Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
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, 2017 | |
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 | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 3,410 | $ 10,138 |
Interest-bearing deposits | 4,682 | 6,618 |
Cash and cash equivalents | 8,092 | 16,756 |
Available-for-sale securities | 62,176 | 70,709 |
Held-to-maturity securities | 11,777 | 9,559 |
Loans, net of allowance for loan losses of $3,157 and $3,040 at June 30, 2017 and December 31, 2016, respectively | 337,820 | 332,283 |
Premises and equipment | 6,270 | 6,420 |
Federal Home Loan Bank stock | 4,226 | 4,226 |
Foreclosed assets held for sale, net | 230 | 2 |
Accrued interest receivable | 1,150 | 1,146 |
Bank-owned life insurance | 9,960 | 9,827 |
Goodwill | 1,719 | 1,719 |
Prepaid federal income taxes | 264 | |
Other assets | 1,782 | 1,880 |
Total assets | 445,202 | 454,791 |
Deposits | ||
Demand | 111,522 | 111,213 |
Savings and money market | 147,970 | 141,029 |
Time | 118,015 | 131,491 |
Total deposits | 377,507 | 383,733 |
Other short-term borrowings | 6,599 | 7,246 |
Federal Home Loan Bank advances | 15,000 | 18,000 |
Accrued federal income taxes | 34 | |
Deferred federal income taxes | 157 | 184 |
Interest payable and other liabilities | 3,858 | 4,600 |
Total liabilities | 403,155 | 413,763 |
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 | 36,067 | 36,041 |
Retained earnings | 23,153 | 22,317 |
Shares acquired by ESOP | (239) | (273) |
Accumulated other comprehensive loss | (396) | (519) |
Treasury stock, at cost: Common: 1,196,892 shares at June 30, 2017 and December 31, 2016 | (16,936) | (16,936) |
Total stockholders' equity | 42,047 | 41,028 |
Total liabilities and stockholders' equity | $ 445,202 | $ 454,791 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 3,157 | $ 3,040 |
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 (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and Dividend Income | ||||
Loans | $ 3,566 | $ 3,209 | $ 7,005 | $ 6,378 |
Securities | 472 | 568 | 954 | 1,196 |
Dividends on Federal Home Loan Bank stock and other | 57 | 49 | 113 | 93 |
Total interest and dividend income | 4,095 | 3,826 | 8,072 | 7,667 |
Interest Expense | ||||
Deposits | 437 | 447 | 882 | 868 |
Other short-term borrowings | 2 | 2 | 5 | 4 |
Federal Home Loan Bank advances | 60 | 69 | 120 | 139 |
Total interest expense | 499 | 518 | 1,007 | 1,011 |
Net Interest Income | 3,596 | 3,308 | 7,065 | 6,656 |
Provision (Credit) for Loan Losses | 83 | 11 | 110 | (56) |
Net Interest Income After Provision (Credit) for Loan Losses | 3,513 | 3,297 | 6,955 | 6,712 |
Noninterest Income | ||||
Deposit service charges | 151 | 145 | 303 | 282 |
Gain on loan sales | 138 | 73 | 171 | 121 |
Earnings on bank-owned life insurance | 76 | 75 | 149 | 148 |
Interchange fees | 115 | 103 | 218 | 199 |
Other operating | 160 | 159 | 286 | 257 |
Total noninterest income | 640 | 555 | 1,127 | 1,007 |
Noninterest Expense | ||||
Salaries and employee benefits | 1,526 | 1,762 | 3,250 | 3,448 |
Net occupancy and equipment expense | 527 | 509 | 1,053 | 1,036 |
Federal deposit insurance premiums | 42 | 69 | 88 | 140 |
Franchise taxes | 94 | 89 | 185 | 177 |
Advertising and marketing | 62 | 73 | 132 | 142 |
Legal | 156 | 30 | 347 | 90 |
Audit and accounting | 106 | 85 | 216 | 164 |
Stockholder expense | 186 | 28 | 262 | 58 |
Other | 402 | 305 | 727 | 603 |
Total noninterest expense | 3,101 | 2,950 | 6,260 | 5,858 |
Income Before Federal Income Taxes | 1,052 | 902 | 1,822 | 1,861 |
Provision for Federal Income Taxes | 291 | 228 | 490 | 480 |
Net Income | 761 | 674 | 1,332 | 1,381 |
Other comprehensive income: | ||||
Unrealized gains on available-for-sale securities | 159 | 159 | 230 | 640 |
Unrecognized loss on split-dollar life insurance policy | (29) | |||
Tax expense | (54) | (53) | (78) | (218) |
Other comprehensive income | 105 | 106 | 123 | 422 |
Total comprehensive income | $ 866 | $ 780 | $ 1,455 | $ 1,803 |
Basic and Diluted Earnings Per Share | $ 0.27 | $ 0.24 | $ 0.48 | $ 0.50 |
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, 2017 | Jun. 30, 2016 | |
Operating Activities | ||
Net income | $ 1,332 | $ 1,381 |
Items not requiring (providing) cash | ||
Depreciation and amortization | 342 | 322 |
Provision (credit) for loan losses | 110 | (56) |
Amortization of premiums and discounts on securities | 441 | 590 |
Amortization of mortgage servicing rights | 23 | 17 |
Accretion of net deferred loan origination fees | (42) | (56) |
Increase in value of bank-owned life insurance | (133) | (135) |
Amortization expense of stock benefit plan | 60 | 45 |
Provision for impairment on foreclosed assets held for sale | 2 | 16 |
Loss on sale of foreclosed assets held for sale | 5 | |
Net gain on sale of loans | (171) | (121) |
Proceeds from sale of loans in the secondary market | 5,904 | 3,091 |
Origination of loans for sale in the secondary market | (5,733) | (2,970) |
Deferred income taxes | (105) | (60) |
Changes in | ||
Accrued interest receivable | (4) | (17) |
Other assets | 338 | (393) |
Interest payable and other liabilities | (122) | (162) |
Net cash provided by operating activities | 2,242 | 1,497 |
Investing Activities | ||
Purchase of available-for-sale securities | (3,475) | |
Purchase of held-to-maturity securities | (2,273) | (895) |
Proceeds from maturities and paydowns of available-for-sale securities | 8,351 | 12,281 |
Proceeds from maturities and paydowns of held-to-maturity securities | 27 | 27 |
Net change in loans | (5,835) | (22,017) |
Purchase of premises and equipment | (193) | (318) |
Proceeds from the sale of foreclosed assets | 1 | 80 |
Net cash provided by (used in) investing activities | 78 | (14,317) |
Financing Activities | ||
Net change in deposits | (6,226) | 14,508 |
Net change in other short-term borrowings | (647) | 551 |
Proceeds from Federal Home Loan Bank advances | 26,100 | 13,375 |
Repayments of Federal Home Loan Bank advances | (29,100) | (13,375) |
Advances by borrowers for taxes and insurance | (615) | (834) |
Dividends on common stock | (496) | (494) |
Net cash provided by (used in) financing activities | (10,984) | 13,731 |
Change in Cash and Cash Equivalents | (8,664) | 911 |
Cash and Cash Equivalents, Beginning of period | 16,756 | 11,156 |
Cash and Cash Equivalents, End of period | 8,092 | 12,067 |
Supplemental Cash Flows Information | ||
Interest paid on deposits and borrowings | 1,007 | 1,005 |
Federal income taxes paid | 250 | 150 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Transfers from loans to foreclosed assets held for sale | 230 | 106 |
Recognition of mortgage servicing rights | 86 | 45 |
Dividends payable | $ 250 | $ 250 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and for the three and six months ended June 30, 2017 and 2016, 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 consolidated 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, 2016. Reference is made to the accounting policies of the Company described in the Notes to the Consolidated Financial Statements contained in the Company’s 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, 2017, 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, 2016 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, 2017 | |
Principles of Consolidation [Abstract] | |
Principles of Consolidation | Note 2: Principles of Consolidation The accompanying condensed consolidated financial statements include Wayne Savings Bancshares, Inc. and the Company’s wholly-owned subsidiary, Wayne Savings Community Bank (“Wayne Savings” or the “Bank”). Wayne Savings has eleven full-service offices in Wayne, Holmes, Ashland, Medina and Stark counties. All significant intercompany transactions and balances have been eliminated in the consolidation. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3: Securities The amortized cost and fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Fair Value (In thousands) Available-for-sale securities June 30, 2017: U.S. government agencies $ 8 $ — $ — $ 8 Mortgage-backed securities of 50,675 396 335 50,736 State and political subdivisions 11,101 375 44 11,432 Totals $ 61,784 $ 771 $ 379 $ 62,176 Amortized Gross Gross Fair Value Available-for-sale securities (In thousands) December 31, 2016: U.S. government agencies $ 11 $ — $ — $ 11 Mortgage-backed securities of 58,797 399 582 58,614 Private-label collateralized mortgage 41 — 1 40 State and political subdivisions 11,698 402 56 12,044 Totals $ 70,547 $ 801 $ 639 $ 70,709 Amortized Gross Gross Fair Value (In thousands) Held-to-maturity Securities: June 30, 2017: U.S. government agencies $ 15 $ — $ — $ 15 Mortgage-backed securities of 682 3 1 684 State and political subdivisions 11,080 99 46 11,133 Totals $ 11,777 $ 102 $ 47 $ 11,832 Amortized Gross Gross Fair Value Held-to-maturity Securities: (In thousands) December 31, 2016: U.S. government agencies $ 21 $ — $ — $ 21 Mortgage-backed securities of 704 7 — 711 State and political subdivisions 8,834 12 239 8,607 Totals $ 9,559 $ 19 $ 239 $ 9,339 Amortized cost and fair value of available-for-sale securities and held-to-maturity securities at June 30, 2017 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (In thousands) One to five years $ 5,215 $ 5,406 $ 2,058 $ 2,065 Five to ten years 4,550 4,658 2,886 2,893 After ten years 1,344 1,376 6,151 6,190 11,109 11,440 11,095 11,148 Mortgage-backed securities of 50,675 50,736 682 684 Totals $ 61,784 $ 62,176 $ 11,777 $ 11,832 The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $39.3 million at June 30, 2017, compared to $43.7 million at December 31, 2016. 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, 2017 and December 31, 2016 was $37.9 million and $49.8 million, which represented approximately 51% and 62%, respectively, of the Company’s 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, 2017. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. The following table shows the gross unrealized losses and fair value of the Company’s temporarily impaired investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. June 30, 2017 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities of $ 20,208 $ 154 $ 12,264 $ 182 $ 32,472 $ 336 State and political subdivisions 4,406 48 974 42 5,380 90 Total temporarily impaired $ 24,614 $ 202 $ 13,238 $ 224 $ 37,852 $ 426 December 31, 2016 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities of $ 32,810 $ 409 $ 7,978 $ 173 $ 40,788 $ 582 Private-label collateralized — — 40 1 40 1 State and political subdivisions 8,087 204 929 91 9,016 295 Total temporarily impaired $ 40,897 $ 613 $ 8,947 $ 265 $ 49,844 $ 878 |
Credit Quality of Loans and the
Credit Quality of Loans and the Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2017 | |
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 term of the loan. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well secured and in process of collection. Past due status is determined based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current for a period of six months and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the collectibility of a loan balance is in question. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. While management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by using the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. The risk characteristics of each portfolio segment are as follows: One-to-four Family Residential Real Estate Loans For residential mortgage loans that are secured by one-to-four family residences and are generally owner occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in one-to-four family residences. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. All Other Mortgage Loans All other mortgage loans consist of residential construction loans, nonresidential real estate loans, land loans and multi-family real estate loans. Residential construction loan proceeds are disbursed in increments as construction progresses and as inspections warrant. Construction loans are typically structured as permanent one-to-four family loans originated by the Company with a 12-month construction phase. Accordingly, upon completion of the construction phase, there is no change in interest rate or term to maturity of the original construction loan, nor is a new permanent loan originated. These loans are generally owner occupied and the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Nonresidential real estate loans are negotiated on a case-by-case basis. Loans secured by nonresidential real estate generally involve a greater degree of risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by nonresidential real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced, the borrower’s ability to repay the loan may be impaired. The Company also originates a limited number of land loans secured by individual improved and unimproved lots for future residential construction. In addition, the Company originates loans to commercial customers with land held as the collateral. Multi-family real estate loans generally involve a greater degree of credit risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family real estate is typically dependent upon the successful operation of the related real estate property. If the cash flow from the project is reduced, the borrower’s ability to repay the loan may be impaired. Commercial Business Loans Commercial business loans carry a higher degree of risk than one-to-four family residential loans. Such lending typically involves large loan balances concentrated in a single borrower or groups of related borrowers for rental or business properties. In addition, the payment experience on loans secured by income-producing properties is typically dependent on the success of the operation of the related project and thus is typically affected by adverse conditions in the real estate market and in the economy. The Company originates commercial loans generally in the $50,000 to $1,000,000 range with the majority of these loans being under $500,000. Commercial loans are generally underwritten based on the borrower’s ability to pay and assets such as buildings, land and equipment are taken as additional loan collateral. Each loan is evaluated for a level of risk and assigned a rating from “1” (the highest quality rating) to “7” (the lowest quality rating). Consumer Loans Consumer loans entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as automobiles, mobile homes, boats, and recreational vehicles. In such cases, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and the remaining deficiency often does not warrant further substantial collection efforts against the borrower. In particular, amounts realizable on the sale of repossessed automobiles may be significantly reduced based upon the condition of the automobiles and the lack of demand for used automobiles. The following presents by portfolio segment the activity in the allowance for loan losses for the three and six months ended June 30, 2017 and 2016: Three months ended June 30, 2017 One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,444 $ 1,129 $ 465 $ 6 $ 3,044 Provision charged (credited) (111 ) (34 ) 229 (1 ) 83 Losses charged off — — — — — Recoveries 29 — 1 — 30 Ending balance $ 1,362 $ 1,095 $ 695 $ 5 $ 3,157 Three months ended June 30, 2016 One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,279 $ 1,207 $ 281 $ 4 $ 2,771 Provision charged (credited) 303 (245 ) (47 ) — 11 Losses charged off — (5 ) — (1 ) (6 ) Recoveries — — — — — Ending balance $ 1,582 $ 957 $ 234 $ 3 $ 2,776 Six months ended June 30, 2017 One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,479 $ 1,108 $ 447 $ 6 $ 3,040 Provision charged (credited) (123 ) (13 ) 247 (1 ) 110 Losses charged off (23 ) — — — (23 ) Recoveries 29 — 1 — 30 Ending balance $ 1,362 $ 1,095 $ 695 $ 5 $ 3,157 Six months ended June 30, 2016 One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,346 $ 1,210 $ 279 $ 2 $ 2,837 Provision charged (credited) 235 (248 ) (45 ) 2 (56 ) Losses charged off — (5 ) — (1 ) (6 ) Recoveries 1 — — — 1 Ending balance $ 1,582 $ 957 $ 234 $ 3 $ 2,776 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, 2017 and December 31, 2016: June 30, 2017 One-to-four All other Commercial Consumer Total Allowance Balances: (In thousands) Ending balance: Individually evaluated $ 254 $ 148 $ 437 $ 1 $ 840 Collectively evaluated 1,108 947 258 4 2,317 Total allowance for loan $ 1,362 $ 1,095 $ 695 $ 5 $ 3,157 Loan Balances: Ending balance: Individually evaluated $ 1,475 $ 1,057 $ 558 $ 1 $ 3,091 Collectively evaluated 190,839 126,828 26,079 1,933 345,679 Total balance $ 192,314 $ 127,885 $ 26,637 $ 1,934 $ 348,770 December 31, 2016 One-to-four All other Commercial Consumer Total Allowance Balances: (In thousands) Ending balance: Individually evaluated $ 323 $ 151 $ 184 $ — $ 658 Collectively evaluated 1,156 957 263 6 2,382 Total allowance for loan $ 1,479 $ 1,108 $ 447 $ 6 $ 3,040 Loan Balances: Ending balance: Individually evaluated $ 1,527 $ 1,067 $ 547 $ — $ 3,141 Collectively evaluated 191,897 120,890 22,668 2,193 337,648 Total balance $ 193,424 $ 121,957 $ 23,215 $ 2,193 $ 340,789 Total loans in the above tables do not include deferred loan origination fees of $745,000 and $747,000 or loans in process of $7.0 million and $4.7 million, respectively, for June 30, 2017 and December 31, 2016 . The following tables present the credit risk profile of the Bank’s loan portfolio based on rating category and payment activity as of June 30, 2017 and December 31, 2016: June 30, 2017 One-to-four All other Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 188,982 $ 123,352 $ 25,909 $ 1,933 Special Mention (Risk 5) — 1,927 35 — Substandard (Risk 6) 3,332 2,606 693 1 Total $ 192,314 $ 127,885 $ 26,637 $ 1,934 December 31, 2016 One-to-four All other Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 189,975 $ 119,503 $ 22,427 $ 2,193 Special Mention (Risk 5) — — — — Substandard (Risk 6) 3,449 2,454 788 — Total $ 193,424 $ 121,957 $ 23,215 $ 2,193 There were no loans classified as Doubtful (Risk 7) at either June 30, 2017 or at December 31, 2016. Ratings are generally assigned to consumer and residential mortgage loans on a “pass” or “fail” basis, where “fail” results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank’s loan policy that produces a risk rating as described below. Risk 1 is unquestioned credit quality for any credit product. Loans are secured by cash and near cash collateral with immediate access to proceeds. Risk 2 is very low risk with strong credit and repayment sources. Borrower is well capitalized in a stable industry, financial ratios exceed peers and financial trends are positive. Risk 3 is very favorable risk with highly adequate credit strength and repayment sources. Borrower has good overall financial condition and adequate capitalization. Risk 4 is acceptable, average risk with adequate credit strength and repayment sources. Collateral positions must be within Bank policies. Risk 5 or “Special Mention,” also known as “watch,” has potential weakness that deserves Management’s close attention. This risk includes loans where the borrower has developed financial uncertainties or the borrower is resolving the financial uncertainties. Bank credits have been secured or negotiations will be ongoing to secure further collateral. Risk 6 or “Substandard” loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that exhibit a weakening of the borrower’s credit strength with limited credit access and all nonperforming loans. Risk 7 or “Doubtful” loans are significantly under protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that are likely to experience a loss of some magnitude, but where the amount of the expected loss is not known with enough certainty to allow for an accurate calculation of a loss amount for charge- off. This category is considered to be temporary until a charge-off amount can be reasonably determined. The following tables present the Bank’s loan portfolio aging analysis for June 30, 2017 and December 31, 2016: June 30, 2017 30-59 Days 60-89 Days Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 126 $ 119 $ 399 $ 644 $ 191,670 $ 192,314 $ 17 All other mortgage — — 63 63 127,822 127,885 — Commercial 525 — 23 548 26,089 26,637 — Consumer loans 7 — — 7 1,927 1,934 — Total $ 658 $ 119 $ 485 $ 1,262 $ 347,508 $ 348,770 $ 17 December 31, 2016 30-59 Days 60-89 Days Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 442 $ 419 $ 959 $ 1,820 $ 191,604 $ 193,424 $ — All other mortgage — — 63 63 121,894 121,957 — Commercial 16 — 22 38 23,177 23,215 — Consumer loans 8 — — 8 2,185 2,193 — Total $ 466 $ 419 $ 1,044 $ 1,929 $ 338,860 $ 340,789 $ — Nonaccrual loans were comprised of the following at: Nonaccrual loans June 30, 2017 December 31, 2016 (In thousands) One-to-four family residential loans $ 1,407 $ 1,473 All other mortgage loans 63 63 Commercial business loans 548 22 Consumer loans — — Total $ 2,018 $ 1,558 A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Bank will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. Information with respect to the Company’s impaired loans at June 30, 2017 and December 31, 2016 in combination with activity for the three and six months ended June 30, 2017 and 2016 is presented below: As of June 30, 2017 Three months ended June 30, 2017 Six months ended June 30, 2017 Recorded Unpaid Specific Average Interest Income Average Interest (In thousands) Loans without a One-to-four $ 1,137 $ 1,151 $ — $ 1,170 $ 9 $ 1,153 $ 18 All other 218 218 — 221 5 222 9 Commercial — — — — — — — Consumer loans — — — — — — — Loans with a One-to-four 338 338 254 360 — 375 — All other 839 839 148 838 13 839 26 Commercial 558 558 437 566 7 559 15 Consumer loans 1 1 1 1 — — — Total: One-to-four $ 1,475 $ 1,489 $ 254 $ 1,530 $ 9 1,528 $ 18 All other 1,057 1,057 148 1,059 18 1,061 35 Commercial 558 558 437 566 7 559 15 Consumer loans 1 1 1 1 — — — $ 3,091 $ 3,105 $ 840 $ 3,156 $ 34 $ 3,148 $ 68 As of December 31, 2016 Three months ended June 30, 2016 Six months ended June 30, 2016 Recorded Unpaid Specific Average Interest Average Interest (In thousands) Loans without a One-to-four family $ 1,121 $ 1,189 $ — $ 900 $ 10 $ 1,008 $ 20 All other mortgage 226 226 — 1,034 17 689 35 Commercial — — — — — — — Loans with a One-to-four family 406 406 323 772 — 1,036 — All other mortgage 841 841 151 213 — 496 — Commercial 547 547 184 41 1 38 1 Total: One-to-four family $ 1,527 $ 1,595 $ 323 $ 1,672 $ 10 $ 2,044 $ 20 All other mortgage 1,067 1,067 151 1,247 17 1,185 35 Commercial 547 547 184 41 1 38 1 $ 3,141 $ 3,209 $ 658 $ 2,960 $ 28 $ 3,267 $ 56 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 two TDR classifications of $134,000 that occurred in the 2017 year-to-date period. One of these borrowers received a rate concession, while the second borrower was advanced additional funds. 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 that were classified as TDR’s during the 2016 year-to-date period were to the same borrower and were on a nonaccrual status. Each TDR has been individually evaluated for impairment with the appropriate specific valuation allowance included in the allowance for loan losses calculation. There were no TDR classifications which defaulted during the three and six months ended June 30, 2017 and 2016. The Company considers TDRs that become 90 days or more past due under modified terms as subsequently defaulted. Quarter-to-Date Year-to-Date Troubled Debt Restructurings Number Pre- Post- Number Pre- Post- (dollars in thousands) (dollars in thousands) June 30, 2017 One-to-four family — $ — $ — 2 $ 134 $ 134 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, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Recorded Investment (In thousands) One-to-four family residential loans $ 230 $ 2 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, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Recorded Investment (In thousands) One-to-four family residential loans $ 199 $ 97 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill [Abstract] | |
Goodwill | Note 5: Goodwill The following table presents the balance of goodwill at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 (In thousands) Goodwill $ 1,719 $ 1,719 The Company is required to annually test goodwill for impairment or more frequently if impairment indicators exist. The Company’s testing of goodwill at November 30, 2016 indicated there was no impairment in the carrying value of the related asset. There have been no indicators of impairment during 2017. |
Repurchase Agreements
Repurchase Agreements | 6 Months Ended |
Jun. 30, 2017 | |
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 table presents the fair value and type of securities pledged as collateral in exchange for these short-term borrowings at June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 (In thousands) Repurchase Agreements Mortgage-backed securities of government $ 6,599 $ 7,246 Gross amount of recognized liabilities for $ 6,599 $ 7,246 The contractual maturities of the repurchase agreements is overnight and continuous for both June 30, 2017 and December 31, 2016. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7: Earnings Per Share Basic earnings per common share is computed based upon the weighted-average number of common shares outstanding during the period, less shares in the Company’s Employee Stock Ownership Plan (“ESOP”) that are unallocated and not committed to be released. There were no dilutive shares at June 30, 2017 or June 30, 2016. The computations are as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Net income (in thousands) $ 761 $ 674 $ 1,332 $ 1,381 Weighted-average common 2,754,573 2,747,567 2,754,573 2,747,567 Net income per share $ 0.27 $ 0.24 $ 0.48 $ 0.50 |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
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 mandatory–and possibly additional discretionary–actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and the Bank’s capital classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. The Bank must give notice to, or under certain conditions specified by regulation, apply to, the Federal Reserve Bank of Cleveland prior to declaring a dividend to the Company. Under existing regulatory guidance, a dividend is generally permissible without regulatory approval if the institution is considered to be “well capitalized” and the dividend does not exceed current year-to-date net income plus the change in retained earnings for the previous two calendar years. An Ohio-chartered savings association must seek advance approval of the Superintendent of the Ohio Division of Financial Institutions before declaring a dividend that would exceed the total of the savings association’s net profits for that year combined with its retained net profits of the preceding two years, less any required transfers to surplus. 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 1 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, 2017, that the Bank met all capital adequacy requirements to which it is subject. As of June 30, 2017, 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, 2017, that management believes have changed the Bank’s capital classification. The Bank’s actual capital amounts and ratios as of June 30, 2017 and December 31, 2016 are presented in the following table. Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio As of June 30, 2017 Tier 1 capital to average assets $ 39,836 9.0% $ 17,766 4.0% $ 22,207 5.0% Tier 1 common equity capital to risk- 39,836 13.3% 13,494 4.5% 19,492 6.5% Tier 1 capital to risk-weighted assets 39,836 13.3% 17,992 6.0% 23,990 8.0% Total risk-based capital to risk- 42,997 14.3% 23,990 8.0% 29,987 10.0% As of December 31, 2016 Tier 1 capital to average assets $ 38,133 8.5% $ 17,850 4.0% $ 22,313 5.0% Tier 1 common equity capital to risk- 38,133 13.0% 13,159 4.5% 19,007 6.5% Tier 1 capital to risk-weighted assets 38,133 13.0% 17,545 6.0% 23,393 8.0% Total risk-based capital to risk- 41,176 14.1% 23,393 8.0% 29,241 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, with 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 began 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, 2017 | |
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 Net Unrealized Loss Gross Tax Effect Total Accumulated (In thousands) June 30, 2017 $ 392 $ (160 ) $ (750 ) $ 122 $ (396 ) December 31, 2016 $ 162 $ (131 ) $ (750 ) $ 200 $ (519 ) There were no amounts reclassified out of accumulated other comprehensive income (loss) during the three and six months ended June 30, 2017 or 2016. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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 Company’s consolidated balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. Available-for-sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. 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, 2017 and December 31, 2016: Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (In thousands) June 30, 2017 U.S. government agencies $ 8 $ — $ 8 $ — Mortgage-backed securities 50,736 — 50,736 — State and political 11,432 — 11,432 — Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (In thousands) December 31, 2016 U.S. government agencies $ 11 $ — $ 11 $ — Mortgage-backed securities 58,614 — 58,614 — Private-label collateralized 40 — 40 — State and political 12,044 — 12,044 — 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, 2017 and December 31, 2016. Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (In thousands) June 30, 2017 Collateral-dependent $ 121 $ — $ — $ 121 December 31, 2016 Collateral-dependent $ 1,053 $ — $ — $ 1,053 Foreclosed assets 2 — — 2 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, 2017 Collateral-dependent impaired loans $ 121 Estimated proceeds Selling Costs 77% December 31, 2016 Collateral-dependent impaired loans $ 1,053 Market comparable Discounts 25% Foreclosed assets 2 Expected selling price Selling Costs 10% There were changes in the inputs or methodologies used to determine fair value at June 30, 2017 as compared to December 31, 2016 as the commercial customer is in the process of liquidating its collateral. The following table presents estimated fair values of the Company’s 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 Quoted Prices in Significant Other Significant (In thousands) June 30, 2017 Financial assets Cash and cash equivalents $ 8,092 $ 8,092 $ — $ — Held-to-maturity securities 11,777 — 11,832 — Loans, net of allowance for 337,820 — — 350,549 Federal Home Loan Bank 4,226 — 4,226 — Interest receivable 1,150 — 1,150 — Financial liabilities Deposits 377,507 259,492 117,694 — Other short-term borrowings 6,599 — 6,599 — Federal Home Loan Bank 15,000 — 14,960 — Advances from borrowers 691 — 691 — Interest payable 29 — 29 — Fair Value Measurements Using Carrying Quoted Prices in Significant Other Significant (In thousands) December 31, 2016 Financial assets Cash and cash equivalents $ 16,756 $ 16,756 $ — $ — Held-to-maturity securities 9,559 — 9,339 Loans, net of allowance for 332,283 — — 341,999 Federal Home Loan Bank 4,226 — 4,226 — Interest receivable 1,146 — 1,146 — Financial liabilities Deposits 383,733 252,242 130,770 — Other short-term borrowings 7,246 — 7,246 — Federal Home Loan Bank 18,000 — 17,938 — Advances from borrowers 1,306 — 1,306 — Interest payable 29 — 29 — 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, net of allowance for loan losses The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. Deposits Deposits include savings accounts, checking accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. Interest Payable, Other Short-Term Borrowings and Advances From Borrowers for Taxes and Insurance The carrying amount approximates fair value. Federal Home Loan Bank Advances Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Commitments to Originate Loans, Letters of Credit and Lines of Credit The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. Fair values of commitments were not material at June 30, 2017 and December 31, 2016. |
Recent Accounting Developments
Recent Accounting Developments | 6 Months Ended |
Jun. 30, 2017 | |
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 Entity’s Ability to Continue as a Going Concern, was issued in August 2014. The amendments in this update provide guidance in Generally Accepted Accounting Principles (GAAP) about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. FASB ASU 2015-10, Technical Corrections and Improvements was issued in June, 2015. The amendments in this Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to entities. The amendments in this Update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this update. The adoption of the amendments that required transition guidance did not have a material impact on the Company’s consolidated financial statements. The adoption of the other amendments in this update did not have a material impact on the Company’s consolidated financial statements. FASB ASU 2016-01, Financial Instruments–Overall (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 is not permitted. This standard is not expected to have a material impact on the Company’s consolidated financial statements. The Company is no longer required to disclose the method and assumptions used to estimate the fair value of financial instruments measured at amortized cost. 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 within the Update’s scope should be derecognized. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 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 Company’s consolidated financial statements, because the Company does not currently have any liabilities related to stored value cards. 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 Company’s financial statements is not known at this time. FASB ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments, was issued in August 2016. The amendments in this Update provide guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This Update addresses eight specific cash flow issues with the objective of reducing the diversity in practice. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The amendments in this Update are not expected to have a material impact on the Company’s consolidated financial statements, because the Company has limited exposure to those cash flow items included in the Update. FASB ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash, was issued in November 2016. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The amendments in this Update are not expected to have a material impact on the Company’s consolidated financial statements. The cash flow presentation will be expanded to include the activity related to restricted cash, or required cash reserve balances upon adoption. FASB ASU 2016-19, Technical Corrections and Improvements, was issued in December 2016. The amendments in this Update cover a wide range of topics in the Accounting Standards Codification. The amendments generally fall into one of several categories including, amendments related to differences between original guidance and the Accounting Standards Codification, guidance clarification and reference corrections, simplification, or minor improvements. Most of the amendments in this Update do not require transition guidance and are effective upon issuance of this Update. The amendments in this Update are not expected to have a material impact on the Company’s consolidated financial statements, because the Company has limited exposure and disclosures relating to those items included in this Update. FASB ASU 2017-01, Business Combinations, (Topic 805), Clarifying the Definition of a Business, was issued in January 2017. The amendments in this Update clarify the definition of a business, with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this Update should be applied to annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments in this Update should be applied prospectively on or after the effective date. The amendments in this Update are not expected to have a material impact on the Company’s consolidated financial statements, because the Company historically has experienced minimal acquisitions or disposals, if any. FASB ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323), Amendments to SEC paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings, was issued in January 2017. The amendments in this Update provide guidance on the disclosures required regarding the reporting and financial statement impact of recently issued but not yet adopted standards. The Changes and Corrections in this Update are effective upon release. The amendments in this update will require the Company to provide increased disclosure with respect to adopting current and future accounting Updates. FASB ASU 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment, was issued in January 2017. The amendments in this Update modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. The amendments in this Update should be adopted for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment performed on testing dates after January 1, 2017. The amendments in this Update are not expected to have a material impact on the Company’s consolidated financial statements. FASB ASU 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost, was issued in March 2017. The amendments in this Update require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered to the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The amendments in this Update also allow for the service cost component to be eligible for capitalization when applicable. The amendments in this Update are effective for annual periods after December 31, 2017, including interim periods within those annual periods. Early adoption is permitted and should be made within the first interim period that financial statements are issued. The amendments in this Update should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic post-retirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic post-retirement benefit in assets. The amendments in this Update are not expected to have a material impact on the Company’s consolidated financial statements. FASB ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20) Premium Amortization on Purchased Callable Debt Securities, was issued in March 2017. The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The amendments in this Update are expected to have a negative impact on earnings during the shortened amortization period if the bond is not called. However, if the bond is not called, earnings should improve past the call date. If the bond is called as scheduled, the Updates in this amendment will not have a material impact on the Company’s consolidated financial statements. FASB ASU 2017-9 Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting, was issued in May 2017. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. The amendments in this Update are not expected to impact the Company’s consolidated financial statements, as the Company does not currently have any outstanding share-based payment awards. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available for Sale Securities | The amortized cost and fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Fair Value (In thousands) Available-for-sale securities June 30, 2017: U.S. government agencies $ 8 $ — $ — $ 8 Mortgage-backed securities of 50,675 396 335 50,736 State and political subdivisions 11,101 375 44 11,432 Totals $ 61,784 $ 771 $ 379 $ 62,176 Amortized Gross Gross Fair Value Available-for-sale securities (In thousands) December 31, 2016: U.S. government agencies $ 11 $ — $ — $ 11 Mortgage-backed securities of 58,797 399 582 58,614 Private-label collateralized mortgage 41 — 1 40 State and political subdivisions 11,698 402 56 12,044 Totals $ 70,547 $ 801 $ 639 $ 70,709 |
Schedule of Held To Maturity Securities | Amortized Gross Gross Fair Value (In thousands) Held-to-maturity Securities: June 30, 2017: U.S. government agencies $ 15 $ — $ — $ 15 Mortgage-backed securities of 682 3 1 684 State and political subdivisions 11,080 99 46 11,133 Totals $ 11,777 $ 102 $ 47 $ 11,832 Amortized Gross Gross Fair Value Held-to-maturity Securities: (In thousands) December 31, 2016: U.S. government agencies $ 21 $ — $ — $ 21 Mortgage-backed securities of 704 7 — 711 State and political subdivisions 8,834 12 239 8,607 Totals $ 9,559 $ 19 $ 239 $ 9,339 |
Schedule of Expected Maturities of Available for Sale and Held To Maturity Securities | Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (In thousands) One to five years $ 5,215 $ 5,406 $ 2,058 $ 2,065 Five to ten years 4,550 4,658 2,886 2,893 After ten years 1,344 1,376 6,151 6,190 11,109 11,440 11,095 11,148 Mortgage-backed securities of 50,675 50,736 682 684 Totals $ 61,784 $ 62,176 $ 11,777 $ 11,832 |
Schedule of Securities in a Gross Unrealized Loss Position | The following table shows the gross unrealized losses and fair value of the Company’s temporarily impaired investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. June 30, 2017 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities of $ 20,208 $ 154 $ 12,264 $ 182 $ 32,472 $ 336 State and political subdivisions 4,406 48 974 42 5,380 90 Total temporarily impaired $ 24,614 $ 202 $ 13,238 $ 224 $ 37,852 $ 426 December 31, 2016 Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Mortgage-backed securities of $ 32,810 $ 409 $ 7,978 $ 173 $ 40,788 $ 582 Private-label collateralized — — 40 1 40 1 State and political subdivisions 8,087 204 929 91 9,016 295 Total temporarily impaired $ 40,897 $ 613 $ 8,947 $ 265 $ 49,844 $ 878 |
Credit Quality of Loans and t18
Credit Quality of Loans and the Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses | The following presents by portfolio segment the activity in the allowance for loan losses for the three and six months ended June 30, 2017 and 2016: Three months ended June 30, 2017 One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,444 $ 1,129 $ 465 $ 6 $ 3,044 Provision charged (credited) (111 ) (34 ) 229 (1 ) 83 Losses charged off — — — — — Recoveries 29 — 1 — 30 Ending balance $ 1,362 $ 1,095 $ 695 $ 5 $ 3,157 Three months ended June 30, 2016 One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,279 $ 1,207 $ 281 $ 4 $ 2,771 Provision charged (credited) 303 (245 ) (47 ) — 11 Losses charged off — (5 ) — (1 ) (6 ) Recoveries — — — — — Ending balance $ 1,582 $ 957 $ 234 $ 3 $ 2,776 Six months ended June 30, 2017 One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,479 $ 1,108 $ 447 $ 6 $ 3,040 Provision charged (credited) (123 ) (13 ) 247 (1 ) 110 Losses charged off (23 ) — — — (23 ) Recoveries 29 — 1 — 30 Ending balance $ 1,362 $ 1,095 $ 695 $ 5 $ 3,157 Six months ended June 30, 2016 One-to-four All other Commercial Consumer loans Total (In thousands) Beginning balance $ 1,346 $ 1,210 $ 279 $ 2 $ 2,837 Provision charged (credited) 235 (248 ) (45 ) 2 (56 ) Losses charged off — (5 ) — (1 ) (6 ) Recoveries 1 — — — 1 Ending balance $ 1,582 $ 957 $ 234 $ 3 $ 2,776 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, 2017 and December 31, 2016: June 30, 2017 One-to-four All other Commercial Consumer Total Allowance Balances: (In thousands) Ending balance: Individually evaluated $ 254 $ 148 $ 437 $ 1 $ 840 Collectively evaluated 1,108 947 258 4 2,317 Total allowance for loan $ 1,362 $ 1,095 $ 695 $ 5 $ 3,157 Loan Balances: Ending balance: Individually evaluated $ 1,475 $ 1,057 $ 558 $ 1 $ 3,091 Collectively evaluated 190,839 126,828 26,079 1,933 345,679 Total balance $ 192,314 $ 127,885 $ 26,637 $ 1,934 $ 348,770 December 31, 2016 One-to-four All other Commercial Consumer Total Allowance Balances: (In thousands) Ending balance: Individually evaluated $ 323 $ 151 $ 184 $ — $ 658 Collectively evaluated 1,156 957 263 6 2,382 Total allowance for loan $ 1,479 $ 1,108 $ 447 $ 6 $ 3,040 Loan Balances: Ending balance: Individually evaluated $ 1,527 $ 1,067 $ 547 $ — $ 3,141 Collectively evaluated 191,897 120,890 22,668 2,193 337,648 Total balance $ 193,424 $ 121,957 $ 23,215 $ 2,193 $ 340,789 |
Schedule of Loans Receivable by Credit Risk Profile | The following tables present the credit risk profile of the Bank’s loan portfolio based on rating category and payment activity as of June 30, 2017 and December 31, 2016: June 30, 2017 One-to-four All other Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 188,982 $ 123,352 $ 25,909 $ 1,933 Special Mention (Risk 5) — 1,927 35 — Substandard (Risk 6) 3,332 2,606 693 1 Total $ 192,314 $ 127,885 $ 26,637 $ 1,934 December 31, 2016 One-to-four All other Commercial Consumer loans (In thousands) Rating * Pass (Risk 1-4) $ 189,975 $ 119,503 $ 22,427 $ 2,193 Special Mention (Risk 5) — — — — Substandard (Risk 6) 3,449 2,454 788 — Total $ 193,424 $ 121,957 $ 23,215 $ 2,193 There were no loans classified as Doubtful (Risk 7) at either June 30, 2017 or at December 31, 2016. Ratings are generally assigned to consumer and residential mortgage loans on a “pass” or “fail” basis, wh* ere “fail” results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank’s loan policy that produces a risk rating as described below. Risk 1 is unquestioned credit quality for any credit product. Loans are secured by cash and near cash collateral with immediate access to proceeds. Risk 2 is very low risk with strong credit and repayment sources. Borrower is well capitalized in a stable industry, financial ratios exceed peers and financial trends are positive. Risk 3 is very favorable risk with highly adequate credit strength and repayment sources. Borrower has good overall financial condition and adequate capitalization. Risk 4 is acceptable, average risk with adequate credit strength and repayment sources. Collateral positions must be within Bank policies. Risk 5 or “Special Mention,” also known as “watch,” has potential weakness that deserves Management’s close attention. This risk includes loans where the borrower has developed financial uncertainties or the borrower is resolving the financial uncertainties. Bank credits have been secured or negotiations will be ongoing to secure further collateral. Risk 6 or “Substandard” loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that exhibit a weakening of the borrower’s credit strength with limited credit access and all nonperforming loans. Risk 7 or “Doubtful” loans are significantly under protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that are likely to experience a loss of some magnitude, but where the amount of the expected loss is not known with enough certainty to allow for an accurate calculation of a loss amount for charge- off. This category is considered to be temporary until a charge-off amount can be reasonably determined. |
Schedule of Aging Analysis of Loans Receivable | The following tables present the Bank’s loan portfolio aging analysis for June 30, 2017 and December 31, 2016: June 30, 2017 30-59 Days 60-89 Days Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 126 $ 119 $ 399 $ 644 $ 191,670 $ 192,314 $ 17 All other mortgage — — 63 63 127,822 127,885 — Commercial 525 — 23 548 26,089 26,637 — Consumer loans 7 — — 7 1,927 1,934 — Total $ 658 $ 119 $ 485 $ 1,262 $ 347,508 $ 348,770 $ 17 December 31, 2016 30-59 Days 60-89 Days Greater Total Past Current Total Loans Total Loans > (In thousands) One-to-four family $ 442 $ 419 $ 959 $ 1,820 $ 191,604 $ 193,424 $ — All other mortgage — — 63 63 121,894 121,957 — Commercial 16 — 22 38 23,177 23,215 — Consumer loans 8 — — 8 2,185 2,193 — Total $ 466 $ 419 $ 1,044 $ 1,929 $ 338,860 $ 340,789 $ — |
Schedule of Non-accrual Loans | Nonaccrual loans were comprised of the following at: Nonaccrual loans June 30, 2017 December 31, 2016 (In thousands) One-to-four family residential loans $ 1,407 $ 1,473 All other mortgage loans 63 63 Commercial business loans 548 22 Consumer loans — — Total $ 2,018 $ 1,558 |
Schedule of Impaired Loans | Information with respect to the Company’s impaired loans at June 30, 2017 and December 31, 2016 in combination with activity for the three and six months ended June 30, 2017 and 2016 is presented below: As of June 30, 2017 Three months ended June 30, 2017 Six months ended June 30, 2017 Recorded Unpaid Specific Average Interest Income Average Interest (In thousands) Loans without a One-to-four $ 1,137 $ 1,151 $ — $ 1,170 $ 9 $ 1,153 $ 18 All other 218 218 — 221 5 222 9 Commercial — — — — — — — Consumer loans — — — — — — — Loans with a One-to-four 338 338 254 360 — 375 — All other 839 839 148 838 13 839 26 Commercial 558 558 437 566 7 559 15 Consumer loans 1 1 1 1 — — — Total: One-to-four $ 1,475 $ 1,489 $ 254 $ 1,530 $ 9 1,528 $ 18 All other 1,057 1,057 148 1,059 18 1,061 35 Commercial 558 558 437 566 7 559 15 Consumer loans 1 1 1 1 — — — $ 3,091 $ 3,105 $ 840 $ 3,156 $ 34 $ 3,148 $ 68 As of December 31, 2016 Three months ended June 30, 2016 Six months ended June 30, 2016 Recorded Unpaid Specific Average Interest Average Interest (In thousands) Loans without a One-to-four family $ 1,121 $ 1,189 $ — $ 900 $ 10 $ 1,008 $ 20 All other mortgage 226 226 — 1,034 17 689 35 Commercial — — — — — — — Loans with a One-to-four family 406 406 323 772 — 1,036 — All other mortgage 841 841 151 213 — 496 — Commercial 547 547 184 41 1 38 1 Total: One-to-four family $ 1,527 $ 1,595 $ 323 $ 1,672 $ 10 $ 2,044 $ 20 All other mortgage 1,067 1,067 151 1,247 17 1,185 35 Commercial 547 547 184 41 1 38 1 $ 3,141 $ 3,209 $ 658 $ 2,960 $ 28 $ 3,267 $ 56 |
Schedule of Troubled Debt Restructurings | Quarter-to-Date Year-to-Date Troubled Debt Restructurings Number Pre- Post- Number Pre- Post- (dollars in thousands) (dollars in thousands) June 30, 2017 One-to-four family — $ — $ — 2 $ 134 $ 134 June 30, 2016 One-to-four family — $ — $ — 8 $ 412 $ 412 |
Schedule of balance of mortgage loans collateralized by residential real estate properties held as foreclosed assets | The following table presents the balance of mortgage loans collateralized by residential real estate properties held as foreclosed assets at June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Recorded Investment (In thousands) One-to-four family residential loans $ 230 $ 2 |
Schedule of balance of mortgage loans collateralized by residential real estate properties that are in formal process of foreclosure | 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, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Recorded Investment (In thousands) One-to-four family residential loans $ 199 $ 97 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill [Abstract] | |
Schedule of balance of goodwill | The following table presents the balance of goodwill at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 (In thousands) Goodwill $ 1,719 $ 1,719 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 | The following table presents the fair value and type of securities pledged as collateral in exchange for these short-term borrowings at June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 (In thousands) Repurchase Agreements Mortgage-backed securities of government $ 6,599 $ 7,246 Gross amount of recognized liabilities for $ 6,599 $ 7,246 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Earnings Per Share | The computations are as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Net income (in thousands) $ 761 $ 674 $ 1,332 $ 1,381 Weighted-average common 2,754,573 2,747,567 2,754,573 2,747,567 Net income per share $ 0.27 $ 0.24 $ 0.48 $ 0.50 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Matters [Abstract] | |
Schedule of Regulatory Capital Requirements | The Bank’s actual capital amounts and ratios as of June 30, 2017 and December 31, 2016 are presented in the following table. Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio As of June 30, 2017 Tier 1 capital to average assets $ 39,836 9.0% $ 17,766 4.0% $ 22,207 5.0% Tier 1 common equity capital to risk- 39,836 13.3% 13,494 4.5% 19,492 6.5% Tier 1 capital to risk-weighted assets 39,836 13.3% 17,992 6.0% 23,990 8.0% Total risk-based capital to risk- 42,997 14.3% 23,990 8.0% 29,987 10.0% As of December 31, 2016 Tier 1 capital to average assets $ 38,133 8.5% $ 17,850 4.0% $ 22,313 5.0% Tier 1 common equity capital to risk- 38,133 13.0% 13,159 4.5% 19,007 6.5% Tier 1 capital to risk-weighted assets 38,133 13.0% 17,545 6.0% 23,393 8.0% Total risk-based capital to risk- 41,176 14.1% 23,393 8.0% 29,241 10.0% |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: Gross Net Unrealized Loss Gross Tax Effect Total Accumulated (In thousands) June 30, 2017 $ 392 $ (160 ) $ (750 ) $ 122 $ (396 ) December 31, 2016 $ 162 $ (131 ) $ (750 ) $ 200 $ (519 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measured on a Recurring Basis | 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, 2017 and December 31, 2016: Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (In thousands) June 30, 2017 U.S. government agencies $ 8 $ — $ 8 $ — Mortgage-backed securities 50,736 — 50,736 — State and political 11,432 — 11,432 — Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (In thousands) December 31, 2016 U.S. government agencies $ 11 $ — $ 11 $ — Mortgage-backed securities 58,614 — 58,614 — Private-label collateralized 40 — 40 — State and political 12,044 — 12,044 — |
Schedule of Fair Value Measured on a Nonrecurring Basis | 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, 2017 and December 31, 2016. Fair Value Measurement Using Fair Value Quoted Prices in Significant Other Significant (In thousands) June 30, 2017 Collateral-dependent $ 121 $ — $ — $ 121 December 31, 2016 Collateral-dependent $ 1,053 $ — $ — $ 1,053 Foreclosed assets 2 — — 2 |
Schedule of Level 3 Fair Value Measurements | 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, 2017 Collateral-dependent impaired loans $ 121 Estimated proceeds Selling Costs 77% December 31, 2016 Collateral-dependent impaired loans $ 1,053 Market comparable Discounts 25% Foreclosed assets 2 Expected selling price Selling Costs 10% |
Schedule of Fair Value of Financial Instruments | The following table presents estimated fair values of the Company’s 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 Quoted Prices in Significant Other Significant (In thousands) June 30, 2017 Financial assets Cash and cash equivalents $ 8,092 $ 8,092 $ — $ — Held-to-maturity securities 11,777 — 11,832 — Loans, net of allowance for 337,820 — — 350,549 Federal Home Loan Bank 4,226 — 4,226 — Interest receivable 1,150 — 1,150 — Financial liabilities Deposits 377,507 259,492 117,694 — Other short-term borrowings 6,599 — 6,599 — Federal Home Loan Bank 15,000 — 14,960 — Advances from borrowers 691 — 691 — Interest payable 29 — 29 — Fair Value Measurements Using Carrying Quoted Prices in Significant Other Significant (In thousands) December 31, 2016 Financial assets Cash and cash equivalents $ 16,756 $ 16,756 $ — $ — Held-to-maturity securities 9,559 — 9,339 Loans, net of allowance for 332,283 — — 341,999 Federal Home Loan Bank 4,226 — 4,226 — Interest receivable 1,146 — 1,146 — Financial liabilities Deposits 383,733 252,242 130,770 — Other short-term borrowings 7,246 — 7,246 — Federal Home Loan Bank 18,000 — 17,938 — Advances from borrowers 1,306 — 1,306 — Interest payable 29 — 29 — |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged as collateral to secure public deposits | $ 39.3 | $ 43.7 |
Fair value of investments, carried at less than historical costs | $ 37.9 | $ 49.8 |
Percentage available for sale Securities in unrealized loss positions out of total available for sale securities | 51.00% | 62.00% |
Securities (Schedule of Availab
Securities (Schedule of Available for Sale Securities and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale securities | ||
Amortized Cost | $ 61,784 | $ 70,547 |
Gross Unrealized Gains | 771 | 801 |
Gross Unrealized Losses | 379 | 639 |
Fair Value | 62,176 | 70,709 |
Held-to-maturity Securities: | ||
Amortized Cost | 11,777 | 9,559 |
Gross Unrealized Gains | 102 | 19 |
Gross Unrealized Losses | 47 | 239 |
Fair Value | 11,832 | 9,339 |
U.S. government agencies [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 8 | 11 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 8 | 11 |
Held-to-maturity Securities: | ||
Amortized Cost | 15 | 21 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 15 | 21 |
Mortgage-backed securities of government sponsored entities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 50,675 | 58,797 |
Gross Unrealized Gains | 396 | 399 |
Gross Unrealized Losses | 335 | 582 |
Fair Value | 50,736 | 58,614 |
Held-to-maturity Securities: | ||
Amortized Cost | 682 | 704 |
Gross Unrealized Gains | 3 | 7 |
Gross Unrealized Losses | 1 | |
Fair Value | 684 | 711 |
State and political subdivisions [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 11,101 | 11,698 |
Gross Unrealized Gains | 375 | 402 |
Gross Unrealized Losses | 44 | 56 |
Fair Value | 11,432 | 12,044 |
Held-to-maturity Securities: | ||
Amortized Cost | 11,080 | 8,834 |
Gross Unrealized Gains | 99 | 12 |
Gross Unrealized Losses | 46 | 239 |
Fair Value | $ 11,133 | 8,607 |
Private-label collateralized mortgage obligations [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 41 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | 1 | |
Fair Value | $ 40 |
Securities (Schedule of Expecte
Securities (Schedule of Expected Maturities of Available for Sale and Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale- Debt maturities, Amortized Cost | ||
One to five years | $ 5,215 | |
Five to ten years | 4,550 | |
After ten Years | 1,344 | |
Subtotal | 11,109 | |
Totals | 61,784 | |
Available for Sale Securities, Fair Values | ||
One to five years | 5,406 | |
Five to ten years | 4,658 | |
After ten Years | 1,376 | |
Subtotal | 11,440 | |
Totals | 62,176 | |
Held to Maturity securities, Amortized Cost | ||
One to five years | 2,058 | |
Five to ten years | 2,886 | |
After ten Years | 6,151 | |
Subtotal | 11,095 | |
Held-to-maturity securities | 11,777 | $ 9,559 |
Held to Maturity securities, Fair Values | ||
One to five years | 2,065 | |
Five to ten years | 2,893 | |
After ten Years | 6,190 | |
Subtotal | 11,148 | |
Total | 11,832 | 9,339 |
Mortgage-backed securities of government sponsored entities [Member] | ||
Available-for-sale- Debt maturities, Amortized Cost | ||
Maturities without single maturity date | 50,675 | |
Available for Sale Securities, Fair Values | ||
Maturities without single maturity date | 50,736 | |
Held to Maturity securities, Amortized Cost | ||
Held-to-maturity securities | 682 | 704 |
Held to Maturity securities, Fair Values | ||
Total | $ 684 | $ 711 |
Securities (Schedule of Securit
Securities (Schedule of Securities in a Gross Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | $ 24,614 | $ 40,897 |
Less than 12 Months, Unrealized Losses | 202 | 613 |
More than 12 Months, Fair Value | 13,238 | 8,947 |
More than 12 Months, Unrealized Losses | 224 | 265 |
Total, Fair Value | 37,852 | 49,844 |
Total, Unrealized Losses | 426 | 878 |
Mortgage-backed securities of government sponsored entities [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | 20,208 | 32,810 |
Less than 12 Months, Unrealized Losses | 154 | 409 |
More than 12 Months, Fair Value | 12,264 | 7,978 |
More than 12 Months, Unrealized Losses | 182 | 173 |
Total, Fair Value | 32,472 | 40,788 |
Total, Unrealized Losses | 336 | 582 |
State and political subdivisions [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | 4,406 | 8,087 |
Less than 12 Months, Unrealized Losses | 48 | 204 |
More than 12 Months, Fair Value | 974 | 929 |
More than 12 Months, Unrealized Losses | 42 | 91 |
Total, Fair Value | 5,380 | 9,016 |
Total, Unrealized Losses | $ 90 | 295 |
Private-label collateralized mortgage obligations [Member] | ||
Securities with unrealized loss position | ||
Less than 12 Months, Fair Value | ||
Less than 12 Months, Unrealized Losses | ||
More than 12 Months, Fair Value | 40 | |
More than 12 Months, Unrealized Losses | 1 | |
Total, Fair Value | 40 | |
Total, Unrealized Losses | $ 1 |
Credit Quality of Loans and t29
Credit Quality of Loans and the Allowance for Loan Losses (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Deferred loan origination fees | $ 745 | $ 747 |
Loans in process | 7,000 | 4,700 |
Troubled Debt Restructurings considered as impaired | $ 134 | $ 412 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | $ 3,044 | $ 2,771 | $ 3,040 | $ 2,837 |
Provision (Credit) charged to expense | 83 | 11 | 110 | (56) |
Losses charged off | (6) | (23) | (6) | |
Recoveries | 30 | 30 | 1 | |
Ending balance | 3,157 | 2,776 | 3,157 | 2,776 |
One-to-four family residential [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | 1,444 | 1,279 | 1,479 | 1,346 |
Provision (Credit) charged to expense | (111) | 303 | (123) | 235 |
Losses charged off | (23) | |||
Recoveries | 29 | 29 | 1 | |
Ending balance | 1,362 | 1,582 | 1,362 | 1,582 |
All other mortgage loans [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | 1,129 | 1,207 | 1,108 | 1,210 |
Provision (Credit) charged to expense | (34) | (245) | (13) | (248) |
Losses charged off | (5) | (5) | ||
Recoveries | ||||
Ending balance | 1,095 | 957 | 1,095 | 957 |
Commercial business loans [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | 465 | 281 | 447 | 279 |
Provision (Credit) charged to expense | 229 | (47) | 247 | (45) |
Losses charged off | ||||
Recoveries | 1 | 1 | ||
Ending balance | 695 | 234 | 695 | 234 |
Consumer loans [Member] | ||||
Activity in the allowance for loan losses by portfolio segment | ||||
Beginning balance | 6 | 4 | 6 | 2 |
Provision (Credit) charged to expense | (1) | (1) | 2 | |
Losses charged off | (1) | (1) | ||
Recoveries | ||||
Ending balance | $ 5 | $ 3 | $ 5 | $ 3 |
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, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | $ 840 | $ 658 | ||||
Collectively evaluated for impairment | 2,317 | 2,382 | ||||
Total allowance for loan losses | 3,157 | $ 3,044 | 3,040 | $ 2,776 | $ 2,771 | $ 2,837 |
Individually evaluated for impairment | 3,091 | 3,141 | ||||
Collectively evaluated for impairment | 345,679 | 337,648 | ||||
Total balance | 348,770 | 340,789 | ||||
One-to-four family residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 254 | 323 | ||||
Collectively evaluated for impairment | 1,108 | 1,156 | ||||
Total allowance for loan losses | 1,362 | 1,444 | 1,479 | 1,582 | 1,279 | 1,346 |
Individually evaluated for impairment | 1,475 | 1,527 | ||||
Collectively evaluated for impairment | 190,839 | 191,897 | ||||
Total balance | 192,314 | 193,424 | ||||
All other mortgage loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 148 | 151 | ||||
Collectively evaluated for impairment | 947 | 957 | ||||
Total allowance for loan losses | 1,095 | 1,129 | 1,108 | 957 | 1,207 | 1,210 |
Individually evaluated for impairment | 1,057 | 1,067 | ||||
Collectively evaluated for impairment | 126,828 | 120,890 | ||||
Total balance | 127,885 | 121,957 | ||||
Commercial business loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 437 | 184 | ||||
Collectively evaluated for impairment | 258 | 263 | ||||
Total allowance for loan losses | 695 | 465 | 447 | 234 | 281 | 279 |
Individually evaluated for impairment | 558 | 547 | ||||
Collectively evaluated for impairment | 26,079 | 22,668 | ||||
Total balance | 26,637 | 23,215 | ||||
Consumer loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 1 | |||||
Collectively evaluated for impairment | 4 | 6 | ||||
Total allowance for loan losses | 5 | $ 6 | 6 | $ 3 | $ 4 | $ 2 |
Individually evaluated for impairment | 1 | |||||
Collectively evaluated for impairment | 1,933 | 2,193 | ||||
Total balance | $ 1,934 | $ 2,193 |
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, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | $ 348,770 | $ 340,789 | |
One-to-four family residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | 192,314 | 193,424 | |
One-to-four family residential [Member] | Pass (Risk 1-4) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 188,982 | 189,975 |
One-to-four family residential [Member] | Special Mention (Risk 5) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | ||
One-to-four family residential [Member] | Substandard (Risk 6) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 3,332 | 3,449 |
All other mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | 127,885 | 121,957 | |
All other mortgage loans [Member] | Pass (Risk 1-4) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 123,352 | 119,503 |
All other mortgage loans [Member] | Special Mention (Risk 5) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 1,927 | |
All other mortgage loans [Member] | Substandard (Risk 6) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 2,606 | 2,454 |
Commercial business loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | 26,637 | 23,215 | |
Commercial business loans [Member] | Pass (Risk 1-4) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 25,909 | 22,427 |
Commercial business loans [Member] | Special Mention (Risk 5) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 35 | |
Commercial business loans [Member] | Substandard (Risk 6) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 693 | 788 |
Consumer loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | 1,934 | 2,193 | |
Consumer loans [Member] | Pass (Risk 1-4) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | 1,933 | 2,193 |
Consumer loans [Member] | Special Mention (Risk 5) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | ||
Consumer loans [Member] | Substandard (Risk 6) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, gross | [1] | $ 1 | |
[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, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 1,262 | $ 1,929 |
Current | 347,508 | 338,860 |
Total Loans receivable | 348,770 | 340,789 |
Total Loans >90 Days and Accruing | 17 | |
One-to-four family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 644 | 1,820 |
Current | 191,670 | 191,604 |
Total Loans receivable | 192,314 | 193,424 |
Total Loans >90 Days and Accruing | 17 | |
All other mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 63 | 63 |
Current | 127,822 | 121,894 |
Total Loans receivable | 127,885 | 121,957 |
Total Loans >90 Days and Accruing | ||
Commercial business loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 548 | 38 |
Current | 26,089 | 23,177 |
Total Loans receivable | 26,637 | 23,215 |
Total Loans >90 Days and Accruing | ||
Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 7 | 8 |
Current | 1,927 | 2,185 |
Total Loans receivable | 1,934 | 2,193 |
Total Loans >90 Days and Accruing | ||
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 658 | 466 |
30-59 Days Past Due [Member] | One-to-four family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 126 | 442 |
30-59 Days Past Due [Member] | All other mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
30-59 Days Past Due [Member] | Commercial business loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 525 | 16 |
30-59 Days Past Due [Member] | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 7 | 8 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 119 | 419 |
60-89 Days Past Due [Member] | One-to-four family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 119 | 419 |
60-89 Days Past Due [Member] | All other mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
60-89 Days Past Due [Member] | Commercial business loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
60-89 Days Past Due [Member] | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
Greater Than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 485 | 1,044 |
Greater Than 90 Days Past Due [Member] | One-to-four family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 399 | 959 |
Greater Than 90 Days Past Due [Member] | All other mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 63 | 63 |
Greater Than 90 Days Past Due [Member] | Commercial business loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 23 | 22 |
Greater Than 90 Days Past Due [Member] | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due |
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, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 2,018 | $ 1,558 |
One-to-four family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,407 | 1,473 |
All other mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 63 | 63 |
Commercial business loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 548 | 22 |
Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | ||
Nonresidential real estate 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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Specific Allowance | $ 840 | $ 840 | $ 658 | ||
Recorded Balance | 3,091 | 3,091 | 3,141 | ||
Unpaid Principal Balance | 3,105 | 3,105 | 3,209 | ||
Average Investment in Impaired Loans | 3,156 | $ 2,960 | 3,148 | $ 3,267 | |
Interest Income Recognized | 34 | 28 | 68 | 56 | |
One-to-four family residential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 1,137 | 1,137 | 1,121 | ||
Loans without a specific valuation allowance, Unpaid Principal Balance | 1,151 | 1,151 | 1,189 | ||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 1,170 | 900 | 1,153 | 1,008 | |
Loans without a specific valuation allowance, Interest Income Recognized | 9 | 10 | 18 | 20 | |
Loans with a specific valuation allowance, Recorded Balance | 338 | 338 | 406 | ||
Loans with a specific valuation allowance, Unpaid Principal Balance | 338 | 338 | 406 | ||
Specific Allowance | 254 | 254 | 323 | ||
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 360 | 772 | 375 | 1,036 | |
Loans with a specific valuation allowance, Interest Income Recognized | |||||
Recorded Balance | 1,527 | ||||
Unpaid Principal Balance | 1,595 | ||||
Average Investment in Impaired Loans | 1,530 | 1,672 | 1,528 | 2,044 | |
Interest Income Recognized | 9 | 10 | 18 | 20 | |
All other mortgage loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 218 | 218 | 226 | ||
Loans without a specific valuation allowance, Unpaid Principal Balance | 218 | 218 | 226 | ||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 221 | 1,034 | 222 | 689 | |
Loans without a specific valuation allowance, Interest Income Recognized | 5 | 17 | 9 | 35 | |
Loans with a specific valuation allowance, Recorded Balance | 839 | 839 | 841 | ||
Loans with a specific valuation allowance, Unpaid Principal Balance | 839 | 839 | 841 | ||
Specific Allowance | 558 | 558 | 151 | ||
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 838 | 213 | 839 | 496 | |
Loans with a specific valuation allowance, Interest Income Recognized | 13 | 26 | |||
Recorded Balance | 1,067 | ||||
Unpaid Principal Balance | 1,067 | ||||
Average Investment in Impaired Loans | 1,059 | 1,247 | 1,061 | 1,185 | |
Interest Income Recognized | 18 | 17 | 35 | 35 | |
Commercial business loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | |||||
Loans without a specific valuation allowance, Unpaid Principal Balance | |||||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | |||||
Loans without a specific valuation allowance, Interest Income Recognized | |||||
Loans with a specific valuation allowance, Recorded Balance | 558 | 558 | 547 | ||
Loans with a specific valuation allowance, Unpaid Principal Balance | 558 | 558 | 547 | ||
Specific Allowance | 437 | 437 | 184 | ||
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 566 | 41 | 559 | 38 | |
Loans with a specific valuation allowance, Interest Income Recognized | 7 | 1 | 15 | 1 | |
Recorded Balance | 547 | ||||
Unpaid Principal Balance | $ 547 | ||||
Average Investment in Impaired Loans | 566 | 41 | 559 | 38 | |
Interest Income Recognized | 1 | $ 1 | 15 | $ 1 | |
Consumer loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | |||||
Loans without a specific valuation allowance, Interest Income Recognized | |||||
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 1 | ||||
Loans with a specific valuation allowance, Interest Income Recognized | |||||
Average Investment in Impaired Loans | 1 | ||||
Interest Income Recognized | |||||
Consumer loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | |||||
Loans without a specific valuation allowance, Unpaid Principal Balance | |||||
Loans without a specific valuation allowance, Specific Allowance | |||||
Loans with a specific valuation allowance, Recorded Balance | 1 | 1 | |||
Loans with a specific valuation allowance, Unpaid Principal Balance | 1 | 1 | |||
Specific Allowance | 1 | 1 | |||
Recorded Balance | 1 | 1 | |||
Unpaid Principal Balance | 1 | 1 | |||
Specific Allowance | $ 1 | $ 1 |
Credit Quality of Loans and t36
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Troubled Debt Restructurings) (Details) - One-to-four family residential [Member] $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)N | Jun. 30, 2016USD ($)N | Jun. 30, 2017USD ($)N | Jun. 30, 2016USD ($)N | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | N | 2 | 8 | ||
Pre-modification Recorded Principal Balance | $ 134 | $ 412 | ||
Post-modification Recorded Principal Balance | $ 134 | $ 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, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment | $ 230 | $ 2 |
One-to-four family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment | ||
Recorded investment of assets in process of foreclosure | $ 199 | $ 97 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill [Abstract] | ||
Goodwill | $ 1,719 | $ 1,719 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings | $ 6,599 | $ 7,246 |
Mortgage-backed securities of government sponsored entities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Borrowings | $ 6,599 | $ 7,246 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 761 | $ 674 | $ 1,332 | $ 1,381 |
Weighted-average common shares outstanding | 2,754,573 | 2,747,567 | 2,754,573 | 2,747,567 |
Net income per share | $ 0.27 | $ 0.24 | $ 0.48 | $ 0.50 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 | Dec. 31, 2016 |
Tier 1 capital to average assets | ||
Tier 1 Capital | $ 39,836 | $ 38,133 |
Tier 1 Capital (to average assets) ratio | 9.00% | 8.50% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 17,766 | $ 17,850 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 4.00% | 4.00% |
Minimum Tier 1 Capital required to be well-capitalized | $ 22,207 | $ 22,313 |
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 | $ 39,836 | $ 38,133 |
Tier 1 Common equity capital ratio | 13.30% | 13.00% |
Minimum amount of Tier 1 Common equity capital for adequacy purposes | $ 13,494 | $ 13,159 |
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 | $ 19,492 | $ 19,007 |
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 | $ 39,836 | $ 38,133 |
Tier 1 Capital (to risk-weighted assets) ratio | 13.30% | 13.00% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 17,992 | $ 17,545 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 6.00% | 6.00% |
Minimum Tier 1 Capital required to be well-capitalized | $ 23,990 | $ 23,393 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 8.00% | 8.00% |
Total risk-based capital to risk-weighted assets | ||
Total Capital | $ 42,997 | $ 41,176 |
Total Capital (to risk-weighted assets) ratio | 14.30% | 14.10% |
Minimum amount of capital for adequacy purposes | $ 23,990 | $ 23,393 |
Minimum amount of capital for adequacy purposes, ratio | 8.00% | 8.00% |
Minimum Capital required to be well-capitalized | $ 29,987 | $ 29,241 |
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, 2017 | Dec. 31, 2016 |
Stockholders' Equity Note [Abstract] | ||
Gross Unrealized Gains on Available-for-Sale Securities | $ 392 | $ 162 |
Net Unrealized Loss for Unfunded Status of Split-Dollar Life Insurance Plan Liability (tax-free) | (160) | (131) |
Gross Unrealized Loss for Unfunded Status of Defined Benefit Plan | (750) | (750) |
Tax Effect | 122 | 200 |
Total Accumulated Other Comprehensive Income (Loss) | $ (396) | $ (519) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 62,176 | $ 70,709 |
U.S. government agencies [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 8 | 11 |
Mortgage-backed securities of government sponsored entities [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 50,736 | 58,614 |
State and political subdivisions [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 11,432 | 12,044 |
Private-label collateralized mortgage obligations [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 40 | |
Fair Value, Measurements, Recurring [Member] | U.S. government agencies [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | U.S. government agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 8 | 11 |
Fair Value, Measurements, Recurring [Member] | U.S. government agencies [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | U.S. government agencies [Member] | Fair Value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 8 | 11 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities of government sponsored entities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities of government sponsored entities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 50,736 | 58,614 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities of government sponsored entities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities of government sponsored entities [Member] | Fair Value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 50,736 | 58,614 |
Fair Value, Measurements, Recurring [Member] | State and political subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | State and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 11,432 | 12,044 |
Fair Value, Measurements, Recurring [Member] | State and political subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | State and political subdivisions [Member] | Fair Value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 11,432 | 12,044 |
Fair Value, Measurements, Recurring [Member] | Private-label collateralized mortgage obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Private-label collateralized mortgage obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | 40 | |
Fair Value, Measurements, Recurring [Member] | Private-label collateralized mortgage obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Private-label collateralized mortgage obligations [Member] | Fair Value [Member] | ||
Recurring Fair Value Measurements | ||
Available-for-sale securities | $ 40 |
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, 2017 | Dec. 31, 2016 |
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 | 121 | 1,053 |
Foreclosed assets | 2 | |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 121 | 1,053 |
Foreclosed assets | $ 2 |
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, 2017 | Dec. 31, 2016 | |
Foreclosed assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Collateral-dependent impaired loans | $ 121 | |
Foreclosed assets | $ 2 | |
Valuation Technique | Estimated proceeds from liquidation of collateral | Expected selling price |
Unobservable Input | Selling Costs | Selling Costs |
Weighted Average | 77% | 10% |
Collateral-dependent impaired loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Collateral-dependent impaired loans | $ 1,053 | |
Valuation Technique | Market comparable properties and specialized equipment discounts | |
Unobservable Input | Discounts | |
Weighted Average | 25% |
Fair Value Measurements (Sche47
Fair Value Measurements (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial assets | ||
Held-to-maturity securities | $ 11,832 | $ 9,339 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and cash equivalents | 8,092 | 16,756 |
Held-to-maturity securities | ||
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | ||
Interest receivable | ||
Financial liabilities | ||
Deposits | 259,492 | 252,242 |
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 | 11,832 | 9,339 |
Loans, net of allowance for loan losses | ||
Federal Home Loan Bank stock | 4,226 | 4,226 |
Interest receivable | 1,150 | 1,146 |
Financial liabilities | ||
Deposits | 117,694 | 130,770 |
Other short-term borrowings | 6,599 | 7,246 |
Federal Home Loan Bank advances | 14,960 | 17,938 |
Advances from borrowers for taxes and insurance | 691 | 1,306 |
Interest payable | 29 | 29 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Held-to-maturity securities | ||
Loans, net of allowance for loan losses | 350,549 | 341,999 |
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 | 8,092 | 16,756 |
Held-to-maturity securities | 11,777 | 9,559 |
Loans, net of allowance for loan losses | 337,820 | 332,283 |
Federal Home Loan Bank stock | 4,226 | 4,226 |
Interest receivable | 1,150 | 1,146 |
Financial liabilities | ||
Deposits | 377,507 | 383,733 |
Other short-term borrowings | 6,599 | 7,246 |
Federal Home Loan Bank advances | 15,000 | 18,000 |
Advances from borrowers for taxes and insurance | 691 | 1,306 |
Interest payable | $ 29 | $ 29 |