Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 30, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Entity Registrant Name | LAKE SHORE BANCORP, INC. | ||
Entity Central Index Key | 1,341,318 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | lsbk | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 25,821,799 | ||
Entity Common Stock, Shares Outstanding | 6,115,822 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 8,089 | $ 7,296 |
Interest earning deposits | 6,889 | 12,714 |
Federal funds sold | 30,501 | 14,217 |
Cash and Cash Equivalents | 45,479 | 34,227 |
Securities available for sale | 86,335 | 113,213 |
Federal Home Loan Bank stock, at cost | 1,340 | 1,454 |
Loans receivable, net of allowance for loan losses 2016 $2,882; 2015 $1,985 | 326,365 | 297,101 |
Premises and equipment, net | 8,747 | 9,144 |
Accrued interest receivable | 1,600 | 1,648 |
Bank owned life insurance | 17,719 | 14,938 |
Other assets | 1,589 | 1,660 |
Total Assets | 489,174 | 473,385 |
Liabilities | ||
Deposits: Interest bearing | 330,004 | 323,931 |
Deposits: Non-interest bearing | 55,889 | 45,224 |
Total deposits | 385,893 | 369,155 |
Long-term debt | 18,950 | 21,150 |
Advances from borrowers for taxes and insurance | 3,183 | 3,285 |
Other liabilities | 5,118 | 5,919 |
Total Liabilities | 413,144 | 399,509 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,827,236 shares issued and 6,088,674 shares outstanding at December 31, 2016 and 6,727,428 shares issued and 6,003,416 shares outstanding at December 31, 2015 | 68 | 67 |
Additional paid-in capital | 30,532 | 29,359 |
Treasury stock, at cost (738,562 shares at December 31, 2016 and 724,012 shares at December 31, 2015) | (7,300) | (7,026) |
Unearned shares held by ESOP | (1,620) | (1,706) |
Unearned shares held by compensation plans | (578) | (580) |
Retained earnings | 53,546 | 50,919 |
Accumulated other comprehensive income | 1,382 | 2,843 |
Total Stockholders' Equity | 76,030 | 73,876 |
Total Liabilities and Stockholders' Equity | $ 489,174 | $ 473,385 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Statements of Financial Condition [Abstract] | ||
Allowance for Loan Losses | $ 2,882 | $ 1,985 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares Issued | 6,827,236 | 6,727,428 |
Common Stock, Shares Outstanding | 6,088,674 | 6,003,416 |
Treasury Stock, Shares | 738,562 | 724,012 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | |||
Loans, including fees | $ 14,503 | $ 13,752 | $ 13,340 |
Investment securities, taxable | 1,101 | 1,789 | 2,403 |
Investment securities, tax-exempt | 1,800 | 2,024 | 2,119 |
Other | 114 | 22 | 17 |
Total Interest Income | 17,518 | 17,587 | 17,879 |
Interest Expense | |||
Deposits | 1,830 | 2,280 | 2,942 |
Short-term borrowings | 20 | ||
Long-term debt | 373 | 391 | 284 |
Other | 91 | 86 | 102 |
Total Interest Expense | 2,294 | 2,757 | 3,348 |
Net Interest Income | 15,224 | 14,830 | 14,531 |
Provision for Loan Losses | 1,125 | 400 | 222 |
Net Interest Income after Provision for Loan Losses | 14,099 | 14,430 | 14,309 |
Non-Interest Income | |||
Service charges and fees | 1,791 | 1,632 | 1,610 |
Earnings on bank owned life insurance | 281 | 272 | 259 |
Recovery on previously impaired investment securities | 142 | 160 | 175 |
Gain on sale of securities available for sale | 1,636 | 440 | 59 |
Net gain on sale of loans | 121 | 97 | 31 |
Other | 99 | 106 | 101 |
Total Non-Interest Income | 4,070 | 2,707 | 2,235 |
Non-Interest Expenses | |||
Salaries and employee benefits | 7,247 | 6,878 | 6,611 |
Occupancy and equipment | 2,298 | 2,268 | 2,177 |
Data processing | 1,120 | 1,022 | 801 |
Professional services | 999 | 941 | 1,163 |
Advertising | 536 | 362 | 429 |
Postage and supplies | 257 | 291 | 244 |
FDIC Insurance | 198 | 288 | 283 |
Other | 1,224 | 1,033 | 1,111 |
Total Non-Interest Expenses | 13,879 | 13,083 | 12,819 |
Income before Income Taxes | 4,290 | 4,054 | 3,725 |
Income Tax Expense | 775 | 716 | 567 |
Net Income | $ 3,515 | $ 3,338 | $ 3,158 |
Basic earnings per common share | $ 0.58 | $ 0.57 | $ 0.55 |
Diluted earnings per common share | 0.58 | 0.56 | 0.55 |
Dividends declared per share | $ 0.28 | $ 0.28 | $ 0.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||||||||||
Net Income | $ 140 | $ 757 | $ 664 | $ 1,954 | $ 834 | $ 1,236 | $ 699 | $ 569 | $ 3,515 | $ 3,338 | $ 3,158 |
Other Comprehensive (Loss) Income, net of tax benefit (expense): | |||||||||||
Unrealized holding (losses) gains on securities available for sale, net of tax benefit (expense) | (287) | (281) | 3,158 | ||||||||
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, net of tax expense | (94) | (106) | (107) | ||||||||
Reclassification adjustments related to: Net gain on sale of securities included in net income, net of tax expense | (1,080) | (290) | (36) | ||||||||
Total Other Comprehensive (Loss) Income | (1,461) | (677) | 3,015 | ||||||||
Total Comprehensive Income | $ 2,054 | $ 2,661 | $ 6,173 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Unearned Shares Held by ESOP [Member] | Unearned Shares Held by Compensation Plans [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Beginning Balance at Dec. 31, 2013 | $ 66 | $ 28,039 | $ (6,588) | $ (1,876) | $ (499) | $ 45,624 | $ 505 | $ 65,271 |
Net Income | 3,158 | 3,158 | ||||||
Other comprehensive income (loss), net of tax | 3,015 | 3,015 | ||||||
Stock options exercised | 1 | 628 | 629 | |||||
ESOP shares earned | 14 | 85 | 99 | |||||
Stock based compensation | 9 | 9 | ||||||
Compensation plan shares granted | 230 | (230) | ||||||
Compensation plan shares earned | (6) | 107 | 101 | |||||
Purchase of treasury stock, at cost | (62) | (62) | ||||||
Cash dividends declared | (590) | (590) | ||||||
Ending Balance at Dec. 31, 2014 | 67 | 28,684 | (6,420) | (1,791) | (622) | 48,192 | 3,520 | 71,630 |
Net Income | 3,338 | 3,338 | ||||||
Other comprehensive income (loss), net of tax | (677) | (677) | ||||||
Stock options exercised | 615 | 615 | ||||||
ESOP shares earned | 22 | 85 | 107 | |||||
Stock based compensation | 1 | 1 | ||||||
Compensation plan shares granted | 140 | (140) | ||||||
Compensation plan shares earned | 37 | 182 | 219 | |||||
Purchase of treasury stock, at cost | (746) | (746) | ||||||
Cash dividends declared | (611) | (611) | ||||||
Ending Balance at Dec. 31, 2015 | 67 | 29,359 | (7,026) | (1,706) | (580) | 50,919 | 2,843 | 73,876 |
Net Income | 3,515 | 3,515 | ||||||
Other comprehensive income (loss), net of tax | (1,461) | (1,461) | ||||||
Stock options exercised | 1 | 1,117 | 1,118 | |||||
ESOP shares earned | 22 | 86 | 108 | |||||
Stock based compensation | 9 | 9 | ||||||
Compensation plan shares granted | 197 | (197) | ||||||
Compensation plan shares forfeited | (16) | 16 | ||||||
Compensation plan shares earned | 25 | 183 | 208 | |||||
Purchase of treasury stock, at cost | (455) | (455) | ||||||
Cash dividends declared | (888) | (888) | ||||||
Ending Balance at Dec. 31, 2016 | $ 68 | $ 30,532 | $ (7,300) | $ (1,620) | $ (578) | $ 53,546 | $ 1,382 | $ 76,030 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Stockholders' Equity [Abstract] | |||
Other comprehensive income (loss), tax expense (benefit) | $ (752) | $ (757) | $ 1,903 |
Stock Options exercised, shares | 99,808 | 53,488 | 54,737 |
ESOP, shares earned | 7,935 | 7,935 | 7,935 |
Compensation Plan Shares Granted | 20,354 | 14,886 | 24,570 |
Compensation Plan Shares Forfeited | 1,704 | ||
Compensation Plan Shares Earned | 16,762 | 12,909 | 9,576 |
Treasury Stock, Shares Acquired | 33,200 | 55,000 | 5,100 |
Common Stock, Dividends, Per Share, Declared | $ 0.28 | $ 0.28 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 3,515 | $ 3,338 | $ 3,158 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization of investment securities | 180 | 283 | 303 |
Net amortization of deferred loan costs | 569 | 552 | 462 |
Provision for loan losses | 1,125 | 400 | 222 |
Recovery on previously impaired investment securities | (142) | (160) | (175) |
Gain on sale of investment securities | (1,636) | (440) | (59) |
Originations of loans held for sale | (5,022) | (9,450) | (1,737) |
Proceeds from sales of loans held for sale | 5,143 | 9,547 | 1,768 |
Gain on sale of loans | (121) | (97) | (31) |
Depreciation and amortization | 865 | 834 | 750 |
Deferred income tax expense (benefit) | (222) | 257 | (26) |
Increase in bank owned life insurance, net | (281) | (272) | (259) |
ESOP shares committed to be released | 108 | 107 | 99 |
Stock based compensation expense | 217 | 220 | 110 |
Increase in accrued interest receivable | 48 | 68 | 71 |
Decrease (Inrease) in other assets | 280 | (141) | (219) |
Writedowns of foreclosed real estate | 12 | 35 | 43 |
Decrease in other liabilities | (344) | (118) | (133) |
Net Cash Provided by Operating Activities | 4,294 | 4,963 | 4,347 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Activity in available for sale securities: Sales | 14,406 | 9,846 | 10,337 |
Activity in available for sale securities: Maturities, prepayments and calls | 11,857 | 14,026 | 14,274 |
Purchases of Federal Home Loan Bank Stock | (5) | (353) | (353) |
Redemptions of Federal Home Loan Bank Stock | 119 | 274 | 538 |
Loan origination and principal collections, net | (31,281) | (14,274) | (8,600) |
Proceeds from sale of foreclosed real estate | 619 | 849 | 601 |
Additions to premises and equipment | (468) | (459) | (627) |
Purchase of bank owned life insurance | (2,500) | ||
Net Cash (Used in) Provided by Investing Activities | (7,253) | 9,909 | 16,170 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 16,738 | (17,784) | (1,296) |
Net decrease in advances from borrowers for taxes and insurance | (102) | (130) | (39) |
Net (decrease) increase in short term borrowings | (11,650) | ||
Proceeds from issuance of long-term debt | 10,450 | 15,200 | |
Repayment of long-term debt | (2,200) | (8,250) | (4,100) |
Proceeds from stock options exercised | 1,118 | 615 | 629 |
Purchase of treasury stock | (455) | (746) | (62) |
Cash dividends paid | (888) | (611) | (590) |
Net Cash Provided by (Used in) Financing Activities | 14,211 | (16,456) | (1,908) |
Net Increase (Decrease) in Cash and Cash Equivalents | 11,252 | (1,584) | 18,609 |
CASH AND CASH EQUIVALENTS - BEGINNING | 34,227 | 35,811 | 17,202 |
CASH AND CASH EQUIVALENTS - ENDING | 45,479 | 34,227 | 35,811 |
SUPPLEMENTARY CASH FLOWS INFORMATION | |||
Interest paid | 2,299 | 2,759 | 3,334 |
Income taxes paid | 910 | 580 | 828 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING ACTIVITIES | |||
Foreclosed real estate acquired in settlement of loans | $ 369 | $ 1,178 | $ 448 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Nature of Operations [Abstract] | |
Organization and Nature of Operations | N ote 1 - Organization and Nature of Operations Organizational Structure Lake Shore Bancorp, Inc. (the “Company”, “us,” “our,” or “we”) and the parent mutual holding company, Lake Shore, MHC (the “MHC”) were formed on April 3, 2006 to serve as the stock holding companies for Lake Shore Savings Bank (the “Bank”) as part of the Bank’s conversion and reorganization from a New York State chartered mutual savings and loan association to the federal mutual holding company form of organization. The MHC, whose activity is not included in these consolidated financial statements, held 3,636,875 shares, or 59.7 % of the Company’s outstanding common stock as of December 31, 2016. The Bank is engaged primarily in the business of retail banking in Erie and Chautauqua Counties of New York State. Its primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgages and commercial real estate loans. Charter Lake Shore Bancorp, Inc. and the parent mutual holding company, Lake Shore, MHC are federally chartered and regulated by the Federal Reserve Board. Lake Shore Savings Bank, subsidiary of Lake Shore Bancorp, Inc., is a federally chartered savings bank and regulated by the Office of the Comptroller of the Currency (the “OCC”). Regulations of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) prohibit the waiver of dividends by the MHC unless the waiver has been approved by its members, consisting of depositors of the Bank. The MHC held a special meeting on February 8, 2017 of its members to vote on a proposal to authorize the MHC to waive its right to receive dividends aggregating up to $ 0.32 per share that may be declared by the Company in the twelve months subsequent to the approval of the proposal by members. At the special meeting, a majority of the eligible member votes of the MHC approved the waiver of the receipt of dividends on shares owned by the MHC. Lake Shore, MHC submitted the results of this vote along with other information to the Federal Reserve for final approval of the dividend waiver. As of March 7 , 2017, Lake Shore, MHC received notice of the non-objection of the Federal Reserve Board to waive its right to receive dividends paid by the Company during the twelve months ending February 8 , 2018. In prior periods, the MHC elected to waive its right to receive cash dividends upon receipt of regulatory approval prior to change in regulation. The waiving of dividends by the MHC will increase Company resources available for stock repurchases, payment of dividends to minority stockholders, and investments. As of December 31, 2016, the MHC elected to waive approximately $ 8.2 million on a cumulative basis. The dividends waived by the MHC are considered a restriction on the retained earnings of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company and the Bank. All material inter-company accounts and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Use of Estimates To prepare these consolidated financial statements in conformity with GAAP, management of the Company made a number of estimates and assumptions relating to the reporting of assets and liabilities, the reporting of revenue and expenses and notes to the consolidated financial statements. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, securities valuation estimates, evaluation of impairment of securities, income taxes and deferred compensation liabilities. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks, interest earning deposits at other financial institutions and overnight federal funds sold which are generally sold for one to three-day periods. Investment Securities All investment securities are classified as available for sale and are carried at fair value with unrealized gains and losses, net of the related deferred income tax effect, excluded from earnings and reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses are determined using the specific identification method. Declines in the fair value of available for sale securities are evaluated for other-than-temporary impairment (“OTTI”) on a quarterly basis. Impairment is assessed at the individual security level. This assessment considers factors such as the severity, length of time and anticipated recovery period of the impairment, recent events specific to the issuer, including investment downgrades by rating agencies and economic conditions of its industry, and the issuer’s financial condition, capital strength, the presence of credit enhancements, if any, and near-term prospects. The Company also considers its intent and ability to retain the security for a period of time sufficient to allow for a recovery in fair value, or until maturity. The assessment of a security’s ability to recover any decline in fair value, the ability of the issuer to meet contractual obligations, and the Company’s intent and ability to retain the security require considerable judgment. All securities are reviewed for OTTI under the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320, “ Investments - Debt and Equity Securities ” (“ASC 320”). When impairment of a debt security is considered other-than-temporary, the amount of OTTI recorded as a loss within non-interest income and thereby recognized in earnings depends on whether the Company intends to sell the security or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If the Company intends to (has decided to) sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI is recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value. If the Company does not intend to sell the debt security and it is not more likely than not the Company will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized against earnings. The amount related to other market factors is recognized in other comprehensive income, net of applicable taxes. Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. The restricted stock is carried at cost. Loans Receivable Loans receivable that management has the intent and ability to hold until maturity or payoff are stated at their outstanding unpaid principal balances, net of allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Management considers a loan to be in delinquency status when the contractual payment of principal or interest has become greater than 30 days past due. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed in the current year. Interest received on non-accrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Allowance for Loan Losses The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance for loan losses pursuant to FASB ASC Topic 450, “ Contingencies ” (“ASC 450”), and FASB ASC Topic 310, “ Receivables ” (“ASC 310”). Commercial and commercial real estate loans that are considered impaired as defined in ASC 310 are reviewed individually to assess the likelihood and severity of loss exposure. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis. Factors considered by management in determining impairment include payment status, collateral value, cash flow and the probability of collecting scheduled principal and interest payments when due. Loans subject to individual review are, where appropriate, reserved for according to the present value of expected future cash flows available to repay the loan or the estimated fair value less estimated selling costs of the collateral, if the loan is collateral dependent. Commercial loans excluded from individual assessment, as well as smaller balance homogeneous loans, such as consumer, residential real estate and home equity loans, are evaluated for loss exposure under ASC 450 based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. The Company does not separately identify individual consumer, home equity, or residential real estate loans for impairment disclosure, unless the loan has been modified as a troubled debt restructuring. The Company records cash receipts on impaired loans that are non-performing as a reduction to principal before applying amounts to interest or late charges unless specifically directed otherwise by the Bankruptcy Court. The Company may continue to recognize interest income on impaired loans where there is no confirmed loss. Loans may be periodically modified in a troubled debt restructuring (“TDR”) to make concessions to help a borrower remain current on the loan and/or to avoid foreclosure, in accordance with FASB Accounting Standard Update (“ASU”) 2012-02, “ Receivables ( “Subtopic 310” ): “A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring” (“ASU 2012-02”) . Generally, we do not forgive principal or interest on a loan or modify the interest rate on loans that are below market rates. When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans. If we determine that the value of a modified loan is less than the recorded investment in the loan, impairment is recognized through a specific allowance estimate or charge-off to the allowance. The allowance for loan losses is maintained at a level to provide for losses that are inherent within the loan portfolio. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as either special mention, doubtful, substandard or loss. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value for that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Premises and Equipment Land is carried at cost. Buildings, improvements, furniture and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line basis over the estimated useful lives of assets (generally thirty-nine years for buildings and three to fifteen years for furniture and equipment). Leasehold improvements are amortized on the straight-line method over the lesser of the life of the improvements or the lease term. Maintenance and repairs are charged to expense as incurred, while major improvements are capitalized and amortized to operating expense over the identified useful life. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Foreclosed Real Estate Foreclosed real estate consists of property acquired in settlement of loans which is carried at its fair value less estimated selling costs. Write-downs from cost to fair value less estimated selling costs are recorded at the date of acquisition or repossession and are charged to the allowance for loan losses. Subsequent write-downs to fair value, net of estimated selling costs, are recorded in non-interest expense along with direct operating expenses. Gains or losses not previously recognized, resulting from the sale of foreclosed assets are recognized in non -interest expense on the date of sale. Foreclosed real estate was $412,000 and $712,000 at December 31, 2016 and 2015, respectively, and was included as a component of other assets in the consolidated statement of financial condition. Proceeds from the sale of foreclosed real estate for the years ended December 31, 2016, 2015 and 2014 were $619,000 , $849,000 , and $601,000 , respectively. This resulted in a net gain on sale of $9,000 , $122,000 and $64,000 for the years ended December 31, 2016, 2015 and 2014, respectively, and was included as a component of other non-interest expenses in the consolidated statement of income. Bank Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses (see Note 11). BOLI involves the purchase of life insurance by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income from the increase in the cash surrender value of the underlying policies is included in non-interest income in the consolidated statements of income. Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. Total advertising expense for the years ended December 31, 2016, 2015 and 2014 was $536,000 , $362,000 , and $429,000 , respectively. Income Taxes The Company files a consolidated federal income tax return. The provision for federal and state income taxes is based on income reported on the consolidated financial statements, rather than the amounts reported on the respective income tax returns. Deferred taxes are recorded using the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of certain tax credits and in the calculation of deferred income tax expense or benefit associated with certain deferred tax assets and liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision in a subsequent period. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company periodically reviews its tax positions and applies a “more likely than not” recognition threshold for all tax uncertainties. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Employee Stock Ownership Plan (“ESOP”) Compensation expense is recognized based on the current market price of shares committed to be released to employees. All shares released and committed to be released are deemed outstanding for purposes of earnings per share calculations. Dividends declared and paid on allocated shares held by the ESOP are charged to retained earnings. The value of unearned shares to be allocated to ESOP participants for future services not yet performed is reflected as a reduction of stockholders’ equity. Dividends declared on unallocated shares held by the ESOP are recorded as a reduction of the ESOP’s loan payment to the Company. Stock Compensation Plans At December 31, 2016, the Company had stock-based employee and non-employee compensation plans, which are described more fully in Note 12. The Company accounts for these plans under FASB ASC Topic 718 “ Compensation – Stock Compensation ” (“ASC Topic 718”). The Company accounts for the plans using a fair value-based method, which measures compensation cost at the grant date based on the fair value of the award. Compensation is then recognized over the service period, which is usually the vesting period. The fair value of stock option grants are estimated on the date of grant using the Black-Scholes options-pricing model. Common shares are issued from the Company’s authorized common shares when a share option is exercised. Common shares awarded as restricted stock are expensed based on the fair market value at the grant date. The stock option plan, restricted stock plan and equity incentive plan expenses are recognized in salaries and employee benefits expense on the consolidated statement of income. Earnings per Common Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding, less unallocated shares held by the Company’s ESOP, 2006 Recognition and Retention Plan (“RRP”) and 2012 Equity Incentive Plan (“EIP”), during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed conversion. Potential common shares that may be issued by the Company relate solely to outstanding stock options and restricted stock awards, and are determined using the treasury stock method. Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit. Such commitments are recorded in the consolidated statement of financial condition when they are funded. Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and OTTI related to non-credit factors, are reported as a separate component of the stockholders’ equity section of the consolidated statement of financial condition, such items, along with net income, are components of comprehensive income. Restrictions on Cash and Due from Banks The Company is required to maintain reserve funds in cash or on deposit with the Federal Reserve Bank. The required reserve at December 31, 2016 and 2015 was $2,390,000 and $2,172,000 , respectively. Subsequent Events The Company follows FASB ASC Topic 855, “ Subsequent Events ”, in accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. The Company evaluated events occurring subsequent to December 31, 2016 through the date the consolidated financial statements are being issued, and other than as set forth in Note 21, did not identify any subsequent events requiring disclosure pursuant to the provisions of FASB ASC Topic 855. New Accounting Standards In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The objective of ASU 2014-09 is to align the recognition of revenue with the transfer of promised goods or services provided to customers in an amount that reflects consideration which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will replace most existing revenue recognition guidelines under GAAP when it becomes effective. In August 2015, the FASB issued an amendment (ASU 2015-14) which defers the effective date of this new guidance by one year. More detailed implementation guidance on ASU 2014-09 was issued in March 2016 (ASU 2016-08), April 2016 (ASU 2016-10) and May 2016 (ASU 2016-12), and the effective date and transition requirements for these ASUs are the same as the effective date and transition requirements of ASU 2014-09. The amendments in ASU 2014-09 are effective for public business entities for annual periods, beginning after December 15, 2017. The guidance allows an entity to apply the new standard either retrospectively or through a cumulative effect adjustment as of January 1, 2018. ASU 2014-09 does not apply to revenue associated with financial instruments, including loans, securities, and derivatives, that are accounted for under other U.S. GAAP guidance. For that reason, we do not expect it to have a material impact on our consolidated results of operations for elements of the statement of income associated with financial instruments, including securities gains, interest income and interest expense. However, we do believe the new standard will result in new disclosure requirements. We are currently in the process of reviewing contracts to assess the impact of the new guidance on our service offerings, that are in the scope of the guidance, and included in non-interest income such as service charges, payment processing fees, and other services fees. The Company is continuing to evaluate the effect of the new guidance on revenue sources other than financial instruments on our financial position and consolidated results of operations. In February 2016, the FASB issued an Update (“ASU 2016-02”) to its guidance on “Leases (Topic 842)”. ASU 2016-02 applies a right-of-use (“ROU”) model that requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. For leases with a term of 12 months or less, a practical expedient is available whereby a lessee may elect, by class of underlying asset, not to recognize an ROU asset or lease liability. ASU 2016-02 requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under ASU 2014-09. Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2016-02 on our consolidated results of operations or financial position. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326):Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”). ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (“CECL”) model). Under the CECL model entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exits) from the date of initial recognition of that instrument. Further, ASU 2016-13 made certain targeted amendments to the existing impairment model for available for sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. ASU 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019 for all public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers. Early application is permitted as of the annual reporting periods beginning after December 15, 2018, including interim periods within those periods. An entity will apply the amendments in this ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We are currently assessing the potential impact on our consolidated financial statements; however, due to the significant differences in the revised guidance from existing GAAP, the implementation of this guidance may result in material changes in our accounting for credit losses on financial instruments. We are also reviewing the impact of additional disclosures required under ASU 2016-13 on our ongoing financial reporting. Reclassifications Certain amounts in the 2015 and 2014 consolidated financial statements have been reclassified to conform with the 2016 presentation format. These reclassifications had no effect on net income. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investment Securities [Abstract] | |
Investment Securities | Note 3 – Investment Securities The amortized cost and fair value of securities are as follows: December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES AVAILABLE FOR SALE: Municipal bonds $ 48,869 $ 1,847 $ (18) $ 50,698 Mortgage-backed securities: Collateralized mortgage obligations-private label 37 - - 37 Collateralized mortgage obligations-government sponsored entities 29,170 83 (423) 28,830 Government National Mortgage Association 306 23 - 329 Federal National Mortgage Association 3,457 128 (3) 3,582 Federal Home Loan Mortgage Corporation 1,825 42 - 1,867 Asset-backed securities-private label 484 362 (14) 832 Asset-backed securities-government sponsored entities 71 5 - 76 Equity securities 22 62 - 84 $ 84,241 $ 2,552 $ (458) $ 86,335 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES AVAILABLE FOR SALE: U.S. Treasury bonds $ 12,778 $ 1,333 $ - $ 14,111 Municipal bonds 49,064 2,746 (2) 51,808 Mortgage-backed securities: Collateralized mortgage obligations-private label 48 - - 48 Collateralized mortgage obligations-government sponsored entities 38,838 124 (620) 38,342 Government National Mortgage Association 396 31 - 427 Federal National Mortgage Association 4,355 187 - 4,542 Federal Home Loan Mortgage Corporation 2,217 84 - 2,301 Asset-backed securities-private label 1,099 464 (62) 1,501 Asset-backed securities-government sponsored entities 89 8 - 97 Equity securities 22 14 - 36 $ 108,906 $ 4,991 $ (684) $ 113,213 All of our collateralized mortgage obligations are backed by residential mortgages. At December 31, 2016 and 2015, equity securities consisted of 22,368 shares of Federal Home Loan Mortgage Corporation (“FHLMC”) common stock. At December 31, 2016 and 2015, thirty-four municipal bonds with a cost of $ 11.1 million and fair value of $ 11.5 million and $11.7 million, respectively, were pledged under a collateral agreement with the Federal Reserve Bank (“FRB”) of New York for liquidity borrowing. In addition, at December 31, 2016, fourteen municipal bonds with a cost and fair value of $ 3.6 million and $ 3.7 million, respectively, were pledged as collateral for customer deposits in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. At December 31, 2015, nine municipal bonds with a cost and fair value of $2.0 million and $ 2.1 million, respectively , were pledged as collateral for customer deposits in excess of the FDIC insurance limits. The following table sets forth the Company’s investment in securities available for sale with gross unrealized losses of less than twelve months and gross unrealized losses of twelve months or more and associated fair values as of the dates indicated: Less than 12 months 12 months or more Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars In thousands) December 31, 2016 Municipal bonds $ 1,430 $ (18) $ - $ - $ 1,430 $ (18) Mortgage-backed securities 13,902 (197) 9,220 (229) 23,122 (426) Asset-backed securities -private label 470 (14) - - 470 (14) $ 15,802 $ (229) $ 9,220 $ (229) $ 25,022 $ (458) December 31, 2015 Municipal bonds $ - $ - $ 567 $ (2) $ 567 $ (2) Mortgage-backed securities 8,627 (103) 21,249 (517) 29,876 (620) Asset-backed securities -private label 379 (11) 658 (51) 1,037 (62) $ 9,006 $ (114) $ 22,474 $ (570) $ 31,480 $ (684) The Company reviews investment securities on an ongoing basis for the presence of OTTI with formal reviews performed quarterly. At December 31, 2016, the Company’s investment portfolio included several securities and two private label asset-backed securities in the “unrealized losses less than twelve months” category. The se securities were not evaluated further for OTTI as the unrealized losses on the individual securities were less than 20% of book value, which management deemed to be immaterial, and the securities were issued by government sponsored enterprises. At December 31, 2016, the Company had several securities in the “unrealized losses twelve months or more” category. The se securities were not evaluated further for OTTI, as the unrealized losses were less than 20% of book value. The temporary impairments were due to declines in fair value resulting from changes in interest rates and/or increased credit liquidity spreads since the securities were purchased. The private label asset-backed securities were evaluated further for OTTI, as the probability of default is high and the Company’s analysis indicated a possible loss of principal. The following tables provide additional information relating to the private label asset-backed securities as of December 31, 2016 and 2015 (dollars in thousands): At December 31, 2016 Delinquent % Security Book Value Fair Value Unrealized Loss Lowest Rating Over 60 days Over 90 days Foreclosure% OREO% 1 $ 355 $ 342 $ (13) B- 15.90% 14.90% 7.00% 0.30% 2 129 128 (1) B- 12.70% 11.70% 4.50% 1.10% Total $ 484 $ 470 $ (14) At December 31, 2015 Delinquent % Security Book Value Fair Value Unrealized Loss Lowest Rating Over 60 days Over 90 days Foreclosure% OREO% 1 $ 709 $ 658 $ (51) CCC 18.20% 17.40% 7.50% 2.60% 2 390 379 (11) CCC 16.30% 15.10% 7.00% 1.50% Total $ 1,099 $ 1,037 $ (62) Management’s evaluation of the estimated discounted cash flows in comparison to the amortized book value for the securities listed above did not reflect the need to record an OTTI charge against earnings as of December 31, 2016. The estimated discounted cash flows for these securities did not show an additional principal loss under various prepayment and default rate scenarios. Management also completed an OTTI analysis for two private label asset-backed securities, which did not have unrealized losses as of December 31, 2016. Management’s calculation of the estimated discounted cash flows did not show additional principal losses for these securities under various prepayment and default rate scenarios. As a result of the stress tests that were performed, management concluded that additional OTTI charges were not required as of December 31, 2016 on these securities. The unrealized losses shown in the previous table, were recorded as a component of other comprehensive income (loss), net of tax on the Company’s Consolidated Statements of Stockholders’ Equity. The following table presents a summary of the credit-related OTTI charges recognized as components of income: For The Years Ended December 31, 2016 2015 (Dollars in thousands) Beginning balance $ 696 $ 858 Additions: Credit loss not previously recognized - - Reductions: Losses realized during the period on OTTI previously recognized - (2) Receipt of cash flows on previously recorded OTTI (142) (160) Ending balance $ 554 $ 696 Further deterioration in credit quality and/or a continuation of the current imbalances in liquidity that exist in the marketplace might adversely affect the fair values of the Company’s investment portfolio and may increase the potential that certain unrealized losses will be designated as “other-than-temporary” and that the Company may incur additional write-downs in future periods. Scheduled contractual maturities of available for sale securities are as follows: Amortized Fair Cost Value (Dollars in thousands) December 31, 2016: After one year through five years $ 3,045 $ 3,199 After five years through ten years 28,249 29,359 After ten years 17,575 18,140 Mortgage-backed securities 34,795 34,645 Asset-backed securities 555 908 Equity securities 22 84 $ 84,241 $ 86,335 During the year ended December 31, 2016, the Company sold nine U.S. Treasury Bonds for total proceeds of $14.4 million resulting in realized gains of $1.6 million. During the year ended December 31, 2015, the Company sold twenty-seven municipal bonds and two mortgage-backed securities for total proceeds of $ 9.8 million, resulting in realized gains of $ 440,000 . The Company sold one private-label asset-backed security and six mortgage-backed securities during the year ended December 31, 2014 for total proceeds of $ 10.3 million, resulting in gross realized gains of $ 274,000 and gross realized losses of $ 215,000 . |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable [Abstract] | |
Loans Receivable | Note 4 - Loans Receivable Loans receivable, net consists of the following: December 31, 2016 2015 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family $ 149,333 $ 157,307 Home equity 35,534 32,770 Commercial 107,243 83,967 Construction 12,361 4,849 304,471 278,893 Commercial 20,447 15,741 Consumer 1,313 1,507 Total Loans 326,231 296,141 Allowance for loan losses (2,882) (1,985) Net deferred loan costs 3,016 2,945 Loans Receivable, net $ 326,365 $ 297,101 Residential real estate loans serviced for others by the Company totaled $ 22.5 million and $ 19.7 million at December 31, 2016 and 2015, respectively. At December 31, 2016, there were approximately $ 108.4 million of one- to four-family residential real estate loans pledged as collateral for advances from the FHLB. Most loans made by the Company are secured by borrowers' personal or business assets. The Company considers a concentration of credit to a particular industry to exist when the aggregate credit exposure to a borrower or group of borrowers in that industry exceeds 25% of the Bank's capital plus reserves or 10% of total loans. At December 31, 2016, the Company held $23.8 million in investor owned multifamily real estate loans, which equated to 32.5% of the Bank’s capital plus reserves. Although this loan category exceeded the concentration parameter, borrowers within this loan type are diversified and the properties are located in various locations throughout Erie County, New York. The ability of the Company's residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the geographical area they reside. Commercial borrowers' ability to repay is generally dependent upon the general health of the economy. Substantially all of the Company's loans are in western New York State and, accordingly, the ultimate collectability of a substantial portion of the loans is susceptible to changes in market conditions in this primary market area. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Loan Losses | Note 5 - Allowance for Loan Losses Management segregates the loan portfolio into loan types and analyzes the risk level for each loan type when determining its allowance for loan losses. The loan types are as follows: Real Estate Loans: · One- to Four-Family – are loans secured by first lien collateral on residential real estate primarily held in the Western New York region. These loans can be affected by economic conditions and the value of underlying properties. Western New York’s housing market has consistently demonstrated stability in home prices despite economic conditions. Furthermore, the Company has conservative underwriting standards and its residential lending policies and procedures ensure that its one- to four-family residential mortgage loans generally conform to secondary market guidelines. · Home Equity - are loans or lines of credit secured by first or second liens on owner-occupied residential real estate primarily held in the Western New York region. These loans can also be affected by economic conditions and the values of underlying properties. Home equity loans may have increased risk of loss if the Company does not hold the first mortgage resulting in the Company being in a secondary position in the event of collateral liquidation. The Company does not originate interest only home equity loans. · Commercial Real Estate – are loans used to finance the purchase of real property, which generally consists of developed real estate that is held as first lien collateral for the loan. These loans are secured by real estate properties that are primarily held in the Western New York region. Commercial real estate lending involves additional risks compared with one- to four-family residential lending, because payments on loans secured by commercial real estate properties are often dependent on the successful operation or management of the properties, and/or the collateral value of the commercial real estate securing the loan, and repayment of such loans may be subject to adverse conditions in the real estate market or economic conditions to a greater extent than one- to four-family residential mortgage loans. Also, commercial real estate loans typically involve relatively large loan balances to single borrowers or groups of related borrowers. Accordingly, the nature of these types of loans make them more difficult for the Company to monitor and evaluate. · Construction – are loans to finance the construction of either one- to four-family owner occupied homes or commercial real estate. At the end of the construction period, the loan automatically converts to either a one- to four-family or commercial mortgage, as applicable. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion compared to the actual cost of construction. The Company limits its risk during construction as disbursements are not made until the required work for each advance has been completed and an updated lien search is performed. The completion of the construction progress is verified by a Company loan officer or inspections performed by an independent appraisal firm. Construction delays may also impair the borrower’s ability to repay the loan. Other Loans: · Commercial – includes business installment loans, lines of credit, and other commercial loans. Most of our commercial loans have fixed interest rates, and are for terms generally not in excess of 5 years. Whenever possible, we collateralize these loans with a lien on business assets and equipment and require the personal guarantees from principals of the borrower. Commercial loans generally involve a higher degree of credit risk because the collateral underlying the loans may be in the form of intangible assets and/or inventory subject to market obsolescence. Commercial loans can also involve relatively large loan balances to a single borrower or groups of related borrowers, with the repayment of such loans typically dependent on the successful operation of the commercial business and the income stream of the borrower. Such risks can be significantly affected by economic conditions. Although commercial loans may be collateralized by equipment or other business assets, the liquidation of collateral in the event of a borrower default may be an insufficient source of repayment because the equipment or other business assets may be obsolete or of limited use, among other things. Accordingly, the repayment of a commercial loan depends primarily on the credit worthiness of the borrowers (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. · Consumer – consist of loans secured by collateral such as an automobile or a deposit account, unsecured loans and lines of credit. Consumer loans tend to have a higher credit risk due to the loans being either unsecured or secured by rapidly depreciable assets. Furthermore, consumer loan payments are dependent on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. The allowance for loan losses is a valuation account that reflects the Company’s evaluation of the losses inherent in its loan portfolio. In order to determine the adequacy of the allowance for loan losses, the Company estimates losses by loan type using historical loss factors, as well as other environmental factors, such as trends in loan volume and loan type, loan concentrations, changes in the experience, ability and depth of the Company’s lending management, and national and local economic conditions. The Company's determination as to the classification of loans and the amount of loss allowances are subject to review by bank regulators, which can require the establishment of additional loss allowances. The Company also reviews all loans on which the collectability of principal may not be reasonably assured, by reviewing payment status, financial conditions and estimated value of loan collateral. These loans are assigned an internal loan grade, and the Company assigns an amount of loss allowances to these classified loans based on loan grade. The fol lowing tables summarize the activity in the allowance for loan losses for the years ended December 31, 2016, 2015 and 2014 and the distribution of the allowance for loan losses and loan receivable by loan portfolio class and impairment method as of December 31, 2016 and December 31, 2015: Real Estate Loans Other Loans One- to Four-Family Home Equity Commercial Construction Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2016 Allowance for Loan Losses: Balance – January 1, 2016 $ 351 $ 120 $ 1,204 $ 59 $ 197 $ 22 $ 32 $ 1,985 Charge-offs (107) (19) (1) - (76) (54) - (257) Recoveries 12 1 - - 2 14 - 29 Provision (Credit) 175 12 600 91 215 46 (14) 1,125 Balance – December 31, 2016 $ 431 $ 114 $ 1,803 $ 150 $ 338 $ 28 $ 18 $ 2,882 Ending balance: individually evaluated for impairment $ - $ - $ 390 $ - $ 10 $ - $ - $ 400 Ending balance: collectively evaluated for impairment $ 431 $ 114 $ 1,413 $ 150 $ 328 $ 28 $ 18 $ 2,482 Gross Loans Receivable (1) : Ending balance $ 149,333 $ 35,534 $ 107,243 $ 12,361 $ 20,447 $ 1,313 $ - $ 326,231 Ending balance: individually evaluated for impairment $ 190 $ 22 $ 3,162 $ - $ 163 $ - $ - $ 3,537 Ending balance: collectively evaluated for impairment $ 149,143 $ 35,512 $ 104,081 $ 12,361 $ 20,284 $ 1,313 $ - $ 322,694 (1) Gross Loans Receivable does not include allowance for loan losses of $ (2,882) or deferred loan costs of $ 3,016 . Real Estate Loans Other Loans One- to Four-Family Home Equity Commercia l Construction Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2015 Allowance for Loan Losses: Balance – January 1, 2015 $ 446 $ 106 $ 1,163 $ - $ 184 $ 22 $ - $ 1,921 Charge-offs (64) (29) (267) - (9) (46) - (415) Recoveries 13 8 32 - 18 8 - 79 Provision (Credit) (44) 35 276 59 4 38 32 400 Balance – December 31, 2015 $ 351 $ 120 $ 1,204 $ 59 $ 197 $ 22 $ 32 $ 1,985 Ending balance: individually evaluated for impairment $ - $ - $ 20 $ - $ - $ - $ - $ 20 Ending balance: collectively evaluated for impairment $ 351 $ 120 $ 1,184 $ 59 $ 197 $ 22 $ 32 $ 1,965 Gross Loans Receivable (1) : Ending Balance $ 157,307 $ 32,770 $ 83,967 $ 4,849 $ 15,741 $ 1,507 $ - $ 296,141 Ending balance: individually evaluated for impairment $ 202 $ 8 $ 1,545 $ - $ 80 $ - $ - $ 1,835 Ending balance: collectively evaluated for impairment $ 157,105 $ 32,762 $ 82,422 $ 4,849 $ 15,661 $ 1,507 $ - $ 294,306 (1) Gross Loans Receivable does not include allowance for loan losses of $ (1,985) or deferred loan costs of $ 2,945 . Real Estate Loans Other Loans One- to Four-Family Home Equity Commercial Construction Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2014 Allowance for Loan Losses: Balance – January 1, 2014 $ 355 $ 80 $ 1,104 $ - $ 218 $ 9 $ 47 $ 1,813 Charge-offs (26) (39) - - (25) (44) - (134) Recoveries 6 1 - - - 13 - 20 Provision (Credit) 111 64 59 - (9) 44 (47) 222 Balance – December 31, 2014 $ 446 $ 106 $ 1,163 $ - $ 184 $ 22 $ - $ 1,921 Although the allocations noted above are by loan type, the allowance for loan losses is general in nature and is available to offset losses from any loan in the Company’s portfolio. The unallocated component of the allowance for loan losses reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for existing specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will not be able to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting scheduled payments when due. Impairment is measured on a loan-by-loan basis for commercial real estate loans and commercial loans. Larger groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, home equity, or one- to four-family loans for impairment disclosure, unless they are subject to a troubled debt restructuring. The following is a summary of information pertaining to impaired loans for the periods indicated: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Year Ended At December 31, 2016 December 31, 2016 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 190 $ 190 $ - $ 224 $ 14 Home equity 22 22 - 24 1 Commercial real estate 2,148 2,148 - 2,299 29 Commercial loans 54 54 - 71 - Total impaired loans with no related allowance 2,414 2,414 - 2,618 44 With an allowance recorded: Commercial real estate 1,014 1,014 390 1,011 31 Commercial loans 109 109 10 135 5 Total impaired loans with an allowance 1,123 1,123 400 1,146 36 Total of impaired loans: Residential, one- to four-family 190 190 - 224 14 Home equity 22 22 - 24 1 Commercial real estate 3,162 3,162 390 3,310 60 Commercial loans 163 163 10 206 5 Total impaired loans $ 3,537 $ 3,537 $ 400 $ 3,764 $ 80 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Year Ended At December 31, 2015 December 31, 2015 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 202 $ 202 $ - $ 207 $ 14 Home equity 8 8 - 9 - Commercial real estate 1,503 1,503 - 1,931 - Commercial loans 80 80 - 94 2 Total impaired loans with no related allowance 1,793 1,793 - 2,241 16 With an allowance recorded: Commercial real estate 42 42 20 612 2 Total impaired loans with an allowance 42 42 20 612 2 Total of impaired loans: Residential, one- to four-family 202 202 - 207 14 Home equity 8 8 - 9 - Commercial real estate 1,545 1,545 20 2,543 2 Commercial loans 80 80 - 94 2 Total impaired loans $ 1,835 $ 1,835 $ 20 $ 2,853 $ 18 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Year Ended At December 31, 2014 December 31, 2014 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 211 $ 211 $ - $ 216 $ 11 Home equity 10 10 - 10 1 Commercial real estate 1,711 1,711 - 2,334 19 Commercial loans 10 10 - 6 - Total impaired loans with no related allowance 1,942 1,942 - 2,566 31 With an allowance recorded: Commercial real estate 601 601 178 592 5 Commercial loans - - - 6 - Total impaired loans with an allowance 601 601 178 598 5 Total of impaired loans: Residential, one- to four-family 211 211 - 216 11 Home equity 10 10 - 10 1 Commercial real estate 2,312 2,312 178 2,926 24 Commercial loans 10 10 - 12 - Total impaired loans $ 2,543 $ 2,543 $ 178 $ 3,164 $ 36 The following table provides an analysis of past due loans and non-accruing loans as of the dates indicated: 90 Days or 30-59 Days 60-89 Days More Total Past Current Total Loans Loans on Past Due Past Due Past Due Due Due Receivable Non-Accrual (Dollars in thousands) December 31, 2016: Real Estate Loans: Residential, one- to four-family $ 1,192 $ 782 $ 1,038 $ 3,012 $ 146,321 $ 149,333 $ 2,165 Home equity 141 206 158 505 35,029 35,534 329 Commercial - - 2,977 2,977 104,266 107,243 2,977 Construction - - - - 12,361 12,361 - Other Loans: Commercial - 19 56 75 20,372 20,447 205 Consumer 31 - 28 59 1,254 1,313 28 Total $ 1,364 $ 1,007 $ 4,257 $ 6,628 $ 319,603 $ 326,231 $ 5,704 90 Days or 30-59 Days 60-89 Days More Total Past Current Total Loans Loans on Past Due Past Due Past Due Due Due Receivable Non-Accrual (Dollars in thousands) December 31, 2015: Real Estate Loans: Residential, one- to four-family $ 1,519 $ 789 $ 1,291 $ 3,599 $ 153,708 $ 157,307 $ 2,462 Home equity 188 32 354 574 32,196 32,770 361 Commercial - - 1,248 1,248 82,719 83,967 1,545 Construction - - - - 4,849 4,849 - Other Loans: Commercial 38 - 30 68 15,673 15,741 132 Consumer 17 5 28 50 1,457 1,507 6 Total $ 1,762 $ 826 $ 2,951 $ 5,539 $ 290,602 $ 296,141 $ 4,506 The accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due. A loan does not have to be 90 days delinquent in order to be classified as non-accrual. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. Interest income not recognized on non-accrual loans during the year ended December 31, 2016, 2015 and 2014 was $ 366,000 , $ 391,000 , and $ 381,000 respectively. The Company’s policies provide for the classification of loans as follows: · Pass/Performing; · Special Mention – does not currently expose the Company to a sufficient degree of risk but does possess credit deficiencies or potential weaknesses deserving the Company’s close attention; · Substandard – has one or more well-defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. A substandard asset would be one inadequately protected by the current net worth and paying capacity of the obligor or pledged collateral, if applicable; · Doubtful – has all the weaknesses inherent in substandard loans with the additional characteristic that the weaknesses present make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss; and · Loss – loan is considered uncollectible and continuance without the establishment of a specific valuation reserve is not warranted. The Company’s Asset Classification Committee is responsible for monitoring risk ratings and making changes as deemed appropriate. Each commercial loan is individually assigned a loan classification. The Company’s consumer loans, including residential one- to four-family loans and home equity loans, are not classified as described above. Instead, the Company uses the delinquency status as the basis for classifying these loans. Unless the loan is well secured and in the process of collection, all consumer loans that are more than 90 days past due are classified. The following table summarizes the internal loan grades applied to the Company’s loan portfolio as of December 31, 2016 and December 31, 2015: Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) December 31, 2016 Real Estate Loans: Residential, one- to four-family $ 146,333 $ - $ 3,000 $ - $ - $ 149,333 Home equity 35,025 - 509 - - 35,534 Commercial 102,216 1,759 3,268 - - 107,243 Construction 12,361 - - - - 12,361 Other Loans: Commercial 19,865 297 270 15 - 20,447 Consumer 1,306 - 6 - 1 1,313 Total $ 317,106 $ 2,056 $ 7,053 $ 15 $ 1 $ 326,231 Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) December 31, 2015 Real Estate Loans: Residential, one- to four-family $ 154,473 $ - $ 2,617 $ 217 $ - $ 157,307 Home equity 32,210 - 560 - - 32,770 Commercial 76,953 4,741 2,273 - - 83,967 Construction 4,849 - - - - 4,849 Other Loans: Commercial 15,237 262 242 - - 15,741 Consumer 1,504 - 1 - 2 1,507 Total $ 285,226 $ 5,003 $ 5,693 $ 217 $ 2 $ 296,141 Troubled debt restructurings (“TDRs”) occur when we grant borrowers concessions that we would not otherwise grant but for economic or legal reasons pertaining to the borrower’s financial difficulties. A concession is made when the terms of the loan modification are more favorable than the terms the borrower would have received in the current market under similar financial difficulties. These concessions may include, but are not limited to, modifications of the terms of the debt, the transfer of assets or the issuance of an equity interest by the borrower to satisfy all or part of the debt, or the addition of borrower(s). The Company identifies loans for potential TDRs primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. Generally, we will not return a TDR to accrual status until the borrower has demonstrated the ability to make principal and interest payments under the restructured terms for at least six consecutive months. The Company’s TDRs are impaired loans, which may result in specific allocations and subsequent charge-offs if appropriate. The following table summarizes the loans that were classified as TDRs as of the dates indicated: Non-Accruing Accruing TDRs That Have Defaulted on Modified Terms Year to Date Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in thousands) At December 31, 2016 Real Estate Loans: Residential, one- to four-family 5 $ 190 - $ - 5 $ 190 - $ - Home equity 2 22 1 19 1 3 - - Other Loans: Commercial 1 109 1 109 - - - - Total 8 $ 321 2 $ 128 6 $ 193 - $ - At December 31, 2015 Real Estate Loans: Residential, one- to four-family 5 $ 216 - $ - 5 $ 216 - $ - Home equity 2 8 - - 2 8 - - Total 7 $ 224 - $ - 7 $ 224 - $ - No additional loan commitments were outstanding to these borrowers at December 31, 2016 and 2015. The following table details the activity in loans which were first deemed to be TDRs during the year ended December 31, 2016. For the Year Ended December 31, 2016 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Real Estate Loans: Residential, one- to four-family 1 $ 31 $ 31 Home equity 1 19 19 Other Loans: Commercial 1 118 118 Total 3 $ 168 $ 168 These loans were deemed to be TDRs due to the borrower’s financial difficulties and due to modifications of the terms of the debt related to the bankruptcy of the borrower or due to changes in the originally scheduled payment terms. There were no loans restructured and classified as TDRs during the year ended December 31, 2015. Some loan modifications classified as TDRs may not ultimately result in full collection of principal and interest, as modified, which may result in potential losses. These potential losses have been factored into our overall estimate of the allowance for loan losses. Foreclosed real estate consists of property acquired in settlement of loans which is carried at its fair value less estimated selling costs. Write-downs from cost to fair value less estimated selling costs are recorded at the date of acquisition or repossession and are charged to the allowance for loan losses. Foreclosed real estate was $ 412,000 and $712,000 at December 31, 2016 and 2015, respectively, and was included as a component of other assets on the consolidated statements of financial condition. The recorded investment of consumer mortgage loans secured by residential real estate properties, for which formal foreclosure proceeds are in process according to local requirements of the applicable jurisdiction, was $ 767,000 and $708,000 at December 31, 2016 and December 31, 2015, respectively. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Note 6 - Premises and Equipment Premises and equipment consist of the following: December 31, 2016 2015 (Dollars in thousands) Land $ 1,206 $ 1,206 Buildings and improvements 11,371 11,222 Furniture and equipment 5,942 5,715 18,519 18,143 Accumulated depreciation (9,772) (8,999) $ 8,747 $ 9,144 Depreciation and amortization of premises and equipment amounted to $ 865,000 , $ 834,000 , and $ 750,000 for the years ended December 31, 2016, 2015 and 2014, respectively, and is included in occupancy and equipment expense in the accompanying consolidated statements of income. During the years ended December 31, 2016 and 2015, the Company retired assets with total accumulated depreciation of $ 92,000 and $ 32,000 , respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Note 7 - Deposits Deposits consist of the following: December 31, 2016 2015 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) Demand deposits: Non-interest bearing $ 55,889 - % $ 45,224 - % Interest bearing 52,058 0.13 44,512 0.08 Money market accounts 78,401 0.25 76,231 0.17 Savings accounts 52,404 0.06 44,613 0.06 Time deposits 147,141 1.08 158,575 1.07 $ 385,893 0.49 % $ 369,155 0.51 % Scheduled maturities of time deposits at December 31, 2016 were as follows (dollars in thousands): 2017 $ 66,843 2018 17,642 2019 11,293 2020 31,271 2021 20,086 Thereafter 6 $ 147,141 Time deposit accounts with balances of $100,000 or more amounted to $ 6 0.4 million and $ 62.2 million at December 31, 2016 and 2015, respectively. In July 2010, the FDIC permanently increased the limits for FDIC insurance from $100,000 to $250,000 per depositor. Time deposit accounts with balances in excess of $250,000 amounted to $ 1 9.0 million and $ 18.2 million at December 31, 2016 and 2015, respectively. Interest expense on deposits was as follows: Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Interest bearing checking accounts $ 37 $ 39 $ 54 Money market accounts 153 167 260 Savings accounts 28 30 43 Time deposits 1,612 2,044 2,585 $ 1,830 $ 2,280 $ 2,942 At December 31, 2016 and 2015, deposits of directors, executive officers and their affiliates totaled $ 4.0 million and $ 3.0 million, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Borrowings [Abstract] | |
Borrowings | Note 8 - Borrowings At December 31, 2016 and 2015, the Company had no short-term borrowings. At December 31, 2016, the Company had written agreements with the FHLBNY which allows us to borrow up to the maximum lending values designated by the type of collateral pledged. As of December 31, 2016, our maximum lending value was $ 108.4 million and was collateralized by a pledge of certain, fixed-rate residential, one- to four-family loans. At December 31, 2016, we had advances outstanding under this agreement of $ 19.0 million. At December 31, 2015, the Company’s written agreements with the FHLBNY allowed us to borrow up to $ 116.3 million and was collateralized by a pledge of certain, fixed-rate residential, one- to four-family loans. A dvances outstanding under this agreement at December 31, 2015 were $ 21.2 million. All of the advances outstanding at December 31, 2016 and 2015 were term borrowings at fixed rates. We have a written agreement with the Federal Reserve Bank discount window for overnight borrowings which is collateralized by a pledge of our securities, and allows us to borrow up to the value of the securities pledged, which was equal to a book value of $ 11.1 million at December 31, 2016 and 2015. Fair value of the pledged securities was equal to $11.5 million and $11.7 million as of December 31, 2016 and 2015, respectively. There were no balances outstanding with the Federal Reserve Bank as of December 31, 2016 and 2015. The Company has also established lines of credit with other correspondent banks, currently totaling $22.0 million, of which $20.0 million is unsecured and the remaining $2.0 million is secured by a pledge of the Company’s securities when a draw is made. The lines of credit provide for overnight borrowings through the purchase of Fed Funds, at an interest rate equal to the Fed Funds rate plus a spread. At December 31, 2016 and 2015, there were no balances outstanding on these lines of credit. Long-term debt from the FHLBNY and related contractual maturities consisted of the following: Weighted Average Interest Rate Amount Outstanding At December 31, At December 31, Maturity 2016 2015 2016 2015 (Dollars in thousands) (Dollars in thousands) 2016 - 1.40% $ - $ 2,200 2017 1.09% 1.09% 1,700 1,700 2018 1.62% 1.62% 3,800 3,800 2019 1.97% 1.97% 5,950 5,950 2020 2.32% 2.32% 2,500 2,500 2021 2.27% 2.27% 5,000 5,000 1.95% 1.89% $ 18,950 $ 21,150 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Lease Obligations [Abstract] | |
Lease Obligations | Note 9 - Lease Obligations The Company is committed under several long-term operating leases which provide for minimum lease payments. Certain leases contain options for renewal. Total rental expense under these operating leases amounted to $ 157,000 for the year ended December 31, 2016, $ 144,000 for the year ended December 31, 2015 and $ 142,000 for the year ended December 31, 2014. The Company is also committed under two long-term capital lease agreements. One capital lease agreement had an outstanding balance of $ 45,000 and $ 87,000 at December 31, 2016 and 2015, respectively (included in other liabilities). This lease has a remaining term of one year at December 31, 2016. The outstanding balance of the remaining lease (included in other liabilities) at December 31, 2016 and 2015 was $ 877,000 and $ 911,000 , respectively. The remaining term of this lease is 1 2 years. Assets related to the two capital leases are included in premises and equipment and consist of the cost of $ 1.5 million less accumulated depreciation of approximately $ 800,000 and $ 746,000 at December 31, 2016 and 2015, respectively. Minimum future lease payments for the operating and capital leases at December 31, 2016 were as follows: Operating Capital Leases Leases (Dollars in thousands) 2017 $ 152 $ 165 2018 149 122 2019 149 126 2020 83 126 2021 4 126 Thereafter - 857 Total Minimum Lease Payments $ 537 $ 1,522 Less: Amounts representing interest (600) Present value of minimum lease payments $ 922 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10- Income Taxes The provision for income tax expense consists of the following: Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Current: Federal $ 989 $ 526 $ 492 State 8 (67) 101 Total Current 997 459 593 Deferred: Federal (222) 63 (71) State - 194 45 Total Deferred (222) 257 (26) Total Income Tax Expense $ 775 $ 716 $ 567 A reconciliation of the statutory federal income tax at a rate of 34 % to the income tax expense included in the statements of income is as follows: Years Ended December 31, 2016 2015 2014 Federal income tax at statutory rate 34.0 % 34.0 % 34.0 % State (benefit) tax, net of federal (expense) benefit (0.8) (1.9) 2.6 Tax-exempt interest income (14.7) (17.1) (19.5) Deferred tax valuation allowance 1.0 4.0 - Life insurance income (2.2) (2.3) (2.4) Other 0.8 1.0 0.5 Total Income Tax Expense 18.1 % 17.7 % 15.2 % The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows: December 31, 2016 2015 (Dollars in thousands) Deferred tax assets: Deferred compensation $ 1,510 $ 1,501 Allowance for loan losses 1,087 760 Alternative Minimum Tax ("AMT") credit 324 422 Impairment of equity investments 189 191 Accrued expenses 147 120 Net Operating Loss ("NOL") 105 81 Stock options granted 2 66 Other 42 13 Total Deferred Tax Assets 3,406 3,154 Deferred tax liabilities: Deferred loan origination costs (1,138) (1,128) Unrealized gains on securities available for sale (712) (1,464) Depreciation (502) (528) Prepaid expenses (141) (136) Total Deferred Tax Liabilities (2,493) (3,256) Deferred tax valuation allowance (396) (355) Net Deferred Tax Asset (Liability) $ 517 $ (457) The net deferred tax asset was recorded in other assets on the consolidated statements of financial condition at December 31, 2016 and the net deferred tax liability was recorded in other liabilities on the consolidated statements of financial condition at December 31, 2015. In assessing the ability of the Company to realize the benefit of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, availability of operating loss carry-backs, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income, the opportunity for net operating loss carry-backs, and projections for future taxable income over the periods which deferred tax assets are deductible, management believes it is more likely than not the Company will generate sufficient taxable income to realize the benefits of these deductible differences at December 31, 2016, except for the following: · V aluation allowance of $ 189,000 on the deferred tax asset for the 2011 other than temporary impairment charge; · V aluation allowance of $ 207,000 on state deferred tax assets. Management believes that the Company will not generate sufficient income of the appropriate character (i.e. capital gains) to utilize any of the deferred tax asset created by the 2011 other than temporary impairment charge. Management believes that it is more likely than not that the Company will not realize its state deferred tax assets because of reform in New York State corporate tax law. Beginning in 2015, the most significant change in the tax law allows the Company to deduct up to 50 % of its net interest income received from qualifying loans. This change effectively eliminates the Company’s New York State tax on income resulting in the Company being taxed on its apportioned capital. Because of this tax reform, the Company will not generate sufficient taxable income within New York State to realize its existing state deferred tax assets and therefore, a deferred tax valuation allowance of $43,000 and $ 164,000 was recorded during 2016 and 2015, respectively. Under prior federal law, tax bad debt reserves created prior to January 1, 1998 were subject to recapture into taxable income should the Company fail to meet certain qualifying asset and definition tests. The 1996 federal legislation eliminated these thrift related recapture rules. However, under current law, pre-1988 reserves remain subject to recapture should the Company make certain non-dividend distributions or cease to maintain a thrift or bank charter. Management has no intention of taking any such actions. At December 31, 2016 and 2015, the Company’s total pre-1988 tax bad debt reserve was $ 2.2 million. This reserve reflects the cumulative effect of federal tax deductions by the Company for which no federal income tax provision has been made. ASC 740 “Income Taxes” prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company recognized no adjustment for unrecognized income tax benefits for the years ended December 31, 2016 and 2015. As of December 31, 2016, there has been no material change in any uncertain tax position. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. The Company’s Federal and New York State tax returns, constituting the returns of the major taxing jurisdictions, are subject to examination by the taxing authorities for all open years as prescribed by applicable statute. No waivers have been executed that would extend the period subject to examination beyond the period prescribed by statute. The federal tax returns for the years ended December 31, 2013, 2014 and 2015 remain subject to examination by the IRS. The tax returns for the years ended December 31, 2013, 2014 and 2015 for New York State also remain subject to examination. |
Employee and Director Benefit P
Employee and Director Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Employee and Director Benefit Plans [Abstract] | |
Employee and Director Benefit Plans | Note 11 - Employee and Director Benefit Plans 401K Plan The Company maintains a 401(k) savings plan covering employees who have completed three months of service and attained age 21. Participants may make contributions to the 401(k) Plan in the form of salary deferrals of up to 75 % of their total compensation subject to certain IRS limitations. The plan consists of three components: 401(k), Profit Sharing and Safe Harbor. For the 401(k) component, the Company makes a matching contribution equal to 40 % of the participant salary deferral, up to 6 % of such employee’s compensation after one year of service. For the profit sharing component, the Company makes a discretionary contribution, up to 5.1 % of an eligible employee’s salary, depending on years of service. Lastly, the Company contributes 3.4 % of an eligible employee’s salary based on years of service, which is a discretionary contribution to the Safe Harbor component of the plan. The Company’s expense for all three components of the 401(k) plan for the years ended December 31, 2016, 2015 and 2014 was $ 426,000 , $ 414,000 , and $ 397,000 , respectively. 1999 Supplemental Benefit Plans Effective October 1, 1999, the Company initiated a non-qualified Executive Supplemental Benefit Plan and a non-qualified Directors Supplemental Benefit Plan. Both plans are unfunded and provide a predefined annual benefit to be paid to executives and directors for fifteen years upon their retirement. Although the plans are unfunded, the Company has purchased bank owned life insurance for the purpose of funding the liability. The cash surrender value of bank owned life insurance amounted to $ 7.2 million and $ 7.1 million at December 31, 2016 and 2015, respectively. Annual benefits increase at a predetermined amount until the executive or director reaches a predetermined retirement age. Predefined benefits are 100% vested at all times and in the event of death, are guaranteed to continue at the full amount to their designated beneficiaries. The Company had a liability under such plans of $ 1.3 million and $ 1.5 million at December 31, 2016 and 2015, respectively. This liability was recorded in other liabilities on the consolidated statement of financial condition and was calculated using an assumed discount rate of 6.17 % in 2016 and 2015. The Company’s expense for the 1999 Plans was $ 96,000 for the year ended December 31, 2016 and $105,000 and $114,000 for the years ended December 31, 2015 and 2014, respectively. 2001 and 2012 Supplemental Benefit Plans Effective October 1, 2001, the Company initiated a non-qualified Executive Supplemental Benefit Plan and a non-qualified Director’s Supplemental Benefit Plan (collectively, the “2001 Plans”) . The Company amended and restated the 2001 plans effective November 1, 2015 . Effective January 27, 2016, the Company amended the 2001 Supplemental Benefit Plan for Directors, resulting in a change to the benefit formula from a fixed, pre-determined dollar benefit . The formula provides a benefit equal to a percentage of the director’s average pay. The average pay is multiplied by number of years of service, not to exceed 20 years of service or 40% of average final pay. The benefit is payable over a period of fifteen years beginning the month following termination of service or age 72, whichever comes first. Effective May 18, 2016, the Company amended the 2001 Supplemental Benefit Plan for Executives resulting in a change in the benefit formula from a fixed, pre-determined dollar benefit to a formula-based benefit. The formula provides a benefit equal to a percentage of the executive’s average pay. The average pay is multiplied by number of years of service, not to exceed 20 years of service or 40% of average final pay. The benefit is payable over a period of fifteen years beginning the month following termination of service or age 65, whichever comes first. The 2001 Plans are unfunded. The Company had a liability under these plans of $2.2 million and $2.0 million at December 31, 2016 and 2015, respectively. This liability was recorded in other liabilities on the consolidated statements of financial condition and was calculated using an assumed discount rate of 6.17% in 2016 and 2015. Effective June 30, 2012, the Company implemented a Supplemental Executive Benefit Plan (the “2012 Plan”) with one executive. The 2012 Plan provides that when the Executive attains age 67 , the Executive will be entitled to a fixed, pre-determined annual benefit under the 2012 Plan, which will be paid in monthly installments for 15 years. The 2012 Plan was amended on May 18, 2016 to update the fixed, pre-determined annual benefit amount. The 2012 Plan provides for a reduced benefit in the event the Executive terminates his employment for a reason other than death, disability, cause or a change in control, before the Executive attains the age 67, which will be paid in monthly installments for 15 years. In the event of death, the vested benefit is payable to the beneficiary as a lump sum payment. The Company had a liability under this plan of $ 324,000 and $ 232,000 as of December 31, 2016 and 2015, respectively. This liability was recorded in the other liabilities section on the consolidated statements of financial condition and was calculated using an assumed discount rate of 5.12% in 2016 and 2015. Under the 2001 Plans and the 2012 Plan, the Company can set aside assets to fund the liability which will be subject to claims of the Company’s creditors upon liquidation of the Company. The Company purchased bank owned life insurance for the purpose of funding this liability. The cash surrender value of the bank owned life insurance for these plans amounted to $10.5 million and $7.8 million at December 31, 2016 and 2015, respectively. An additional $2.5 million of bank owned life insurance was purchased during the fourth quarter of 2016 to fund the increase in liability arising from the amendments to the 2001 Plans and the 2012 Plan. The Company’s expense for the 2001 and 2012 Plans was $406,000 for the year ended December 31, 2016 and $232,000 and $223,000 for the years ended December 31, 2015 and 2014 , respectively . |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | Note 12 – Stock-based Compensation As of December 31, 2016, the Company had four stock-based compensation plans, which are described below. The compensation cost that has been recorded under salary and benefits expense in the non-interest expense section of the consolidated statements of income for these plans was $ 331,000 , $ 325,000 , and $ 207,000 for the years ended December 31, 2016, 2015 and 2014, respectively. 2006 Stock Option Plan The Company’s 2006 Stock Option Plan (the “Stock Option Plan”), which was approved by the Company’s stockholders, permits the grant of options to its employees and non-employee directors for up to 297,562 shares of common stock. The Stock Option Plan expired on October 24, 2016, and grants of options can no longer be awarded. Both incentive stock options and non-qualified stock options have been granted under the Stock Option Plan. The exercise price of each stock option equals the market price of the Company’s common stock on the date of grant and an option’s maximum term is ten years. The stock options generally vest over a five year period. The Board of Directors granted stock options under the Stock Option Plan during 2016 as follows: Grant Date Number of Stock Option Awards Vesting Exercise Price Awardees October 21, 2016 13,390 20% per year with first vesting date on October 21, 2017 $ 14.38 Non-employee directors October 21, 2016 51,157 20% per year with first vesting date on October 21, 2017 $ 14.38 Employees A summary of the status of the Stock Option Plan as of December 31, 2016, 2015 and 2014 is presented below: December 31, 2016 December 31, 2015 December 31, 2014 Options Exercise Price Remaining Contractual Life Options Exercise Price Remaining Contractual Life Options Exercise Price Remaining Contractual Life Outstanding at beginning of year 118,087 $ 10.68 171,575 $ 10.92 226,312 $ 11.05 Granted 64,547 14.38 - - - - Exercised (99,808) 11.19 (53,488) 11.50 (54,737) 11.47 Forfeited - - - - - - Outstanding at end of year 82,826 $ 12.95 8.3 years 118,087 $ 10.68 1.4 years 171,575 $ 10.92 2.0 years Options exercisable at end of year 18,279 $ 7.88 8.3 years 118,087 $ 10.68 1.4 years 168,020 $ 10.98 2.0 years Fair value of options granted $ 2.64 - - At December 31, 2016, stock options outstanding had an intrinsic value of $ 275,000 and there were no remaining options available for grant under the Stock Option Plan. The intrinsic value of stock options exercised was $ 218,000 , $97,000, and $77,000 for the years ended December 31, 2016, 2015 and 2014, respectively. Compensation expense amounted to $ 7,000 for the year ended December 31, 2016, $ 1,000 for the year ended December 31, 2015, and $4,000 for the year ended December 31, 2014. At December 31, 2016, $164,000 of unrecognized compensation cost related to the Stock Option Plan is expected to be recognized over a period of 58 months. 2006 Recognition and Retention Plan The Company’s 2006 Recognition and Retention Plan (“RRP”), which was approved by the Company’s stockholders, permits the grant of restricted stock awards (“Awards”) to employees and non-employee directors for up to 119,025 shares of common stock. The RRP expired on October 24, 2016, and as of October 24, 2016 all shares permitted under the plan have been granted. The following table indicates the awards granted by the Board of Directors under the RRP during 2016: Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees October 21, 2016 8,087 20% per year with first vesting date on October 21, 2017 $ 14.38 Employees As of December 31, 2016, there were 94,915 shares vested or distributed to eligible participants under the RRP. Compensation expense amounted to $ 70,000 for the year ended December 31, 2016, $ 66,000 for the year ended December 31, 2015 and $ 43,000 for the year ended December 31, 2014. At December 31, 2016, $ 284,000 of unrecognized compensation cost related to the RRP is expected to be recognized over a period of 6 to 58 months. A summary of the status of unvested shares under the RRP for the years ended December 31, 2016, 2015 and 2014 is as follows: 2016 Weighted Average Grant Price (per Share) 2015 Weighted Average Grant Price (per Share) 2014 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 21,397 $ 12.25 29,031 $ 11.88 6,595 $ 7.99 Granted 8,087 14.38 100 13.42 26,471 12.25 Vested (5,374) 12.23 (7,734) 10.89 (4,035) 7.97 Forfeited - - - - - - Unvested shares outstanding at end of period 24,110 $ 12.96 21,397 $ 12.25 29,031 $ 11.88 2012 Equity Incentive Plan The Company’s 2012 Equity Incentive Plan (the “EIP”), which was approved by the Company’s stockholders on May 23, 2012, permits the grant of restricted stock awards, incentive stock options or non-qualified stock options to employees and non-employee directors for up to 200,000 shares of common stock. As required by federal regulations, awards were not permitted to be made under the EIP until Federal Reserve Board approval was obtained. On April 24, 2014, the Company received the approval of the Federal Reserve Bank of Philadelphia to begin making awards under the EIP. The Board of Directors granted restricted stock awards under the EIP during 2016 as follows: Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees January 20, 2016 14,337 100% on December 15, 2018, if three year performance metric is achieved $ 13.35 Employees January 28, 2016 4,078 100% on December 16, 2016 13.50 Non-employee directors April 27, 2016 1,939 100% on December 16, 2016 13.31 Non-employee directors A summary of the status of unvested restricted stock awards under the EIP for the years ended December 31, 2016, 2015, and 2014 is as follows: 2016 Weighted Average Grant Price (per Share) 2015 Weighted Average Grant Price (per Share) 2014 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 27,769 $ 12.64 21,552 $ 12.19 - $ - Granted 20,354 13.38 14,955 13.38 25,070 12.20 Vested (10,230) 12.91 (8,169) 12.74 (3,518) 12.28 Forfeited (11,821) 13.37 (569) 13.84 - - Unvested shares outstanding at end of period 26,072 $ 12.77 27,769 $ 12.64 21,552 $ 12.19 As of December 31, 2016, there were 21,917 shares vested or distributed to eligible participants under the EIP. Compensation expense related to the EIP amounted to $144,000 for the year ended December 31, 2016, $151,000 for the year ended December 31, 2015, and $ 63,000 for the year ended December 31, 2014. During the year ended December 31, 2016, the Company reversed $91,000 of previously accrued compensation expense associated with 10,117 restricted stock awards that were awarded in 2015. Management concluded that it was more likely than not that the performance metric associated with these stock awards could not be achieved, and that the awards would not vest in 2017. At December 31, 2016, $255,000 of unrecognized compensation cost related to unvested awards is expected to be recognized over a period of 24 to 32 months. The Board of Directors granted stock options under the EIP during 2016 as follows: Grant Date Number of Stock Option Awards Vesting Exercise Price Awardees October 21, 2016 17,593 20% per year with first vesting date on October 21, 2017 $ 14.38 Non-employee directors October 21, 2016 2,407 20% per year with first vesting date on October 21, 2017 $ 14.38 Employee A summary of the status of stock options under the EIP as of December 31, 2016 is presented below: December 31, 2016 Options Exercise Price Remaining Contractual Life Outstanding at beginning of year - $ - Granted 20,000 14.38 Exercised - - Forfeited - - Outstanding at end of year 20,000 $ 14.38 9.8 Options exercisable at end of year - $ - Fair value of options granted 2.64 At December 31, 2016, stock options outstanding had an intrinsic value of $38,000 and there were no remaining options available for grant under the EIP. Compensation expense amounted to $2,000 for the year ended December 31, 2016. At December 31, 2016, $51,000 of unrecognized compensation cost related to unvested stock options is expected to be recognized over a period of 58 months. Employee Stock Ownership Plan (“ESOP”) The Company established the ESOP for the benefit of eligible employees of the Company and Bank. All Company and Bank employees meeting certain age and service requirements are eligible to participate in the ESOP. Participants’ benefits become fully vested after five years of service once the employee is eligible to participate in the ESOP. The Company utilized $ 2.6 million of the proceeds of its 2006 stock offering to extend a loan to the ESOP and the ESOP used such proceeds to purchase 238,050 shares of stock on the open market at an average price of $ 10.70 per share, plus commission expenses. As a result of the purchase of shares by the ESOP, total stockholders’ equity of the Company was reduced by $ 2.6 million. As of December 31, 2016, the balance of the loan to the ESOP was $ 1.7 million and the fair value of unallocated shares was $ 2.5 million. As of December 31, 2016, there were 69,333 allocated shares and 150,765 unallocated shares compared to 65,617 allocated shares and 158,699 unallocated shares at December 31, 2015 and 59,098 allocated shares and 166,635 unallocated shares at December 31, 2014. The ESOP compensation expense was $ 108,000 for the year ended December 31, 2016, $ 107,000 for the year ended December 31, 2015, and $ 97,000 for the year ended December 31, 2014 based on 7,935 shares earned in each of those years. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 13 - Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of December 31, 2016 and 2015 and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. The estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported here. The measurement of fair value under FASB ASC Topic 820, “ Fair Value Measurements and Disclosures ” (“ASC Topic 820”) establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities measurements (Level 1) and the lowest priority to unobservable input measurements (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3: Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2016 and 2015 were as follows: Fair Value Measurements at December 31, 2016 December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs 2016 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities available for sale: Municipal bonds $ 50,698 $ - $ 50,698 $ - Mortgage-backed securities: Collateralized mortgage obligations-private label 37 - 37 - Collateralized mortgage obligations-government sponsored entities 28,830 - 28,830 - Government National Mortgage Association 329 - 329 - Federal National Mortgage Association 3,582 - 3,582 - Federal Home Loan Mortgage Corporation 1,867 - 1,867 - Asset-backed securities: Private label 832 - - 832 Government sponsored entities 76 - 76 - Equity securities 84 - 84 - Total $ 86,335 $ - $ 85,503 $ 832 Fair Value Measurements at December 31, 2015 December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs 2015 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities available for sale: U.S. Treasury bonds $ 14,111 $ 14,111 $ - $ - Municipal bonds 51,808 - 51,808 - Mortgage-backed securities: Collateralized mortgage obligations-private label 48 - 48 - Collateralized mortgage obligations-government sponsored entities 38,342 - 38,342 - Government National Mortgage Association 427 - 427 - Federal National Mortgage Association 4,542 - 4,542 - Federal Home Loan Mortgage Corporation 2,301 - 2,301 - Asset-backed securities: Private label 1,501 - - 1,501 Government sponsored entities 97 - 97 - Equity securities 36 - 36 - Total $ 113,213 $ 14,111 $ 97,601 $ 1,501 Any transfers between levels would be recognized as of the actual date of event or change in circumstances that caused the transfer. There were no reclassifications between the Level 1 and Level 2 categories for the years ended December 31, 2016 and 2015. Level 2 inputs for assets or liabilities measured at fair value on a recurring basis might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. The following table presents a reconciliation of the securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3), specifically, asset-backed securities - private label, for the years ended December 31, 2016 and 2015: 2016 2015 (Dollars in thousands) Beginning Balance $ 1,501 $ 2,023 Total gains - realized/unrealized: Included in earnings - - Included in other comprehensive income(loss) 48 45 Total losses - realized/unrealized: Included in earnings - - Included in other comprehensive income(loss) (103) (120) Sales - - Principal paydowns (614) (447) Transfers to (out of) Level 3 - - Ending Balance $ 832 $ 1,501 Both observable and unobservable inputs may be used to determine the fair value of assets and liabilities measured on a recurring basis that the Company has classified within the Level 3 category. As a result, any unrealized gains and losses for assets within the Level 3 category may include changes in fair value attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs. The following table presents additional quantitative information about the Level 3 inputs for the asset backed securities - private label category. The fair values for this category were developed using the discounted cash flow technique with the following unobservable input ranges as of December 31, 2016 and 2015 (dollars in thousands): Unobservable Inputs Security Category Fair Value Loan Type/Collateral Credit Ratings Constant Prepayment Speed (CPR) Probability of Default (Annual Default Rate) Loss Severity December 31, 2016 Asset-backed securities - private label $ 832 Sub-prime First and Prime Second Lien - Residential Real Estate B- thru D 5 - 10 5.00% 70.0% - 100.0% December 31, 2015 Asset-backed securities - private label $ 1,501 Sub-prime First and Prime Second Lien - Residential Real Estate B- thru D 4 - 10 4.0% - 6.0% 70.0% - 100.0% Level 3 inputs are determined by the Company’s management using inputs from its third party financial advisor on a quarterly basis. The significant unobservable inputs used in the fair value measurement of the reporting entity’s asset-backed, private label securities are prepayment rates, probability of default and loss severity in the event of default. Significant increases or decreases in any of those inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. In addition to disclosure of the fair value of assets on a recurring basis, ASC Topic 820 requires disclosures for assets and liabilities measured at fair value on a non-recurring basis, such as impaired assets and foreclosed real estate. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of these loans. Non-recurring adjustments also include certain impairment amounts for collateral-dependent loans calculated as required by ASC Topic 310, “ Receivables – Loan Impairment ,” when establishing the allowance for loan losses. An impaired loan is carried at fair value based on either a recent appraisal less estimated selling costs of underlying collateral or discounted cash flows based on current market conditions. For assets measured at fair value on a non-recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2016 and 2015 were as follows: Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a non-recurring basis: At December 31, 2016 Impaired loans $ 760 $ - $ - $ 760 Foreclosed real estate 241 - - 241 At December 31, 2015 Impaired loans $ 60 $ - $ - $ 60 Foreclosed real estate 263 - - 263 The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Technique Unobservable Input Range At December 31, 2016 Impaired loans $ 760 Market valuation of underlying collateral (1) and discounted cash flows (2) Direct Disposal Costs (3) 7.00 - 33.00% Foreclosed real estate 241 Market valuation of property (1) Direct Disposal Costs (3) 7.00 - 10.00% At December 31, 2015 Impaired loans $ 60 Market valuation of underlying collateral (1) Direct Disposal Costs (3) 7.00 -10.00% Foreclosed real estate 263 Market valuation of property (1) Direct Disposal Costs (3) 7.00 - 15.00% (1) Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable . (2) Fair value is generally determined using a discounted future cash flow method for non-collateral dependent loans. This method takes into account interest rates currently being offered to customers for loans with similar terms and with estimated maturity. The estimate of maturity is based on the borrower ’s contractual cash flows and may be adjusted for prepayment estimates based on current economic and lending conditions. (3) The fair value basis of impaired loans and foreclosed real estate may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes. At December 31, 2016, impaired loans valued using Level 3 inputs had a carrying amount of $1.2 million and valuation allowances of $ 400,000 . By comparison, at December 31, 2015, impaired loans valued using Level 3 inputs had a carrying amount of $ 80,000 and valuation allowances of $ 20,000 . Once a loan is determined to be impaired, the fair value of the loan continues to be evaluated based upon the market value of the underlying collateral securing the loan or by using a discounted future cash flow method if the loan is not collateral dependent. At December 31, 2016, impaired loans whose carrying amount was written down utilizing Level 3 inputs during the year ended December 31, 2016 comprised of two loans with a fair value of $1.0 million and resulted in an additional provision for loan loss of $ 400,000 . At December 31, 2015, impaired loans whose carrying amount was written down utilizing Level 3 inputs during the year ended December 31, 2015 comprised of one loan with a fair value of $ 45,000 and resulted in an additional provision for loan loss of $20,000 . At December 31, 2016, foreclosed real estate valued using Level 3 inputs had a carrying amount of $ 341,000 and valuation allowances of $100,000 . By comparison at December 31, 2015, foreclosed real estate valued using Level 3 inputs had a carrying amount of $347,000 and valuation allowances of $84,000 . Once a loan is foreclosed, the fair value of the real estate owned continues to be evaluated based upon the market value of the repossessed real estate originally securing the loan. At December 31, 2016, foreclosed real estate whose carrying value was written down utilizing Level 3 inputs during the year ended December 31, 2016 comprised of six properties with a fair value of $ 217,000 and resulted in an additional provision for loan loss of $73,000 and subsequent write-downs recorded in non-interest expense of $6,000 . At December 31, 2015, foreclosed real estate whose carrying value was written down utilizing Level 3 inputs during the year ended December 31, 2015 comprised of seven properties with a fair value of $ 294,000 and resulted in an additional provision for loan losses of $72,000. The carrying amount and estimated fair value of the Company’s financial instruments, whether carried at cost or fair value, are as follows: Fair Value Measurements at December 31, 2016 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 45,479 $ 45,479 $ 45,479 $ - $ - Securities available for sale 86,335 86,335 - 85,503 832 Federal Home Loan Bank stock 1,340 1,340 - 1,340 - Loans receivable, net 326,365 322,031 - - 322,031 Accrued interest receivable 1,600 1,600 - 1,600 - Financial liabilities: Deposits 385,893 388,855 - 388,855 - Long-term debt 18,950 18,984 - 18,984 - Accrued interest payable 32 32 - 32 - Off-balance-sheet financial instruments - - - - - Fair Value Measurements at December 31, 2015 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 34,227 $ 34,227 $ 34,227 $ - $ - Securities available for sale 113,213 113,213 14,111 97,601 1,501 Federal Home Loan Bank stock 1,454 1,454 - 1,454 - Loans receivable, net 297,101 291,203 - - 291,203 Accrued interest receivable 1,648 1,648 - 1,648 - Financial liabilities: Deposits 369,155 370,120 - 370,120 - Long-term debt 21,150 21,183 - 21,183 - Accrued interest payable 37 37 - 37 - Off-balance-sheet financial instruments - - - - - The following valuation techniques were used to measure the fair value of financial instruments in the above table: Cash and cash equivalents (carried at cost) The carrying amount of cash and cash equivalents approximates fair value. Securities available for sale (carried at fair value) The fair value of securities available for sale are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1) or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted prices. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, live trading levels, trade execution date, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. Level 2 securities which are fixed income instruments that are not quoted on an exchange, but are traded in active markets, are valued using prices obtained from our custodian, who use third party data service providers. Securities available for sale measured within the Level 3 category consist of private label asset-backed securities. The fair value measurement for these Level 3 securities is explained more fully earlier in this footnote. Federal Home Loan Bank stock (carried at cost) The carrying amount of Federal Home Loan Bank stock approximates fair value. Loans Receivable (carried at cost) The fair value of fixed-rate and variable rate performing loans is estimated using a discounted cash flow method. The discount rates take into account interest rates currently being offered to customers for loans with similar terms and with estimated maturity and market factors including liquidity. The estimate of maturity is based on the Company’s contractual cash flows adjusted for prepayment estimates based on current economic and lending conditions. Due to the significant judgment involved in evaluating credit quality, loans are classified within Level 3 of the fair value hierarchy. Accrued Interest Receivable and Payable (carried at cost) The carrying amount of accrued interest receivable and payable approximates fair value. Deposits (carried at cost) The fair value of deposits with no stated maturity, such as savings, money market and checking is the amount payable on demand at the reporting date and are classified within Level 2 of the fair value hierarchy. The fair value of time deposits is based on the discounted value of contractual cash flows at current rates of interest for similar deposits using market rates currently offered for deposits of similar remaining maturities. Due to the minimal amount of unobservable inputs involved in evaluating assumptions used for discounted cash flows of time deposits, these deposits are classified within Level 2 of the fair value hierarchy. Borrowings (carried at cost) The fair value of long-term debt was calculated by discounting scheduled cash flows at current market rates of interest for similar borrowings through maturity of each instrument. Due to the minimal amount of unobservable inputs involved in evaluating assumptions used for discounted cash flows of long-term debt, they are classified within Level 2 of the fair value hierarchy. Off-Balance Sheet Financial Instruments (disclosed at cost) Fair values of the Company’s off-balance sheet financial instruments (lending commitments) are based on interest rates and fees currently charged to enter into similar agreements, taking into account, the remaining terms of the commitments and the counterparties’ credit standing. Other than loan commitments, the Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Note 14 - Regulatory Capital Requirements Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. As of January 1, 2015, new federal regulations that substantially revised the minimum capital standards and the method for calculating risk-weighted assets became applicable to the Company. The revised regulations are now consistent with the Basel III regulatory capital reforms and changes required by the Dodd-Frank Act. The revised regulations established a new common equity Tier 1 (“CET1”) minimum capital requirement, increased the minimum Tier 1 capital ratio, changed the risk weight of certain assets for purposes of calculating the risk-based capital ratios, created an additional capital conservation buffer over the required capital ratios and changed what qualifies as capital for purposes of meeting these various capital requirements. As of January 2016, failure to maintain the required capital conservation buffer limits the ability of the Bank to pay dividends or discretionary bonuses. The Company is exempt from consolidated capital requirements as those requirements do not apply to certain small savings and loan holding companies or bank holding companies with assets under $1 billion. Under the revised capital requirements, the minimum capital ratios are: (1) a CET1 capital ratio of 4.5% of risk-weighted assets; (2) a Tier 1 capital ratio of 6.0% of risk-weighted assets; (3) a total capital ratio of 8% of risk-weighted assets; and (4) a leverage ratio of 4.0%. CET1 capital generally consists of common stock and retained earnings, subject to applicable regulatory adjustments and deductions. There are a number of changes in what constitutes regulatory capital, some of which are subject to transition periods. These changes include the phasing-out of certain instruments as qualifying capital. The Bank does not use any of these instruments. Under the new requirements for total capital, Tier 2 capital is no longer limited to the amount of Tier 1 capital included in total capital. Mortgage servicing rights, certain deferred tax assets and investments in unconsolidated subsidiaries over designated percentages of CET1 will be deducted from capital. The Bank has elected to permanently opt-out of the inclusion of accumulated other comprehensive income in the Bank’s capital calculations, as permitted by the regulations. This opt-out will reduce the impact of market volatility on the Bank’s investment portfolio for purposes of calculating the Bank’s regulatory capital. The new requirements also include changes in the risk-weights of assets to better reflect credit risk and other risk exposures. These include a 150% risk weight (increased from 100%) for certain high volatility commercial real estate facilities that finance the acquisition, development or construction of real property and for all loans (except one- to four-family real estate loans) that are 90 days past due or otherwise in non-accrual status; a 20% (increased from 0%) credit conversion factor for the unused portion of a commitment with an original maturity of one year or less that is not unconditionally cancellable; a 250% risk weight (increased from 100%) for mortgage servicing and deferred tax assets that are not deducted from capital; and increased risk weights (0% to 600%) for equity exposures. In addition to the minimum CET1, Tier 1 and total capital ratios, the Bank will have to maintain a capital conservation buffer consisting of additional CET1 capital greater than 2.5 % of risk-weighted assets above the required minimum levels in order to avoid limitations on paying dividends and discretionary bonuses. This new capital conservation buffer requirement will be phased in beginning in January 2016 at 0.625 % of risk-weighted assets and increase each year until fully implemented in January 2019. The OCC’s prompt corrective action standards changed effective January 1, 2015. Under the new standards, in order to be considered well-capitalized, the Bank must have a CET1 ratio of 6.5% (new), a Tier 1 ratio of 8.0% (increased from 6.0%), a total risk-based capital ratio of 10.0% (unchanged) and a leverage ratio of 5.0% (unchanged). As of December 31, 2016, the Bank met all of the new requirements, including the full capital conservation buffer that will be required by January 2019. The most recent notification from the Federal banking agencies categorized the Bank as well capitalized at December 31, 201 6 under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios at December 31, 201 6 and 201 5 are presented in the following table: The Bank’s actual capital amounts and ratios at December 31, 2016 and 2015 are presented in the following table: Actual Minimum Ratio For Capital Adequacy Purposes Minimum Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions Capital Conservation Buffer Amount Ratio Amount Ratio Amount Ratio Actu al Req uired At December 31, 2016 Total capital (to risk-weighted assets) $ 73,063 23.15 % $ 25,248 8.00 % $ 31,561 10.00 % 15.150 % 0.625 % Tier 1 capital (to risk-weighted assets) 70,157 22.23 % 18,936 6.00 % 25,248 8.00 % 16.230 % 0.625 % CET 1 capital (to risk-weighted assets) 70,157 22.23 % 14,202 4.50 % 20,514 6.50 % 17.730 % 0.625 % Tier 1 Leverage (to adjusted total assets) 70,157 14.73 % 19,046 4.00 % 23,807 5.00 % 10.730 % 0.625 % At December 31, 2015 Total capital (to risk-weighted assets) $ 68,639 24.93 % $ 22,028 8.00 % $ 27,535 10.00 % n/a n/a Tier 1 capital (to risk-weighted assets) 66,652 24.21 % 16,521 6.00 % 22,028 8.00 % n/a n/a CET 1 capital (to risk-weighted assets) 66,652 24.21 % 12,391 4.50 % 17,898 6.50 % n/a n/a Tier 1 Leverage (to adjusted total assets) 66,652 14.31 % 18,636 4.00 % 23,295 5.00 % n/a n/a Following is a reconciliation of Lake Shore Savings Bank’s consolidated GAAP capital to regulatory Tier 1 and CET 1 capital, as well as to Total capital at December 31, 2016 and December 31, 2015: December 31, 2016 2015 (Dollars in thousands) GAAP (Equity) Capital: $ 71,620 $ 69,584 Plus: Unrealized gains on available-for-sale securities, net of tax (1,382) (2,842) Less: Additional tier 1 capital deductions (81) (90) Tier 1 Capital and CET1 Capital 70,157 66,652 Plus: Allowance for loan losses 2,882 1,985 Unrealized gains on available-for-sale securities includible in regulatory capital 28 6 Less: Other investments required to be deducted (4) (4) Total Regulatory Capital $ 73,063 $ 68,639 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 15 – Earnings per Share Earnings per share was calculated for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively. Basic earnings per share is based upon the weighted average number of common shares outstanding, exclusive of unearned shares held by the ESOP, RRP and EIP. Diluted earnings per share is based upon the weighted average number of common shares outstanding and common share equivalents that would arise from the exercise of dilutive securities. Stock options are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would be dilutive and computed using the treasury stock method. The calculated basic and diluted earnings per share are as follows: Years Ended December 31, 2016 2015 2014 Numerator – net income $ 3,515,000 $ 3,338,000 $ 3,158,000 Denominator: Basic weighted average shares outstanding 6,014,973 5,893,343 5,750,604 Increase in weighted average shares outstanding due to: Stock options 7,676 26,077 25,035 Diluted weighted average shares outstanding (1) 6,022,649 5,919,420 5,775,639 Earnings per share: Basic $ 0.58 $ 0.57 $ 0.55 Diluted $ 0.58 $ 0.56 $ 0.55 (1) Stock options to purchase 64,547 shares under the Stock Option Plan and 20,000 shares under the EIP at $14.38 were outstanding during 2016, but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. |
Commitments to Extend Credit
Commitments to Extend Credit | 12 Months Ended |
Dec. 31, 2016 | |
Commitments to Extend Credit [Abstract] | |
Commitments to Extend Credit | Note 16 – Commitments to Extend Credit The Company has commitments to extend credit with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. There were no loss reserves associated with these commitments at December 31, 2016 and 2015. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The following commitments to extend credit were outstanding as of the dates specified: Contract Amount December 31, December 31, 2016 2015 (Dollars in thousands) Commitments to grant loans $ 24,707 $ 12,224 Unfunded commitments under lines of credit $ 35,356 $ 34,847 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. The commitments for lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. At December 31, 2016 and 2015, the Company’s loan commitments with fixed rates for the next five years totaled $ 12.0 million and $ 6.3 million, respectively. The range of interest rates on these fixed rate commitments was 3.38 % to 6.00 % at December 31, 2016. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Parent Company Only Financial Information [Abstract] | |
Parent Company Only Financial Information | Note 17 – Parent Company Only Financial Information Parent Company (Lake Shore Bancorp, Inc.) only condensed financial information is as follows: Statements of Financial Condition December 31, 2016 2015 (Dollars in thousands) Assets Cash and due from banks $ 2,707 $ 2,416 Securities available for sale 4 89 Investment in subsidiary 71,620 69,583 ESOP loan receivable 1,666 1,706 Other assets 33 87 Total assets $ 76,030 $ 73,881 Liabilities and Stockholders' Equity Other liabilities - 5 Total stockholders' equity 76,030 73,876 Total liabilities and stockholders' equity $ 76,030 $ 73,881 Statements of Income For the Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Interest Income $ 137 $ 142 $ 152 Dividend distributed by bank subsidiary - - 1,250 Total Income 137 142 1,402 Non-interest Expenses 378 348 349 (Loss)/Income before income taxes and equity in undistributed net income of subsidiary (241) (206) 1,053 Income tax benefit (103) (92) (100) (Loss)/Income before undistributed net income of subsidiary (138) (114) 1,153 Equity in undistributed net income of subsidiary 3,653 3,452 2,005 Net Income $ 3,515 $ 3,338 $ 3,158 Statements of Comprehensive Income For the Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Net Income $ 3,515 $ 3,338 $ 3,158 Other Comprehensive (Loss)/Income, net of tax: Unrealized holding losses on securities available for sale, net of tax benefit 2016 $-; 2015 $2 ; 2014 $3 (1) (3) (5) Unrealized holding (losses) gains on securities available for sale of subsidiary, net of tax benefit (expense) 2016 $148 ; 2015 $551 ; 2014 $(1,997) (286) (278) 3,163 Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income of subsidiary, net of tax expense 2016 $48 ; 2015 $54 ; 2014 $68 (94) (106) (107) Gains on sales of securities included in net income of subsidiary, net of tax expense 2016 $556 ; 2015 $150 ; 2014 $23 (1,080) (290) (36) Total Other Comprehensive (Loss)/Income (1,461) (677) 3,015 Total Comprehensive Income $ 2,054 $ 2,661 $ 6,173 Statements of Cash Flows For the Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Cash Flows from Operating Activities: Net income $ 3,515 $ 3,338 $ 3,158 Adjustments to reconcile net income to net cash provided by operating activities: ESOP shares committed to be released 108 107 99 Stock based compensation expense 217 220 110 Decrease in other assets 206 54 101 (Decrease) increase in other liabilities - (22) 118 Equity in undistributed earnings of subsidiary (3,653) (3,452) (2,005) Net Cash Provided by Operating Activities 393 245 1,581 Cash Flows from Investing Activities: Activity in available for sale securities: Maturities, prepayments and calls 83 108 133 Payments received on ESOP loan 40 85 85 Net Cash Provided by Investing Activities 123 193 218 Cash Flows from Financing Activities: Proceeds from stock options exercised 1,118 615 629 Purchase of treasury stock (455) (746) (62) Cash dividends paid (888) (611) (590) Net Cash Used in Financing Activities (225) (742) (23) Net Increase (Decrease) in Cash and Cash Equivalents 291 (304) 1,776 Cash and Cash Equivalents - Beginning 2,416 2,720 944 Cash and Cash Equivalents - Ending $ 2,707 $ 2,416 $ 2,720 |
Quarterly Financial Data _ Unau
Quarterly Financial Data – Unaudited | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data – Unaudited [Abstract] | |
Quarterly Financial Data – Unaudited | Note 18 – Quarterly Financial Data – Unaudited Quarter Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 (Dollars in thousands, except per share amounts) Total interest income $ 4,410 $ 4,397 $ 4,347 $ 4,364 Total interest expense 572 565 570 587 Net interest income 3,838 3,832 3,777 3,777 Provision for loan losses 815 125 55 130 Net interest income after provision for loan losses 3,023 3,707 3,722 3,647 Total non-interest income 599 658 603 2,210 Total non-interest expense 3,566 3,420 3,491 3,402 Income before income taxes 56 945 834 2,455 Income tax (benefit) expense (84) 188 170 501 Net Income $ 140 $ 757 $ 664 $ 1,954 Basic and diluted earnings per share $ 0.02 $ 0.13 $ 0.11 $ 0.33 Quarter Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 (Dollars in thousands, except per share amounts) Total interest income $ 4,353 $ 4,427 $ 4,408 $ 4,399 Total interest expense 593 662 716 786 Net interest income 3,760 3,765 3,692 3,613 Provision for loan losses 160 30 185 25 Net interest income after provision for loan losses 3,600 3,735 3,507 3,588 Total non-interest income 598 1,028 547 534 Total non-interest expense 3,250 3,264 3,262 3,307 Income before income taxes 948 1,499 792 815 Income tax expense 114 263 93 246 Net Income $ 834 $ 1,236 $ 699 $ 569 Basic and diluted earnings per share $ 0.14 $ 0.21 $ 0.12 $ 0.10 |
Treasury Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2016 | |
Treasury Stock [Abstract] | |
Treasury Stock | Note 19 – Treasury Stock During the year ended December 31, 2016, the Company repurchased 33,200 shares of common stock at an average cost of $ 13.69 per share. These shares were repurchased pursuant to the Company’s publicly announced common stock repurchase programs. As of December 31, 2016, there were 84,501 shares remaining to be repurchased under the existing stock repurchase program. During the year ended December 31, 2016, the Company transferred 20,354 shares of common stock out of treasury stock reserved for the 2012 Equity Incentive Plan at an average cost of $9.69 per share to fund awards that had granted under the 2012 Equity Incentive Plan. During the year ended December 31, 2016, there were 1,704 shares transferred back into treasury stock reserved for the 2012 Equity Incentive Plan at an average cost of $ 9.55 per share due to stock forfeitures. During the year ended December 31, 2015, the Company repurchased 55,000 shares of common stock at an average cost of $ 13.56 per share. These shares were repurchased pursuant to the Company’s publicly announced common stock repurchase programs. As of December 31, 2015, there were 117,701 shares remaining to be repurchased under the existing stock repurchase program. During the year ended December 31, 2015, the Company transferred 14,886 shares of common stock out of treasury stock reserved for the 2012 Equity Incentive Plan at an average cost of $ 9.39 per share to fund awards that had granted under the 2012 Equity Incentive Plan. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | Note 2 0 – Other Comprehensive Income (Loss) In addition to presenting the Consolidated Statements of Comprehensive Income herein, the following table shows the tax effects allocated to the Company’s single component of other comprehensive (loss) income for the periods presented: For the Year Ended December 31, 2016 Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ (435) $ 148 $ (287) Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income (142) 48 (94) Gain on sale of securities included in net income (1,636) 556 (1,080) Total Other Comprehensive Loss $ (2,213) $ 752 $ (1,461) For the Year Ended December 31, 2015 Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ (834) $ 553 $ (281) Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income (160) 54 (106) Gain on sale of securities included in net income (440) 150 (290) Total Other Comprehensive Loss $ (1,434) $ 757 $ (677) For the Year Ended December 31, 2014 Pre-Tax Amount Tax (Expense) Benefit Net of Tax Amount (Dollars in thousands) Net unrealized gains on securities available for sale: Net unrealized gains arising during the period $ 5,152 $ (1,994) $ 3,158 Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income (175) 68 (107) Net gain on sale of securities included in net income (59) 23 (36) Total Other Comprehensive Income $ 4,918 $ (1,903) $ 3,015 The following table presents the amounts reclassified out of the single component of the Company’s accumulated other comprehensive (loss) income for the indicated periods: Amounts Reclassified from Details about Accumulated Accumulated Other Comprehensive (Loss) Income Other Comprehensive (Loss) Income for the years ended December 31, Affected Line Item on the Consolidated Components 2016 2015 2014 Statements of Income (Dollars in thousands) Net unrealized gains and losses on securities available for sale Recovery on previously impaired investment securities $ (142) $ (160) $ (175) Recovery on previously impaired investment securities Sale of securities (1,636) (440) (59) Gain on sale of securities available for sale (1,778) (600) (234) Provision for income tax expense 604 204 91 Income Tax Expense Total reclassification for the period $ (1,174) $ (396) $ (143) Net Income |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21 – Subsequent Events On February 8, 2017, the Board of Directors declared a quarterly cash dividend of $ 0.08 per share on the Company’s common stock, payable on March 13, 2017 to shareholders of record as of February 23, 2017 . Lake Shore, MHC, which holds 3,636,875 shares, or approximately 59.7% of the Company’s total outstanding stock, elected to waive its right to receive this cash dividend of approximately $ 291,000 . On February 8, 2017, a special meeting of the MHC members (i.e., Lake Shore Savings Bank depositors) was held to vote on a proposal to authorize the MHC to waive its right to receive dividends aggregating up to $ 0.32 per share that may be declared by the Company in the 12 months subsequent to the approval by members (in accordance with the regulation of the Board of Governors of the Federal Reserve System). At the special meeting, a majority of the eligible member votes of the MHC approved the waiver of the receipt of dividends on shares owned by the MHC. Lake Shore, MHC submitted the results of this vote along with other information to the Federal Reserve Board in order to obtain their non-objection of the dividend waiver. As of March 7 , 2017, Lake Shore, MHC received notice of the non-objection of the Federal Reserve Bank of Philadelphia to waive its right to receive dividends paid by the Company during the twelve months ending February 8 , 2018, aggregating up to $0.32 per share. The MHC waived $ 765,000 of dividends during the year ended December 31, 2016. During the three months ended September 30, 2016, the MHC elected to receive the quarterly cash dividend of $255,000 to replenish cash at the top-tier holding company for use towards operating expenses. Cumulatively, Lake Shore, MHC has waived approximately $ 8.2 million of cash dividends as of December 31, 2016. The dividends waived by Lake Shore, MHC are considered a restriction on the retained earnings of the Company. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and the Bank. All material inter-company accounts and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). |
Use of Estimates | Use of Estimates To prepare these consolidated financial statements in conformity with GAAP, management of the Company made a number of estimates and assumptions relating to the reporting of assets and liabilities, the reporting of revenue and expenses and notes to the consolidated financial statements. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, securities valuation estimates, evaluation of impairment of securities, income taxes and deferred compensation liabilities. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks, interest earning deposits at other financial institutions and overnight federal funds sold which are generally sold for one to three-day periods. |
Investment Securities | Investment Securities All investment securities are classified as available for sale and are carried at fair value with unrealized gains and losses, net of the related deferred income tax effect, excluded from earnings and reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses are determined using the specific identification method. Declines in the fair value of available for sale securities are evaluated for other-than-temporary impairment (“OTTI”) on a quarterly basis. Impairment is assessed at the individual security level. This assessment considers factors such as the severity, length of time and anticipated recovery period of the impairment, recent events specific to the issuer, including investment downgrades by rating agencies and economic conditions of its industry, and the issuer’s financial condition, capital strength, the presence of credit enhancements, if any, and near-term prospects. The Company also considers its intent and ability to retain the security for a period of time sufficient to allow for a recovery in fair value, or until maturity. The assessment of a security’s ability to recover any decline in fair value, the ability of the issuer to meet contractual obligations, and the Company’s intent and ability to retain the security require considerable judgment. All securities are reviewed for OTTI under the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320, “ Investments - Debt and Equity Securities ” (“ASC 320”). When impairment of a debt security is considered other-than-temporary, the amount of OTTI recorded as a loss within non-interest income and thereby recognized in earnings depends on whether the Company intends to sell the security or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If the Company intends to (has decided to) sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI is recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value. If the Company does not intend to sell the debt security and it is not more likely than not the Company will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized against earnings. The amount related to other market factors is recognized in other comprehensive income, net of applicable taxes. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. The restricted stock is carried at cost. |
Loans Receivable | Loans Receivable Loans receivable that management has the intent and ability to hold until maturity or payoff are stated at their outstanding unpaid principal balances, net of allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Management considers a loan to be in delinquency status when the contractual payment of principal or interest has become greater than 30 days past due. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed in the current year. Interest received on non-accrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance for loan losses pursuant to FASB ASC Topic 450, “ Contingencies ” (“ASC 450”), and FASB ASC Topic 310, “ Receivables ” (“ASC 310”). Commercial and commercial real estate loans that are considered impaired as defined in ASC 310 are reviewed individually to assess the likelihood and severity of loss exposure. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis. Factors considered by management in determining impairment include payment status, collateral value, cash flow and the probability of collecting scheduled principal and interest payments when due. Loans subject to individual review are, where appropriate, reserved for according to the present value of expected future cash flows available to repay the loan or the estimated fair value less estimated selling costs of the collateral, if the loan is collateral dependent. Commercial loans excluded from individual assessment, as well as smaller balance homogeneous loans, such as consumer, residential real estate and home equity loans, are evaluated for loss exposure under ASC 450 based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. The Company does not separately identify individual consumer, home equity, or residential real estate loans for impairment disclosure, unless the loan has been modified as a troubled debt restructuring. The Company records cash receipts on impaired loans that are non-performing as a reduction to principal before applying amounts to interest or late charges unless specifically directed otherwise by the Bankruptcy Court. The Company may continue to recognize interest income on impaired loans where there is no confirmed loss. Loans may be periodically modified in a troubled debt restructuring (“TDR”) to make concessions to help a borrower remain current on the loan and/or to avoid foreclosure, in accordance with FASB Accounting Standard Update (“ASU”) 2012-02, “ Receivables ( “Subtopic 310” ): “A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring” (“ASU 2012-02”) . Generally, we do not forgive principal or interest on a loan or modify the interest rate on loans that are below market rates. When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans. If we determine that the value of a modified loan is less than the recorded investment in the loan, impairment is recognized through a specific allowance estimate or charge-off to the allowance. The allowance for loan losses is maintained at a level to provide for losses that are inherent within the loan portfolio. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as either special mention, doubtful, substandard or loss. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value for that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Buildings, improvements, furniture and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line basis over the estimated useful lives of assets (generally thirty-nine years for buildings and three to fifteen years for furniture and equipment). Leasehold improvements are amortized on the straight-line method over the lesser of the life of the improvements or the lease term. Maintenance and repairs are charged to expense as incurred, while major improvements are capitalized and amortized to operating expense over the identified useful life. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Foreclosed Real Estate | Foreclosed Real Estate Foreclosed real estate consists of property acquired in settlement of loans which is carried at its fair value less estimated selling costs. Write-downs from cost to fair value less estimated selling costs are recorded at the date of acquisition or repossession and are charged to the allowance for loan losses. Subsequent write-downs to fair value, net of estimated selling costs, are recorded in non-interest expense along with direct operating expenses. Gains or losses not previously recognized, resulting from the sale of foreclosed assets are recognized in non -interest expense on the date of sale. Foreclosed real estate was $412,000 and $712,000 at December 31, 2016 and 2015, respectively, and was included as a component of other assets in the consolidated statement of financial condition. Proceeds from the sale of foreclosed real estate for the years ended December 31, 2016, 2015 and 2014 were $619,000 , $849,000 , and $601,000 , respectively. This resulted in a net gain on sale of $9,000 , $122,000 and $64,000 for the years ended December 31, 2016, 2015 and 2014, respectively, and was included as a component of other non-interest expenses in the consolidated statement of income. |
Bank Owned Life Insurance | Bank Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses (see Note 11). BOLI involves the purchase of life insurance by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income from the increase in the cash surrender value of the underlying policies is included in non-interest income in the consolidated statements of income. |
Advertising Costs | Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. Total advertising expense for the years ended December 31, 2016, 2015 and 2014 was $536,000 , $362,000 , and $429,000 , respectively. |
Income Taxes | Income Taxes The Company files a consolidated federal income tax return. The provision for federal and state income taxes is based on income reported on the consolidated financial statements, rather than the amounts reported on the respective income tax returns. Deferred taxes are recorded using the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of certain tax credits and in the calculation of deferred income tax expense or benefit associated with certain deferred tax assets and liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision in a subsequent period. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company periodically reviews its tax positions and applies a “more likely than not” recognition threshold for all tax uncertainties. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. |
Employee Stock Ownership Plan (“ESOP”) | Employee Stock Ownership Plan (“ESOP”) Compensation expense is recognized based on the current market price of shares committed to be released to employees. All shares released and committed to be released are deemed outstanding for purposes of earnings per share calculations. Dividends declared and paid on allocated shares held by the ESOP are charged to retained earnings. The value of unearned shares to be allocated to ESOP participants for future services not yet performed is reflected as a reduction of stockholders’ equity. Dividends declared on unallocated shares held by the ESOP are recorded as a reduction of the ESOP’s loan payment to the Company. |
Stock Compensation Plans | Stock Compensation Plans At December 31, 2016, the Company had stock-based employee and non-employee compensation plans, which are described more fully in Note 12. The Company accounts for these plans under FASB ASC Topic 718 “ Compensation – Stock Compensation ” (“ASC Topic 718”). The Company accounts for the plans using a fair value-based method, which measures compensation cost at the grant date based on the fair value of the award. Compensation is then recognized over the service period, which is usually the vesting period. The fair value of stock option grants are estimated on the date of grant using the Black-Scholes options-pricing model. Common shares are issued from the Company’s authorized common shares when a share option is exercised. Common shares awarded as restricted stock are expensed based on the fair market value at the grant date. The stock option plan, restricted stock plan and equity incentive plan expenses are recognized in salaries and employee benefits expense on the consolidated statement of income. |
Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding, less unallocated shares held by the Company’s ESOP, 2006 Recognition and Retention Plan (“RRP”) and 2012 Equity Incentive Plan (“EIP”), during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed conversion. Potential common shares that may be issued by the Company relate solely to outstanding stock options and restricted stock awards, and are determined using the treasury stock method. |
Off-Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit. Such commitments are recorded in the consolidated statement of financial condition when they are funded. |
Comprehensive Income | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and OTTI related to non-credit factors, are reported as a separate component of the stockholders’ equity section of the consolidated statement of financial condition, such items, along with net income, are components of comprehensive income. |
Restrictions on Cash and Due from Banks | Restrictions on Cash and Due from Banks The Company is required to maintain reserve funds in cash or on deposit with the Federal Reserve Bank. The required reserve at December 31, 2016 and 2015 was $2,390,000 and $2,172,000 , respectively. |
Subsequent Events | Subsequent Events The Company follows FASB ASC Topic 855, “ Subsequent Events ”, in accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. The Company evaluated events occurring subsequent to December 31, 2016 through the date the consolidated financial statements are being issued, and other than as set forth in Note 21, did not identify any subsequent events requiring disclosure pursuant to the provisions of FASB ASC Topic 855. |
New Accounting Standards | New Accounting Standards In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The objective of ASU 2014-09 is to align the recognition of revenue with the transfer of promised goods or services provided to customers in an amount that reflects consideration which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will replace most existing revenue recognition guidelines under GAAP when it becomes effective. In August 2015, the FASB issued an amendment (ASU 2015-14) which defers the effective date of this new guidance by one year. More detailed implementation guidance on ASU 2014-09 was issued in March 2016 (ASU 2016-08), April 2016 (ASU 2016-10) and May 2016 (ASU 2016-12), and the effective date and transition requirements for these ASUs are the same as the effective date and transition requirements of ASU 2014-09. The amendments in ASU 2014-09 are effective for public business entities for annual periods, beginning after December 15, 2017. The guidance allows an entity to apply the new standard either retrospectively or through a cumulative effect adjustment as of January 1, 2018. ASU 2014-09 does not apply to revenue associated with financial instruments, including loans, securities, and derivatives, that are accounted for under other U.S. GAAP guidance. For that reason, we do not expect it to have a material impact on our consolidated results of operations for elements of the statement of income associated with financial instruments, including securities gains, interest income and interest expense. However, we do believe the new standard will result in new disclosure requirements. We are currently in the process of reviewing contracts to assess the impact of the new guidance on our service offerings, that are in the scope of the guidance, and included in non-interest income such as service charges, payment processing fees, and other services fees. The Company is continuing to evaluate the effect of the new guidance on revenue sources other than financial instruments on our financial position and consolidated results of operations. In February 2016, the FASB issued an Update (“ASU 2016-02”) to its guidance on “Leases (Topic 842)”. ASU 2016-02 applies a right-of-use (“ROU”) model that requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. For leases with a term of 12 months or less, a practical expedient is available whereby a lessee may elect, by class of underlying asset, not to recognize an ROU asset or lease liability. ASU 2016-02 requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under ASU 2014-09. Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2016-02 on our consolidated results of operations or financial position. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326):Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”). ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (“CECL”) model). Under the CECL model entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exits) from the date of initial recognition of that instrument. Further, ASU 2016-13 made certain targeted amendments to the existing impairment model for available for sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. ASU 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019 for all public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers. Early application is permitted as of the annual reporting periods beginning after December 15, 2018, including interim periods within those periods. An entity will apply the amendments in this ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We are currently assessing the potential impact on our consolidated financial statements; however, due to the significant differences in the revised guidance from existing GAAP, the implementation of this guidance may result in material changes in our accounting for credit losses on financial instruments. We are also reviewing the impact of additional disclosures required under ASU 2016-13 on our ongoing financial reporting. |
Reclassifications | Reclassifications Certain amounts in the 2015 and 2014 consolidated financial statements have been reclassified to conform with the 2016 presentation format. These reclassifications had no effect on net income. |
Loans Receivable (Policy)
Loans Receivable (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable [Abstract] | |
Concentration of Credit Risk | The Company considers a concentration of credit to a particular industry to exist when the aggregate credit exposure to a borrower or group of borrowers in that industry exceeds 25% of the Bank's capital plus reserves or 10% of total loans. |
Allowance for Loan Losses (Poli
Allowance for Loan Losses (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Allowance for Loan Losses [Abstract] | |
Impaired Financing Receivable | A loan is considered impaired when, based on current information and events, it is probable that the Company will not be able to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting scheduled payments when due. Impairment is measured on a loan-by-loan basis for commercial real estate loans and commercial loans. Larger groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, home equity, or one- to four-family loans for impairment disclosure, unless they are subject to a troubled debt restructuring. |
Nonaccrual Loan Status | The accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due. A loan does not have to be 90 days delinquent in order to be classified as non-accrual. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. Interest income not recognized on non-accrual loans during the year ended December 31, 2016, 2015 and 2014 was $ 366,000 , $ 391,000 , and $ 381,000 respectively. |
Financing Receivable Credit Quality | The Company’s policies provide for the classification of loans as follows: · Pass/Performing; · Special Mention – does not currently expose the Company to a sufficient degree of risk but does possess credit deficiencies or potential weaknesses deserving the Company’s close attention; · Substandard – has one or more well-defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. A substandard asset would be one inadequately protected by the current net worth and paying capacity of the obligor or pledged collateral, if applicable; · Doubtful – has all the weaknesses inherent in substandard loans with the additional characteristic that the weaknesses present make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss; and · Loss – loan is considered uncollectible and continuance without the establishment of a specific valuation reserve is not warranted. The Company’s Asset Classification Committee is responsible for monitoring risk ratings and making changes as deemed appropriate. Each commercial loan is individually assigned a loan classification. The Company’s consumer loans, including residential one- to four-family loans and home equity loans, are not classified as described above. Instead, the Company uses the delinquency status as the basis for classifying these loans. Unless the loan is well secured and in the process of collection, all consumer loans that are more than 90 days past due are classified. |
Loans and Leases Receivable, Troubled Debt Restructuring | Troubled debt restructurings (“TDRs”) occur when we grant borrowers concessions that we would not otherwise grant but for economic or legal reasons pertaining to the borrower’s financial difficulties. A concession is made when the terms of the loan modification are more favorable than the terms the borrower would have received in the current market under similar financial difficulties. These concessions may include, but are not limited to, modifications of the terms of the debt, the transfer of assets or the issuance of an equity interest by the borrower to satisfy all or part of the debt, or the addition of borrower(s). The Company identifies loans for potential TDRs primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. Generally, we will not return a TDR to accrual status until the borrower has demonstrated the ability to make principal and interest payments under the restructured terms for at least six consecutive months. The Company’s TDRs are impaired loans, which may result in specific allocations and subsequent charge-offs if appropriate. |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | The measurement of fair value under FASB ASC Topic 820, “ Fair Value Measurements and Disclosures ” (“ASC Topic 820”) establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities measurements (Level 1) and the lowest priority to unobservable input measurements (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3: Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. |
Fair Value Transfer | Any transfers between levels would be recognized as of the actual date of event or change in circumstances that caused the transfer. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment Securities [Abstract] | |
Amortized Cost and Fair Value of Securities | December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES AVAILABLE FOR SALE: Municipal bonds $ 48,869 $ 1,847 $ (18) $ 50,698 Mortgage-backed securities: Collateralized mortgage obligations-private label 37 - - 37 Collateralized mortgage obligations-government sponsored entities 29,170 83 (423) 28,830 Government National Mortgage Association 306 23 - 329 Federal National Mortgage Association 3,457 128 (3) 3,582 Federal Home Loan Mortgage Corporation 1,825 42 - 1,867 Asset-backed securities-private label 484 362 (14) 832 Asset-backed securities-government sponsored entities 71 5 - 76 Equity securities 22 62 - 84 $ 84,241 $ 2,552 $ (458) $ 86,335 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES AVAILABLE FOR SALE: U.S. Treasury bonds $ 12,778 $ 1,333 $ - $ 14,111 Municipal bonds 49,064 2,746 (2) 51,808 Mortgage-backed securities: Collateralized mortgage obligations-private label 48 - - 48 Collateralized mortgage obligations-government sponsored entities 38,838 124 (620) 38,342 Government National Mortgage Association 396 31 - 427 Federal National Mortgage Association 4,355 187 - 4,542 Federal Home Loan Mortgage Corporation 2,217 84 - 2,301 Asset-backed securities-private label 1,099 464 (62) 1,501 Asset-backed securities-government sponsored entities 89 8 - 97 Equity securities 22 14 - 36 $ 108,906 $ 4,991 $ (684) $ 113,213 |
Available-for-Sale Securities Gross Unrealized Loss and Associated Fair Values | Less than 12 months 12 months or more Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars In thousands) December 31, 2016 Municipal bonds $ 1,430 $ (18) $ - $ - $ 1,430 $ (18) Mortgage-backed securities 13,902 (197) 9,220 (229) 23,122 (426) Asset-backed securities -private label 470 (14) - - 470 (14) $ 15,802 $ (229) $ 9,220 $ (229) $ 25,022 $ (458) December 31, 2015 Municipal bonds $ - $ - $ 567 $ (2) $ 567 $ (2) Mortgage-backed securities 8,627 (103) 21,249 (517) 29,876 (620) Asset-backed securities -private label 379 (11) 658 (51) 1,037 (62) $ 9,006 $ (114) $ 22,474 $ (570) $ 31,480 $ (684) |
Schedule of Temporary Impairment Losses, Investment | At December 31, 2016 Delinquent % Security Book Value Fair Value Unrealized Loss Lowest Rating Over 60 days Over 90 days Foreclosure% OREO% 1 $ 355 $ 342 $ (13) B- 15.90% 14.90% 7.00% 0.30% 2 129 128 (1) B- 12.70% 11.70% 4.50% 1.10% Total $ 484 $ 470 $ (14) At December 31, 2015 Delinquent % Security Book Value Fair Value Unrealized Loss Lowest Rating Over 60 days Over 90 days Foreclosure% OREO% 1 $ 709 $ 658 $ (51) CCC 18.20% 17.40% 7.50% 2.60% 2 390 379 (11) CCC 16.30% 15.10% 7.00% 1.50% Total $ 1,099 $ 1,037 $ (62) |
Summary of Credit-Related OTTI Charges Recognized as Components of Income | For The Years Ended December 31, 2016 2015 (Dollars in thousands) Beginning balance $ 696 $ 858 Additions: Credit loss not previously recognized - - Reductions: Losses realized during the period on OTTI previously recognized - (2) Receipt of cash flows on previously recorded OTTI (142) (160) Ending balance $ 554 $ 696 |
Scheduled Contractual Maturities of Available for Sale Securities | Amortized Fair Cost Value (Dollars in thousands) December 31, 2016: After one year through five years $ 3,045 $ 3,199 After five years through ten years 28,249 29,359 After ten years 17,575 18,140 Mortgage-backed securities 34,795 34,645 Asset-backed securities 555 908 Equity securities 22 84 $ 84,241 $ 86,335 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable [Abstract] | |
Schedule of Loans Receivable, Net | December 31, 2016 2015 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family $ 149,333 $ 157,307 Home equity 35,534 32,770 Commercial 107,243 83,967 Construction 12,361 4,849 304,471 278,893 Commercial 20,447 15,741 Consumer 1,313 1,507 Total Loans 326,231 296,141 Allowance for loan losses (2,882) (1,985) Net deferred loan costs 3,016 2,945 Loans Receivable, net $ 326,365 $ 297,101 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Summary of Activity in Allowance for Loan Losses | Real Estate Loans Other Loans One- to Four-Family Home Equity Commercial Construction Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2016 Allowance for Loan Losses: Balance – January 1, 2016 $ 351 $ 120 $ 1,204 $ 59 $ 197 $ 22 $ 32 $ 1,985 Charge-offs (107) (19) (1) - (76) (54) - (257) Recoveries 12 1 - - 2 14 - 29 Provision (Credit) 175 12 600 91 215 46 (14) 1,125 Balance – December 31, 2016 $ 431 $ 114 $ 1,803 $ 150 $ 338 $ 28 $ 18 $ 2,882 Ending balance: individually evaluated for impairment $ - $ - $ 390 $ - $ 10 $ - $ - $ 400 Ending balance: collectively evaluated for impairment $ 431 $ 114 $ 1,413 $ 150 $ 328 $ 28 $ 18 $ 2,482 Gross Loans Receivable (1) : Ending balance $ 149,333 $ 35,534 $ 107,243 $ 12,361 $ 20,447 $ 1,313 $ - $ 326,231 Ending balance: individually evaluated for impairment $ 190 $ 22 $ 3,162 $ - $ 163 $ - $ - $ 3,537 Ending balance: collectively evaluated for impairment $ 149,143 $ 35,512 $ 104,081 $ 12,361 $ 20,284 $ 1,313 $ - $ 322,694 (1) Gross Loans Receivable does not include allowance for loan losses of $ (2,882) or deferred loan costs of $ 3,016 . Real Estate Loans Other Loans One- to Four-Family Home Equity Commercia l Construction Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2015 Allowance for Loan Losses: Balance – January 1, 2015 $ 446 $ 106 $ 1,163 $ - $ 184 $ 22 $ - $ 1,921 Charge-offs (64) (29) (267) - (9) (46) - (415) Recoveries 13 8 32 - 18 8 - 79 Provision (Credit) (44) 35 276 59 4 38 32 400 Balance – December 31, 2015 $ 351 $ 120 $ 1,204 $ 59 $ 197 $ 22 $ 32 $ 1,985 Ending balance: individually evaluated for impairment $ - $ - $ 20 $ - $ - $ - $ - $ 20 Ending balance: collectively evaluated for impairment $ 351 $ 120 $ 1,184 $ 59 $ 197 $ 22 $ 32 $ 1,965 Gross Loans Receivable (1) : Ending Balance $ 157,307 $ 32,770 $ 83,967 $ 4,849 $ 15,741 $ 1,507 $ - $ 296,141 Ending balance: individually evaluated for impairment $ 202 $ 8 $ 1,545 $ - $ 80 $ - $ - $ 1,835 Ending balance: collectively evaluated for impairment $ 157,105 $ 32,762 $ 82,422 $ 4,849 $ 15,661 $ 1,507 $ - $ 294,306 (1) Gross Loans Receivable does not include allowance for loan losses of $ (1,985) or deferred loan costs of $ 2,945 . Real Estate Loans Other Loans One- to Four-Family Home Equity Commercial Construction Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2014 Allowance for Loan Losses: Balance – January 1, 2014 $ 355 $ 80 $ 1,104 $ - $ 218 $ 9 $ 47 $ 1,813 Charge-offs (26) (39) - - (25) (44) - (134) Recoveries 6 1 - - - 13 - 20 Provision (Credit) 111 64 59 - (9) 44 (47) 222 Balance – December 31, 2014 $ 446 $ 106 $ 1,163 $ - $ 184 $ 22 $ - $ 1,921 |
Summary of Information Pertaining to Impaired Loans | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Year Ended At December 31, 2016 December 31, 2016 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 190 $ 190 $ - $ 224 $ 14 Home equity 22 22 - 24 1 Commercial real estate 2,148 2,148 - 2,299 29 Commercial loans 54 54 - 71 - Total impaired loans with no related allowance 2,414 2,414 - 2,618 44 With an allowance recorded: Commercial real estate 1,014 1,014 390 1,011 31 Commercial loans 109 109 10 135 5 Total impaired loans with an allowance 1,123 1,123 400 1,146 36 Total of impaired loans: Residential, one- to four-family 190 190 - 224 14 Home equity 22 22 - 24 1 Commercial real estate 3,162 3,162 390 3,310 60 Commercial loans 163 163 10 206 5 Total impaired loans $ 3,537 $ 3,537 $ 400 $ 3,764 $ 80 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Year Ended At December 31, 2015 December 31, 2015 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 202 $ 202 $ - $ 207 $ 14 Home equity 8 8 - 9 - Commercial real estate 1,503 1,503 - 1,931 - Commercial loans 80 80 - 94 2 Total impaired loans with no related allowance 1,793 1,793 - 2,241 16 With an allowance recorded: Commercial real estate 42 42 20 612 2 Total impaired loans with an allowance 42 42 20 612 2 Total of impaired loans: Residential, one- to four-family 202 202 - 207 14 Home equity 8 8 - 9 - Commercial real estate 1,545 1,545 20 2,543 2 Commercial loans 80 80 - 94 2 Total impaired loans $ 1,835 $ 1,835 $ 20 $ 2,853 $ 18 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Year Ended At December 31, 2014 December 31, 2014 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 211 $ 211 $ - $ 216 $ 11 Home equity 10 10 - 10 1 Commercial real estate 1,711 1,711 - 2,334 19 Commercial loans 10 10 - 6 - Total impaired loans with no related allowance 1,942 1,942 - 2,566 31 With an allowance recorded: Commercial real estate 601 601 178 592 5 Commercial loans - - - 6 - Total impaired loans with an allowance 601 601 178 598 5 Total of impaired loans: Residential, one- to four-family 211 211 - 216 11 Home equity 10 10 - 10 1 Commercial real estate 2,312 2,312 178 2,926 24 Commercial loans 10 10 - 12 - Total impaired loans $ 2,543 $ 2,543 $ 178 $ 3,164 $ 36 |
Analysis of Past Due Loans and Non-Accruing Loans | 90 Days or 30-59 Days 60-89 Days More Total Past Current Total Loans Loans on Past Due Past Due Past Due Due Due Receivable Non-Accrual (Dollars in thousands) December 31, 2016: Real Estate Loans: Residential, one- to four-family $ 1,192 $ 782 $ 1,038 $ 3,012 $ 146,321 $ 149,333 $ 2,165 Home equity 141 206 158 505 35,029 35,534 329 Commercial - - 2,977 2,977 104,266 107,243 2,977 Construction - - - - 12,361 12,361 - Other Loans: Commercial - 19 56 75 20,372 20,447 205 Consumer 31 - 28 59 1,254 1,313 28 Total $ 1,364 $ 1,007 $ 4,257 $ 6,628 $ 319,603 $ 326,231 $ 5,704 90 Days or 30-59 Days 60-89 Days More Total Past Current Total Loans Loans on Past Due Past Due Past Due Due Due Receivable Non-Accrual (Dollars in thousands) December 31, 2015: Real Estate Loans: Residential, one- to four-family $ 1,519 $ 789 $ 1,291 $ 3,599 $ 153,708 $ 157,307 $ 2,462 Home equity 188 32 354 574 32,196 32,770 361 Commercial - - 1,248 1,248 82,719 83,967 1,545 Construction - - - - 4,849 4,849 - Other Loans: Commercial 38 - 30 68 15,673 15,741 132 Consumer 17 5 28 50 1,457 1,507 6 Total $ 1,762 $ 826 $ 2,951 $ 5,539 $ 290,602 $ 296,141 $ 4,506 |
Summary of Internal Loan Grades Applied to Loan Portfolio | Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) December 31, 2016 Real Estate Loans: Residential, one- to four-family $ 146,333 $ - $ 3,000 $ - $ - $ 149,333 Home equity 35,025 - 509 - - 35,534 Commercial 102,216 1,759 3,268 - - 107,243 Construction 12,361 - - - - 12,361 Other Loans: Commercial 19,865 297 270 15 - 20,447 Consumer 1,306 - 6 - 1 1,313 Total $ 317,106 $ 2,056 $ 7,053 $ 15 $ 1 $ 326,231 Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) December 31, 2015 Real Estate Loans: Residential, one- to four-family $ 154,473 $ - $ 2,617 $ 217 $ - $ 157,307 Home equity 32,210 - 560 - - 32,770 Commercial 76,953 4,741 2,273 - - 83,967 Construction 4,849 - - - - 4,849 Other Loans: Commercial 15,237 262 242 - - 15,741 Consumer 1,504 - 1 - 2 1,507 Total $ 285,226 $ 5,003 $ 5,693 $ 217 $ 2 $ 296,141 |
Summary of Loans Classified as TDRs | Non-Accruing Accruing TDRs That Have Defaulted on Modified Terms Year to Date Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in thousands) At December 31, 2016 Real Estate Loans: Residential, one- to four-family 5 $ 190 - $ - 5 $ 190 - $ - Home equity 2 22 1 19 1 3 - - Other Loans: Commercial 1 109 1 109 - - - - Total 8 $ 321 2 $ 128 6 $ 193 - $ - At December 31, 2015 Real Estate Loans: Residential, one- to four-family 5 $ 216 - $ - 5 $ 216 - $ - Home equity 2 8 - - 2 8 - - Total 7 $ 224 - $ - 7 $ 224 - $ - |
Loans which First Deemed to be TDRs [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Summary of Loans Classified as TDRs | For the Year Ended December 31, 2016 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Real Estate Loans: Residential, one- to four-family 1 $ 31 $ 31 Home equity 1 19 19 Other Loans: Commercial 1 118 118 Total 3 $ 168 $ 168 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Premises and Equipment [Abstract] | |
Schedule of Premises and Equipment | December 31, 2016 2015 (Dollars in thousands) Land $ 1,206 $ 1,206 Buildings and improvements 11,371 11,222 Furniture and equipment 5,942 5,715 18,519 18,143 Accumulated depreciation (9,772) (8,999) $ 8,747 $ 9,144 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule of Deposits | December 31, 2016 2015 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) Demand deposits: Non-interest bearing $ 55,889 - % $ 45,224 - % Interest bearing 52,058 0.13 44,512 0.08 Money market accounts 78,401 0.25 76,231 0.17 Savings accounts 52,404 0.06 44,613 0.06 Time deposits 147,141 1.08 158,575 1.07 $ 385,893 0.49 % $ 369,155 0.51 % |
Schedule of Maturities of Certificates of Deposits | 2017 $ 66,843 2018 17,642 2019 11,293 2020 31,271 2021 20,086 Thereafter 6 $ 147,141 |
Schedule of Interest Expense on Deposits | Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Interest bearing checking accounts $ 37 $ 39 $ 54 Money market accounts 153 167 260 Savings accounts 28 30 43 Time deposits 1,612 2,044 2,585 $ 1,830 $ 2,280 $ 2,942 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Borrowings [Abstract] | |
Long-term Debt from FHLBNY and Related Contractual Maturities | Weighted Average Interest Rate Amount Outstanding At December 31, At December 31, Maturity 2016 2015 2016 2015 (Dollars in thousands) (Dollars in thousands) 2016 - 1.40% $ - $ 2,200 2017 1.09% 1.09% 1,700 1,700 2018 1.62% 1.62% 3,800 3,800 2019 1.97% 1.97% 5,950 5,950 2020 2.32% 2.32% 2,500 2,500 2021 2.27% 2.27% 5,000 5,000 1.95% 1.89% $ 18,950 $ 21,150 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Lease Obligations [Abstract] | |
Future Minimum Lease Payments for Operating and Capital Leases | Operating Capital Leases Leases (Dollars in thousands) 2017 $ 152 $ 165 2018 149 122 2019 149 126 2020 83 126 2021 4 126 Thereafter - 857 Total Minimum Lease Payments $ 537 $ 1,522 Less: Amounts representing interest (600) Present value of minimum lease payments $ 922 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Provision for Income Tax Expense | Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Current: Federal $ 989 $ 526 $ 492 State 8 (67) 101 Total Current 997 459 593 Deferred: Federal (222) 63 (71) State - 194 45 Total Deferred (222) 257 (26) Total Income Tax Expense $ 775 $ 716 $ 567 |
Schedule of Reconciliation of Statutory Federal Income Tax | Years Ended December 31, 2016 2015 2014 Federal income tax at statutory rate 34.0 % 34.0 % 34.0 % State (benefit) tax, net of federal (expense) benefit (0.8) (1.9) 2.6 Tax-exempt interest income (14.7) (17.1) (19.5) Deferred tax valuation allowance 1.0 4.0 - Life insurance income (2.2) (2.3) (2.4) Other 0.8 1.0 0.5 Total Income Tax Expense 18.1 % 17.7 % 15.2 % |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2016 2015 (Dollars in thousands) Deferred tax assets: Deferred compensation $ 1,510 $ 1,501 Allowance for loan losses 1,087 760 Alternative Minimum Tax ("AMT") credit 324 422 Impairment of equity investments 189 191 Accrued expenses 147 120 Net Operating Loss ("NOL") 105 81 Stock options granted 2 66 Other 42 13 Total Deferred Tax Assets 3,406 3,154 Deferred tax liabilities: Deferred loan origination costs (1,138) (1,128) Unrealized gains on securities available for sale (712) (1,464) Depreciation (502) (528) Prepaid expenses (141) (136) Total Deferred Tax Liabilities (2,493) (3,256) Deferred tax valuation allowance (396) (355) Net Deferred Tax Asset (Liability) $ 517 $ (457) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
2006 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Status of Stock Option Plan | December 31, 2016 December 31, 2015 December 31, 2014 Options Exercise Price Remaining Contractual Life Options Exercise Price Remaining Contractual Life Options Exercise Price Remaining Contractual Life Outstanding at beginning of year 118,087 $ 10.68 171,575 $ 10.92 226,312 $ 11.05 Granted 64,547 14.38 - - - - Exercised (99,808) 11.19 (53,488) 11.50 (54,737) 11.47 Forfeited - - - - - - Outstanding at end of year 82,826 $ 12.95 8.3 years 118,087 $ 10.68 1.4 years 171,575 $ 10.92 2.0 years Options exercisable at end of year 18,279 $ 7.88 8.3 years 118,087 $ 10.68 1.4 years 168,020 $ 10.98 2.0 years Fair value of options granted $ 2.64 - - |
Schedule of Awards Granted | Grant Date Number of Stock Option Awards Vesting Exercise Price Awardees October 21, 2016 13,390 20% per year with first vesting date on October 21, 2017 $ 14.38 Non-employee directors October 21, 2016 51,157 20% per year with first vesting date on October 21, 2017 $ 14.38 Employees |
2006 Recognition and Retention Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Unvested Restricted Stock Activity | 2016 Weighted Average Grant Price (per Share) 2015 Weighted Average Grant Price (per Share) 2014 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 21,397 $ 12.25 29,031 $ 11.88 6,595 $ 7.99 Granted 8,087 14.38 100 13.42 26,471 12.25 Vested (5,374) 12.23 (7,734) 10.89 (4,035) 7.97 Forfeited - - - - - - Unvested shares outstanding at end of period 24,110 $ 12.96 21,397 $ 12.25 29,031 $ 11.88 |
Schedule of Awards Granted | Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees October 21, 2016 8,087 20% per year with first vesting date on October 21, 2017 $ 14.38 Employees |
2012 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Status of Stock Option Plan | December 31, 2016 Options Exercise Price Remaining Contractual Life Outstanding at beginning of year - $ - Granted 20,000 14.38 Exercised - - Forfeited - - Outstanding at end of year 20,000 $ 14.38 9.8 Options exercisable at end of year - $ - Fair value of options granted 2.64 |
Schedule of Unvested Restricted Stock Activity | 2016 Weighted Average Grant Price (per Share) 2015 Weighted Average Grant Price (per Share) 2014 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 27,769 $ 12.64 21,552 $ 12.19 - $ - Granted 20,354 13.38 14,955 13.38 25,070 12.20 Vested (10,230) 12.91 (8,169) 12.74 (3,518) 12.28 Forfeited (11,821) 13.37 (569) 13.84 - - Unvested shares outstanding at end of period 26,072 $ 12.77 27,769 $ 12.64 21,552 $ 12.19 |
2012 Equity Incentive Plan [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Awards Granted | Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees January 20, 2016 14,337 100% on December 15, 2018, if three year performance metric is achieved $ 13.35 Employees January 28, 2016 4,078 100% on December 16, 2016 13.50 Non-employee directors April 27, 2016 1,939 100% on December 16, 2016 13.31 Non-employee directors |
2012 Equity Incentive Plan [Member] | Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Awards Granted | Grant Date Number of Stock Option Awards Vesting Exercise Price Awardees October 21, 2016 17,593 20% per year with first vesting date on October 21, 2017 $ 14.38 Non-employee directors October 21, 2016 2,407 20% per year with first vesting date on October 21, 2017 $ 14.38 Employee |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Assets Measured on Recurring Basis | Fair Value Measurements at December 31, 2016 December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs 2016 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities available for sale: Municipal bonds $ 50,698 $ - $ 50,698 $ - Mortgage-backed securities: Collateralized mortgage obligations-private label 37 - 37 - Collateralized mortgage obligations-government sponsored entities 28,830 - 28,830 - Government National Mortgage Association 329 - 329 - Federal National Mortgage Association 3,582 - 3,582 - Federal Home Loan Mortgage Corporation 1,867 - 1,867 - Asset-backed securities: Private label 832 - - 832 Government sponsored entities 76 - 76 - Equity securities 84 - 84 - Total $ 86,335 $ - $ 85,503 $ 832 Fair Value Measurements at December 31, 2015 December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs 2015 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities available for sale: U.S. Treasury bonds $ 14,111 $ 14,111 $ - $ - Municipal bonds 51,808 - 51,808 - Mortgage-backed securities: Collateralized mortgage obligations-private label 48 - 48 - Collateralized mortgage obligations-government sponsored entities 38,342 - 38,342 - Government National Mortgage Association 427 - 427 - Federal National Mortgage Association 4,542 - 4,542 - Federal Home Loan Mortgage Corporation 2,301 - 2,301 - Asset-backed securities: Private label 1,501 - - 1,501 Government sponsored entities 97 - 97 - Equity securities 36 - 36 - Total $ 113,213 $ 14,111 $ 97,601 $ 1,501 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | 2016 2015 (Dollars in thousands) Beginning Balance $ 1,501 $ 2,023 Total gains - realized/unrealized: Included in earnings - - Included in other comprehensive income(loss) 48 45 Total losses - realized/unrealized: Included in earnings - - Included in other comprehensive income(loss) (103) (120) Sales - - Principal paydowns (614) (447) Transfers to (out of) Level 3 - - Ending Balance $ 832 $ 1,501 |
Assets Measured at Fair Value on Nonrecurring Basis | Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a non-recurring basis: At December 31, 2016 Impaired loans $ 760 $ - $ - $ 760 Foreclosed real estate 241 - - 241 At December 31, 2015 Impaired loans $ 60 $ - $ - $ 60 Foreclosed real estate 263 - - 263 |
Carrying Amount and Estimated Fair Value of Financial Instruments | Fair Value Measurements at December 31, 2016 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 45,479 $ 45,479 $ 45,479 $ - $ - Securities available for sale 86,335 86,335 - 85,503 832 Federal Home Loan Bank stock 1,340 1,340 - 1,340 - Loans receivable, net 326,365 322,031 - - 322,031 Accrued interest receivable 1,600 1,600 - 1,600 - Financial liabilities: Deposits 385,893 388,855 - 388,855 - Long-term debt 18,950 18,984 - 18,984 - Accrued interest payable 32 32 - 32 - Off-balance-sheet financial instruments - - - - - Fair Value Measurements at December 31, 2015 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 34,227 $ 34,227 $ 34,227 $ - $ - Securities available for sale 113,213 113,213 14,111 97,601 1,501 Federal Home Loan Bank stock 1,454 1,454 - 1,454 - Loans receivable, net 297,101 291,203 - - 291,203 Accrued interest receivable 1,648 1,648 - 1,648 - Financial liabilities: Deposits 369,155 370,120 - 370,120 - Long-term debt 21,150 21,183 - 21,183 - Accrued interest payable 37 37 - 37 - Off-balance-sheet financial instruments - - - - - |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Additional Quantitative Information About Assets Measured at Fair Value | Unobservable Inputs Security Category Fair Value Loan Type/Collateral Credit Ratings Constant Prepayment Speed (CPR) Probability of Default (Annual Default Rate) Loss Severity December 31, 2016 Asset-backed securities - private label $ 832 Sub-prime First and Prime Second Lien - Residential Real Estate B- thru D 5 - 10 5.00% 70.0% - 100.0% December 31, 2015 Asset-backed securities - private label $ 1,501 Sub-prime First and Prime Second Lien - Residential Real Estate B- thru D 4 - 10 4.0% - 6.0% 70.0% - 100.0% |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Additional Quantitative Information About Assets Measured at Fair Value | Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Technique Unobservable Input Range At December 31, 2016 Impaired loans $ 760 Market valuation of underlying collateral (1) and discounted cash flows (2) Direct Disposal Costs (3) 7.00 - 33.00% Foreclosed real estate 241 Market valuation of property (1) Direct Disposal Costs (3) 7.00 - 10.00% At December 31, 2015 Impaired loans $ 60 Market valuation of underlying collateral (1) Direct Disposal Costs (3) 7.00 -10.00% Foreclosed real estate 263 Market valuation of property (1) Direct Disposal Costs (3) 7.00 - 15.00% (1) Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable . (2) Fair value is generally determined using a discounted future cash flow method for non-collateral dependent loans. This method takes into account interest rates currently being offered to customers for loans with similar terms and with estimated maturity. The estimate of maturity is based on the borrower ’s contractual cash flows and may be adjusted for prepayment estimates based on current economic and lending conditions. (3) The fair value basis of impaired loans and foreclosed real estate may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes. |
Regulatory Capital Requiremen44
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Bank’s actual capital amounts and ratios at December 31, 2016 and 2015 are presented in the following table: Actual Minimum Ratio For Capital Adequacy Purposes Minimum Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions Capital Conservation Buffer Amount Ratio Amount Ratio Amount Ratio Actu al Req uired At December 31, 2016 Total capital (to risk-weighted assets) $ 73,063 23.15 % $ 25,248 8.00 % $ 31,561 10.00 % 15.150 % 0.625 % Tier 1 capital (to risk-weighted assets) 70,157 22.23 % 18,936 6.00 % 25,248 8.00 % 16.230 % 0.625 % CET 1 capital (to risk-weighted assets) 70,157 22.23 % 14,202 4.50 % 20,514 6.50 % 17.730 % 0.625 % Tier 1 Leverage (to adjusted total assets) 70,157 14.73 % 19,046 4.00 % 23,807 5.00 % 10.730 % 0.625 % At December 31, 2015 Total capital (to risk-weighted assets) $ 68,639 24.93 % $ 22,028 8.00 % $ 27,535 10.00 % n/a n/a Tier 1 capital (to risk-weighted assets) 66,652 24.21 % 16,521 6.00 % 22,028 8.00 % n/a n/a CET 1 capital (to risk-weighted assets) 66,652 24.21 % 12,391 4.50 % 17,898 6.50 % n/a n/a Tier 1 Leverage (to adjusted total assets) 66,652 14.31 % 18,636 4.00 % 23,295 5.00 % n/a n/a |
Reconciliation of GAAP Capital to Regulatory Tier 1 and Total Capital | December 31, 2016 2015 (Dollars in thousands) GAAP (Equity) Capital: $ 71,620 $ 69,584 Plus: Unrealized gains on available-for-sale securities, net of tax (1,382) (2,842) Less: Additional tier 1 capital deductions (81) (90) Tier 1 Capital and CET1 Capital 70,157 66,652 Plus: Allowance for loan losses 2,882 1,985 Unrealized gains on available-for-sale securities includible in regulatory capital 28 6 Less: Other investments required to be deducted (4) (4) Total Regulatory Capital $ 73,063 $ 68,639 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings per Share [Abstract] | |
Calculated Basic and Diluted Earnings Per Share | Years Ended December 31, 2016 2015 2014 Numerator – net income $ 3,515,000 $ 3,338,000 $ 3,158,000 Denominator: Basic weighted average shares outstanding 6,014,973 5,893,343 5,750,604 Increase in weighted average shares outstanding due to: Stock options 7,676 26,077 25,035 Diluted weighted average shares outstanding (1) 6,022,649 5,919,420 5,775,639 Earnings per share: Basic $ 0.58 $ 0.57 $ 0.55 Diluted $ 0.58 $ 0.56 $ 0.55 (1) Stock options to purchase 64,547 shares under the Stock Option Plan and 20,000 shares under the EIP at $14.38 were outstanding during 2016, but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. |
Commitments to Extend Credit (T
Commitments to Extend Credit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments to Extend Credit [Abstract] | |
Outstanding Commitments to Extend Credit | Contract Amount December 31, December 31, 2016 2015 (Dollars in thousands) Commitments to grant loans $ 24,707 $ 12,224 Unfunded commitments under lines of credit $ 35,356 $ 34,847 |
Parent Company Only Financial47
Parent Company Only Financial Information (Tables) - Parent Company [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Statements of Financial Condition | December 31, 2016 2015 (Dollars in thousands) Assets Cash and due from banks $ 2,707 $ 2,416 Securities available for sale 4 89 Investment in subsidiary 71,620 69,583 ESOP loan receivable 1,666 1,706 Other assets 33 87 Total assets $ 76,030 $ 73,881 Liabilities and Stockholders' Equity Other liabilities - 5 Total stockholders' equity 76,030 73,876 Total liabilities and stockholders' equity $ 76,030 $ 73,881 |
Statements of Income | Statements of Income For the Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Interest Income $ 137 $ 142 $ 152 Dividend distributed by bank subsidiary - - 1,250 Total Income 137 142 1,402 Non-interest Expenses 378 348 349 (Loss)/Income before income taxes and equity in undistributed net income of subsidiary (241) (206) 1,053 Income tax benefit (103) (92) (100) (Loss)/Income before undistributed net income of subsidiary (138) (114) 1,153 Equity in undistributed net income of subsidiary 3,653 3,452 2,005 Net Income $ 3,515 $ 3,338 $ 3,158 |
Statements of Comprehensive Income | Statements of Comprehensive Income For the Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Net Income $ 3,515 $ 3,338 $ 3,158 Other Comprehensive (Loss)/Income, net of tax: Unrealized holding losses on securities available for sale, net of tax benefit 2016 $-; 2015 $2 ; 2014 $3 (1) (3) (5) Unrealized holding (losses) gains on securities available for sale of subsidiary, net of tax benefit (expense) 2016 $148 ; 2015 $551 ; 2014 $(1,997) (286) (278) 3,163 Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income of subsidiary, net of tax expense 2016 $48 ; 2015 $54 ; 2014 $68 (94) (106) (107) Gains on sales of securities included in net income of subsidiary, net of tax expense 2016 $556 ; 2015 $150 ; 2014 $23 (1,080) (290) (36) Total Other Comprehensive (Loss)/Income (1,461) (677) 3,015 Total Comprehensive Income $ 2,054 $ 2,661 $ 6,173 |
Statements of Cash Flows | Statements of Cash Flows For the Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Cash Flows from Operating Activities: Net income $ 3,515 $ 3,338 $ 3,158 Adjustments to reconcile net income to net cash provided by operating activities: ESOP shares committed to be released 108 107 99 Stock based compensation expense 217 220 110 Decrease in other assets 206 54 101 (Decrease) increase in other liabilities - (22) 118 Equity in undistributed earnings of subsidiary (3,653) (3,452) (2,005) Net Cash Provided by Operating Activities 393 245 1,581 Cash Flows from Investing Activities: Activity in available for sale securities: Maturities, prepayments and calls 83 108 133 Payments received on ESOP loan 40 85 85 Net Cash Provided by Investing Activities 123 193 218 Cash Flows from Financing Activities: Proceeds from stock options exercised 1,118 615 629 Purchase of treasury stock (455) (746) (62) Cash dividends paid (888) (611) (590) Net Cash Used in Financing Activities (225) (742) (23) Net Increase (Decrease) in Cash and Cash Equivalents 291 (304) 1,776 Cash and Cash Equivalents - Beginning 2,416 2,720 944 Cash and Cash Equivalents - Ending $ 2,707 $ 2,416 $ 2,720 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data – Unaudited [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarter Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 (Dollars in thousands, except per share amounts) Total interest income $ 4,410 $ 4,397 $ 4,347 $ 4,364 Total interest expense 572 565 570 587 Net interest income 3,838 3,832 3,777 3,777 Provision for loan losses 815 125 55 130 Net interest income after provision for loan losses 3,023 3,707 3,722 3,647 Total non-interest income 599 658 603 2,210 Total non-interest expense 3,566 3,420 3,491 3,402 Income before income taxes 56 945 834 2,455 Income tax (benefit) expense (84) 188 170 501 Net Income $ 140 $ 757 $ 664 $ 1,954 Basic and diluted earnings per share $ 0.02 $ 0.13 $ 0.11 $ 0.33 Quarter Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 (Dollars in thousands, except per share amounts) Total interest income $ 4,353 $ 4,427 $ 4,408 $ 4,399 Total interest expense 593 662 716 786 Net interest income 3,760 3,765 3,692 3,613 Provision for loan losses 160 30 185 25 Net interest income after provision for loan losses 3,600 3,735 3,507 3,588 Total non-interest income 598 1,028 547 534 Total non-interest expense 3,250 3,264 3,262 3,307 Income before income taxes 948 1,499 792 815 Income tax expense 114 263 93 246 Net Income $ 834 $ 1,236 $ 699 $ 569 Basic and diluted earnings per share $ 0.14 $ 0.21 $ 0.12 $ 0.10 |
Other Comprehensive Income (L49
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Comprehensive Income | For the Year Ended December 31, 2016 Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ (435) $ 148 $ (287) Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income (142) 48 (94) Gain on sale of securities included in net income (1,636) 556 (1,080) Total Other Comprehensive Loss $ (2,213) $ 752 $ (1,461) For the Year Ended December 31, 2015 Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ (834) $ 553 $ (281) Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income (160) 54 (106) Gain on sale of securities included in net income (440) 150 (290) Total Other Comprehensive Loss $ (1,434) $ 757 $ (677) For the Year Ended December 31, 2014 Pre-Tax Amount Tax (Expense) Benefit Net of Tax Amount (Dollars in thousands) Net unrealized gains on securities available for sale: Net unrealized gains arising during the period $ 5,152 $ (1,994) $ 3,158 Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income (175) 68 (107) Net gain on sale of securities included in net income (59) 23 (36) Total Other Comprehensive Income $ 4,918 $ (1,903) $ 3,015 |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income | Amounts Reclassified from Details about Accumulated Accumulated Other Comprehensive (Loss) Income Other Comprehensive (Loss) Income for the years ended December 31, Affected Line Item on the Consolidated Components 2016 2015 2014 Statements of Income (Dollars in thousands) Net unrealized gains and losses on securities available for sale Recovery on previously impaired investment securities $ (142) $ (160) $ (175) Recovery on previously impaired investment securities Sale of securities (1,636) (440) (59) Gain on sale of securities available for sale (1,778) (600) (234) Provision for income tax expense 604 204 91 Income Tax Expense Total reclassification for the period $ (1,174) $ (396) $ (143) Net Income |
Organization and Nature of Op50
Organization and Nature of Operations (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 08, 2017 | Dec. 31, 2016 |
Organization And Nature Of Operations [Line Items] | ||
Entity incorporation, date of incorporation | Apr. 3, 2006 | |
Lake Shore, MHC [Member] | ||
Organization And Nature Of Operations [Line Items] | ||
Equity method investment, ownership percentage | 59.70% | |
Cash dividend rights waived | $ 8.2 | |
Equity securities common stock shares owned | 3,636,875 | |
Dividends Waived [Member] | Lake Shore, MHC [Member] | Subsequent Event [Member] | ||
Organization And Nature Of Operations [Line Items] | ||
Aggregate annual dividend per share | $ 0.32 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Foreclosed real estate | $ 412 | $ 712 | |
Proceeds from sale of foreclosed real estate | 619 | 849 | $ 601 |
Net gain on sale of foreclosed real estate | 9 | 122 | 64 |
Total advertising expense | 536 | 362 | $ 429 |
Required reserve funds in cash or on deposit with Federal Reserve Bank | $ 2,390 | $ 2,172 | |
Buildings [Member] | |||
Property, plant and equipment, useful life | 39 years | ||
Minimum [Member] | Furniture and Equipment [Member] | |||
Property, plant and equipment, useful life | 3 years | ||
Maximum [Member] | Furniture and Equipment [Member] | |||
Property, plant and equipment, useful life | 15 years |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)securityshares | Dec. 31, 2015USD ($)securityshares | Dec. 31, 2014USD ($)security | |
Schedule of Investments [Line Items] | |||
Proceeds from sale of available for sale securities | $ 14,406 | $ 9,846 | $ 10,337 |
U.S. Treasury bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Number of securities sold | security | 9 | ||
Proceeds from sale of available for sale securities | $ 14,400 | ||
Gross realized gains | $ 1,600 | ||
Federal Home Loan Mortgage Corporation [Member] | |||
Schedule of Investments [Line Items] | |||
Equity securities common stock shares owned | shares | 22,368 | 22,368 | |
Municipal Bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Number of securities sold | security | 27 | ||
Mortgage-backed securities [Member] | |||
Schedule of Investments [Line Items] | |||
Number of securities sold | security | 2 | 6 | |
Asset-backed securities - private label [Member] | |||
Schedule of Investments [Line Items] | |||
Number of securities sold | security | 1 | ||
Number of securities in unrealized losses less than twelve months category | security | 2 | ||
Municipal Bonds And Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Proceeds from sale of available for sale securities | $ 9,800 | ||
Gross realized gains | $ 440 | ||
Private-Label Asset-Backed And Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Proceeds from sale of available for sale securities | $ 10,300 | ||
Gross realized gains | 274 | ||
Gross realized losses | $ 215 | ||
Securities Pledged as Collateral With Federal Reserve Bank (“FRB”) Of New York [Member] | Municipal Bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned balance, positions | security | 34 | 34 | |
Investment owned, at fair value | $ 11,500 | $ 11,700 | |
Investment owned, at cost | $ 11,100 | $ 11,100 | |
Securities Pledged As Collateral For Customer Deposits [Member] | Municipal Bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned balance, positions | security | 14 | 9 | |
Investment owned, at fair value | $ 3,700 | $ 2,100 | |
Investment owned, at cost | $ 3,600 | $ 2,000 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 84,241 | $ 108,906 |
Gross Unrealized Gains | 2,552 | 4,991 |
Gross Unrealized Losses | (458) | (684) |
Fair Value | 86,335 | 113,213 |
U.S. Treasury bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 12,778 | |
Gross Unrealized Gains | 1,333 | |
Fair Value | 14,111 | |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 48,869 | 49,064 |
Gross Unrealized Gains | 1,847 | 2,746 |
Gross Unrealized Losses | (18) | (2) |
Fair Value | 50,698 | 51,808 |
Collateralized mortgage obligations - private label [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 37 | 48 |
Fair Value | 37 | 48 |
Collateralized mortgage obligations - government sponsored entities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 29,170 | 38,838 |
Gross Unrealized Gains | 83 | 124 |
Gross Unrealized Losses | (423) | (620) |
Fair Value | 28,830 | 38,342 |
Government National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 306 | 396 |
Gross Unrealized Gains | 23 | 31 |
Fair Value | 329 | 427 |
Federal National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3,457 | 4,355 |
Gross Unrealized Gains | 128 | 187 |
Gross Unrealized Losses | (3) | |
Fair Value | 3,582 | 4,542 |
Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,825 | 2,217 |
Gross Unrealized Gains | 42 | 84 |
Fair Value | 1,867 | 2,301 |
Asset-backed securities - private label [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 484 | 1,099 |
Gross Unrealized Gains | 362 | 464 |
Gross Unrealized Losses | (14) | (62) |
Fair Value | 832 | 1,501 |
Asset-backed securities - government sponsored entities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 71 | 89 |
Gross Unrealized Gains | 5 | 8 |
Fair Value | 76 | 97 |
Equity securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 22 | 22 |
Gross Unrealized Gains | 62 | 14 |
Fair Value | $ 84 | $ 36 |
Investment Securities (Availabl
Investment Securities (Available-for-Sale Securities Gross Unrealized Loss and Associated Fair Values) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Less than Twelve Months, Fair Value | $ 15,802 | $ 9,006 |
Less than 12 Months, Gross Unrealized Losses | (229) | (114) |
12 Months or More, Fair Value | 9,220 | 22,474 |
12 Months or More, Gross Unrealized Losses | (229) | (570) |
Fair Value | 25,022 | 31,480 |
Gross Unrealized Losses | (458) | (684) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than Twelve Months, Fair Value | 1,430 | |
Less than 12 Months, Gross Unrealized Losses | (18) | |
12 Months or More, Fair Value | 567 | |
12 Months or More, Gross Unrealized Losses | (2) | |
Fair Value | 1,430 | 567 |
Gross Unrealized Losses | (18) | (2) |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than Twelve Months, Fair Value | 13,902 | 8,627 |
Less than 12 Months, Gross Unrealized Losses | (197) | (103) |
12 Months or More, Fair Value | 9,220 | 21,249 |
12 Months or More, Gross Unrealized Losses | (229) | (517) |
Fair Value | 23,122 | 29,876 |
Gross Unrealized Losses | (426) | (620) |
Asset-backed securities - private label [Member] | ||
Schedule of Investments [Line Items] | ||
Less than Twelve Months, Fair Value | 470 | 379 |
Less than 12 Months, Gross Unrealized Losses | (14) | (11) |
12 Months or More, Fair Value | 658 | |
12 Months or More, Gross Unrealized Losses | (51) | |
Fair Value | 470 | 1,037 |
Gross Unrealized Losses | $ (14) | $ (62) |
Investment Securities (Schedule
Investment Securities (Schedule of Temporary Impairment Losses, Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Book Value | $ 84,241 | $ 108,906 |
Fair Value | 86,335 | 113,213 |
Unrealized Loss | (458) | (684) |
Private-label Asset-Backed Security 1 [Member] | ||
Schedule of Investments [Line Items] | ||
Book Value | 355 | 709 |
Fair Value | 342 | 658 |
Unrealized Loss | $ (13) | $ (51) |
Lowest Rating | B- | CCC |
Delinquent Percentage, Over 60 Days | 15.90% | 18.20% |
Delinquent Percentage, Over 90 Days | 14.90% | 17.40% |
Foreclosure Percentage | 7.00% | 7.50% |
OREO Percentage | 0.30% | 2.60% |
Private-label Asset-Backed Security 2 [Member] | ||
Schedule of Investments [Line Items] | ||
Book Value | $ 129 | $ 390 |
Fair Value | 128 | 379 |
Unrealized Loss | $ (1) | $ (11) |
Lowest Rating | B- | CCC |
Delinquent Percentage, Over 60 Days | 12.70% | 16.30% |
Delinquent Percentage, Over 90 Days | 11.70% | 15.10% |
Foreclosure Percentage | 4.50% | 7.00% |
OREO Percentage | 1.10% | 1.50% |
Private-label Asset-Backed Security Total [Member] | ||
Schedule of Investments [Line Items] | ||
Book Value | $ 484 | $ 1,099 |
Fair Value | 470 | 1,037 |
Unrealized Loss | $ (14) | $ (62) |
Investment Securities (Summary
Investment Securities (Summary of Credit-Related OTTI Charges Recognized as Components of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Securities [Abstract] | ||
Beginning Balance | $ 696 | $ 858 |
Reductions: Losses realized during the period on OTTI previously recognized | (2) | |
Reductions: Receipt of cash flows on previously recorded OTTI | (142) | (160) |
Ending Balance | $ 554 | $ 696 |
Investment Securities (Schedu57
Investment Securities (Scheduled Contractual Maturities of Available for Sale Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
After one year through five years - Amortized Cost | $ 3,045 | |
After five years through ten years - Amortized Cost | 28,249 | |
After ten years - Amortized Cost | 17,575 | |
Amortized Cost | 84,241 | $ 108,906 |
After one year through five years - Fair Value | 3,199 | |
After five years through ten years - Fair Value | 29,359 | |
After ten years - Fair Value | 18,140 | |
Fair Value | 86,335 | 113,213 |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 34,795 | |
Other securities - Fair Value | 34,645 | |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 555 | |
Other securities - Fair Value | 908 | |
Equity securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 22 | |
Amortized Cost | 22 | 22 |
Other securities - Fair Value | 84 | |
Fair Value | $ 84 | $ 36 |
Loans Receivable (Narrative) (D
Loans Receivable (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans serviced for others | $ 22.5 | $ 19.7 |
Real Estate Loans: One-to-Four Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans pledged as collateral for advances from the FHLB | 108.4 | |
Multifamily Real Estate Loans [Member] | Loan Receivable [Member] | Credit Concentration Risk [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration of risk loans receivable amount | $ 23.8 | |
Concentration of credit risk, percent | 32.50% |
Loans Receivable (Schedule of L
Loans Receivable (Schedule of Loans Receivable, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 326,231 | [1] | $ 296,141 | [2] | ||
Allowance for Loan Losses | (2,882) | (1,985) | $ (1,921) | $ (1,813) | ||
Net deferred loan costs | 3,016 | 2,945 | ||||
Loans Receivable, Net | 326,365 | 297,101 | ||||
Total Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 304,471 | 278,893 | ||||
Real Estate Loans: One-to-Four Family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 149,333 | [1] | 157,307 | [2] | ||
Allowance for Loan Losses | (431) | (351) | (446) | (355) | ||
Real Estate Loans: Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 35,534 | [1] | 32,770 | [2] | ||
Allowance for Loan Losses | (114) | (120) | (106) | (80) | ||
Real Estate Loans: Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 107,243 | [1] | 83,967 | [2] | ||
Allowance for Loan Losses | (1,803) | (1,204) | (1,163) | (1,104) | ||
Real Estate Loans: Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 12,361 | [1] | 4,849 | [2] | ||
Allowance for Loan Losses | (150) | (59) | ||||
Other Loans: Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 20,447 | [1] | 15,741 | [2] | ||
Allowance for Loan Losses | (338) | (197) | (184) | (218) | ||
Other Loans: Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 1,313 | [1] | 1,507 | [2] | ||
Allowance for Loan Losses | (28) | (22) | (22) | (9) | ||
Unallocated Financing Receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | [1] | [2] | ||||
Allowance for Loan Losses | $ (18) | $ (32) | $ (47) | |||
[1] | Gross Loans Receivable does not include allowance for loan losses of $(2,882) or deferred loan costs of $3,016 . | |||||
[2] | Gross Loans Receivable does not include allowance for loan losses of $(1,985) or deferred loan costs of $2,945. |
Allowance for Loan Losses (Narr
Allowance for Loan Losses (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Interest income not recognized on non-accrual loans | $ 366 | $ 391 | $ 381 |
Additional loan commitments outstanding | 0 | $ 0 | |
Financing receivable, modifications, number of loans | loan | 0 | ||
Foreclosed real estate property | 412 | $ 712 | |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Mortgage loans in process of foreclosure | $ 767 | $ 708 |
Allowance for Loan Losses (Summ
Allowance for Loan Losses (Summary of Activity in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance, beginning | $ 1,985 | $ 1,921 | $ 1,813 | |||
Charge-offs | (257) | (415) | (134) | |||
Recoveries | 29 | 79 | 20 | |||
Provision (Credit) | 1,125 | 400 | 222 | |||
Balance, ending | 2,882 | 1,985 | 1,921 | |||
Allowance for loan losses: Ending balance: individually evaluated for impairment | 400 | 20 | ||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 2,482 | 1,965 | ||||
Ending balance: Gross Loans Receivable | 326,231 | [1] | 296,141 | [2] | ||
Loans Receivable: Ending balance: individually evaluated for impairment | 3,537 | [1] | 1,835 | [2] | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 322,694 | [1] | 294,306 | [2] | ||
Deferred loan costs | 3,016 | 2,945 | ||||
Real Estate Loans: One-to-Four Family [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance, beginning | 351 | 446 | 355 | |||
Charge-offs | (107) | (64) | (26) | |||
Recoveries | 12 | 13 | 6 | |||
Provision (Credit) | 175 | (44) | 111 | |||
Balance, ending | 431 | 351 | 446 | |||
Allowance for loan losses: Ending balance: individually evaluated for impairment | ||||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 431 | 351 | ||||
Ending balance: Gross Loans Receivable | 149,333 | [1] | 157,307 | [2] | ||
Loans Receivable: Ending balance: individually evaluated for impairment | 190 | [1] | 202 | [2] | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 149,143 | [1] | 157,105 | [2] | ||
Real Estate Loans: Home Equity [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance, beginning | 120 | 106 | 80 | |||
Charge-offs | (19) | (29) | (39) | |||
Recoveries | 1 | 8 | 1 | |||
Provision (Credit) | 12 | 35 | 64 | |||
Balance, ending | 114 | 120 | 106 | |||
Allowance for loan losses: Ending balance: individually evaluated for impairment | ||||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 114 | 120 | ||||
Ending balance: Gross Loans Receivable | 35,534 | [1] | 32,770 | [2] | ||
Loans Receivable: Ending balance: individually evaluated for impairment | 22 | [1] | 8 | [2] | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 35,512 | [1] | 32,762 | [2] | ||
Real Estate Loans: Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance, beginning | 1,204 | 1,163 | 1,104 | |||
Charge-offs | (1) | (267) | ||||
Recoveries | 32 | |||||
Provision (Credit) | 600 | 276 | 59 | |||
Balance, ending | 1,803 | 1,204 | 1,163 | |||
Allowance for loan losses: Ending balance: individually evaluated for impairment | 390 | 20 | ||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,413 | 1,184 | ||||
Ending balance: Gross Loans Receivable | 107,243 | [1] | 83,967 | [2] | ||
Loans Receivable: Ending balance: individually evaluated for impairment | 3,162 | [1] | 1,545 | [2] | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 104,081 | [1] | 82,422 | [2] | ||
Real Estate Loans: Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance, beginning | 59 | |||||
Charge-offs | ||||||
Recoveries | ||||||
Provision (Credit) | 91 | 59 | ||||
Balance, ending | 150 | 59 | ||||
Allowance for loan losses: Ending balance: individually evaluated for impairment | ||||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 150 | 59 | ||||
Ending balance: Gross Loans Receivable | 12,361 | [1] | 4,849 | [2] | ||
Loans Receivable: Ending balance: individually evaluated for impairment | [2] | |||||
Loans Receivable: Ending balance: collectively evaluated for impairment | 12,361 | [1] | 4,849 | [2] | ||
Other Loans: Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance, beginning | 197 | 184 | 218 | |||
Charge-offs | (76) | (9) | (25) | |||
Recoveries | 2 | 18 | ||||
Provision (Credit) | 215 | 4 | (9) | |||
Balance, ending | 338 | 197 | 184 | |||
Allowance for loan losses: Ending balance: individually evaluated for impairment | 10 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 328 | 197 | ||||
Ending balance: Gross Loans Receivable | 20,447 | [1] | 15,741 | [2] | ||
Loans Receivable: Ending balance: individually evaluated for impairment | 163 | [1] | 80 | [2] | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 20,284 | [1] | 15,661 | [2] | ||
Other Loans: Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance, beginning | 22 | 22 | 9 | |||
Charge-offs | (54) | (46) | (44) | |||
Recoveries | 14 | 8 | 13 | |||
Provision (Credit) | 46 | 38 | 44 | |||
Balance, ending | 28 | 22 | 22 | |||
Allowance for loan losses: Ending balance: individually evaluated for impairment | ||||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 28 | 22 | ||||
Ending balance: Gross Loans Receivable | 1,313 | [1] | 1,507 | [2] | ||
Loans Receivable: Ending balance: individually evaluated for impairment | [2] | |||||
Loans Receivable: Ending balance: collectively evaluated for impairment | 1,313 | [1] | 1,507 | [2] | ||
Unallocated Financing Receivables [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance, beginning | 32 | 47 | ||||
Charge-offs | ||||||
Recoveries | ||||||
Provision (Credit) | (14) | 32 | (47) | |||
Balance, ending | 18 | 32 | ||||
Allowance for loan losses: Ending balance: individually evaluated for impairment | ||||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 18 | 32 | ||||
Ending balance: Gross Loans Receivable | [1] | [2] | ||||
Loans Receivable: Ending balance: individually evaluated for impairment | [1] | [2] | ||||
Loans Receivable: Ending balance: collectively evaluated for impairment | [1] | [2] | ||||
[1] | Gross Loans Receivable does not include allowance for loan losses of $(2,882) or deferred loan costs of $3,016 . | |||||
[2] | Gross Loans Receivable does not include allowance for loan losses of $(1,985) or deferred loan costs of $2,945. |
Allowance for Loan Losses (Su62
Allowance for Loan Losses (Summary of Information Pertaining to Impaired Loans ) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, with no related allowance | $ 2,414 | $ 1,793 | $ 1,942 |
Unpaid principal balance, with no related allowance | 2,414 | 1,793 | 1,942 |
Average recorded investment, with no related allowance | 2,618 | 2,241 | 2,566 |
Interest income recognized, with no related allowance | 44 | 16 | 31 |
Recorded investment, with related allowance | 1,123 | 42 | 601 |
Unpaid principal balance, with related allowance | 1,123 | 42 | 601 |
Related allowance | 400 | 20 | 178 |
Average recorded investment with related allowance | 1,146 | 612 | 598 |
Interest income recognized, with related allowance | 36 | 2 | 5 |
Recorded Investment, total | 3,537 | 1,835 | 2,543 |
Unpaid Principal Balance, Total | 3,537 | 1,835 | 2,543 |
Average Recorded Investment, Total | 3,764 | 2,853 | 3,164 |
Interest Income Recognized, Total | 80 | 18 | 36 |
Real Estate Loans: One-to-Four Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, with no related allowance | 190 | 202 | 211 |
Unpaid principal balance, with no related allowance | 190 | 202 | 211 |
Average recorded investment, with no related allowance | 224 | 207 | 216 |
Interest income recognized, with no related allowance | 14 | 14 | 11 |
Recorded Investment, total | 190 | 202 | 211 |
Unpaid Principal Balance, Total | 190 | 202 | 211 |
Average Recorded Investment, Total | 224 | 207 | 216 |
Interest Income Recognized, Total | 14 | 14 | 11 |
Real Estate Loans: Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, with no related allowance | 22 | 8 | 10 |
Unpaid principal balance, with no related allowance | 22 | 8 | 10 |
Average recorded investment, with no related allowance | 24 | 9 | 10 |
Interest income recognized, with no related allowance | 1 | 1 | |
Recorded Investment, total | 22 | 8 | 10 |
Unpaid Principal Balance, Total | 22 | 8 | 10 |
Average Recorded Investment, Total | 24 | 9 | 10 |
Interest Income Recognized, Total | 1 | 1 | |
Real Estate Loans: Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, with no related allowance | 2,148 | 1,503 | 1,711 |
Unpaid principal balance, with no related allowance | 2,148 | 1,503 | 1,711 |
Average recorded investment, with no related allowance | 2,299 | 1,931 | 2,334 |
Interest income recognized, with no related allowance | 29 | 19 | |
Recorded investment, with related allowance | 1,014 | 42 | 601 |
Unpaid principal balance, with related allowance | 1,014 | 42 | 601 |
Related allowance | 390 | 20 | 178 |
Average recorded investment with related allowance | 1,011 | 612 | 592 |
Interest income recognized, with related allowance | 31 | 2 | 5 |
Recorded Investment, total | 3,162 | 1,545 | 2,312 |
Unpaid Principal Balance, Total | 3,162 | 1,545 | 2,312 |
Average Recorded Investment, Total | 3,310 | 2,543 | 2,926 |
Interest Income Recognized, Total | 60 | 2 | 24 |
Other Loans: Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, with no related allowance | 54 | 80 | 10 |
Unpaid principal balance, with no related allowance | 54 | 80 | 10 |
Average recorded investment, with no related allowance | 71 | 94 | 6 |
Interest income recognized, with no related allowance | 2 | ||
Recorded investment, with related allowance | 109 | ||
Unpaid principal balance, with related allowance | 109 | ||
Related allowance | 10 | ||
Average recorded investment with related allowance | 135 | 6 | |
Interest income recognized, with related allowance | 5 | ||
Recorded Investment, total | 163 | 80 | 10 |
Unpaid Principal Balance, Total | 163 | 80 | 10 |
Average Recorded Investment, Total | 206 | 94 | $ 12 |
Interest Income Recognized, Total | $ 5 | $ 2 |
Allowance for Loan Losses (Anal
Allowance for Loan Losses (Analysis of Past Due Loans and Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 6,628 | $ 5,539 | ||
Current Due | 319,603 | 290,602 | ||
Total Loans Receivable | 326,231 | [1] | 296,141 | [2] |
Loans on Non-Accrual | 5,704 | 4,506 | ||
Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,012 | 3,599 | ||
Current Due | 146,321 | 153,708 | ||
Total Loans Receivable | 149,333 | [1] | 157,307 | [2] |
Loans on Non-Accrual | 2,165 | 2,462 | ||
Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 505 | 574 | ||
Current Due | 35,029 | 32,196 | ||
Total Loans Receivable | 35,534 | [1] | 32,770 | [2] |
Loans on Non-Accrual | 329 | 361 | ||
Real Estate Loans: Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2,977 | 1,248 | ||
Current Due | 104,266 | 82,719 | ||
Total Loans Receivable | 107,243 | [1] | 83,967 | [2] |
Loans on Non-Accrual | 2,977 | 1,545 | ||
Real Estate Loans: Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current Due | 12,361 | 4,849 | ||
Total Loans Receivable | 12,361 | [1] | 4,849 | [2] |
Other Loans: Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 75 | 68 | ||
Current Due | 20,372 | 15,673 | ||
Total Loans Receivable | 20,447 | [1] | 15,741 | [2] |
Loans on Non-Accrual | 205 | 132 | ||
Other Loans: Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 59 | 50 | ||
Current Due | 1,254 | 1,457 | ||
Total Loans Receivable | 1,313 | [1] | 1,507 | [2] |
Loans on Non-Accrual | 28 | 6 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,364 | 1,762 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,192 | 1,519 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 141 | 188 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Other Loans: Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 38 | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Other Loans: Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 31 | 17 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,007 | 826 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 782 | 789 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 206 | 32 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Other Loans: Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 19 | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Other Loans: Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 5 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 4,257 | 2,951 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,038 | 1,291 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 158 | 354 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real Estate Loans: Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2,977 | 1,248 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other Loans: Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 56 | 30 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other Loans: Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 28 | $ 28 | ||
[1] | Gross Loans Receivable does not include allowance for loan losses of $(2,882) or deferred loan costs of $3,016 . | |||
[2] | Gross Loans Receivable does not include allowance for loan losses of $(1,985) or deferred loan costs of $2,945. |
Allowance for Loan Losses (Su64
Allowance for Loan Losses (Summary of Internal Loan Grades Applied to Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 326,231 | [1] | $ 296,141 | [2] |
Pass/ Performing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 317,106 | 285,226 | ||
Special Mention [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 2,056 | 5,003 | ||
Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 7,053 | 5,693 | ||
Doubtful [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 15 | 217 | ||
Loss [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 1 | 2 | ||
Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 149,333 | [1] | 157,307 | [2] |
Real Estate Loans: One-to-Four Family [Member] | Pass/ Performing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 146,333 | 154,473 | ||
Real Estate Loans: One-to-Four Family [Member] | Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 3,000 | 2,617 | ||
Real Estate Loans: One-to-Four Family [Member] | Doubtful [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 217 | |||
Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 35,534 | [1] | 32,770 | [2] |
Real Estate Loans: Home Equity [Member] | Pass/ Performing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 35,025 | 32,210 | ||
Real Estate Loans: Home Equity [Member] | Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 509 | 560 | ||
Real Estate Loans: Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 107,243 | [1] | 83,967 | [2] |
Real Estate Loans: Commercial [Member] | Pass/ Performing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 102,216 | 76,953 | ||
Real Estate Loans: Commercial [Member] | Special Mention [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,759 | 4,741 | ||
Real Estate Loans: Commercial [Member] | Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 3,268 | 2,273 | ||
Real Estate Loans: Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 12,361 | [1] | 4,849 | [2] |
Real Estate Loans: Construction [Member] | Pass/ Performing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 12,361 | 4,849 | ||
Other Loans: Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 20,447 | [1] | 15,741 | [2] |
Other Loans: Commercial [Member] | Pass/ Performing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 19,865 | 15,237 | ||
Other Loans: Commercial [Member] | Special Mention [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 297 | 262 | ||
Other Loans: Commercial [Member] | Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 270 | 242 | ||
Other Loans: Commercial [Member] | Doubtful [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 15 | |||
Other Loans: Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,313 | [1] | 1,507 | [2] |
Other Loans: Consumer [Member] | Pass/ Performing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,306 | 1,504 | ||
Other Loans: Consumer [Member] | Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 6 | 1 | ||
Other Loans: Consumer [Member] | Loss [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 1 | $ 2 | ||
[1] | Gross Loans Receivable does not include allowance for loan losses of $(2,882) or deferred loan costs of $3,016 . | |||
[2] | Gross Loans Receivable does not include allowance for loan losses of $(1,985) or deferred loan costs of $2,945. |
Allowance for Loan Losses (Su65
Allowance for Loan Losses (Summary of Loans Classified as TDRs) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 0 | |
Performing Financial Instruments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 8 | 7 |
Financing Receivable, Modifications, Recorded Investment | $ | $ 321 | $ 224 |
Non Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 2 | |
Financing Receivable, Modifications, Recorded Investment | $ | $ 128 | |
Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 6 | 7 |
Financing Receivable, Modifications, Recorded Investment | $ | $ 193 | $ 224 |
Real Estate Loans: One-to-Four Family [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 5 | 5 |
Financing Receivable, Modifications, Recorded Investment | $ | $ 190 | $ 216 |
Real Estate Loans: One-to-Four Family [Member] | Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 5 | 5 |
Financing Receivable, Modifications, Recorded Investment | $ | $ 190 | $ 216 |
Real Estate Loans: Home Equity [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 2 | 2 |
Financing Receivable, Modifications, Recorded Investment | $ | $ 22 | $ 8 |
Real Estate Loans: Home Equity [Member] | Non Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 1 | |
Financing Receivable, Modifications, Recorded Investment | $ | $ 19 | |
Real Estate Loans: Home Equity [Member] | Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 1 | 2 |
Financing Receivable, Modifications, Recorded Investment | $ | $ 3 | $ 8 |
Other Loans: Commercial [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 1 | |
Financing Receivable, Modifications, Recorded Investment | $ | $ 109 | |
Other Loans: Commercial [Member] | Non Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | 1 | |
Financing Receivable, Modifications, Recorded Investment | $ | $ 109 |
Allowance for Loan Losses (Trou
Allowance for Loan Losses (Troubled Debt Restructurings on Financing Receivables, Current Period) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)loan | Dec. 31, 2015loan | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | loan | 0 | |
Loans First Deemed To Be TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | loan | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 168 | |
Post-Modification Outstanding Recorded Investment | $ 168 | |
Real Estate Loans: One-to-Four Family [Member] | Loans First Deemed To Be TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 31 | |
Post-Modification Outstanding Recorded Investment | $ 31 | |
Real Estate Loans: Home Equity [Member] | Loans First Deemed To Be TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 19 | |
Post-Modification Outstanding Recorded Investment | $ 19 | |
Other Loans: Commercial [Member] | Loans First Deemed To Be TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Loans | loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 118 | |
Post-Modification Outstanding Recorded Investment | $ 118 |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $ 18,519 | $ 18,143 | |
Accumulated depreciation | (9,772) | (8,999) | |
Premises and equipment, net | 8,747 | 9,144 | |
Depreciation premises and equipment | 865 | 834 | $ 750 |
Accumulated depreciation, retired assets | 92 | 32 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 1,206 | 1,206 | |
Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 11,371 | 11,222 | |
Furniture and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $ 5,942 | $ 5,715 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Time Deposits, $100,000 or More | $ 60.4 | $ 62.2 |
Time Deposit, $250,000 or More | 19 | 18.2 |
Related party deposit liabilities | $ 4 | $ 3 |
Deposits (Schedule of Deposits)
Deposits (Schedule of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Demand deposits: Non-interest bearing | $ 55,889 | $ 45,224 |
Demand deposits: Interest bearing | 52,058 | 44,512 |
Money market accounts | 78,401 | 76,231 |
Savings accounts | 52,404 | 44,613 |
Time deposits | 147,141 | 158,575 |
Total deposits | $ 385,893 | $ 369,155 |
Weighted Average Rate - Demand deposits: Non-interest bearing | ||
Weighted Average Rate - Demand deposits: Interest bearing | 0.13% | 0.08% |
Weighted Average Rate - Money market accounts | 0.25% | 0.17% |
Weighted Average Rate - Savings accounts | 0.06% | 0.06% |
Weighted Average Rate - Time deposits | 1.08% | 1.07% |
Weighted Average Rate on Total Deposits | 0.49% | 0.51% |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Certificates of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
2,017 | $ 66,843 | |
2,018 | 17,642 | |
2,019 | 11,293 | |
2,020 | 31,271 | |
2,021 | 20,086 | |
Thereafter | 6 | |
Time deposits | $ 147,141 | $ 158,575 |
Deposits (Schedule of Interest
Deposits (Schedule of Interest Expense on Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deposits [Abstract] | |||
Interest bearing checking accounts | $ 37 | $ 39 | $ 54 |
Money market accounts | 153 | 167 | 260 |
Savings accounts | 28 | 30 | 43 |
Time deposits | 1,612 | 2,044 | 2,585 |
Interest expense on deposits | $ 1,830 | $ 2,280 | $ 2,942 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 0 | $ 0 |
Federal home loan bank maximum lending value | 108,400 | 116,300 |
Federal home loan bank advances outstanding | 19,000 | 21,200 |
Line of Credit Facility, Maximum Borrowing Capacity | 22,000 | |
Line of credit outstanding balances | 0 | 0 |
Federal Reserve Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | 11,500 | 11,700 |
Fair value of securities pledged as collateral (Overnight borrowing limit from Federal Reserve Bank) | 11,500 | 11,700 |
Book value of securities pledged as collateral to borrow | 11,100 | 11,100 |
Federal reserve bank, overnight borrowings outstanding | 0 | $ 0 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 |
Borrowings (Long-term Debt from
Borrowings (Long-term Debt from FHLBNY and Related Contractual Maturities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Borrowings [Abstract] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $ 2,200 | $ 1,700 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | 1,700 | 3,800 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Three | 3,800 | 5,950 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | 5,950 | 2,500 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Five | 2,500 | 5,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Six | 5,000 | |
Long-term Federal Home Loan Bank Advances, Total | $ 21,150 | $ 18,950 |
Weighted Average Interest Rate, Maturity in Year One | 1.40% | 1.09% |
Weighted Average Interest Rate, Maturity in Year Two | 1.09% | 1.62% |
Weighted Average Interest Rate, Maturity in Year Three | 1.62% | 1.97% |
Weighted Average Interest Rate, Maturity in Year Four | 1.97% | 2.32% |
Weighted Average Interest Rate, Maturity in Year Five | 2.32% | 2.27% |
Weighted Average Interest Rate, Maturity in Year Six | 2.27% | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.89% | 1.95% |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)agreement | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Operating and Capital Leases [Line Items] | |||
Operating leases, rent expense, net | $ 157 | $ 144 | $ 142 |
Number of long-term capital lease agreements | agreement | 2 | ||
Premises and equipment | $ 18,519 | 18,143 | |
Accumulated depreciation | 9,772 | 8,999 | |
Capital Lease 1 [Member] | |||
Operating and Capital Leases [Line Items] | |||
Capital lease obligations | $ 45 | 87 | |
Capital lease obligation remaining life | 1 year | ||
Capital Lease 2 [Member] | |||
Operating and Capital Leases [Line Items] | |||
Capital lease obligations | $ 877 | 911 | |
Capital lease obligation remaining life | 12 years | ||
Capital Lease 1&2 [Member] | |||
Operating and Capital Leases [Line Items] | |||
Premises and equipment | $ 1,500 | 1,500 | |
Accumulated depreciation | $ 800 | $ 746 |
Lease Obligations (Future Minim
Lease Obligations (Future Minimum Lease Payments for Operating and Capital Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Lease Obligations [Abstract] | |
Operating Lease: 2017 | $ 152 |
Operating Lease: 2018 | 149 |
Operating Lease: 2019 | 149 |
Operating Lease: 2020 | 83 |
Operating Lease: 2021 | 4 |
Total Minimum Operating Lease Payments | 537 |
Capital Lease: 2017 | 165 |
Capital Lease: 2018 | 122 |
Capital Lease: 2019 | 126 |
Capital Lease: 2020 | 126 |
Capital Lease: 2021 | 126 |
Capital Lease: Thereafter | 857 |
Total Minimum Capital Lease Payments | 1,522 |
Less: Amounts representing interest for capital lease | (600) |
Present value of minimum capital lease payments | $ 922 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal income tax at statutory rate | 34.00% | 34.00% | 34.00% |
Deferred tax asset valuation allowance | $ 396 | $ 355 | |
Amount of unrecognized deferred tax liability, bad debt reserve | 2,200 | 2,200 | |
Deferred Tax Asset for 2011 Other Than Temporary Impairment Charge [Member] | |||
Deferred tax asset valuation allowance | 189 | ||
New York State Taxation [Member] | |||
Deferred tax asset valuation allowance | $ 207 | ||
Percentage deduction of net interest income received from qualifying loans due to change in tax laws | 50.00% | ||
New York State Taxation [Member] | Capital Gain Tax Valuation [Member] | |||
Deferred tax asset valuation allowance | $ 43 | $ 164 |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provision for Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Current: Federal | $ 989 | $ 526 | $ 492 | ||||||||
Current: State | 8 | (67) | 101 | ||||||||
Total Current | 997 | 459 | 593 | ||||||||
Deferred: Federal | (222) | 63 | (71) | ||||||||
Deferred: State | 194 | 45 | |||||||||
Total Deferred | (222) | 257 | (26) | ||||||||
Total Income Tax Expense | $ (84) | $ 188 | $ 170 | $ 501 | $ 114 | $ 263 | $ 93 | $ 246 | $ 775 | $ 716 | $ 567 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Statutory Federal Income Tax) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Federal income tax at statutory rate | 34.00% | 34.00% | 34.00% |
State (benefit) tax, net of federal (expense) benefit | (0.80%) | (1.90%) | 2.60% |
Tax-exempt interest income | (14.70%) | (17.10%) | (19.50%) |
Deferred tax valuation allowance | 1.00% | 4.00% | |
Life insurance income | (2.20%) | (2.30%) | (2.40%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Life Insurance | 2.20% | 2.30% | 2.40% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Life Insurance | 2.20% | 2.30% | 2.40% |
Other | 0.80% | 1.00% | 0.50% |
Total Income Tax Expense | 18.10% | 17.70% | 15.20% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Deferred tax assets: Deferred compensation | $ 1,510 | $ 1,501 |
Deferred tax assets: Allowance for loan losses | 1,087 | 760 |
Deferred tax assets: Alternative Minimum Tax ("AMT") credit | 324 | 422 |
Deferred tax assets: Impairment of equity investments | 189 | 191 |
Deferred tax assets: Accrued expenses | 147 | 120 |
Deferred tax assets: Net Operating Loss ("NOL") | 105 | 81 |
Deferred tax assets: Stock options granted | 2 | 66 |
Deferred tax assets: Other | 42 | 13 |
Total Deferred Tax Assets | 3,406 | 3,154 |
Deferred tax liabilities: Deferred loan origination costs | (1,138) | (1,128) |
Deferred tax liabilities: Unrealized gains on securities available for sale | (712) | (1,464) |
Deferred tax liabilities: Depreciation | (502) | (528) |
Deferred Tax Liabilities: Prepaid Expenses | (141) | (136) |
Total Deferred Tax Liabilities | (2,493) | (3,256) |
Deferred tax valuation allowance | (396) | (355) |
Deferred Tax Liabilities, Net | $ (457) | |
Deferred Tax Assets, Net | $ 517 |
Employee and Director Benefit80
Employee and Director Benefit Plans (Narrative) (Details) $ in Thousands | May 18, 2016 | Jan. 27, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Purchase of additional bank owned life insurance | $ 2,500 | |||||
401(k) [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
401(k) eligibility criteria | The Company maintains a 401(k) savings plan covering employees who have completed three months of service and attained age 21. | |||||
Defined contribution plan, employer matching percentage of employee deferral | 40.00% | |||||
Maximum matching contribution percentage of employee compensation | 75.00% | |||||
Employer matching contribution percent | 6.00% | |||||
Defined contribution plan cost recognized | $ 426 | $ 414 | $ 397 | |||
Safe Harbor Discretionary Employer Contribution [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Employer matching contribution percent | 3.40% | |||||
Profit Sharing [Member] | Maximum [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Employer matching contribution percent | 5.10% | |||||
1999 Non-Qualified Supplemental Benefit Plan [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Cash surrender value of life insurance | $ 7,200 | $ 7,200 | 7,100 | |||
Benefit obligation | $ 1,300 | $ 1,300 | $ 1,500 | |||
Discount rate for projected benefit obligation | 6.17% | 6.17% | 6.17% | |||
Benefit plan postretirement benefit payout period | 15 years | |||||
Compensation cost | $ 96 | $ 105 | 114 | |||
Non-Qualified Directors Supplemental Benefit Plan - 2001 Plans [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Defined benefit plan description | Effective January 27, 2016, the Company amended the 2001 Supplemental Benefit Plan for Directors, resulting in a change to the benefit formula from a fixed, pre-determined dollar benefit. The formula provides a benefit equal to a percentage of the director's average pay. The average pay is multiplied by number of years of service, not to exceed 20 years of service or 40% of average final pay. | |||||
Maximum years of service multiplied with average final pay | 20 years | |||||
Percent applied on average final pay to determine benefit | 40.00% | |||||
Benefit plan postretirement benefit payout period | 15 years | |||||
Supplemental Executive Retirement Plan - 2012 Plan [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Benefit obligation | $ 324 | $ 324 | $ 232 | |||
Discount rate for projected benefit obligation | 5.12% | 5.12% | 5.12% | |||
Defined benefit plan description | Effective June 30, 2012, the Company implemented a Supplemental Executive Benefit Plan (the "2012 Plan") with one executive. The 2012 Plan provides that when the Executive attains age 67, the Executive will be entitled to a fixed, pre-determined annual benefit under the 2012 Plan, which will be paid in monthly installments for 15 years. The 2012 Plan was amended on May 18, 2016 to update the fixed, pre-determined annual benefit amount. The 2012 Plan provides for a reduced benefit in the event the Executive terminates his employment for a reason other than death, disability, cause or a change in control, before the Executive attains the age 67, which will be paid in monthly installments for 15 years. In the event of death, the vested benefit is payable to the beneficiary as a lump sum payment. | |||||
Benefit plan, full benefit eligibility retirement age | item | 67 | |||||
Number of executive under supplemental executive benefit plan | item | 1 | |||||
Benefit plan postretirement benefit payout period | 15 years | |||||
Non-Qualified Executive Supplemental Benefit Plans and Non-Qualified Directors Supplemental Benefit Plans - "The 2001 and 2012 Plans" [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Cash surrender value of life insurance | $ 10,500 | $ 10,500 | $ 7,800 | |||
Purchase of additional bank owned life insurance | 2,500 | |||||
Non-Qualified Executive Supplemental Benefit Plans 2001 [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Maximum years of service multiplied with average final pay | 20 years | |||||
Percent applied on average final pay to determine benefit | 40.00% | |||||
Benefit plan postretirement benefit payout period | 15 years | |||||
Non-Qualified Directors and Executive Supplemental Benefit Plans 2001 and 2002 [Member] | ||||||
Defined Contribution And Defined Benefit Plans Disclosure [Line Items] | ||||||
Benefit obligation | $ 2,200 | $ 2,200 | $ 2,000 | |||
Discount rate for projected benefit obligation | 6.17% | 6.17% | 6.17% | |||
Compensation cost | $ 406 | $ 232 | $ 223 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)itemshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2006USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock-based compensation plans | item | 4 | |||
ESOP compensation expense | $ 108,000 | $ 107,000 | $ 99,000 | |
ESOP, shares earned | shares | 7,935 | 7,935 | 7,935 | |
2006 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 7,000 | $ 1,000 | $ 4,000 | |
Stock option award vesting period | 5 years | |||
Stock options outstanding intrinsic value | $ 275,000 | |||
Intrinsic value of stock options exercised | $ 218,000 | 97,000 | 77,000 | |
Stock awards available for grant | shares | 0 | |||
Unrecognized compensation cost related to options | $ 164,000 | |||
Unrecognized compensation cost, recognition period | 58 months | |||
2006 Recognition and Retention Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 70,000 | $ 66,000 | $ 43,000 | |
Number of RRP shares vested or distributed to eligible participants | shares | 94,915 | |||
Unrecognized compensation cost related to awards | $ 284,000 | |||
2012 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation number of shares authorized | shares | 200,000 | |||
Employee Stock Ownership Plan "ESOP" [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award requisite service period | 5 years | |||
ESOP, loan amount | $ 1,700,000 | $ 2,600,000 | ||
ESOP, shares acquired | shares | 238,050 | |||
ESOP, stock purchase price | $ / shares | $ 10.70 | |||
ESOP, reduction to stockholders' equity from purchased shares | $ 2,600,000 | |||
ESOP, fair value of unallocated shares | $ 2,500,000 | |||
ESOP, number of allocated shares | shares | 69,333 | 65,617 | 59,098 | |
ESOP, number of unallocated shares | shares | 150,765 | 158,699 | 166,635 | |
ESOP compensation expense | $ 108,000 | $ 107,000 | $ 97,000 | |
ESOP, shares earned | shares | 7,935 | 7,935 | 7,935 | |
Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 144,000 | $ 151,000 | $ 63,000 | |
Unrecognized compensation cost related to awards | $ 255,000 | |||
Shares vested or distributed to eligible participants | shares | 21,917 | |||
Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | Restatement Adjustment [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense under EIP not expected to vest | $ (91,000) | |||
Shares under EIP not expected to vest | shares | 10,117 | |||
Stock Option [Member] | 2012 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 2,000 | |||
Stock options outstanding intrinsic value | $ 38,000 | |||
Stock awards available for grant | shares | 0 | |||
Unrecognized compensation cost related to options | $ 51,000 | |||
Unrecognized compensation cost, recognition period | 58 months | |||
Non-Interest Expense Section [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 331,000 | $ 325,000 | $ 207,000 | |
Minimum [Member] | 2006 Recognition and Retention Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, recognition period | 6 months | |||
Minimum [Member] | Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, recognition period | 24 months | |||
Maximum [Member] | 2006 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation number of shares authorized | shares | 297,562 | |||
Share-based payment award expiration period | 10 years | |||
Maximum [Member] | 2006 Recognition and Retention Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation number of shares authorized | shares | 119,025 | |||
Unrecognized compensation cost, recognition period | 58 months | |||
Maximum [Member] | Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, recognition period | 32 months |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Status of Stock Option Plan) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised | (99,808) | (53,488) | (54,737) |
Granted, Exercise Price | $ 14.38 | ||
2006 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of year | 118,087 | 171,575 | 226,312 |
Granted | 64,547 | ||
Exercised | (99,808) | (53,488) | (54,737) |
Forfeited | |||
Outstanding at end of period | 82,826 | 118,087 | 171,575 |
Options exercisable at end of period | 18,279 | 118,087 | 168,020 |
Outstanding at beginning of year, Exercise Price | $ 10.68 | $ 10.92 | $ 11.05 |
Granted, Exercise Price | 14.38 | ||
Exercised, Exercise Price | 11.19 | 11.50 | 11.47 |
Forfeited, Exercise Price | |||
Outstanding at end of period, Exercise Price | 12.95 | 10.68 | 10.92 |
Options exercisable at end of period, Exercise Price | 7.88 | $ 10.68 | $ 10.98 |
Fair value of options granted in period | $ 2.64 | ||
Options Outstanding at end of period, Remaining Contractual Life | 8 years 3 months 18 days | 1 year 4 months 24 days | 2 years |
Options Exercisable at end of period, Remaining Contractual Life | 8 years 3 months 18 days | 1 year 4 months 24 days | 2 years |
2012 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of year | |||
Granted | 20,000 | ||
Outstanding at end of period | 20,000 | ||
Outstanding at beginning of year, Exercise Price | |||
Granted, Exercise Price | 14.38 | ||
Outstanding at end of period, Exercise Price | 14.38 | ||
Fair value of options granted in period | $ 2.64 | ||
Options Outstanding at end of period, Remaining Contractual Life | 9 years 9 months 18 days |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Unvested Restricted Stock Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
2006 Recognition and Retention Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested shares outstanding at beginning of year | 21,397 | 29,031 | 6,595 |
Granted | 8,087 | 100 | 26,471 |
Vested | (5,374) | (7,734) | (4,035) |
Forfeited | |||
Unvested shares outstanding at end of period | 24,110 | 21,397 | 29,031 |
Unvested shares outstanding at beginning of period, Weighted Average Grant Price | $ 12.25 | $ 11.88 | $ 7.99 |
Granted, Weighted Average Grant Price | 14.38 | 13.42 | 12.25 |
Vested, Weighted Average Grant Price | 12.23 | 10.89 | 7.97 |
Forfeited, Weighted average Grant Price | |||
Unvested shares outstanding at end of period, Weighted Average Grant Price | $ 12.96 | $ 12.25 | $ 11.88 |
2012 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested shares outstanding at beginning of year | 27,769 | 21,552 | |
Granted | 20,354 | 14,955 | 25,070 |
Vested | (10,230) | (8,169) | (3,518) |
Forfeited | (11,821) | (569) | |
Unvested shares outstanding at end of period | 26,072 | 27,769 | 21,552 |
Unvested shares outstanding at beginning of period, Weighted Average Grant Price | $ 12.64 | $ 12.19 | |
Granted, Weighted Average Grant Price | 13.38 | 13.38 | 12.20 |
Vested, Weighted Average Grant Price | 12.91 | 12.74 | 12.28 |
Forfeited, Weighted average Grant Price | 13.37 | 13.84 | |
Unvested shares outstanding at end of period, Weighted Average Grant Price | $ 12.77 | $ 12.64 | $ 12.19 |
Stock-based Compensation (Sch84
Stock-based Compensation (Schedule of Awards Granted ) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option granted exercise price | $ 14.38 | ||
2006 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Option Awards | 64,547 | ||
Stock option granted exercise price | $ 14.38 | ||
2006 Stock Option Plan [Member] | October 21, 2016 [Member] | Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Option Awards | 51,157 | ||
Vesting | 20% per year with first vesting date on October 21, 2017 | ||
Percentage of Awards Vesting | 20.00% | ||
Stock option granted exercise price | $ 14.38 | ||
2006 Stock Option Plan [Member] | October 21, 2016 [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Option Awards | 13,390 | ||
Vesting | 20% per year with first vesting date on October 21, 2017 | ||
Percentage of Awards Vesting | 20.00% | ||
Stock option granted exercise price | $ 14.38 | ||
2006 Recognition and Retention Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value per Share of Award on Grant Date | $ 14.38 | $ 13.42 | $ 12.25 |
2012 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Option Awards | 20,000 | ||
Stock option granted exercise price | $ 14.38 | ||
Fair Value per Share of Award on Grant Date | $ 13.38 | $ 13.38 | $ 12.20 |
Restricted Stock [Member] | 2006 Recognition and Retention Plan [Member] | October 21, 2016 [Member] | Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Awards | 8,087 | ||
Vesting | 20% per year with first vesting date on October 21, 2017 | ||
Percentage of Awards Vesting | 20.00% | ||
Fair Value per Share of Award on Grant Date | $ 14.38 | ||
Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | January 20, 2016 [Member] | Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Awards | 14,337 | ||
Vesting | 100% on December 15, 2018, if three year performance metric is achieved | ||
Percentage of Awards Vesting | 100.00% | ||
Fair Value per Share of Award on Grant Date | $ 13.35 | ||
Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | January 28, 2016 [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Awards | 4,078 | ||
Vesting | 100% on December 16, 2016 | ||
Percentage of Awards Vesting | 100.00% | ||
Fair Value per Share of Award on Grant Date | $ 13.50 | ||
Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | April 27, 2016 [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Awards | 1,939 | ||
Vesting | 100% on December 16, 2016 | ||
Percentage of Awards Vesting | 100.00% | ||
Fair Value per Share of Award on Grant Date | $ 13.31 | ||
Stock Option [Member] | 2012 Equity Incentive Plan [Member] | October 21, 2016 [Member] | Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Option Awards | 2,407 | ||
Vesting | 20% per year with first vesting date on October 21, 2017 | ||
Percentage of Awards Vesting | 20.00% | ||
Stock option granted exercise price | $ 14.38 | ||
Stock Option [Member] | 2012 Equity Incentive Plan [Member] | October 21, 2016 [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Option Awards | 17,593 | ||
Vesting | 20% per year with first vesting date on October 21, 2017 | ||
Percentage of Awards Vesting | 20.00% | ||
Stock option granted exercise price | $ 14.38 |
Fair Value of Financial Instr85
Fair Value of Financial Instruments (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)loanproperty | Dec. 31, 2015USD ($)loanproperty | Dec. 31, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 1,123 | $ 42 | $ 601 |
Impaired Financing Receivable, Related Allowance | 400 | 20 | 178 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,414 | 1,793 | $ 1,942 |
Significant Other Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,200 | 80 | |
Impaired Financing Receivable, Related Allowance | $ 400 | 20 | |
Impaired Loans [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of impaired loans | loan | 2 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 1,000 | 45 | |
Impaired Financing Receivable, Related Allowance, Additional Provision For Loan Losses | 400 | $ 20 | |
Impaired Loans with Related Allowance [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of impaired loans | loan | 1 | ||
Foreclosed Real Estate [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 341 | $ 347 | |
Impaired Financing Receivable, Related Allowance | 100 | 84 | |
Foreclosed Real Estate [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 217 | 294 | |
Impaired Financing Receivable, Related Allowance, Additional Provision For Loan Losses | 73 | $ 72 | |
Subsequent write downs recorded in non-interest expense | $ 6 | ||
Number of foreclosed properties | property | 6 | 7 |
Fair Value of Financial Instr86
Fair Value of Financial Instruments (Fair Value of Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 86,335 | $ 113,213 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 14,111 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 85,503 | 97,601 |
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 832 | 1,501 |
U.S. Treasury bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 14,111 | |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 50,698 | 51,808 |
Collateralized mortgage obligations - private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 37 | 48 |
Collateralized mortgage obligations - government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 28,830 | 38,342 |
Asset-backed securities - private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 832 | 1,501 |
Asset-backed securities - government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 76 | 97 |
Equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 84 | 36 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 86,335 | 113,213 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 14,111 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 85,503 | 97,601 |
Fair Value, Measurements, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 832 | 1,501 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 14,111 | |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 14,111 | |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 50,698 | 51,808 |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 50,698 | 51,808 |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations - private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 37 | 48 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations - private label [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations - private label [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 37 | 48 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations - private label [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations - government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 28,830 | 38,342 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations - government sponsored entities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations - government sponsored entities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 28,830 | 38,342 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations - government sponsored entities [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 329 | 427 |
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 329 | 427 |
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,582 | 4,542 |
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,582 | 4,542 |
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,867 | 2,301 |
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,867 | 2,301 |
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed securities - private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 832 | 1,501 |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities - private label [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed securities - private label [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed securities - private label [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 832 | 1,501 |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities - government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 76 | 97 |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities - government sponsored entities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed securities - government sponsored entities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 76 | 97 |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities - government sponsored entities [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 84 | 36 |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 84 | $ 36 |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value |
Fair Value of Financial Instr87
Fair Value of Financial Instruments (Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Significant Other Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning Balance | $ 1,501 | $ 2,023 |
Principal Paydowns | (614) | (447) |
Ending Balance | 832 | 1,501 |
Total Gains - Realized/Unrealized [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Included in earnings | ||
Included in other comprehensive income (loss) | 48 | 45 |
Total Losses - Realized/Unrealized [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Included in other comprehensive income (loss) | $ (103) | $ (120) |
Fair Value of Financial Instr88
Fair Value of Financial Instruments (Additional Quantitative Information About Assets Measured at Fair Value) (Details) - Significant Other Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Asset-backed securities - private label [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 832 | $ 1,501 |
Debt Instrument, Credit Rating | B- thru D | B- thru D |
Fair Value Measurements, Valuation Processes, Description | Sub-prime First and Prime Second Lien - Residential Real Estate | Sub-prime First and Prime Second Lien - Residential Real Estate |
Minimum [Member] | Asset-backed securities - private label [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Constant Prepayment Speed | 5.00% | 4.00% |
Fair Value Inputs, Probability of Default | 5.00% | 4.00% |
Fair Value Inputs, Loss Severity | 70.00% | 70.00% |
Maximum [Member] | Asset-backed securities - private label [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Constant Prepayment Speed | 10.00% | 10.00% |
Fair Value Inputs, Probability of Default | 6.00% | |
Fair Value Inputs, Loss Severity | 100.00% | 100.00% |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 760 | $ 60 |
Fair Value Measurements, Valuation Techniques | Market valuation of underlying collateral (1) and discounted cash flows (2) | Market valuation of underlying collateral (1) |
Foreclosed Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 241 | $ 263 |
Fair Value Measurements, Valuation Techniques | Market valuation of property (1) | Market valuation of property (1) |
Market Valuation of Underlying Collateral [Member] | Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Direct Disposal Costs | 7.00% | 7.00% |
Market Valuation of Underlying Collateral [Member] | Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Direct Disposal Costs | 33.00% | 10.00% |
Market Valuation of Property [Member] | Foreclosed Real Estate [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Direct Disposal Costs | 7.00% | 7.00% |
Market Valuation of Property [Member] | Foreclosed Real Estate [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Direct Disposal Costs | 10.00% | 15.00% |
Fair Value of Financial Instr89
Fair Value of Financial Instruments (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired loans | $ 3,537 | $ 1,835 | $ 2,543 |
Foreclosed real estate | 412 | 712 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Impaired loans | 760 | 60 | |
Foreclosed real estate | 241 | 263 | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | |||
Impaired loans | 760 | 60 | |
Foreclosed real estate | $ 241 | $ 263 |
Fair Value of Financial Instr90
Fair Value of Financial Instruments (Carrying Amount and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Cash and cash equivalents | $ 45,479 | $ 34,227 | ||
Financial assets: Securities available for sale, carrying amount and fair value | 86,335 | 113,213 | ||
Financial assets: Federal Home Loan Bank stock | 1,340 | 1,454 | ||
Financial assets: Loans receivable, net | 322,031 | 291,203 | ||
Financial assets: Accrued interest receivable | 1,600 | 1,648 | ||
Financial liabilities: Deposits | 388,855 | 370,120 | ||
Financial liabilities: Long-term debt | 18,984 | 21,183 | ||
Financial liabilities: Accrued interest payable | 32 | 37 | ||
Financial assets: Cash and cash equivalents, Carrying Amount | 45,479 | 34,227 | $ 35,811 | $ 17,202 |
Financial assets: Federal Home Loan Bank stock, Carrying Amount | 1,340 | 1,454 | ||
Financial assets: Loans receivable, net, Carrying Amount | 326,365 | 297,101 | ||
Financial assets: Accrued interest receivable, Carrying Amount | 1,600 | 1,648 | ||
Financial liabilities: Deposits, Carrying Amount | 385,893 | 369,155 | ||
Financial liabilities: Long-term debt, Carrying Amount | 18,950 | 21,150 | ||
Financial liabilities: Accrued interest payable, Carrying Amount | 32 | 37 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Cash and cash equivalents | 45,479 | 34,227 | ||
Financial assets: Securities available for sale, carrying amount and fair value | 14,111 | |||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Securities available for sale, carrying amount and fair value | 85,503 | 97,601 | ||
Financial assets: Federal Home Loan Bank stock | 1,340 | 1,454 | ||
Financial assets: Accrued interest receivable | 1,600 | 1,648 | ||
Financial liabilities: Deposits | 388,855 | 370,120 | ||
Financial liabilities: Long-term debt | 18,984 | 21,183 | ||
Financial liabilities: Accrued interest payable | 32 | 37 | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Securities available for sale, carrying amount and fair value | 832 | 1,501 | ||
Financial assets: Loans receivable, net | $ 322,031 | $ 291,203 |
Regulatory Capital Requiremen91
Regulatory Capital Requirements (Narrative ) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Capital conservation buffer risk-weighted assets percent | 0.625% |
Minimum [Member] | |
Capital conservation buffer risk-weighted assets percent | 2.50% |
Regulatory Capital Requiremen92
Regulatory Capital Requirements (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations ) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Actual Total capital (to risk-weighted assets) - Amount | $ 73,063 | $ 68,639 |
Actual Tier 1 capital (to risk-weighted assets) - Amount | 70,157 | 66,652 |
Actual CET 1 capital (to risk-weighted assets) - Amount | 70,157 | 66,652 |
Actual Tier 1 Leverage (to adjusted total assets) - Amount | $ 70,157 | $ 66,652 |
Actual Total capital (to risk-weighted assets) - Ratio | 23.15% | 24.93% |
Actual Tier 1 capital (to risk-weighted assets) - Ratio | 22.23% | 24.21% |
Actual CET 1 capital (to risk-weighted assets) - Ratio | 22.23% | 24.21% |
Actual Tier 1 Leverage (to adjusted total assets) - Ratio | 14.73% | 14.31% |
Total capital (to risk-weighted assets) actual capital conservation buffer, ratio | 15.15% | |
Total capital (to risk-weighted assets) required capital conservation buffer, ratio | 0.625% | |
Tier 1 capital (to risk-weighted assets) actual capital conservation buffer, ratio | 16.23% | |
Tier 1 capital (to risk-weighted assets) required capital conservation buffer, ratio | 0.625% | |
CET 1 capital (to risk-weighted assets) actual capital conservation buffer, ratio | 17.73% | |
CET 1 capital (to risk-weighted assets) required capital conservation buffer, ratio | 0.625% | |
Tier 1 Leverage (to adjusted total assets) actual capital conservation buffer, ratio | 10.73% | |
Tier 1 Leverage (to adjusted total assets) required capital conservation buffer, ratio | 0.625% | |
Minimum [Member] | ||
Total capital (to risk-weighted assets) - For Capital Adequacy Purposes - Amount | $ 25,248 | $ 22,028 |
Tier 1 capital (to risk-weighted assets) - For Capital Adequacy Purposes - Amount | 18,936 | 16,521 |
CET 1 capital (to risk-weighted assets) - For Capital Adequacy Purposes - Amount | 14,202 | 12,391 |
Tier 1 Leverage (to adjusted total assets) - For Capital Adequacy Purposes - Amount | $ 19,046 | $ 18,636 |
Total capital (to risk-weighted assets) - For Capital Adequacy Purposes - Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets) - For Capital Adequacy Purposes - Ratio | 6.00% | 6.00% |
CET 1 capital (to risk-weighted assets) - For Capital Adequacy Purposes - Ratio | 4.50% | 4.50% |
Tier 1 capital (to adjusted total assets) - For Capital Adequacy Purpose - Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets) - To be Well Capitalized under Prompt Corrective Action Provisions - Amount | $ 31,561 | $ 27,535 |
Tier 1 capital (to risk-weighted assets) - To be Well Capitalized under Prompt Corrective Action Provisions - Amount | 25,248 | 22,028 |
CET 1 capital (to risk-weighted assets) - To be Well Capitalized under Prompt Corrective Action Provisions - Amount | 20,514 | 17,898 |
Tier 1 Leverage (to adjusted total assets) - To be Well Capitalized under Prompt Corrective Action Provisions - Amount | $ 23,807 | $ 23,295 |
Total capital (to risk-weighted assets) - To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets) - To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 8.00% | 8.00% |
CET 1 capital (to risk-weighted assets) - To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 6.50% | 6.50% |
Tier 1 Leverage (to adjusted total assets) - To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 5.00% | 5.00% |
Regulatory Capital Requiremen93
Regulatory Capital Requirements (Reconciliation of GAAP Capital to Regulatory Tier 1 and Total Capital) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Regulatory Capital Requirements [Abstract] | ||
GAAP (Equity) Capital: | $ 71,620 | $ 69,584 |
Plus: Unrealized gains on available-for-sale securities, net of tax | (1,382) | (2,842) |
Less: Additional tier 1 capital deductions | (81) | (90) |
Tier 1 Capital and CET1 Capital | 70,157 | 66,652 |
Plus: Allowance for loan losses | 2,882 | 1,985 |
Plus: Unrealized gains on available-for-sale securities includible in regulatory capital | 28 | 6 |
Less: Other investments required to be deducted | (4) | (4) |
Total Regulatory Capital | $ 73,063 | $ 68,639 |
Earnings Per Share (Calculated
Earnings Per Share (Calculated Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Earnings per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Numerator- Net income | $ 140 | $ 757 | $ 664 | $ 1,954 | $ 834 | $ 1,236 | $ 699 | $ 569 | $ 3,515 | $ 3,338 | $ 3,158 | |
Denominators: Basic weighted average shares outstanding | 6,014,973 | 5,893,343 | 5,750,604 | |||||||||
Increase in weighted average shares outstanding due to: Stock options | 7,676 | 26,077 | 25,035 | |||||||||
Diluted weighted average shares outstanding | [1] | 6,022,649 | 5,919,420 | 5,775,639 | ||||||||
Earnings per share: Basic | $ 0.58 | $ 0.57 | $ 0.55 | |||||||||
Earnings per share: Diluted | 0.58 | $ 0.56 | $ 0.55 | |||||||||
Stock option granted exercise price | $ 14.38 | |||||||||||
2006 Stock Option Plan [Member] | ||||||||||||
Earnings per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 64,547 | |||||||||||
2012 Equity Incentive Plan [Member] | ||||||||||||
Earnings per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 20,000 | |||||||||||
[1] | Stock options to purchase 64,547 shares under the Stock Option Plan and 20,000 shares under the EIP at $14.38 were outstanding during 2016, but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. |
Commitments to Extend Credit (N
Commitments to Extend Credit (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Commitments [Line Items] | ||
Fixed rate loan commitment | $ 12 | $ 6.3 |
Loan commitments with fixed rates, period | 5 years | 5 years |
Minimum [Member] | ||
Other Commitments [Line Items] | ||
Fixed rate loan commitments, interest rate | 3.38% | |
Maximum [Member] | ||
Other Commitments [Line Items] | ||
Fixed rate loan commitments, interest rate | 6.00% |
Commitments to Extend Credit (O
Commitments to Extend Credit (Outstanding Commitments to Extend Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments to grant loans [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | $ 24,707 | $ 12,224 |
Unfunded commitments under lines of credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | $ 35,356 | $ 34,847 |
Parent Company Only Financial97
Parent Company Only Financial Information (Statement of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and due from banks | $ 8,089 | $ 7,296 | ||
Securities available for sale | 86,335 | 113,213 | ||
Other assets | 1,589 | 1,660 | ||
Total Assets | 489,174 | 473,385 | ||
Other liabilities | 5,118 | 5,919 | ||
Total stockholders' equity | 76,030 | 73,876 | $ 71,630 | $ 65,271 |
Total Liabilities and Stockholders' Equity | 489,174 | 473,385 | ||
Parent Company [Member] | ||||
Cash and due from banks | 2,707 | 2,416 | ||
Securities available for sale | 4 | 89 | ||
Investment in subsidiary | 71,620 | 69,583 | ||
ESOP loan receivable | 1,666 | 1,706 | ||
Other assets | 33 | 87 | ||
Total Assets | 76,030 | 73,881 | ||
Other liabilities | 5 | |||
Total stockholders' equity | 76,030 | 73,876 | ||
Total Liabilities and Stockholders' Equity | $ 76,030 | $ 73,881 |
Parent Company Only Financial98
Parent Company Only Financial Information (Statement of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | $ 4,410 | $ 4,397 | $ 4,347 | $ 4,364 | $ 4,353 | $ 4,427 | $ 4,408 | $ 4,399 | $ 17,518 | $ 17,587 | $ 17,879 |
Non-Interest Expenses | 3,566 | 3,420 | 3,491 | 3,402 | 3,250 | 3,264 | 3,262 | 3,307 | 13,879 | 13,083 | 12,819 |
Income before Income Taxes | 56 | 945 | 834 | 2,455 | 948 | 1,499 | 792 | 815 | 4,290 | 4,054 | 3,725 |
Income tax benefit | (84) | 188 | 170 | 501 | 114 | 263 | 93 | 246 | 775 | 716 | 567 |
Net Income | $ 140 | $ 757 | $ 664 | $ 1,954 | $ 834 | $ 1,236 | $ 699 | $ 569 | 3,515 | 3,338 | 3,158 |
Parent Company [Member] | |||||||||||
Interest Income | 137 | 142 | 152 | ||||||||
Dividend from Bank Subsidiary | 1,250 | ||||||||||
Total Income | 137 | 142 | 1,402 | ||||||||
Non-Interest Expenses | 378 | 348 | 349 | ||||||||
Income before Income Taxes | (241) | (206) | 1,053 | ||||||||
Income tax benefit | (103) | (92) | (100) | ||||||||
(Loss)/Income before income taxes and equity in undistributed net income of subsidiary | (138) | (114) | 1,153 | ||||||||
Equity in undistributed net income of subsidiary | 3,653 | 3,452 | 2,005 | ||||||||
Net Income | $ 3,515 | $ 3,338 | $ 3,158 |
Parent Company Only Financial99
Parent Company Only Financial Information (Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income | $ 140 | $ 757 | $ 664 | $ 1,954 | $ 834 | $ 1,236 | $ 699 | $ 569 | $ 3,515 | $ 3,338 | $ 3,158 |
Other Comprehensive (Loss) Income, net of tax: | |||||||||||
Unrealized holding (losses) gains on securities available for sale, net of tax benefit (expense) | (287) | (281) | 3,158 | ||||||||
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, net of tax expense | (94) | (106) | (107) | ||||||||
Reclassification adjustments related to: Net gain on sale of securities included in net income, net of tax expense | (1,080) | (290) | (36) | ||||||||
Total Other Comprehensive (Loss) Income | (1,461) | (677) | 3,015 | ||||||||
Total Comprehensive Income | 2,054 | 2,661 | 6,173 | ||||||||
Parent Company [Member] | |||||||||||
Net Income | 3,515 | 3,338 | 3,158 | ||||||||
Other Comprehensive (Loss) Income, net of tax: | |||||||||||
Unrealized holding (losses) gains on securities available for sale, net of tax benefit (expense) | (1) | (3) | (5) | ||||||||
Total Other Comprehensive (Loss) Income | (1,461) | (677) | 3,015 | ||||||||
Total Comprehensive Income | 2,054 | 2,661 | 6,173 | ||||||||
Subsidiaries [Member] | |||||||||||
Other Comprehensive (Loss) Income, net of tax: | |||||||||||
Unrealized holding (losses) gains on securities available for sale, net of tax benefit (expense) | (286) | (278) | 3,163 | ||||||||
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, net of tax expense | (94) | (106) | (107) | ||||||||
Reclassification adjustments related to: Net gain on sale of securities included in net income, net of tax expense | $ (1,080) | $ (290) | $ (36) |
Parent Company Only Financia100
Parent Company Only Financial Information (Statement of Comprehensive Income/(Loss) - Tax Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other comprehensive income, Recovery on previously impaired investment securities included in net income, tax | $ 48 | $ 54 | $ 68 |
Gain on sales of securities included in net income, tax expense | 556 | 150 | 23 |
Parent Company [Member] | |||
Unrealized holding (losses) gains on securities available for sale, tax benefit (expense) | (2) | (3) | |
Subsidiaries [Member] | |||
Unrealized holding (losses) gains on securities available for sale, tax benefit (expense) | (148) | (551) | 1,997 |
Other comprehensive income, Recovery on previously impaired investment securities included in net income, tax | (48) | (54) | (68) |
Gain on sales of securities included in net income, tax expense | $ 556 | $ 150 | $ 23 |
Parent Company Only Financia101
Parent Company Only Financial Information (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income | $ 140 | $ 757 | $ 664 | $ 1,954 | $ 834 | $ 1,236 | $ 699 | $ 569 | $ 3,515 | $ 3,338 | $ 3,158 |
ESOP shares committed to be released | 108 | 107 | 99 | ||||||||
Stock based compensation expense | 217 | 220 | 110 | ||||||||
Decrease in other assets | 280 | (141) | (219) | ||||||||
(Decrease) increase in other liabilities | (344) | (118) | (133) | ||||||||
Net Cash Provided by Operating Activities | 4,294 | 4,963 | 4,347 | ||||||||
Activity in available for sale securities: Maturities, prepayments and calls | 11,857 | 14,026 | 14,274 | ||||||||
Net Cash Provided by Investing Activities | (7,253) | 9,909 | 16,170 | ||||||||
Proceeds from stock options exercised | 1,118 | 615 | 629 | ||||||||
Purchase of treasury stock | (455) | (746) | (62) | ||||||||
Cash dividends paid | (888) | (611) | (590) | ||||||||
Net Cash Used in Financing Activities | 14,211 | (16,456) | (1,908) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 11,252 | (1,584) | 18,609 | ||||||||
CASH AND CASH EQUIVALENTS - BEGINNING | 34,227 | 35,811 | 34,227 | 35,811 | 17,202 | ||||||
CASH AND CASH EQUIVALENTS - ENDING | 45,479 | 34,227 | 45,479 | 34,227 | 35,811 | ||||||
Parent Company [Member] | |||||||||||
Net Income | 3,515 | 3,338 | 3,158 | ||||||||
ESOP shares committed to be released | 108 | 107 | 99 | ||||||||
Stock based compensation expense | 217 | 220 | 110 | ||||||||
Decrease in other assets | 206 | 54 | 101 | ||||||||
(Decrease) increase in other liabilities | (22) | 118 | |||||||||
Equity in undistributed earnings of subsidiary | (3,653) | (3,452) | (2,005) | ||||||||
Net Cash Provided by Operating Activities | 393 | 245 | 1,581 | ||||||||
Activity in available for sale securities: Maturities, prepayments and calls | 83 | 108 | 133 | ||||||||
Payments Received on ESOP Loan | 40 | 85 | 85 | ||||||||
Net Cash Provided by Investing Activities | 123 | 193 | 218 | ||||||||
Proceeds from stock options exercised | 1,118 | 615 | 629 | ||||||||
Purchase of treasury stock | (455) | (746) | (62) | ||||||||
Cash dividends paid | (888) | (611) | (590) | ||||||||
Net Cash Used in Financing Activities | (225) | (742) | (23) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 291 | (304) | 1,776 | ||||||||
CASH AND CASH EQUIVALENTS - BEGINNING | $ 2,416 | $ 2,720 | 2,416 | 2,720 | 944 | ||||||
CASH AND CASH EQUIVALENTS - ENDING | $ 2,707 | $ 2,416 | $ 2,707 | $ 2,416 | $ 2,720 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data – Unaudited [Abstract] | |||||||||||
Total interest income | $ 4,410 | $ 4,397 | $ 4,347 | $ 4,364 | $ 4,353 | $ 4,427 | $ 4,408 | $ 4,399 | $ 17,518 | $ 17,587 | $ 17,879 |
Total interest expense | 572 | 565 | 570 | 587 | 593 | 662 | 716 | 786 | 2,294 | 2,757 | 3,348 |
Net interest income | 3,838 | 3,832 | 3,777 | 3,777 | 3,760 | 3,765 | 3,692 | 3,613 | 15,224 | 14,830 | 14,531 |
Provision for loan losses | 815 | 125 | 55 | 130 | 160 | 30 | 185 | 25 | 1,125 | 400 | 222 |
Net interest income after provision for loan losses | 3,023 | 3,707 | 3,722 | 3,647 | 3,600 | 3,735 | 3,507 | 3,588 | 14,099 | 14,430 | 14,309 |
Total non-interest income | 599 | 658 | 603 | 2,210 | 598 | 1,028 | 547 | 534 | 4,070 | 2,707 | 2,235 |
Total non-interest expense | 3,566 | 3,420 | 3,491 | 3,402 | 3,250 | 3,264 | 3,262 | 3,307 | 13,879 | 13,083 | 12,819 |
Income before income taxes | 56 | 945 | 834 | 2,455 | 948 | 1,499 | 792 | 815 | 4,290 | 4,054 | 3,725 |
Income Tax Expense | (84) | 188 | 170 | 501 | 114 | 263 | 93 | 246 | 775 | 716 | 567 |
Net Income | $ 140 | $ 757 | $ 664 | $ 1,954 | $ 834 | $ 1,236 | $ 699 | $ 569 | $ 3,515 | $ 3,338 | $ 3,158 |
Basic and diluted earnings per common share | $ 0.02 | $ 0.13 | $ 0.11 | $ 0.33 | $ 0.14 | $ 0.21 | $ 0.12 | $ 0.10 |
Treasury Stock (Narrative) (Det
Treasury Stock (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||
Shares of common stock repurchased at an average cost | 33,200 | 55,000 | 5,100 |
Repurchased shares of common stock average cost per share | $ 13.69 | $ 13.56 | |
Remaining number of shares authorized to be repurchased under stock repurchase program | 84,501 | 117,701 | |
2012 Equity Incentive Plan [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Shares of common stock repurchased at an average cost | 1,704 | ||
Repurchased shares of common stock average cost per share | $ 9.55 | ||
Treasury stock transferred to fund awards granted | 20,354 | 14,886 | |
Treasury stock transferred, average cost per share | $ 9.69 | $ 9.39 |
Other Comprehensive Income (104
Other Comprehensive Income (Loss) (Schedule of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss) [Abstract] | |||
Net unrealized gains (losses) on securities available for sale arising during the period, before tax | $ (435) | $ (834) | $ 5,152 |
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, before tax | (142) | (160) | (175) |
Gain on sale of securities included in net income, before tax | (1,636) | (440) | (59) |
Total Other Comprehensive Income (Losses), before tax | (2,213) | (1,434) | 4,918 |
Net unrealized gains (losses) on securities available for sale arising during the period, tax benefit (expense) | 148 | 553 | (1,994) |
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, tax benefit (expense) | 48 | 54 | 68 |
Gain on sale of securities included in net income, tax benefit (expense) | 556 | 150 | 23 |
Total other comprehensive income (loss), tax expense (benefit) | (752) | (757) | 1,903 |
Net unrealized gains (losses) on securities available for sale arising during the period, net of tax | (287) | (281) | 3,158 |
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, net of tax expense | (94) | (106) | (107) |
Gain on sale of securities included in net income, net of tax | (1,080) | (290) | (36) |
Total Other Comprehensive (Loss) Income | $ (1,461) | $ (677) | $ 3,015 |
Other Comprehensive Income (105
Other Comprehensive Income (Loss) (Reclassification Out of Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Recovery on previously impaired investment securities | $ 142 | $ 160 | $ 175 | ||||||||
Gain on sale of securities available for sale | 1,636 | 440 | 59 | ||||||||
Income before income taxes | $ 56 | $ 945 | $ 834 | $ 2,455 | $ 948 | $ 1,499 | $ 792 | $ 815 | 4,290 | 4,054 | 3,725 |
Income Tax Expense | (84) | 188 | 170 | 501 | 114 | 263 | 93 | 246 | 775 | 716 | 567 |
Net Income | $ 140 | $ 757 | $ 664 | $ 1,954 | $ 834 | $ 1,236 | $ 699 | $ 569 | 3,515 | 3,338 | 3,158 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income Tax Expense | 604 | 204 | 91 | ||||||||
Net Income | (1,174) | (396) | (143) | ||||||||
Unrealized Gains and Losses on Securities Available for Sale [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Recovery on previously impaired investment securities | (142) | (160) | (175) | ||||||||
Gain on sale of securities available for sale | (1,636) | (440) | (59) | ||||||||
Income before income taxes | $ (1,778) | $ (600) | $ (234) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 08, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||||
Dividends declared per share | $ 0.28 | $ 0.28 | $ 0.28 | ||
Lake Shore, MHC [Member] | |||||
Subsequent Event [Line Items] | |||||
Equity securities common stock shares owned | 3,636,875 | ||||
Equity method investment, ownership percentage | 59.70% | ||||
Proceeds from dividends | $ 255 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends payable, date to be paid | Mar. 13, 2017 | ||||
Dividends payable, date of record | Feb. 23, 2017 | ||||
Dividend Declared [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share | $ 0.08 | ||||
Dividends Waived [Member] | Lake Shore, MHC [Member] | |||||
Subsequent Event [Line Items] | |||||
Cumulative amount of dividend waivers | $ 8,200 | ||||
Dividend waived by MHC | $ 765 | ||||
Dividends Waived [Member] | Subsequent Event [Member] | Lake Shore, MHC [Member] | |||||
Subsequent Event [Line Items] | |||||
Aggregate annual dividend per share | $ 0.32 | ||||
Dividend waived by MHC | $ 291 |