Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 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 | Jun. 30, 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 | Q2 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 8,425 | $ 3,487 |
Interest-bearing deposits | 3,642 | 7,669 |
Cash and cash equivalents | 12,067 | 11,156 |
Available-for-sale securities | 86,605 | 95,347 |
Held-to-maturity securities | 9,159 | 8,307 |
Loans, net of allowance for loan losses of $2,776 and $2,837 at June 30, 2016 and December 31, 2015, respectively | 315,144 | 293,121 |
Premises and equipment | 6,659 | 6,663 |
Federal Home Loan Bank stock | 4,226 | 4,226 |
Foreclosed assets held for sale, net | 19 | 14 |
Accrued interest receivable | 1,166 | 1,149 |
Bank-owned life insurance | 9,689 | 9,554 |
Goodwill | 1,719 | 1,719 |
Other assets | 2,612 | 1,893 |
Prepaid federal income taxes | 140 | 483 |
Total assets | 449,205 | 433,632 |
Deposits | ||
Demand | 102,003 | 101,532 |
Savings and money market | 139,639 | 132,089 |
Time | 135,293 | 128,806 |
Total deposits | 376,935 | 362,427 |
Other short-term borrowings | 6,157 | 5,606 |
Federal Home Loan Bank advances | 21,000 | 21,000 |
Interest payable and other liabilities | 3,262 | 4,258 |
Deferred federal income taxes | 593 | 436 |
Total liabilities | 407,947 | 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 | 36,026 | 36,017 |
Retained earnings | 21,947 | 21,060 |
Shares acquired by ESOP | (308) | (343) |
Accumulated other comprehensive income (loss) | 131 | (291) |
Treasury stock, at cost: Common: 1,196,892 shares at June 30, 2016 | (16,936) | (16,936) |
Total stockholders' equity | 41,258 | 39,905 |
Total liabilities and stockholders' equity | $ 449,205 | $ 433,632 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 2,776 | $ 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 (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and Dividend Income | ||||
Loans | $ 3,209 | $ 2,855 | $ 6,378 | $ 5,665 |
Securities | 568 | 688 | 1,196 | 1,392 |
Dividends on Federal Home Loan Bank stock and other | 49 | 45 | 93 | 89 |
Total interest and dividend income | 3,826 | 3,588 | 7,667 | 7,146 |
Interest Expense | ||||
Deposits | 447 | 402 | 868 | 794 |
Other short-term borrowings | 2 | 3 | 4 | 5 |
Federal Home Loan Bank advances | 69 | 98 | 139 | 190 |
Total interest expense | 518 | 503 | 1,011 | 989 |
Net Interest Income | 3,308 | 3,085 | 6,656 | 6,157 |
Provision (Credit) for Loan Losses | 11 | 481 | (56) | 714 |
Net Interest Income After Provision (Credit) for Loan Losses | 3,297 | 2,604 | 6,712 | 5,443 |
Noninterest Income | ||||
Gain on loan sales | 73 | 15 | 121 | 62 |
Earnings on bank-owned life insurance | 75 | 73 | 148 | 145 |
Service fees, charges and other operating | 407 | 355 | 738 | 667 |
Total noninterest income | 555 | 443 | 1,007 | 874 |
Noninterest Expense | ||||
Salaries and employee benefits | 1,762 | 1,584 | 3,448 | 3,159 |
Net occupancy and equipment expense | 509 | 491 | 1,036 | 978 |
Federal deposit insurance premiums | 69 | 68 | 140 | 128 |
Franchise taxes | 89 | 67 | 177 | 133 |
Other | 521 | 572 | 1,057 | 1,087 |
Total noninterest expense | 2,950 | 2,782 | 5,858 | 5,485 |
Income Before Federal Income Taxes | 902 | 265 | 1,861 | 832 |
Provision for Federal Income Taxes | 228 | 22 | 480 | 149 |
Net Income | 674 | 243 | 1,381 | 683 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on available-for-sale securities | 159 | (932) | 640 | (709) |
Tax (expense) benefit | (53) | 317 | (218) | 241 |
Other comprehensive income (loss) | 106 | (615) | 422 | (468) |
Total comprehensive income (loss) | $ 780 | $ (372) | $ 1,803 | $ 215 |
Basic and Diluted Earnings Per Share | $ 0.24 | $ 0.09 | $ 0.50 | $ 0.25 |
Dividends Per Share | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.18 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Activities | ||
Net income | $ 1,381 | $ 683 |
Items not requiring (providing) cash | ||
Depreciation and amortization | 322 | 288 |
Provision (Credit) for loan losses | (56) | 714 |
Amortization of premiums and discounts on securities | 590 | 673 |
Amortization of mortgage servicing rights | 17 | 22 |
Amortization of deferred loan origination fees | (56) | (45) |
Increase in value of bank-owned life insurance | (135) | (134) |
Amortization expense of stock benefit plan | 45 | 49 |
Provision for impairment on foreclosed assets held for sale | 16 | 9 |
Loss on sale of foreclosed assets held for sale | 5 | 77 |
Loss on sale of premises and equipment | 2 | |
Net gain on sale of loans | (121) | (62) |
Proceeds from sale of loans in the secondary market | 3,091 | 1,964 |
Origination of loans for sale in the secondary market | (2,970) | (1,902) |
Deferred income taxes | (60) | 18 |
Changes in | ||
Accrued interest receivable | (17) | (5) |
Other assets | (393) | (708) |
Interest payable and other liabilities | (162) | (293) |
Net cash provided by operating activities | 1,497 | 1,350 |
Investing Activities | ||
Purchase of available-for-sale securities | (3,475) | (11,391) |
Purchase of held-to-maturity securities | (895) | (1,637) |
Proceeds from maturities and paydowns of available-for-sale securities | 12,281 | 12,616 |
Proceeds from maturities and paydowns of held-to-maturity securities | 27 | 40 |
Net change in loans | (22,017) | (7,911) |
Purchase of premises and equipment | (318) | (313) |
Proceeds from the sale of foreclosed assets | 80 | 102 |
Net cash used in investing activities | (14,317) | (8,494) |
Financing Activities | ||
Net change in deposits | 14,508 | 4,367 |
Net change in other short-term borrowings | 551 | (230) |
Proceeds from Federal Home Loan Bank advances | 13,375 | 7,341 |
Repayments of Federal Home Loan Bank advances | (13,375) | (5,800) |
Advances by borrowers for taxes and insurance | (834) | (941) |
Dividends on common stock | (494) | (498) |
Treasury stock purchases | (338) | |
Net cash provided in financing activities | 13,731 | 3,901 |
Change in Cash and Cash Equivalents | 911 | (3,243) |
Cash and Cash Equivalents, Beginning of period | 11,156 | 10,783 |
Cash and Cash Equivalents, End of period | 12,067 | 7,540 |
Supplemental Cash Flows Information | ||
Interest paid on deposits and borrowings | 1,005 | 990 |
Federal income taxes paid | 150 | 100 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Transfers from loans to foreclosed assets held for sale | 106 | 308 |
Recognition of mortgage servicing rights | 45 | 29 |
Dividends payable | $ 250 | $ 250 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015, 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, 2015 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 the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included. The results of operations for the three and six months ended June 30, 2016, are not necessarily indicative of the results which may be expected for the full year. The condensed consolidated balance sheet of the Company as of December 31, 2015, has been derived from the consolidated balance sheet of the Company as of that date. Use of Estimates |
Principles of Consolidation
Principles of Consolidation | 6 Months Ended |
Jun. 30, 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 Companys 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 | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3: Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities June 30, 2016: U.S. government agencies $ 96 $ $ $ 96 Mortgage-backed securities of government sponsored entities 69,041 893 174 69,760 Private-label collateralized mortgage obligations 172 1 173 State and political subdivisions 15,880 723 27 16,576 Totals $ 85,189 $ 1,617 $ 201 $ 86,605 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses 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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Held-to-maturity Securities: June 30, 2016: U.S. government agencies $ 78 $ $ $ 78 Mortgage-backed securities of government sponsored entities 1,028 20 1,048 State and political subdivisions 8,053 217 39 8,231 Totals $ 9,159 $ 237 $ 39 $ 9,357 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses 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 June 30, 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 Cost Fair Value Amortized Cost Fair Value (In thousands) One to five years $ 6,133 $ 6,420 $ 1,408 $ 1,432 Five to ten years 3,423 3,600 3,344 3,436 After ten years 6,420 6,652 3,379 3,441 15,976 16,672 8,131 8,309 Mortgage-backed securities of government sponsored entities 69,041 69,760 1,028 1,048 Private-label collateralized mortgage obligations 172 173 Totals $ 85,189 $ 86,605 $ 9,159 $ 9,357 The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $53.3 million at June 30, 2016, compared to $55.3 million at December 31, 2015. 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 June 30, 2016 and December 31, 2015, was $21.0 million and $53.8 million, which represented approximately 22% and 52%, respectively, of the Companys total aggregate fair value of the available-for-sale and held-to-maturity investment portfolios. These decreases 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 decreases in fair value for these securities are temporary at June 30, 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 Companys temporarily impaired investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. June 30, 2016 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Mortgage-backed securities of government sponsored entities $ 9,063 $ 80 $ 11,023 $ 94 $ 20,086 $ 174 State and political subdivisions 959 66 959 66 Total temporarily impaired securities $ 9,063 $ 80 $ 11,982 $ 160 $ 21,045 $ 240 December 31, 2015 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (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 | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [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 managements periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrowers 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 Companys 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 borrowers 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 loans effective interest rate, the loans 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 borrowers 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 borrowers 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 borrowers 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 and six months ended June 30, 2016 and 2015: Three months ended One-to-four All other Commercial Consumer Unallocated Total (In thousands) Beginning balance $ 1,279 $ 1,207 $ 281 $ 4 $ $ 2,771 Provision charged 303 (245 ) (47 ) 11 Losses charged off (5 ) (1 ) (6 ) Recoveries Ending balance $ 1,582 $ 957 $ 234 $ 3 $ $ 2,776 Three months ended One-to-four All other Commercial Consumer Unallocated Total (In thousands) Beginning balance $ 910 $ 1,055 $ 380 $ 4 $ $ 2,349 Provision charged 367 109 (34 ) 1 38 481 Losses charged off (205 ) (205 ) Recoveries 43 43 Ending balance $ 1,115 $ 1,164 $ 346 $ 5 $ 38 $ 2,668 Six months ended One-to-four All other Commercial Consumer Unallocated Total (In thousands) Beginning balance $ 1,346 $ 1,210 $ 279 $ 2 $ $ 2,837 Provision (Credit) 235 (248 ) (45 ) 2 (56 ) Losses charged off (5 ) (1 ) (6 ) Recoveries 1 1 Ending balance $ 1,582 $ 957 $ 234 $ 3 $ $ 2,776 Six months ended One-to-four All other Commercial Consumer Unallocated Total (In thousands) Beginning balance $ 1,533 $ 885 $ 343 $ 8 $ $ 2,769 Provision charged 397 279 3 (3 ) 38 714 Losses charged off (859 ) (859 ) Recoveries 44 44 Ending balance $ 1,115 $ 1,164 $ 346 $ 5 $ 38 $ 2,668 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 June 30, 2016 and December 31, 2015: June 30, 2016 One-to-four All other Commercial Consumer Total Allowance Balances: (In thousands) Ending balance: Individually evaluated for $ 447 $ 57 $ 53 $ $ 557 Collectively evaluated for 1,135 900 181 3 2,219 Total allowance for loan losses $ 1,582 $ 957 $ 234 $ 3 $ 2,776 Loan Balances: Ending balance: Individually evaluated for $ 1,661 $ 1,273 $ 53 $ $ 2,987 Collectively evaluated for 183,327 118,783 20,523 2,003 324,636 Total balance $ 184,988 $ 120,056 $ 20,576 $ 2,003 $ 327,623 December 31, 2015 One-to-four All other Commercial Consumer Total Allowance Balances: (In thousands) Ending balance: Individually evaluated for $ 506 $ 13 $ 33 $ $ 552 Collectively evaluated for 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 $ 2,789 $ 1,061 $ 33 $ $ 3,883 Collectively evaluated for 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 and $765 or loans in process of $8.9 million and $8.1 million, respectively, for June 30, 2016 and December 31, 2015. The following tables present the credit risk profile of the Banks loan portfolio based on rating category and payment activity as of June 30, 2016 and December 31, 2015: June 30, 2016 One-to-four All other mortgage loans Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 180,215 $ 117,741 $ 20,024 $ 2,003 Special Mention (Risk 5) 284 136 499 Substandard (Risk 6) 4,489 2,179 53 Total $ 184,988 $ 120,056 $ 20,576 $ 2,003 December 31, 2015 One-to-four All other mortgage loans Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 172,617 $ 100,961 $ 17,893 $ 1,904 Special Mention (Risk 5) 1,406 1,881 105 Substandard (Risk 6) 5,709 2,279 33 Total $ 179,732 $ 105,121 $ 18,031 $ 1,904 * 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 Banks 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 Managements 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 borrowers 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 Banks loan portfolio aging analysis for June 30, 2016 and December 31, 2015: June 30, 2016 30-59 60-89 Days Past Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 298 $ 107 $ 518 $ 923 $ 184,065 $ 184,988 $ All other mortgage 134 318 452 119,604 120,056 Commercial 4 23 27 20,549 20,576 Consumer loans 2,003 2,003 Total $ 432 $ 111 $ 859 $ 1,402 $ 326,221 $ 327,623 $ December 31, 2015 30-59 60-89 Days Past Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 516 $ 329 $ 903 $ 1,748 $ 177,984 $ 179,732 $ All other mortgage 298 209 507 104,614 105,121 Commercial 68 68 17,963 18,031 Consumer loans 1,904 1,904 Total $ 882 $ 329 $ 1,112 $ 2,323 $ 302,465 $ 304,788 $ Nonaccrual loans were comprised of the following at: Nonaccrual loans June 30, 2016 December 31, 2015 (In thousands) One-to-four family residential loans $ 1,546 $ 1,733 Nonresidential real estate loans 318 208 All other mortgage loans Commercial business loans 27 Consumer loans Total $ 1,891 $ 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 Companys impaired loans at June 30, 2016 and December 31, 2015 in combination with activity for the three and six months ended June 30, 2016 and 2015 is presented below: As of June 30, 2016 Three months ended June 30, 2016 Six months ended June 30, 2016 Recorded Unpaid Principal Balance Specific Average Investment in Interest Income Recognized Average Investment in Interest Income (In thousands) Loans without a One-to-four family $ 894 $ 908 $ $ 900 $ 10 $ 1,008 $ 20 All other mortgage 1,029 1,029 1,034 17 689 35 Commercial business Loans with a One-to-four family 767 767 447 772 1,036 All other mortgage 244 244 57 213 496 Commercial business 53 53 53 41 1 38 1 Total: One-to-four family $ 1,661 $ 1,675 $ 447 $ 1,672 $ 10 $ 2,044 $ 20 All other mortgage 1,273 1,273 57 1,247 17 1,185 35 Commercial business 53 53 53 41 1 38 1 $ 2,987 $ 3,001 $ 557 $ 2,960 $ 28 $ 3,267 $ 56 As of December 31, 2015 Three months ended June 30, 2015 Six months ended June 30, 2015 Recorded Unpaid Specific Average Interest Average Interest (In thousands) Loans without a One-to-four family $ 1,224 $ 1,238 $ $ 1,794 $ 13 $ 1,565 $ 25 All other mortgage 1,063 18 709 36 Commercial business Loans with a One-to-four family 1,565 1,875 506 1,010 12 1,397 25 All other mortgage 1,061 1,061 13 83 61 Commercial business 33 33 33 125 1 131 1 Total: One-to-four family $ 2,789 $ 3,113 $ 506 $ 2,804 $ 25 $ 2,962 $ 50 All other mortgage 1,061 1,061 13 1,146 18 770 36 Commercial business 33 33 33 125 1 131 1 $ 3,883 $ 4,207 $ 552 $ 4,075 $ 44 $ 3,863 $ 87 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 $412,000 of TDR classifications that occurred in the 2016 year to date 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 quarter-to-date or year-to-date period. Each TDR has been individually evaluated for impairment with the appropriate specific valuation allowance included in the allowance for loan losses calculation. Quarter-to-Date Year-to-Date Troubled Debt Number of loans Pre- Post- Number Pre- modification Post- (dollars in thousands) (dollars in thousands) June 30, 2016 One-to-four family $ $ 8 $ 412 $ 412 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 June 30, 2016 and December 31, 2015. June 30, 2016 December 31, 2015 Recorded Investment (In thousands) One-to-four family residential loans $ 19 $ 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 June 30, 2016 and December 31, 2015. June 30, 2016 December 31, 2015 Recorded Investment (In thousands) One-to-four family residential loans $ 104 $ 171 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill [Abstract] | |
Goodwill | Note 5: Goodwill The following table presents the balance of goodwill at June 30, 2016 and December 31, 2015: June 30, 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 Companys testing of goodwill at November 30, 2015 indicated there was no impairment in the carrying value of the related asset. |
Repurchase Agreements
Repurchase Agreements | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Repurchase Agreements [Abstract] | |
Repurchase Agreements | Note 6: Repurchase Agreements Repurchase agreements are offered by the Bank to commercial business customers to provide them with an opportunity to earn a return on their excess cash balances. These repurchase agreements are considered secured borrowings and are reported in other short-term borrowings. On a daily basis the Bank transfers securities to these customers in exchange for their cash and subsequently agrees to repurchase those same securities the next business day. In the event the Bank is unable to repurchase the securities from the customer, the customer will then have a claim against those securities. 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 June 30, 2016 and December 31, 2015. Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30 - 90 Days Greater Than 90 Days Total June 30, 2016 (In thousands) Repurchase Agreements Mortgage-backed securities $ 6,157 $ $ $ $ 6,157 Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings $ 6,157 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30 - 90 Days Greater Than 90 Days Total December 31, 2015 (In thousands) Repurchase Agreements Mortgage-backed securities $ 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 | 6 Months Ended |
Jun. 30, 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 Companys Employee Stock Ownership Plan (ESOP) that are unallocated and not committed to be released. There were no dilutive shares at June 30, 2016 or June 30, 2015. The computations are as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Net income (in thousands) $ 674 $ 243 $ 1,381 $ 683 Weighted-average common shares outstanding 2,747,567 2,761,678 2,747,567 2,763,453 Net income per share $ 0.24 $ 0.09 $ 0.50 $ 0.25 |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 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 Companys and the Banks 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 Banks 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, all as defined in the regulations. Management believes, as of June 30, 2016, that the Bank met all capital adequacy requirements to which it is subject. As of June 30, 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 June 30, 2016, that management believes have changed the Banks capital classification. The Banks actual capital amounts and ratios as of June 30, 2016 and December 31, 2015 are presented in the following table. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of June 30, 2016 Tier I Capital to average assets $ 38,670 8.7% $ 17,774 4.0% $ 22,218 5.0% Tier 1 Common equity capital to risk- weighted assets 38,670 12.9% 13,539 4.5% 19,556 6.5% Tier I Capital to risk-weighted assets 38,670 12.9% 18,052 6.0% 24,069 8.0% Total Risk-based capital to risk- weighted assets 41,446 13.8% 24,069 8.0% 30,087 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-year period (beginning at 40% on January 1, 2015, and an additional 20% per year thereafter). 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% level and will phase in over a four-year period (increasing by that amount on each subsequent January 1 until it reaches 2.5% on January 1, 2019). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 9: Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss), included in stockholders equity, are as follows: Gross Unrealized Gains on Available-for- Sale Securities Net Unrealized Loss for Unfunded Status of Split- Dollar Life Insurance Plan Liability (tax-free) Gross Unrealized Loss for Unfunded Status of Defined Benefit Plan Tax Effect Total Accumulated Other Comprehensive Income (Loss) (In thousands) June 30, 2016 $ 1,416 $ (89 ) $ (1,083 ) $ (113 ) $ 131 December 31, 2015 $ 777 $ (89 ) $ (1,083 ) $ 104 $ (291 ) There were no amounts reclassified out of accumulated other comprehensive income (loss) during the six months ended June 30, 2016 or 2015. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [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 Companys consolidated balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. Available-for-sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. 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 June 30, 2016 and December 31, 2015: Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) June 30, 2016 U.S. government agencies $ 96 $ $ 96 $ Mortgage-backed securities of 69,760 69,760 Private-label collateralized mortgage 173 173 State and political subdivisions 16,576 16,576 Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) December 31, 2015 U.S. government agencies $ 101 $ $ 101 $ Mortgage-backed securities of 76,104 76,104 Private-label collateralized mortgage 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 June 30, 2016 and December 31, 2015. Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) June 30, 2016 Collateral-dependent $ 26 $ $ $ 26 Foreclosed assets 19 19 December 31, 2015 Collateral-dependent $ 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 Average June 30, 2016 Collateral-dependent $ 26 Historical proceeds from Selling Costs 41% Foreclosed assets 19 Historical proceeds from Selling Costs N/A December 31, 2015 Collateral-dependent $ 292 Market comparable 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 June 30, 2016 as compared to December 31, 2015. The following table presents estimated fair values of the Companys financial instruments not carried at fair value. 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 Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) June 30, 2016 Financial assets Cash and cash equivalents $ 12,067 $ 12,067 $ $ Held-to-maturity 9,159 9,357 Loans, net of allowance 315,144 332,540 Federal Home Loan Bank 4,226 4,226 Interest receivable 1,166 1,166 Financial liabilities Deposits 376,935 42,906 321,747 Other short-term 6,157 6,157 Federal Home Loan Bank 21,000 21,274 Advances from borrowers 406 406 Interest payable 46 46 Fair Value Measurements Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) December 31, 2015 Financial assets Cash and cash equivalents $ 11,156 $ 11,156 $ $ Held-to-maturity 8,307 8,205 Loans, net of allowance 293,121 302,595 Federal Home Loan Bank 4,226 4,226 Interest receivable 1,149 1,149 Financial liabilities Deposits 362,427 42,630 295,796 Other short-term 5,606 5,606 Federal Home Loan Bank 21,000 20,978 Advances from borrowers 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 Securities The fair value of held-to-maturity securities was estimated by using pricing models that contain market pricing and information, quoted prices of securities with similar characteristics or discounted cash flows that use credit-adjusted discount rates. Loans The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. Deposits Deposits include savings accounts, checking accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. 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 June 30, 2016 and December 31, 2015. Interest Payable, Other Short-Term Borrowings and Advances From Borrowers for Taxes and Insurance The carrying amount approximates fair value. |
Recent Accounting Developments
Recent Accounting Developments | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Developments | Note 11: Recent Accounting Developments FASB ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entitys 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 managements responsibility to evaluate whether there is substantial doubt about an entitys 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. The adoption of this standard did not have a material impact on the Companys 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. The adoption of this standard did not have a material impact on the Companys 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. The adoption of this standard did not have a material impact on the Companys consolidated financial statements. FASB ASU 2015-04, Compensation Retirement Benefits (Subtopic 715), Practical Expedient for the Measurement of an Employers 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 entitys 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. The adoption of this standard did not have a material impact on the Companys consolidated financial statements. FASB ASU 2015-10, Technical Corrections and Improvements was issued in June, 2015. The amendments in this Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to entities. The amendments in this Update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this update. The adoption of the amendments that required transition guidance did not have a material impact on the Companys consolidated financial statements. The adoption of the other amendments in this update did not have a material impact on the Companys 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 2014-09, Revenue from Contracts with Customers (ASU 2014-09), 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 2014-09 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 2014-09 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 retrospective 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 amortizing 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. The adoption of this standard did not have a material impact on the Companys 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 periods 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. The adoption of this standard did not have a material impact on the Companys 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 Companys 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 Companys consolidated financial statements. FASB ASU 2016-04, Liabilities-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-paid stored-value product liabilities with the Updates scope should be derecognized. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application is permitted, including adoption in an interim period. This standard is not expected to have a material impact on the Companys 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 Companys consolidated financial statements. FASB ASU 2016-12, Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients, was issued in May 2016. The amendments in this update do not change the core principle of the guidance in Topic 606, but rather clarify certain narrow aspects. The amendments in this update clarify the objective of collectibility and determine whether a contract is valid based on if the customer has the ability and intention to pay, and also to clarify when revenue would be recognized for a contract that fails collectibility. The amendments in this Update affect the guidance in Accounting Standards Update No. 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 for Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update No. 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 Companys consolidated financial statements. FASB ASU 2016-13, Financial Instruments Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, was issued in June 2016. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal year. Early adoption of the amendments in this Update are allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of this Update. The Company is studying the implications of this update, including following evolving regulatory and industry guidance, and gathering additional detailed historical data. The effect of this Update on the Companys financial statements is not known at this time. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available for Sale Securities | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities June 30, 2016: U.S. government agencies $ 96 $ $ $ 96 Mortgage-backed securities of government sponsored entities 69,041 893 174 69,760 Private-label collateralized mortgage obligations 172 1 173 State and political subdivisions 15,880 723 27 16,576 Totals $ 85,189 $ 1,617 $ 201 $ 86,605 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses 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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Held-to-maturity Securities: June 30, 2016: U.S. government agencies $ 78 $ $ $ 78 Mortgage-backed securities of government sponsored entities 1,028 20 1,048 State and political subdivisions 8,053 217 39 8,231 Totals $ 9,159 $ 237 $ 39 $ 9,357 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses 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 Cost Fair Value Amortized Cost Fair Value (In thousands) One to five years $ 6,133 $ 6,420 $ 1,408 $ 1,432 Five to ten years 3,423 3,600 3,344 3,436 After ten years 6,420 6,652 3,379 3,441 15,976 16,672 8,131 8,309 Mortgage-backed securities of government sponsored entities 69,041 69,760 1,028 1,048 Private-label collateralized mortgage obligations 172 173 Totals $ 85,189 $ 86,605 $ 9,159 $ 9,357 |
Schedule of Securities in a Gross Unrealized Loss Position | June 30, 2016 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Mortgage-backed securities of government sponsored entities $ 9,063 $ 80 $ 11,023 $ 94 $ 20,086 $ 174 State and political subdivisions 959 66 959 66 Total temporarily impaired securities $ 9,063 $ 80 $ 11,982 $ 160 $ 21,045 $ 240 December 31, 2015 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (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) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses | Three months ended June 30, 2016 One-to-four family residential All other mortgage loans Commercial business loans Consumer loans Unallocated Total (In thousands) Beginning balance $ 1,279 $ 1,207 $ 281 $ 4 $ $ 2,771 Provision charged to expense 303 (245 ) (47 ) 11 Losses charged off (5 ) (1 ) (6 ) Recoveries Ending balance $ 1,582 $ 957 $ 234 $ 3 $ $ 2,776 Three months ended June 30, 2015 One-to-four family residential All other mortgage loans Commercial business loans Consumer loans Unallocated Total (In thousands) Beginning balance $ 910 $ 1,055 $ 380 $ 4 $ $ 2,349 Provision charged to expense 367 109 (34 ) 1 38 481 Losses charged off (205 ) (205 ) Recoveries 43 43 Ending balance $ 1,115 $ 1,164 $ 346 $ 5 $ 38 $ 2,668 Six months ended June 30, 2016 One-to-four family residential All other mortgage loans Commercial business loans Consumer loans Unallocated Total (In thousands) Beginning balance $ 1,346 $ 1,210 $ 279 $ 2 $ $ 2,837 Provision (Credit) charged to expense 235 (248 ) (45 ) 2 (56 ) Losses charged off (5 ) (1 ) (6 ) Recoveries 1 1 Ending balance $ 1,582 $ 957 $ 234 $ 3 $ $ 2,776 Six months ended June 30, 2015 One-to-four family residential All other mortgage loans Commercial business loans Consumer loans Unallocated Total (In thousands) Beginning balance $ 1,533 $ 885 $ 343 $ 8 $ $ 2,769 Provision charged to expense 397 279 3 (3 ) 38 714 Losses charged off (859 ) (859 ) Recoveries 44 44 Ending balance $ 1,115 $ 1,164 $ 346 $ 5 $ 38 $ 2,668 June 30, 2016 One-to-four family residential All other mortgage loans Commercial business loans Consumer loans Total Allowance Balances: (In thousands) Ending balance: Individually evaluated for impairment $ 447 $ 57 $ 53 $ $ 557 Collectively evaluated for impairment 1,135 900 181 3 2,219 Total allowance for loan losses $ 1,582 $ 957 $ 234 $ 3 $ 2,776 Loan Balances: Ending balance: Individually evaluated for impairment $ 1,661 $ 1,273 $ 53 $ $ 2,987 Collectively evaluated for impairment 183,327 118,783 20,523 2,003 324,636 Total balance $ 184,988 $ 120,056 $ 20,576 $ 2,003 $ 327,623 December 31, 2015 One-to-four family residential All other mortgage loans Commercial business loans 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 | June 30, 2016 One-to-four family residential All other mortgage loans Commercial business loans Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 180,215 $ 117,741 $ 20,024 $ 2,003 Special Mention (Risk 5) 284 136 499 Substandard (Risk 6) 4,489 2,179 53 Total $ 184,988 $ 120,056 $ 20,576 $ 2,003 December 31, 2015 One-to-four family residential All other mortgage loans Commercial business loans Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 172,617 $ 100,961 $ 17,893 $ 1,904 Special Mention (Risk 5) 1,406 1,881 105 Substandard (Risk 6) 5,709 2,279 33 Total $ 179,732 $ 105,121 $ 18,031 $ 1,904 * 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 Banks 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 Managements 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 borrowers 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 | June 30, 2016 30-59 Days Past Due 60-89 Days Past Greater Than 90 Days Total Past Due Current Total Loans Receivable Total Loans > 90 Days and Accruing (In thousands) One-to-four family residential loans $ 298 $ 107 $ 518 $ 923 $ 184,065 $ 184,988 $ All other mortgage loans 134 318 452 119,604 120,056 Commercial business loans 4 23 27 20,549 20,576 Consumer loans 2,003 2,003 Total $ 432 $ 111 $ 859 $ 1,402 $ 326,221 $ 327,623 $ December 31, 2015 30-59 Days Past Due 60-89 Days Past Greater Than 90 Days Total Past Due Current Total Loans Receivable Total Loans > 90 Days and Accruing (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 June 30, 2016 December 31, 2015 (In thousands) One-to-four family residential loans $ 1,546 $ 1,733 Nonresidential real estate loans 318 208 All other mortgage loans Commercial business loans 27 Consumer loans Total $ 1,891 $ 1,941 |
Schedule of Impaired Loans | As of June 30, 2016 Three months ended June 30, 2016 Six months ended June 30, 2016 Recorded Balance Unpaid Principal Balance Specific Allowance Average Investment in Interest Income Recognized Average Investment in Interest Income (In thousands) Loans without a specific valuation allowance One-to-four family residential loans $ 894 $ 908 $ $ 900 $ 10 $ 1,008 $ 20 All other mortgage loans 1,029 1,029 1,034 17 689 35 Commercial business loans Loans with a specific valuation allowance One-to-four family residential loans 767 767 447 772 1,036 All other mortgage loans 244 244 57 213 496 Commercial business loans 53 53 53 41 1 38 1 Total: One-to-four family residential loans $ 1,661 $ 1,675 $ 447 $ 1,672 $ 10 $ 2,044 $ 20 All other mortgage loans 1,273 1,273 57 1,247 17 1,185 35 Commercial business loans 53 53 53 41 1 38 1 $ 2,987 $ 3,001 $ 557 $ 2,960 $ 28 $ 3,267 $ 56 As of December 31, 2015 Three months ended June 30, 2015 Six months ended June 30, 2015 Recorded Balance Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized Average Investment in Impaired Loans Interest Income Recognized (In thousands) Loans without a specific valuation allowance One-to-four family residential loans $ 1,224 $ 1,238 $ $ 1,794 $ 13 $ 1,565 $ 25 All other mortgage loans 1,063 18 709 36 Commercial business loans Loans with a specific valuation allowance One-to-four family residential loans 1,565 1,875 506 1,010 12 1,397 25 All other mortgage loans 1,061 1,061 13 83 61 Commercial business loans 33 33 33 125 1 131 1 Total: One-to-four family residential loans $ 2,789 $ 3,113 $ 506 $ 2,804 $ 25 $ 2,962 $ 50 All other mortgage loans 1,061 1,061 13 1,146 18 770 36 Commercial business loans 33 33 33 125 1 131 1 $ 3,883 $ 4,207 $ 552 $ 4,075 $ 44 $ 3,863 $ 87 |
Schedule of Troubled Debt Restructurings | Quarter-to-Date Year-to-Date Troubled Debt Restructurings Number of loans Pre- modification Recorded Principal Balance Post- modification Recorded Principal Balance Number of loans Pre- modification Post- modification Recorded Principal Balance (dollars in thousands) (dollars in thousands) June 30, 2016 One-to-four family residential loans $ $ 8 $ 412 $ 412 |
Schedule of balance of mortgage loans collateralized by residential real estate properties held as foreclosed assets | June 30, 2016 December 31, 2015 Recorded Investment (In thousands) One-to-four family residential loans $ 19 $ 14 |
Schedule of balance of mortgage loans collateralized by residential real estate properties that are in formal process of foreclosure | June 30, 2016 December 31, 2015 Recorded Investment (In thousands) One-to-four family residential loans $ 104 $ 171 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill [Abstract] | |
Schedule of balance of goodwill | June 30, 2016 December 31, 2015 (In thousands) Goodwill $ 1,719 $ 1,719 Total $ 1,719 $ 1,719 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of 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 Continuous Up to 30 Days 30 - 90 Days Greater Than 90 Days Total June 30, 2016 (In thousands) Repurchase Agreements Mortgage-backed securities $ 6,157 $ $ $ $ 6,157 Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings $ 6,157 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30 - 90 Days Greater Than 90 Days Total December 31, 2015 (In thousands) Repurchase Agreements Mortgage-backed securities $ 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) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Earnings Per Share | Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Net income (in thousands) $ 674 $ 243 $ 1,381 $ 683 Weighted-average common shares outstanding 2,747,567 2,761,678 2,747,567 2,763,453 Net income per share $ 0.24 $ 0.09 $ 0.50 $ 0.25 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Regulatory Matters [Abstract] | |
Schedule of Regulatory Capital Requirements | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of June 30, 2016 Tier I Capital to average assets $ 38,670 8.7% $ 17,774 4.0% $ 22,218 5.0% Tier 1 Common equity capital to risk- weighted assets 38,670 12.9% 13,539 4.5% 19,556 6.5% Tier I Capital to risk-weighted assets 38,670 12.9% 18,052 6.0% 24,069 8.0% Total Risk-based capital to risk- weighted assets 41,446 13.8% 24,069 8.0% 30,087 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) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Gross Unrealized Gains on Available-for- Sale Securities Net Unrealized Loss for Unfunded Status of Split- Dollar Life Insurance Plan Liability (tax-free) Gross Unrealized Loss for Unfunded Status of Defined Benefit Plan Tax Effect Total Accumulated Other Comprehensive Income (Loss) (In thousands) June 30, 2016 $ 1,416 $ (89 ) $ (1,083 ) $ (113 ) $ 131 December 31, 2015 $ 777 $ (89 ) $ (1,083 ) $ 104 $ (291 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measured on a Recurring Basis | Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) June 30, 2016 U.S. government agencies $ 96 $ $ 96 $ Mortgage-backed securities of government sponsored entities 69,760 69,760 Private-label collateralized mortgage obligations 173 173 State and political subdivisions 16,576 16,576 Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (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 Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) June 30, 2016 Collateral-dependent impaired loans $ 26 $ $ $ 26 Foreclosed assets 19 19 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 Average June 30, 2016 Collateral-dependent impaired loans $ 26 Historical proceeds from prior sales Selling Costs 41% Foreclosed assets 19 Historical proceeds from prior sales Selling Costs 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 (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) (In thousands) June 30, 2016 Financial assets Cash and cash equivalents $ 12,067 $ 12,067 $ $ Held-to-maturity securities 9,159 9,357 Loans, net of allowance for loan losses 315,144 332,540 Federal Home Loan Bank stock 4,226 4,226 Interest receivable 1,166 1,166 Financial liabilities Deposits 376,935 42,906 321,747 Other short-term borrowings 6,157 6,157 Federal Home Loan Bank advances 21,000 21,274 Advances from borrowers for taxes and insurance 406 406 Interest payable 46 46 Fair Value Measurements Using Carrying Amount Quoted Prices in Active (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) (In thousands) December 31, 2015 Financial assets Cash and cash equivalents $ 11,156 $ 11,156 $ $ Held-to-maturity securities 8,307 8,205 Loans, net of allowance for loan losses 293,121 302,595 Federal Home Loan Bank stock 4,226 4,226 Interest receivable 1,149 1,149 Financial liabilities Deposits 362,427 42,630 295,796 Other short-term borrowings 5,606 5,606 Federal Home Loan Bank advances 21,000 20,978 Advances from borrowers for taxes and insurance 1,240 1,240 Interest payable 40 40 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged as collateral to secure public deposits | $ 53.3 | $ 55.3 |
Fair value of investments, carried at less than historical costs | $ 21 | $ 53.8 |
Percentage available for sale Securities in unrealized loss positions out of total available for sale securities | 22.00% | 52.00% |
Securities (Schedule of Availab
Securities (Schedule of Available for Sale Securities and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available for sale | ||
Amortized Cost | $ 85,189 | $ 94,571 |
Gross Unrealized Gains | 1,617 | 1,342 |
Gross Unrealized Losses | 201 | 566 |
Approximate Fair Value | 86,605 | 95,347 |
Held to maturity | ||
Amortized Cost | 9,159 | 8,307 |
Gross Unrealized Gains | 237 | 34 |
Gross Unrealized Losses | 39 | 136 |
Approximate Fair Value | 9,357 | 8,205 |
U.S. government agencies [Member] | ||
Available for sale | ||
Amortized Cost | 96 | 101 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Approximate Fair Value | 96 | 101 |
Held to maturity | ||
Amortized Cost | 78 | 82 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Approximate Fair Value | 78 | 82 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Available for sale | ||
Amortized Cost | 69,041 | 75,972 |
Gross Unrealized Gains | 893 | 662 |
Gross Unrealized Losses | 174 | 530 |
Approximate Fair Value | 69,760 | 76,104 |
Held to maturity | ||
Amortized Cost | 1,028 | 1,052 |
Gross Unrealized Gains | 20 | 5 |
Gross Unrealized Losses | ||
Approximate Fair Value | 1,048 | 1,057 |
Private-label collateralized mortgage obligations [Member] | ||
Available for sale | ||
Amortized Cost | 172 | 274 |
Gross Unrealized Gains | 1 | 3 |
Gross Unrealized Losses | ||
Approximate Fair Value | 173 | 277 |
State and political subdivisions [Member] | ||
Available for sale | ||
Amortized Cost | 15,880 | 18,224 |
Gross Unrealized Gains | 723 | 677 |
Gross Unrealized Losses | 27 | 36 |
Approximate Fair Value | 16,576 | 18,865 |
Held to maturity | ||
Amortized Cost | 8,053 | 7,173 |
Gross Unrealized Gains | 217 | 29 |
Gross Unrealized Losses | 39 | 136 |
Approximate Fair Value | $ 8,231 | $ 7,066 |
Securities (Schedule of Expecte
Securities (Schedule of Expected Maturities of Available for Sale and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-sale- Debt maturities, Amortized Cost | ||
One to five years | $ 6,133 | |
Five to ten years | 3,423 | |
After ten Years | 6,420 | |
Subtotal | 15,976 | |
Totals | 85,189 | |
Available for Sale Securities, Fair Values | ||
One to five years | 6,420 | |
Five to ten years | 3,600 | |
After ten Years | 6,652 | |
Subtotal | 16,672 | |
Totals | 86,605 | |
Held to Maturity securities, Amortized Cost | ||
One to five years | 1,408 | |
Five to ten years | 3,344 | |
After ten Years | 3,379 | |
Subtotal | 8,131 | |
Held-to-maturity securities | 9,159 | $ 8,307 |
Held to Maturity securities, Fair Values | ||
One to five years | 1,432 | |
Five to ten years | 3,436 | |
After ten Years | 3,441 | |
Subtotal | 8,309 | |
Total | 9,357 | 8,205 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Available-for-sale- Debt maturities, Amortized Cost | ||
Maturities without single maturity date | 69,041 | |
Available for Sale Securities, Fair Values | ||
Maturities without single maturity date | 69,760 | |
Held to Maturity securities, Amortized Cost | ||
Maturities without single maturity date | 1,028 | |
Held-to-maturity securities | 1,028 | 1,052 |
Held to Maturity securities, Fair Values | ||
Maturities without single maturity date | 1,048 | |
Total | 1,048 | $ 1,057 |
Private-label collateralized mortgage obligations [Member] | ||
Available-for-sale- Debt maturities, Amortized Cost | ||
Maturities without single maturity date | 172 | |
Available for Sale Securities, Fair Values | ||
Maturities without single maturity date | $ 173 |
Securities (Schedule of Securit
Securities (Schedule of Securities in a Gross Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | $ 9,063 | $ 36,686 |
Less than 12 Months, Unrealized Losses | 80 | 319 |
More than 12 Months, Fair Value | 11,982 | 17,075 |
More than 12 Months, Unrealized Losses | 160 | 383 |
Total, Fair Value | 21,045 | 53,761 |
Total, Unrealized Losses | 240 | 702 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | 9,063 | 32,930 |
Less than 12 Months, Unrealized Losses | 80 | 269 |
More than 12 Months, Fair Value | 11,023 | 14,560 |
More than 12 Months, Unrealized Losses | 94 | 261 |
Total, Fair Value | 20,086 | 47,490 |
Total, Unrealized Losses | 174 | 530 |
State and political subdivisions [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | 3,756 | |
Less than 12 Months, Unrealized Losses | 50 | |
More than 12 Months, Fair Value | 959 | 2,515 |
More than 12 Months, Unrealized Losses | 66 | 122 |
Total, Fair Value | 959 | 6,271 |
Total, Unrealized Losses | $ 66 | $ 172 |
Credit Quality of Loans and t29
Credit Quality of Loans and the Allowance for Loan Losses (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Deferred loan origination fees | $ 778 | $ 765 |
Loans in process | $ 8,900 | $ 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | $ 2,771 | $ 2,349 | $ 2,837 | $ 2,769 |
Provision charged to expense | 11 | 481 | (56) | 714 |
Losses charged off | (6) | (205) | (6) | (859) |
Recoveries | 43 | 1 | 44 | |
Ending balance | 2,776 | 2,668 | 2,776 | 2,668 |
One-to-four family residential [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | 1,279 | 910 | 1,346 | 1,533 |
Provision charged to expense | 303 | 367 | 235 | 397 |
Losses charged off | (205) | (859) | ||
Recoveries | 43 | 1 | 44 | |
Ending balance | 1,582 | 1,115 | 1,582 | 1,115 |
All other mortgage loans [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | 1,207 | 1,055 | 1,210 | 885 |
Provision charged to expense | (245) | 109 | (248) | 279 |
Losses charged off | (5) | (5) | ||
Recoveries | ||||
Ending balance | 957 | 1,164 | 957 | 1,164 |
Commercial business loans [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | 281 | 380 | 279 | 343 |
Provision charged to expense | (47) | (34) | (45) | 3 |
Losses charged off | ||||
Recoveries | ||||
Ending balance | 234 | 346 | 234 | 346 |
Consumer loans [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | 4 | 4 | 2 | 8 |
Provision charged to expense | 1 | 2 | (3) | |
Losses charged off | (1) | (1) | ||
Recoveries | ||||
Ending balance | 3 | 5 | 3 | 5 |
Unallocated [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | ||||
Provision charged to expense | 38 | 38 | ||
Losses charged off | ||||
Recoveries | ||||
Ending balance | $ 38 | $ 38 |
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 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Ending balances: Allowance for loan losses | |||||||
Individually evaluated for impairment | $ 557 | $ 552 | |||||
Collectively evaluated for impairment | 2,219 | 2,285 | |||||
Total allowance for loan losses | 2,776 | $ 2,771 | 2,837 | $ 2,668 | $ 2,349 | $ 2,769 | |
Ending balances: Loans | |||||||
Individually evaluated for impairment | 2,987 | 3,883 | |||||
Collectively evaluated for impairment | 324,636 | 300,905 | |||||
Total balance | 327,623 | 304,788 | |||||
One-to-four family residential [Member] | |||||||
Ending balances: Allowance for loan losses | |||||||
Individually evaluated for impairment | 447 | 506 | |||||
Collectively evaluated for impairment | 1,135 | 840 | |||||
Total allowance for loan losses | 1,582 | 1,279 | 1,346 | 1,115 | 910 | 1,533 | |
Ending balances: Loans | |||||||
Individually evaluated for impairment | 1,661 | 2,789 | |||||
Collectively evaluated for impairment | 183,327 | 176,943 | |||||
Total balance | [1] | 184,988 | 179,732 | ||||
All other mortgage loans [Member] | |||||||
Ending balances: Allowance for loan losses | |||||||
Individually evaluated for impairment | 57 | 13 | |||||
Collectively evaluated for impairment | 900 | 1,197 | |||||
Total allowance for loan losses | 957 | 1,207 | 1,210 | 1,164 | 1,055 | 885 | |
Ending balances: Loans | |||||||
Individually evaluated for impairment | 1,273 | 1,061 | |||||
Collectively evaluated for impairment | 118,783 | 104,060 | |||||
Total balance | [1] | 120,056 | 105,121 | ||||
Commercial business loans [Member] | |||||||
Ending balances: Allowance for loan losses | |||||||
Individually evaluated for impairment | 53 | 33 | |||||
Collectively evaluated for impairment | 181 | 246 | |||||
Total allowance for loan losses | 234 | 281 | 279 | 346 | 380 | 343 | |
Ending balances: Loans | |||||||
Individually evaluated for impairment | 53 | 33 | |||||
Collectively evaluated for impairment | 20,523 | 17,998 | |||||
Total balance | [1] | 20,576 | 18,031 | ||||
Consumer loans [Member] | |||||||
Ending balances: Allowance for loan losses | |||||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 3 | 2 | |||||
Total allowance for loan losses | 3 | $ 4 | 2 | $ 5 | $ 4 | $ 8 | |
Ending balances: Loans | |||||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 2,003 | 1,904 | |||||
Total balance | [1] | $ 2,003 | $ 1,904 | ||||
[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 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | $ 327,623 | $ 304,788 | |
One-to-four family residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 184,988 | 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] | 180,215 | 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] | 284 | 1,406 |
One-to-four family residential [Member] | Substandard (Risk 6) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 4,489 | 5,709 |
All other mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 120,056 | 105,121 |
All other mortgage loans [Member] | Pass (Risk 1-4) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 117,741 | 100,961 |
All other mortgage loans [Member] | Special Mention (Risk 5) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 136 | 1,881 |
All other mortgage loans [Member] | Substandard (Risk 6) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 2,179 | 2,279 |
Commercial business loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 20,576 | 18,031 |
Commercial business loans [Member] | Pass (Risk 1-4) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 20,024 | 17,893 |
Commercial business loans [Member] | Special Mention (Risk 5) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 499 | 105 |
Commercial business loans [Member] | Substandard (Risk 6) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 53 | 33 |
Consumer loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 2,003 | 1,904 |
Consumer loans [Member] | Pass (Risk 1-4) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 2,003 | $ 1,904 |
Consumer loans [Member] | Special Mention (Risk 5) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | |||
Consumer loans [Member] | Substandard (Risk 6) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | |||
[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 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | $ 1,402 | $ 2,323 | |
Current | 326,221 | 302,465 | |
Total Loans receivable | 327,623 | 304,788 | |
30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 432 | 882 | |
60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 111 | 329 | |
Greater Than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 859 | 1,112 | |
Consumer loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | |||
Current | 2,003 | 1,904 | |
Total Loans receivable | [1] | 2,003 | 1,904 |
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 | |||
One-to-four family residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 298 | 1,748 | |
Current | 184,065 | 177,984 | |
Total Loans receivable | [1] | 184,988 | 179,732 |
One-to-four family residential [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 298 | 516 | |
One-to-four family residential [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 107 | 329 | |
One-to-four family residential [Member] | Greater Than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 518 | 903 | |
All other mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 452 | 507 | |
Current | 119,604 | 104,614 | |
Total Loans receivable | [1] | 120,056 | 105,121 |
All other mortgage loans [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 134 | 298 | |
All other mortgage loans [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | |||
All other mortgage loans [Member] | Greater Than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 318 | 209 | |
Commercial business loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 27 | 68 | |
Current | 20,549 | 17,963 | |
Total Loans receivable | [1] | 20,576 | 18,031 |
Commercial business loans [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | $ 68 | ||
Commercial business loans [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 4 | ||
Commercial business loans [Member] | Greater Than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | $ 23 | ||
[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 | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 1,891 | $ 1,941 |
One-to-four family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,546 | 1,733 |
Nonresidential real estate loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 318 | $ 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 | 27 | |
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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Specific Allowance | $ 557 | $ 557 | $ 552 | ||
Recorded Balance | 2,987 | 2,987 | 3,883 | ||
Unpaid Principal Balance | 3,001 | 3,001 | 4,207 | ||
Average Investment in Impaired Loans | 2,960 | $ 4,075 | 3,267 | $ 3,863 | |
Interest Income Recognized | 28 | 44 | 56 | 87 | |
One-to-four family residential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 894 | 894 | 1,224 | ||
Loans without a specific valuation allowance, Unpaid Principal Balance | 908 | 908 | 1,238 | ||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 900 | 1,794 | 1,008 | 1,565 | |
Loans without a specific valuation allowance, Interest Income Recognized | 10 | 13 | 20 | 25 | |
Loans with a specific valuation allowance, Recorded Balance | 767 | 767 | 1,565 | ||
Loans with a specific valuation allowance, Unpaid Principal Balance | 767 | 767 | 1,875 | ||
Specific Allowance | 447 | 447 | 506 | ||
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 772 | 1,010 | 1,036 | 1,397 | |
Loans with a specific valuation allowance, Interest Income Recognized | 12 | 25 | |||
Recorded Balance | 1,661 | 1,661 | 2,789 | ||
Unpaid Principal Balance | 1,675 | 1,675 | 3,113 | ||
Average Investment in Impaired Loans | 1,672 | 2,804 | 2,044 | 2,962 | |
Interest Income Recognized | 10 | 25 | 20 | 50 | |
All other mortgage loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 1,029 | 1,029 | |||
Loans without a specific valuation allowance, Unpaid Principal Balance | 1,029 | 1,029 | |||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 1,034 | 1,063 | 689 | 709 | |
Loans without a specific valuation allowance, Interest Income Recognized | 17 | 18 | 35 | 36 | |
Loans with a specific valuation allowance, Recorded Balance | 244 | 244 | 1,061 | ||
Loans with a specific valuation allowance, Unpaid Principal Balance | 244 | 244 | 1,061 | ||
Specific Allowance | 57 | 57 | 13 | ||
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 213 | 83 | 496 | 61 | |
Recorded Balance | 1,273 | 1,273 | 1,061 | ||
Unpaid Principal Balance | 1,273 | 1,273 | 1,061 | ||
Average Investment in Impaired Loans | 1,247 | 1,146 | 1,185 | 770 | |
Interest Income Recognized | 17 | 18 | 35 | 36 | |
Commercial business loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans with a specific valuation allowance, Recorded Balance | 53 | 53 | 33 | ||
Loans with a specific valuation allowance, Unpaid Principal Balance | 53 | 53 | 33 | ||
Specific Allowance | 53 | 53 | 33 | ||
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 41 | 125 | 38 | 131 | |
Loans with a specific valuation allowance, Interest Income Recognized | 1 | 1 | 1 | 1 | |
Recorded Balance | 53 | 53 | 33 | ||
Unpaid Principal Balance | 53 | 53 | $ 33 | ||
Average Investment in Impaired Loans | 41 | 125 | 38 | 131 | |
Interest Income Recognized | $ 1 | $ 1 | $ 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 | 6 Months Ended |
Jun. 30, 2016USD ($)N | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | N | 8 |
Pre-modification Recorded Principal Balance | $ 412 |
Post-modification Recorded Principal Balance | $ 412 |
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 | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment | $ 19 | $ 14 |
One-to-four family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment | 19 | 14 |
Recorded investment of assets in process of foreclosure | $ 104 | $ 171 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings | $ 6,157 | $ 5,606 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Borrowings | 6,157 | 5,606 |
Overnight and Continuous [Member] | Mortgage-backed securities of government-sponsored entities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Borrowings | 6,157 | $ 5,606 |
Up to 30 Days [Member] | Mortgage-backed securities of government-sponsored entities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Borrowings | ||
30 to 90 Days [Member] | Mortgage-backed securities of government-sponsored entities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Borrowings | ||
Greater than 90 Days [Member] | Mortgage-backed securities of government-sponsored entities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Borrowings |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 674 | $ 243 | $ 1,381 | $ 683 |
Weighted-average common shares outstanding | 2,747,567 | 2,761,678 | 2,747,567 | 2,763,453 |
Net income per share | $ 0.24 | $ 0.09 | $ 0.50 | $ 0.25 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 6 Months Ended |
Jun. 30, 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% |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Tier 1 Leverage Capital (to average assets) | ||
Tier 1 Capital | $ 38,670 | $ 37,524 |
Tier 1 Capital (to average assets) ratio | 8.70% | 8.80% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 17,774 | $ 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 | $ 22,218 | $ 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 | $ 38,670 | $ 37,524 |
Tier 1 Common equity capital ratio | 12.90% | 13.40% |
Minimum amount of Tier 1 Common equity capital for adequacy purposes | $ 13,539 | $ 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 | $ 19,556 | $ 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 | $ 38,670 | $ 37,524 |
Tier 1 Capital (to risk-weighted assets) ratio | 12.90% | 13.40% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 18,052 | $ 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 | $ 24,069 | $ 22,480 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 8.00% | 8.00% |
Total Capital | ||
Total Capital | $ 41,446 | $ 40,361 |
Total Capital (to risk-weighted assets) ratio | 13.80% | 14.40% |
Minimum amount of capital for adequacy purposes | $ 24,069 | $ 22,480 |
Minimum amount of capital for adequacy purposes, ratio | 8.00% | 8.00% |
Minimum Capital required to be well-capitalized | $ 30,087 | $ 28,099 |
Minimum Capital required to be well-capitalized, ratio | 10.00% | 10.00% |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] | ||
Gross Unrealized Gains on Available-for-sale Securities | $ 1,416 | $ 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 | (113) | 104 |
Total Accumulated Other Comprehensive Income (Loss) | $ 131 | $ (291) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 86,605 | $ 95,347 |
U.S. government agencies [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 96 | 101 |
U.S. government agencies [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
U.S. government agencies [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 96 | 101 |
U.S. government agencies [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
U.S. government agencies [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 96 | 101 |
Mortgage-backed securities of government-sponsored entities [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 69,760 | 76,104 |
Mortgage-backed securities of government-sponsored entities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Mortgage-backed securities of government-sponsored entities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 69,760 | 76,104 |
Mortgage-backed securities of government-sponsored entities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Mortgage-backed securities of government-sponsored entities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 69,760 | 76,104 |
Private-label collateralized mortgage obligations [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 173 | 277 |
Private-label collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Private-label collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 173 | 277 |
Private-label collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Private-label collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 173 | 277 |
State and political subdivisions [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 16,576 | 18,865 |
State and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
State and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 16,576 | 18,865 |
State and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
State and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 16,576 | $ 18,865 |
Fair Value Measurements (Sche45
Fair Value Measurements (Schedule of Fair Value Measured on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 26 | 292 |
Foreclosed assets | 19 | 5 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 26 | 292 |
Foreclosed assets | $ 19 | $ 5 |
Fair Value Measurements (Sche46
Fair Value Measurements (Schedule of Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Collateral-dependent impaired loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Collateral-dependent impaired loans | $ 26 | $ 292 |
Valuation Technique | Historical proceeds from prior sales | Market comparable properties, less delinquent real estate taxes |
Unobservable Input | Selling Costs | |
Range (Weighted Average) | 41% | |
Foreclosed assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Foreclosed assets | $ 19 | $ 5 |
Valuation Technique | Historical proceeds from prior sales | Agreed upon selling price |
Unobservable Input | Selling Costs | Selling Costs |
Range (Weighted Average) | 10% |
Fair Value Measurements (Sche47
Fair Value Measurements (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets | ||
Held-to-maturity securities | $ 9,159 | $ 8,307 |
Held-to-maturity securities | 9,357 | 8,205 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and cash equivalents | 12,067 | 11,156 |
Held-to-maturity securities | ||
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial liabilities | ||
Deposits | 42,906 | 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 | 9,357 | 8,205 |
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | 4,226 | 4,226 |
Interest receivable | 1,166 | 1,149 |
Financial liabilities | ||
Deposits | 321,747 | 295,796 |
Other short-term borrowings | 6,157 | 5,606 |
Federal Home Loan Bank advances | 21,274 | 20,978 |
Advances from borrowers for taxes and insurance | 406 | 1,240 |
Interest payable | 46 | 40 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Held-to-maturity securities | ||
Loans, net of allowance for loan losses | 332,540 | 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 | ||
Carrying Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 12,067 | 11,156 |
Held-to-maturity securities | 9,159 | 8,307 |
Loans, net of allowance for loan losses | 315,144 | 293,121 |
Federal Home Loan Bank stock | 4,226 | 4,226 |
Interest receivable | 1,166 | 1,149 |
Financial liabilities | ||
Deposits | 376,935 | 362,427 |
Other short-term borrowings | 6,157 | 5,606 |
Federal Home Loan Bank advances | 21,000 | 21,000 |
Advances from borrowers for taxes and insurance | 406 | 1,240 |
Interest payable | $ 46 | $ 40 |