Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 7-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HFBC | |
Entity Registrant Name | HOPFED BANCORP INC | |
Entity Central Index Key | 1041550 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,046,244 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Financial Condition (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $26,150 | $34,389 |
Interest-earning deposits | 9,599 | 6,050 |
Cash and cash equivalents | 35,749 | 40,439 |
Federal Home Loan Bank stock, at cost | 4,428 | 4,428 |
Securities available for sale | 259,867 | 303,628 |
Loans held for sale | 2,051 | 1,444 |
Loans receivable, net of allowance for loan losses of $6,170 at March 31, 2015, and $6,289 at December 31, 2014 | 548,740 | 539,264 |
Accrued interest receivable | 4,228 | 4,576 |
Real estate and other assets owned | 2,352 | 1,927 |
Bank owned life insurance | 10,055 | 9,984 |
Premises and equipment, net | 23,282 | 22,940 |
Deferred tax assets | 1,092 | 2,261 |
Intangible asset | 17 | 33 |
Other assets | 5,245 | 4,861 |
Total assets | 897,106 | 935,785 |
Deposits: | ||
Non-interest-bearing accounts | 110,828 | 115,051 |
Interest-bearing accounts | ||
Interest bearing checking accounts | 189,882 | 186,616 |
Savings and money market accounts | 102,284 | 97,726 |
Other time deposits | 324,215 | 331,915 |
Total deposits | 727,209 | 731,308 |
Advances from Federal Home Loan Bank | 19,000 | 34,000 |
Repurchase agreements | 45,466 | 57,358 |
Subordinated debentures | 10,310 | 10,310 |
Advances from borrowers for taxes and insurance | 793 | 513 |
Dividends payable | 272 | 301 |
Accrued expenses and other liabilities | 3,180 | 3,593 |
Total liabilities | 806,230 | 837,383 |
Stockholders' equity | ||
Preferred stock, par value $0.01 per share; authorized - 500,000 shares; no shares issued and outstanding at March 31, 2015, and December 31, 2014. | 0 | 0 |
Common stock, par value $.01 per share; authorized 15,000,000 shares; 7,949,665 issued and 7,045,941 outstanding at March 31, 2015, and 7,949,665 issued and 7,171,282 outstanding at December 31, 2014 | 79 | 79 |
Additional paid-in-capital | 58,515 | 58,466 |
Retained earnings | 46,827 | 45,729 |
Treasury stock | -11,267 | -9,429 |
Unallocated ESOP shares (at cost, 600,000 shares at March 31, 2015, and no shares at December 31, 2014) | -7,884 | |
Accumulated other comprehensive income, net of taxes | 4,606 | 3,557 |
Total stockholders' equity | 90,876 | 98,402 |
Total liabilities and stockholders' equity | $897,106 | $935,785 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $6,170 | $6,289 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 7,949,665 | 7,949,665 |
Common stock, shares outstanding | 7,045,941 | 7,171,282 |
Treasury stock, shares | 903,724 | 778,383 |
Unallocated ESOP shares | 600,000 | 0 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest and dividend income | ||
Loans receivable | $6,290 | $6,327 |
Investment in securities, taxable | 2,448 | 1,779 |
Investment in securities, non-taxable | 453 | 544 |
Interest-earning deposits | 4 | 8 |
Total interest and dividend income | 9,195 | 8,658 |
Interest expense | ||
Deposits | 1,260 | 1,471 |
Advances from Federal Home Loan Bank | 69 | 434 |
Repurchase agreements | 120 | 249 |
Subordinated debentures | 184 | 184 |
Total interest expense | 1,633 | 2,338 |
Net interest income | 7,562 | 6,320 |
Provision for loan losses | 215 | 380 |
Net interest income after provision for loan losses | 7,347 | 5,940 |
Non-interest income | ||
Service charges | 714 | 778 |
Merchant card income | 270 | 259 |
Mortgage origination revenue | 177 | 58 |
Gain on sale of securities | 366 | 13 |
Income from bank owned life insurance | 71 | 95 |
Financial services commission | 159 | 206 |
Other operating income | 156 | 189 |
Total non-interest income | 1,913 | 1,598 |
Non-interest expenses | ||
Salaries and benefits | 4,184 | 3,795 |
Occupancy expense | 738 | 909 |
Data processing expense | 692 | 728 |
Other state taxes | 248 | 246 |
Intangible amortization expense | 16 | 32 |
Professional services expense | 329 | 287 |
Deposit insurance and examination expense | 117 | 197 |
Advertising expense | 306 | 314 |
Postage and communications expense | 132 | 143 |
Supplies expense | 146 | 145 |
Loss (gain) on sale of real estate owned | -7 | 23 |
Real estate owned expenses | 137 | 130 |
Other operating expenses | 432 | 375 |
Total non-interest expense | 7,470 | 7,324 |
Income before income tax expense | 1,790 | 214 |
Income tax expense (benefit) | 435 | -140 |
Net income | $1,355 | $354 |
Net income per share | ||
Basic | $0.20 | $0.05 |
Fully diluted | $0.20 | $0.05 |
Dividend per share | $0.04 | $0.04 |
Weighted average shares outstanding - basic | 6,732,456 | 7,416,716 |
Weighted average shares outstanding - diluted | 6,732,456 | 7,416,716 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $1,355 | $354 |
Other comprehensive income (loss), net of tax: | ||
Unrealized gain on investment securities available for sale, net of tax effect of ($632) and ($920) for the three months ended March 31, 2015, and March 31, 2014, respectively; | 1,227 | 1,786 |
Unrealized gain on derivatives, net of tax effect of ($32) and ($25) for the three month periods ending March 31, 2015, and March 31, 2014, respectively; | 64 | 49 |
Reclassification adjustment for gains included in net income, net of tax effect of $124 and $4 for the three month periods ended March 31, 2015, and March 31, 2014, respectively; | -242 | -9 |
Comprehensive income | $2,404 | $2,180 |
Consolidated_Condensed_Stateme4
Consolidated Condensed Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain on investment securities available for sale, tax effect | ($632) | ($920) |
Unrealized gain on derivatives, tax effect | -32 | -25 |
Reclassification adjustment for other than temporary impairment included in net income, tax effect | $124 | $4 |
Consolidated_Condensed_Stateme5
Consolidated Condensed Statement of Stockholders Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock Common [Member] | Accumulated Other Comprehensive Income [Member] | Additional Common Stock [Member] | Capital Surplus [Member] | Unearned Esop Shares [Member] |
In Thousands, except Share data | ||||||||||
Beginning balance at Dec. 31, 2013 | $95,717 | $79 | $58,302 | $44,694 | ($5,929) | ($1,429) | ||||
Beginning balance, shares at Dec. 31, 2013 | 7,447,903 | |||||||||
Consolidated net income | 354 | 354 | ||||||||
Repurchase of treasury stock | -120 | -120 | ||||||||
Repurchase of treasury stock, shares | -10,386 | |||||||||
Compensation expense, restricted stock awards | 31 | 31 | ||||||||
Net change in unrealized gain on securities available for sale, net of income taxes | 1,777 | 1,777 | ||||||||
Net change in unrealized loss on derivatives, net of income tax benefit | 49 | 49 | ||||||||
Cash dividend to common stockholders | -295 | -295 | ||||||||
Ending balance at Mar. 31, 2014 | 97,513 | 79 | 58,333 | 44,753 | -6,049 | 397 | ||||
Ending balance, shares at Mar. 31, 2014 | 7,437,517 | |||||||||
Beginning balance at Dec. 31, 2014 | 98,402 | -9,429 | 45,729 | 3,557 | 79 | 58,466 | ||||
Beginning balance, shares at Dec. 31, 2014 | 7,171,282 | |||||||||
Consolidated net income | 1,355 | 1,355 | ||||||||
Treasury stock reissued | 7,884 | -7,884 | ||||||||
Treasury stock reissued,shares | 600,000 | |||||||||
Repurchase of treasury stock | -9,722 | -9,722 | ||||||||
Repurchase of treasury stock, shares | -725,341 | |||||||||
Compensation expense, restricted stock awards | 49 | 49 | ||||||||
Net change in unrealized gain on securities available for sale, net of income taxes | 985 | 985 | ||||||||
Net change in unrealized loss on derivatives, net of income tax benefit | 64 | 64 | ||||||||
Cash dividend to common stockholders | -257 | -257 | ||||||||
Ending balance at Mar. 31, 2015 | $90,876 | ($11,267) | $46,827 | $4,606 | $79 | $58,515 | ($7,884) | |||
Ending balance, shares at Mar. 31, 2015 | 7,045,941 |
Consolidated_Condensed_Stateme6
Consolidated Condensed Statement of Stockholders Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net change in unrealized gain on securities available for sale, income taxes | ($508) | ($916) |
Net change in unrealized loss on derivatives, income tax benefit | -32 | 25 |
Accumulated Other Comprehensive Income [Member] | ||
Net change in unrealized gain on securities available for sale, income taxes | -508 | -916 |
Net change in unrealized loss on derivatives, income tax benefit | ($32) | $25 |
Consolidated_Condensed_Stateme7
Consolidated Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net cash provided by operating activities | $1,673 | $1,864 |
Cash flows from investing activities | ||
Proceeds from sales, calls and maturities of securities available for sale | 59,190 | 16,463 |
Purchase of securities available for sale | -14,075 | -36,904 |
Net (increase) decrease in loans | -10,155 | 7,068 |
Proceeds from sale of foreclosed assets | 46 | 137 |
Purchase of premises and equipment | -655 | -332 |
Net cash provided by (used in) investing activities | 34,351 | -13,568 |
Cash flows from financing activities: | ||
Net increase (decrease) in demand deposits | -4,223 | 596 |
Net increase (decrease) in time and other deposits | 124 | -2,067 |
Increase (decrease) in advances from borrowers for taxes and insurance | 280 | 51 |
Repayment of advances from Federal Home Loan Bank | -15,000 | -5,500 |
Net increase (decrease) in repurchase agreements | -11,892 | -2,630 |
Cash used to repurchase treasury stock | -9,722 | -120 |
Dividends paid on common stock | -281 | -295 |
Net cash used in financing activities | -40,714 | -9,965 |
Decrease in cash and cash equivalents | -4,690 | -21,669 |
Cash and cash equivalents, beginning of period | 40,439 | 55,848 |
Cash and cash equivalents, end of period | 35,749 | 34,179 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 1,662 | 2,380 |
Income taxes paid | 0 | 0 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Loans charged off | 403 | 196 |
Foreclosures and in substance foreclosures of loans during period | 464 | 166 |
Net unrealized gains on investment securities classified as available for sale | 1,493 | 2,688 |
Decrease in deferred tax asset related to unrealized gains on investments | -508 | -916 |
Dividends declared and payable | 272 | 324 |
Issue of common stock to ESOP | $7,884 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation | -1 | BASIS OF PRESENTATION | |
HopFed Bancorp, Inc. (the “Company”) was formed at the direction of Heritage Bank USA Inc., formerly Hopkinsville Federal Savings Bank (the “Bank”), to become the holding company of the Bank upon the conversion of the Bank from a federally chartered mutual savings bank to a federally chartered stock savings bank. The conversion was consummated on February 6, 1998. The Company’s primary assets are the outstanding capital stock of the converted Bank, and its sole business is that of the converted Bank. | |||
On June 5, 2013, the Bank’s legal name became Heritage Bank USA Inc. and the Bank was granted a commercial bank charter by the Kentucky Department of Financial Institutions (“KDFI”). On June 5, 2013, the Bank became subject to regulation by the KDFI and the Federal Deposit Insurance Corporation (“FDIC”). On the same day, HopFed Bancorp was granted a bank holding company charter by the Federal Reserve Bank of Saint Louis (“FED”) and as such regulated by the FED. | |||
The Bank operates a mortgage division, Heritage Mortgage Services, in Clarksville, Tennessee with agents located in several of its markets. The Bank has a financial services division, Heritage Solutions, with offices in Murray, Kentucky, Kingston Springs, Tennessee, and Pleasant View, Tennessee. Heritage Solutions agents travel throughout western Kentucky and middle Tennessee offering fixed and variable annuities, mutual funds and brokerage services. In October of 2014, the Bank opened a loan production office in Nashville, Tennessee. | |||
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring accruals) necessary for fair representation have been included. The results of operations and other data for the three month period ended March 31, 2015, are not necessarily indicative of results that may be expected for the entire fiscal year ending December 31, 2015. | |||
The accompanying unaudited financial statements should be read in conjunction with the Consolidated Financial Statements and the Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The accounting policies followed by the Company are set forth in the Summary of Significant Accounting Policies in the Company’s December 31, 2014, Consolidated Financial Statements. |
Income_Per_Share
Income Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Income Per Share | -2 | INCOME PER SHARE | |||||||
The following schedule reconciles the numerators and denominators of the basic and diluted income per share (“IPS”) computations for the three month periods ended March 31, 2015, and March 31, 2014. Diluted common shares arise from the potentially dilutive effect of the Company’s stock options and warrants outstanding. For the three month period ended March 31, 2015, the Company has excluded all unearned shares purchased by the HopFed Bancorp, Inc. 2015 Employee Stock Ownership Plan (the “ESOP”) from the Company on March 2, 2015, due to the fact that, at March 31, 2015, the Company has made no legal commitment to make a principal payment on the loan, which is required to release shares. | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Basic IPS: | |||||||||
Net income | $ | 1,355,000 | $ | 354,000 | |||||
Average common shares outstanding | 6,732,456 | 7,416,716 | |||||||
Net income per share | $ | 0.2 | $ | 0.05 | |||||
Diluted IPS: | |||||||||
Net income | $ | 1,355,000 | $ | 354,000 | |||||
Average common shares outstanding | 6,732,456 | 7,416,716 | |||||||
Dilutive effect of stock options | — | — | |||||||
Average diluted shares outstanding | 6,732,456 | 7,416,716 | |||||||
Net income per share, diluted | $ | 0.2 | $ | 0.05 | |||||
Stock_Compensation
Stock Compensation | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Stock Compensation | -3 | STOCK COMPENSATION | |||
The Company incurred compensation cost related to the HopFed Bancorp, Inc. 2004 Long Term Incentive Plan of $49,000 for the three month period ended March 31, 2015, and $31,000 for the three month period ended March 31, 2014, respectively. The Company did not issue any shares of restricted stock during the three month periods ended March 31, 2015 and March 31, 2014, respectively. The table below provides a detail of the Company’s future compensation expense related to restricted stock vesting at March 31, 2015: | |||||
Year Ending December 31, | Future | ||||
Expense | |||||
2015 | $ | 136,818 | |||
2016 | 132,780 | ||||
2017 | 45,954 | ||||
2018 | 3,127 | ||||
Total | $ | 318,679 | |||
The compensation committee may make additional awards of restricted stock, thereby increasing the future expense related to this plan. In addition, award vesting may be accelerated due to certain events as outlined in the restricted stock award agreement. Any acceleration of vesting will change the timing of, but not the aggregate amount of, compensation expense incurred. |
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Securities | -4 | SECURITIES | |||||||||||||||||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluations. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||
At March 31, 2015, the Company has 41 securities with unrealized losses. The carrying amount of securities and their estimated fair values at March 31, 2015, were as follows: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Restricted | |||||||||||||||||||||||||
FHLB stock | $ | 4,428 | — | — | 4,428 | ||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 2,002 | 10 | — | 2,012 | ||||||||||||||||||||
U.S. Agency securities | 102,125 | 2,654 | (151 | ) | 104,628 | ||||||||||||||||||||
Taxable municipal bonds | 10,080 | 265 | (24 | ) | 10,321 | ||||||||||||||||||||
Tax free municipal bonds | 50,646 | 3,219 | (118 | ) | 53,747 | ||||||||||||||||||||
Trust preferred securities | 1,604 | 195 | — | 1,799 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
GNMA | 21,500 | 317 | (61 | ) | 21,756 | ||||||||||||||||||||
FNMA | 33,732 | 796 | (38 | ) | 34,490 | ||||||||||||||||||||
FHLMC | 933 | 32 | — | 965 | |||||||||||||||||||||
SLMA CMO | 5,743 | — | (52 | ) | 5,691 | ||||||||||||||||||||
AGENCY CMO | 24,230 | 271 | (43 | ) | 24,458 | ||||||||||||||||||||
$ | 252,595 | 7,759 | (487 | ) | 259,867 | ||||||||||||||||||||
The carrying amount of securities and their estimated fair values at December 31, 2014, was as follows: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Restricted | |||||||||||||||||||||||||
FHLB stock | $ | 4,428 | — | — | 4,428 | ||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,977 | 3 | — | 3,980 | ||||||||||||||||||||
U.S. Agency securities | 101,654 | 2,125 | (527 | ) | 103,252 | ||||||||||||||||||||
Tax free municipal bonds | 57,399 | 3,814 | (166 | ) | 61,047 | ||||||||||||||||||||
Taxable municipal bonds | 11,871 | 235 | (63 | ) | 12,043 | ||||||||||||||||||||
Trust preferred securities | 1,600 | — | (111 | ) | 1,489 | ||||||||||||||||||||
Commercial bonds | 2,000 | 7 | — | 2,007 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
GNMA | 27,535 | 670 | (122 | ) | 28,083 | ||||||||||||||||||||
FNMA | 50,617 | 694 | (536 | ) | 50,775 | ||||||||||||||||||||
FHLMC | 3,276 | 38 | — | 3,314 | |||||||||||||||||||||
SLMA CMO | 9,895 | — | (252 | ) | 9,643 | ||||||||||||||||||||
AGENCY CMO | 28,024 | 176 | (205 | ) | 27,995 | ||||||||||||||||||||
$ | 297,848 | 7,762 | (1,982 | ) | 303,628 | ||||||||||||||||||||
The scheduled maturities of debt securities available for sale at March 31, 2015, were as follows: | |||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
March 31, 2015 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | 4,830 | $ | 4,927 | |||||||||||||||||||||
Due in one to five years | 19,749 | 20,064 | |||||||||||||||||||||||
Due in five to ten years | 41,165 | 42,393 | |||||||||||||||||||||||
Due after ten years | 27,961 | 29,925 | |||||||||||||||||||||||
93,705 | 97,309 | ||||||||||||||||||||||||
Amortizing agency bonds | 72,752 | 75,198 | |||||||||||||||||||||||
Mortgage-backed securities | 86,138 | 87,360 | |||||||||||||||||||||||
Total unrestricted securities available for sale | $ | 252,595 | $ | 259,867 | |||||||||||||||||||||
The scheduled maturities of debt securities available for sale at December 31, 2014, were as follows: | |||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
December 31, 2014 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | 4,830 | $ | 4,927 | |||||||||||||||||||||
Due in one to five years | 21,564 | 21,818 | |||||||||||||||||||||||
Due in five to ten years | 41,683 | 42,613 | |||||||||||||||||||||||
Due after ten years | 33,119 | 35,380 | |||||||||||||||||||||||
101,196 | 104,738 | ||||||||||||||||||||||||
Amortizing agency bonds | 77,305 | 79,080 | |||||||||||||||||||||||
Mortgage-backed securities | 119,347 | 119,810 | |||||||||||||||||||||||
Total unrestricted securities available for sale | $ | 297,848 | $ | 303,628 | |||||||||||||||||||||
The estimated fair value and unrealized loss amounts of temporarily impaired investments as of March 31, 2015, are as follows: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||||
Agency debt securities | $ | 9,130 | (47 | ) | 12,911 | (104 | ) | 22,041 | (151 | ) | |||||||||||||||
Taxable municipals | — | — | 3,049 | (24 | ) | 3,049 | (24 | ) | |||||||||||||||||
Tax free municipals | — | — | 6,476 | (118 | ) | 6,476 | (118 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
GNMA | 9,464 | (49 | ) | 5,265 | (12 | ) | 14,729 | (61 | ) | ||||||||||||||||
FNMA | — | — | 3,087 | (38 | ) | 3,087 | (38 | ) | |||||||||||||||||
SLMA CMOs | — | — | 5,691 | (52 | ) | 5,691 | (52 | ) | |||||||||||||||||
AGENCY CMOs | 5,562 | (12 | ) | 3,593 | (31 | ) | 9,155 | (43 | ) | ||||||||||||||||
Total available for sale | $ | 24,156 | (108 | ) | 40,072 | (379 | ) | 64,228 | (487 | ) | |||||||||||||||
The estimated fair value and unrealized loss amounts of temporarily impaired investments as of December 31, 2014, were as follows: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
December 31, 2014 | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||||
Agency debt securities | $ | 14,021 | (20 | ) | 29,156 | (507 | ) | 43,177 | (527 | ) | |||||||||||||||
Taxable municipals | — | — | 4,785 | (63 | ) | 4,785 | (63 | ) | |||||||||||||||||
Tax free municipals | — | — | 6,647 | (166 | ) | 6,647 | (166 | ) | |||||||||||||||||
Trust preferred securities | — | — | 1,489 | (111 | ) | 1,489 | (111 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
GNMA | 12,568 | (108 | ) | 2,895 | (14 | ) | 15,463 | (122 | ) | ||||||||||||||||
FNMA | — | — | 18,927 | (536 | ) | 18,927 | (536 | ) | |||||||||||||||||
SLMA CMOs | 1,923 | (14 | ) | 7,720 | (238 | ) | 9,643 | (252 | ) | ||||||||||||||||
AGENCY CMOs | 9,545 | (91 | ) | 7,685 | (114 | ) | 17,230 | (205 | ) | ||||||||||||||||
Total available for sale | $ | 38,057 | (233 | ) | 79,304 | (1,749 | ) | 117,361 | (1,982 | ) | |||||||||||||||
At March 31, 2015, securities with a book value of approximately $162.4 million and a market value of approximately $169.3 million were pledged to various municipalities for deposits in excess of FDIC limits as required by law. The Federal Home Loan Bank of Cincinnati has issued letters of credit in the Bank’s name totaling $11.0 million secured by the Bank’s loan portfolio to secure additional municipal deposits. | |||||||||||||||||||||||||
At March 31, 2015, securities with a book and market value of $39.5 million were sold under agreements to repurchase from various customers. Furthermore, the Company has a wholesale repurchase agreement with third party secured by investments with a combined book value of $6.5 million and a market value of $6.6 million. The repurchase agreement is in the amount of $6.0 million and has a maturity of September 18, 2016, and is currently callable on a quarterly basis and has a fixed rate of interest of 4.36%. |
Loans
Loans | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Loans | -5 | LOANS | |||||||||||||||||||||||||||
Set forth below is selected data relating to the composition of the loan portfolio by type of loan at March 31, 2015, and December 31, 2014. At March 31, 2015, and December 31, 2014, there were no concentrations of loans exceeding 10% of total loans other than as disclosed below: | |||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2015 | December 31, 2014 | December 31, 2014 | ||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||
(Dollars in thousands, except percentages) | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
One-to-four family (closed end) first mortgages | $ | 147,835 | 26.6 | % | $ | 150,551 | 27.6 | % | |||||||||||||||||||||
Second mortgages (closed end) | 2,050 | 0.4 | % | 2,102 | 0.4 | % | |||||||||||||||||||||||
Home equity lines of credit | 34,107 | 6.1 | % | 34,238 | 6.3 | % | |||||||||||||||||||||||
Multi-family | 22,069 | 4 | % | 25,991 | 4.8 | % | |||||||||||||||||||||||
Construction | 26,736 | 4.8 | % | 24,241 | 4.4 | % | |||||||||||||||||||||||
Land | 26,214 | 4.7 | % | 26,654 | 4.9 | % | |||||||||||||||||||||||
Farmland | 42,283 | 7.6 | % | 42,874 | 7.8 | % | |||||||||||||||||||||||
Non-residential real estate | 159,995 | 28.8 | % | 150,596 | 27.6 | % | |||||||||||||||||||||||
Total mortgage loans | 461,289 | 83 | % | 457,247 | 83.8 | % | |||||||||||||||||||||||
Consumer loans | 14,814 | 2.7 | % | 14,438 | 2.6 | % | |||||||||||||||||||||||
Commercial loans | 79,155 | 14.3 | % | 74,154 | 13.6 | % | |||||||||||||||||||||||
Total other loans | 93,969 | 17 | % | 88,592 | 16.2 | % | |||||||||||||||||||||||
Total loans, gross | 555,258 | 100 | % | 545,839 | 100 | % | |||||||||||||||||||||||
Deferred loan cost, net of income | (348 | ) | (286 | ) | |||||||||||||||||||||||||
Less allowance for loan losses | (6,170 | ) | (6,289 | ) | |||||||||||||||||||||||||
Total loans | $ | 548,740 | $ | 539,264 | |||||||||||||||||||||||||
The allowance for loan losses totaled $6.2 million at March 31, 2015, $6.3 million at December 31, 2014, and $8.9 million at March 31, 2014, respectively. The ratio of the allowance for loan losses to total loans was 1.11% at March 31, 2015, 1.15% at December 31, 2014, and 1.63% at March 31, 2014. The following table indicates the type and level of non-accrual loans at the periods indicated below: | |||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 1,235 | 1,501 | 1,056 | |||||||||||||||||||||||||
Home equity line of credit | — | — | 49 | ||||||||||||||||||||||||||
Junior lien | — | — | 1 | ||||||||||||||||||||||||||
Multi-family | — | 95 | — | ||||||||||||||||||||||||||
Land | — | 215 | 1,217 | ||||||||||||||||||||||||||
Non-residential real estate | 542 | 1,159 | 6,585 | ||||||||||||||||||||||||||
Farmland | — | 115 | 669 | ||||||||||||||||||||||||||
Consumer loans | — | — | 2 | ||||||||||||||||||||||||||
Commercial loans | 347 | 90 | 453 | ||||||||||||||||||||||||||
Total non-accrual loans | $ | 2,124 | 3,175 | 10,032 | |||||||||||||||||||||||||
The following table provides a detail of the Company’s activity in the allowance for loan loss account by loan type for the three month period ended March 31, 2015: | |||||||||||||||||||||||||||||
General | Specific | Ending | |||||||||||||||||||||||||||
Balance | Charge off | Recovery | Provision | Provision | Balance | ||||||||||||||||||||||||
Three month period ended March 31, 2015 | 12/31/14 | 2015 | 2015 | 2015 | 2015 | 3/31/15 | |||||||||||||||||||||||
One-to-four family mortgages | $ | 1,198 | (64 | ) | 10 | (124 | ) | 138 | 1,158 | ||||||||||||||||||||
Home equity line of credit | 181 | — | 1 | (19 | ) | — | 163 | ||||||||||||||||||||||
Junior liens | 14 | — | 1 | (4 | ) | — | 11 | ||||||||||||||||||||||
Multi-family | 85 | — | — | — | (16 | ) | 69 | ||||||||||||||||||||||
Construction | 146 | — | — | (36 | ) | — | 110 | ||||||||||||||||||||||
Land | 1,123 | — | — | 4 | 103 | 1,230 | |||||||||||||||||||||||
Non-residential real estate | 2,083 | (208 | ) | — | (57 | ) | 193 | 2,011 | |||||||||||||||||||||
Farmland | 461 | — | — | 54 | (78 | ) | 437 | ||||||||||||||||||||||
Consumer loans | 494 | (97 | ) | 47 | (120 | ) | 67 | 391 | |||||||||||||||||||||
Commercial loans | 504 | (34 | ) | 10 | (6 | ) | 116 | 590 | |||||||||||||||||||||
$ | 6,289 | (403 | ) | 69 | (308 | ) | 523 | 6,170 | |||||||||||||||||||||
The following table provides a detail of the Company’s activity in the allowance for loan loss account by loan type for the year ended December 31, 2014: | |||||||||||||||||||||||||||||
General | Specific | Ending | |||||||||||||||||||||||||||
Balance | Charge off | Recovery | Provision | Provision | Balance | ||||||||||||||||||||||||
Year ended December 31, 2014 | 12/31/13 | 2014 | 2014 | 2014 | 2014 | 12/31/14 | |||||||||||||||||||||||
One-to-four family mortgages | $ | 2,048 | (233 | ) | 24 | (304 | ) | (337 | ) | 1,198 | |||||||||||||||||||
Home equity line of credit | 218 | (83 | ) | 3 | (37 | ) | 80 | 181 | |||||||||||||||||||||
Junior liens | 39 | — | 9 | (25 | ) | (9 | ) | 14 | |||||||||||||||||||||
Multi-family | 466 | — | — | (381 | ) | — | 85 | ||||||||||||||||||||||
Construction | 88 | (139 | ) | 9 | 58 | 130 | 146 | ||||||||||||||||||||||
Land | 1,305 | — | — | (74 | ) | (108 | ) | 1,123 | |||||||||||||||||||||
Non-residential real estate | 2,719 | (66 | ) | 864 | (1,368 | ) | (66 | ) | 2,083 | ||||||||||||||||||||
Farmland | 510 | — | — | 542 | (591 | ) | 461 | ||||||||||||||||||||||
Consumer loans | 541 | (415 | ) | 109 | (13 | ) | 272 | 494 | |||||||||||||||||||||
Commercial loans | 748 | (296 | ) | 94 | (244 | ) | 202 | 504 | |||||||||||||||||||||
$ | 8,682 | (1,232 | ) | 1,112 | (1,846 | ) | (427 | ) | 6,289 | ||||||||||||||||||||
The table below presents past due and non-accrual balances at March 31, 2015, by loan classification allocated between performing and non-performing loan. At March 31, 2015, the Company had $3.3 million in loans past due 30 – 89 days that were risk graded as substandard: | |||||||||||||||||||||||||||||
30 - 89 | Impaired Loans | ||||||||||||||||||||||||||||
Currently | Days | Non-accrual | Special | Currently Performing | |||||||||||||||||||||||||
March 31, 2015 | Performing | Past Due | Loans | Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 143,690 | 885 | 1,235 | — | 2,025 | — | 147,835 | |||||||||||||||||||||
Home equity line of credit | 33,075 | 24 | — | 243 | 765 | — | 34,107 | ||||||||||||||||||||||
Junior liens | 1,992 | — | — | 39 | 19 | — | 2,050 | ||||||||||||||||||||||
Multi-family | 17,128 | — | — | 1,944 | 2,997 | — | 22,069 | ||||||||||||||||||||||
Construction | 26,736 | — | — | — | — | — | 26,736 | ||||||||||||||||||||||
Land | 15,444 | 2,643 | — | 45 | 8,082 | — | 26,214 | ||||||||||||||||||||||
Non-residential real estate | 148,306 | 330 | 542 | 297 | 10,520 | — | 159,995 | ||||||||||||||||||||||
Farmland | 41,317 | 242 | — | 692 | 32 | — | 42,283 | ||||||||||||||||||||||
Consumer loans | 14,611 | 17 | — | — | 186 | — | 14,814 | ||||||||||||||||||||||
Commercial loans | 76,709 | 113 | 347 | 143 | 1,843 | — | 79,155 | ||||||||||||||||||||||
Total | 519,008 | 4,254 | 2,124 | 3,403 | 26,469 | — | 555,258 | ||||||||||||||||||||||
The table below presents past due and non-accrual balances at December 31, 2014, by loan classification allocated between performing and non-performing: | |||||||||||||||||||||||||||||
30 - 89 | Impaired Loans | ||||||||||||||||||||||||||||
Currently | Days | Non-accrual | Special | Currently Performing | |||||||||||||||||||||||||
December 31 2014 | Performing | Past Due | Loans | Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||
One-to-four family mortgages | $ | 145,372 | 757 | 1,501 | 203 | 2,718 | — | 150,551 | |||||||||||||||||||||
Home equity line of credit | 33,338 | 143 | — | — | 757 | — | 34,238 | ||||||||||||||||||||||
Junior liens | 2,025 | — | — | 40 | 37 | — | 2,102 | ||||||||||||||||||||||
Multi-family | 20,066 | — | 95 | 2,904 | 2,926 | — | 25,991 | ||||||||||||||||||||||
Construction | 24,241 | — | — | — | — | — | 24,241 | ||||||||||||||||||||||
Land | 14,674 | 654 | 215 | 362 | 10,749 | — | 26,654 | ||||||||||||||||||||||
Non-residential real estate | 131,854 | — | 1,159 | 5,492 | 12,091 | — | 150,596 | ||||||||||||||||||||||
Farmland | 40,057 | 64 | 115 | 516 | 2,122 | — | 42,874 | ||||||||||||||||||||||
Consumer loans | 14,104 | 14 | — | 21 | 299 | — | 14,438 | ||||||||||||||||||||||
Commercial loans | 71,191 | 55 | 90 | 325 | 2,493 | — | 74,154 | ||||||||||||||||||||||
Total | $ | 496,922 | 1,687 | 3,175 | 9,863 | 34,192 | — | 545,839 | |||||||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans as of March 31, 2015, and December 31, 2014, by portfolio segment and based on the impairment method as of March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||
Development / | Commercial | Residential | |||||||||||||||||||||||||||
Commercial | Construction | Real Estate | Real Estate | Consumer | Total | ||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 140 | 766 | 703 | 136 | 45 | $ | 1,790 | |||||||||||||||||||||
Collectively evaluated for impairment | 498 | 574 | 1,766 | 1,196 | 346 | 4,380 | |||||||||||||||||||||||
Total ending allowance balance | $ | 638 | 1,340 | 2,469 | 1,332 | 391 | $ | 6,170 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,190 | 8,082 | 17,386 | 4,044 | 186 | $ | 31,888 | |||||||||||||||||||||
Loans collectively evaluated for impairment | 76,965 | 44,868 | 206,961 | 179,948 | 14,628 | 523,370 | |||||||||||||||||||||||
Total ending loans balance | $ | 79,155 | 52,950 | 224,347 | 183,992 | 14,814 | $ | 555,258 | |||||||||||||||||||||
Land | |||||||||||||||||||||||||||||
Development / | Commercial | Residential | |||||||||||||||||||||||||||
Commercial | Construction | Real Estate | Real Estate | Consumer | Total | ||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | 663 | 738 | 51 | 62 | $ | 1,514 | |||||||||||||||||||||
Collectively evaluated for impairment | 504 | 606 | 1,891 | 1,342 | 432 | 4,775 | |||||||||||||||||||||||
Total ending allowance balance | $ | 504 | 1,269 | 2,629 | 1,393 | 494 | $ | 6,289 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,583 | 10,964 | 18,508 | 5,013 | 299 | $ | 37,367 | |||||||||||||||||||||
Loans collectively evaluated for impairment | 71,571 | 39,931 | 200,953 | 181,878 | 14,139 | 508,472 | |||||||||||||||||||||||
Total ending loans balance | $ | 74,154 | 50,895 | 219,461 | 186,891 | 14,438 | $ | 545,839 | |||||||||||||||||||||
All loans listed as 30-89 days past due and non-accrual are not performing as agreed. Loans listed as special mentioned, substandard and doubtful are paying as agreed. However, the customer’s financial statements may indicate weaknesses in their current cash flow, the customer’s industry may be in decline due to current economic conditions, collateral values used to secure the loan may be declining, or the Company may be concerned about the customer’s future business prospects. | |||||||||||||||||||||||||||||
The Company does not originate loans it considers sub-prime and is not aware of any exposure to the additional credit concerns associated with sub-prime lending in either the Company’s loan or investment portfolios. The Company does have a significant amount of construction and land development loans. Management reports to the Company’s Board of Directors on the status of the Company’s specific construction and development loans as well as the market trends in those markets in which the Company actively participates. | |||||||||||||||||||||||||||||
The Company’s annualized net charge off ratios for three month periods ended March 31, 2015, March 31, 2014, and the year ended December 31, 2014, was 0.24%, 0.11% and 0.02%, respectively. The ratios of allowance for loan losses to non-accrual loans at March 31, 2015, March 31, 2014, and December 31, 2014, were 290.51%, 88.85%, and 198.08%, respectively. | |||||||||||||||||||||||||||||
The determination of the allowance for loan losses is based on management’s analysis, performed on a quarterly basis. Various factors are considered, including the market value of the underlying collateral, growth and composition of the loan portfolio, the relationship of the allowance for loan losses to outstanding loans, historical loss experience, delinquency trends and prevailing economic conditions. Although management believes its allowance for loan losses is adequate, there can be no assurance that additional allowances will not be required or that losses on loans will not be incurred. | |||||||||||||||||||||||||||||
The Company conducts annual reviews on all loan relationships above one million to ascertain the borrowers continued ability to service their debt as agreed. In addition to the credit relationships mentioned above, management may classify any credit relationship once it becomes aware of adverse credit trends for that customer. Typically, the annual review consists of updated financial statements for borrowers and any guarantors, a review of the borrower’s credit history with the Company and other creditors, and current income tax information. | |||||||||||||||||||||||||||||
As a result of this review, management will classify loans based on their credit risk. Additionally, the Company provides a risk grade for all loans past due more than sixty days. The Company uses the following risk definitions for risk grades: | |||||||||||||||||||||||||||||
Satisfactory loans of average strength having some deficiency or vulnerability to changing economic or industry conditions. These customers should have reasonable amount of capital and operating ratios. Secured loans may lack in margin or liquidity. Loans to individuals, perhaps supported in dollars of net worth, but with supporting assets may be difficult to liquidate. | |||||||||||||||||||||||||||||
Watch loans are acceptable credits: (1) that need continual monitoring, such as out-of territory or asset-based loans (since the Bank does not have an asset-based lending department), or (2) with a marginal risk level to business concerns and individuals that; (a) have exhibited favorable performance in the past, though currently experiencing negative trends; (b) are in an industry that is experiencing volatility or is declining, and their performance is less than industry norms; and (c) are experiencing unfavorable trends in their financial position, such as one-time net losses or declines in asset values. These marginal borrowers may have early warning signs of problems such as occasional overdrafts and minor delinquency. If considered marginal, a loan would be a “watch” until financial data demonstrated improved performance or further deterioration to a “substandard” grade usually within a 12-month period. In the table on page 22, Watch loans are included with satisfactory loans and classified as Pass. | |||||||||||||||||||||||||||||
Special Mention loans are currently protected but are potentially weak. These loans constitute an undue and unwarranted credit risk but not to the point of justifying a substandard classification. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific loan. These credit weaknesses, if not checked or corrected, will weaken the loan or inadequately protect the Bank’s credit position at some future date. | |||||||||||||||||||||||||||||
A Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. The loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. This does not imply ultimate loss of the principal, but may involve burdensome administrative expenses and the accompanying cost to carry the credit. Examples of substandard loans include those to borrowers with insufficient or negative cash flow, negative net worth coupled with inadequate guarantor support, inadequate working capital, and/or significantly past-due loans and overdrafts. | |||||||||||||||||||||||||||||
A loan classified Doubtful has all the weaknesses inherent in a substandard credit except that the weaknesses make collection or liquidation in full (on the basis of currently existing facts, conditions, and values) highly questionable and improbable. The possibility of loss is extremely high, but because of certain pending factors charge-off is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. The doubtful classification is applied to that portion of the credit in which the full collection of principal and interest is questionable. | |||||||||||||||||||||||||||||
A loan is considered to be impaired when management determines that it is possible that the Company will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement. The value of individually impaired loans is measured based on the present value of expected payments or using the fair value of the collateral less cost to sell if the loan is collateral dependent. Currently, it is management’s practice to classify all substandard or doubtful loans as impaired. At March 31, 2015, December 31, 2014, and March 31, 2014, the Company’s impaired loans totaled $31.9 million, $37.4 million and $42.6 million, respectively. | |||||||||||||||||||||||||||||
At March 31, 2015, December 31, 2014 and March 31, 2014, the Company’s specific reserve for impaired loans totaled $1.8 million, $1.5 million and $1.9 million respectively. A summary of the Company’s impaired loans, including their respective regulatory classification and their respective specific reserve at March 31, 2015, and December 31, 2014, were as follows: | |||||||||||||||||||||||||||||
March 31, 2015 | Special | Impaired Loans | Specific | Reserve for | |||||||||||||||||||||||||
Reserve | Performing | ||||||||||||||||||||||||||||
for | |||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | Impairment | Loans | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 144,453 | — | 3,382 | — | 147,835 | 136 | 1,022 | |||||||||||||||||||||
Home equity line of credit | 33,099 | 243 | 765 | — | 34,107 | — | 163 | ||||||||||||||||||||||
Junior liens | 1,992 | 39 | 19 | — | 2,050 | — | 11 | ||||||||||||||||||||||
Multi-family | 17,128 | 1,944 | 2,997 | — | 22,069 | — | 69 | ||||||||||||||||||||||
Construction | 26,736 | — | — | — | 26,736 | — | 110 | ||||||||||||||||||||||
Land | 15,453 | 45 | 10,716 | — | 26,214 | 766 | 464 | ||||||||||||||||||||||
Non-residential real estate | 148,306 | 297 | 11,392 | — | 159,995 | 703 | 1,308 | ||||||||||||||||||||||
Farmland | 41,350 | 692 | 241 | — | 42,283 | — | 389 | ||||||||||||||||||||||
Consumer loans | 14,628 | — | 186 | — | 14,814 | 45 | 346 | ||||||||||||||||||||||
Commercial loans | 76,822 | 143 | 2,190 | — | 79,155 | 140 | 498 | ||||||||||||||||||||||
Total | $ | 519,967 | 3,403 | 31,888 | — | 555,258 | 1,790 | 4,380 | |||||||||||||||||||||
Special | Impaired Loans | Specific | Allowance | ||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||
for | For Loans | ||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | Impairment | Not Impaired | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 146,129 | 203 | 4,219 | — | 150,551 | 51 | 1,147 | |||||||||||||||||||||
Home equity line of credit | 33,481 | — | 757 | — | 34,238 | — | 181 | ||||||||||||||||||||||
Junior lien | 2,025 | 40 | 37 | — | 2,102 | — | 14 | ||||||||||||||||||||||
Multi-family | 20,066 | 2,904 | 3,021 | — | 25,991 | — | 85 | ||||||||||||||||||||||
Construction | 24,241 | — | — | — | 24,241 | — | 146 | ||||||||||||||||||||||
Land | 15,328 | 362 | 10,964 | — | 26,654 | 663 | 460 | ||||||||||||||||||||||
Non-residential real estate | 131,854 | 5,492 | 13,250 | — | 150,596 | 738 | 1,345 | ||||||||||||||||||||||
Farmland | 40,121 | 516 | 2,237 | — | 42,874 | — | 461 | ||||||||||||||||||||||
Consumer loans | 14,118 | 21 | 299 | — | 14,438 | 62 | 432 | ||||||||||||||||||||||
Commercial loans | 71,246 | 325 | 2,583 | — | 74,154 | — | 504 | ||||||||||||||||||||||
Total | $ | 498,609 | 9,863 | 37,367 | — | 545,839 | 1,514 | 4,775 | |||||||||||||||||||||
Impaired loans by classification type and the related valuation allowance amounts at March 31, 2015, were as follows: | |||||||||||||||||||||||||||||
At March 31, 2015 | For the three month period ended | ||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||
Impaired loans with no recorded reserve | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 2,668 | 2,668 | — | 2,668 | 18 | |||||||||||||||||||||||
Home equity line of credit | 765 | 765 | — | 765 | 9 | ||||||||||||||||||||||||
Junior liens | 19 | 19 | — | 19 | — | ||||||||||||||||||||||||
Multi-family | 2,997 | 2,997 | — | 2,997 | 51 | ||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||
Land | 7,295 | 7,295 | — | 7,295 | 146 | ||||||||||||||||||||||||
Farmland | 241 | 241 | — | 241 | — | ||||||||||||||||||||||||
Non-residential real estate | 10,211 | 10,211 | — | 10,211 | 137 | ||||||||||||||||||||||||
Consumer loans | 7 | 7 | — | 7 | — | ||||||||||||||||||||||||
Commercial loans | 1,487 | 1,487 | — | 1,487 | 31 | ||||||||||||||||||||||||
Total | 25,690 | 25,690 | — | 25,690 | 392 | ||||||||||||||||||||||||
Impaired loans with a specific allowance | |||||||||||||||||||||||||||||
One-to-four family mortgages | 714 | 714 | 136 | 714 | 10 | ||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | ||||||||||||||||||||||||
Junior liens | — | — | — | — | — | ||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||
Land | 3,421 | 3,421 | 766 | 3,421 | 32 | ||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||
Non-residential real estate | 1,181 | 1,181 | 703 | 1,181 | 10 | ||||||||||||||||||||||||
Consumer loans | 179 | 179 | 45 | 179 | — | ||||||||||||||||||||||||
Commercial loans | 703 | 703 | 140 | 703 | 19 | ||||||||||||||||||||||||
Total | 6,198 | 6,198 | 1,790 | 6,198 | 71 | ||||||||||||||||||||||||
Total impaired loans | $ | 31,888 | 31,888 | 1,790 | 31,888 | 463 | |||||||||||||||||||||||
Impaired loans by classification type and the related valuation allowance amounts at December 31, 2014, were as follows: | |||||||||||||||||||||||||||||
At December 31, 2014 | For the year ended | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||
Impaired loans with no specific allowance | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 3,501 | 3,501 | — | 2,972 | 176 | |||||||||||||||||||||||
Home equity line of credit | 757 | 757 | — | 690 | 35 | ||||||||||||||||||||||||
Junior liens | 37 | 37 | — | 39 | 2 | ||||||||||||||||||||||||
Multi-family | 3,021 | 3,021 | — | 1,342 | 190 | ||||||||||||||||||||||||
Construction | — | — | — | 29 | — | ||||||||||||||||||||||||
Land | 7,740 | 7,740 | — | 8,978 | 339 | ||||||||||||||||||||||||
Non-residential real estate | 12,057 | 12,057 | — | 8,672 | 669 | ||||||||||||||||||||||||
Farmland | 2,237 | 2,237 | 3,968 | 125 | |||||||||||||||||||||||||
Consumer loans | 51 | 51 | — | 36 | 3 | ||||||||||||||||||||||||
Commercial loans | 2,583 | 2,583 | — | 2,246 | 154 | ||||||||||||||||||||||||
Total | 31,984 | 31,984 | — | 28,972 | 1,693 | ||||||||||||||||||||||||
Impaired loans with a specific allowance | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 718 | 718 | 51 | 1,434 | 44 | |||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | ||||||||||||||||||||||||
Junior liens | — | — | — | — | — | ||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||
Land | 3,224 | 4,737 | 663 | 3,418 | 160 | ||||||||||||||||||||||||
Non-residential real estate | 1,193 | 1,258 | 738 | 3,617 | 69 | ||||||||||||||||||||||||
Farmland | — | — | — | 619 | — | ||||||||||||||||||||||||
Consumer loans | 248 | 248 | 62 | 355 | — | ||||||||||||||||||||||||
Commercial loans | — | — | — | 100 | — | ||||||||||||||||||||||||
Total | 5,383 | 6,961 | 1,514 | 9,543 | 273 | ||||||||||||||||||||||||
Total impaired loans | $ | 37,367 | 38,945 | 1,514 | 38,515 | 1,966 | |||||||||||||||||||||||
On a periodic basis, the Bank may modify the terms of certain loans. In evaluating whether a restructuring constitutes a troubled debt restructuring (TDR), Financial Accounting Standards Board has issued Accounting Standards Update 310 (ASU 310), A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring. In evaluating whether a restructuring constitutes a TDR, the Bank must separately conclude that both of the following exist: | |||||||||||||||||||||||||||||
• | The restructuring constitutes a concession | ||||||||||||||||||||||||||||
• | The debtor is experiencing financial difficulties | ||||||||||||||||||||||||||||
ASU 310 provides the following guidance for the Bank’s evaluation of whether it has granted a concession as follows: | |||||||||||||||||||||||||||||
• | If a debtor does not otherwise have access to funds at a market interest rate for debt with similar risk characteristics as the restructured debt, the restructured debt would be considered a below market rate, which may indicate that the Bank may have granted a concession. In that circumstance, the Bank should consider all aspects of the restructuring in determining whether it has granted a concession, the creditor must make a separate assessment about whether the debtor is experiencing financial difficulties to determine whether the restructuring constitutes a TDR. | ||||||||||||||||||||||||||||
• | A temporary or permanent increase in the interest rate on a loan as a result of a restructuring does not eliminate the possibility of the restructuring from being considered a concession if the new interest rate on the loan is below the market interest rate for loans of similar risk characteristics. | ||||||||||||||||||||||||||||
• | A restructuring that results in a delay in payment that is insignificant is not a concession. However, the Bank must consider a variety of factors in assessing whether a restructuring resulting in a delay in payment is insignificant. | ||||||||||||||||||||||||||||
At December 31, 2014, and March 31, 2015, the Company had two loans classified as performing TDRs. There was no activity in loans classified as TDRs for the three month ended March 31, 2015. | |||||||||||||||||||||||||||||
Balance at | New | Loss or | Transferred to | Removed | Balance at | ||||||||||||||||||||||||
12/31/14 | TDR | Foreclosure | Held For Sale | from | 3/31/15 | ||||||||||||||||||||||||
(Taken to) | |||||||||||||||||||||||||||||
Non-accrual | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Non-residential real estate | $ | 3,284 | — | — | — | — | 3,284 | ||||||||||||||||||||||
Total performing TDR | $ | 3,284 | — | — | — | — | 3,284 | ||||||||||||||||||||||
A summary of the activity in loans classified as TDRs for the year ended December 31, 2014, is as follows | |||||||||||||||||||||||||||||
Balance at | New | Loss or | Transferred to | Removed | Balance at | ||||||||||||||||||||||||
12/31/13 | TDR | Foreclosure | Held For Sale | from | 12/31/14 | ||||||||||||||||||||||||
(Taken to) | |||||||||||||||||||||||||||||
Non-accrual | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | — | — | — | — | — | — | ||||||||||||||||||||||
Non-residential real estate | — | 10,271 | — | (6,987 | ) | — | 3,284 | ||||||||||||||||||||||
Commercial loans | — | — | — | — | — | — | |||||||||||||||||||||||
Total performing TDR | $ | — | 10,271 | — | (6,987 | ) | — | 3,284 | |||||||||||||||||||||
Real_Estate_and_Other_Assets_O
Real Estate and Other Assets Owned | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Real Estate and Other Assets Owned | -6 | REAL ESTATE AND OTHER ASSETS OWNED | |||||||||||||||||||||||
The Company’s real estate and other assets owned represent properties and personal collateral acquired through customer loan defaults. The property is recorded at the lower of cost or fair value less estimated cost to sell and carrying cost at the date acquired. Any difference between the book value and estimated market value is recognized as a charge off through the allowance for loan loss account. Additional real estate owned and other asset losses may be determined on individual properties at specific intervals or at the time of disposal. In general, the Company will obtain a new appraisal on all real estate owned with a book balance in excess of $250,000 on an annual basis. Additional losses are recognized as a non-interest expense. | |||||||||||||||||||||||||
At March 31, 2015, December 31, 2014, and March 31, 2014, the Company had balances in other real estate and assets owned and non-accrual loans consisting of the following: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
One-to-four family mortgages | $ | 175 | 159 | 446 | |||||||||||||||||||||
Land | 1,768 | 1,768 | 1,034 | ||||||||||||||||||||||
Non-residential real estate | 409 | — | 200 | ||||||||||||||||||||||
Total other assets owned | $ | 2,352 | 1,927 | 1,680 | |||||||||||||||||||||
Total non-accrual loans | $ | 2,124 | 3,175 | 10,032 | |||||||||||||||||||||
Total non-performing assets | $ | 4,476 | 5,102 | 11,712 | |||||||||||||||||||||
Non-performing assets / Total assets | 0.5 | % | 0.55 | % | 1.21 | % | |||||||||||||||||||
The following is a summary of the activity in the Company’s real estate and other assets owned for the three month period ending March 31, 2015: | |||||||||||||||||||||||||
Activity During 2015 | |||||||||||||||||||||||||
Balance | Foreclosures | Proceeds | Reduction | Gain (Loss) | Balance | ||||||||||||||||||||
12/31/14 | in Values | on Sale | 3/31/15 | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
One-to-four family mortgages | $ | 159 | 55 | (46 | ) | — | 7 | $ | 175 | ||||||||||||||||
Land | 1,768 | — | — | — | — | 1,768 | |||||||||||||||||||
Non-residential real estate | — | 409 | — | — | — | 409 | |||||||||||||||||||
Total | $ | 1,927 | 464 | (46 | ) | — | 7 | $ | 2,352 | ||||||||||||||||
The following is a summary of the activity in the Company’s real estate and other assets owned for the year ended December 31, 2014: | |||||||||||||||||||||||||
Activity During 2014 | |||||||||||||||||||||||||
Balance | Foreclosures | Sales | Reduction | Gain | Balance | ||||||||||||||||||||
12/31/13 | in Values | (Loss) | 12/31/14 | ||||||||||||||||||||||
on Sale | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
One-to-four family mortgages | $ | 350 | 461 | (667 | ) | (5 | ) | 20 | $ | 159 | |||||||||||||||
Land | 1,124 | 943 | (123 | ) | (157 | ) | (19 | ) | 1,768 | ||||||||||||||||
Non-residential real estate | 200 | 175 | (328 | ) | — | (47 | ) | — | |||||||||||||||||
Total | $ | 1,674 | 1,579 | (1,118 | ) | (162 | ) | (46 | ) | $ | 1,927 | ||||||||||||||
Investments_in_Affiliated_Comp
Investments in Affiliated Companies | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||
Investments in Affiliated Companies | -7 | INVESTMENTS IN AFFILIATED COMPANIES | |||||||||||||||
Investments in affiliated companies accounted for under the equity method consist of 100% of the common stock of HopFed Capital Trust 1 (“Trust”), a wholly-owned statutory business trust. The Trust was formed on September 25, 2003. Summary financial information for the Trust follows (dollars in thousands): | |||||||||||||||||
Summary Statements of Financial Condition | |||||||||||||||||
At | At | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Assets - investment in subordinated debentures issued by HopFed Bancorp, Inc. | $ | 10,310 | 10,310 | ||||||||||||||
Liabilities | — | — | |||||||||||||||
Stockholder’s equity – trust preferred securities | 10,000 | 10,000 | |||||||||||||||
Common stock (100% Owned by HopFed Bancorp, Inc.) | 310 | 310 | |||||||||||||||
Total stockholders’ equity | $ | 10,310 | 10,310 | ||||||||||||||
Summary Statements of Income | |||||||||||||||||
Three Month Periods | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Income – interest income from subordinated debentures issued by HopFed Bancorp, Inc. | $ | 85 | 86 | ||||||||||||||
Net income | $ | 85 | 86 | ||||||||||||||
Summary Statement of Stockholders’ Equity | |||||||||||||||||
Trust | Common | Retained | Total | ||||||||||||||
Preferred | Stock | Earnings | Stockholders’ | ||||||||||||||
Securities | Equity | ||||||||||||||||
Beginning balances, December 31, 2014 | $ | 10,000 | 310 | — | 10,310 | ||||||||||||
Net income | — | — | 85 | 85 | |||||||||||||
Dividends: | |||||||||||||||||
Trust preferred securities | — | — | (82 | ) | (82 | ) | |||||||||||
Common paid to HopFed Bancorp, Inc. | — | — | (3 | ) | (3 | ) | |||||||||||
Ending balances, March 31, 2015 | $ | 10,000 | 310 | — | 10,310 | ||||||||||||
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value of Assets and Liabilities | -8 | FAIR VALUE OF ASSETS AND LIABILITIES | |||||||||||||||||||
In September 2006, the FASB issued ASC 820-10, Fair Value Measurements. This Statement defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value. The statement establishes a fair value hierarchy which requires an entity to maximize the use of observable input and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. | |||||||||||||||||||||
• | Level 1 is for assets and liabilities that management has obtained quoted prices (unadjusted for transaction cost) or identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date. | ||||||||||||||||||||
• | Level 2 is for assets and liabilities in which significant unobservable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||||||
• | Level 3 is for assets and liabilities in which significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||||
The fair values of securities available for sale are determined by a matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without exclusively using quoted prices for the individual securities in the Company’s portfolio but rather by relying on the securities relationship to other benchmark quoted securities. Impaired loans are valued at the net present value of expected payments using the fair value of any assigned collateral. The liability associated with the Company’s derivative is obtained from a quoted value supplied by our correspondent banker. The value of real estate owned is obtained from appraisals completed on properties at the time of acquisition and annually thereafter. | |||||||||||||||||||||
Assets and Liabilities Measured on a Recurring Basis | |||||||||||||||||||||
The assets and liabilities measured at fair value on a recurring basis at March 31, 2015, are summarized below: | |||||||||||||||||||||
March 31, 2015 | Total carrying | Quoted Prices | Significant | Significant | |||||||||||||||||
value in the | In Active | Other | Unobservable | ||||||||||||||||||
Inputs | |||||||||||||||||||||
consolidated | Markets for | Observable | |||||||||||||||||||
Inputs | |||||||||||||||||||||
balance sheet at | Identical Assets | ||||||||||||||||||||
Description | March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities | $ | 259,867 | — | 258,068 | 1,799 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Interest rate swap | $ | 294 | — | 294 | — | ||||||||||||||||
The assets and liabilities measured at fair value on a recurring basis at December 31, 2014, are summarized below | |||||||||||||||||||||
December 31, 2014 | Total carrying | Quoted Prices | Significant | Significant | |||||||||||||||||
value in the | In Active | Other | Unobservable | ||||||||||||||||||
Inputs | |||||||||||||||||||||
consolidated | Markets for | Observable | |||||||||||||||||||
Inputs | |||||||||||||||||||||
balance sheet at | Identical Assets | ||||||||||||||||||||
Description | December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities | $ | 303,628 | — | 302,139 | 1,489 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Interest rate swap | $ | 390 | — | 390 | — | ||||||||||||||||
The assets and liabilities measured at fair value on a non-recurring basis are summarized below for March 31, 2015: | |||||||||||||||||||||
March 31, 2015 | Total carrying | Quoted Prices | Significant | Significant | |||||||||||||||||
value in the | In Active | Other | Unobservable | ||||||||||||||||||
Inputs | |||||||||||||||||||||
consolidated | Markets for | Observable | |||||||||||||||||||
Inputs | |||||||||||||||||||||
balance sheet at | Identical Assets | ||||||||||||||||||||
Description | 3/31/15 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other real estate and other assets owned | $ | 2,352 | — | — | $ | 2,352 | |||||||||||||||
Impaired loans, net of reserve of $1,790 | $ | 30,098 | — | — | $ | 30,098 | |||||||||||||||
The assets and liabilities measured at fair value on a non-recurring basis are summarized below for December 31, 2014: | |||||||||||||||||||||
December 31, 2014 | Total carrying | Quoted Prices | Significant | Significant | |||||||||||||||||
value in the | In Active | Other | Unobservable | ||||||||||||||||||
Inputs | |||||||||||||||||||||
consolidated | Markets for | Observable | |||||||||||||||||||
Inputs | |||||||||||||||||||||
balance sheet at | Identical Assets | ||||||||||||||||||||
Description | 12/31/14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets | |||||||||||||||||||||
Other real estate and other assets owned | $ | 1,927 | — | — | $ | 1,927 | |||||||||||||||
Impaired loans, net of reserve of $1,514 | $ | 35,853 | — | — | $ | 35,853 | |||||||||||||||
The table below includes a roll-forward of the consolidated condensed statement of financial condition items for the three month periods ended March 31, 2015, and March 31, 2014, (including the change in fair value) for assets and liabilities classified by HopFed Bancorp, Inc. within level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis. When a determination is made to classify an asset or liability within level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since level 3 assets and liabilities typically include, in addition to the unobservable or level 3 components, observable components (that is components that are actively quoted and can be validated to external sources), the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Three month period ended March 31, | Other Assets | Other | Other Assets | Other Liabilities | |||||||||||||||||
Liabilities | |||||||||||||||||||||
(Dollars in | |||||||||||||||||||||
Thousands) | |||||||||||||||||||||
Fair value, January 1, | $ | 1,489 | — | 1,489 | — | ||||||||||||||||
Change in unrealized losses included in other comprehensive income for assets and liabilities still held at March 31, | 306 | — | — | — | |||||||||||||||||
Accretion of previous discounted amounts | 4 | ||||||||||||||||||||
Purchases, issuances and settlements, net | — | — | — | — | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | |||||||||||||||||
Fair value, March 31, | $ | 1,799 | — | 1,489 | — | ||||||||||||||||
The estimated fair values of financial instruments were as follows at March 31, 2015: | |||||||||||||||||||||
Carrying | Estimated | Quoted Prices | Using | Significant | |||||||||||||||||
Amount | Fair | In Active Markets | Significant | Unobservable | |||||||||||||||||
Value | for Identical | Other | Inputs | ||||||||||||||||||
Assets | Observable | Level 3 | |||||||||||||||||||
Level 1 | Inputs | ||||||||||||||||||||
Level 2 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 26,150 | 26,150 | 26,150 | — | — | |||||||||||||||
Interest-earning deposits | 9,599 | 9,599 | 9,599 | — | — | ||||||||||||||||
Securities available for sale | 259,867 | 259,867 | — | 258,068 | 1,799 | ||||||||||||||||
Federal Home Loan Bank stock | 4,428 | 4,428 | — | 4,428 | — | ||||||||||||||||
Loans held for sale | 2,051 | 2,051 | — | 2,051 | — | ||||||||||||||||
Loans receivable | 548,740 | 546,293 | — | — | 546,293 | ||||||||||||||||
Accrued interest receivable | 4,228 | 4,228 | — | 4,228 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 727,209 | 710,167 | — | 710,167 | — | ||||||||||||||||
Advances from borrowers for taxes and insurance | 793 | 793 | — | 793 | — | ||||||||||||||||
Advances from Federal Home Loan Bank | 19,000 | 19,179 | — | 19,179 | — | ||||||||||||||||
Repurchase agreements | 45,466 | 45,766 | — | 45,766 | — | ||||||||||||||||
Subordinated debentures | 10,310 | 10,099 | — | — | 10,099 | ||||||||||||||||
Off-balance-sheet liabilities: | |||||||||||||||||||||
Market value of interest rate swap | 294 | 294 | — | 294 | — | ||||||||||||||||
The estimated fair values of financial instruments were as follows at December 31, 2014: | |||||||||||||||||||||
Carrying | Estimated | Quoted Prices | Using | Significant | |||||||||||||||||
Amount | Fair | In Active Markets | Significant | Unobservable | |||||||||||||||||
Value | for Identical | Other | Inputs | ||||||||||||||||||
Assets | Observable | Level 3 | |||||||||||||||||||
Level 1 | Inputs | ||||||||||||||||||||
Level 2 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 34,389 | 34,389 | 34,389 | — | — | |||||||||||||||
Interest-earning deposits | 6,050 | 6,050 | 6,050 | — | — | ||||||||||||||||
Securities available for sale | 303,628 | 303,628 | — | 302,139 | 1,489 | ||||||||||||||||
Federal Home Loan Bank stock | 4,428 | 4,428 | — | 4,428 | — | ||||||||||||||||
Loans held for sale | 1,444 | 1,444 | — | 1,444 | — | ||||||||||||||||
Loans receivable | 539,264 | 537,493 | — | — | 537,493 | ||||||||||||||||
Accrued interest receivable | 4,576 | 4,576 | — | 4,576 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 731,308 | 714,750 | — | 714,750 | — | ||||||||||||||||
Advances from borrowers for taxes and insurance | 513 | 513 | — | 513 | — | ||||||||||||||||
Advances from Federal Home Loan Bank | 34,000 | 34,217 | — | 34,217 | — | ||||||||||||||||
Repurchase agreements | 57,358 | 57,688 | — | 57,688 | — | ||||||||||||||||
Subordinated debentures | 10,310 | 10,099 | — | — | 10,099 | ||||||||||||||||
Off-balance-sheet liabilities: | |||||||||||||||||||||
Market value of interest rate swap | 390 | 390 | — | 390 | — | ||||||||||||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||
Mar. 31, 2015 | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative Instruments | -9 | DERIVATIVE INSTRUMENTS | |
Under guidelines of Financial Accounting Standards Board (“FASB”) ASC 815, Derivative Instruments and Hedging Activities, as amended, all derivative instruments are required to be carried at fair value on the consolidated statement of financial position. ASC 815 provides special hedge accounting provisions, which permit the change in fair value of the hedge item related to the risk being hedged to be recognized in earnings in the same period and in the same income statement line as the change in the fair value of the derivative. | |||
A derivative instrument designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges under ASC 815. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Cash value hedges are accounted for by recording the fair value of the derivative instrument and the fair value related to the risk being hedged of the hedged asset or liability on the consolidated statement of financial position with corresponding offsets recorded in the consolidated statement of financial position. | |||
The adjustment to the hedged asset or liability is included in the basis of the hedged item, while the fair value of the derivative is recorded as a freestanding asset or liability. Actual cash receipts or payments and related amounts accrued during the period on derivatives included in a fair value hedge relationship are recorded as adjustments to the income or expense recorded on the hedged asset or liability. | |||
Under both the fair value and cash flow hedge methods, derivative gains and losses not effective in hedging the change in fair value or expected cash flows of the hedged item are recognized immediately in the income statement. At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instrument has been highly effective in offsetting changes in the fair values or cash flows of the hedged items and whether they are expected to be highly effective in the future. If it is determined a derivative instrument has not been, or will not continue to be highly effective as a hedge, hedged accounting is discontinued. ASC 815 basis adjustments recorded on hedged assets and liabilities are amortized over the remaining life of the hedged item beginning no later than when hedge accounting ceases. There were no fair value hedging gains or losses, as a result of hedge ineffectiveness, recognized for the three month period ended March 31, 2015, or the year ended December 31, 2014. | |||
In October of 2008, the Bank entered into an interest rate swap agreement for a term of seven years and an amount of $10.0 million. The Bank will pay a fixed rate of 7.27% for seven years and receive an amount equal to the three-month London Interbank Lending Rate (LIBOR) plus 3.10%. The interest rate swap is classified as a cash flow hedge by the Bank and will be tested quarterly for effectiveness. At March 31, 2015, and December 31, 2014, the cost of the Bank to terminate the cash flow hedge was approximately $294,000 and $390,000, respectively. |
Effect_of_New_Accounting_Prono
Effect of New Accounting Pronouncements | 3 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Changes and Error Corrections [Abstract] | |||
Effect of New Accounting Pronouncements | -10 | EFFECT OF NEW ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the FASB issued ASU No. 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. These amendments are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. The amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of residential foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures about such activities are required by these amendments. The amendments in this ASU became effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2014. The adoption of ASU 2014-04 did not have a material impact on the Company’s financial position or results of operations. | |||
On June 12, 2014, the FASB issued ASU 2014-11, which makes limited amendments to the guidance in ASC 860 on accounting for certain repurchase agreements (“repos”). ASU 2014-11 requires entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), (2) eliminates accounting guidance on linked repurchase financing transactions, and (3) expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically, repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for as secured borrowings. ASU 2014-11 also amends ASC 860 to clarify that repos and securities lending transactions that do not meet all of the de-recognition criteria in ASC 860-10-40-5 should be accounted for as secured borrowings. In addition, the ASU provides examples of repurchase and securities lending arrangements that illustrate whether a transferor has maintained effective control over the transferred financial assets. For public business entities, the accounting changes were effective for the first interim or annual period beginning after December 15, 2014. The adoption of ASU 2014-11 did not have a material impact on the Company’s financial position or results of operations. | |||
ASU 2014-1, which amends FASB ASC Topic 323, Investments – Equity Method and Joint Ventures. The ASU impacts the Company’s accounting for investments in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in the update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense. The Company has chosen to continue to utilize the equity method for reporting under this topic. The Company’s adoption of ASU 2014-1 did not have a material impact on the Company’s financial position or results of operations. | |||
ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation - Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. However, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. The Company adopted ASU No. 2014-12 effective January 1, 2015. Entities may apply the amendments in this ASU either: (1) prospectively to all awards granted or modified after the effective date; or (2) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. As of March 31, 2015, the Company did not have any share-based payment awards that included performance targets that could be achieved after the requisite service period. As such, the adoption of ASU No. 2014-12 did not have a material impact on the Company’s Consolidated Financial Statements. | |||
ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 is effective for the Corporation beginning January 1, 2016, though early adoption is permitted. ASU 2015-01 is not expected to have a significant impact on the Company’s consolidated financial position or results of operations. | |||
ASU No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. | |||
ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the provisions of ASU No. 2015-02 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. | |||
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Income_Taxes
Income Taxes | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Income Tax Disclosure [Abstract] | ||||
Income Taxes | -11 | INCOME TAXES | ||
The Company and its subsidiaries file consolidated federal income tax returns and Tennessee excise tax returns. The Company and its non-bank subsidiaries filed consolidated Kentucky income tax returns. The Bank is exempt from Kentucky corporate income tax. The Company has no unrecognized tax benefits and has accrued any interest or penalties for uncertain tax positions. The effective tax rate differs from the statutory federal rate of 34% and Tennessee excise rate of 6.50% due to investments in qualified municipal securities; bank owned life insurance, income apportioned to Kentucky and certain non-deductible expenses. | ||||
Other_Assets
Other Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Assets | -12 | OTHER ASSETS | |||||||
The Company has invested in two flow-through limited liability entities that manage and invest in affordable housing projects that qualify for historic, low-income and elderly housing tax credits. At March 31, 2015, the Company’s total investment in each entity was $422,000 and $1.0 million, respectively. The Company has no future capital commitments to either entity. | |||||||||
The amounts recognized in net income for these investments include: | |||||||||
For the three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Investment loss included in pre-tax income | $ | 55 | $ | 51 | |||||
Tax credits recognized in provision for income taxes | 24 | 20 |
Loans_Policies
Loans (Policies) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Changes and Error Corrections [Abstract] | ||||
Troubled Debt Restructuring | On a periodic basis, the Bank may modify the terms of certain loans. In evaluating whether a restructuring constitutes a troubled debt restructuring (TDR), Financial Accounting Standards Board has issued Accounting Standards Update 310 (ASU 310), A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring. In evaluating whether a restructuring constitutes a TDR, the Bank must separately conclude that both of the following exist: | |||
• | The restructuring constitutes a concession | |||
• | The debtor is experiencing financial difficulties | |||
ASU 310 provides the following guidance for the Bank’s evaluation of whether it has granted a concession as follows: | ||||
• | If a debtor does not otherwise have access to funds at a market interest rate for debt with similar risk characteristics as the restructured debt, the restructured debt would be considered a below market rate, which may indicate that the Bank may have granted a concession. In that circumstance, the Bank should consider all aspects of the restructuring in determining whether it has granted a concession, the creditor must make a separate assessment about whether the debtor is experiencing financial difficulties to determine whether the restructuring constitutes a TDR. | |||
• | A temporary or permanent increase in the interest rate on a loan as a result of a restructuring does not eliminate the possibility of the restructuring from being considered a concession if the new interest rate on the loan is below the market interest rate for loans of similar risk characteristics. | |||
• | A restructuring that results in a delay in payment that is insignificant is not a concession. However, the Bank must consider a variety of factors in assessing whether a restructuring resulting in a delay in payment is insignificant. | |||
Fair Value Measurement | In September 2006, the FASB issued ASC 820-10, Fair Value Measurements. This Statement defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value. The statement establishes a fair value hierarchy which requires an entity to maximize the use of observable input and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. | |||
• | Level 1 is for assets and liabilities that management has obtained quoted prices (unadjusted for transaction cost) or identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date. | |||
• | Level 2 is for assets and liabilities in which significant unobservable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||
• | Level 3 is for assets and liabilities in which significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||
The fair values of securities available for sale are determined by a matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without exclusively using quoted prices for the individual securities in the Company’s portfolio but rather by relying on the securities relationship to other benchmark quoted securities. Impaired loans are valued at the net present value of expected payments using the fair value of any assigned collateral. The liability associated with the Company’s derivative is obtained from a quoted value supplied by our correspondent banker. The value of real estate owned is obtained from appraisals completed on properties at the time of acquisition and annually thereafter. | ||||
Derivative Instruments and Hedging Activities | Under guidelines of Financial Accounting Standards Board (“FASB”) ASC 815, Derivative Instruments and Hedging Activities, as amended, all derivative instruments are required to be carried at fair value on the consolidated statement of financial position. ASC 815 provides special hedge accounting provisions, which permit the change in fair value of the hedge item related to the risk being hedged to be recognized in earnings in the same period and in the same income statement line as the change in the fair value of the derivative. | |||
A derivative instrument designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges under ASC 815. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Cash value hedges are accounted for by recording the fair value of the derivative instrument and the fair value related to the risk being hedged of the hedged asset or liability on the consolidated statement of financial position with corresponding offsets recorded in the consolidated statement of financial position. | ||||
The adjustment to the hedged asset or liability is included in the basis of the hedged item, while the fair value of the derivative is recorded as a freestanding asset or liability. Actual cash receipts or payments and related amounts accrued during the period on derivatives included in a fair value hedge relationship are recorded as adjustments to the income or expense recorded on the hedged asset or liability. | ||||
Under both the fair value and cash flow hedge methods, derivative gains and losses not effective in hedging the change in fair value or expected cash flows of the hedged item are recognized immediately in the income statement. At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instrument has been highly effective in offsetting changes in the fair values or cash flows of the hedged items and whether they are expected to be highly effective in the future. If it is determined a derivative instrument has not been, or will not continue to be highly effective as a hedge, hedged accounting is discontinued. ASC 815 basis adjustments recorded on hedged assets and liabilities are amortized over the remaining life of the hedged item beginning no later than when hedge accounting ceases. There were no fair value hedging gains or losses, as a result of hedge ineffectiveness, recognized for the three month period ended March 31, 2015, or the year ended December 31, 2014. | ||||
In October of 2008, the Bank entered into an interest rate swap agreement for a term of seven years and an amount of $10.0 million. The Bank will pay a fixed rate of 7.27% for seven years and receive an amount equal to the three-month London Interbank Lending Rate (LIBOR) plus 3.10%. The interest rate swap is classified as a cash flow hedge by the Bank and will be tested quarterly for effectiveness. At March 31, 2015, and December 31, 2014, the cost of the Bank to terminate the cash flow hedge was approximately $294,000 and $390,000, respectively. | ||||
Receivables-Troubled Debt Restructurings by Creditors | In January 2014, the FASB issued ASU No. 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. These amendments are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. The amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of residential foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures about such activities are required by these amendments. The amendments in this ASU became effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2014. The adoption of ASU 2014-04 did not have a material impact on the Company’s financial position or results of operations. | |||
Repurchase Agreements | On June 12, 2014, the FASB issued ASU 2014-11, which makes limited amendments to the guidance in ASC 860 on accounting for certain repurchase agreements (“repos”). ASU 2014-11 requires entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), (2) eliminates accounting guidance on linked repurchase financing transactions, and (3) expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically, repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for as secured borrowings. ASU 2014-11 also amends ASC 860 to clarify that repos and securities lending transactions that do not meet all of the de-recognition criteria in ASC 860-10-40-5 should be accounted for as secured borrowings. In addition, the ASU provides examples of repurchase and securities lending arrangements that illustrate whether a transferor has maintained effective control over the transferred financial assets. For public business entities, the accounting changes were effective for the first interim or annual period beginning after December 15, 2014. The adoption of ASU 2014-11 did not have a material impact on the Company’s financial position or results of operations. | |||
Investments - Equity Method and Joint Ventures | ASU 2014-1, which amends FASB ASC Topic 323, Investments – Equity Method and Joint Ventures. The ASU impacts the Company’s accounting for investments in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in the update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense. The Company has chosen to continue to utilize the equity method for reporting under this topic. The Company’s adoption of ASU 2014-1 did not have a material impact on the Company’s financial position or results of operations. | |||
Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation - Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. However, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. The Company adopted ASU No. 2014-12 effective January 1, 2015. Entities may apply the amendments in this ASU either: (1) prospectively to all awards granted or modified after the effective date; or (2) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. As of March 31, 2015, the Company did not have any share-based payment awards that included performance targets that could be achieved after the requisite service period. As such, the adoption of ASU No. 2014-12 did not have a material impact on the Company’s Consolidated Financial Statements. | |||
Income Statement - Extraordinary and Unusual Items | ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 is effective for the Corporation beginning January 1, 2016, though early adoption is permitted. ASU 2015-01 is not expected to have a significant impact on the Company’s consolidated financial position or results of operations. | |||
Amendments to the Consolidation Analysis | ASU No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. | |||
ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the provisions of ASU No. 2015-02 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Income_Per_Share_Tables
Income Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Basic and Diluted Income Per Share | The following schedule reconciles the numerators and denominators of the basic and diluted income per share (“IPS”) computations for the three month periods ended March 31, 2015, and March 31, 2014. Diluted common shares arise from the potentially dilutive effect of the Company’s stock options and warrants outstanding. For the three month period ended March 31, 2015, the Company has excluded all unearned shares purchased by the HopFed Bancorp, Inc. 2015 Employee Stock Ownership Plan (the “ESOP”) from the Company on March 2, 2015, due to the fact that, at March 31, 2015, the Company has made no legal commitment to make a principal payment on the loan, which is required to release shares. | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Basic IPS: | |||||||||
Net income | $ | 1,355,000 | $ | 354,000 | |||||
Average common shares outstanding | 6,732,456 | 7,416,716 | |||||||
Net income per share | $ | 0.2 | $ | 0.05 | |||||
Diluted IPS: | |||||||||
Net income | $ | 1,355,000 | $ | 354,000 | |||||
Average common shares outstanding | 6,732,456 | 7,416,716 | |||||||
Dilutive effect of stock options | — | — | |||||||
Average diluted shares outstanding | 6,732,456 | 7,416,716 | |||||||
Net income per share, diluted | $ | 0.2 | $ | 0.05 | |||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Company's Future Compensation Expense Related to Restricted Stock Vesting | The table below provides a detail of the Company’s future compensation expense related to restricted stock vesting at March 31, 2015: | ||||
Year Ending December 31, | Future | ||||
Expense | |||||
2015 | $ | 136,818 | |||
2016 | 132,780 | ||||
2017 | 45,954 | ||||
2018 | 3,127 | ||||
Total | $ | 318,679 | |||
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Amortized Cost of Securities and their Estimated Fair Values | The carrying amount of securities and their estimated fair values at March 31, 2015, were as follows: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Restricted | |||||||||||||||||||||||||
FHLB stock | $ | 4,428 | — | — | 4,428 | ||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 2,002 | 10 | — | 2,012 | ||||||||||||||||||||
U.S. Agency securities | 102,125 | 2,654 | (151 | ) | 104,628 | ||||||||||||||||||||
Taxable municipal bonds | 10,080 | 265 | (24 | ) | 10,321 | ||||||||||||||||||||
Tax free municipal bonds | 50,646 | 3,219 | (118 | ) | 53,747 | ||||||||||||||||||||
Trust preferred securities | 1,604 | 195 | — | 1,799 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
GNMA | 21,500 | 317 | (61 | ) | 21,756 | ||||||||||||||||||||
FNMA | 33,732 | 796 | (38 | ) | 34,490 | ||||||||||||||||||||
FHLMC | 933 | 32 | — | 965 | |||||||||||||||||||||
SLMA CMO | 5,743 | — | (52 | ) | 5,691 | ||||||||||||||||||||
AGENCY CMO | 24,230 | 271 | (43 | ) | 24,458 | ||||||||||||||||||||
$ | 252,595 | 7,759 | (487 | ) | 259,867 | ||||||||||||||||||||
The carrying amount of securities and their estimated fair values at December 31, 2014, was as follows: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Restricted | |||||||||||||||||||||||||
FHLB stock | $ | 4,428 | — | — | 4,428 | ||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,977 | 3 | — | 3,980 | ||||||||||||||||||||
U.S. Agency securities | 101,654 | 2,125 | (527 | ) | 103,252 | ||||||||||||||||||||
Tax free municipal bonds | 57,399 | 3,814 | (166 | ) | 61,047 | ||||||||||||||||||||
Taxable municipal bonds | 11,871 | 235 | (63 | ) | 12,043 | ||||||||||||||||||||
Trust preferred securities | 1,600 | — | (111 | ) | 1,489 | ||||||||||||||||||||
Commercial bonds | 2,000 | 7 | — | 2,007 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
GNMA | 27,535 | 670 | (122 | ) | 28,083 | ||||||||||||||||||||
FNMA | 50,617 | 694 | (536 | ) | 50,775 | ||||||||||||||||||||
FHLMC | 3,276 | 38 | — | 3,314 | |||||||||||||||||||||
SLMA CMO | 9,895 | — | (252 | ) | 9,643 | ||||||||||||||||||||
AGENCY CMO | 28,024 | 176 | (205 | ) | 27,995 | ||||||||||||||||||||
$ | 297,848 | 7,762 | (1,982 | ) | 303,628 | ||||||||||||||||||||
Maturities of Debt Securities Available for Sale | The scheduled maturities of debt securities available for sale at March 31, 2015, were as follows: | ||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
March 31, 2015 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | 4,830 | $ | 4,927 | |||||||||||||||||||||
Due in one to five years | 19,749 | 20,064 | |||||||||||||||||||||||
Due in five to ten years | 41,165 | 42,393 | |||||||||||||||||||||||
Due after ten years | 27,961 | 29,925 | |||||||||||||||||||||||
93,705 | 97,309 | ||||||||||||||||||||||||
Amortizing agency bonds | 72,752 | 75,198 | |||||||||||||||||||||||
Mortgage-backed securities | 86,138 | 87,360 | |||||||||||||||||||||||
Total unrestricted securities available for sale | $ | 252,595 | $ | 259,867 | |||||||||||||||||||||
The scheduled maturities of debt securities available for sale at December 31, 2014, were as follows: | |||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
December 31, 2014 | Cost | Value | |||||||||||||||||||||||
Due within one year | $ | 4,830 | $ | 4,927 | |||||||||||||||||||||
Due in one to five years | 21,564 | 21,818 | |||||||||||||||||||||||
Due in five to ten years | 41,683 | 42,613 | |||||||||||||||||||||||
Due after ten years | 33,119 | 35,380 | |||||||||||||||||||||||
101,196 | 104,738 | ||||||||||||||||||||||||
Amortizing agency bonds | 77,305 | 79,080 | |||||||||||||||||||||||
Mortgage-backed securities | 119,347 | 119,810 | |||||||||||||||||||||||
Total unrestricted securities available for sale | $ | 297,848 | $ | 303,628 | |||||||||||||||||||||
Estimated Fair Value and Unrealized Loss Amounts of Impaired Investments | The estimated fair value and unrealized loss amounts of temporarily impaired investments as of March 31, 2015, are as follows: | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||||
Agency debt securities | $ | 9,130 | (47 | ) | 12,911 | (104 | ) | 22,041 | (151 | ) | |||||||||||||||
Taxable municipals | — | — | 3,049 | (24 | ) | 3,049 | (24 | ) | |||||||||||||||||
Tax free municipals | — | — | 6,476 | (118 | ) | 6,476 | (118 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
GNMA | 9,464 | (49 | ) | 5,265 | (12 | ) | 14,729 | (61 | ) | ||||||||||||||||
FNMA | — | — | 3,087 | (38 | ) | 3,087 | (38 | ) | |||||||||||||||||
SLMA CMOs | — | — | 5,691 | (52 | ) | 5,691 | (52 | ) | |||||||||||||||||
AGENCY CMOs | 5,562 | (12 | ) | 3,593 | (31 | ) | 9,155 | (43 | ) | ||||||||||||||||
Total available for sale | $ | 24,156 | (108 | ) | 40,072 | (379 | ) | 64,228 | (487 | ) | |||||||||||||||
The estimated fair value and unrealized loss amounts of temporarily impaired investments as of December 31, 2014, were as follows: | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
December 31, 2014 | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||||
Agency debt securities | $ | 14,021 | (20 | ) | 29,156 | (507 | ) | 43,177 | (527 | ) | |||||||||||||||
Taxable municipals | — | — | 4,785 | (63 | ) | 4,785 | (63 | ) | |||||||||||||||||
Tax free municipals | — | — | 6,647 | (166 | ) | 6,647 | (166 | ) | |||||||||||||||||
Trust preferred securities | — | — | 1,489 | (111 | ) | 1,489 | (111 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
GNMA | 12,568 | (108 | ) | 2,895 | (14 | ) | 15,463 | (122 | ) | ||||||||||||||||
FNMA | — | — | 18,927 | (536 | ) | 18,927 | (536 | ) | |||||||||||||||||
SLMA CMOs | 1,923 | (14 | ) | 7,720 | (238 | ) | 9,643 | (252 | ) | ||||||||||||||||
AGENCY CMOs | 9,545 | (91 | ) | 7,685 | (114 | ) | 17,230 | (205 | ) | ||||||||||||||||
Total available for sale | $ | 38,057 | (233 | ) | 79,304 | (1,749 | ) | 117,361 | (1,982 | ) | |||||||||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Composition of Loan Portfolio by Type of Loan | At March 31, 2015, and December 31, 2014, there were no concentrations of loans exceeding 10% of total loans other than as disclosed below: | ||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2015 | December 31, 2014 | December 31, 2014 | ||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||
(Dollars in thousands, except percentages) | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||
One-to-four family (closed end) first mortgages | $ | 147,835 | 26.6 | % | $ | 150,551 | 27.6 | % | |||||||||||||||||||||
Second mortgages (closed end) | 2,050 | 0.4 | % | 2,102 | 0.4 | % | |||||||||||||||||||||||
Home equity lines of credit | 34,107 | 6.1 | % | 34,238 | 6.3 | % | |||||||||||||||||||||||
Multi-family | 22,069 | 4 | % | 25,991 | 4.8 | % | |||||||||||||||||||||||
Construction | 26,736 | 4.8 | % | 24,241 | 4.4 | % | |||||||||||||||||||||||
Land | 26,214 | 4.7 | % | 26,654 | 4.9 | % | |||||||||||||||||||||||
Farmland | 42,283 | 7.6 | % | 42,874 | 7.8 | % | |||||||||||||||||||||||
Non-residential real estate | 159,995 | 28.8 | % | 150,596 | 27.6 | % | |||||||||||||||||||||||
Total mortgage loans | 461,289 | 83 | % | 457,247 | 83.8 | % | |||||||||||||||||||||||
Consumer loans | 14,814 | 2.7 | % | 14,438 | 2.6 | % | |||||||||||||||||||||||
Commercial loans | 79,155 | 14.3 | % | 74,154 | 13.6 | % | |||||||||||||||||||||||
Total other loans | 93,969 | 17 | % | 88,592 | 16.2 | % | |||||||||||||||||||||||
Total loans, gross | 555,258 | 100 | % | 545,839 | 100 | % | |||||||||||||||||||||||
Deferred loan cost, net of income | (348 | ) | (286 | ) | |||||||||||||||||||||||||
Less allowance for loan losses | (6,170 | ) | (6,289 | ) | |||||||||||||||||||||||||
Total loans | $ | 548,740 | $ | 539,264 | |||||||||||||||||||||||||
Non-accrual Loans | The following table indicates the type and level of non-accrual loans at the periods indicated below: | ||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 1,235 | 1,501 | 1,056 | |||||||||||||||||||||||||
Home equity line of credit | — | — | 49 | ||||||||||||||||||||||||||
Junior lien | — | — | 1 | ||||||||||||||||||||||||||
Multi-family | — | 95 | — | ||||||||||||||||||||||||||
Land | — | 215 | 1,217 | ||||||||||||||||||||||||||
Non-residential real estate | 542 | 1,159 | 6,585 | ||||||||||||||||||||||||||
Farmland | — | 115 | 669 | ||||||||||||||||||||||||||
Consumer loans | — | — | 2 | ||||||||||||||||||||||||||
Commercial loans | 347 | 90 | 453 | ||||||||||||||||||||||||||
Total non-accrual loans | $ | 2,124 | 3,175 | 10,032 | |||||||||||||||||||||||||
Allowance for Loan Loss Account by Loan | The following table provides a detail of the Company’s activity in the allowance for loan loss account by loan type for the three month period ended March 31, 2015: | ||||||||||||||||||||||||||||
General | Specific | Ending | |||||||||||||||||||||||||||
Balance | Charge off | Recovery | Provision | Provision | Balance | ||||||||||||||||||||||||
Three month period ended March 31, 2015 | 12/31/14 | 2015 | 2015 | 2015 | 2015 | 3/31/15 | |||||||||||||||||||||||
One-to-four family mortgages | $ | 1,198 | (64 | ) | 10 | (124 | ) | 138 | 1,158 | ||||||||||||||||||||
Home equity line of credit | 181 | — | 1 | (19 | ) | — | 163 | ||||||||||||||||||||||
Junior liens | 14 | — | 1 | (4 | ) | — | 11 | ||||||||||||||||||||||
Multi-family | 85 | — | — | — | (16 | ) | 69 | ||||||||||||||||||||||
Construction | 146 | — | — | (36 | ) | — | 110 | ||||||||||||||||||||||
Land | 1,123 | — | — | 4 | 103 | 1,230 | |||||||||||||||||||||||
Non-residential real estate | 2,083 | (208 | ) | — | (57 | ) | 193 | 2,011 | |||||||||||||||||||||
Farmland | 461 | — | — | 54 | (78 | ) | 437 | ||||||||||||||||||||||
Consumer loans | 494 | (97 | ) | 47 | (120 | ) | 67 | 391 | |||||||||||||||||||||
Commercial loans | 504 | (34 | ) | 10 | (6 | ) | 116 | 590 | |||||||||||||||||||||
$ | 6,289 | (403 | ) | 69 | (308 | ) | 523 | 6,170 | |||||||||||||||||||||
The following table provides a detail of the Company’s activity in the allowance for loan loss account by loan type for the year ended December 31, 2014: | |||||||||||||||||||||||||||||
General | Specific | Ending | |||||||||||||||||||||||||||
Balance | Charge off | Recovery | Provision | Provision | Balance | ||||||||||||||||||||||||
Year ended December 31, 2014 | 12/31/13 | 2014 | 2014 | 2014 | 2014 | 12/31/14 | |||||||||||||||||||||||
One-to-four family mortgages | $ | 2,048 | (233 | ) | 24 | (304 | ) | (337 | ) | 1,198 | |||||||||||||||||||
Home equity line of credit | 218 | (83 | ) | 3 | (37 | ) | 80 | 181 | |||||||||||||||||||||
Junior liens | 39 | — | 9 | (25 | ) | (9 | ) | 14 | |||||||||||||||||||||
Multi-family | 466 | — | — | (381 | ) | — | 85 | ||||||||||||||||||||||
Construction | 88 | (139 | ) | 9 | 58 | 130 | 146 | ||||||||||||||||||||||
Land | 1,305 | — | — | (74 | ) | (108 | ) | 1,123 | |||||||||||||||||||||
Non-residential real estate | 2,719 | (66 | ) | 864 | (1,368 | ) | (66 | ) | 2,083 | ||||||||||||||||||||
Farmland | 510 | — | — | 542 | (591 | ) | 461 | ||||||||||||||||||||||
Consumer loans | 541 | (415 | ) | 109 | (13 | ) | 272 | 494 | |||||||||||||||||||||
Commercial loans | 748 | (296 | ) | 94 | (244 | ) | 202 | 504 | |||||||||||||||||||||
$ | 8,682 | (1,232 | ) | 1,112 | (1,846 | ) | (427 | ) | 6,289 | ||||||||||||||||||||
Past Due and Non-accrual Balances by Loan Classification | The table below presents past due and non-accrual balances at March 31, 2015, by loan classification allocated between performing and non-performing loan. At March 31, 2015, the Company had $3.3 million in loans past due 30 – 89 days that were risk graded as substandard: | ||||||||||||||||||||||||||||
30 - 89 | Impaired Loans | ||||||||||||||||||||||||||||
Currently | Days | Non-accrual | Special | Currently Performing | |||||||||||||||||||||||||
March 31, 2015 | Performing | Past Due | Loans | Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 143,690 | 885 | 1,235 | — | 2,025 | — | 147,835 | |||||||||||||||||||||
Home equity line of credit | 33,075 | 24 | — | 243 | 765 | — | 34,107 | ||||||||||||||||||||||
Junior liens | 1,992 | — | — | 39 | 19 | — | 2,050 | ||||||||||||||||||||||
Multi-family | 17,128 | — | — | 1,944 | 2,997 | — | 22,069 | ||||||||||||||||||||||
Construction | 26,736 | — | — | — | — | — | 26,736 | ||||||||||||||||||||||
Land | 15,444 | 2,643 | — | 45 | 8,082 | — | 26,214 | ||||||||||||||||||||||
Non-residential real estate | 148,306 | 330 | 542 | 297 | 10,520 | — | 159,995 | ||||||||||||||||||||||
Farmland | 41,317 | 242 | — | 692 | 32 | — | 42,283 | ||||||||||||||||||||||
Consumer loans | 14,611 | 17 | — | — | 186 | — | 14,814 | ||||||||||||||||||||||
Commercial loans | 76,709 | 113 | 347 | 143 | 1,843 | — | 79,155 | ||||||||||||||||||||||
Total | 519,008 | 4,254 | 2,124 | 3,403 | 26,469 | — | 555,258 | ||||||||||||||||||||||
The table below presents past due and non-accrual balances at December 31, 2014, by loan classification allocated between performing and non-performing: | |||||||||||||||||||||||||||||
30 - 89 | Impaired Loans | ||||||||||||||||||||||||||||
Currently | Days | Non-accrual | Special | Currently Performing | |||||||||||||||||||||||||
December 31 2014 | Performing | Past Due | Loans | Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||
One-to-four family mortgages | $ | 145,372 | 757 | 1,501 | 203 | 2,718 | — | 150,551 | |||||||||||||||||||||
Home equity line of credit | 33,338 | 143 | — | — | 757 | — | 34,238 | ||||||||||||||||||||||
Junior liens | 2,025 | — | — | 40 | 37 | — | 2,102 | ||||||||||||||||||||||
Multi-family | 20,066 | — | 95 | 2,904 | 2,926 | — | 25,991 | ||||||||||||||||||||||
Construction | 24,241 | — | — | — | — | — | 24,241 | ||||||||||||||||||||||
Land | 14,674 | 654 | 215 | 362 | 10,749 | — | 26,654 | ||||||||||||||||||||||
Non-residential real estate | 131,854 | — | 1,159 | 5,492 | 12,091 | — | 150,596 | ||||||||||||||||||||||
Farmland | 40,057 | 64 | 115 | 516 | 2,122 | — | 42,874 | ||||||||||||||||||||||
Consumer loans | 14,104 | 14 | — | 21 | 299 | — | 14,438 | ||||||||||||||||||||||
Commercial loans | 71,191 | 55 | 90 | 325 | 2,493 | — | 74,154 | ||||||||||||||||||||||
Total | $ | 496,922 | 1,687 | 3,175 | 9,863 | 34,192 | — | 545,839 | |||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans as of March 31, 2015, and December 31, 2014, by portfolio segment and based on the impairment method as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||
Development / | Commercial | Residential | |||||||||||||||||||||||||||
Commercial | Construction | Real Estate | Real Estate | Consumer | Total | ||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 140 | 766 | 703 | 136 | 45 | $ | 1,790 | |||||||||||||||||||||
Collectively evaluated for impairment | 498 | 574 | 1,766 | 1,196 | 346 | 4,380 | |||||||||||||||||||||||
Total ending allowance balance | $ | 638 | 1,340 | 2,469 | 1,332 | 391 | $ | 6,170 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,190 | 8,082 | 17,386 | 4,044 | 186 | $ | 31,888 | |||||||||||||||||||||
Loans collectively evaluated for impairment | 76,965 | 44,868 | 206,961 | 179,948 | 14,628 | 523,370 | |||||||||||||||||||||||
Total ending loans balance | $ | 79,155 | 52,950 | 224,347 | 183,992 | 14,814 | $ | 555,258 | |||||||||||||||||||||
Land | |||||||||||||||||||||||||||||
Development / | Commercial | Residential | |||||||||||||||||||||||||||
Commercial | Construction | Real Estate | Real Estate | Consumer | Total | ||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | 663 | 738 | 51 | 62 | $ | 1,514 | |||||||||||||||||||||
Collectively evaluated for impairment | 504 | 606 | 1,891 | 1,342 | 432 | 4,775 | |||||||||||||||||||||||
Total ending allowance balance | $ | 504 | 1,269 | 2,629 | 1,393 | 494 | $ | 6,289 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,583 | 10,964 | 18,508 | 5,013 | 299 | $ | 37,367 | |||||||||||||||||||||
Loans collectively evaluated for impairment | 71,571 | 39,931 | 200,953 | 181,878 | 14,139 | 508,472 | |||||||||||||||||||||||
Total ending loans balance | $ | 74,154 | 50,895 | 219,461 | 186,891 | 14,438 | $ | 545,839 | |||||||||||||||||||||
Summary of Company's Impaired Loans | A summary of the Company’s impaired loans, including their respective regulatory classification and their respective specific reserve at March 31, 2015, and December 31, 2014, were as follows: | ||||||||||||||||||||||||||||
March 31, 2015 | Special | Impaired Loans | Specific | Reserve for | |||||||||||||||||||||||||
Reserve | Performing | ||||||||||||||||||||||||||||
for | |||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | Impairment | Loans | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 144,453 | — | 3,382 | — | 147,835 | 136 | 1,022 | |||||||||||||||||||||
Home equity line of credit | 33,099 | 243 | 765 | — | 34,107 | — | 163 | ||||||||||||||||||||||
Junior liens | 1,992 | 39 | 19 | — | 2,050 | — | 11 | ||||||||||||||||||||||
Multi-family | 17,128 | 1,944 | 2,997 | — | 22,069 | — | 69 | ||||||||||||||||||||||
Construction | 26,736 | — | — | — | 26,736 | — | 110 | ||||||||||||||||||||||
Land | 15,453 | 45 | 10,716 | — | 26,214 | 766 | 464 | ||||||||||||||||||||||
Non-residential real estate | 148,306 | 297 | 11,392 | — | 159,995 | 703 | 1,308 | ||||||||||||||||||||||
Farmland | 41,350 | 692 | 241 | — | 42,283 | — | 389 | ||||||||||||||||||||||
Consumer loans | 14,628 | — | 186 | — | 14,814 | 45 | 346 | ||||||||||||||||||||||
Commercial loans | 76,822 | 143 | 2,190 | — | 79,155 | 140 | 498 | ||||||||||||||||||||||
Total | $ | 519,967 | 3,403 | 31,888 | — | 555,258 | 1,790 | 4,380 | |||||||||||||||||||||
Special | Impaired Loans | Specific | Allowance | ||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||
for | For Loans | ||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | Impairment | Not Impaired | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 146,129 | 203 | 4,219 | — | 150,551 | 51 | 1,147 | |||||||||||||||||||||
Home equity line of credit | 33,481 | — | 757 | — | 34,238 | — | 181 | ||||||||||||||||||||||
Junior lien | 2,025 | 40 | 37 | — | 2,102 | — | 14 | ||||||||||||||||||||||
Multi-family | 20,066 | 2,904 | 3,021 | — | 25,991 | — | 85 | ||||||||||||||||||||||
Construction | 24,241 | — | — | — | 24,241 | — | 146 | ||||||||||||||||||||||
Land | 15,328 | 362 | 10,964 | — | 26,654 | 663 | 460 | ||||||||||||||||||||||
Non-residential real estate | 131,854 | 5,492 | 13,250 | — | 150,596 | 738 | 1,345 | ||||||||||||||||||||||
Farmland | 40,121 | 516 | 2,237 | — | 42,874 | — | 461 | ||||||||||||||||||||||
Consumer loans | 14,118 | 21 | 299 | — | 14,438 | 62 | 432 | ||||||||||||||||||||||
Commercial loans | 71,246 | 325 | 2,583 | — | 74,154 | — | 504 | ||||||||||||||||||||||
Total | $ | 498,609 | 9,863 | 37,367 | — | 545,839 | 1,514 | 4,775 | |||||||||||||||||||||
Impaired Loans by Classification Type | Impaired loans by classification type and the related valuation allowance amounts at March 31, 2015, were as follows: | ||||||||||||||||||||||||||||
At March 31, 2015 | For the three month period ended | ||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||
Impaired loans with no recorded reserve | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 2,668 | 2,668 | — | 2,668 | 18 | |||||||||||||||||||||||
Home equity line of credit | 765 | 765 | — | 765 | 9 | ||||||||||||||||||||||||
Junior liens | 19 | 19 | — | 19 | — | ||||||||||||||||||||||||
Multi-family | 2,997 | 2,997 | — | 2,997 | 51 | ||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||
Land | 7,295 | 7,295 | — | 7,295 | 146 | ||||||||||||||||||||||||
Farmland | 241 | 241 | — | 241 | — | ||||||||||||||||||||||||
Non-residential real estate | 10,211 | 10,211 | — | 10,211 | 137 | ||||||||||||||||||||||||
Consumer loans | 7 | 7 | — | 7 | — | ||||||||||||||||||||||||
Commercial loans | 1,487 | 1,487 | — | 1,487 | 31 | ||||||||||||||||||||||||
Total | 25,690 | 25,690 | — | 25,690 | 392 | ||||||||||||||||||||||||
Impaired loans with a specific allowance | |||||||||||||||||||||||||||||
One-to-four family mortgages | 714 | 714 | 136 | 714 | 10 | ||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | ||||||||||||||||||||||||
Junior liens | — | — | — | — | — | ||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||
Land | 3,421 | 3,421 | 766 | 3,421 | 32 | ||||||||||||||||||||||||
Farmland | — | — | — | — | — | ||||||||||||||||||||||||
Non-residential real estate | 1,181 | 1,181 | 703 | 1,181 | 10 | ||||||||||||||||||||||||
Consumer loans | 179 | 179 | 45 | 179 | — | ||||||||||||||||||||||||
Commercial loans | 703 | 703 | 140 | 703 | 19 | ||||||||||||||||||||||||
Total | 6,198 | 6,198 | 1,790 | 6,198 | 71 | ||||||||||||||||||||||||
Total impaired loans | $ | 31,888 | 31,888 | 1,790 | 31,888 | 463 | |||||||||||||||||||||||
Impaired loans by classification type and the related valuation allowance amounts at December 31, 2014, were as follows: | |||||||||||||||||||||||||||||
At December 31, 2014 | For the year ended | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||
Impaired loans with no specific allowance | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 3,501 | 3,501 | — | 2,972 | 176 | |||||||||||||||||||||||
Home equity line of credit | 757 | 757 | — | 690 | 35 | ||||||||||||||||||||||||
Junior liens | 37 | 37 | — | 39 | 2 | ||||||||||||||||||||||||
Multi-family | 3,021 | 3,021 | — | 1,342 | 190 | ||||||||||||||||||||||||
Construction | — | — | — | 29 | — | ||||||||||||||||||||||||
Land | 7,740 | 7,740 | — | 8,978 | 339 | ||||||||||||||||||||||||
Non-residential real estate | 12,057 | 12,057 | — | 8,672 | 669 | ||||||||||||||||||||||||
Farmland | 2,237 | 2,237 | 3,968 | 125 | |||||||||||||||||||||||||
Consumer loans | 51 | 51 | — | 36 | 3 | ||||||||||||||||||||||||
Commercial loans | 2,583 | 2,583 | — | 2,246 | 154 | ||||||||||||||||||||||||
Total | 31,984 | 31,984 | — | 28,972 | 1,693 | ||||||||||||||||||||||||
Impaired loans with a specific allowance | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | 718 | 718 | 51 | 1,434 | 44 | |||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | ||||||||||||||||||||||||
Junior liens | — | — | — | — | — | ||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||
Land | 3,224 | 4,737 | 663 | 3,418 | 160 | ||||||||||||||||||||||||
Non-residential real estate | 1,193 | 1,258 | 738 | 3,617 | 69 | ||||||||||||||||||||||||
Farmland | — | — | — | 619 | — | ||||||||||||||||||||||||
Consumer loans | 248 | 248 | 62 | 355 | — | ||||||||||||||||||||||||
Commercial loans | — | — | — | 100 | — | ||||||||||||||||||||||||
Total | 5,383 | 6,961 | 1,514 | 9,543 | 273 | ||||||||||||||||||||||||
Total impaired loans | $ | 37,367 | 38,945 | 1,514 | 38,515 | 1,966 | |||||||||||||||||||||||
Summary of the Activity in Loans Classified as TDRs | At December 31, 2014, and March 31, 2015, the Company had two loans classified as performing TDRs. There was no activity in loans classified as TDRs for the three month ended March 31, 2015. | ||||||||||||||||||||||||||||
Balance at | New | Loss or | Transferred to | Removed | Balance at | ||||||||||||||||||||||||
12/31/14 | TDR | Foreclosure | Held For Sale | from | 3/31/15 | ||||||||||||||||||||||||
(Taken to) | |||||||||||||||||||||||||||||
Non-accrual | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Non-residential real estate | $ | 3,284 | — | — | — | — | 3,284 | ||||||||||||||||||||||
Total performing TDR | $ | 3,284 | — | — | — | — | 3,284 | ||||||||||||||||||||||
A summary of the activity in loans classified as TDRs for the year ended December 31, 2014, is as follows | |||||||||||||||||||||||||||||
Balance at | New | Loss or | Transferred to | Removed | Balance at | ||||||||||||||||||||||||
12/31/13 | TDR | Foreclosure | Held For Sale | from | 12/31/14 | ||||||||||||||||||||||||
(Taken to) | |||||||||||||||||||||||||||||
Non-accrual | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
One-to-four family mortgages | $ | — | — | — | — | — | — | ||||||||||||||||||||||
Non-residential real estate | — | 10,271 | — | (6,987 | ) | — | 3,284 | ||||||||||||||||||||||
Commercial loans | — | — | — | — | — | — | |||||||||||||||||||||||
Total performing TDR | $ | — | 10,271 | — | (6,987 | ) | — | 3,284 | |||||||||||||||||||||
Real_Estate_and_Other_Assets_O1
Real Estate and Other Assets Owned (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Presentation of Balances in Other Real Estate and Other Assets Owned and Non-Accrual Loans Consisting Other Non-Performing Loan | At March 31, 2015, December 31, 2014, and March 31, 2014, the Company had balances in other real estate and assets owned and non-accrual loans consisting of the following: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
One-to-four family mortgages | $ | 175 | 159 | 446 | |||||||||||||||||||||
Land | 1,768 | 1,768 | 1,034 | ||||||||||||||||||||||
Non-residential real estate | 409 | — | 200 | ||||||||||||||||||||||
Total other assets owned | $ | 2,352 | 1,927 | 1,680 | |||||||||||||||||||||
Total non-accrual loans | $ | 2,124 | 3,175 | 10,032 | |||||||||||||||||||||
Total non-performing assets | $ | 4,476 | 5,102 | 11,712 | |||||||||||||||||||||
Non-performing assets / Total assets | 0.5 | % | 0.55 | % | 1.21 | % | |||||||||||||||||||
Summary of Activity in Company's Real Estate and Other Assets Owned | The following is a summary of the activity in the Company’s real estate and other assets owned for the three month period ending March 31, 2015: | ||||||||||||||||||||||||
Activity During 2015 | |||||||||||||||||||||||||
Balance | Foreclosures | Proceeds | Reduction | Gain (Loss) | Balance | ||||||||||||||||||||
12/31/14 | in Values | on Sale | 3/31/15 | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
One-to-four family mortgages | $ | 159 | 55 | (46 | ) | — | 7 | $ | 175 | ||||||||||||||||
Land | 1,768 | — | — | — | — | 1,768 | |||||||||||||||||||
Non-residential real estate | — | 409 | — | — | — | 409 | |||||||||||||||||||
Total | $ | 1,927 | 464 | (46 | ) | — | 7 | $ | 2,352 | ||||||||||||||||
The following is a summary of the activity in the Company’s real estate and other assets owned for the year ended December 31, 2014: | |||||||||||||||||||||||||
Activity During 2014 | |||||||||||||||||||||||||
Balance | Foreclosures | Sales | Reduction | Gain | Balance | ||||||||||||||||||||
12/31/13 | in Values | (Loss) | 12/31/14 | ||||||||||||||||||||||
on Sale | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
One-to-four family mortgages | $ | 350 | 461 | (667 | ) | (5 | ) | 20 | $ | 159 | |||||||||||||||
Land | 1,124 | 943 | (123 | ) | (157 | ) | (19 | ) | 1,768 | ||||||||||||||||
Non-residential real estate | 200 | 175 | (328 | ) | — | (47 | ) | — | |||||||||||||||||
Total | $ | 1,674 | 1,579 | (1,118 | ) | (162 | ) | (46 | ) | $ | 1,927 | ||||||||||||||
Investments_in_Affiliated_Comp1
Investments in Affiliated Companies (Tables) (Equity Method Investments [Member]) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity Method Investments [Member] | |||||||||||||||||
Summary Statements of Financial Condition | Summary Statements of Financial Condition | ||||||||||||||||
At | At | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Assets - investment in subordinated debentures issued by HopFed Bancorp, Inc. | $ | 10,310 | 10,310 | ||||||||||||||
Liabilities | — | — | |||||||||||||||
Stockholder’s equity – trust preferred securities | 10,000 | 10,000 | |||||||||||||||
Common stock (100% Owned by HopFed Bancorp, Inc.) | 310 | 310 | |||||||||||||||
Total stockholders’ equity | $ | 10,310 | 10,310 | ||||||||||||||
Summary Statement of Income | Summary Statements of Income | ||||||||||||||||
Three Month Periods | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Income – interest income from subordinated debentures issued by HopFed Bancorp, Inc. | $ | 85 | 86 | ||||||||||||||
Net income | $ | 85 | 86 | ||||||||||||||
Summary Statement of Stockholder's Equity | Summary Statement of Stockholders’ Equity | ||||||||||||||||
Trust | Common | Retained | Total | ||||||||||||||
Preferred | Stock | Earnings | Stockholders’ | ||||||||||||||
Securities | Equity | ||||||||||||||||
Beginning balances, December 31, 2014 | $ | 10,000 | 310 | — | 10,310 | ||||||||||||
Net income | — | — | 85 | 85 | |||||||||||||
Dividends: | |||||||||||||||||
Trust preferred securities | — | — | (82 | ) | (82 | ) | |||||||||||
Common paid to HopFed Bancorp, Inc. | — | — | (3 | ) | (3 | ) | |||||||||||
Ending balances, March 31, 2015 | $ | 10,000 | 310 | — | 10,310 | ||||||||||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The assets and liabilities measured at fair value on a recurring basis at March 31, 2015, are summarized below: | ||||||||||||||||||||
March 31, 2015 | Total carrying | Quoted Prices | Significant | Significant | |||||||||||||||||
value in the | In Active | Other | Unobservable | ||||||||||||||||||
Inputs | |||||||||||||||||||||
consolidated | Markets for | Observable | |||||||||||||||||||
Inputs | |||||||||||||||||||||
balance sheet at | Identical Assets | ||||||||||||||||||||
Description | March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities | $ | 259,867 | — | 258,068 | 1,799 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Interest rate swap | $ | 294 | — | 294 | — | ||||||||||||||||
The assets and liabilities measured at fair value on a recurring basis at December 31, 2014, are summarized below | |||||||||||||||||||||
December 31, 2014 | Total carrying | Quoted Prices | Significant | Significant | |||||||||||||||||
value in the | In Active | Other | Unobservable | ||||||||||||||||||
Inputs | |||||||||||||||||||||
consolidated | Markets for | Observable | |||||||||||||||||||
Inputs | |||||||||||||||||||||
balance sheet at | Identical Assets | ||||||||||||||||||||
Description | December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale securities | $ | 303,628 | — | 302,139 | 1,489 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Interest rate swap | $ | 390 | — | 390 | — | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The assets and liabilities measured at fair value on a non-recurring basis are summarized below for March 31, 2015: | ||||||||||||||||||||
March 31, 2015 | Total carrying | Quoted Prices | Significant | Significant | |||||||||||||||||
value in the | In Active | Other | Unobservable | ||||||||||||||||||
Inputs | |||||||||||||||||||||
consolidated | Markets for | Observable | |||||||||||||||||||
Inputs | |||||||||||||||||||||
balance sheet at | Identical Assets | ||||||||||||||||||||
Description | 3/31/15 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other real estate and other assets owned | $ | 2,352 | — | — | $ | 2,352 | |||||||||||||||
Impaired loans, net of reserve of $1,790 | $ | 30,098 | — | — | $ | 30,098 | |||||||||||||||
The assets and liabilities measured at fair value on a non-recurring basis are summarized below for December 31, 2014: | |||||||||||||||||||||
December 31, 2014 | Total carrying | Quoted Prices | Significant | Significant | |||||||||||||||||
value in the | In Active | Other | Unobservable | ||||||||||||||||||
Inputs | |||||||||||||||||||||
consolidated | Markets for | Observable | |||||||||||||||||||
Inputs | |||||||||||||||||||||
balance sheet at | Identical Assets | ||||||||||||||||||||
Description | 12/31/14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets | |||||||||||||||||||||
Other real estate and other assets owned | $ | 1,927 | — | — | $ | 1,927 | |||||||||||||||
Impaired loans, net of reserve of $1,514 | $ | 35,853 | — | — | $ | 35,853 | |||||||||||||||
Roll-Forward of the Consolidated Condensed Statement of Financial Condition Items | The table below includes a roll-forward of the consolidated condensed statement of financial condition items for the three month periods ended March 31, 2015, and March 31, 2014, (including the change in fair value) for assets and liabilities classified by HopFed Bancorp, Inc. within level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis. When a determination is made to classify an asset or liability within level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since level 3 assets and liabilities typically include, in addition to the unobservable or level 3 components, observable components (that is components that are actively quoted and can be validated to external sources), the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Three month period ended March 31, | Other Assets | Other | Other Assets | Other Liabilities | |||||||||||||||||
Liabilities | |||||||||||||||||||||
(Dollars in | |||||||||||||||||||||
Thousands) | |||||||||||||||||||||
Fair value, January 1, | $ | 1,489 | — | 1,489 | — | ||||||||||||||||
Change in unrealized losses included in other comprehensive income for assets and liabilities still held at March 31, | 306 | — | — | — | |||||||||||||||||
Accretion of previous discounted amounts | 4 | ||||||||||||||||||||
Purchases, issuances and settlements, net | — | — | — | — | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | |||||||||||||||||
Fair value, March 31, | $ | 1,799 | — | 1,489 | — | ||||||||||||||||
Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments were as follows at March 31, 2015: | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices | Using | Significant | |||||||||||||||||
Amount | Fair | In Active Markets | Significant | Unobservable | |||||||||||||||||
Value | for Identical | Other | Inputs | ||||||||||||||||||
Assets | Observable | Level 3 | |||||||||||||||||||
Level 1 | Inputs | ||||||||||||||||||||
Level 2 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 26,150 | 26,150 | 26,150 | — | — | |||||||||||||||
Interest-earning deposits | 9,599 | 9,599 | 9,599 | — | — | ||||||||||||||||
Securities available for sale | 259,867 | 259,867 | — | 258,068 | 1,799 | ||||||||||||||||
Federal Home Loan Bank stock | 4,428 | 4,428 | — | 4,428 | — | ||||||||||||||||
Loans held for sale | 2,051 | 2,051 | — | 2,051 | — | ||||||||||||||||
Loans receivable | 548,740 | 546,293 | — | — | 546,293 | ||||||||||||||||
Accrued interest receivable | 4,228 | 4,228 | — | 4,228 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 727,209 | 710,167 | — | 710,167 | — | ||||||||||||||||
Advances from borrowers for taxes and insurance | 793 | 793 | — | 793 | — | ||||||||||||||||
Advances from Federal Home Loan Bank | 19,000 | 19,179 | — | 19,179 | — | ||||||||||||||||
Repurchase agreements | 45,466 | 45,766 | — | 45,766 | — | ||||||||||||||||
Subordinated debentures | 10,310 | 10,099 | — | — | 10,099 | ||||||||||||||||
Off-balance-sheet liabilities: | |||||||||||||||||||||
Market value of interest rate swap | 294 | 294 | — | 294 | — | ||||||||||||||||
The estimated fair values of financial instruments were as follows at December 31, 2014: | |||||||||||||||||||||
Carrying | Estimated | Quoted Prices | Using | Significant | |||||||||||||||||
Amount | Fair | In Active Markets | Significant | Unobservable | |||||||||||||||||
Value | for Identical | Other | Inputs | ||||||||||||||||||
Assets | Observable | Level 3 | |||||||||||||||||||
Level 1 | Inputs | ||||||||||||||||||||
Level 2 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 34,389 | 34,389 | 34,389 | — | — | |||||||||||||||
Interest-earning deposits | 6,050 | 6,050 | 6,050 | — | — | ||||||||||||||||
Securities available for sale | 303,628 | 303,628 | — | 302,139 | 1,489 | ||||||||||||||||
Federal Home Loan Bank stock | 4,428 | 4,428 | — | 4,428 | — | ||||||||||||||||
Loans held for sale | 1,444 | 1,444 | — | 1,444 | — | ||||||||||||||||
Loans receivable | 539,264 | 537,493 | — | — | 537,493 | ||||||||||||||||
Accrued interest receivable | 4,576 | 4,576 | — | 4,576 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 731,308 | 714,750 | — | 714,750 | — | ||||||||||||||||
Advances from borrowers for taxes and insurance | 513 | 513 | — | 513 | — | ||||||||||||||||
Advances from Federal Home Loan Bank | 34,000 | 34,217 | — | 34,217 | — | ||||||||||||||||
Repurchase agreements | 57,358 | 57,688 | — | 57,688 | — | ||||||||||||||||
Subordinated debentures | 10,310 | 10,099 | — | — | 10,099 | ||||||||||||||||
Off-balance-sheet liabilities: | |||||||||||||||||||||
Market value of interest rate swap | 390 | 390 | — | 390 | — |
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Schedule of Investments Recognized In Net Income | The amounts recognized in net income for these investments include: | ||||||||
For the three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Investment loss included in pre-tax income | $ | 55 | $ | 51 | |||||
Tax credits recognized in provision for income taxes | 24 | 20 |
Income_Per_Share_Reconciliatio
Income Per Share - Reconciliation of Basic and Diluted Income Per Share (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Basic IPS: | ||
Net income | $1,355,000 | $354,000 |
Average common shares outstanding | 6,732,456 | 7,416,716 |
Net income per share | $0.20 | $0.05 |
Diluted IPS: | ||
Net income | $1,355,000 | $354,000 |
Average common shares outstanding | 6,732,456 | 7,416,716 |
Dilutive effect of stock options | 0 | 0 |
Average diluted shares outstanding | 6,732,456 | 7,416,716 |
Net income per share, diluted | $0.20 | $0.05 |
Stock_Compensation_Additional_
Stock Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
2004 Long Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost related to the HopFed Bancorp, Inc | $49,000 | $31,000 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of restricted stock issued | 0 | 0 |
Stock_Compensation_Companys_Fu
Stock Compensation - Company's Future Compensation Expense Related to Restricted Stock Vesting (Detail) (USD $) | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
2015 | $136,818 |
2016 | 132,780 |
2017 | 45,954 |
2018 | 3,127 |
Total | $318,679 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Securities | |
Investments, Debt and Equity Securities [Abstract] | |
Number of securities with unrealized losses | 41 |
Securities pledged to municipalities for deposits in excess of FDIC limits, book value | $162.40 |
Securities pledged to municipalities for deposits in excess of FDIC limits, market value | 169.3 |
Letter of credit issued by FHLB | 11 |
Securities with market value sold under agreements to repurchase from various customers | 39.5 |
Wholesale repurchase agreements with combined book value | 6.5 |
Wholesale repurchase agreements with combined market value | 6.6 |
Investment repurchase agreement, amount | $6 |
Repurchase agreement, maturity date | 18-Sep-16 |
Repurchase agreement, interest rate | 4.36% |
Securities_Amortized_Cost_of_S
Securities - Amortized Cost of Securities and their Estimated Fair Values (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
FHLB stock | $4,428 | $4,428 |
Amortized Cost | 252,595 | 297,848 |
Gross Unrealized Gains | 7,759 | 7,762 |
Gross Unrealized Losses | -487 | -1,982 |
Estimated Fair Value | 259,867 | 303,628 |
Estimated Fair Value, Less than 12 months | 24,156 | 38,057 |
Unrealized Losses, Less than 12 months | -108 | -233 |
Estimated Fair Value, 12 months or longer | 40,072 | 79,304 |
Unrealized Losses, 12 months or longer | -379 | -1,749 |
Estimated Fair Value | 64,228 | 117,361 |
Unrealized Losses | -487 | -1,982 |
Restricted [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
FHLB stock | 4,428 | 4,428 |
FHLB stock | 4,428 | 4,428 |
U.S. Treasury Securities [Member] | Available for Sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,002 | 3,977 |
Gross Unrealized Gains | 10 | 3 |
Estimated Fair Value | 2,012 | 3,980 |
Agency CMO [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,230 | 28,024 |
Gross Unrealized Gains | 271 | 176 |
Gross Unrealized Losses | -43 | -205 |
Estimated Fair Value | 24,458 | 27,995 |
Agency CMO [Member] | Mortgage-Backed Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 5,562 | 9,545 |
Unrealized Losses, Less than 12 months | -12 | -91 |
Estimated Fair Value, 12 months or longer | 3,593 | 7,685 |
Unrealized Losses, 12 months or longer | -31 | -114 |
Estimated Fair Value | 9,155 | 17,230 |
Unrealized Losses | -43 | -205 |
Tax Free Municipals Bonds [Member] | Available for Sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 50,646 | 57,399 |
Gross Unrealized Gains | 3,219 | 3,814 |
Gross Unrealized Losses | -118 | -166 |
Estimated Fair Value | 53,747 | 61,047 |
Tax Free Municipals Bonds [Member] | U.S. Agency Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, 12 months or longer | 6,476 | 6,647 |
Unrealized Losses, 12 months or longer | -118 | -166 |
Estimated Fair Value | 6,476 | 6,647 |
Unrealized Losses | -118 | -166 |
Taxable Municipals Bonds [Member] | Available for Sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,080 | 11,871 |
Gross Unrealized Gains | 265 | 235 |
Gross Unrealized Losses | -24 | -63 |
Estimated Fair Value | 10,321 | 12,043 |
Taxable Municipals Bonds [Member] | U.S. Agency Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, 12 months or longer | 3,049 | 4,785 |
Unrealized Losses, 12 months or longer | -24 | -63 |
Estimated Fair Value | 3,049 | 4,785 |
Unrealized Losses | -24 | -63 |
Trust Preferred Securities [Member] | Available for Sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,604 | 1,600 |
Gross Unrealized Gains | 195 | |
Gross Unrealized Losses | -111 | |
Estimated Fair Value | 1,799 | 1,489 |
Trust Preferred Securities [Member] | U.S. Agency Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, 12 months or longer | 1,489 | |
Unrealized Losses, 12 months or longer | -111 | |
Estimated Fair Value | 1,489 | |
Unrealized Losses | -111 | |
Commercial Bonds [Member] | Available for Sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,000 | |
Gross Unrealized Gains | 7 | |
Estimated Fair Value | 2,007 | |
GNMA [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,500 | 27,535 |
Gross Unrealized Gains | 317 | 670 |
Gross Unrealized Losses | -61 | -122 |
Estimated Fair Value | 21,756 | 28,083 |
GNMA [Member] | Mortgage-Backed Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 9,464 | 12,568 |
Unrealized Losses, Less than 12 months | -49 | -108 |
Estimated Fair Value, 12 months or longer | 5,265 | 2,895 |
Unrealized Losses, 12 months or longer | -12 | -14 |
Estimated Fair Value | 14,729 | 15,463 |
Unrealized Losses | -61 | -122 |
FNMA [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,732 | 50,617 |
Gross Unrealized Gains | 796 | 694 |
Gross Unrealized Losses | -38 | -536 |
Estimated Fair Value | 34,490 | 50,775 |
FNMA [Member] | Mortgage-Backed Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, 12 months or longer | 3,087 | 18,927 |
Unrealized Losses, 12 months or longer | -38 | -536 |
Estimated Fair Value | 3,087 | 18,927 |
Unrealized Losses | -38 | -536 |
FHLMC [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 933 | 3,276 |
Gross Unrealized Gains | 32 | 38 |
Estimated Fair Value | 965 | 3,314 |
SLMA CMO [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,743 | 9,895 |
Gross Unrealized Losses | -52 | -252 |
Estimated Fair Value | 5,691 | 9,643 |
SLMA CMO [Member] | Mortgage-Backed Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 1,923 | |
Unrealized Losses, Less than 12 months | -14 | |
Estimated Fair Value, 12 months or longer | 5,691 | 7,720 |
Unrealized Losses, 12 months or longer | -52 | -238 |
Estimated Fair Value | 5,691 | 9,643 |
Unrealized Losses | -52 | -252 |
Agency Debt Securities [Member] | U.S. Agency Securities [Member] | Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 9,130 | 14,021 |
Unrealized Losses, Less than 12 months | -47 | -20 |
Estimated Fair Value, 12 months or longer | 12,911 | 29,156 |
Unrealized Losses, 12 months or longer | -104 | -507 |
Estimated Fair Value | 22,041 | 43,177 |
Unrealized Losses | -151 | -527 |
U.S. Agency Securities [Member] | Available for Sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 101,654 | |
Gross Unrealized Gains | 2,125 | |
Gross Unrealized Losses | -527 | |
Estimated Fair Value | 103,252 | |
U.S. Agency Securities [Member] | Available for Sale Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 102,125 | |
Gross Unrealized Gains | 2,654 | |
Gross Unrealized Losses | -151 | |
Estimated Fair Value | $104,628 |
Securities_Maturities_of_Debt_
Securities - Maturities of Debt Securities Available for Sale (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost of debt securities available for sale, due within one year | $4,830 | $4,830 |
Amortized cost of debt securities available for sale, due in one to five years | 19,749 | 21,564 |
Amortized cost of debt securities available for sale, due in five to ten years | 41,165 | 41,683 |
Amortized cost of debt securities available for sale, due after ten years | 27,961 | 33,119 |
Total amortized cost debt securities available for sale with specific maturities | 93,705 | 101,196 |
Amortized Cost | 252,595 | 297,848 |
Estimated fair value of debt securities available for sale, due within one year | 4,927 | 4,927 |
Estimated fair value of debt securities available for sale, due in one to five years | 20,064 | 21,818 |
Estimated fair value of debt securities available for sale, due in five to ten years | 42,393 | 42,613 |
Estimated fair value of debt securities available for sale, due after ten years | 29,925 | 35,380 |
Total estimated fair value of debt securities available for sale with specific maturities | 97,309 | 104,738 |
Total unrestricted securities available for sale at estimated fair value | 259,867 | 303,628 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total amortized cost of debt securities available for sale without specific maturities | 86,138 | 119,347 |
Total estimated fair value of debt securities available for sale without specific maturities | 87,360 | 119,810 |
Amortizing Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total amortized cost of debt securities available for sale without specific maturities | 72,752 | 77,305 |
Total estimated fair value of debt securities available for sale without specific maturities | $75,198 | $79,080 |
Loans_Composition_of_Loan_Port
Loans - Composition of Loan Portfolio by Type of Loan (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Real estate loans: | |||
Total loans, gross | $555,258 | $545,839 | |
Deferred loan cost, net of income | -348 | -286 | |
Less allowance for loan losses | -6,170 | -6,289 | -8,900 |
Total loans | 548,740 | 539,264 | |
Loans and Leases Receivable in Percentage | 100.00% | 100.00% | |
Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 461,289 | 457,247 | |
Loans and Leases Receivable in Percentage | 83.00% | 83.80% | |
Consumer Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 14,814 | 14,438 | |
Loans and Leases Receivable in Percentage | 2.70% | 2.60% | |
Commercial Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 79,155 | 74,154 | |
Loans and Leases Receivable in Percentage | 14.30% | 13.60% | |
Total Other Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 93,969 | 88,592 | |
Loans and Leases Receivable in Percentage | 17.00% | 16.20% | |
One-to-Four Family Mortgages [Member] | |||
Real estate loans: | |||
Total loans, gross | 147,835 | 150,551 | |
One-to-Four Family Mortgages [Member] | Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 147,835 | 150,551 | |
Loans and Leases Receivable in Percentage | 26.60% | 27.60% | |
Second Mortgages (Closed End) [Member] | Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 2,050 | 2,102 | |
Loans and Leases Receivable in Percentage | 0.40% | 0.40% | |
Home Equity Line of Credit [Member] | |||
Real estate loans: | |||
Total loans, gross | 34,107 | 34,238 | |
Home Equity Line of Credit [Member] | Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 34,107 | 34,238 | |
Loans and Leases Receivable in Percentage | 6.10% | 6.30% | |
Multi-Family [Member] | |||
Real estate loans: | |||
Total loans, gross | 22,069 | 25,991 | |
Multi-Family [Member] | Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 22,069 | 25,991 | |
Loans and Leases Receivable in Percentage | 4.00% | 4.80% | |
Construction [Member] | |||
Real estate loans: | |||
Total loans, gross | 26,736 | 24,241 | |
Construction [Member] | Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 26,736 | 24,241 | |
Loans and Leases Receivable in Percentage | 4.80% | 4.40% | |
Land [Member] | |||
Real estate loans: | |||
Total loans, gross | 26,214 | 26,654 | |
Land [Member] | Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 26,214 | 26,654 | |
Loans and Leases Receivable in Percentage | 4.70% | 4.90% | |
Farmland [Member] | |||
Real estate loans: | |||
Total loans, gross | 42,283 | 42,874 | |
Farmland [Member] | Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | 42,283 | 42,874 | |
Loans and Leases Receivable in Percentage | 7.60% | 7.80% | |
Non-Residential Real Estate [Member] | |||
Real estate loans: | |||
Total loans, gross | 159,995 | 150,596 | |
Non-Residential Real Estate [Member] | Real Estate Loans [Member] | |||
Real estate loans: | |||
Total loans, gross | $159,995 | $150,596 | |
Loans and Leases Receivable in Percentage | 28.80% | 27.60% |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Loans | Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | $6,170,000 | $6,289,000 | $6,170,000 | $8,900,000 | $6,289,000 |
Ratio of the allowance for loan losses to total loans | 1.11% | 1.63% | 1.15% | ||
Loans past due 30 - 89 days | 4,254,000 | 1,687,000 | 4,254,000 | 1,687,000 | |
Company's annualized net charge off ratios | 0.24% | 0.11% | 0.02% | ||
Ratios of allowance for loan losses to non-accrual loans | 290.51% | 198.08% | 290.51% | 88.85% | 198.08% |
Annual reviews of loan to ascertain the borrowers continued ability to service | 1,000,000 | ||||
Loans past due period for classify to risk grade | 60 days | ||||
Loans past due period for classify to substandard grade | 12 months | ||||
Total impaired loans Recorded Investment | 31,888,000 | 37,367,000 | 31,888,000 | 42,600,000 | 37,367,000 |
Related Allowance | 1,790,000 | 1,514,000 | 1,790,000 | 1,900,000 | 1,514,000 |
Performing loans | 2 | 2 | |||
Impaired Loans Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans past due 30 - 89 days | $3,300,000 | $3,300,000 |
Loans_NonAccrual_Loans_Detail
Loans - Non-Accrual Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | $2,124 | $3,175 | $10,032 |
One-to-Four Family Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | 1,235 | 1,501 | 1,056 |
Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | 49 | ||
Junior Liens [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | 1 | ||
Multi-Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | 95 | ||
Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | 215 | 1,217 | |
Non-Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | 542 | 1,159 | 6,585 |
Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | 115 | 669 | |
Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | 2 | ||
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total non-accrual loans | $347 | $90 | $453 |
Loans_Allowance_for_Loan_Loss_
Loans - Allowance for Loan Loss Account by Loan (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $6,289 | $8,682 | $8,682 |
Charge off | -403 | -196 | -1,232 |
Recovery | 69 | 1,112 | |
General Provision | -308 | -1,846 | |
Specific Provision | 523 | -427 | |
Ending balance | 6,170 | 6,289 | |
One-to-Four Family Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 1,198 | 2,048 | 2,048 |
Charge off | -64 | -233 | |
Recovery | 10 | 24 | |
General Provision | -124 | -304 | |
Specific Provision | 138 | -337 | |
Ending balance | 1,158 | 1,198 | |
Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 181 | 218 | 218 |
Charge off | -83 | ||
Recovery | 1 | 3 | |
General Provision | -19 | -37 | |
Specific Provision | 80 | ||
Ending balance | 163 | 181 | |
Junior Liens [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 14 | 39 | 39 |
Recovery | 1 | 9 | |
General Provision | -4 | -25 | |
Specific Provision | -9 | ||
Ending balance | 11 | 14 | |
Multi-Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 85 | 466 | 466 |
General Provision | -381 | ||
Specific Provision | -16 | ||
Ending balance | 69 | 85 | |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 146 | 88 | 88 |
Charge off | -139 | ||
Recovery | 9 | ||
General Provision | -36 | 58 | |
Specific Provision | 130 | ||
Ending balance | 110 | 146 | |
Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 1,123 | 1,305 | 1,305 |
General Provision | 4 | -74 | |
Specific Provision | 103 | -108 | |
Ending balance | 1,230 | 1,123 | |
Non-Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 2,083 | 2,719 | 2,719 |
Charge off | -208 | -66 | |
Recovery | 864 | ||
General Provision | -57 | -1,368 | |
Specific Provision | 193 | -66 | |
Ending balance | 2,011 | 2,083 | |
Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 461 | 510 | 510 |
General Provision | 54 | 542 | |
Specific Provision | -78 | -591 | |
Ending balance | 437 | 461 | |
Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 494 | 541 | 541 |
Charge off | -97 | -415 | |
Recovery | 47 | 109 | |
General Provision | -120 | -13 | |
Specific Provision | 67 | 272 | |
Ending balance | 391 | 494 | |
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 504 | 748 | 748 |
Charge off | -34 | -296 | |
Recovery | 10 | 94 | |
General Provision | -6 | -244 | |
Specific Provision | 116 | 202 | |
Ending balance | $590 | $504 |
Loans_Past_Due_and_NonAccrual_
Loans - Past Due and Non-Accrual Balances by Loan Classification (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | $519,008 | $496,922 | |
30-89 Days Past Due | 4,254 | 1,687 | |
Non-accrual Loans | 2,124 | 3,175 | 10,032 |
Special Mention | 3,403 | 9,863 | |
Impaired Loans Currently Performing Substandard | 26,469 | 34,192 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 555,258 | 545,839 | |
One-to-Four Family Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 143,690 | 145,372 | |
30-89 Days Past Due | 885 | 757 | |
Non-accrual Loans | 1,235 | 1,501 | 1,056 |
Special Mention | 203 | ||
Impaired Loans Currently Performing Substandard | 2,025 | 2,718 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 147,835 | 150,551 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 33,075 | 33,338 | |
30-89 Days Past Due | 24 | 143 | |
Non-accrual Loans | 49 | ||
Special Mention | 243 | ||
Impaired Loans Currently Performing Substandard | 765 | 757 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 34,107 | 34,238 | |
Junior Liens [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 1,992 | 2,025 | |
Non-accrual Loans | 1 | ||
Special Mention | 39 | 40 | |
Impaired Loans Currently Performing Substandard | 19 | 37 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 2,050 | 2,102 | |
Multi-Family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 17,128 | 20,066 | |
Non-accrual Loans | 95 | ||
Special Mention | 1,944 | 2,904 | |
Impaired Loans Currently Performing Substandard | 2,997 | 2,926 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 22,069 | 25,991 | |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 26,736 | 24,241 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 26,736 | 24,241 | |
Land [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 15,444 | 14,674 | |
30-89 Days Past Due | 2,643 | 654 | |
Non-accrual Loans | 215 | 1,217 | |
Special Mention | 45 | 362 | |
Impaired Loans Currently Performing Substandard | 8,082 | 10,749 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 26,214 | 26,654 | |
Non-Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 148,306 | 131,854 | |
30-89 Days Past Due | 330 | ||
Non-accrual Loans | 542 | 1,159 | 6,585 |
Special Mention | 297 | 5,492 | |
Impaired Loans Currently Performing Substandard | 10,520 | 12,091 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 159,995 | 150,596 | |
Farmland [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 41,317 | 40,057 | |
30-89 Days Past Due | 242 | 64 | |
Non-accrual Loans | 115 | 669 | |
Special Mention | 692 | 516 | |
Impaired Loans Currently Performing Substandard | 32 | 2,122 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 42,283 | 42,874 | |
Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 14,611 | 14,104 | |
30-89 Days Past Due | 17 | 14 | |
Non-accrual Loans | 2 | ||
Special Mention | 21 | ||
Impaired Loans Currently Performing Substandard | 186 | 299 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | 14,814 | 14,438 | |
Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Currently Performing | 76,709 | 71,191 | |
30-89 Days Past Due | 113 | 55 | |
Non-accrual Loans | 347 | 90 | 453 |
Special Mention | 143 | 325 | |
Impaired Loans Currently Performing Substandard | 1,843 | 2,493 | |
Impaired Loans Currently Performing Doubtful | 0 | 0 | |
Total loans, gross | $79,155 | $74,154 |
Loans_Allowance_for_Loan_Losse
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Impairment Method (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | $1,790 | $1,514 | |
Collectively evaluated for impairment | 4,380 | 4,775 | |
Total ending allowance balance | 6,170 | 6,289 | 8,900 |
Loans individually evaluated for impairment | 31,888 | 37,367 | |
Loans collectively evaluated for impairment | 523,370 | 508,472 | |
Total ending loans balance | 555,258 | 545,839 | |
Commercial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 140 | ||
Collectively evaluated for impairment | 498 | 504 | |
Total ending allowance balance | 638 | 504 | |
Loans individually evaluated for impairment | 2,190 | 2,583 | |
Loans collectively evaluated for impairment | 76,965 | 71,571 | |
Total ending loans balance | 79,155 | 74,154 | |
Land Development/Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 766 | 663 | |
Collectively evaluated for impairment | 574 | 606 | |
Total ending allowance balance | 1,340 | 1,269 | |
Loans individually evaluated for impairment | 8,082 | 10,964 | |
Loans collectively evaluated for impairment | 44,868 | 39,931 | |
Total ending loans balance | 52,950 | 50,895 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 703 | 738 | |
Collectively evaluated for impairment | 1,766 | 1,891 | |
Total ending allowance balance | 2,469 | 2,629 | |
Loans individually evaluated for impairment | 17,386 | 18,508 | |
Loans collectively evaluated for impairment | 206,961 | 200,953 | |
Total ending loans balance | 224,347 | 219,461 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 136 | 51 | |
Collectively evaluated for impairment | 1,196 | 1,342 | |
Total ending allowance balance | 1,332 | 1,393 | |
Loans individually evaluated for impairment | 4,044 | 5,013 | |
Loans collectively evaluated for impairment | 179,948 | 181,878 | |
Total ending loans balance | 183,992 | 186,891 | |
Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 45 | 62 | |
Collectively evaluated for impairment | 346 | 432 | |
Total ending allowance balance | 391 | 494 | |
Loans individually evaluated for impairment | 186 | 299 | |
Loans collectively evaluated for impairment | 14,628 | 14,139 | |
Total ending loans balance | $14,814 | $14,438 |
Loans_Summary_of_Companys_Impa
Loans - Summary of Company's Impaired Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $555,258 | $545,839 |
Specific (Reserve) Allowance for Impairment | 1,790 | 1,514 |
(Reserve) Allowance for Performing Loans | 4,380 | 4,775 |
One-to-Four Family Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 147,835 | 150,551 |
Specific (Reserve) Allowance for Impairment | 136 | 51 |
(Reserve) Allowance for Performing Loans | 1,022 | 1,147 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 34,107 | 34,238 |
(Reserve) Allowance for Performing Loans | 163 | 181 |
Junior Liens [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,050 | 2,102 |
(Reserve) Allowance for Performing Loans | 11 | 14 |
Multi-Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 22,069 | 25,991 |
(Reserve) Allowance for Performing Loans | 69 | 85 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 26,736 | 24,241 |
(Reserve) Allowance for Performing Loans | 110 | 146 |
Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 26,214 | 26,654 |
Specific (Reserve) Allowance for Impairment | 766 | 663 |
(Reserve) Allowance for Performing Loans | 464 | 460 |
Non-Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 159,995 | 150,596 |
Specific (Reserve) Allowance for Impairment | 703 | 738 |
(Reserve) Allowance for Performing Loans | 1,308 | 1,345 |
Farmland [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 42,283 | 42,874 |
(Reserve) Allowance for Performing Loans | 389 | 461 |
Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 14,814 | 14,438 |
Specific (Reserve) Allowance for Impairment | 45 | 62 |
(Reserve) Allowance for Performing Loans | 346 | 432 |
Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 79,155 | 74,154 |
Specific (Reserve) Allowance for Impairment | 140 | |
(Reserve) Allowance for Performing Loans | 498 | 504 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 519,967 | 498,609 |
Pass [Member] | One-to-Four Family Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 144,453 | 146,129 |
Pass [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 33,099 | 33,481 |
Pass [Member] | Junior Liens [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,992 | 2,025 |
Pass [Member] | Multi-Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 17,128 | 20,066 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 26,736 | 24,241 |
Pass [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 15,453 | 15,328 |
Pass [Member] | Non-Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 148,306 | 131,854 |
Pass [Member] | Farmland [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 41,350 | 40,121 |
Pass [Member] | Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 14,628 | 14,118 |
Pass [Member] | Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 76,822 | 71,246 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 3,403 | 9,863 |
Special Mention [Member] | One-to-Four Family Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 203 | |
Special Mention [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 243 | |
Special Mention [Member] | Junior Liens [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 39 | 40 |
Special Mention [Member] | Multi-Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,944 | 2,904 |
Special Mention [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 45 | 362 |
Special Mention [Member] | Non-Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 297 | 5,492 |
Special Mention [Member] | Farmland [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 692 | 516 |
Special Mention [Member] | Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 21 | |
Special Mention [Member] | Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 143 | 325 |
Impaired Loans Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 31,888 | 37,367 |
Impaired Loans Substandard [Member] | One-to-Four Family Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 3,382 | 4,219 |
Impaired Loans Substandard [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 765 | 757 |
Impaired Loans Substandard [Member] | Junior Liens [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 19 | 37 |
Impaired Loans Substandard [Member] | Multi-Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,997 | 3,021 |
Impaired Loans Substandard [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 10,716 | 10,964 |
Impaired Loans Substandard [Member] | Non-Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 11,392 | 13,250 |
Impaired Loans Substandard [Member] | Farmland [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 241 | 2,237 |
Impaired Loans Substandard [Member] | Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 186 | 299 |
Impaired Loans Substandard [Member] | Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $2,190 | $2,583 |
Loans_Impaired_Loans_by_Classi
Loans - Impaired Loans by Classification Type (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | $25,690 | $31,984 | $31,984 | |
Total impaired loans Recorded Investment | 31,888 | 37,367 | 37,367 | 42,600 |
Unpaid Principal Balance | 25,690 | 31,984 | 31,984 | |
Total impaired loans Unpaid Principal Balance | 31,888 | 38,945 | 38,945 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 25,690 | 28,972 | ||
Interest Income Recognized | 392 | 1,693 | ||
Recorded Investment | 6,198 | 5,383 | 5,383 | |
Unpaid Principal Balance | 6,198 | 6,961 | 6,961 | |
Related Allowance | 1,790 | 1,514 | 1,514 | 1,900 |
Average Recorded Investment | 6,198 | 9,543 | ||
Total impaired loans Average Recorded Investment | 31,888 | 38,515 | ||
Interest Income Recognized | 71 | 273 | ||
Total impaired loans Interest Income Recognized | 463 | 1,966 | ||
One-to-Four Family Mortgages [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 2,668 | 3,501 | 3,501 | |
Unpaid Principal Balance | 2,668 | 3,501 | 3,501 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 2,668 | 2,972 | ||
Interest Income Recognized | 18 | 176 | ||
Recorded Investment | 714 | 718 | 718 | |
Unpaid Principal Balance | 714 | 718 | 718 | |
Related Allowance | 136 | 51 | 51 | |
Average Recorded Investment | 714 | 1,434 | ||
Interest Income Recognized | 10 | 44 | ||
Home Equity Line of Credit [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 765 | 757 | 757 | |
Unpaid Principal Balance | 765 | 757 | 757 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 765 | 690 | ||
Interest Income Recognized | 9 | 35 | ||
Junior Liens [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 19 | 37 | 37 | |
Unpaid Principal Balance | 19 | 37 | 37 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 19 | 39 | ||
Interest Income Recognized | 2 | |||
Multi-Family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 2,997 | 3,021 | 3,021 | |
Unpaid Principal Balance | 2,997 | 3,021 | 3,021 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 2,997 | 1,342 | ||
Interest Income Recognized | 51 | 190 | ||
Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 29 | |||
Land [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 7,295 | 7,740 | 7,740 | |
Unpaid Principal Balance | 7,295 | 7,740 | 7,740 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 7,295 | 8,978 | ||
Interest Income Recognized | 146 | 339 | ||
Recorded Investment | 3,421 | 3,224 | 3,224 | |
Unpaid Principal Balance | 3,421 | 4,737 | 4,737 | |
Related Allowance | 766 | 663 | 663 | |
Average Recorded Investment | 3,421 | 3,418 | ||
Interest Income Recognized | 32 | 160 | ||
Farmland [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 241 | 2,237 | 2,237 | |
Unpaid Principal Balance | 241 | 2,237 | 2,237 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 241 | 3,968 | ||
Interest Income Recognized | 125 | |||
Average Recorded Investment | 619 | |||
Non-Residential Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 10,211 | 12,057 | 12,057 | |
Unpaid Principal Balance | 10,211 | 12,057 | 12,057 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 10,211 | 8,672 | ||
Interest Income Recognized | 137 | 669 | ||
Recorded Investment | 1,181 | 1,193 | 1,193 | |
Unpaid Principal Balance | 1,181 | 1,258 | 1,258 | |
Related Allowance | 703 | 738 | 738 | |
Average Recorded Investment | 1,181 | 3,617 | ||
Interest Income Recognized | 10 | 69 | ||
Consumer Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 7 | 51 | 51 | |
Unpaid Principal Balance | 7 | 51 | 51 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 7 | 36 | ||
Interest Income Recognized | 3 | |||
Recorded Investment | 179 | 248 | 248 | |
Unpaid Principal Balance | 179 | 248 | 248 | |
Related Allowance | 45 | 62 | 62 | |
Average Recorded Investment | 179 | 355 | ||
Commercial Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 1,487 | 2,583 | 2,583 | |
Unpaid Principal Balance | 1,487 | 2,583 | 2,583 | |
Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 1,487 | 2,246 | ||
Interest Income Recognized | 31 | 154 | ||
Recorded Investment | 703 | |||
Unpaid Principal Balance | 703 | |||
Related Allowance | 140 | |||
Average Recorded Investment | 703 | 100 | ||
Interest Income Recognized | $19 |
Loans_Summary_of_the_Activity_
Loans - Summary of the Activity in Loans Classified as TDRs (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Beginning Balance | $3,284 | $3,284 |
New TDR | 10,271 | |
Loss or Foreclosure | 0 | 0 |
Transferred to Held For Sale | -6,987 | |
Removed from (Taken to) Non-accrual | 0 | 0 |
Ending Balance | 3,284 | 3,284 |
One-to-Four Family Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loss or Foreclosure | 0 | |
Removed from (Taken to) Non-accrual | 0 | |
Non-Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning Balance | 3,284 | 3,284 |
New TDR | 10,271 | |
Loss or Foreclosure | 0 | 0 |
Transferred to Held For Sale | -6,987 | |
Removed from (Taken to) Non-accrual | 0 | 0 |
Ending Balance | 3,284 | 3,284 |
Commercial Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loss or Foreclosure | 0 | |
Removed from (Taken to) Non-accrual | $0 |
Real_Estate_and_Other_Assets_O2
Real Estate and Other Assets Owned - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Banking and Thrift [Abstract] | |
Minimum book balance for appraisal on all real estate owned | $250,000 |
Real_Estate_and_Other_Assets_O3
Real Estate and Other Assets Owned - Presentation of Balances in Other Real Estate and Other Assets Owned and Non-Accrual Loans Consisting Other Non-Performing Loan (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total other assets owned | $2,352 | $1,927 | $1,680 | $1,674 |
Total non-accrual loans | 2,124 | 3,175 | 10,032 | |
Total non-performing assets | 4,476 | 5,102 | 11,712 | |
Non-performing assets / Total assets | 0.50% | 0.55% | 1.21% | |
One-to-Four Family Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total other assets owned | 175 | 159 | 446 | 350 |
Total non-accrual loans | 1,235 | 1,501 | 1,056 | |
Land [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total other assets owned | 1,768 | 1,768 | 1,034 | 1,124 |
Total non-accrual loans | 215 | 1,217 | ||
Non-Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total other assets owned | 409 | 200 | 200 | |
Total non-accrual loans | $542 | $1,159 | $6,585 |
Real_Estate_and_Other_Assets_O4
Real Estate and Other Assets Owned - Summary of Activity in Company's Real Estate and Other Assets Owned (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $1,927 | $1,674 | $1,680 |
Foreclosures | 464 | 1,579 | |
Proceeds/Sales | -46 | -1,118 | |
Reduction in Values | -162 | ||
Gain (Loss) on Sale | 7 | -46 | |
Ending balance | 2,352 | 1,927 | 1,680 |
One-to-Four Family Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 159 | 350 | 446 |
Foreclosures | 55 | 461 | |
Proceeds/Sales | -46 | -667 | |
Reduction in Values | -5 | ||
Gain (Loss) on Sale | 7 | 20 | |
Ending balance | 175 | 159 | 446 |
Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 1,124 | 1,034 | |
Foreclosures | 943 | ||
Proceeds/Sales | -123 | ||
Reduction in Values | -157 | ||
Gain (Loss) on Sale | -19 | ||
Ending balance | 1,768 | 1,768 | 1,034 |
Non-Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 200 | 200 | |
Foreclosures | 409 | 175 | |
Proceeds/Sales | -328 | ||
Gain (Loss) on Sale | -47 | ||
Ending balance | $409 | $200 |
Investments_in_Affiliated_Comp2
Investments in Affiliated Companies - Additional Information (Detail) (Majority-Owned Subsidiary, Unconsolidated [Member]) | Mar. 31, 2015 |
Majority-Owned Subsidiary, Unconsolidated [Member] | |
Schedule of Investments [Line Items] | |
Percent of common stock of HopFed Bancorp, Inc. | 100.00% |
Investments_in_Affiliated_Comp3
Investments in Affiliated Companies - Summary Statements of Financial Condition (Detail) (Majority-Owned Subsidiary, Unconsolidated [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets - investment in subordinated debentures issued by HopFed Bancorp, Inc. | $10,310 | $10,310 |
Liabilities | 0 | 0 |
Total stockholders' equity | 10,310 | 10,310 |
Trust Preferred Securities [Member] | ||
Total stockholders' equity | 10,000 | 10,000 |
Common Stock [Member] | ||
Total stockholders' equity | $310 | $310 |
Investments_in_Affiliated_Comp4
Investments in Affiliated Companies - Summary Statements of Financial Condition (Parenthetical) (Detail) (Majority-Owned Subsidiary, Unconsolidated [Member]) | Mar. 31, 2015 | Dec. 31, 2014 |
Percent of common stock of HopFed Bancorp, Inc. | 100.00% | |
Common Stock [Member] | ||
Percent of common stock of HopFed Bancorp, Inc. | 100.00% | 100.00% |
Investments_in_Affiliated_Comp5
Investments in Affiliated Companies - Summary Statement of Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Income - interest income from subordinated debentures issued by HopFed Bancorp, Inc. | $9,195 | $8,658 |
Majority-Owned Subsidiary, Unconsolidated [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Income - interest income from subordinated debentures issued by HopFed Bancorp, Inc. | 85 | 86 |
Net income | $85 | $86 |
Investments_in_Affiliated_Comp6
Investments in Affiliated Companies - Summary Statement of Stockholders' Equity (Detail) (Majority-Owned Subsidiary, Unconsolidated [Member], USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Beginning balances | $10,310 | ||
Net income | 85 | 86 | |
Dividends: | |||
Trust preferred securities | -82 | ||
Common paid to HopFed Bancorp, Inc. | -3 | ||
Ending balances | 10,310 | ||
Trust Preferred Securities [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Beginning balances | 10,000 | ||
Dividends: | |||
Ending balances | 10,000 | 10,000 | |
Common Stock [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Beginning balances | 310 | ||
Dividends: | |||
Ending balances | 310 | 310 | |
Retained Earnings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income | 85 | ||
Dividends: | |||
Trust preferred securities | -82 | ||
Common paid to HopFed Bancorp, Inc. | ($3) |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Available for sale securities | $259,867 | $303,628 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Available for sale securities | 259,867 | 303,628 |
Liabilities | ||
Interest rate swap | 294 | 390 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Available for sale securities | 258,068 | 302,139 |
Liabilities | ||
Interest rate swap | 294 | 390 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Available for sale securities | 258,068 | 302,139 |
Liabilities | ||
Interest rate swap | 294 | 390 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Available for sale securities | 1,799 | 1,489 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Available for sale securities | $1,799 | $1,489 |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Other real estate and other assets owned | $2,352 | $1,927 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Other real estate and other assets owned | 2,352 | 1,927 |
Impaired loans, net of reserve | 30,098 | 35,853 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Other real estate and other assets owned | 2,352 | 1,927 |
Impaired loans, net of reserve | $30,098 | $35,853 |
Fair_Value_of_Assets_and_Liabi4
Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |||
Reserve on impaired loans | $1,790 | $1,514 | $1,900 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |||
Reserve on impaired loans | $1,790 | $1,514 |
Fair_Value_of_Assets_and_Liabi5
Fair Value of Assets and Liabilities - Roll-Forward of the Consolidated Condensed Statement of Financial Condition Items (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Other Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, Beginning balance | $1,489 | $1,489 |
Change in unrealized losses included in other comprehensive income for assets and liabilities still held at March 31, | 306 | |
Accretion of previous discounted amounts | 4 | |
Purchases, issuances and settlements, net | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Fair value, Ending balance | 1,799 | 1,489 |
Other Liabilities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases, issuances and settlements, net | 0 | 0 |
Transfers in and/or out of Level 3 | $0 | $0 |
Fair_Value_of_Assets_and_Liabi6
Fair Value of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Securities available for sale | $259,867 | $303,628 |
Financial liabilities: | ||
Repurchase agreements | 39,500 | |
Amortized Cost [Member] | ||
Financial Assets: | ||
Cash and due from banks | 26,150 | 34,389 |
Interest-earning deposits | 9,599 | 6,050 |
Securities available for sale | 259,867 | 303,628 |
Federal Home Loan Bank stock | 4,428 | 4,428 |
Loans held for sale | 2,051 | 1,444 |
Loans receivable | 548,740 | 539,264 |
Accrued interest receivable | 4,228 | 4,576 |
Financial liabilities: | ||
Deposits | 727,209 | 731,308 |
Advances from borrowers for taxes and insurance | 793 | 513 |
Advances from Federal Home Loan Bank | 19,000 | 34,000 |
Repurchase agreements | 45,466 | 57,358 |
Subordinated debentures | 10,310 | 10,310 |
Off-balance-sheet liabilities: | ||
Market value of interest rate swap | 294 | 390 |
Estimated Fair Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 26,150 | 34,389 |
Interest-earning deposits | 9,599 | 6,050 |
Securities available for sale | 259,867 | 303,628 |
Federal Home Loan Bank stock | 4,428 | 4,428 |
Loans held for sale | 2,051 | 1,444 |
Loans receivable | 546,293 | 537,493 |
Accrued interest receivable | 4,228 | 4,576 |
Financial liabilities: | ||
Deposits | 710,167 | 714,750 |
Advances from borrowers for taxes and insurance | 793 | 513 |
Advances from Federal Home Loan Bank | 19,179 | 34,217 |
Repurchase agreements | 45,766 | 57,688 |
Subordinated debentures | 10,099 | 10,099 |
Off-balance-sheet liabilities: | ||
Market value of interest rate swap | 294 | 390 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial Assets: | ||
Cash and due from banks | 26,150 | 34,389 |
Interest-earning deposits | 9,599 | 6,050 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial Assets: | ||
Securities available for sale | 258,068 | 302,139 |
Federal Home Loan Bank stock | 4,428 | 4,428 |
Loans held for sale | 2,051 | 1,444 |
Accrued interest receivable | 4,228 | 4,576 |
Financial liabilities: | ||
Deposits | 710,167 | 714,750 |
Advances from borrowers for taxes and insurance | 793 | 513 |
Advances from Federal Home Loan Bank | 19,179 | 34,217 |
Repurchase agreements | 45,766 | 57,688 |
Off-balance-sheet liabilities: | ||
Market value of interest rate swap | 294 | 390 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets: | ||
Securities available for sale | 1,799 | 1,489 |
Loans receivable | 546,293 | 537,493 |
Financial liabilities: | ||
Subordinated debentures | $10,099 | $10,099 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2008 | |
Debt Disclosure [Abstract] | |||
Hedging gains or losses, fair value | $0 | $0 | |
Duration of interest rate swap agreement | 7 years | ||
Interest rate swap amount | 10,000,000 | ||
Fixed rate of interest rate swap agreement to be paid | 7.27% | ||
Interest rate to be received under swap agreement | Three-month London Interbank Lending Rate (LIBOR) plus 3.10% | ||
LIBOR | 3.10% | ||
Cost of termination of cash flow hedge | $294,000 | $390,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Schedule Of Effective Tax Rate Reconciliation [Line Items] | |
Unrecognized tax benefits | $0 |
Effective tax rate | 34.00% |
Tennessee [Member] | |
Schedule Of Effective Tax Rate Reconciliation [Line Items] | |
Effective tax rate | 6.50% |
Other_Assets_Schedule_of_Inves
Other Assets - Schedule of Investments Recognized In Net Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investment Income, Net [Abstract] | ||
Investment loss included in pre-tax income | $55 | $51 |
Tax credits recognized in provision for income taxes | $24 | $20 |
Other_Assets_Additional_Inform
Other Assets - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
Investment | |
Net Investment Income [Line Items] | |
Number of investments | 2 |
Investment One [Member] | |
Net Investment Income [Line Items] | |
Future capital commitments | 0 |
Investment Two [Member] | |
Net Investment Income [Line Items] | |
Future capital commitments | 0 |
Other Assets [Member] | Investment One [Member] | |
Net Investment Income [Line Items] | |
Investment in each entity | 422,000 |
Other Assets [Member] | Investment Two [Member] | |
Net Investment Income [Line Items] | |
Investment in each entity | 1,000,000 |