securities of government sponsored entities [Member] | ||
Repurchase agreements [Line Items] | ||
Total Borrowings |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 707 | $ 440 |
Weighted-average common shares outstanding | 2,747,567 | 2,765,249 |
Net income per share | $ 0.26 | $ 0.16 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Tier 1 Leverage Capital (to average assets) | ||
Tier 1 Capital | $ 38,238 | $ 37,524 |
Tier 1 Capital (to average assets) ratio | 8.80% | 8.80% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 17,287 | $ 17,092 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 4.00% | 4.00% |
Minimum Tier 1 Capital required to be well-capitalized | $ 21,609 | $ 21,365 |
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 | $ 38,238 | $ 37,524 |
Tier 1 Common equity capital ratio | 13.10% | 13.40% |
Minimum amount of Tier 1 Common equity capital for adequacy purposes | $ 13,112 | $ 12,645 |
Minimum amount of Tier 1 Common equity capital for adequacy purposes ratio | 4.50% | 4.50% |
Minimum amount of Tier 1 Common equity capital to be well-capitalized | $ 18,939 | $ 18,265 |
Minimum amount of Tier 1 Common equity capital to be well-capitalized ratio | 6.50% | 6.50% |
Tier 1 Capital (to risk-weighted assets) | ||
Tier 1 Capital | $ 38,238 | $ 37,524 |
Tier 1 Capital (to risk-weighted assets) ratio | 13.10% | 13.40% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 17,482 | $ 16,860 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 6.00% | 6.00% |
Minimum Tier 1 Capital required to be well-capitalized | $ 23,310 | $ 22,480 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 8.00% | 8.00% |
Total Capital | ||
Total Capital | $ 41,009 | $ 40,361 |
Total Capital (to risk-weighted assets) ratio | 14.10% | 14.40% |
Minimum amount of capital for adequacy purposes | $ 23,310 | $ 22,480 |
Minimum amount of capital for adequacy purposes, ratio | 8.00% | 8.00% |
Minimum Capital required to be well-capitalized | $ 29,137 | $ 28,099 |
Minimum Capital required to be well-capitalized, ratio | 10.00% | 10.00% |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters [Abstract] | |
Common Equity Tier 1, phase period | 4 years |
Deductions and other adjustments percentage in first year | 40.00% |
Deductions and other adjustments percentage in after first year | 20.00% |
Common Equity Tier 1, capital conservation buffer ratio | 0.625% |
Common Equity Tier 1, capital conservation buffer phase period | 4 years |
Common Equity Tier 1, maximum capital conservation buffer ratio | 2.50% |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Gross Unrealized Gains on Available-for-sale Securities | $ 1,256 | $ 777 |
Net Unrealized Loss for Unfunded Status of Split-dollar Life Insurance Plan Liability (tax-free) | (89) | (89) |
Gross Unrealized Loss for Unfunded Status of Defined Benefit Plan | (1,083) | (1,083) |
Tax Effect | (59) | 104 |
Total Accumulated Other Comprehensive Income (Loss) | $ 25 | $ (291) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 89,258 | $ 95,347 |
U.S. government agencies [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 99 | 101 |
Mortgage-backed securities of government sponsored entities [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 71,569 | 76,104 |
Private-label collateralized mortgage obligations [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 222 | 277 |
State and political subdivisions [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 17,368 | 18,865 |
Fair Value measured on a Recurring Basis [Member} | U.S. government agencies [Member] | Fair value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 99 | 101 |
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 | 71,569 | 76,104 |
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 | 222 | 277 |
Fair Value measured on a Recurring Basis [Member} | State and political subdivisions [Member] | Fair value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 17,368 | $ 18,865 |
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 | $ 99 | $ 101 |
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 | 71,569 | 76,104 |
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 | 222 | 277 |
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 | $ 17,368 | $ 18,865 |
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 (Sche45
Fair Value Measurements (Schedule of Fair Value Measured on a Nonrecurring Basis) (Details) - Fair Value measured on a Non-Recurring Basis [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 79 | $ 292 |
Foreclosed assets | $ 7 | $ 5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | ||
Foreclosed assets | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | ||
Foreclosed assets | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 79 | $ 292 |
Foreclosed assets | $ 7 | $ 5 |
Fair Value Measurements (Sche46
Fair Value Measurements (Schedule of Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Collateral-dependent impaired loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Collateral-dependent impaired loans | $ 79 | $ 292 |
Valuation Technique | Market comparable properties, less estate settlements/costs | Market comparable properties, less delinquent real estate taxes |
Unobservable Input | Estate costs/Settlement | |
Foreclosed assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Foreclosed assets | $ 7 | $ 5 |
Valuation Technique | Agreed upon selling price | Agreed upon selling price |
Unobservable Input | Selling Costs | |
Range (Weighted Average) | 10% |
Fair Value Measurements (Sche47
Fair Value Measurements (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets | ||
Held-to-maturity securities | $ 8,288 | $ 8,307 |
Held-to-maturity securities | 8,292 | 8,205 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 8,136 | 11,156 |
Held-to-maturity securities | 8,288 | 8,307 |
Loans, net of allowance for loan losses | 306,121 | 293,121 |
Federal Home Loan Bank stock | 4,226 | 4,226 |
Interest receivable | 1,348 | 1,149 |
Financial liabilities | ||
Deposits | 365,574 | 362,427 |
Other short-term borrowings | 6,238 | 5,606 |
Federal Home Loan Bank advances | 21,000 | 21,000 |
Advances from borrowers for taxes and insurance | 758 | 1,240 |
Interest payable | 41 | 40 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and cash equivalents | $ 8,136 | $ 11,156 |
Held-to-maturity securities | ||
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial liabilities | ||
Deposits | $ 42,152 | $ 42,630 |
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 | $ 8,292 | $ 8,205 |
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | $ 4,226 | $ 4,226 |
Interest receivable | 1,348 | 1,149 |
Financial liabilities | ||
Deposits | 304,689 | 295,796 |
Other short-term borrowings | 6,238 | 5,606 |
Federal Home Loan Bank advances | 21,186 | 20,978 |
Advances from borrowers for taxes and insurance | 758 | 1,240 |
Interest payable | $ 41 | $ 40 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Held-to-maturity securities | ||
Loans, net of allowance for loan losses | $ 320,389 | $ 302,595 |
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 |