Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 10, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | QUAINT OAK BANCORP INC | |
Trading Symbol | qnto | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 1,832,321 | |
Amendment Flag | false | |
Entity Central Index Key | 1,391,933 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Due from banks, non-interest-bearing | $ 105 | $ 696 |
Due from banks, interest-bearing | 15,442 | 13,241 |
Cash and cash equivalents | 15,547 | 13,937 |
Investment in interest-earning time deposits | 6,136 | 6,660 |
Investment securities available for sale | 1,706 | |
Loans held for sale | 2,287 | 2,556 |
Loans receivable, net of allowance for loan losses (2015 $1,290; 2014 $1,148) | 141,986 | 123,331 |
Accrued interest receivable | 929 | 788 |
Investment in Federal Home Loan Bank stock, at cost | 618 | 527 |
Bank-owned life insurance | 3,615 | 3,549 |
Premises and equipment, net | 1,822 | 1,639 |
Other real estate owned, net | 726 | 111 |
Prepaid expenses and other assets | 994 | 839 |
Total Assets | 174,660 | 155,643 |
Deposits: | ||
Non-interest bearing | 1,518 | 640 |
Interest-bearing | 139,288 | 123,765 |
Total deposits | 140,806 | 124,405 |
Federal Home Loan Bank short-term borrowings | 6,000 | 7,000 |
Federal Home Loan Bank long-term borrowings | 7,500 | 4,500 |
Accrued interest payable | 112 | 108 |
Advances from borrowers for taxes and insurance | 1,172 | 1,592 |
Accrued expenses and other liabilities | 481 | 463 |
Total Liabilities | $ 156,071 | $ 138,068 |
Stockholders’ Equity | ||
Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | ||
Common stock – $0.01 par value; 9,000,000 shares authorized; 2,777,250 issued; 1,831,949 and 1,818,570 outstanding at September 30, 2015 and December 31, 2014, respectively | $ 28 | $ 28 |
Additional paid-in capital | 13,942 | 13,814 |
Treasury stock, at cost: 2015 945,301 shares; 2014 958,680 shares | (4,908) | (4,973) |
Unallocated common stock held by: | ||
Employee Stock Ownership Plan (ESOP) | (405) | (455) |
Recognition & Retention Plan Trust (RRP) | (70) | (94) |
Accumulated other comprehensive loss | (36) | |
Retained earnings | 10,002 | 9,291 |
Total Stockholders' Equity | 18,589 | 17,575 |
Total Liabilities and Stockholders’ Equity | $ 174,660 | $ 155,643 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans receivable, allowance for loan losses (in Dollars) | $ 1,290 | $ 1,148 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 2,777,250 | 2,777,250 |
Common stock, shares outstanding | 1,831,949 | 1,818,570 |
Treasury stock, shares | 945,301 | 958,680 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income | ||||
Interest on loans | $ 2,095,000 | $ 1,835,000 | $ 6,106,000 | $ 5,285,000 |
Interest and dividends on short-term investments and investment securities | 47,000 | 46,000 | 156,000 | 133,000 |
Total Interest Income | 2,142,000 | 1,881,000 | 6,262,000 | 5,418,000 |
Interest Expense | ||||
Interest on deposits | 511,000 | 434,000 | 1,448,000 | 1,225,000 |
Interest on Federal Home Loan Bank borrowings | 27,000 | 11,000 | 70,000 | 19,000 |
Total Interest Expense | 538,000 | 445,000 | 1,518,000 | 1,244,000 |
Net Interest Income | 1,604,000 | 1,436,000 | 4,744,000 | 4,174,000 |
Provision for Loan Losses | 71,000 | 111,000 | 280,000 | 337,000 |
Net Interest Income after Provision for Loan Losses | 1,533,000 | 1,325,000 | 4,464,000 | 3,837,000 |
Non-Interest Income | ||||
Mortgage banking and title abstract fees | 114,000 | 52,000 | 334,000 | 212,000 |
Other fees and services charges | 22,000 | 24,000 | 93,000 | 57,000 |
Income from bank-owned life insurance | 23,000 | 23,000 | 66,000 | 27,000 |
Net gain on sales of loans | 357,000 | 420,000 | 993,000 | 1,098,000 |
Gain on sale of SBA loan | 48,000 | 7,000 | 64,000 | |
Loss on sale of investment securities available for sale | (75,000) | (75,000) | ||
Loss on sale of other real estate owned | (2,000) | (3,000) | (4,000) | (41,000) |
Other | 11,000 | 9,000 | 27,000 | 24,000 |
Total Non-Interest Income | 450,000 | 573,000 | 1,441,000 | 1,441,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 942,000 | 879,000 | 2,980,000 | 2,520,000 |
Directors' fees and expenses | 49,000 | 51,000 | 153,000 | 157,000 |
Occupancy and equipment | 167,000 | 131,000 | 453,000 | 400,000 |
Professional fees | 129,000 | 98,000 | 301,000 | 283,000 |
FDIC deposit insurance assessment | 32,000 | 26,000 | 90,000 | 75,000 |
Other real estate owned expense | 14,000 | (1,000) | 17,000 | 16,000 |
Advertising | 21,000 | 26,000 | 83,000 | 78,000 |
Other | 130,000 | 131,000 | 383,000 | 333,000 |
Total Non-Interest Expense | 1,484,000 | 1,341,000 | 4,460,000 | 3,862,000 |
Income before Income Taxes | 499,000 | 557,000 | 1,445,000 | 1,416,000 |
Income Taxes | 189,000 | 201,000 | 552,000 | 535,000 |
Net Income | $ 310,000 | $ 356,000 | $ 893,000 | $ 881,000 |
Earnings per share - basic (in Dollars per share) | $ 0.18 | $ 0.21 | $ 0.52 | $ 0.52 |
Average shares outstanding - basic (in Shares) | 1,706,946 | 1,683,716 | 1,714,689 | 1,704,050 |
Earnings per share - diluted (in Dollars per share) | $ 0.16 | $ 0.20 | $ 0.48 | $ 0.49 |
Average shares outstanding - diluted (in Shares) | 1,888,113 | 1,788,418 | 1,876,708 | 1,805,906 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income | $ 310,000 | $ 356,000 | $ 893,000 | $ 881,000 |
Other Comprehensive Income (Loss): | ||||
Unrealized losses on investment securities available-for-sale | (14,000) | (17,000) | (21,000) | (12,000) |
Income tax effect | 4,000 | 6,000 | 7,000 | 4,000 |
Reclassification adjustment for losses on sale of investment securities included in net income | 75,000 | 75,000 | ||
Income tax effect | (25,000) | (25,000) | ||
Other comprehensive income (loss) | 40,000 | (11,000) | 36,000 | (8,000) |
Total Comprehensive Income | $ 350,000 | $ 345,000 | $ 929,000 | $ 873,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) | Common Stock [Member]The 401(k) Plan [Member] | Common Stock [Member]The 2013 Stock Incentive Plan [Member] | Common Stock [Member]The 2008 Stock Option Plan [Member] | Common Stock [Member] | Additional Paid-in Capital [Member]The 401(k) Plan [Member] | Additional Paid-in Capital [Member]The 2013 Stock Incentive Plan [Member] | Additional Paid-in Capital [Member]The 2008 Stock Option Plan [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member]The 401(k) Plan [Member] | Treasury Stock [Member]The 2013 Stock Incentive Plan [Member] | Treasury Stock [Member]The 2008 Stock Option Plan [Member] | Treasury Stock [Member] | Unallocated Common Stock Held by Benefit Plans[Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | The 401(k) Plan [Member] | The 2008 Stock Option Plan [Member] | Total |
BALANCE – DECEMBER 31, 2014 at Dec. 31, 2014 | $ 28,000 | $ 13,814,000 | $ (4,973,000) | $ (549,000) | $ (36,000) | $ 9,291,000 | $ 17,575,000 | |||||||||||
BALANCE – DECEMBER 31, 2014 (in Shares) at Dec. 31, 2014 | 1,818,570 | 1,818,570 | ||||||||||||||||
Common stock allocated by ESOP | 65,000 | 50,000 | $ 115,000 | |||||||||||||||
Treasury stock purchased | (9,000) | (9,000) | ||||||||||||||||
Treasury stock purchased (in Shares) | (956) | |||||||||||||||||
Reissuance of treasury stock, value | $ 20,000 | $ (28,000) | $ (1,000) | $ 20,000 | $ 28,000 | $ 26,000 | $ 40,000 | $ 25,000 | ||||||||||
Reissuance of treasury stock, shares (in Shares) | 3,899 | 5,476 | 4,960 | |||||||||||||||
Stock based compensation expense | 96,000 | 96,000 | ||||||||||||||||
Release of 5,108 vested RRP shares | (24,000) | 24,000 | ||||||||||||||||
Cash dividends declared ($0.10 per share) | (182,000) | (182,000) | ||||||||||||||||
Net income | 893,000 | 893,000 | ||||||||||||||||
Other comprehensive loss, net | $ 36,000 | 36,000 | ||||||||||||||||
BALANCE – September 30, 2015 at Sep. 30, 2015 | $ 28,000 | $ 13,942,000 | $ (4,908,000) | $ (475,000) | $ 10,002,000 | $ 18,589,000 | ||||||||||||
BALANCE – September 30, 2015 (in Shares) at Sep. 30, 2015 | 1,831,949 | 1,831,949 |
Consolidated Statement of Stoc7
Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - Common Stock [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Release of vested RRP shares | 5,108 |
Cash dividends declared per share | $ / shares | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net income | $ 893,000 | $ 881,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 280,000 | 337,000 |
Depreciation expense | 132,000 | 124,000 |
Accretion of deferred loan fees and costs, net | (247,000) | (196,000) |
Stock-based compensation expense | 211,000 | 206,000 |
Realized loss on sale of investment securities available for sale | 75,000 | |
Net gain on the sale of loans | (993,000) | (1,098,000) |
Gain on the sale of SBA loans | (7,000) | (64,000) |
Net loss on sale of other real estate owned | 4,000 | 41,000 |
Increase in the cash surrender value of bank-owned life insurance | (66,000) | (27,000) |
Changes in assets and liabilities which provided (used) cash: | ||
Loans held for sale-originations | (38,029,000) | (39,865,000) |
Loans held for sale-proceeds | 39,291,000 | 38,419,000 |
Accrued interest receivable | (141,000) | (40,000) |
Prepaid expenses and other assets | (173,000) | (304,000) |
Accrued interest payable | 4,000 | 24,000 |
Accrued expenses and other liabilities | 18,000 | 91,000 |
Net Cash Provided by (Used in) Operating Activities | 1,252,000 | (1,471,000) |
Cash Flows from Investing Activities | ||
Net decrease in investment in interest-earning time deposits | 524,000 | 973,000 |
Purchase of investment securities available for sale | (35,000) | (39,000) |
Proceeds from sale of investment securities available for sale | 1,720,000 | |
Net increase in loans receivable | (19,351,000) | (13,766,000) |
Increase in investment in Federal Home Loan Bank stock | (91,000) | (273,000) |
Purchase of bank-owned life insurance | (3,500,000) | |
Proceeds from the sale of other real estate owned | 160,000 | 463,000 |
Capitalized expenditures on other real estate owned | (109,000) | (28,000) |
Purchase of premises and equipment | (315,000) | (63,000) |
Net Cash Used in Investing Activities | (17,497,000) | (16,233,000) |
Cash Flows from Financing Activities | ||
Net increase in demand deposits and savings accounts | 2,875,000 | 1,759,000 |
Net increase in certificate accounts | 13,526,000 | 13,044,000 |
Proceeds from Federal Home Loan Bank short-term borrowings | 1,000,000 | 6,000,000 |
Repayment of Federal Home Loan Bank short-term borrowings | (2,000,000) | (4,500,000) |
Proceeds from Federal Home Loan Bank long-term borrowings | 3,000,000 | 4,500,000 |
Dividends paid | (182,000) | (156,000) |
Purchase of treasury stock | (9,000) | (708,000) |
Proceeds from the reissuance of treasury stock | 40,000 | 53,000 |
Proceeds from the exercise of stock options | 25,000 | |
Decrease in advances from borrowers for taxes and insurance | (420,000) | (242,000) |
Net Cash Provided by Financing Activities | 17,855,000 | 19,750,000 |
Net Increase in Cash and Cash Equivalents | 1,610,000 | 2,046,000 |
Cash and Cash Equivalents – Beginning of Year | 13,937,000 | 6,184,000 |
Cash and Cash Equivalents – End of Year | 15,547,000 | 8,230,000 |
Cash payments for interest | 1,514,000 | 1,220,000 |
Cash payments for income taxes | 665,000 | 668,000 |
Transfer of loans to other real estate owned | $ 670,000 | $ 111,000 |
Note 1 - Financial Statement Pr
Note 1 - Financial Statement Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 – Financial Statement Presentation and Significant Accounting Policies Basis of Financial Presentation. The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10(l) of the Home Owners’ Loan Act, the Company is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The market area served by the Bank’s two branch offices includes Bucks, Montgomery, Lehigh and Northampton Counties, Pennsylvania, and northeast Philadelphia and the surrounding area. The principal deposit products offered by the Bank are certificates of deposit, passbook savings accounts, savings accounts and money market accounts. Loan products offered are fixed and adjustable rate residential and commercial mortgages, construction loans, home equity loans, auto loans, and lines of credit. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2014 have been derived from the audited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in Quaint Oak Bancorp’s 2014 Annual Report on Form 10-K. The results of operations for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Use of Estimates in the Preparation of Financial Statements. Loans Receivable. The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans and consumer loans. The residential loan segment has two classes: one-to-four family residential owner occupied loans and one-to-four residential family non-owner occupied loans. The commercial real estate loan segment consists of the following classes: multi-family (five or more) residential, commercial real estate and commercial lines of credit. Construction loans are generally granted for the purpose of building a single residential home. Commercial business loans are loans to businesses primarily for purchase of business essential equipment. Business essential equipment is equipment necessary for a business to support or assist with the day-to-day operation or profitability of the business. The consumer loan segment consists of the following classes: home equity loans and other consumer loans. Included in the home equity class are home equity loans and home equity lines of credit. Included in the other consumer are loans secured by saving accounts and auto loans. The accrual of interest is generally discontinued when principal or interest has become 90 days past due unless the loan is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, a loan is restored to accrual status when the obligation is brought current, it 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 maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are designated as impaired. For loans that are designated as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are reevaluated quarterly to ensure their relevance in the current economic environment. Residential owner occupied mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company’s policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. 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. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. A loan is identified as a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan’s stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one-to-four family residential owner-occupied loans) where the total amount outstanding to any borrower or group of borrowers exceeds $500,000, or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Loans Held for Sale . Loans originated by the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. 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. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the three or nine months ended September 30, 2015 and 2014. Bank Owned Life Insurance (BOLl). Other Real Estate Owned. Share -Based Compensation. At September 30, 2015, the Company has three share-based plans: the 2008 Recognition and Retention Plan (“RRP”), the 2008 Stock Option Plan, and the 2013 Stock Incentive Plan. Awards under these plans were made in May 2008 and 2013. These plans are more fully described in Note 10. The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 10. As ESOP shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market price of the shares over the period earned. Comprehensive Income (Loss) . Earnings per Share. Recent Accounting Pronouncements . ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard) In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) In January 2015, the FASB issued ASU 2015-01, Income Statement –Extraordinary and Unusual Items In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers Reclassifications. |
Note 2 - Stock Split
Note 2 - Stock Split | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 2 – Stock Split On August 13, 2015, the Company’s Board of Directors declared a two for one stock split in the form of a 100% stock dividend effective for shareholders of record on August 24, 2015 that was distributed on September 8, 2015. All per share amounts in this report have been restated to reflect this stock split. An amount equal to the par value of the additional common shares issued pursuant to the stock split was reflected as a transfer from additional paid-in capital to common stock on the consolidated financial statements as of and for the nine months ended September 30, 2015 and year ended December 31, 2014. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 3 – Earnings Per Share Earnings per share (“EPS”) consists of two separate components, basic EPS and diluted EPS. Basic EPS is computed based on the weighted average number of shares of common stock outstanding for each period presented. Diluted EPS is calculated based on the weighted average number of shares of common stock outstanding plus dilutive common stock equivalents (“CSEs”). CSEs consist of shares that are assumed to have been purchased with the proceeds from the exercise of stock options, as well as unvested restricted stock (RRP) shares. Common stock equivalents which are considered antidilutive are not included for the purposes of this calculation. For the three months and nine months ended September 30, 2015 and 2014, all unvested restricted stock program awards and outstanding stock options representing shares were dilutive. The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations. For the Three Months Ended September 30, For the Nine Months Ended September 30, 201 5 201 4 201 5 201 4 Net Income $ 310,000 $ 356,000 $ 893,000 $ 881,000 Weighted average shares outstanding – basic 1,706,946 1,683,716 1,714,689 1,704,050 Effect of dilutive common stock equivalents 181,167 104,702 162,019 101,856 Adjusted weighted average shares outstanding – diluted 1,888,113 1,788,418 1,876,708 1,805,906 Basic earnings per share $ 0.18 $ 0.21 $ 0.52 $ 0.52 Diluted earnings per share $ 0.16 $ 0.20 $ 0.48 $ 0.49 |
Note 4 - Accumulated Other Comp
Note 4 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Note 4 – Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss by component, net of tax, for the three months and the nine months ended September 30, 2015 and 2014 (in thousands): Unrealized Gains (Losses) on Investment Securities Available for Sale (1) For the Three Months Ended September 30, For the Nine Months Ended September 30, 201 5 201 4 201 5 201 4 Balance at the beginning of the period $ (40 ) $ (15 ) $ (36 ) $ (18 ) Other comprehensive loss before classifications (10 ) (11 ) (14 ) (8 ) Amount reclassified from accumulated other comprehensive loss 50 - 50 - Total other comprehensive income (loss) 40 (11 ) 36 (8 ) Balance at the end of the period $ - $ (26 ) $ - $ (26 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents significant amounts reclassified out of each component of accumulated other comprehensive loss for the three months and the nine months ended September 30, 2015 and 2014 (in thousands): Details About Other Comprehensive Loss Amount Reclassified from Accumulated Other Comprehensive Loss (1) Affected Line Item in the Statement of Income For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Unrealized losses on investment securities available for sale $ (75 ) $ - $ (75 ) $ - Loss on sales of investment securities 25 - 25 - Income taxes $ (50 ) $ - $ (50 ) $ - Net of tax (1) Amounts in parentheses indicate debits. |
Note 5 - Investment in Interest
Note 5 - Investment in Interest-Earning Time Deposits | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | No te 5 – Investment in Interest-Earning Time Deposits The investment in interest-earning time deposits as of September 30, 2015 and December 31, 2014, by contractual maturity, are shown below: September 30, 201 5 December 31, 201 4 (In Thousands) Due in one year or less $ 3,327 $ 2,337 Due after one year through five years 2,809 4,323 $ 6,136 $ 6,660 |
Note 6 - Investment Securities
Note 6 - Investment Securities Available for Sale | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 – Investment Securities Available for Sale In September 2015 the Company sold its investment securities available for sale portfolio consisting of two bond funds totaling $1.7 million and realized gross losses of $75,000 on the transaction. There were no realized gross gains on the transaction. The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale at December 31, 2014 are summarized below (in thousands): December 31, 201 4 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale: Short-term bond fund $ 1,214 $ - $ (34 ) $ 1,180 Limited-term bond fund 546 - (20 ) 526 $ 1,760 $ - $ (54 ) $ 1,706 The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2014 (in thousands): December 31, 2014 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Fair Value Gross Fair Value Gross Short-term bond fund 1 $ - $ - $ 1,180 $ (34 ) $ 1,180 $ (34 ) Limited-term bond fund 1 - - 526 (20 ) 526 (20 ) Total 2 $ - $ - $ 1,706 $ (54 ) $ 1,706 $ (54 ) There were no impairment charges recognized during the three and nine months ended September 30, 2015 or 2014. |
Note 7 - Loans Receivable, Net
Note 7 - Loans Receivable, Net and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | Note 7 - Loans Receivable, Net and Allowance for Loan Losses The composition of net loans receivable is as follows: September 30, 201 5 December 31, 2014 (In Thousands) Real estate loans: One-to-four family residential: Owner occupied $ 6,745 $ 7,085 Non-owner occupied 51,436 48,554 Total one-to-four family residential 58,181 55,639 Multi-family (five or more) residential 11,040 10,132 Commercial real estate 44,392 35,523 Commercial lines of credit 2,224 1,623 Construction 18,644 14,303 Home equity loans 6,712 6,961 Total real estate loans 141,193 124,181 Commercial business 2,561 749 Other consumer 44 41 Total Loans 143,798 124,971 Deferred loan fees and costs (522 ) (492 ) Allowance for loan losses (1,290 ) (1,148 ) Net Loans $ 141,986 $ 123,331 The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,913 $ - $ 832 $ - $ 6,745 One-to-four family residential non-owner occupied 49,803 633 796 204 51,436 Multi-family residential 11,040 - - - 11,040 Commercial real estate and lines of credit 45,573 500 410 133 46,616 Construction 18,644 - - - 18,644 Home equity 6,626 - 86 - 6,712 Commercial business and other consumer 2,605 - - - 2,605 $ 140,204 $ 1,133 $ 2,124 $ 337 $ 143,798 December 31, 201 4 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,132 $ 116 $ 837 $ - $ 7,085 One-to-four family residential non-owner occupied 46,971 38 1,317 228 48,554 Multi-family residential 10,065 - 67 - 10,132 Commercial real estate and lines of credit 35,984 293 537 332 37,146 Construction 14,303 - - - 14,303 Home equity 6,654 172 90 45 6,961 Commercial business and other consumer 790 - - - 790 $ 120,899 $ 619 $ 2,848 $ 605 $ 124,971 The following tables summarize information in regards to impaired loans by loan portfolio class as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 832 $ 832 $ - $ 834 $ 11 One-to-four family residential non-owner occupied 796 802 - 796 30 Multi-family residential - - - - - Commercial real estate and lines of credit 410 427 - 433 8 Construction - - - - - Home equity 86 86 - 88 5 Commercial business and other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 204 204 21 203 5 Multi-family residential - - - - - Commercial real estate and lines of credit 133 133 7 133 7 Construction - - - - - Home equity - - - - - Commercial business and other consumer - - - - - Total: One-to-four family residential owner occupied $ 832 $ 832 $ - $ 834 $ 11 One-to-four family residential non-owner occupied 1,000 1,006 21 999 35 Multi-family residential - - - - - Commercial real estate and lines of credit 543 560 7 566 15 Construction - - - - - Home equity 86 86 - 88 5 Commercial business and other consumer - - - - - Total $ 2,461 $ 2,484 $ 28 $ 2,487 $ 66 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 837 $ 837 $ - $ 839 $ 15 One-to-four family residential non-owner occupied 1,317 1,333 - 1,341 39 Multi-family residential 67 72 - 74 - Commercial real estate and lines of credit 537 537 - 542 17 Construction - - - - - Home equity 90 90 - 93 7 Commercial business and other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 228 231 29 231 - Multi-family residential - - - - - Commercial real estate and lines of credit 332 332 29 331 10 Construction - - - - - Home equity 45 45 8 46 - Commercial business and other consumer - - - - - Total: One-to-four family residential owner occupied $ 837 $ 837 $ - $ 839 $ 15 One-to-four family residential non-owner occupied 1,545 1,564 29 1,572 39 Multi-family residential 67 72 - 74 - Commercial real estate and lines of credit 869 869 29 873 27 Construction - - - - - Home equity 135 135 8 139 7 Commercial business and other consumer - - - - - Total $ 3,453 $ 3,477 $ 66 $ 3,497 $ 88 The loan portfolio also includes certain loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance, or other actions. At September 30, 2015, the Company had nine loans totaling $785,000 that were identified as troubled debt restructurings. All nine of these loans were performing in accordance with their modified terms. At December 31, 2014, the Company had eleven loans totaling $951,000 that were identified as troubled debt restructurings. Two of these loans totaling $155,000 were on non-accrual, three loans totaling $215,000 were 30-89 days delinquent, and six loans totaling $581,000 were performing in accordance with their modified terms. If a TDR is placed on non-accrual it is not reverted back to accruing status until the borrower makes timely payments as contracted for at least six months and future collection under the revised terms is probable. The following tables present the Company’s TDR loans as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands): September 30 , 20 15 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 5 566 - 566 - Multi-family residential - - - - - Commercial real estate and lines of credit 1 133 - 133 7 Construction - - - - - Home equity 3 86 - 86 - Commercial business and other consumer - - - - - Total 9 $ 785 $ - $ 785 $ 7 December 31, 201 4 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 728 155 573 10 Multi-family residential - - - - - Commercial real estate and lines of credit 1 133 - 133 7 Construction - - - - - Home equity 3 90 - 90 - Commercial business and other consumer - - - - - Total 11 $ 951 $ 155 $ 796 $ 17 The contractual aging of the TDRs in the table above as of September 30, 2015 and December 31, 2014 is as follows (in thousands): September 30, 2015 Current & Past Due Less than 30 Days Past Due 30-89 Days Greater than 90 Days Non-Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 566 - - - 566 Multi-family residential - - - - - Commercial real estate and lines of credit 133 - - - 133 Construction - - - - - Home equity 86 - - - 86 Commercial business and other consumer - - - - - Total $ 785 $ - $ - $ - $ 785 December 31, 2014 Current & Past Due Less than 30 Days Past Due 30-89 Days Greater than 90 Days Non-Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 358 215 - 155 728 Multi-family residential - - - - - Commercial real estate and lines of credit 133 - - - 133 Construction - - - - - Home equity 90 - - - 90 Commercial business and other consumer - - - - - Total $ 581 $ 215 $ - $ 155 $ 951 During the three months ended September 30, 2015 there were no new TDRs identified and a property securing one loan previously identified as a TDR in the amount of $39,000 was transferred to OREO. During the nine months ended September 30, 2015, no new loans were identified as TDRs and two properties securing two loans previously identified as TDRs totaling $139,000 were transferred to OREO. Any reserve for an impaired TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At September 30, 2015 there were no commitments to lend additional funds to debtors whose loan terms have been modified as TDRs. The general practice of the Bank is to work with borrowers so that they are able to pay back their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR modification and the loan is determined to be uncollectible, the loan will be charged off. Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three and nine months ended September 30, 2015 and recorded investment in loans receivable as of September 30, 2015 (in thousands): September 30 , 201 5 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate and Lines of Credit Construction Home Equity Commercial Business and Other Consumer Unallocated Total For the Three Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 60 $ 369 $ 65 $ 412 $ 203 $ 73 $ 23 $ 71 $ 1,276 Charge-offs - (12 ) - (21 ) - (45 ) - - (78 ) Recoveries - - - 21 - - - - 21 Provision (1 ) 140 1 (53 ) (35 ) 15 (5 ) 9 71 Ending balance $ 59 $ 497 $ 66 $ 359 $ 168 $ 43 $ 18 $ 80 $ 1,290 For the Nine Months Ended September 30, 201 5 Allowance for loan losses: Beginning balance $ 75 $ 418 $ 60 $ 324 $ 122 $ 46 $ 7 $ 96 1,148 Charge-offs - (93 ) - (21 ) - (45 ) - - (159 ) Recoveries - - - 21 - - - - 21 Provision (16 ) 172 6 35 46 42 11 (16 ) 280 Ending balance $ 59 $ 497 $ 66 $ 359 $ 168 $ 43 $ 18 $ 80 $ 1,290 Ending balance evaluated Individually $ - $ 21 $ - $ 7 $ - $ - $ - $ - $ 28 Collectively $ 59 $ 476 $ 66 $ 352 $ 168 $ 43 $ 18 $ 80 $ 1,262 Loans receivable: Ending balance $ 6,745 $ 51,436 $ 11,040 $ 46,616 $ 18,644 $ 6,712 $ 2,605 $ - $ 143,798 Ending balance evaluated Individually $ 832 $ 1,000 $ - $ 543 $ - $ 86 $ - $ - $ 2,461 Collectively $ 5,913 $ 50,436 $ 11,040 $ 46,073 $ 18,644 $ 6,626 $ 2,605 $ - $ 141,337 The Bank allocated increased allowance for loan loss provisions to the one-to-four family residential non-owner occupied portfolio class for the three months and nine months ended September 30, 2015 due to increased balances and specific reserves needed on impaired loans. The Bank allocated increased allowance for loan loss provisions to the commercial real estate and lines of credit and construction portfolio classes for the nine months ended September 30, 2015, due to increased balances in these portfolio classes. Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three and nine months ended September 30, 2014 (in thousands): September 30 , 201 4 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate and Lines of Credit Construction Home Equity Non-Real Estate Unallocated Total For the Three Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 56 $ 491 $ 49 $ 340 $ 97 $ 55 $ 3 $ 75 $ 1,166 Charge-offs - - - (131 ) - - - - (131 ) Recoveries - - - 2 - - - - 2 Provision 62 (10 ) 7 70 (11 ) - 1 (8 ) 111 Ending balance $ 118 $ 481 $ 56 $ 281 $ 86 $ 55 $ 4 $ 67 $ 1,148 For the Nine Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 59 $ 424 $ 36 $ 199 $ 96 $ 50 $ 2 $ 75 $ 941 Charge-offs - - - (132 ) - - - - (132 ) Recoveries - - - 2 - - - - 2 Provision 59 57 20 212 (10 ) 5 2 (8 ) 337 Ending balance $ 118 $ 481 $ 56 $ 281 $ 86 $ 55 $ 4 $ 67 $ 1,148 Ending balance evaluated Individually $ 59 $ 30 $ - $ 28 $ - $ - $ - $ - $ 117 Collectively $ 59 $ 451 $ 56 $ 253 $ 86 $ 55 $ 4 $ 67 $ 1,031 Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2014 and recorded investment in loans receivable as of December 31, 2014 (in thousands): December 31, 2014 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate and Lines of Credit Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 59 $ 424 $ 36 $ 199 $ 96 $ 50 $ 2 $ 75 $ 941 Charge-offs (57 ) - - (133 ) - - - - (190 ) Recoveries - - - 3 - - - - 3 Provision 73 (6 ) 24 255 26 (4 ) 5 21 394 Ending balance $ 75 $ 418 $ 60 $ 324 $ 122 $ 46 $ 7 $ 96 $ 1,148 Ending balance evaluated Individually $ - $ 29 $ - $ 29 $ - $ 8 $ - $ - $ 66 Collectively $ 75 $ 389 $ 60 $ 295 $ 122 $ 38 $ 7 $ 96 $ 1,082 Loans receivable: Ending balance $ 7,085 $ 48,554 $ 10,132 $ 37,146 $ 14,303 $ 6,961 $ 790 $ - $ 124,971 Ending balance evaluated Individually $ 837 $ 1,545 $ 67 $ 869 $ - $ 135 $ - $ - $ 3,453 Collectively $ 6,248 $ 47,009 $ 10,065 $ 36,277 $ 14,303 $ 6,826 $ 790 $ - $ 121,518 The following table presents nonaccrual loans by classes of the loan portfolio as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 201 4 One-to-four family residential owner occupied $ 588 $ 588 One-to-four family residential non-owner occupied 165 836 Multi-family residential - 67 Commercial real estate and lines of credit 174 489 Construction - - Home equity - 45 Commercial business and other consumer - - $ 927 $ 2,025 Non-performing loans, which consist of non-accruing loans plus accruing loans 90 days or more past due, amounted to $1.4 million and $2.8 million at September 30, 2015 and December 31, 2014, respectively. For the delinquent loans in our portfolio, we have considered our ability to collect the past due interest, as well as the principal balance of the loan, in order to determine whether specific loans should be placed on non-accrual status. In cases where our evaluations have determined that the principal and interest balances are collectible, we have continued to accrue interest. For the three and nine months ended September 30, 2015 and 2014 there was no interest income recognized on non-accrual loans on a cash basis. Interest income that would have been recorded on non-accrual loans had they been current in accordance with their original terms, was approximately $16,000 and $60,000 for the three months ended September 30, 2015 and 2014, respectively. Interest income foregone on non-accrual loans was approximately $48,000 and $88,000 for the nine months ended September 30, 2015 and 2014, respectively. The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 30-90 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 256 $ 720 $ 976 $ 5,769 $ 6,745 $ 132 One-to-four family residential non-owner occupied 1,708 551 2,259 49,177 51,436 386 Multi-family residential - - - 11,040 11,040 - Commercial real estate and lines of credit 410 174 584 46,032 46,616 - Construction 617 - 617 18,027 18,644 - Home equity 276 - 276 6,436 6,712 - Commercial business and other consumer - - - 2,605 2,605 - $ 3,267 $ 1,445 $ 4,712 $ 139,086 $ 143,798 $ 518 December 31, 2014 30-90 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 589 $ 837 $ 1,426 $ 5,659 $ 7,085 $ 249 One-to-four family residential non-owner occupied 735 972 1,707 46,847 48,554 136 Multi-family residential - 67 67 10,065 10,132 - Commercial real estate and lines of credit 1,051 910 1,961 35,185 37,146 421 Construction 107 - 107 14,196 14,303 - Home equity 99 45 144 6,817 6,961 - Commercial business and other consumer - - - 790 790 - $ 2,581 $ 2,831 $ 5,412 $ 119,559 $ 124,971 $ 806 |
Note 8 - Deposits
Note 8 - Deposits | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Note 8 – Deposits Deposits consist of the following classifications (in thousands): September 30 , 201 5 December 31, 201 4 Non-interest bearing checking accounts $ 1,518 $ 640 Passbook accounts 1,267 2,573 Savings accounts 3,464 5,655 Money market accounts 24,697 19,203 Certificates of deposit 109,860 96,334 Total deposits $ 140,806 $ 124,405 |
Note 9 - Borrowings
Note 9 - Borrowings | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 9 – Borrowings Federal Home Loan Bank advances consist of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30 , 201 5 December 31, 2014 Amount Weighted Interest Amount Weighted Interest Short-term borrowings $ 6,000 0.37 % $ 7,000 0.27 % Fixed rate borrowings maturing: 2016 $ 1,000 0.88 % $ 1,000 0.88 % 2017 2,500 1.15 1,500 1.30 2018 3,000 1.46 1,000 1.71 2019 1,000 2.02 1,000 2.02 Total FHLB long-term debt $ 7,500 1.35 % $ 4,500 1.46 % |
Note 10 - Stock Compensation Pl
Note 10 - Stock Compensation Plans | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 – Stock Compensation Plans Employee Stock Ownership Plan The Company adopted an Employee Stock Ownership Plan (ESOP) during fiscal 2007 for the benefit of employees who meet the eligibility requirements of the plan. Using proceeds from a loan from the Company, the ESOP purchased 8%, or 222,180 shares of the Company’s outstanding common stock in the open market for a total purchase price of $1.0 million. The Bank makes cash contributions to the ESOP on a quarterly basis sufficient to enable the ESOP to make the required loan payments to the Company. The loan bears an interest rate of 7.75% per annum, with principal and interest to be paid quarterly in equal installments over 15 years. The loan is secured by the unallocated shares of common stock held by the ESOP. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account and reported as unallocated common stock held by the ESOP in stockholders’ equity until released for allocation to participants. As the debt is repaid, shares are released from collateral and are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market value of the shares, and the shares become outstanding for earnings per share computations. During the three and nine months ended September 30, 2015, the Company recognized $42,000 and $115,000 of ESOP expense, respectively. During the three and nine months ended September 30, 2014, the Company recognized $37,000 and $103,000 of ESOP expense, respectively. Recognition & Retention Plan In May 2008, the shareholders of Quaint Oak Bancorp approved the adoption of the 2008 Recognition and Retention Plan (the “RRP”) and Trust Agreement. In order to fund the RRP, the 2008 Recognition and Retention Plan Trust acquired 111,090 shares of the Company’s stock in the open market at a price totaling $520,000. In May 2013, the shareholders of Quaint Oak Bancorp approved the adoption of the 2013 Stock Incentive Plan (the “Stock Incentive Plan”). The Stock Incentive Plan provides that no more than 48,750, or 25%, of the shares may be granted as restricted stock awards. As of September 30, 2015, a total of 30,584 awards of restricted stock were unvested under the RRP and Stock Incentive Plan and 22,168 restricted stock awards were available for future grant under the Stock Incentive Plan and none under the RRP. The RRP and Stock Incentive Plan share awards have a vesting period of five years. A summary of the status of the shares under the RRP and Stock Incentive Plan as of September 30, 2015 and 2014 and changes during the nine months ended September 30, 2015 and 2014 is as follows: September 30, 2015 September 30, 2014 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the period 41,966 $ 8.09 53,000 $ 8.06 Granted - - - - Vested (10,582 ) 7.73 (11,034 ) 7.92 Forfeited (800 ) 8.10 - - Unvested at the end of the period 30,584 $ 8.21 41,966 $ 8.09 Compensation expense on the restricted stock awards is recognized ratably over the five to seven year vesting period in an amount which is equal to the fair value of the common stock at the date of grant. During the three and nine months ended September 30, 2015 and 2014, approximately $19,000 and $62,000 in compensation expense was recognized, respectively. A tax benefit of approximately $6,000 and $21,000, respectively, was recognized during each of these periods. During the three and nine months ended September 30, 2014, approximately $22,000 and $65,000 in compensation expense was recognized, respectively. A tax benefit of approximately $7,000 and $22,000, respectively, was recognized during each of these periods. As of September 30, 2015, approximately $218,000 in additional compensation expense will be recognized over the remaining service period of approximately 2.6 years. Stock Option Plan In May 2008, the shareholders of Quaint Oak Bancorp approved the adoption of the 2008 Stock Option Plan (the “Option Plan”). The Option Plan authorizes the grant of stock options to officers, employees and directors of the Company to acquire 277,726 shares of common stock with an exercise price no less than the fair market value on the date of the grant. The Stock Incentive Plan approved by shareholders in May 2013 covered a total of 195,000 shares, of which 48,750 may be restricted stock awards, for a balance of 146,250 stock options assuming all the restricted shares are awarded. For grants in May 2008, the Compensation Committee of the Board of Directors determined to grant the stock options at an exercise price equal to $5.00 per share (split-adjusted) which is higher than the fair market value of the common stock on the grant date. All incentive stock options issued under the Option Plan and the Stock Incentive Plan are intended to comply with the requirements of Section 422 of the Internal Revenue Code. As of September 30, 2015, a total of 362,260 grants of stock options were outstanding under the Option Plan and Stock Incentive Plan and 56,756 stock options were available for future grant under the Stock Incentive Plan and none under the Option Plan. Options will become vested and exercisable over a five year period and are generally exercisable for a period of ten years after the grant date. A summary of option activity under the Company’s Option Plan and Stock Incentive Plan of September 30 , 2015 and 2014 and changes during the nine months ended September 30 , 2015 and 2014 is as follows: 201 5 201 4 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 369,140 $ 6.30 5.7 369,140 $ 6.30 6.5 Granted - - - - - - Exercised (4,960 ) 5.00 - - - - Forfeited (1,920 ) 8.10 - - - - Outstanding at the end of the period 362,260 $ 6.30 4.8 369,140 $ 6.30 5.7 Exercisable at the end of the period 271,780 $ 5.70 2.6 245,940 $ 5.39 3.6 During the three and nine months ended September 30, 2015, approximately $12,000 and $34,000 in compensation expense was recognized, respectively. A tax benefit of approximately $1,000 and $3,000, respectively, was recognized during each of these periods. During the three and nine months ended September 30, 2014, approximately $11,000 and $34,000 in compensation expense was recognized, respectively. A tax benefit of approximately $1,000 and $3,000, respectively, was recognized during each of these periods. As of September 30, 2015, approximately $118,000 in additional compensation expense will be recognized over the remaining service period of approximately 2.6 years. |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | N ote 11 – Fair Value Measurements and Fair V alues of Financial Instruments Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities and therefore, the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three broad levels of pricing are as follows: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied: Investment Securities Available-For-Sale: We may be required from time to time to measure certain assets at fair value on a nonrecurring basis in accordance with US GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. Impaired Loans: Other Real Estate Owned: The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of September 30, 2015 (in thousands): September 30 , 201 5 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Nonrecurring fair value measurements Impaired loans $ 2,433 $ - $ - $ 2,433 Other real estate owned 726 - - 726 Total nonrecurring fair value measurements $ 3,159 $ - $ - $ 3,159 The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2014 (in thousands): December 31, 2014 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale Short-term bond fund $ 1,180 $ 1,180 $ - $ - Limited-term bond fund 526 526 - - Total investment securities available for sale $ 1,706 $ 1,706 $ - $ - Total recurring fair value measurements $ $ 1,706 $ - $ - Nonrecurring fair value measurements Impaired loans $ 3,387 $ - $ - $ 3,387 Other real estate owned 111 - - 111 Total nonrecurring fair value measurements $ 3,498 $ - $ - $ 3,498 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used level 3 inputs to determine fair value as of September 30, 2015 and December 31, 2014 (in thousands): September 30 , 201 5 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 2,433 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 17% (1%) Other real estate owned $ 726 Appraisal of collateral (1) Appraisal adjustments ( 2) 1% - 29% (9%) December 31, 2014 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 3,387 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 33% (2%) Other real estate owned $ 111 Appraisal of collateral (1) Appraisal adjustments ( 2) 1% (1%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. The estimated fair values of the Company’s financial instruments were as follows at September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements at September 30 , 201 5 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 15,547 $ 15,547 $ 15,547 $ - $ - Investment in interest-earning time deposits 6,136 6,208 - - 6,208 Loans held for sale 2,287 2,395 - 2,395 - Loans receivable, net 141,986 144,048 - - 144,048 Accrued interest receivable 929 929 929 - - Investment in FHLB stock 618 618 618 - - Bank-owned life insurance 3,615 3,615 3,615 - - Financial Liabilities Deposits 140,806 142,169 30,946 - 111,223 FHLB short-term borrowings 6,000 6,000 6,000 - - FHLB long-term borrowings 7,500 7,547 - - 7,547 Accrued interest payable 112 112 112 - - Fair Value Measurements at December 31, 2014 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 13,937 $ 13,937 $ 13,937 $ - $ - Investment in interest-earning time deposits 6,660 6,723 - - 6,723 Investment securities available for sale 1,706 1,706 1,706 - - Loans held for sale 2,556 2,664 - 2,664 - Loans receivable, net 123,331 123,419 - - 123,419 Accrued interest receivable 788 788 788 - - Investment in FHLB stock 527 527 527 - - Bank-owned life insurance 3,549 3,549 3,549 - - Financial Liabilities Deposits 124,405 125,724 28,071 - 97,653 FHLB short-term borrowings 7,000 7,000 7,000 - - FHLB long-term borrowings 4,500 4,492 - - 4,492 Accrued interest payable 108 108 108 - - The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on the Company’s consolidated balance sheets: Cash and Cash Equivalents. The carrying amounts reported in the consolidated balance sheets for cash and short-term instruments approximate those assets’ fair values. Interest-Earning Time Deposits. Loans Held for Sale Loans Receivable, Net. The fair values of loans are estimated using discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and market factors, including liquidity. The valuation of the loan portfolio reflects discounts that the Company believes are consistent with transactions occurring in the market place for both performing and distressed loan types. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified with Level 3 of the fair value hierarchy. Accrued Interest Receivable. The carrying amount of accrued interest receivable approximates its fair value. Investment in Federal Home Loan Bank Stock. The carrying amount of restricted investment in Federal Home Loan Bank stock approximates fair value, and considers the limited marketability of such securities. Bank-Owned Life Insurance. Deposits. Federal Home Loan Bank Borrowings. Fair values of FHLB borrowings are estimated based on rates currently available to the Company for similar terms and remaining maturities. Accrued Interest Payable. The carrying amount of accrued interest payable approximates its fair value. Off-Balance Sheet Financial Instruments. Off-balance sheet financial instruments consist of commitments to extend credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit are insignificant and therefore are not presented in the above table. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable. The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans and consumer loans. The residential loan segment has two classes: one-to-four family residential owner occupied loans and one-to-four residential family non-owner occupied loans. The commercial real estate loan segment consists of the following classes: multi-family (five or more) residential, commercial real estate and commercial lines of credit. Construction loans are generally granted for the purpose of building a single residential home. Commercial business loans are loans to businesses primarily for purchase of business essential equipment. Business essential equipment is equipment necessary for a business to support or assist with the day-to-day operation or profitability of the business. The consumer loan segment consists of the following classes: home equity loans and other consumer loans. Included in the home equity class are home equity loans and home equity lines of credit. Included in the other consumer are loans secured by saving accounts and auto loans. The accrual of interest is generally discontinued when principal or interest has become 90 days past due unless the loan is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, a loan is restored to accrual status when the obligation is brought current, it 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. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are designated as impaired. For loans that are designated as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are reevaluated quarterly to ensure their relevance in the current economic environment. Residential owner occupied mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company’s policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. 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. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. A loan is identified as a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan’s stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one-to-four family residential owner-occupied loans) where the total amount outstanding to any borrower or group of borrowers exceeds $500,000, or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale . Loans originated by the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. |
Federal Home Loan Bank Stock [Policy Text Block] | 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. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the three or nine months ended September 30, 2015 and 2014. |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance (BOLl). |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share -Based Compensation. At September 30, 2015, the Company has three share-based plans: the 2008 Recognition and Retention Plan (“RRP”), the 2008 Stock Option Plan, and the 2013 Stock Incentive Plan. Awards under these plans were made in May 2008 and 2013. These plans are more fully described in Note 10. The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 10. As ESOP shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market price of the shares over the period earned. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) . |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements . ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard) In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) In January 2015, the FASB issued ASU 2015-01, Income Statement –Extraordinary and Unusual Items In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers |
Reclassification, Policy [Policy Text Block] | Reclassifications. |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 201 5 201 4 201 5 201 4 Net Income $ 310,000 $ 356,000 $ 893,000 $ 881,000 Weighted average shares outstanding – basic 1,706,946 1,683,716 1,714,689 1,704,050 Effect of dilutive common stock equivalents 181,167 104,702 162,019 101,856 Adjusted weighted average shares outstanding – diluted 1,888,113 1,788,418 1,876,708 1,805,906 Basic earnings per share $ 0.18 $ 0.21 $ 0.52 $ 0.52 Diluted earnings per share $ 0.16 $ 0.20 $ 0.48 $ 0.49 |
Note 4 - Accumulated Other Co22
Note 4 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Investment Securities Available for Sale (1) For the Three Months Ended September 30, For the Nine Months Ended September 30, 201 5 201 4 201 5 201 4 Balance at the beginning of the period $ (40 ) $ (15 ) $ (36 ) $ (18 ) Other comprehensive loss before classifications (10 ) (11 ) (14 ) (8 ) Amount reclassified from accumulated other comprehensive loss 50 - 50 - Total other comprehensive income (loss) 40 (11 ) 36 (8 ) Balance at the end of the period $ - $ (26 ) $ - $ (26 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details About Other Comprehensive Loss Amount Reclassified from Accumulated Other Comprehensive Loss (1) Affected Line Item in the Statement of Income For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Unrealized losses on investment securities available for sale $ (75 ) $ - $ (75 ) $ - Loss on sales of investment securities 25 - 25 - Income taxes $ (50 ) $ - $ (50 ) $ - Net of tax |
Note 5 - Investment in Intere23
Note 5 - Investment in Interest-Earning Time Deposits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | September 30, 201 5 December 31, 201 4 (In Thousands) Due in one year or less $ 3,327 $ 2,337 Due after one year through five years 2,809 4,323 $ 6,136 $ 6,660 |
Note 6 - Investment Securitie24
Note 6 - Investment Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | December 31, 201 4 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale: Short-term bond fund $ 1,214 $ - $ (34 ) $ 1,180 Limited-term bond fund 546 - (20 ) 526 $ 1,760 $ - $ (54 ) $ 1,706 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 2014 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Fair Value Gross Fair Value Gross Short-term bond fund 1 $ - $ - $ 1,180 $ (34 ) $ 1,180 $ (34 ) Limited-term bond fund 1 - - 526 (20 ) 526 (20 ) Total 2 $ - $ - $ 1,706 $ (54 ) $ 1,706 $ (54 ) |
Note 7 - Loans Receivable, Ne25
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 201 5 December 31, 2014 (In Thousands) Real estate loans: One-to-four family residential: Owner occupied $ 6,745 $ 7,085 Non-owner occupied 51,436 48,554 Total one-to-four family residential 58,181 55,639 Multi-family (five or more) residential 11,040 10,132 Commercial real estate 44,392 35,523 Commercial lines of credit 2,224 1,623 Construction 18,644 14,303 Home equity loans 6,712 6,961 Total real estate loans 141,193 124,181 Commercial business 2,561 749 Other consumer 44 41 Total Loans 143,798 124,971 Deferred loan fees and costs (522 ) (492 ) Allowance for loan losses (1,290 ) (1,148 ) Net Loans $ 141,986 $ 123,331 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2015 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,913 $ - $ 832 $ - $ 6,745 One-to-four family residential non-owner occupied 49,803 633 796 204 51,436 Multi-family residential 11,040 - - - 11,040 Commercial real estate and lines of credit 45,573 500 410 133 46,616 Construction 18,644 - - - 18,644 Home equity 6,626 - 86 - 6,712 Commercial business and other consumer 2,605 - - - 2,605 $ 140,204 $ 1,133 $ 2,124 $ 337 $ 143,798 December 31, 201 4 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,132 $ 116 $ 837 $ - $ 7,085 One-to-four family residential non-owner occupied 46,971 38 1,317 228 48,554 Multi-family residential 10,065 - 67 - 10,132 Commercial real estate and lines of credit 35,984 293 537 332 37,146 Construction 14,303 - - - 14,303 Home equity 6,654 172 90 45 6,961 Commercial business and other consumer 790 - - - 790 $ 120,899 $ 619 $ 2,848 $ 605 $ 124,971 |
Impaired Financing Receivables [Table Text Block] | September 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 832 $ 832 $ - $ 834 $ 11 One-to-four family residential non-owner occupied 796 802 - 796 30 Multi-family residential - - - - - Commercial real estate and lines of credit 410 427 - 433 8 Construction - - - - - Home equity 86 86 - 88 5 Commercial business and other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 204 204 21 203 5 Multi-family residential - - - - - Commercial real estate and lines of credit 133 133 7 133 7 Construction - - - - - Home equity - - - - - Commercial business and other consumer - - - - - Total: One-to-four family residential owner occupied $ 832 $ 832 $ - $ 834 $ 11 One-to-four family residential non-owner occupied 1,000 1,006 21 999 35 Multi-family residential - - - - - Commercial real estate and lines of credit 543 560 7 566 15 Construction - - - - - Home equity 86 86 - 88 5 Commercial business and other consumer - - - - - Total $ 2,461 $ 2,484 $ 28 $ 2,487 $ 66 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 837 $ 837 $ - $ 839 $ 15 One-to-four family residential non-owner occupied 1,317 1,333 - 1,341 39 Multi-family residential 67 72 - 74 - Commercial real estate and lines of credit 537 537 - 542 17 Construction - - - - - Home equity 90 90 - 93 7 Commercial business and other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 228 231 29 231 - Multi-family residential - - - - - Commercial real estate and lines of credit 332 332 29 331 10 Construction - - - - - Home equity 45 45 8 46 - Commercial business and other consumer - - - - - Total: One-to-four family residential owner occupied $ 837 $ 837 $ - $ 839 $ 15 One-to-four family residential non-owner occupied 1,545 1,564 29 1,572 39 Multi-family residential 67 72 - 74 - Commercial real estate and lines of credit 869 869 29 873 27 Construction - - - - - Home equity 135 135 8 139 7 Commercial business and other consumer - - - - - Total $ 3,453 $ 3,477 $ 66 $ 3,497 $ 88 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | September 30 , 20 15 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 5 566 - 566 - Multi-family residential - - - - - Commercial real estate and lines of credit 1 133 - 133 7 Construction - - - - - Home equity 3 86 - 86 - Commercial business and other consumer - - - - - Total 9 $ 785 $ - $ 785 $ 7 December 31, 201 4 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 728 155 573 10 Multi-family residential - - - - - Commercial real estate and lines of credit 1 133 - 133 7 Construction - - - - - Home equity 3 90 - 90 - Commercial business and other consumer - - - - - Total 11 $ 951 $ 155 $ 796 $ 17 |
Contractual Aging of Troubled Debt Restructurings [Table Text Block] | September 30, 2015 Current & Past Due Less than 30 Days Past Due 30-89 Days Greater than 90 Days Non-Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 566 - - - 566 Multi-family residential - - - - - Commercial real estate and lines of credit 133 - - - 133 Construction - - - - - Home equity 86 - - - 86 Commercial business and other consumer - - - - - Total $ 785 $ - $ - $ - $ 785 December 31, 2014 Current & Past Due Less than 30 Days Past Due 30-89 Days Greater than 90 Days Non-Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 358 215 - 155 728 Multi-family residential - - - - - Commercial real estate and lines of credit 133 - - - 133 Construction - - - - - Home equity 90 - - - 90 Commercial business and other consumer - - - - - Total $ 581 $ 215 $ - $ 155 $ 951 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | September 30 , 201 5 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate and Lines of Credit Construction Home Equity Commercial Business and Other Consumer Unallocated Total For the Three Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 60 $ 369 $ 65 $ 412 $ 203 $ 73 $ 23 $ 71 $ 1,276 Charge-offs - (12 ) - (21 ) - (45 ) - - (78 ) Recoveries - - - 21 - - - - 21 Provision (1 ) 140 1 (53 ) (35 ) 15 (5 ) 9 71 Ending balance $ 59 $ 497 $ 66 $ 359 $ 168 $ 43 $ 18 $ 80 $ 1,290 For the Nine Months Ended September 30, 201 5 Allowance for loan losses: Beginning balance $ 75 $ 418 $ 60 $ 324 $ 122 $ 46 $ 7 $ 96 1,148 Charge-offs - (93 ) - (21 ) - (45 ) - - (159 ) Recoveries - - - 21 - - - - 21 Provision (16 ) 172 6 35 46 42 11 (16 ) 280 Ending balance $ 59 $ 497 $ 66 $ 359 $ 168 $ 43 $ 18 $ 80 $ 1,290 Ending balance evaluated Individually $ - $ 21 $ - $ 7 $ - $ - $ - $ - $ 28 Collectively $ 59 $ 476 $ 66 $ 352 $ 168 $ 43 $ 18 $ 80 $ 1,262 Loans receivable: Ending balance $ 6,745 $ 51,436 $ 11,040 $ 46,616 $ 18,644 $ 6,712 $ 2,605 $ - $ 143,798 Ending balance evaluated Individually $ 832 $ 1,000 $ - $ 543 $ - $ 86 $ - $ - $ 2,461 Collectively $ 5,913 $ 50,436 $ 11,040 $ 46,073 $ 18,644 $ 6,626 $ 2,605 $ - $ 141,337 September 30 , 201 4 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate and Lines of Credit Construction Home Equity Non-Real Estate Unallocated Total For the Three Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 56 $ 491 $ 49 $ 340 $ 97 $ 55 $ 3 $ 75 $ 1,166 Charge-offs - - - (131 ) - - - - (131 ) Recoveries - - - 2 - - - - 2 Provision 62 (10 ) 7 70 (11 ) - 1 (8 ) 111 Ending balance $ 118 $ 481 $ 56 $ 281 $ 86 $ 55 $ 4 $ 67 $ 1,148 For the Nine Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 59 $ 424 $ 36 $ 199 $ 96 $ 50 $ 2 $ 75 $ 941 Charge-offs - - - (132 ) - - - - (132 ) Recoveries - - - 2 - - - - 2 Provision 59 57 20 212 (10 ) 5 2 (8 ) 337 Ending balance $ 118 $ 481 $ 56 $ 281 $ 86 $ 55 $ 4 $ 67 $ 1,148 Ending balance evaluated Individually $ 59 $ 30 $ - $ 28 $ - $ - $ - $ - $ 117 Collectively $ 59 $ 451 $ 56 $ 253 $ 86 $ 55 $ 4 $ 67 $ 1,031 December 31, 2014 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate and Lines of Credit Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 59 $ 424 $ 36 $ 199 $ 96 $ 50 $ 2 $ 75 $ 941 Charge-offs (57 ) - - (133 ) - - - - (190 ) Recoveries - - - 3 - - - - 3 Provision 73 (6 ) 24 255 26 (4 ) 5 21 394 Ending balance $ 75 $ 418 $ 60 $ 324 $ 122 $ 46 $ 7 $ 96 $ 1,148 Ending balance evaluated Individually $ - $ 29 $ - $ 29 $ - $ 8 $ - $ - $ 66 Collectively $ 75 $ 389 $ 60 $ 295 $ 122 $ 38 $ 7 $ 96 $ 1,082 Loans receivable: Ending balance $ 7,085 $ 48,554 $ 10,132 $ 37,146 $ 14,303 $ 6,961 $ 790 $ - $ 124,971 Ending balance evaluated Individually $ 837 $ 1,545 $ 67 $ 869 $ - $ 135 $ - $ - $ 3,453 Collectively $ 6,248 $ 47,009 $ 10,065 $ 36,277 $ 14,303 $ 6,826 $ 790 $ - $ 121,518 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | September 30, 2015 December 31, 201 4 One-to-four family residential owner occupied $ 588 $ 588 One-to-four family residential non-owner occupied 165 836 Multi-family residential - 67 Commercial real estate and lines of credit 174 489 Construction - - Home equity - 45 Commercial business and other consumer - - $ 927 $ 2,025 |
Past Due Financing Receivables [Table Text Block] | September 30, 2015 30-90 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 256 $ 720 $ 976 $ 5,769 $ 6,745 $ 132 One-to-four family residential non-owner occupied 1,708 551 2,259 49,177 51,436 386 Multi-family residential - - - 11,040 11,040 - Commercial real estate and lines of credit 410 174 584 46,032 46,616 - Construction 617 - 617 18,027 18,644 - Home equity 276 - 276 6,436 6,712 - Commercial business and other consumer - - - 2,605 2,605 - $ 3,267 $ 1,445 $ 4,712 $ 139,086 $ 143,798 $ 518 December 31, 2014 30-90 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 589 $ 837 $ 1,426 $ 5,659 $ 7,085 $ 249 One-to-four family residential non-owner occupied 735 972 1,707 46,847 48,554 136 Multi-family residential - 67 67 10,065 10,132 - Commercial real estate and lines of credit 1,051 910 1,961 35,185 37,146 421 Construction 107 - 107 14,196 14,303 - Home equity 99 45 144 6,817 6,961 - Commercial business and other consumer - - - 790 790 - $ 2,581 $ 2,831 $ 5,412 $ 119,559 $ 124,971 $ 806 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Summary of Deposits [Table Text Block] | September 30 , 201 5 December 31, 201 4 Non-interest bearing checking accounts $ 1,518 $ 640 Passbook accounts 1,267 2,573 Savings accounts 3,464 5,655 Money market accounts 24,697 19,203 Certificates of deposit 109,860 96,334 Total deposits $ 140,806 $ 124,405 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Federal Home Loan Bank Advances [Member] | |
Note 9 - Borrowings (Tables) [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30 , 201 5 December 31, 2014 Amount Weighted Interest Amount Weighted Interest Short-term borrowings $ 6,000 0.37 % $ 7,000 0.27 % Fixed rate borrowings maturing: 2016 $ 1,000 0.88 % $ 1,000 0.88 % 2017 2,500 1.15 1,500 1.30 2018 3,000 1.46 1,000 1.71 2019 1,000 2.02 1,000 2.02 Total FHLB long-term debt $ 7,500 1.35 % $ 4,500 1.46 % |
Note 10 - Stock Compensation 28
Note 10 - Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | September 30, 2015 September 30, 2014 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the period 41,966 $ 8.09 53,000 $ 8.06 Granted - - - - Vested (10,582 ) 7.73 (11,034 ) 7.92 Forfeited (800 ) 8.10 - - Unvested at the end of the period 30,584 $ 8.21 41,966 $ 8.09 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 201 5 201 4 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 369,140 $ 6.30 5.7 369,140 $ 6.30 6.5 Granted - - - - - - Exercised (4,960 ) 5.00 - - - - Forfeited (1,920 ) 8.10 - - - - Outstanding at the end of the period 362,260 $ 6.30 4.8 369,140 $ 6.30 5.7 Exercisable at the end of the period 271,780 $ 5.70 2.6 245,940 $ 5.39 3.6 |
Note 11 - Fair Value Measurem29
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | September 30 , 201 5 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Nonrecurring fair value measurements Impaired loans $ 2,433 $ - $ - $ 2,433 Other real estate owned 726 - - 726 Total nonrecurring fair value measurements $ 3,159 $ - $ - $ 3,159 December 31, 2014 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale Short-term bond fund $ 1,180 $ 1,180 $ - $ - Limited-term bond fund 526 526 - - Total investment securities available for sale $ 1,706 $ 1,706 $ - $ - Total recurring fair value measurements $ $ 1,706 $ - $ - Nonrecurring fair value measurements Impaired loans $ 3,387 $ - $ - $ 3,387 Other real estate owned 111 - - 111 Total nonrecurring fair value measurements $ 3,498 $ - $ - $ 3,498 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | September 30 , 201 5 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 2,433 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 17% (1%) Other real estate owned $ 726 Appraisal of collateral (1) Appraisal adjustments ( 2) 1% - 29% (9%) December 31, 2014 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 3,387 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 33% (2%) Other real estate owned $ 111 Appraisal of collateral (1) Appraisal adjustments ( 2) 1% (1%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at September 30 , 201 5 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 15,547 $ 15,547 $ 15,547 $ - $ - Investment in interest-earning time deposits 6,136 6,208 - - 6,208 Loans held for sale 2,287 2,395 - 2,395 - Loans receivable, net 141,986 144,048 - - 144,048 Accrued interest receivable 929 929 929 - - Investment in FHLB stock 618 618 618 - - Bank-owned life insurance 3,615 3,615 3,615 - - Financial Liabilities Deposits 140,806 142,169 30,946 - 111,223 FHLB short-term borrowings 6,000 6,000 6,000 - - FHLB long-term borrowings 7,500 7,547 - - 7,547 Accrued interest payable 112 112 112 - - Fair Value Measurements at December 31, 2014 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 13,937 $ 13,937 $ 13,937 $ - $ - Investment in interest-earning time deposits 6,660 6,723 - - 6,723 Investment securities available for sale 1,706 1,706 1,706 - - Loans held for sale 2,556 2,664 - 2,664 - Loans receivable, net 123,331 123,419 - - 123,419 Accrued interest receivable 788 788 788 - - Investment in FHLB stock 527 527 527 - - Bank-owned life insurance 3,549 3,549 3,549 - - Financial Liabilities Deposits 124,405 125,724 28,071 - 97,653 FHLB short-term borrowings 7,000 7,000 7,000 - - FHLB long-term borrowings 4,500 4,492 - - 4,492 Accrued interest payable 108 108 108 - - |
Note 1 - Financial Statement 30
Note 1 - Financial Statement Presentation and Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Accounting Policies [Abstract] | ||||
Number of Wholly-Owned Subsidiaries | 5 | |||
Number of Subsidiary Branch Offices | 2 | 2 | ||
Past Due Period of Principal or Interest Payment | 90 days | |||
Threshold for Loans to be Evaluated Annually, Minimum | $ 500,000 | |||
Asset Impairment Charges | $ 0 | $ 0 | 0 | $ 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 588,000 | $ 588,000 | ||
Number of Share-Based Plans | 3 |
Note 2 - Stock Split (Details)
Note 2 - Stock Split (Details) | Aug. 13, 2015 |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 |
Common Stock, Dividend Rate, Percentage | 100.00% |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details) - Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations [Abstract] | ||||
Net Income (in Dollars) | $ 310,000 | $ 356,000 | $ 893,000 | $ 881,000 |
Weighted average shares outstanding – basic | 1,706,946 | 1,683,716 | 1,714,689 | 1,704,050 |
Effect of dilutive common stock equivalents | 181,167 | 104,702 | 162,019 | 101,856 |
Adjusted weighted average shares outstanding – diluted | 1,888,113 | 1,788,418 | 1,876,708 | 1,805,906 |
Basic earnings per share (in Dollars per share) | $ 0.18 | $ 0.21 | $ 0.52 | $ 0.52 |
Diluted earnings per share (in Dollars per share) | $ 0.16 | $ 0.20 | $ 0.48 | $ 0.49 |
Note 4 - Accumulated Other Co33
Note 4 - Accumulated Other Comprehensive Loss (Details) - Changes in Accumulated Other Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at the beginning of the period | $ (36) | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at the beginning of the period | [1] | $ (40) | $ (15) | (36) | $ (18) |
Other comprehensive loss before classifications | [1] | (10) | (11) | (14) | (8) |
Amount reclassified from accumulated other comprehensive loss | [1] | 50 | 0 | 50 | 0 |
Total other comprehensive income (loss) | [1] | 40 | (11) | 36 | (8) |
Balance at the end of the period | [1] | $ 0 | $ (26) | $ 0 | $ (26) |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 4 - Accumulated Other Co34
Note 4 - Accumulated Other Comprehensive Loss (Details) - Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Unrealized losses on investment securities available for sale | $ (75,000) | $ (75,000) | |||
(189,000) | $ (201,000) | (552,000) | $ (535,000) | ||
310,000 | $ 356,000 | 893,000 | $ 881,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Unrealized losses on investment securities available for sale | [1] | (75,000) | (75,000) | ||
[1] | 25,000 | 25,000 | |||
[1] | $ (50,000) | $ (50,000) | |||
[1] | Amounts in parentheses indicate debits. |
Note 5 - Investment in Intere35
Note 5 - Investment in Interest-Earning Time Deposits (Details) - Investment in Interest-Earning Time Deposits - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment in Interest-Earning Time Deposits [Abstract] | ||
Due in one year or less | $ 3,327 | $ 2,337 |
Due after one year through five years | 2,809 | 4,323 |
$ 6,136 | $ 6,660 |
Note 6 - Investment Securitie36
Note 6 - Investment Securities Available for Sale (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Note 6 - Investment Securities Available for Sale (Details) [Line Items] | |||||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | $ 0 | |
Bond Funds [Member] | |||||
Note 6 - Investment Securities Available for Sale (Details) [Line Items] | |||||
Available-for-sale, Securties Sold | 2 | ||||
Available-for-sale Securities, Cost | $ 1,700,000 | ||||
Available-for-sale Securities, Gross Realized Losses | 75,000 | ||||
Available-for-sale Securities, Gross Realized Gains | $ 0 |
Note 6 - Investment Securitie37
Note 6 - Investment Securities Available for Sale (Details) - Amortized Cost and Fair Value of Investment Securities Available for Sale $ in Thousands | Dec. 31, 2014USD ($) |
Available for Sale: | |
Amortized Cost | $ 1,760 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (54) |
Fair Value | 1,706 |
Short-Term Bond Fund [Member] | |
Available for Sale: | |
Amortized Cost | 1,214 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (34) |
Fair Value | 1,180 |
Limited-Term Bond Fund [Member] | |
Available for Sale: | |
Amortized Cost | 546 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (20) |
Fair Value | $ 526 |
Note 6 - Investment Securitie38
Note 6 - Investment Securities Available for Sale (Details) - Gross Unrealized Losses and Fair Value $ in Thousands | Dec. 31, 2014USD ($) |
Note 6 - Investment Securities Available for Sale (Details) - Gross Unrealized Losses and Fair Value [Line Items] | |
Number of securities | 2 |
Fair value, twelve months or greater | $ 1,706 |
Gross unrealized losses, twelve months or greater | (54) |
Fair value | 1,706 |
Gross unrealized losses | $ (54) |
Short-Term Bond Fund [Member] | |
Note 6 - Investment Securities Available for Sale (Details) - Gross Unrealized Losses and Fair Value [Line Items] | |
Number of securities | 1 |
Fair value, twelve months or greater | $ 1,180 |
Gross unrealized losses, twelve months or greater | (34) |
Fair value | 1,180 |
Gross unrealized losses | $ (34) |
Limited-Term Bond Fund [Member] | |
Note 6 - Investment Securities Available for Sale (Details) - Gross Unrealized Losses and Fair Value [Line Items] | |
Number of securities | 1 |
Fair value, twelve months or greater | $ 526 |
Gross unrealized losses, twelve months or greater | (20) |
Fair value | 526 |
Gross unrealized losses | $ (20) |
Note 7 - Loans Receivable, Ne39
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | 9 | 11 | 0 | 0 | ||
Financing Receivable, Modifications, Recorded Investment | $ 785,000 | $ 951,000 | $ 785,000 | $ 785,000 | ||
Financing Receivable Modifications Removal from Trouble Debt Restructuring Status | 6 months | |||||
Troubled Debt Restructuring Transferred to Other Real Estate Owned | 39,000 | $ 139,000 | ||||
Loans and Leases Receivable, Impaired, Commitment to Lend | 0 | 0 | 0 | |||
Loans and Leases Receivable, Gross | $ 143,798,000 | $ 124,971,000 | 143,798,000 | 143,798,000 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | $ 0 | 0 | $ 0 | ||
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | 16,000 | $ 60,000 | ||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 48,000 | $ 88,000 | ||||
30 to 89 Days Delinquent [Member] | ||||||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | 3 | |||||
Financing Receivable, Modifications, Recorded Investment | $ 215,000 | |||||
Performing Financial Instruments [Member] | ||||||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | 9 | 6 | ||||
Financing Receivable, Modifications, Recorded Investment | $ 785,000 | $ 581,000 | 785,000 | 785,000 | ||
Non-accruing Instrument [Member] | ||||||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | 2 | |||||
Financing Receivable, Modifications, Recorded Investment | $ 155,000 | |||||
Nonperforming Financial Instruments [Member] | ||||||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 1,400,000 | $ 2,800,000 | $ 1,400,000 | $ 1,400,000 |
Note 7 - Loans Receivable, Ne40
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Composition of Net Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
One-to-four family residential: | ||||||
Loans | $ 143,798 | $ 124,971 | ||||
Deferred loan fees and costs | (522) | (492) | ||||
Allowance for loan losses | (1,290) | $ (1,276) | (1,148) | $ (1,148) | $ (1,166) | $ (941) |
Net Loans | 141,986 | 123,331 | ||||
Real Estate Portfolio Segment [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 141,193 | 124,181 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 6,745 | 7,085 | ||||
Allowance for loan losses | (59) | (60) | (75) | (118) | (56) | (59) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 51,436 | 48,554 | ||||
Allowance for loan losses | (497) | (369) | (418) | (481) | (491) | (424) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 58,181 | 55,639 | ||||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 11,040 | 10,132 | ||||
Allowance for loan losses | (66) | (65) | (60) | (56) | (49) | (36) |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 44,392 | 35,523 | ||||
Real Estate Portfolio Segment [Member] | Commercial Lines of Credit [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 2,224 | 1,623 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 18,644 | 14,303 | ||||
Allowance for loan losses | (168) | (203) | (122) | (86) | (97) | (96) |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 6,712 | 6,961 | ||||
Allowance for loan losses | (43) | $ (73) | (46) | $ (55) | $ (55) | $ (50) |
Commercial Portfolio Segment [Member] | ||||||
One-to-four family residential: | ||||||
Loans | 2,561 | 749 | ||||
Consumer Portfolio Segment [Member] | ||||||
One-to-four family residential: | ||||||
Loans | $ 44 | $ 41 |
Note 7 - Loans Receivable, Ne41
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Loan Portfolio by Credit Rating - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 143,798 | $ 124,971 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 140,204 | 120,899 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,133 | 619 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,124 | 2,848 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 337 | 605 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 141,193 | 124,181 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,745 | 7,085 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,913 | 6,132 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 116 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 832 | 837 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 51,436 | 48,554 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 49,803 | 46,971 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 633 | 38 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 796 | 1,317 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 204 | 228 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,040 | 10,132 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,040 | 10,065 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 67 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 46,616 | 37,146 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 45,573 | 35,984 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 500 | 293 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 410 | 537 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 133 | 332 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,644 | 14,303 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,644 | 14,303 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,712 | 6,961 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,626 | 6,654 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 172 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 86 | 90 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 45 | |
Commercial and Consumer Portfolio Segments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,605 | 790 |
Commercial and Consumer Portfolio Segments [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 2,605 | $ 790 |
Note 7 - Loans Receivable, Ne42
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Impaired Loans by Loan Portfolio Class - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
With an allowance recorded: | ||
Related allowance | $ 28 | $ 66 |
Total: | ||
Recorded investment | 2,461 | 3,453 |
Unpaid principal balance | 2,484 | 3,477 |
Related allowance | 28 | 66 |
Average recorded investment | 2,487 | 3,497 |
Interest income recognized | 66 | 88 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 832 | 837 |
Unpaid principal balance, with no related allowance recorded | 832 | 837 |
Average recorded investment, with no related allowance recorded | 834 | 839 |
Interest income recognized, with no related allowance recorded | 11 | 15 |
Total: | ||
Recorded investment | 832 | 837 |
Unpaid principal balance | 832 | 837 |
Average recorded investment | 834 | 839 |
Interest income recognized | 11 | 15 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 796 | 1,317 |
Unpaid principal balance, with no related allowance recorded | 802 | 1,333 |
Average recorded investment, with no related allowance recorded | 796 | 1,341 |
Interest income recognized, with no related allowance recorded | 30 | 39 |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | 204 | 228 |
Unpaid principal balance, with an allowance recorded | 204 | 231 |
Related allowance | 21 | 29 |
Average recorded investment, with an allowance recorded | 203 | 231 |
Interest income recognized, with an allowance recorded | 5 | |
Total: | ||
Recorded investment | 1,000 | 1,545 |
Unpaid principal balance | 1,006 | 1,564 |
Related allowance | 21 | 29 |
Average recorded investment | 999 | 1,572 |
Interest income recognized | 35 | 39 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 67 | |
Unpaid principal balance, with no related allowance recorded | 72 | |
Average recorded investment, with no related allowance recorded | 74 | |
Total: | ||
Recorded investment | 67 | |
Unpaid principal balance | 72 | |
Average recorded investment | 74 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 410 | 537 |
Unpaid principal balance, with no related allowance recorded | 427 | 537 |
Average recorded investment, with no related allowance recorded | 433 | 542 |
Interest income recognized, with no related allowance recorded | 8 | 17 |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | 133 | 332 |
Unpaid principal balance, with an allowance recorded | 133 | 332 |
Related allowance | 7 | 29 |
Average recorded investment, with an allowance recorded | 133 | 331 |
Interest income recognized, with an allowance recorded | 7 | 10 |
Total: | ||
Recorded investment | 543 | 869 |
Unpaid principal balance | 560 | 869 |
Related allowance | 7 | 29 |
Average recorded investment | 566 | 873 |
Interest income recognized | 15 | 27 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 86 | 90 |
Unpaid principal balance, with no related allowance recorded | 86 | 90 |
Average recorded investment, with no related allowance recorded | 88 | 93 |
Interest income recognized, with no related allowance recorded | 5 | 7 |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | 45 | |
Unpaid principal balance, with an allowance recorded | 45 | |
Related allowance | 8 | |
Average recorded investment, with an allowance recorded | 46 | |
Total: | ||
Recorded investment | 86 | 135 |
Unpaid principal balance | 86 | 135 |
Related allowance | 8 | |
Average recorded investment | 88 | 139 |
Interest income recognized | $ 5 | $ 7 |
Note 7 - Loans Receivable, Ne43
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Troubled Debt Restructuring Loans | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) |
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, number of contracts | 9 | 11 | 0 | 0 |
Troubled debt restructuring, recorded investment | $ 785,000 | $ 951,000 | $ 785,000 | $ 785,000 |
Troubled debt restructuring, related allowance | 7,000 | $ 17,000 | 7,000 | 7,000 |
Non-accruing Instrument [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, number of contracts | 2 | |||
Troubled debt restructuring, recorded investment | $ 155,000 | |||
Accruing Instrument [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, recorded investment | $ 785,000 | $ 796,000 | 785,000 | 785,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, number of contracts | 5 | 7 | ||
Troubled debt restructuring, recorded investment | $ 566,000 | $ 728,000 | 566,000 | 566,000 |
Troubled debt restructuring, related allowance | $ 10,000 | |||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, number of contracts | 1 | 1 | ||
Troubled debt restructuring, recorded investment | $ 133,000 | $ 133,000 | 133,000 | 133,000 |
Troubled debt restructuring, related allowance | $ 7,000 | $ 7,000 | 7,000 | 7,000 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, number of contracts | 3 | 3 | ||
Troubled debt restructuring, recorded investment | $ 86,000 | $ 90,000 | 86,000 | 86,000 |
Real Estate Portfolio Segment [Member] | Non-accruing Instrument [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, recorded investment | 155,000 | |||
Real Estate Portfolio Segment [Member] | Accruing Instrument [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, recorded investment | 566,000 | 573,000 | 566,000 | 566,000 |
Real Estate Portfolio Segment [Member] | Accruing Instrument [Member] | Commercial Real Estate and Lines of Credit [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, recorded investment | 133,000 | 133,000 | 133,000 | 133,000 |
Real Estate Portfolio Segment [Member] | Accruing Instrument [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, recorded investment | $ 86,000 | $ 90,000 | $ 86,000 | $ 86,000 |
Note 7 - Loans Receivable, Ne44
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | $ 785,000 | $ 581,000 |
Troubled debt restructurings, past due 30-89 days | 215,000 | |
Troubled debt restructurings, non-accrual | 155,000 | |
Troubled debt restructurings | 785,000 | 951,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | 566,000 | 358,000 |
Troubled debt restructurings, past due 30-89 days | 215,000 | |
Troubled debt restructurings, non-accrual | 155,000 | |
Troubled debt restructurings | 566,000 | 728,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | 133,000 | 133,000 |
Troubled debt restructurings | 133,000 | 133,000 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | 86,000 | 90,000 |
Troubled debt restructurings | $ 86,000 | $ 90,000 |
Note 7 - Loans Receivable, Ne45
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | $ 1,276 | $ 1,166 | $ 1,148 | $ 941 | $ 941 |
Charge-offs | (78) | (131) | (159) | (132) | (190) |
Recoveries | 21 | 2 | 21 | 2 | 3 |
Provision | 71 | 111 | 280 | 337 | 394 |
Allowance for loan losses, ending balance | 1,290 | 1,148 | 1,290 | 1,148 | 1,148 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | 28 | 117 | 28 | 117 | 66 |
Allowance for loan losses, collectively evaluated for impairment | 1,262 | 1,031 | 1,262 | 1,031 | 1,082 |
Loans receivable: | |||||
Loans receivable | 143,798 | 143,798 | 124,971 | ||
Ending balance evaluated for impairment: | |||||
Loans receivable, individually evaluated for impairment | 2,461 | 2,461 | 3,453 | ||
Loans receivable, collectively evaluated for impairment | 141,337 | 141,337 | 121,518 | ||
Real Estate Portfolio Segment [Member] | |||||
Loans receivable: | |||||
Loans receivable | 141,193 | 141,193 | 124,181 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||||
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | 60 | 56 | 75 | 59 | 59 |
Charge-offs | (57) | ||||
Provision | (1) | 62 | (16) | 59 | 73 |
Allowance for loan losses, ending balance | 59 | 118 | 59 | 118 | 75 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | 59 | 59 | |||
Allowance for loan losses, collectively evaluated for impairment | 59 | 59 | 59 | 59 | 75 |
Loans receivable: | |||||
Loans receivable | 6,745 | 6,745 | 7,085 | ||
Ending balance evaluated for impairment: | |||||
Loans receivable, individually evaluated for impairment | 832 | 832 | 837 | ||
Loans receivable, collectively evaluated for impairment | 5,913 | 5,913 | 6,248 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||||
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | 369 | 491 | 418 | 424 | 424 |
Charge-offs | (12) | (93) | |||
Provision | 140 | (10) | 172 | 57 | (6) |
Allowance for loan losses, ending balance | 497 | 481 | 497 | 481 | 418 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | 21 | 30 | 21 | 30 | 29 |
Allowance for loan losses, collectively evaluated for impairment | 476 | 451 | 476 | 451 | 389 |
Loans receivable: | |||||
Loans receivable | 51,436 | 51,436 | 48,554 | ||
Ending balance evaluated for impairment: | |||||
Loans receivable, individually evaluated for impairment | 1,000 | 1,000 | 1,545 | ||
Loans receivable, collectively evaluated for impairment | 50,436 | 50,436 | 47,009 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||||
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | 65 | 49 | 60 | 36 | 36 |
Provision | 1 | 7 | 6 | 20 | 24 |
Allowance for loan losses, ending balance | 66 | 56 | 66 | 56 | 60 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, collectively evaluated for impairment | 66 | 56 | 66 | 56 | 60 |
Loans receivable: | |||||
Loans receivable | 11,040 | 11,040 | 10,132 | ||
Ending balance evaluated for impairment: | |||||
Loans receivable, individually evaluated for impairment | 67 | ||||
Loans receivable, collectively evaluated for impairment | 11,040 | 11,040 | 10,065 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | |||||
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | 412 | 340 | 324 | 199 | 199 |
Charge-offs | (21) | (131) | (21) | (132) | (133) |
Recoveries | 21 | 2 | 21 | 2 | 3 |
Provision | (53) | 70 | 35 | 212 | 255 |
Allowance for loan losses, ending balance | 359 | 281 | 359 | 281 | 324 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | 7 | 28 | 7 | 28 | 29 |
Allowance for loan losses, collectively evaluated for impairment | 352 | 253 | 352 | 253 | 295 |
Loans receivable: | |||||
Loans receivable | 46,616 | 46,616 | 37,146 | ||
Ending balance evaluated for impairment: | |||||
Loans receivable, individually evaluated for impairment | 543 | 543 | 869 | ||
Loans receivable, collectively evaluated for impairment | 46,073 | 46,073 | 36,277 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | 203 | 97 | 122 | 96 | 96 |
Provision | (35) | (11) | 46 | (10) | 26 |
Allowance for loan losses, ending balance | 168 | 86 | 168 | 86 | 122 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, collectively evaluated for impairment | 168 | 86 | 168 | 86 | 122 |
Loans receivable: | |||||
Loans receivable | 18,644 | 18,644 | 14,303 | ||
Ending balance evaluated for impairment: | |||||
Loans receivable, collectively evaluated for impairment | 18,644 | 18,644 | 14,303 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | 73 | 55 | 46 | 50 | 50 |
Charge-offs | (45) | (45) | |||
Provision | 15 | 42 | 5 | (4) | |
Allowance for loan losses, ending balance | 43 | 55 | 43 | 55 | 46 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | 8 | ||||
Allowance for loan losses, collectively evaluated for impairment | 43 | 55 | 43 | 55 | 38 |
Loans receivable: | |||||
Loans receivable | 6,712 | 6,712 | 6,961 | ||
Ending balance evaluated for impairment: | |||||
Loans receivable, individually evaluated for impairment | 86 | 86 | 135 | ||
Loans receivable, collectively evaluated for impairment | 6,626 | 6,626 | 6,826 | ||
Commercial and Consumer Portfolio Segments [Member] | |||||
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | 23 | 3 | 7 | 2 | 2 |
Provision | (5) | 1 | 11 | 2 | 5 |
Allowance for loan losses, ending balance | 18 | 4 | 18 | 4 | 7 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, collectively evaluated for impairment | 18 | 4 | 18 | 4 | 7 |
Loans receivable: | |||||
Loans receivable | 2,605 | 2,605 | 790 | ||
Ending balance evaluated for impairment: | |||||
Loans receivable, collectively evaluated for impairment | 2,605 | 2,605 | 790 | ||
Unallocated Financing Receivables [Member] | |||||
Allowance for loan losses: | |||||
Allowance for loan losses, beginning balance | 71 | 75 | 96 | 75 | 75 |
Provision | 9 | (8) | (16) | (8) | 21 |
Allowance for loan losses, ending balance | 80 | 67 | 80 | 67 | 96 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, collectively evaluated for impairment | $ 80 | $ 67 | $ 80 | $ 67 | $ 96 |
Note 7 - Loans Receivable, Ne46
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-accrual Loans by Class of Loans - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | $ 927 | $ 2,025 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | 588 | 588 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | 165 | 836 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | 67 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | $ 174 | 489 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | $ 45 |
Note 7 - Loans Receivable, Ne47
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Loan Portfolio Summarized by Past Due Status - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | $ 4,712 | $ 5,412 |
Loans, current | 139,086 | 119,559 |
Loans | 143,798 | 124,971 |
Loans > 90 days and accruing | 518 | 806 |
30 to 89 Days Delinquent [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 3,267 | 2,581 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 1,445 | 2,831 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 141,193 | 124,181 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 976 | 1,426 |
Loans, current | 5,769 | 5,659 |
Loans | 6,745 | 7,085 |
Loans > 90 days and accruing | 132 | 249 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | 30 to 89 Days Delinquent [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 256 | 589 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 720 | 837 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 2,259 | 1,707 |
Loans, current | 49,177 | 46,847 |
Loans | 51,436 | 48,554 |
Loans > 90 days and accruing | 386 | 136 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | 30 to 89 Days Delinquent [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 1,708 | 735 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 551 | 972 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 67 | |
Loans, current | 11,040 | 10,065 |
Loans | 11,040 | 10,132 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 67 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 584 | 1,961 |
Loans, current | 46,032 | 35,185 |
Loans | 46,616 | 37,146 |
Loans > 90 days and accruing | 421 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | 30 to 89 Days Delinquent [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 410 | 1,051 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 174 | 910 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 617 | 107 |
Loans, current | 18,027 | 14,196 |
Loans | 18,644 | 14,303 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | 30 to 89 Days Delinquent [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 617 | 107 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 276 | 144 |
Loans, current | 6,436 | 6,817 |
Loans | 6,712 | 6,961 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | 30 to 89 Days Delinquent [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 276 | 99 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, past due | 45 | |
Commercial and Consumer Portfolio Segments [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, current | 2,605 | 790 |
Loans | $ 2,605 | $ 790 |
Note 8 - Deposits (Details) - S
Note 8 - Deposits (Details) - Summary of Deposits - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Note 8 - Deposits (Details) - Summary of Deposits [Line Items] | ||
Non-interest bearing checking accounts | $ 1,518 | $ 640 |
Money market accounts | 24,697 | 19,203 |
Certificates of deposit | 109,860 | 96,334 |
Total deposits | 140,806 | 124,405 |
Passbook Accounts [Member] | ||
Note 8 - Deposits (Details) - Summary of Deposits [Line Items] | ||
Savings deposit accounts | 1,267 | 2,573 |
Savings Accounts [Member] | ||
Note 8 - Deposits (Details) - Summary of Deposits [Line Items] | ||
Savings deposit accounts | $ 3,464 | $ 5,655 |
Note 9 - Borrowings (Details) -
Note 9 - Borrowings (Details) - Federal Home Loan Bank Long-term Borrowings - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank Long-term Borrowings [Abstract] | ||
Short-term borrowings | $ 6,000 | $ 7,000 |
Short-term borrowings | 0.37% | 0.27% |
Fixed rate borrowings maturing: | ||
2,016 | $ 1,000 | $ 1,000 |
2,016 | 0.88% | 0.88% |
2,017 | $ 2,500 | $ 1,500 |
2,017 | 1.15% | 1.30% |
2,018 | $ 3,000 | $ 1,000 |
2,018 | 1.46% | 1.71% |
2,019 | $ 1,000 | $ 1,000 |
2,019 | 2.02% | 2.02% |
Total FHLB long-term debt | $ 7,500 | $ 4,500 |
Total FHLB long-term debt | 1.35% | 1.46% |
Note 10 - Stock Compensation 50
Note 10 - Stock Compensation Plans (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
May. 31, 2013 | May. 31, 2008 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 42,000 | $ 37,000 | $ 115,000 | $ 103,000 | |||||
Employee Stock Ownership Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Percentage of Company Shares Purchased by ESOP | 8.00% | ||||||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in Shares) | 222,180 | ||||||||
Employee Stock Ownership Plan Purchase Cost of Shares | $ 1,000,000 | ||||||||
ESOP Loan Interest Rate | 7.75% | ||||||||
Employee Stock Ownership Plan (ESOP), Loan Term | 15 years | ||||||||
The 2008 Recognition and Retention Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award (in Shares) | 111,090 | ||||||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 520,000 | ||||||||
The 2013 Stock Incentive Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 195,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 362,260 | 362,260 | |||||||
The 2008 Stock Option Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 362,260 | 362,260 | |||||||
Restricted Stock [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 30,584 | 41,966 | 30,584 | 41,966 | 41,966 | 53,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | ||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 19,000 | $ 22,000 | $ 62,000 | $ 65,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 6,000 | 7,000 | 21,000 | $ 22,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 218,000 | $ 218,000 | |||||||
Restricted Stock [Member] | The 2008 Recognition and Retention Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 30,584 | 30,584 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | 0 | |||||||
Restricted Stock [Member] | The 2013 Stock Incentive Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 48,750 | ||||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 22,168 | 22,168 | |||||||
Employee Stock Option [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | ||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 12,000 | 11,000 | $ 34,000 | $ 34,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,000 | $ 1,000 | $ 3,000 | $ 3,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share) | $ 5 | $ 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 118,000 | $ 118,000 | |||||||
Employee Stock Option [Member] | The 2013 Stock Incentive Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 146,250 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 56,756 | 56,756 | |||||||
Employee Stock Option [Member] | The 2008 Stock Option Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 277,726 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share) | $ 5 | ||||||||
Maximum [Member] | Restricted Stock [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 years | ||||||||
Maximum [Member] | Restricted Stock [Member] | The 2013 Stock Incentive Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Minimum [Member] | Restricted Stock [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||||||||
Minimum [Member] | Restricted Stock [Member] | The 2008 Recognition and Retention Plan [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Minimum [Member] | Employee Stock Option [Member] | |||||||||
Note 10 - Stock Compensation Plans (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 10 - Stock Compensation 51
Note 10 - Stock Compensation Plans (Details) - Status of Shares under the RRP and Stock Incentive Plan - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Note 10 - Stock Compensation Plans (Details) - Status of Shares under the RRP and Stock Incentive Plan [Line Items] | ||
Unvested at the beginning of the period | 41,966 | 53,000 |
Unvested at the beginning of the period | $ 8.09 | $ 8.06 |
Granted | 0 | 0 |
Granted | $ 0 | $ 0 |
Vested | (10,582) | (11,034) |
Vested | $ 7.73 | $ 7.92 |
Forfeited | (800) | 0 |
Forfeited | $ 8.10 | $ 0 |
Unvested at the end of the period | 30,584 | 41,966 |
Unvested at the end of the period | $ 8.21 | $ 8.09 |
Note 10 - Stock Compensation 52
Note 10 - Stock Compensation Plans (Details) - Summary of Option Activity - Employee Stock Option [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Note 10 - Stock Compensation Plans (Details) - Summary of Option Activity [Line Items] | ||
Granted | 0 | 0 |
Granted | $ 0 | $ 0 |
Granted | 0 years | 0 years |
Exercised | (4,960) | 0 |
Exercised | $ 5 | $ 0 |
Exercised | 0 years | 0 years |
Forfeited | (1,920) | 0 |
Forfeited | $ 8.10 | $ 0 |
Forfeited | 0 years | 0 years |
Exercisable at the end of the period | 271,780 | 245,940 |
Exercisable at the end of the period | $ 5.70 | $ 5.39 |
Exercisable at the end of the period | 2 years 219 days | 3 years 219 days |
Beginning of Year [Member] | ||
Note 10 - Stock Compensation Plans (Details) - Summary of Option Activity [Line Items] | ||
Outstanding at the beginning of the year | 369,140 | 369,140 |
Outstanding at the beginning of the year | $ 6.30 | $ 6.30 |
Outstanding at the beginning of the year | 5 years 255 days | 6 years 6 months |
Outstanding at the end of the period | 5 years 255 days | 6 years 6 months |
End of Year [Member] | ||
Note 10 - Stock Compensation Plans (Details) - Summary of Option Activity [Line Items] | ||
Outstanding at the beginning of the year | 4 years 292 days | 5 years 255 days |
Outstanding at the end of the period | 362,260 | 369,140 |
Outstanding at the end of the period | $ 6.30 | $ 6.30 |
Outstanding at the end of the period | 4 years 292 days | 5 years 255 days |
Note 11 - Fair Value Measurem53
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets and Liabilities on a Recurring and Nonrecurring Basis - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 2,433 | |
Other real estate owned | 726 | |
Total nonrecurring fair value measurements | 3,159 | |
Investment securities available for sale | ||
Investment securities available for sale | $ 1,706 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,387 | |
Other real estate owned | 111 | |
Total nonrecurring fair value measurements | 3,498 | |
Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,706 | |
Total recurring fair value measurements | 1,706 | |
Short-Term Bond Fund [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,180 | |
Short-Term Bond Fund [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,180 | |
Limited-Term Bond Fund [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 526 | |
Limited-Term Bond Fund [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 526 | |
Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,706 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,706 | |
Total recurring fair value measurements | 1,706 | |
Fair Value, Inputs, Level 1 [Member] | Short-Term Bond Fund [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,180 | |
Fair Value, Inputs, Level 1 [Member] | Limited-Term Bond Fund [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 526 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,433 | |
Other real estate owned | 726 | |
Total nonrecurring fair value measurements | $ 3,159 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,387 | |
Other real estate owned | 111 | |
Total nonrecurring fair value measurements | $ 3,498 |
Note 11 - Fair Value Measurem54
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Additional Quantitative Information About Assets Measured at Fair Value on a Nonrecurring Basis - Appraisal of Collateral [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total fair value (in Dollars) | $ 2,433 | $ 3,387 | |
Valuation techniques | [1] | Appraisal of collateral (1) | Appraisal of collateral (1) |
Unobservable input | [2] | Appraisal adjustments (2) | Appraisal adjustments (2) |
Other Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total fair value (in Dollars) | $ 726 | $ 111 | |
Valuation techniques | [1] | Appraisal of collateral (1) | Appraisal of collateral (1) |
Unobservable input | [2] | Appraisal adjustments (2) | Appraisal adjustments (2) |
Unobservable input, range | 1.00% | ||
Unobservable input, weighted average | (1.00%) | ||
Minimum [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable input, range | 0.00% | 0.00% | |
Unobservable input, weighted average | (0.00%) | (0.00%) | |
Minimum [Member] | Other Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable input, range | 1.00% | ||
Unobservable input, weighted average | (1.00%) | ||
Maximum [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable input, range | 17.00% | 33.00% | |
Unobservable input, weighted average | (17.00%) | (33.00%) | |
Maximum [Member] | Other Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable input, range | 29.00% | ||
Unobservable input, weighted average | (29.00%) | ||
Weighted Average [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable input, range | 1.00% | 2.00% | |
Unobservable input, weighted average | (1.00%) | (2.00%) | |
Weighted Average [Member] | Other Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable input, range | 9.00% | 1.00% | |
Unobservable input, weighted average | (9.00%) | (1.00%) | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. |
Note 11 - Fair Value Measurem55
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Assets | ||
Investment securities available for sale | $ 1,706 | |
Accrued interest receivable | $ 929 | 788 |
Bank-owned life insurance | 3,615 | 3,549 |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 15,547 | 13,937 |
Investment in interest-earning time deposits | 6,136 | 6,660 |
Investment securities available for sale | 1,706 | |
Loans held for sale | 2,287 | 2,556 |
Loans receivable, net | 141,986 | 123,331 |
Accrued interest receivable | 929 | 788 |
Investment in FHLB stock | 618 | 527 |
Bank-owned life insurance | 3,615 | 3,549 |
Financial Liabilities | ||
Deposits | 140,806 | 124,405 |
FHLB advances | 6,000 | 7,000 |
FHLB long-term borrowings | 7,500 | 4,500 |
Accrued interest payable | 112 | 108 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 15,547 | 13,937 |
Investment in interest-earning time deposits | 6,208 | 6,723 |
Investment securities available for sale | 1,706 | |
Loans held for sale | 2,395 | 2,664 |
Loans receivable, net | 144,048 | 123,419 |
Accrued interest receivable | 929 | 788 |
Investment in FHLB stock | 618 | 527 |
Bank-owned life insurance | 3,615 | 3,549 |
Financial Liabilities | ||
Deposits | 142,169 | 125,724 |
FHLB advances | 6,000 | 7,000 |
FHLB long-term borrowings | 7,547 | 4,492 |
Accrued interest payable | 112 | 108 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 15,547 | 13,937 |
Investment securities available for sale | 1,706 | |
Accrued interest receivable | 929 | 788 |
Investment in FHLB stock | 618 | 527 |
Bank-owned life insurance | 3,615 | 3,549 |
Financial Liabilities | ||
Deposits | 30,946 | 28,071 |
FHLB advances | 6,000 | 7,000 |
Accrued interest payable | 112 | 108 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Loans held for sale | 2,395 | 2,664 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Investment in interest-earning time deposits | 6,208 | 6,723 |
Loans receivable, net | 144,048 | 123,419 |
Financial Liabilities | ||
Deposits | 111,223 | 97,653 |
FHLB long-term borrowings | $ 7,547 | $ 4,492 |